HPCL third quarter net profit zooms to Rs 1,027 crore, Energy News, ET EnergyWorld

HPCL third quarter net profit zooms to Rs 1,027 crore New Delhi: Hindustan Petroleum (HPCL), the country’s third-largest fuel retailer, today posted a 167 per cent increase in consolidated net profit at Rs 1,027 crore for the third quarter ended December 2019.

The company had posted a consolidated net profit of Rs 384 crore during the corresponding quarter last financial year. Revenue from operation during the quarter declined 3.38 per cent to Rs 74,358 crore, as compared to the corresponding quarter a year ago.

The refiner’s average gross refining margin (GRM) during the nine months ended December 2019 declined to $1.85 per barrel as against $5.17 per barrel recorded during the corresponding period a year ago.

“Other Income for the period April- December, 2019 includes Rs 101.38 crore towards gain on account of foreign currency transactions and translations. During April-December 2018 loss of Rs 880.22 crore on account of foreign currency transactions and translations was included in other expenses,” the company said in a regulatory filing.

HPCL’s crude throughput declined during the December quarter to 4.16 Million Tonne, as compared to 4.56 MT recorded in the corresponding quarter ended December 2018.

Domestic sales during the quarter increased marginally to 9.76 MT from 9.44 MT sold in the corresponding quarter. Pipeline throughput declined to 5.09 MT during the third quarter ended December.

The company’s share price at the Bombay Stock Exchange (BSE) today closed at Rs 236.90, up 2.29 per cent as compared to previous close.

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