Bharat Petroleum’s net profit dips amid volatile crude prices in Q2

Bharat Petroleum’s standalone net profits in the September-end quarter fell 22.5% on a year-over-year basis as volatile crude prices impacted margins following the reignited conflict in West Asia.

The Mumbai-headquartered refiner’s net profit declined to ₹4,993.17 crore in the reported quarter compared to ₹6,442.5 crore in the same period last year.

The state-owned oil-marketing company’s cost of materials consumed soared 44.2% during the period to ₹74,969 crore.

Revenues increased about 29% on a year-over-year basis to more than ₹1.58 lakh crore.

The refiners’ physical performance reported an uptick. It rose 6% during the mentioned period to 10.41 million metric tonnes (MMT).

Domestic sales grew about 6.33% to 13.47 MMT.

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Its peer Hindustan Petroleum had reported a 9% decline in standalone net profits on Thursday.

Delhi-headquartered peer Indian Oil is scheduled to post their September-end financial results on October 30.