BPCL reported a 93% jump in standalone net profit to Rs 2076.17 crore on 41% decline in revenue from operations to Rs 50,616.92 crore in Q1 June 2020 over Q1 June 2019.
BPCL's profit before tax came 2,926.17 crore in Q1 June 2020, a rise of 116% over Rs 1,351.78 crore in Q1 June 2019. Total tax expense for quarter ending June 2020 stood at Rs 850 crore, a 207% spurt against Rs 276.66 crore in quarter ending June 2019. The result was announced after market hours yesterday, 13 August 2020.
The average Gross Refining Margin (GRM) of BPCL during the quarter ended June 2020 fell 86% to $0.39 per barrel from $2.81 per barrel posted in April - June 2019.
BPCL accounted NIL compensation towards sharing of under-recoveries on sale of sensitive petroleum products from Government for as April-June 2020 as against Rs 139.22 crore received in April - June 2019.
The state-run oil refining company said that during the quarter there was lower refinery throughput and revenue from operations lower mainly due to lower demand of petroleum products. With the gradual reopening of the economy, the company 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 on a long term basis.
Shares of BPCL were trading 1.12% lower at Rs 416.50 on BSE. The scrip traded in the range of Rs 415.90 to Rs 426.70 so far during the day.
BPCL operates in refinery and marketing activities, which includes downstream petroleum sector. The Government of India holds 52.98% stake in BPCL as of 30 June 2020.
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