Bharat Petroleum Corporation (BPCL) rose 2.30% to Rs 429.55 after the company's net profit surged 120.3% to Rs 2,777.62 crore on 10.7% decline in net sales to Rs 66,731.39 crore in Q3 FY21 over Q3 FY20.
The oil marketing company's other income in the third quarter was Rs 1,514.55 crore as against Rs 514.82 crore in the same period last year.
The state-owned refiner's throughput in the quarter declined 13.9% year-on-year (YoY) to 7.24 million tonne. The company's market sales in the quarter were largely flat at 11.10 million tonne as compared to the same period last year.
In the third quarter, the company incurred a one-time cost of Rs 419 crore towards an employee stock purchase option scheme 2020.
Profit before tax stood at Rs 4,156.22 crore in Q3 December 2020, up 139.8% over Rs 1,733.01 crore in Q3 December 2019.
Current tax outgo surged to Rs 805.60 crore in Q3 FY21 from Rs 101.38 crore in Q3 FY20.
The Average Gross Refining Margin (GRM) of the Corporation during nine months ended 31 December 2020 Is $2.90 per barrel as compared to $3.15 per barrel in April - December 2019.
BPCL accounted 'NIL' compensation towards sharing of under-recoveries on sale of sensitive petroleum products by way of budgetary support from Government of India for April-Dec 2020. It accounted budgetary support of Rs 233.77 crore in the same period last year. Nil under-recovery has been absorbed by the corporation on this account during the reported periods.
The corporation has declared interim dividend of Rs 16 per share of face value Rs 10 each for the Financial Year 2020-21.
BPCL operates in refinery and marketing activities, which includes downstream petroleum sector. The Government of India holds 52.98% stake in BPCL as of 31 December 2020.
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