Bharat Petroleum Company Ltd (BPCL) on Wednesday reported a 82 per cent decline in web revenue within the quarter ended March 2022 because the agency held gas costs regardless of rise in price.
Internet revenue of Rs 2,130.53 crore was reported within the January-March interval as in contrast with Rs 11,940.13 crore, based on a regulatory submitting.
Income from operations rose 25 per cent to Rs 1.23 lakh crore on larger oil costs however losses on petrol, diesel and home LPG gross sales dented the financials.
BPCL and different public sector oil corporations held petrol and diesel costs for a document length regardless of a surge in the price of uncooked supplies (crude oil) to a 14-year excessive. These corporations began elevating gas costs March 22 onwards but it surely was ceased inside 16 days.
Even after Rs 10 per litre enhance in petrol and diesel costs between March 22 and April 6, the oil corporations continued to make losses as worldwide crude oil costs remained above USD 100 per barrel.
Comparable is the story with cooking gasoline LPG, the place costs have been hiked by Rs 50 per cylinder on March 22, however this was not sufficient to cowl the hole between the price of manufacturing and sale worth.
One other rise of Rs 50 a cylinder was introduced on Could 7 and charges went up by Rs 3.50 final week.
BPCL mentioned refinery throughput was decrease at 8.12 million tonnes within the January-March quarter compared to 8.39 million tonnes a 12 months again. Market gross sales, nevertheless, rose to 11.82 million tonnes from 11.17 million tonnes.
For the complete FY22 (April 2021 to March 2022), BPCL reported a web revenue of Rs 9.076.50 crore versus a web revenue of Rs 19,110.06 crore within the earlier monetary 12 months.
The agency earned USD 9.09 on turning each barrel of crude oil into gas in FY22, up from USD 4.06 per barrel gross refining margin within the earlier fiscal.
