HPCL drops 53% on lower refiner margins, inventory losses
New Delhi: Hindustan PetroleumNSE 0.31 % Corp Ltd (HPCL) on Wednesday reported a 53 per cent drop in June quarter net profit mainly due to inventory losses caused by fall in oil prices and decline in refinery margins.
Net profit slipped to Rs 811 crore in April-June as compared to Rs 1,719 crore a year back, the company’s Chairman and Managing Director Mukesh K Surana told reporters here.
“The decrease in profit is due to sharp decline in crude prices in the month of May and June 2019 leading to inventory loses both at refinery and marketing, and also lower average cracks for all products except for LPG and fuel oil,” he said.
