HPCL net profit trebles to Rs 747 cr in December quarter on inventory gains

Hindustan Petroleum Corp 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 Rs 747 crore was higher than net profit of Rs 248 crore in the same period a year back, HPCL Chairman and Managing Director Mukesk K Surana told reporters here.

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

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