BPCL net profit falls 10.6%
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Bharat Petroleum Corporation (BPCL) posted a net sales at Rs 44,146 crore for the March quarter, down 14 per cent over the year-ago quarter. Inventory loss was at Rs 990 crore against Rs 1,430 crore in the year-ago period. Overall, revenues were ahead of Bloomberg consensus estimate of Rs 40,522 crore.
Lower crude oil prices, sharp fall in tax rate which came down from 32.7 per cent in March 2015 quarter to 27.1 per cent. This metric registered lower fall than revenues in March quarter. Net profit was down 10.6 per cent to Rs 2,549 crore and was much ahead of Bloomberg estimate of Rs 1,906 crore.
The company did not bear any under-recovery burden in the quarter.
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