HPCL Dec quarter net trebles to ₹747 crore on inventory gains

Hindustan Petroleum Corporation Ltd (HPCL) on Wednesday reported trebling of net profit in December quarter as inventory gains made up for lower refinery margins.

Net profit in October-December at ₹747 crore was higher than net profit of ₹248 crore in the same period a year-ago period , HPCL Chairman and Managing Director Mukesk K Surana told reporters here.

“In Q3 of the last fiscal we had an inventory loss of ₹3,465 crore. As compared, we made an inventory gain of ₹343 crore,” he said, adding the inventory gains were partly offset by lower exchange gains.

HPCL had a foreign exchange gain of ₹82 crore in the December quarter as compared to a forex gain of ₹557 crore a year back, he said.