India's BPCL's 4Q Profit Sharply Higher

Indian state-owned Bharat Petroleum Corporation (BPCL) May 29 said its net profit during January-March period (4Q2018) increased sharply year on year thanks to better overall operational performance.

Company’s 4Q net profit was rupees 26.73bn ($390mn), up over 45% year on year.  Quarter on quarter BPCL’s net profit was up 25%. For the year April 2017-March 2018, company’s consolidated net profit grew by 2.99% year on year to rupees 98bn.

BPCL is a leading Indian fuel retailer and has stakes in oil and gas assets overseas, including a 10% stake in major gas asset in Mozambique. The company is looking to expand in the gas space and is looking to integrate with India's biggest gas infrastructure firm, Gail.