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State-run oil refiner and marketing company Bharat Petroleum (BPCL) Wednesday reported a net loss of INR 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 INR 1,647.57 crore in the corresponding October-December period last year. BPCL's total income grew to INR 64,767 crore during the reporting period from INR 62,368 crore a year ago. Total expenses expanded to INR 66,242 crore as against the last year's INR 60,547 crore, the Navratna PSU said.

The fuel retailer's loss before tax stood at INR 1,528.78 crore as against INR 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 USD 3.50 per barrel as against USD 4.63 per barrel in the same period last year. During the nine-month period, the PSU had to absorb INR 4,162.88 crore as under recoveries (loss on sale) on "sale of sensitive petroleum products", it said. The BPCL scrip gained 1.49 percent to close at INR 364.80 a piece.

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