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<ul><li>The rise in profits was largely backed by a 43.22 per cent fall in its total expenditure during the period under review to Rs 48,284.06 crore.</li><li>Revenue from operations of the company, however, declined 41 per cent on a year-on-year basis to Rs 50,616.92 crore.</li><li>In a regulatory filing, the company said that the market sales of the company for the quarter ended June were lower at 7.53 MMT when compared to 11.11 MMT achieved a year ago.</li></ul> <keyword id="75662" type="CITY" weightage="20" keywordseo="Bharat-Petroleum">Bharat Petroleum</keyword> Corporation Ltd (<keyword id="44555" type="CITY" weightage="20" keywordseo="BPCL">BPCL</keyword>), the highlight among the host of state-run companies put on the block by the government, has reported a 93 per cent increase in its standalone net profit for the April-June quarter at Rs 2,076.17 crore. During the corresponding period of last fiscal, the company had reported a standalone net profit of Rs 1,075.12 crore. The rise in profits was largely backed by a 43.22 per cent fall in its total expenditure during the period under review to Rs 48,284.06 crore. Revenue from operations of the company, however, declined 41 per cent on a year-on-year basis to Rs 50,616.92 crore. In a regulatory filing, the company said that the market sales of the company for the quarter ended June were lower at 7.53 MMT when compared to 11.11 MMT achieved a year ago. "The Average Gross Refining Margin (GRM) of the corporation during the quarter ended 30th June 2020 is $0.39 per barrel (April-June 2019: $2.81 per BBL)," it said. It said that the outbreak of Covid-19 globally and resultant lockdown in many countries, including India, had an impact on the business of the corporation. "Consequently, lower demand for crude oil and petroleum products has impacted the prices and therefore refining margins globally. Since petroleum products are covered under essential services, the refining and marketing operations of the corporation were continued during the lockdown period," BPCL said. During this quarter, there was lower refinery throughput and revenue from operations which was mainly due to lower demand of petroleum products, the company said in its filing. However, with the gradual reopening of the economy, BPCL expects the refinery throughput and revenue from operations will improve and will be at normal levels, post Covid-19 impact and removal of complete lockdown restrictions. "Management has assessed the potential impact of Covid-19 based on the current circumstances and expects that there will be no significant impact on the continuity of operations of the corporation, on useful life of the assets, on financial position etc. on a long term basis," it said. As announced last year, the company is up for strategic sale, wherein the government plans to sell 52.98 per cent in the oil major along with the transfer of management control. The response from prospective buyers, however, has not been as expected, largely due to the pandemic and the deadline for the submission of Expressions of Interest (EoI) has been deferred for the third time till September 30. The government's decision of strategic sale of the profit-making PSU, has, however drawn criticism from several quarters. SEE ALSO: <a href="https://www.businessinsider.in/india/news/heres-how-indias-74th-independence-day-celebrations-will-take-place-this-year/slidelist/77523536.cms">Here’s how India’s 74th Independence Day celebrations will take place this year</a> <a href="https://www.businessinsider.in/careers/news/how-much-deloitte-kpmg-ey-and-pwc-accountants-and-consultants-make-from-entry-level-to-executive-roles/articleshow/77533447.cms">How much Deloitte, KPMG, EY, and PwC accountants and consultants make, from entry level to executive roles</a> <a href="https://www.businessinsider.in/science/news/a-dwarf-planet-between-mars-and-jupiter-has-a-salty-ocean-beneath-its-surface-making-it-a-contender-for-alien-life/articleshow/77495476.cms">A dwarf planet between Mars and Jupiter has a salty ocean beneath its surface, making it a contender for alien life</a>

Bharat Petroleum reports 93% increase in its standalone net profit for April-June quarter

