Companies

BPCL Q2 profit jumps 32% to ₹2,247.75 crore

Our Bureau Mumbai | Updated on October 29, 2020 Published on October 29, 2020

Covid-led lockdown restrictions impact refinery throughput in H1

State-run oil refiner Bharat Petroleum Corporation Ltd (BPCL) on Thursday posted a 31.57 per cent jump in its July-September quarter net profit to ₹2,247.75 crore from ₹1,708.45 crore a year earlier.

Its revenue from operations during the second quarter dropped to ₹65,912.49 crore from ₹75,056.63 crore a year ago.

BPCL processed 5.63 million tonnes (mt) of crude during the second quarter (7.66 mt). The refiner sold 8.94 mt of petroleum products (10.25 mt).

The average gross refining margin (GRM) of BPCL for the first half of FY21 rose to $3.19 per barrel compared to $3.10 per barrel during April-September last year.

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“During the half year, there was lower refinery throughput and revenue from operations which was mainly due to lower demand for petroleum products due to Covid-19 lockdown restrictions,” said a BPCL statement. With the gradual re-opening of the economy, the refinery throughput and revenue from operations have improved as compared to the previous year period, it said, adding that it expects the same will be at normal levels post complete removal of lockdown restrictions.

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Published on October 29, 2020
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