Bharat Petroleum Corp.’s third-quarter profit rose beating estimates as its sales rose and other income more than doubled.
Net profit rose 23.6% over the preceding quarter to Rs 2,777.6 crore in the three months ended December, the state-run oil marketer said in an exchange filing. That compares with the Rs 2,038-crore consensus estimate of analysts tracked by Bloomberg.
Revenue rose 33.1% to Rs 66,731.4 crore. Analysts had pegged the metric at Rs 64,133 crore.
Other Highlights (QoQ)
Operating profit rose 11.8% to Rs 4,305.8 crore.
Operating margin narrowed to 6.5% from 7.7%.
The average gross refining margin—what BPCL earns by refining a barrel of crude oil—stood at $2.9 a barrel. That’s higher than the benchmark Singapore gross refining margins of $1.2 a barrel during the period.
Other income rose 165% to Rs 1,514.5 crore.
Refinery utilisation stood at 108% in December, lowering fixed costs and aiding operating income. BPCL’s standalone refinery throughput rose 29% sequentially to 7.23 million metric tonne in the third quarter. Sales jumped 24% quarter on quarter to 11.1 million metric tonne. And that came in the quarter when the average price of the benchmark Brent crude rose 4.4% sequentially to $44.6 a barrel.
