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Owing to higher under-recoveries State-run Bharat Petroleum Corporation (BPCL), reported a fall of 81.51% in its net profit for the quarter ended September 30, 2013.
During the quarter, the profit stood at Rs 931 crore against Rs 5034 crore during the corresponding quarter last year.
Gross under-recoveries for the second quarter of this fiscal are up 42 percent against last quarter due to the impact of rupee depreciation and increase in crude price.
Net sales for the quarter was up 8.6% at Rs 61,757 crore against Rs 56,859.5 crore during the same quarter last fiscal.
The average gross refining margin during the half year ended September 30, 2013 was at $4.38 per barrel.
The company's scrip was down 2%, at Rs 333 on the Bombay Stock Exchange.
