BPCL Second Quarter Results: The September quarter saw a whopping 72 per cent drop in the net profit of state-run oil marketing firm BPCL. The company’s profits have declined due to declining refining 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. While a year ago it was Rs 8,243.55 million. 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.
He had made a lot of profits last year.
The company’s operating income 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. Besides BPCL, state-owned fuel retailers Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Limited (HPCL) made huge profits last year by keeping petrol and diesel prices stable despite falling costs. However, the benefits of keeping prices stable disappeared when petrol and diesel prices were reduced by Rs 2 per liter each just before the announcement of the general elections. Along with this, profits of state-owned oil companies have declined due to declining margins due to relatively stable crude oil prices.
IDBI Bank’s profit increased by 39%
IDBI Bank’s net profit rose 39 per cent to Rs 1,836 crore in the July-September quarter of the current financial year. Profits have increased due to the bank’s increase in interest income. 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 stock market filing on Friday that its total income rose to Rs 8,754 crore in the September quarter, from Rs 6,924. crores 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 of the previous fiscal year. The bank’s asset quality saw improvement with gross non-performing assets (NPA) rising to 3.68 per cent of gross loans at the end of the September quarter. While a year ago it was 4.90 percent. Net bad debts fell to 0.20 percent. While in the same quarter a year ago it was 0.39 percent. The bank’s capital adequacy ratio (CAR) increased to 21.98 percent from 21.26 percent at the end of September 2023.
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