<ul><li>The Indian government is selling one of its profitable oil companies – <keyword id="75662" type="CITY" weightage="20" keywordseo="Bharat-Petroleum">Bharat Petroleum</keyword> Corporation Limited. </li><li>The government will sell 53.29% stake in <keyword id="44555" type="CITY" weightage="20" keywordseo="BPCL">BPCL</keyword> to a strategic buyer, also giving up management control in the oil giant.</li><li>The Numaligarh Refinery in Assam will be carved out of the divestment, said Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>. </li></ul>The Indian government announced the divestment of five public sector undertakings (<keyword id="44880" type="CITY" weightage="20" keywordseo="PSUs">PSUs</keyword>), including that of Bharat Petroleum Corporation Limited. The others in line to be divested out of government control are Shipping Corporation of India, Container Corporation of India (CONCOR), THDC India and North Eastern Electric Power Corporation Limited (NEEPCO) The government will be selling its 53.29% stake in BPCL to a strategic buyer, also giving up management control of the oil retailer. However, the Numaligarh Refinery in Assam which is a part of BPCL, will be carved out of the divestment, said Finance Minister Nirmala Sitharaman. Mixed reaction from the public The government’s decision to sell one of the few profitable PSUs has seen mixed reactions from the public. BPCL had reported profits of ₹7,132 crore along with total sales worth ₹3.37 trillion in the last financial year. “This govt is now selling off the country's most profitable companies as well. This is a loot,” said Congress leader KC Venugopal today. The shares of BPCL too fell on Thursday morning to ₹532. However, BPCL also makes for an attractive sale unlike Air India which is still awaiting investor interest. A good sale will help Indian government meet its ambitious disinvestment target of ₹1.05 lakh crore for the current fiscal year. “It would also increase the free float available in the market which may have positive impact on Foreign Portfolio Investments in Indian capital markets and in the creation of wider investment space for retail and institutional investors and may increase in the market premium of CPSEs due to likely positive investors perception,” said the government’s press release. Started as the Rangoon Oil and Exploration company during the British rule, BPCL changed many hands and was finally purchased by the government at market price in 1976. Today, the BPCL has a capacity of 37 million tonnes per annum. It also has over 15,000 retail outlets in India.

BPCL divestment opens up to mixed reactions, but the company’s shares takes a hit

New Delhi, Nov 26 () Moody's Investors Service on Tuesday said it has placed Bharat Petroleum Corp Ltd's rating on review for downgrade after the government decided to privatise the country's second-biggest state oil refiner.
 "The review for downgrade follows the government of India's decision to sell its entire 53.29 per cent stake in BPCL and to transfer management control of the company to a strategic buyer," the rating agency said in a statement.
 The ratings placed on review for downgrade include BPCL's ba1 baseline credit assessment, its Baa2 issuer rating and Baa2 backed senior unsecured rating for Bharat PetroResources Ltd, a subsidiary of BPCL.
 BPCL's Baa2 rating incorporates its ba1 baseline credit assessment (BCA), a measure of its standalone credit strength, and a two-notch uplift from expected extraordinary support from the government.
 The Cabinet headed by Prime Minister Narendra Modi had on November 20 decided to privatise BPCL by selling the government's entire stake to a strategic investor along with management control.
 Moody's said the review for downgrade takes into account the uncertainty with respect to both the support incorporated into BPCL's rating as well as its BCA.
 "Post the government's stake sale, we will not include the two-notch uplift from government support in BPCL's rating. This could result in a downgrade of BPCL's ratings to Ba1, assuming there are no changes to its fundamental credit profile, including our assessment of liquidity and refinancing risk which could impact the BCA," said Vikas Halan, Moody's Senior Vice President.
 "Our assessment of BPCL's credit profile and any resultant rating action, post the stake sale, will depend on the ability and willingness of the buyer to provide extraordinary support to BPCL in the event of distress, and also the company's ability to maintain its standalone credit strength."
 Moody's rating action also assumes that BPCL's status as a government-owned entity in India will continue until at least the conclusion of the proposed sale.
 The sale by the government will also trigger a change of control on some of BPCL's bonds, which will require the company to redeem its bonds within 45 days of the change of control being triggered.
 There is no ratings condition attached to the put option for bondholders.
 "Further, BPCL's foreign currency bondholders could also decide to treat the government stake falling below 50 per cent as an event of default, which would result in bonds being immediately repayable. Any bond redemption will significantly increase BPCL's refinancing risk," it said.
 As of November 22, BPCL had USD 2.3 billion (about Rs 16,300 crore) of foreign currency bonds outstanding.
 The company had cash and cash equivalents of Rs 970 crore as of September 30.
 As part of its decision to sell its stake in BPCL, the government also announced that BPCL will also sell its 61.65 per cent in Numaligarh Refinery Ltd to other government-owned oil &amp; gas companies.
 "The valuation of the stake and the use of proceeds from such sale is yet to be determined," Moody's said. "The sale will also reduce BPCL's capital spending as it is one of the largest projects that the company is working on."
 BPCL has been operating under government control and its business strategy has been in line with government policy and objectives.
 A change in ownership could result in the company revising its business strategy or financial policies, which could have implications for its standalone profile, it said.
 "The review will consider the buyer's credit quality and its willingness to provide support to BPCL, BPCL's business strategy, financial policies, access to liquidity and capital structure following the change in its ownership and the government's plan for reimbursing BPCL for the sale of liquified petroleum gas at subsidized prices after the stake sale," it said. ANZ RVK

