BPCL Q2 Results : A huge decline of 72 percent has been recorded in the net profit of government oil marketing company BPCL for the September quarter. The company's profit has declined due to decline in refinery and marketing margins. Bharat Petroleum Corporation Limited (BPCL) on Friday reported its financial results for July-September, 2024 to the stock exchanges. BPCL has reported a consolidated net profit of Rs 2,297.23 crore in the second quarter of the current financial year. Whereas a year ago it was Rs 8,243.55 crore. BPCL's net profit has also declined compared to the April-June quarter. Its net profit in the June quarter was Rs 2,841.55 crore.
Had earned a lot of profit last year
The company's operating revenue remained almost unchanged at Rs 1.17 lakh crore in the second quarter of the current financial year. It was Rs 1.16 lakh crore in the same period a year ago. Apart from BPCL, state-owned fuel retailers Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Limited (HPCL) had made huge profits last year by keeping petrol and diesel prices stable despite falling costs. However, the gains from keeping prices stable were wiped out with petrol and diesel prices being cut by Rs 2 per liter each just before the announcement of general elections. Along with this, the profits of government petroleum companies have declined due to decline in margins on relatively stable crude oil prices.
IDBI Bank's profit increased by 39%
IDBI Bank's net profit increased by 39 percent to Rs 1,836 crore in the July-September quarter of the current financial year. Profit has increased due to increase in interest income of the bank. The bank's net profit in the same quarter of the last financial year was Rs 1,323 crore. The bank, controlled by the public sector Life Insurance Corporation of India (LIC), said in its information to the stock market on Friday that its total income increased to Rs 8,754 crore in the September quarter, from Rs 6,924 crore in the same quarter of the last financial year. .
Interest income increased by 26%
IDBI Bank's net interest income rose 26 per cent to Rs 3,875 crore from Rs 3,066 crore in the same quarter last fiscal. The bank's asset quality witnessed improvement and gross non-performing assets (NPAs) rose to 3.68 per cent of gross loans at the end of the September quarter. Whereas a year ago it was 4.90 percent. Net NPA reduced to 0.20 percent. Whereas in the same quarter a year ago it was 0.39 percent. The bank's capital adequacy ratio (CAR) increased to 21.98 per cent from 21.26 per cent at the end of September 2023.
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