BPCL posts 6% yoy fall in Q3FY18 PAT, surpasses estimates

State-owned Bharat Petroleum Corp Limited (BPCL) surpassed analysts’ estimate in both profit after tax (PAT) and revenue during the third quarter ended December 2017 (Q3FY18) result. 
 
BPCL recorded PAT of Rs 2,143.74 crore this quarter, a decline of 5.64% from Rs 2,271.94 crore in the corresponding period of the previous year, and was also down by 9.06% as against Rs 2,357.4 crore in the preceding quarter. 
 
On the other hand, revenue stood at Rs 70,195.16 crore, growing by 9.51% from Rs 64,095.65 crore in Q3FY17, and also up by 9.46% from Rs 64,127.31 crore in Q2FY18. 
 
A Bloomberg poll of experts predicted BPCL's PAT and revenue to come in at Rs 2,070 crore and Rs 61,670 crore respectively in Q3FY18. 
 
For nine months period of FY18, PAT came in at Rs 5,245.7 crore,  decreasing by 15.35% year-on-year (YoY), whereas revenue was at Rs 201,095.27 crore up by 14.24% on yearly basis. 
 
Average gross refining margin (GRM) of BPCL for 9MFY18 stood at $6.97 per barrel compared to $5.032 per barrel a year ago the same period. Between October and December 2017, GRM was at $7.89 per barrel. 
 
In its board meeting, BPCL declared interim dividend of Rs 14 per equity share at face value of Rs 10 each - which would be 140% on the paid-up share capital of the company for FY18. 
 
The board has fixed February 24, 2018, as record date to determine the eligibility of the shareholders to receive interim dividend.