BPCL Faces Profit Plunge Amidst Shrinking Margins

BPCL's net profit plummeted by 72% in the September quarter due to decreased refinery and marketing margins. Profits dropped to Rs 2,297.23 crore from Rs 8,243.55 crore the previous year, with revenues nearly static. The price cut in petrol and diesel led to reduced profits ahead of elections.

State-owned Bharat Petroleum Corporation Ltd (BPCL) reported a significant decline in its net profit, plummeting 72% during the September quarter, principally due to narrowing refinery and marketing margins.

The company's consolidated net profit fell to Rs 2,297.23 crore for July-September, a substantial drop from Rs 8,243.55 crore in the same period last year, according to its stock exchange filing.

The reduction in net profit was further evidenced sequentially, from earnings recorded at Rs 2,841.55 crore in April-June. This performance was affected by a minimal change in revenue, which remained at Rs 1.17 lakh crore compared to the previous year's Rs 1.16 lakh crore.

(With inputs from agencies.)