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BPCL profit rises 7-fold to Rs 19,041.67 crore in FY21; board recommends Rs 58 per share dividend

BPCL registered Rs 301,864.98 crore as revenue from operations in FY21, as against Rs 327,580.78 crore in FY20; total income for the fiscal under review slipped down to Rs 306,209.43 crore

Bharat Petroleum Corporation (BPCL) reported a 610 per cent increase in net profit to Rs 19,041.67 crore in the financial year ended March 31, 2021. The state-run oil marketing company had posted a net profit of Rs 2,683.19 crore in the previous fiscal.

The company registered Rs 301,864.98 crore as revenue from operations in FY21, as against Rs 327,580.78 crore in FY20. BPCL said it has accounted for nil compensation towards sharing of under-recoveries on sale of sensitive petroleum products by way of Budgetary Support from Government of India for FY21, amounting to Rs 255.31 crore, as revenue from operations.

Other income for the year ended March 31, 2021, included Rs 199.75 crore on account of foreign exchange gain as against foreign exchange loss of Rs 1,662.34 crore reported for the year ended March 31, 2020, which was included in other expenses, the company said in its filing.

Total income for the fiscal under review slipped down to Rs 306,209.43 crore as against Rs 330,662.09 crore in the previous fiscal.

Refinery throughput came down to 26.40 MMT during FY21 from 31.91 MMT in FY20. Market sales in FY21 stood at 38.74 MMT, whereas the same for FY20 was 43.10 MMT. Export sales during the period under review were 1.95 MMT, as against 2.62 MMT in FY20.

For the quarter ended March 31, 2021, the company reported a net profit of Rs 11,940.13 crore. It had posted a loss of Rs 1,361.01 crore in the year-ago period.

In the quarter under review, BPCL registered total income to the tune of Rs 100,419.63 crore, compared to Rs 82,452.99 crore in the corresponding quarter last year.

The BPCL board of directors has recommended a final dividend of Rs 58 per equity share, including one-time special dividend of Rs 35 per equity share of Rs 10 each, for the financial year ended March 31, 2021. The final dividend would be paid within 30 days from the date of its declaration at the upcoming annual general meeting. The final dividend is in addition to the interim dividend of Rs 21 per equity share of Rs 10 each paid for the year by the company.

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