State-owned Hindustan Petroleum Corporation Ltd reported a consolidated net profit of Rs 5,826.96 crore in the quarter ended September, against a loss of Rs 2,475.69 crore in the same quarter last financial year. Improved marketing margins on the back of discounted Russian Urals and inventory gains even as the oil marketing companies (OMCs) kept the prices of auto fuels unchanged helped the company recover losses incurred when rates were high last year.
However, net profit was down by 13.8% from Rs 6,765.50 crore in the previous quarter as crude oil prices edged higher towards the end of the quarter reaching to their highest levels of $97 a barrel in September.
