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Investing.com -- Bharat Petroleum Corporation Limited shares fell in Mumbai on Monday, declining as much as 1.8% and heading for a third consecutive day of losses after the state-run oil marketing company reported quarterly profits below analyst expectations.
The company’s net income reached 61.2 billion rupees, doubling from 30.1 billion rupees in the same period last year. However, this figure fell short of the 66.77 billion rupees projected by Bloomberg Consensus estimates.
BPCL’s weaker-than-expected performance was primarily attributed to disappointing refining results. The company reported refining margins of $4.88, representing a 38% year-over-year decline and significantly below the estimated $6.78.
Revenue for the quarter stood at 1.3 trillion rupees, showing a modest increase of 1.6% compared to the same period last year. Meanwhile, total costs decreased by 2.4% year-over-year to 1.22 trillion rupees.
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