Chennai, Jul 26 (IANS): Oil marketing company Bharat Petroleum Corporation Ltd (BPCL) on Wednesday said it closed the first quarter of the current fiscal with a net profit of Rs 10,550.88 crore.

In a regulatory filing, the company said during the first quarter of FY24, it had earned a total income of Rs 1,28,748.65 crore (against Q1FY23's Rs 1,38,831.25 crore) and a net profit of Rs 10,550.88 crore (against a net loss Rs.6,263.05 crore).

The company said for the period under review, it had sold 12.75 million tons up from 11.75 million tons of fuel sold during previous year's corresponding period.

The market sales of the corporation for the quarter ended June, 30, 2023 is 12.75 MMT as compared to 11.76 MMT for the quarter ended June 30, 2022. The increase is mainly in MS-Retail (6.12 per cent), HSD-Retail (5.95 per cent) and ATF (14.18 per cent).

According to BPCL, the Average Gross Refining Margin (GRM) for quarter ended June 30, 2023 was $12.64 per barrel (April-June 2022: $ 27.51 per barrel). This is before factoring the impact of Special Additional Excise Duty and Road & Infrastructure Cess, levied with effect from July 1, 2022.