BPCL reported 31.6% jump in standalone net profit to Rs 2,247.75 crore on a 22.1% decline in net sales to Rs 50,146.36 crore in in Q2 FY21 over Q2 FY20.
Total expenses during the quarter declined by 15.1% year-on-year (YoY) to Rs 63,062.77 crore, due to lower raw material costs (down 46.75% YoY) and lower finance costs (down 98% YoY).
Profit before tax in Q2 September 2020 stood at Rs 3,297.75 crore, up by 99.2% from Rs 1,655.12 crore in Q2 September 2019. The company incurred a total tax expense of Rs 1,050 crore in the second quarter.
On a standalone basis, the corporation's net profit surged 55.3% to Rs 4,323.92 crore on a 36.8% fall in net sales to Rs 88,931.41 crore in the half year ended 30 September 2020 (H1 FY21) as compared to the half year ended 30 September 2019 (H1 FY20).
BPCL accounted NIL compensation towards sharing of under-recoveries on sale of sensitive petroleum products during H1 FY21.
"The market sales of the Corporation for the half year ended 30 September 2020 was 16.47 million metric tons (MMT) as compared to 21.36 MMT achieved during the half year ended 30 September 2019. Decrease is mainly in High Speed Diesel (HSD)-Retail (down 24.91%), Motor Spirit (MS)-Retail (down 23.19%), Aviation Turbine Fuel (ATF) (down 72.65%) and partly offset by increase in Liquefied Petroleum Gas (LPG) (up 7.46%), BPCL said.
The Average Gross Refining Margin (GRM) of the corporation during H1 FY21 was $3.19 per barrel as against $3.10 per barrel in H1 FY20.
"During current half year, there was lower refinery throughput and revenue from operations which was mainly due to lower demand of petroleum products. With the gradual reopening of the economy, the refinery throughput and revenue from operations has improved as compared to previous quarter and expects the same will be at normal levels post removal of complete lockdown restrictions," the corporation added.
BPCL operates in refinery and marketing activities, which includes downstream petroleum sector. The Government of India holds 52.98% stake in BPCL as of 30 September 2020.
The scrip fell 1.58% to Rs 340.10 on the BSE. It traded in the range of 338.40 and 347.20 so far during the day.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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