BPCL Q2 net profit at Rs 5K crore on govt paying part oil subsidy
New Delhi: State-owned Bharat Petroleum Corp Ltd (BPCL) on Friday reported net profit of Rs 5,034.79 crore for the July-September quarter, as against Rs 3,229.27 crore loss in the year-ago period, after the government released part of the fuel subsidy.
BPCL had in the April-June quarter posted a net loss of Rs 8,836.75 crore because the government had not paid any subsidy for selling diesel and cooking fuel below cost.
It said it has got Rs 7,280.30 crore compensation from the government for the first half of current fiscal.
This helped the company post net profit of Rs 5,034.79 crore in July-September quarter.
But for the first half (April-September) of the current fiscal, it has reported a net loss of Rs 3,801.96 crore.
BPCL and other state-owned fuel retailers Indian Oil and Hindustan Petroleum Corp Ltd (HPCL) sell diesel, domestic LPG and kerosene at government controlled rates which are way lower than cost. The losses they incur are met through a combination of cash subsidy from the government and assistance from upstream firms like ONGC.
Despite the subsidy and Rs 7,239.40 crore received by ONGC, GAIL and Oil India, BPCL said it had a net under- recovery or revenue loss of Rs 6,133.39 crore in the April-September period.
Net sales rose to Rs 56,859.52 crore in July-September quarter from Rs 42,281.90 crore in the same period last fiscal.
BPCL said its refineries processed 5.94 million tons of crude oil in the second quarter, up from 5.58 million tons a year ago. Sales rose to 7.77 million tons from 7.04 million tons.
More from India
More from World
More from Sports
More from Entertaiment
- Cortana for Android available for public beta in US
- Xiaomi Redmi 2 Vs Redmi 2 Prime: Specification comparisons
- Middle class woes to continue, wholesale onion price shoots up to Rs 57 per kg
- Alleged land encroachment in Greater Noida: HC asks DM to decide representation in 3 months
- Watch: Review of Mahindra TUV300
- Companies' hiring picks up pace; job prospects getting better for skilled talent in India
- Tata Zica hatchback: You can can look forward to these 5 features
- Telephone exchange case: CBI starts quizzing Dayanidhi Maran
- New restructuring package for state discoms a positive: Fitch
- Maintaining accommodative stance but also vigilant, says Raghuram Rajan