 "BPCL Q1 profit plunges 72% to Rs 745 crore, misses estimates")
State-run refiner Bharat Petroleum Corporation Limited (BPCL) on Friday reported a 72% plunge in first-quarter profit, missing analysts' estimates.
Profit fell to Rs 745 crore ($116.18 million), for the three months ended June 30, from Rs 2,621 crore a year ago, the company said.
Analysts on average had expected the company to post a quarterly profit of Rs 1,406 crore, according to Thomson Reuters data.
Total expenses in the quarter jumped 24% to Rs 66,309 crore.
June-quarter gross refining margin, or profit earned on each barrel of crude processed, slipped to $4.88 per barrel, compared with $6.09 per barrel in the same period last year.
($1 = Rs 64.1250)