Market News
2 min read | Updated on July 19, 2024, 17:19 IST
SUMMARY
Despite the year-on-year decline, the net profit logged by Bharat Petroleum was higher as compared to the consensus estimate of ₹2,621 crore.
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BPCL stock was in the red throughout the trading session on July 19
Bharat Petroleum Corporation Ltd (BPCL) logged a standalone net profit of ₹3,015 crore in the quarter ended June 2024, which is 71% lower as against the year-ago period, as per the financial results declared by the state-run oil marketing company (OMC) on Friday, July 19.
Despite the year-on-year (YoY) decline, the net profit logged by the company was higher as compared to the consensus estimate of ₹2,621 crore, as shared by the analysts tracked by Bloomberg.
The revenue from operations during the quarter under review remained flat at ₹1.28 lakh crore.
BPCL's average gross refining margin (GRM) during Q1FY25 stood at $7.8 per barrel, which is around 37% lower as compared to $12.6 per barrel in Q1FY24.
The market sales of the company during the June 2024 quarter came in at 13.16 MMT, which is higher than 12.75 MMT recorded in the June 2023 quarter.
On July 19, the shares of BPCL edged in the red throughout the trading session. The scrip last traded at ₹303.8 apiece on the NSE, down 4.5% as against the last closing price.
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