HPCL posts modest 1.3% rise in pre-tax profit on lower refinery margins

Hindustan Petroleum Corporation (HPCL), a subsidiary of Oil and Natural Gas Corporation (ONGC), has posted a modest 1.3 per cent increase in profit before tax at Rs 1,616.97 crore for the quarter ended September 30, 2019, compared to Rs 1,596.22 crore during the same period last year.

On the other hand, the company’s net profit saw a 3.6 per cent decline to Rs 1,052.31 crore during the July to September quarter of the financial year versus Rs 1,091.98 crore during the same period last year. The company saw a combined gross refining margin (GRM) $2.83 a barrel during the quarter as compared to $4.81 a barrel in the corresponding previous quarter. During the quarter, the company had a foreign exchange (forex) loss of Rs 122 crore compared to Rs 887 crore during the same time in 2018-19.