Bharat Petroleum Corp’s profit nearly halved in the second quarter, well below analysts’ expectations, after a unit at its Mumbai refinery was closed by a fire.
Profit in Bharat Petroleum’s fiscal second quarter ended September 30 was Rs 1,218 crore ($166 million), down from Rs 2,357 crore a year earlier, the refiner said in a statement on Monday.
Eighteen analysts on average had expected a profit of Rs 1,842 crore, according to Refinitiv data.
Average gross refining margin, the difference between the cost of crude oil processed and the prices of refined products, fell to $5.57 per barrel from $7.97 per barrel a year earlier.
Revenue from operations jumped 29.3 per cent to Rs 82,880 crore at BPCL, whose shares closed 0.8 per cent higher, while the broader NSE index rose 2.2 per cent.
($1 = Rs 73.37)