Earnings of Indian oil marketers, in the quarter ended September, received a boost from inventory gains and rising fuel consumption, as economic activity picked up in the aftermath of the coronavirus lockdown.
Net profit of Indian Oil Corp. Ltd. and Bharat Petroleum Corp. Ltd. rose sequentially, while Hindustan Petroleum Corp. Ltd.’s fell. That came as crude oil prices increased by nearly 26.7% over the previous quarter to $43.1 per barrel during the same period. Petrol consumption rose 3.3% year-on-year, while that of diesel fell 6% over a year ago—compared to a 20.7% decline in August.
How They Fared In Q2
BPCL
- Profit rose 8% sequentially to Rs 2,247 crore, above analysts’ estimate of Rs 1,146 crore.
- Revenue rose 29% quarter-on-quarter to Rs 50,146 crore. Analysts had expected Rs 51,833 crore.
- Gross refining margin stood at $3.19 per barrel—above the $2.3 per barrel…