HPCL Q1 results: Net drops 53% on lower refiner margins, inventory losses
New Delhi: Hindustan Petroleum Corp Ltd (HPCL) on Wednesday reported a 53% drop in June quarter net profit mainly due to inventory losses caused by fall in oil prices and lower refinery margins.
Net profit slipped to ₹811 crore in April-June as compared to ₹1,719 crore a year back, the company’s Chairman and Managing Director Mukesh K Surana said.
“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.
