February 8, 2019 / 12:24 PM / 6 months ago

BPCL quarterly profit dives 77 percent but tops estimates

FILE PHOTO: A Bharat Petroleum oil pump station displays the price of unleaded petrol and Diesel as a pedestrian walks past in New Delhi, India, February 3, 2016. REUTERS/Adnan Abidi/Files

(Reuters) - India’s Bharat Petroleum Corp Ltd reported on Friday a 77 percent plunge in third-quarter net profit, dragged down by higher expenses including raw material costs.

Profit came in at 4.95 billion rupees ($69.42 million) in the three months ended Dec. 31, compared with 21.44 billion rupees a year earlier, the state-run company said.

However, it beat analysts’ estimate of a profit of 457.8 million rupees, according to Refinitiv Eikon data.

India’s state-owned oil companies were forced to take a price cut in October as the government wanted to cushion the impact of high crude oil price on the public.

Average gross refining margin (GRM) in the third quarter was $2.78 per barrel, compared with $7.89 per barrel a year earlier, while revenue from operations surged 25.7 percent to 882.38 billion rupees.

($1 = 71.3030 Indian rupees)

Reporting by Krishna V Kurup and Arnab Paul in Bengaluru, Editing by Sherry Jacob-Phillips

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