State-owned refiner Bharat Petroleum Corporation Ltd reported a net loss of Rs 3,962 crore for the April-June first quarter. The financial loss was driven by elevated global crude oil prices, which severely impacted the company's fuel marketing margins.
The adverse financial performance was further compounded by substantial LPG under-recoveries and unpaid subsidy dues. Despite the heavy losses on fuel margins, the company's revenue from operations increased during the quarter.
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