BPCL Q1 profit rises over 3 fold, beats estimates

BPCL Q1 profit rises over 3 fold, beats estimates

Brent crude oil futures climbed about 13% in the June quarter. Photo: Mint

Brent crude oil futures climbed about 13% in the June quarter. Photo: Mint

Bengaluru: India’s Bharat Petroleum Corp Ltd reported a better-than-expected quarterly profit on Wednesday, helped by strong refining margins.

Profit rose three-fold from a year earlier to ₹2,293 crore ($334.16 million) in the first quarter ended 30 June, the state-controlled oil refining and marketing company said.

Analysts on average had expected a net profit of ₹1,998 crore, according to Thomson Reuters I/B/E/S.

Brent crude oil futures climbed about 13% in the June quarter.

Average gross refining margin, the difference between the cost of crude oil processed and the prices of refined products, rose to $7.49 per barrel from $4.88 per barrel a year earlier.

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