HPCL profit rises 215 per cent to Rs 2,355 crore

State-run Hindustan Petroleum Corporation (HPCL) reported a net profit of Rs 2,354.6 crore on a standalone basis for the three months ended December, recording a 215% rise from the same period a year ago. The company attributed the rise in profit to effective refinery scheduling and inventory management, “duly supported by favorable crude price movements leading to inventory gains and rupee strengthening”.

While revenue grew 4.4% year-on-year (y-o-y) in Q3FY21 to Rs 78,277.5 crore, expenses — comprising mostly of crude oil purchase — increased moderately by 1.7% to Rs 75,119.6 crore. The company’s gross refining margins, including inventory gains, inched up to $1.87/barrel in the quarter from $1.79/barrel in Q3FY20. During the quarter, domestic sales of HPCL’s petroleum products increased 2.7% annually to 10 million tonne (MT), as petrol sales increased by 6.4%, diesel by 1.2 % and LPG sales grew by 5.9%.

Under the ongoing buyback programme, HPCL, as on Wednesday, had bought back 4.1 crore shares for Rs 885.42 crore.