Bharat Petroleum Corporation (BPCL) on June 3 posted consolidated loss of Rs 1,819.6 crore for the quarter ended March 2020.
The oil retailer had reported profit at Rs 2,051.4 crore in previous quarter.
Changes in inventories of finished goods, stock-in-trade and work-in-progress came in at negative Rs (-3,036.42) crore during the quarter against Rs 3,646.4 crore in previous quarter, following steep correction in global oil prices.
“The outbreak of COVID-19 globally and resultant lockdown in many countries, including from March 25, 2020 in India, has had impact on the business of the Group,” said BPCL.
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“Consequently lower demand for crude oil and petroleum products has impacted the prices and therefore refining margins globally. Due to this, certain finished goods inventory and certain raw materials of the Group have been valued at net realizable value/replacement costs which are lower than cost. The impact of the same has been reported under exceptional item for Rs 1,310.35 crore,” it added.
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International benchmark Brent crude futures lost 65 percent during March quarter to hit multi-year low of $22.74 a barrel due to fall in demand after globally countries announced lockdown to control the spread of novel coronavirus.
Revenue from operations for the quarter stood at Rs 68,997.8 crore, declining 8 percent compared to Rs 74,959.2 crore in December quarter 2019.
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