Moody's reviews BPCL's rating for downgrade on government stake sale

After reporting <keyword id="21767878" type="General" weightage="20" keywordseo="record-profits" source="keywords">record profits</keyword>, state-owned <keyword id="20459282" type="General" weightage="100" keywordseo="fuel-retailers" source="keywords">fuel retailers</keyword> <keyword id="19908045" type="General" weightage="20" keywordseo="Indian-Oil-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Oil Corporation" meta.hostid="153" meta.entityid="Indian Oil Corporation">Indian Oil Corporation</keyword> (<keyword id="6354733" type="General" weightage="20" keywordseo="IOC" source="Orion">IOC</keyword>), <keyword id="19908646" type="General" weightage="20" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword> and <keyword id="20052221" type="General" weightage="20" keywordseo="HPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="HPCL" meta.hostid="153" meta.entityid="HPCL">HPCL</keyword> posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates. IOC, the nation's largest oil firm, reported 81 per cent drop in standalone net profit in April-June - the first quarter of current 2024-25 fiscal year - to Rs 2,643.18 crore as opposed to a profit of Rs 13,750.44 crore a year back, according to a company filing. Net profit also declined sequentially, when compared to an earning of Rs 11,570.82 crore in March quarter. Hindustan Petroleum Corporation Ltd (HPCL) posted 90 per cent drop in profit to Rs 633.94 crore as compared to an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter. Bharat Petroleum Corporation Ltd (BPCL) net profit dropped to Rs 2,841.55 crore in April-June from Rs 10,644.30 crore a year back and Rs 4,789.57 crore in January-March, its filing showed. The three fuel retailers made extraordinary gains from holding petrol and diesel prices despite a drop in cost. The price freeze was justified in the name of recovering losses they had suffered in the previous year when they did not raise retail prices despite a surge in cost. The gains arising from the price freeze were eroded with petrol and diesel prices being cut by Rs 2 per litre each just before general elections and a fall in refining margins. Also, the three had uncompensated <keyword id="20866844" type="General" weightage="20" keywordseo="LPG-subsidy" source="keywords">LPG subsidy</keyword> - IOC booking under-recovery of Rs 5,156.23 crore in April-June, BPCL Rs 2,015.10 crore and HPCL Rs 2,443.71 crore, according to the filings. As per an order of the oil ministry, when market determined price (MDP) of LPG cylinders is less than its effective cost to customer (ECC), oil marketing companies (OMCs) have to retain the difference in a separate buffer account for future adjustment. However, as on June 30, 2024, the three firms had a net negative buffer as the retail selling price was less than MDP. The three retailers IOC, BPCL and HPCL had reported record profits totalling about Rs 81,000 crore in FY24 (2023-24), which was far more than their annual earnings of Rs 39,356 crore in pre-oil crisis years. This is because they resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year, when they kept rates lower than cost. IOC in 2023-24 posted a standalone net profit of Rs 39,618.84 crore compared to Rs 8,241.82 crore in 2022-23. While the company could argue that FY23 was impacted by the <keyword id="21626914" type="General" weightage="20" keywordseo="oil-crisis" source="keywords">oil crisis</keyword>, the FY24 earnings are higher than even the pre-crisis years - Rs 24,184 crore net profit in 2021-22 and Rs 21,836 crore in 2020-21. BPCL posted a net profit of Rs 26,673.50 crore in FY24, higher than Rs 1,870.10 crore earnings in 2022-23 and Rs 8,788.73 crore in FY22. HPCL's 2023-24 profit of Rs 14,693.83 crore is compared with a Rs 8,974.03 crore loss in FY23 and a profit of Rs 6,382.63 crore in 2021-22, according to the filings. The losses in FY23 had led to the finance minister announcing Rs 30,000 crore equity infusion in the three firms. Mid-way through the year, that support was halved to Rs 15,000 crore. The support was to happen by way of equity infusion via a rights issue. But after the record profits of 2023-24, the equity infusion plan has now been scrapped. Finance Minister Nirmala Sitharaman had on February 1 last year, while presenting the annual Budget for the 2023-24 fiscal (April 2023 to March 2024), announced an equity infusion of Rs 30,000 crore in IOC, BPCL and HPCL to support the three state-owned firm's energy transition plans. In the interim budget that the finance minister presented in February this year ahead of the general elections, the capital support to the three oil companies was halved to Rs 15,000 crore. In the full budget for 2024-25, both plans have been scrapped. While other state-owned oil companies like Oil and Natural Gas Corporation (ONGC) and GAIL (India) Ltd too have lined up billions of dollars of investment to achieve net-zero carbon emissions, the equity support was limited to the three fuel retailers, which had suffered huge losses in 2022 when they held retail petrol, diesel and cooking gas (LPG) prices despite a spike in raw material (crude oil) prices, following Russia's invasion of Ukraine. The board of IOC and BPCL had last year approved rights issues to raise to Rs 22,000 crore and Rs 18,000 crore, respectively. The government was to participate in the rights issue. The three companies, which control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices, resulting in losses when input costs were higher and profits when raw material prices were lower. They posted a combined net loss of Rs 21,201.18 crore during April-September 2022 despite accounting for Rs 22,000 crore announced but not paid LPG subsidy for the previous two years. Subsequent softening of international prices and government giving out LPG subsidies helped IOC and BPCL post annualised profit for 2022-23, but HPCL was in the red. In FY24, things changed dramatically, and the three firms posted record earnings.

