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Margins under pressure at BPCL - Views on News from Equitymaster
 
 
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  • Jan 28, 2000

    Margins under pressure at BPCL

    The crude price hike has taken a toll on BPCL's margins in the third quarter. While the turnover has grown 71% the pre-tax profits have come down by 30% . The post tax profits have declined by 18.7%. Obviously with the crude price doubling to $27 a barrel and no commensurate rise in product prices, the margins were bound to be under pressure.

    Further, with the government fiat on kerosene production of atleast 9%, the margins in the next quarter will continue to remain under pressure unless the government reduces the import duty on crude and allows rationalisation (read increase) of the end product prices. During the quarter the company processed crude of 1.85 million metric tonnes as against 2.35 million metric tonnes. This was due to the planned shutdown of major units of the refinery during October-November 1999. It made sense for the company to have a shut down during this time as processing more crude would have only hurt the margins further.

    (Rs m) 3QFY2000 3QFY1999 Change
    Net Sales 91,433.0 53,460.0 71.0%
    Other Income 306.0 554.0 -44.8%
    Total Expenditure 87,506.0 49,874.0 75.5%
    Interest 532.0 457.0 16.4%
    Depreciation 1,930.0 1,148.0 68.1%
    Profit before Tax 1,771.0 2,535.0 -30.1%
    Tax 361.0 800.0 -54.9%
    Profit after Tax/(Loss) 1,410.0 1,735.0 -18.7%
    Net profit margin (%) 1.5% 3.2%  

     

     

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