The company’s revenue from operations rose 21.5 per cent on a year-on-year basis to Rs 98,755.6 crore for the quarter, which was sharply higher than analysts’ estimates.
In another important development, the company’s board approved a final dividend of Rs 58 per share, which includes a one-time special dividend of Rs 35 per equity share. The special dividend pertains to the proceeds collected from the shares sold by the company belonging to BPCL Trust.
The state-owned refiner’s bottomline was boosted by a one-time gain of Rs 6,992.95 crore.
During the quarter, the company made gains of Rs 9,422 crore from sale of stake in subsidiary Numaligarh Refinery, took an impairment of assets worth Rs 2,032.8 crore related to subsidiary Bharat PetroResources and took a one-time hit on employee share-based expenses.
In the year-ago quarter, BPCL had suffered a one-time loss worth Rs 1,080.8 crore due to write-down of inventory in lieu of the crash in global crude oil prices in March 2020.
During the quarter, the company’s refinery throughput remained largely unchanged at 8.39 million tonnes, whereas market sales grew 4 per cent on-year to 11.17 million tonnes.
Shares of BPCL ended 0.5 per cent lower at Rs 470.3 on the National Stock Exchange.