After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

New Delhi, Mar 1 () Mining baron Anil Agarwal, who was among the first to evince interest in bidding for Bharat Petroleum Corp Ltd (BPCL), says valuation of the firm is too high and his company Vedanta will evaluate bidding for it when the final bid document is out. At the close of trading on Friday, BPCL had a market capitalisation of Rs 92,464.40 crore. At this price, the government's Rs 52.98 per cent stake that is being sold in the country's largest privatisation exercise is worth about Rs 49,000 crore. The acquirer will also be required to make an open offer for another 26 per cent stake from minority shareholders which will cost another Rs 24,000 crore. "We certainly are interested in bidding but the valuations are too high," Agarwal told here. "The bid document is not yet out and we will carefully evaluate bidding once the offer document is out." He said share price has moved up 40-50 per cent since the time the government announced its plan to sell stake in November last year. "There are lot of synergies BPCL has with our business. I am the largest private oil producer in the country" and BPCL has refineries to process it and a network of petrol pumps to sell fuel produced from it, he said. "We will evaluate bidding (for BPCL), let's see." The government plans to sell its entire 52.98 per cent stake in BPCL that will give buyers ready access to 14 per cent of India's oil refining capacity and about one-fifth of the fuel market share in the world's fastest-growing energy market. "We are in oil business. We produce 30 per cent oil and gas of the country and this has natural synergies with BPCL," Agarwal said. A two-stage bidding process is to be followed for privatisation of BPCL, wherein request for proposal or RFP in the first stage will be followed by due diligence-cum-bidding by qualified bidders in the second phase. Privatisation of BPCL is essential for meeting the record Rs 2.1 lakh crore target Finance Minister Nirmala Sitharaman has set from disinvestment proceeds in the Budget for 2020-21 fiscal that starts April. BPCL operates four refineries in Mumbai (Maharashtra), Kochi (Kerala), Bina (Madhya Pradesh) and Numaligarh (Assam) with a combined capacity of 38.3 million tonnes per annum, which is 15 per cent of India's total refining capacity of 249.4 million tonnes. While the Numaligarh refinery will be carved out of BPCL and sold to a PSU, the new buyer of the company will get 35.3 million tonnes of refining capacity. It also owns 15,177 petrol pumps and 6,011 LPG distributor agencies in the country. Besides, it has 51 LPG (liquefied petroleum gas) bottling plants. The company distributes 21 per cent of petroleum products consumed in the country by volume as of March this year and has more than a fifth of the 250 aviation fuel stations in India. ANZ ABMABM

