Hindustan Petroleum Corp Ltd (HPCL) on Wednesday reported more than doubling of its second quarter net profit on the back of a surge in refining margins and inventory gains.
Net profit in July-September came at Rs 2,477 crore as compared to Rs 1,052 crore a year back, HPCL Chairman and Managing Director Mukesh Kumar Surana told reporters on a call.
“The significant improvement in the profitability in spite of challenges including lockdown due to COVID-19 pandemic was a result of strategic planning in refinery and marketing operation, containing the de-growth to less than the industry, efficient inventory management and effective production placement,” he said.
Gross sales revenue at Rs 61,340 crore was lower than Rs 66,165 crore of Q2 of the previous financial year due to lower oil prices.
