In line with oil marketing companies (OMCs) posting strong numbers for the first quarter, Bharat Petroleum Corp (BPCL) Tuesday reported an over eight-fold jump in its net profit at Rs.1,216 crore for the quarter ending June.
The state-run OMC had recorded a profit of Rs.150 crore in the corresponding quarter of the previous fiscal.
For the quarter under review, the company reported a gain of Rs.587 crore on account of foreign currency transaction and translations against expenses of Rs.944 crore in the same quarter of the previous year.
BPCL's total income for the quarter increased to Rs.67,813.46 crore from Rs.59,074.74 crore in the quarter ended June 30, 2013.
Market sales for the quarter were higher at 9.10 million tonnes compared to the 8.59 million tonnes sold during the same quarter of the previous year, BPCL said in a stock exchange filing.
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The government Monday announced it will pay Indian Oil, BPCL and Hindustan Petroleum (HPCL) Rs.11,000 crore in subsidy for the first quarter of this fiscal to recover losses incurred on selling fuel below cost.
Out of the government subsidy, BPCL will get Rs.2,407 crore, while out of the transfer from upstream companies, it will get Rs.3,830.56 crore.
BPCL stock closed Tuesday at Rs.591.15 a share, up 16.90 points, or 2.94 percent, over its previous close in the Bombay Stock Exchange (BSE).