BPCL Q2 profit falls 21% as crude prices bite

Bharat Petroleum Corporation has reported a 21% year-on-year fall in second-quarter net profit to Rs 4,863 crore, even as revenue rose nearly 30%, as high crude prices squeezed refining and marketing margins.

Earnings before interest, tax, depreciation and amortisation fell 13.37%, a direct reflection of compressed margins as crude input costs climbed toward six-month highs above $116 a barrel.

BPCL was the most closely watched result of the day as the earnings season's early trend showed a split: banks reporting on credit growth and margin stability, while oil marketers absorb the margin squeeze.

The result landed on a day when broader market sentiment stayed weak, with the Sensex and Nifty extending their losing streak to four sessions.