Bharat Petroleum Corporation reports a 24% rise in September quarter net profit

Bharat Petroleum Corporation Ltd (BPCL) on Friday reported a rise of 23.6 percent in its Q2 FY22 consolidated net profit, on a year-on-year basis.

Its consolidated net profit rose to Rs 3,200.9 crore from Rs 2,589.5 crore reported for in Q2FY21.

The company's revenue from operations rose 53.7 per cent to Rs 101,937.7 crore from Rs 66,331.2 crore in Q2FY21.

On a standalone basis, the OMC's Q2FY22 net profit increased by 19.9 percent to 2,694.1 crore from Rs 2,247.8 crore reported for the corresponding quarter of previous year.

BPCL Director, Finance, V.R.K. Gupta said: "With normalisation of business and fuel demand rising, we are witnessing good growth in overall petroleum products sales. Our market share in the retail fuel business has improved considerably in the second quarter of 2021-22."

"Currently, refinery is working at full capacity along with improvement in refining margins. The growth in revenue and net profit over the same period of last year was due to improved refinery margins, increased prices coupled with higher refinery throughput and market sales."