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State-run Bharat Petroleum Corporation (BPCL) has reported an eight fold increase in net profit for the April-June quarter. The company's net profit stood at INR 1,216.3 crore, led by higher other income and lower finance cost. Net profit for the year-ago period was INR 150.3 crore.

Net sales grew 13.7 per cent to INR 66,750 crore in the quarter ended June, from INR 58,705 crore in the corresponding quarter of the previous financial year, while other income was up three times to INR 1,023 crore from INR 338 crore during April-June quarter of FY 14, which included forex gain of INR 587 crore versus loss of INR 944 crore y-o-y.

"INR 3,830.6 crore discount on crude oil/products purchased from ONGC/GAIL/NRL, has been adjusted against the purchase cost and INR 2,408 crore compensation advised by the government by way of subsidy for the quarter accounted as net sales from operations," the company said in its regulatory filing.

On sale of sensitive petroleum products, the company, during the quarter under review, the company absorbed net under-recovery to the tune of INR 504 crore against INR 544.95 crore in the corresponding previous quarter. Earnings before interest, tax, depreciation and amortisation shot up 63.4 Percent year-on-year to INR 1,480 crore and margin expanded 70 basis points to 2.2Percent in the first quarter of current financial year 2014-15.

Average gross refining margin came in at $3.38 a barrel as against $4.05 a barrel in the year-ago period. Finance cost during the quarter increased 63Percent to INR 195 crore from INR 525.3 crore while tax expenses were higher over 8 times at INR 575 crore compared to INR 68.8 crore in same quarter last year.

Source-On Request