Bharat Petroleum Corp Ltd reported on Friday a 77 per cent plunge in third-quarter net profit, dragged down by higher expenses including raw material costs.
Profit came in at Rs 495 crore in the three months ended December 31, compared with Rs 2,144 crore a year earlier, the state-run company said.
However, it beat analysts' estimate of a profit of Rs 45.78 crore, according to Refinitiv Eikon data.
The state-owned oil companies were forced to take a price cut in October as the government wanted to cushion the impact of high crude oil price on the public.
Average gross refining margin (GRM) in the third quarter was $2.78 per barrel, compared with $7.89 per barrel a year earlier, while revenue from operations surged 25.7 per cent to Rs 88,238 crore.
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