Bengaluru: Indian Oil Marketing Company ,OMC, Bharat Petroleum Corp Ltd on Monday reported a 31% decline in quarterly profit, hurt by losses due to stagnant pump prices.
The company’s standalone net profit declined to 19.60 billion rupees ($240.6 million) in the third quarter ended December 31, from 28.28 billion rupees a year ago.
Marketing under-recovery of OMCs has been hurt by retail prices which have remained stable since April 2022.
High crude oil prices coupled with stable retail prices hurt the margins of OMCs as they would not be able to recover the cost for importing and refining the crude.
Bharat Petroleum’s market sales rose to 12.81 million metric tonnes (MMT) in the quarter from 11.15 MMT a year ago, indicating that the company’s profit took a hit as it sold more fuel.
However, the refiner saw its nine-month gross refining margin rise to $20.08 a barrel from $6.78 a barrel in the same period a year ago.
Bharat Petroleum’s revenue rose 13.7% to Rs 1.33 trillion in the latest quarter.
The company’s standalone net profit declined to 19.60 billion rupees ($240.6 million) in the third quarter ended December 31, from 28.28 billion rupees a year ago.
Marketing under-recovery of OMCs has been hurt by retail prices which have remained stable since April 2022.
High crude oil prices coupled with stable retail prices hurt the margins of OMCs as they would not be able to recover the cost for importing and refining the crude.
Bharat Petroleum’s market sales rose to 12.81 million metric tonnes (MMT) in the quarter from 11.15 MMT a year ago, indicating that the company’s profit took a hit as it sold more fuel.
However, the refiner saw its nine-month gross refining margin rise to $20.08 a barrel from $6.78 a barrel in the same period a year ago.
Bharat Petroleum’s revenue rose 13.7% to Rs 1.33 trillion in the latest quarter.