BPCL Q3 net profit more than doubles on inventory gains – Times of India

NEW DELHI: Bharat Petroleum Corporation Ltd (BPCL) on Tuesday reported more than doubling of its net profit for the December quarter on the again of inventory gains ensuing from rising oil costs.
Net profit in October-December at Rs 2,777.6 crore was 120 per cent increased than Rs 1,260.6 crore net profit in the identical interval a 12 months again.
“Third quarter (of 2020-21 fiscal) has been the strongest in terms of profit before tax and profit after tax in this fiscal year. We are back to pre-Covid levels of sales,” BPCL director (finance) N Vijayagopal mentioned on a media name.
The firm booked Rs 771 crore inventory gains after the gas it made out of crude oil it purchased at decrease costs bought bought at increased charges.
It additionally had a international trade achieve of Rs 76 crore.
BPCL, which owns 4 refineries within the nation, earned $2.47 on turning each barrel of crude oil into gas within the October-December quarter, down from $3.23 per barrel gross refining margin (GRM) in the identical interval a 12 months again.
Sales have been up 1.4 per cent to Rs 86,579.9 crore.
“Covid is over for us,” he mentioned, including home gross sales of petroleum merchandise at 11.10 million tonnes within the third quarter have been increased than 11.02 million tonnes gross sales in the course of the corresponding interval of FY20.
With demand returning following a leisure in pandemic restrictions, the agency’s refineries are working at 105 per cent of capability.
Fuel demand in 2021 can be higher than 2020 and it’ll additional enhance in 2022, he mentioned.
As on December 31, 2020, BPCL had a complete petrol pump community of 17,841 which has crossed 18,000 now, “affirming our position as the second-largest fuel retailer in the country,” he mentioned.
“We have revised our capex targets to Rs 9,000 crore (for current fiscal) from the earlier target of Rs 8,000 crores. We have already spent Rs 5,688 crores during the nine months ended December 31, 2020,” he mentioned.
“We are back to pre-Covid levels in Q3FY21 as we recorded the best performance in diesel and petrol in market sales amongst the peer PSUs and proclaim ourselves as a market growth leader in these categories,” Vijayagopal mentioned.
BPCL market gross sales grew 24 per cent and to assist this demand, refinery throughput elevated by 29 per cent over Q2FY21.
Petrol gross sales grew 15 per cent quarter-on-quarter, diesel by over 31 per cent and LPG by 9 per cent, he mentioned, including aviation turbine gas (ATF) gross sales remained under regular ranges as Covid-19 restrictions proceed on airline operations.
“We have also recorded the GRM of $2.47, which is the best amongst the oil marketing companies,” he mentioned. “This is on the back of tough global environment with low crack spreads.”

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