Bharat Petroleum Corp Ltd reported a net profit of 40.68 bln rupees for the quarter ended March, down 15% from a year ago because of uneven subsidy payout by the government. The company, however, reflected significant improvement in operational parameters.

The state-owned crude oil refining and marketing major’s net sales rose almost 13% year-on-year to 747.34 bln rupees led by an increase in refining throughput and depreciation of the rupee.

“We had to absorb under recovery of around 512 crores (5.12 bln rupees),” Chairman and Managing Director S. Varadarajan told Cogencis.

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