Bharat Petroleum's Q2FY22 YoY consolidated net profit up 23.6%

Mumbai, Oct 29 Oil marketing company Bharat Petroleum on Friday reported a rise of 23.6 per cent in its Q2FY22 consolidated net profit, on a year-on-year basis.

Its consolidated net profit rose to Rs 3,200.9 crore from Rs 2,589.5 crore reported for in Q2FY21.

The company's revenue from operations rose 53.7 per cent to Rs 101,937.7 crore from Rs 66,331.2 crore in Q2FY21.

On a standalone basis, the OMC's Q2FY22 net profit increased by 19.9 per cent to 2,694.1 crore from Rs 2,247.8 crore reported for the corresponding quarter of previous year.

BPCL Director, Finance, V.R.K. Gupta said: "With normalisation of business and fuel demand rising, we are witnessing good growth in overall petroleum products sales. Our market share in the retail fuel business has improved considerably in the second quarter of 2021-22."

"Currently, refinery is working at full capacity along with improvement in refining margins. The growth in revenue and net profit over the same period of last year was due to improved refinery margins, increased prices coupled with higher refinery throughput and market sales."