NEW DELHI: State-owned Bharat Petroleum Corporation Limited (BPCL) reported returning to profitability in the September quarter after a boost in marketing margin improved earnings.
“Consolidated net profit in July-September was at Rs 8,243.55 crore compared to a loss of Rs 338.49 crore in the same period a year back,” the company said in a statement.
The profit was aided by a boost in marketing margins as a freeze on petrol and diesel price revision despite a fall in input crude oil prices helped recover losses incurred when rates were high last year.
Pre-tax earnings from the downstream oil refining and marketing business came at Rs 11,283.29 crore in the second quarter of the current fiscal as compared to a loss of Rs 123.17 crore in the same period last year.
Last year, state-owned fuel retailers BPCL, Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL) froze prices despite a spike in global oil prices following Russia’s invasion of Ukraine. This was with a view to insulate consumers from price volatility.
