BPCL Q1 results: Profit surges 22% to Rs 2,188 crore, revenue falls 41%

Bharat Petroleum Corporation Limited (BPCL) on Thursday posted nearly 22 per cent rise in consolidated net profit at Rs 2,187.74 crore in April-June quarter of fiscal 2020-21 as against Rs 1,799.59 crore a year ago. Revenues from operations dipped 41.09 per cent to Rs 50,909.24 crore during the June quarter of FY21 from Rs 86,412.87 crore in the same period of last fiscal. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell to Rs 3,915.7 crore in the quarter under review.

During this quarter, there was lower refinery throughput and revenue from operations which was mainly due to lower demand of petroleum products, BPCL said. With the gradual reopening of the economy, the firm expects the refinery throughput and revenue from operations to improve and reach normal levels after impact of COVID-19 pandemic subsides and lockdown restrictions are removed completely.

The company's gross refining margins (GRMs) stood at $0.39 per barrel as against $2.81 per barrel a year ago.

"With the gradual reopening of the economy, the group expects the refinery throughput and revenue from operations will improve and will be at normal levels post COVID-19 impact and removal of complete lockdown restrictions," the state-run oil marketing company said in an exchange filing.

"Management has assessed the potential impact of COVID-19 based on the current circumstances and expects that there will be no significant impact on the continuity of operations of the group, on useful life of the assets, on financial position etc. on a long term basis," it added.

Shares of BPCL ended the trade on Thursday at 421.20, down 0.60 points, or 0.14 per cent on NSE.

Also read: PM Modi announces Taxpayer's Charter; what is it?

Also read: BPCL offers voluntary retirement scheme; up to 10% employees expected to opt