Bharat Petroleum Corporation Ltd on Thursday reported a 30.32 per cent rise in its net profit for the first-quarter ending June 30, 2003 at Rs 319.3 crore (Rs 3.19 billion) as compared to Rs 245 crore (Rs 2.45 billion) for the same period last fiscal.
Net sales/income during this period was also up at Rs 12,318.2 crore (Rs 123.18 billion) as against Rs 11,079.8 crore (Rs 110.80 billion) in Q1 of Fy-'03, the company said in a release in Mumbai on Thursday.
Other income was higher at Rs 79.8 crore (Rs 798 million) as compared to Rs 60.8 crore (Rs 608 million) for April-June last fiscal while interest was lower at Rs 33.5 crore (Rs 335 million) as against Rs 62.5 crore (Rs 625 million) in Q1 last year.
During the April-June quarter, the refinery processed 1.76 million tonnes of crude as compared to 1.88 MT in the corresponding period last fiscal.
The gross refining margin for Q1 this fiscal was approximately $3.98 per barrel (Rs 1,404 per MT) as compared to $4.32 per barrel (Rs 1,596 per MT) during the corresponding period the previous year, it said.
The oil company said during the quarter a memorandum of understanding was signed with one of the crude suppliers giving effect to pricing of crude retrospectively from April 1, 2002 as a result credit of Rs 179.79 crore (Rs 1.80 billion) pertaining to the previous year has been adjusted under raw material consumption.