Bharat Petroleum Corporation Ltd. (BPCL) on Thursday reported first quarter stand alone net profit dropped 27.67% to ₹1,501.65 croreon account of a sharp rise in expenses.
Revenue from operations grew 77.19% to ₹89,687.12 crore.
The consolidated net profit for the first quarter however grew 31.32% to ₹2,872.8 crore.
Consolidate revenue rose 76.22% to ₹89,712.3 crore.
Gross refining margins (GRMs) stood at $4.12 per barrel in Q1FY22 as against $0.39 per barrel in Q1FY21.
Total market sales was 9.63 MMT in the quarter, while refinery throughput of Mumbai and Kochi refineries were 6.84 MMT.
V.R.K. Gupta, Chief Financial Officer said, “The first quarter was marred by the second wave of COVID-19 that impacted the fuel sales across India. The restrictions imposed by State administration and subdued business activity resulted in slowdown of economic growth restricting movement of vehicles. However, impact of second wave was not as bad as first wave of COVID-19.”
“The business activities have accelerated and so have fuel sales. We believe with vaccination in progress, the resumption in economic activities is likely to sustain this time around,” he added.
