Bharat Petroleum (BPCL) is a big loser on the BSE today morning, figuring among the top five losers. The stock price slipped 4.5% to Rs.264.50 and remains firmly in the red.
The weak rupee and low inventory gains hit the bottomline – net profit of BPCL fell 47% (YoY) at Rs.1219 crore on an almost static revenue at Rs.72,346 crore, a growth of less than 1%.
The PSU’s EBITDA fell 38% at rs.2419 crore and EBITDA margin slipped pretty sharply from 5.4% to 3.3%.
The Gross refining margin (GRM) showed a sharp retreat on the back of lower inventory gains – it fell from $7.9/barrel to $5.6/barrel.
BPCL accounted compensation towards sharing of under-recoveries on sale of sensitive petroleum products of Rs.496.78 crore by way of subsidy for the current period (Rs 319.90 crore April-September 2017) as revenue from operations and nil under-recovery has been absorbed by the Corporation on this account during the reported periods.