Bharat Petroleum Corp (BPCL) has reported a 72% year-on-year decline in revenue to INR 2,397 crore for the July-September quarter on weak refining margins.
Income from operations elevated 1% to INR 1,17,952 crore. Shares in BPCL fell practically 5% to INR 305.9 apiece on Friday when the benchmark BSE Sensex ended 0.8% decrease.
The corporate reported a gross refining margin of USD 6.1 per barrel for the April-September interval in comparison with USD 15.4 within the year-earlier interval. The working margin fell to 4.61% within the second quarter from 11.73% within the year-ago interval.
Refining margins have sharply shrunk as there’s an oversupply of fuels within the international market whereas Chinese language demand stays weak. A pump worth freeze within the home market, nevertheless, has ensured supernormal advertising margins on the sale of petrol and diesel. For different refined merchandise reminiscent of jet gas and naphtha, home costs mirror worldwide market tendencies.
BPCL’s gross sales quantity elevated within the July-September quarter to 12.39 million metric tonnes (MMT) from 12.19 MMT within the corresponding quarter of the earlier 12 months.The corporate reported a debt-equity ratio of 0.28 on the finish of the September quarter.
