Bharat Petroleum Corp. Ltd.’s net profit for the third quarter dropped on weak operating metrics.
The state-run oil marketer’s net profit for the quarter ended December dropped by 36.7% year-on-year to Rs 2,758.89 crore on higher expenses. However, the numbers were higher than the Rs 1,449.27 crore consensus estimates by analysts tracked by Bloomberg.
BPCL Q3 FY23 Highlights (YoY)
Revenue from operations for the quarter rose 25.28% YoY to Rs 1.19 lakh crore as against the Rs 96,737 crore forecast.
Earnings before interest, tax, depreciation, and amortisation dropped 17.44% YoY to Rs 4,212.57 crore, compared to estimates of Rs 3,552.13 crore.
Operating margins for the quarter declined 3.54% from 5.36% a year earlier.
Finance cost for the quarter almost doubled to Rs 1,128.26 crore from Rs 659.74 crore over the same period last year.
The cost of materials purchased in the third quarter increased to Rs 56,016.65 crore from Rs 45,536.29 crore a year earlier, while the cost of stock in trade rose to Rs 49,166.52 crore from Rs 38,021.46 crore a year earlier.
Shares of BPCL closed 0.49% lower before the results were announced, compared to a 0.29% rise in the benchmark S&P BSE Sensex.