State-run Hindustan Petroleum Corporation (HPCL) reported a 43% year-on-year drop in consolidated net profit to Rs 1,253 crore for the December quarter, as crude oil price fluctuation that hovers to around seven-year high levels led to inventory losses for the refiner. The profit was also impacted by delay in refinery expansion at Mumbai due to the second wave of Covid and extended monsoon.
HPCL reported a net profit of Rs 868.9 crore on a standalone basis, recording a 63% drop from the same period a year ago. While revenue grew 32.8% year-on-year (y-o-y) in Q3FY22 to Rs 1.03 lakh crore, expenses — comprising mostly of crude oil purchase — increased by a sharper 36.9% to Rs 1.02 lakh crore.
