By Ben Otto

Bharat Petroleum Corp.'s fiscal first-quarter profit rose 25% from a year ago as lower expenses offset a steep fall in revenue amid the Covid-19 pandemic.

Net profit for the April-to-June quarter was 20.35 billion Indian rupees ($271.9 million), compared with INR16.24 billion in the same period a year ago, the state-owned fuel refiner and retailer said late Thursday.

Revenue from operations fell 41% to INR509.09 billion as the pandemic and resultant global lockdowns lowered demand for crude oil and petroleum products, Bharat Petroleum said. Total expenses fell 43% to INR484.13 billion.

The company said that as Covid-19-related restrictions ease, it expects refinery throughput and revenue from operations to improve, attaining normal levels after the complete removal of lockdown conditions.

Bharat Petroleum added that it foresees no significant impact from the crisis on its continuity of operations. 



  Write to Ben Otto at ben.otto@wsj.com