BPCL valuation high, evaluating bid: Anil Agarwal

New Delhi, Mar 7 () The government invited bids on Saturday for the sale of its entire 52.98 per cent stake in the Bharat Petroleum Corporation Limited (BPCL).Expressions of interest for the strategic sale of BPCL were invited by May 2, the Department of Investment and Public Asset Management (DIPAM) said in the bid document."The Government of India is proposing strategic disinvestment of its entire shareholding in BPCL comprising 114.91 crore equity shares, which constitutes 52.98 per cent of BPCL's equity share capital, along with transfer of management control, to a strategic buyer (except BPCL's equity shareholding of 61.65 per cent in Numaligarh Refinery Limited)," it said.The government has appointed Deloitte Touche Tohmatsu India LLP as its transaction advisor to advise on and manage the strategic disinvestment process. ANZ RC

Govt invites bids for sale of BPCL

New Delhi, Dec 9 () Officers union of blue-chip PSUs on Monday opposed the government's decision to privatise India's second-biggest oil firm BPCL, saying family silver worth Rs 9 lakh crore is being sold for a fraction of the amount.
 The Federation of Oil PSU Officers (FOPO) and Confederation of Maharatna Companies (COMCO), claiming to represent over 70,000 officers of the top state-owned firms, at a press conference said the government was killing the goose which lays golden eggs by privatising the highly profitable Bharat Petroleum Corp Ltd (BPCL).
 "Our comprehensive evaluation of the assets of BPCL reveals true worth of BPCL to be Rs 9 lakh crore. Today's market cap of BPCL is Rs 1.06 lakh crore. Typically, management control fetches 30-40 per cent premium over the market cap. Even after considering a premium of over 100 per cent, there is likely destruction of wealth to the tune of Rs 4.46 lakh crore," said Mukul Kumar, convenor, FOPO and COMCO.
 The officers union, he said, was not opposed to private competition but they should not be handed on a platter assets set up over years. "Let them come in and set up their own infrastructure. We don't have any problem to compete with them."
 The Union Cabinet had last month approved the sale of the government's entire 53.29 per cent stake in BPCL, arguing the resources unlocked by the strategic disinvestment would be used to finance social sector programmes benefiting the public.
 BPCL was created by nationalising Burmah Shell after the private firms refused to cooperate in the national duties during the 1971 war, Kumar said. "The proposed privatisation would be no less than taking about-turn from the compulsion cited for effecting nationalisation."
 Asked if the officers union will go on strike to protest privatisation plans, he replied in the negative, saying they will submit a representation to the Prime Minister about the facts.
 "BPCL is a Maharatna company and part of the Fortune 500 list of companies for 15 years. It has sound finances, efficient management, second-largest fuel retailer, pays more than Rs 17,000 crore as dividend to the central government. It has 6,000 acres of land across India, of which 750 acres is in Mumbai alone which is valued for crores of rupees," he said.
 He said privatising BPCL would dent the government's social commitment as the new owner is not likely to follow the policy of providing reservation to SC/ST, OBCs and economically weaker classes as also not service remote and not so profitable areas.
 "The goose that lays golden eggs is being killed to meet the government's fiscal deficit target," he said. "This is anti-people and biggest wealth destroyer step."
 Citing past privatisation moves where the new buyer asset stripped the companies they acquired, he said the government should empower the PSUs and give them level playing field to compete with the private sector.
 "This (privatisation of BPCL) is suicidal for the country," he said. ANZ ABM

