Bharat Petroleum July-September Profit Nearly Triples on Stronger Refining Margins

Bharat Petroleum Corp. Ltd. reported a sharp improvement in profitability for the September quarter, helped by stronger refining margins and inventory gains.

The company’s gross refining margin jumped to $10.78 a barrel from $4.41 a barrel a year ago, supported by improved performance at its refineries in Mumbai, Kochi, and Bina.

Revenue excluding excise duty rose 2% on year to ₹1.05 trillion, while net profit almost tripled to ₹64.43 billion. The quarter’s earnings included an inventory gain of ₹8.95 billion.

BPCL's Domestic sales volumes grew just over 2% to 12.67 million tonnes, led by higher sales of petrol and LPG. Petrol sales rose 5% on year to 2.79 million tonnes and LPG sales were up nearly 7% at 2.35 million tonnes. Diesel sales, which account for more than 40% of total domestic volumes, fell slightly to 5.16 million tonnes from 5.19 million tonnes a year earlier.