State-owned Bharat Petroleum Corp Ltd (BPCL) on Thursday reported near trebling of net profit in the December quarter to Rs 2,051.43 crore.
BPCL had posted a net profit of Rs 698.62 crore in October-December 2018, the company said in a regulatory filing.
Revenue from operation dropped to Rs 85,926.70 crore from Rs 89,324.86 crore a year ago on lower oil prices.
BPCL said pre-tax profits from its mainstay oil refining and fuel market business jumped to Rs 2,246.88 crore in October-December 2019 from Rs 637.89 crore a year ago.
The net profit missed analysts' estimate of Rs 1,617 crore.
The company's other income fell to Rs 515 crore from Rs 933 crore a year ago.
In Oct-Dec, total expenditure, including finance cost, fell to Rs 84,150 crore from Rs 88,616 crore in the year-ago period. Finance cost rose 52% on year to Rs 512 crore.
Operating margin expanded to 3.62% in Oct-Dec from 0.97% a year ago. Tax outgo for the December quarter rose to Rs 472 crore from Rs 9,437 lakh a year ago.
For the September quarter, the company had reported a net profit of 17.08 bln rupees and revenue--net of excise duty--of 643.4 bln rupees.