Officers union opposes BPCL privatisation

New Delhi, Feb 5 () Russia's largest oil producer Rosneft is keen to bid for acquisition of Bharat Petroleum Corp Ltd (BPCL), sources said after the Russian firm's CEO Igor Sechin met Oil Minister Dharmendra Pradhan on Wednesday. Rosneft, which is the majority owner of India's second biggest private oil refinery, is keen to expand in the world's third largest and the fastest growing energy market. Sechin first met Pradhan over breakfast, and then in delegation-level talks expressed interest in bidding for acquisition of government stake in Bharat Petroleum Corp Ltd (BPCL), an official privy to the discussions said. The government is selling all of its 53 per cent stake in BPCL in the country's biggest privatisation plan. The official said the government is expecting national oil companies from the Middle East, such as Aramco of Saudi Arabia and ADNOC of UAE, to join the bidding for BPCL. ANZ ANSANS

Russia's Rosneft keen to bid for BPCL

New Delhi, Feb 2 () The government will come out with the expression of Interest (EoI) inviting bidders for privatisation of BPCL within few days, a senior official said on Sunday.
The Cabinet in November had cleared strategic sale of oil marketing and refining firm Bharat Petroleum Corp Ltd (BPCL). The government currently holds 53.29 per cent stake in the company, and at prevailing market prices the share sale would fetch about Rs 60,000 crore to the government.
The Investor roadshows for BPCL sale was conducted in December in the US, London and Dubai.
"We have got quite a good response (BPCL roadshow). We will come out with EoI very soon and then investors can engage with us through the formal process. The BPCL EoI will be issued within few days," DIPAM Secretary Tuhin Kanta Pandey said.
The proceeds from BPCL stake sale will accrue to the government in the next fiscal beginning April 1.
The Department of Investment and Public Asset Management (DIPAM) has been set a huge target of Rs 1.20 lakh crore to be mopped up through CPSE stake sale in next fiscal. Another Rs 90,000 crore is to come from sale of government equity in banks and financial institutions.
In the current fiscal, the government has missed its budgeted disinvestment target of Rs 1.05 lakh crore by a huge margin. The revised estimates (RE) has pegged the disinvestment target at Rs 65,000 crore.
Of this, the government has mopped up Rs 35,000 crore from disinvestment, including from two tranches of CPSE ETF, so far.
"We have Rs 35,000 crore. Rest of it we will do strategic disinvestment, then we have OFS, IPO, buy back. All put together we will have RE target through," Pandey said.
He said the government plans to come out with initial public offer of IRFC and complete strategic sale of THDCIL and NEEPCO in the current fiscal. 
BPCL operates four refineries at Mumbai, Kochi, Bina in Madhya Pradesh and Numaligarh in Assam with a combined capacity to convert 38.3 million tonnes of crude oil into fuel.
It has 15,078 petrol pumps and 6,004 LPG distributors across the country. JD BAL
BAL

Govt to issue BPCL EoI in next few days

Mumbai, Mar 8 () Maharashtra Energy Minister NitinRaut on Sunday condemned the Centre's move to sell its entire52.98 per cent stake in Bharat Petroleum Corporation Limited(BPCL), and asked that the decision be scrapped.The Narendra Modi government on Saturday invitedexpressions of interest for the strategic sale of BPCL by May2, the Centre's Department of Investment and Public AssetManagement (DIPAM) said in the bid document."We condemn the Centre's decision, which willvirtually end reservations for backward communities. It willdestroy job opportunities. The decision should be withdrawn,"Raut said in a statement.Raut said the Modi government was ending reservationsby privatising public sector undertakings (PSUs) which havequotas in jobs.Raut said BPCL earned 40 per cent profit in the lastquarter and was a goldmine for the government."As the Modi government has emptied state coffers byoffering largesse and waiving bank loans of Rs 7 lakh crore ofrich businessmen, it is now selling BPCL to raise funds forexpenditure," Raut alleged. ENMBNM BNM

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Bharat Petroleum reports 93% increase in its standalone net profit for April-June quarter

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BPCL divestment opens up to mixed reactions, but the company’s shares takes a hit

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