BPCL in red, posts Rs 1,089 crore Q3 loss on under recoveries

MUMBAI; State-run oil refiner and marketing company Bharat Petroleum ( BPCL) today reported a net loss of Rs 1,088.94 crore in the third quarter of the current fiscal, largely on account of under recoveries.

The city-headquartered company had posted a net profit of Rs 1,647.57 crore in the corresponding October-December period last year.

BPCL's total income grew to Rs 64,767 crore during the reporting period from Rs 62,368 crore a year ago. Total expenses expanded to Rs 66,242 crore as against the last year's Rs 60,547 crore, the Navratna PSU said.

The fuel retailer's loss before tax stood at Rs 1,528.78 crore as against Rs 1,647.57 crore profit last year.

The company posted a dip in the gross refining margins for the nine month ended December 31 at $3.50 per barrel as against $4.63 per barrel in the same period last year.

During the nine-month period, the PSU had to absorb Rs 4,162.88 crore as under recoveries (loss on sale) on "sale of sensitive petroleum products", it said.

The BPCL scrip gained 1.49 per cent to close at Rs 364.80 a piece on the BSE.