Bharat Petroleum Corporation Ltd. posted better-than-estimated profitability, driven by better marketing volumes and refining/marketing margin, further aided by inventory gains.
The company made huge progress towards privatization in FY21, despite challenges posed by Covid-19, by streamlining its subsidiaries (divested its entire stake in Numaligarh Refinery Ltd., consolidated its stake in Bharat Oman Refineries Ltd., merged Bharat Gas Resources Ltd. with Bharat Petroleum) and sold off its trust shares.