Bharat Petroleum’s net profit dips amid volatile crude prices in Q2
Bharat Petroleum’s revenues spurred 29% whilst net profit declined 22.5% on a year-over-year basis in Q2
Bharat Petroleum's net profit fell 22.5% year-over-year in Q2 due to volatile crude prices affecting margins, following ongoing conflict in West Asia. The refiner's revenues grew by 29%, reaching over ₹1.58 lakh crore. However, the company's cost of materials consumed surged 44.2% to ₹74,969 crore. Its physical performance showed an increase, with output rising 6% to 10.41 million metric tonnes.
Domestic sales also grew by about 6.33% to 13.47 million metric tonnes. Peer Hindustan Petroleum reported a 9% decline in standalone net profits for the same period. Indian Oil, another Delhi-headquartered peer, is expected to release its September-end financial results on October 30.
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