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Energy

Bharat Petroleum's FY20 GRMs will be better than FY19, says finance director Vijayagopal

Updated : May 21, 2019 01:40 PM IST

Bharat Petroleum Corp Ltd (BPCL) on Monday posted a 16.21 percent year-on-year rise in profit at Rs 3,124.91 crore for the quarter ended March 31.

The company’s average gross refining margin (GRM) came in at $4.58 per barrel for the full financial year against $6.85 last year.

N Vijayagopal, director of finance at BPCL, spoke to CNBC-TV18 about the financial results.

"GRMs in FY20 would be higher than FY19 on back of the recovery in global margins. The adjusted GRMs for the quarter stood at USD 2.55/bbl and for the USD 4/bbl full year," Vijayagopal said on Tuesday.

"The Kochi refinery has stabilised all its units and post the stabilised operations, it will add to the GRMs significantly in FY20", said Vijayagopal.

Vijayagopal is hopeful the refining throughput in FY20 will be around 32 mmt, higher than the FY19 number of 31 mmt.

Talking about the impact of Iran sanctions, he said, "The impact will be very small on margins because of substitute crude oil. Iran imports for them are less than 10 percent of total crude basket and they have alternate sources of supply."

The company said it has recovered dues from Jet Airways with regards to ATF.

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