New Delhi: State-owned Bharat Petroleum Corporation Ltd (BPCL) on Tuesday reported a flat net profit in the quarter ended March 31 after it took an impairment loss of Rs 4,349 crore on its upstream assets.
Net profit of Rs 3,191.49 crore in January-March - the fourth quarter of the 2025-26 fiscal year - compared with Rs 3,214.06 crore earning in the same period a year back and Rs 7,545.27 crore profit of the preceding quarter, according to a stock exchange filing of BPCL.
The flat year-on-year growth came after it took an impairment on investment its subsidiary has made in oil and gas blocks globally and in India.
"During FY26, (BPCL's wholly-owned upstream subsidiary) Bharat PetroResources Ltd has impaired investments due to change in prospects of its blocks," it said. Accordingly, "an impairment loss of Rs 4,349.13 crore has been recognised based on the value of in use of assets as on March 31, 2026."
The gross carrying value of upstream investment has come down from Rs 15,426.37 crore to Rs 11,313.83 crore.
For the fiscal year ended March 31, BPCL's net profit soared 75 per cent to Rs 23,303.22 crore from Rs 13,275.26 crore in the previous FY25.
The quarterly profit came despite the company suffering huge losses on selling petrol, diesel, and cooking gas LPG below cost in March, as it, along with other state-owned fuel retailers, insulated the domestic market from volatility that hit the international market after the start of the West Asia conflict. The full impact of the ongoing war-driven disruption will be visible in Q1 FY27.
Also, the company had an under-recovery of Rs 12,318.52 crore in FY26 on selling domestic cooking gas LPG below cost. This has to be made good by the government by way of subsidy but no timelines for the payout has been intimated. Revenue from operations came in at Rs 1.34 lakh crore in Q4 and Rs 5.22 lakh crore in FY26.