BPCL reports sharp decline in net profit during Q2 2018-19

State-run Bharat Petroleum Corporation Limited (BPCL) Monday posted a 48.3 per cent decline in its net profit to Rs 1,218.71 crore for the second quarter ended September 2018.

The company had earned a net profit of Rs 2,357.40 crore in the same quarter a year ago.

During the quarter, its revenues from operations rose to Rs 82,884.82 crore as compared to Rs 64,133.01 in the July-September period of 2017.

Total expenses of the refiner also increased to Rs 81,550.12 crore as against Rs 61,475.13 crore in the second quarter of the previous fiscal.

The average gross refining margin (GRM) for the quarter ended September

2018 was USD 5.57 USD per barrel as compared to USD 7.97 per barrel a year ago.

"The corporation has accounted compensation towards sharing of under-recoveries on sale of sensitive petroleum products of Rs 496.78 crore by way of subsidy for the current period (Rs 319.90 crore April-September 2017) as revenue from operations and nil under-recovery has been absorbed by the Corporation on this account during the reported periods," it said.