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Oil PSU's report drop in net income.

Jul 31, 2000

Bharat Petroleum (BPCL) has reported a sharp rise in net sales of 83% for 1QFY01 to Rs 108 bn from 59.1 bn. However, it has declared a drop in net profit by 6.9% to Rs 1.9 bn from 2 bn. The decline in profit is due to the decline in refining margins. The story is the same for Indian Oil Corporation (IOC). It has posted a turnover of Rs 278 bn for the 1QFY01 against Rs 186 bn in the previous year. This represents a growth of 50%. Net income though has declined to Rs 5.1 bn from Rs 6.5 bn. The drop in profit is to the tune of 21 %.

We shall provide a comprehensive view on the results as soon as the detailed results are available with us.


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