Bharat Petroleum Corp's profits have jumped 95%

Bharat Petroleum Corp Ltd, a state-run oil marketer, said after quarterly profit nearly doubled on the back of higher refining margins.

BPCL said its first quarter net profit jumped 95 percent to 2,376 crore rupees compared with 1,216 crore rupees in the same quarter a year ago. Sales during April-June slumped 22 percent to 51,966 crore rupees from 66,794 crore rupees as prices of refined products fell nearly 20 percent over the past year due to a sharp drop in global crude oil futures.

BPCL also received 203 crore rupees as subsidy from ONGC and 404 crore rupees from the government as subsidy during the first quarter.

The subsidy amount took a sheen of the overall earnings, resulting in the stock trading 0.2 percent lower at 883.70 on the National Stock Exchange where 14.4 lakh shares were traded compared with 19.5 lakh shares, its 5-day average.

BPCL's market capitalisation has surged 46 percent to 64,560 crore rupees as investors bought into oil refiners following the drop in crude oil prices.

Image credit: Indiatimes