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Higher tax pulls down BPCL net 15 Percent

State-run oil marketing company Bharat Petroleum Corporation Ltd has posted a 15.2 per cent dip in net profit for the fourth quarter ended March 31, due to higher expenses and increase in tax outgo. The Mumbai-headquartered company recorded a net profit of INR 4,068 crore (INR 4,797 crore in the corresponding previous quarter).

Revenue for the quarter increased by 12.75 per cent to INR 74,772 crore (INR 66,311 crore). Total expenses rose by 14.46 per cent to INR 69,033 crore (INR 60,311 crore) while tax expenses surged 35.5 per cent to INR 1,888 crore (INR 1,393 crore). The gross refining margin for the quarter was $6.63 a barrel, against $6 a barrel in the year-ago period, a company official said. He added that BPCL had received subsidy payouts for a couple of quarters in Q4 of 2012-13, because of which there appeared to be a fall in net profit for Q4 of 2013-14.

For the full year ended 31.03.2014, the company reported a 53.65 per cent rise in net profit to INR 4,061 crore (INR 2,643 crore) while revenue went up by 8.3 per cent to INR 2,60,061 crore (INR 2,40,116 crore).

Source-On Request