BPCL is in focus on the back of its Q3 earnings. Revenue was above estimates and profit after tax (PAT) was hit by lower other income and tax expense. N Vijaygopal, Director Finance of BPCL illustrated the numbers in an interview with CNBC-TV18.

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Talking about refining performance this quarter he said, “We have actually overcome all initial problems of Integrated Refinery Expansion Project (IREP) and we have had an excellent physical performance in the quarter. In fact the throughput for the quarter has been a highest ever in BPCL. We expect this trend to continue.”

The board has approved divestment in the Numaligarh Refinery (NRL). When asked about what kind of valuations BPCL is looking at, N Vijaygopal said, “The divestment is as per the government of India’s decision and that will follow the process set down by DIPAM and therefore being the 'asset valuer' and the legal advisers appointed by DIPAM will carry out the valuation of NRL."

Speaking about GRMs of NRL, Vijaygopal said, “This quarter, they had a GRM of $10.94 per barrel and considering excess duty benefits which north-eastern refineries are entitled to which is about 22 per barrel.”