India’s BPCL Q2 profit almost halved by refinery fire, misses estimates


India’s BPCL Q2 profit almost halved by refinery fire, misses estimates

Bharat Petroleum Corp Ltd’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 Sept. 30 was 12.18 billion Indian rupees ($166 million), down from 23.57 billion rupees a year earlier, the Indian refiner said in a statement on Monday.

Eighteen analysts on average had expected a profit of 18.42 billion rupees, 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. Read More

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