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BPCL Q2 profit jumps 40% to Rs 1,708 crore on tax reversal; revenue slips 9%

BPCL Q2 results: Revenue from operations decreased 9.48 per cent to Rs 75,057 crore in July-September of this fiscal as against Rs 82,924 crore in Q2FY19. The figure stood at Rs 85,860 crore in June quarter this year

twitter-logo BusinessToday.In   New Delhi     Last Updated: November 7, 2019  | 20:05 IST
BPCL Q2 profit jumps 40% to Rs 1,708 crore on tax reversal; revenue slips 9%
BPCL Q2 results: The Average Gross Refining Margin (GRM) of the company during the half year ended September 30, 2019 was $3.10 per barrel versus $6.52 per barrel in April -September of 2018

State-owned Bharat Petroleum Corporation Limited (BPCL) on Thursday reported 40.18 per cent year-on-year (YoY) jump in its net profit at Rs 1,708.45 crore for the second quarter ended September 30, 2019, aided by tax reversal of Rs 580.3 crore based on "favourable judgments from Income Tax Appellate Authorities over multiple issues". On the quarter-on-quarter basis, the profit grew 55 per cent compared to Rs 1,075.12 crore in the June quarter.

"The oil and gas major had posted a net of Rs 1,218.71 crore in the corresponding quarter last year," BPCL said in a filing to the Bombay Stock Exchange.

Revenue from operations decreased 9.48 per cent to Rs 75,057 crore in July-September of this fiscal as against Rs 82,924 crore in Q2FY19. The figure stood at Rs 85,860 crore in June quarter this year.

During the quarter under review, total expenditure fell 8.92 per cent at Rs 74,273 versus Rs 81,550 crore in the previous year's period.

Also Read: HPCL Q2 profit slips 4% to Rs 1,052 crore, revenue dips 9%

BPCL's earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Rs 2,374.9 crore, while margin was at 3.7 percent during the September quarter this fiscal.

On the consolidated basis, the net profit stood at Rs 1,502.63 crore and revenue from operation was at Rs 75,628 crore during the quarter under review.

Also Read: Sun Pharma posts Rs 1,064 crore net profit in September quarter, India sales up 35%

The earnings announcement comes at a time when the government is planning to sale controlling stake in BPCL. On September 30, a core group of secretaries on divestment approved the privatisation of BPCL, which is likely to be completed by March 31, 2020. The stake sale in BPCL is likely to see bids from international oil giants such as Saudi Aramco, Rosneft, Kuwait Petroleum, ExxonMobil, Shell, Total SA and Abu Dhabi National Oil Co.

The Average Gross Refining Margin (GRM) of the company during the half year ended September 30, 2019 was $3.10 per barrel versus $6.52 per barrel in April -September of 2018.

The market sales of the BPCL for the half year was 21.36 MMT (million metric tonnes) when compared to 21.05 MMT achieved during the same period last fiscal.

Ahead of Q2 earnings, shares of BPCL closed 2.08 per cent lower at Rs 512.80 apiece on the Bombay Stock Exchange.

Edited by Chitranjan Kumar

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