HPCL Q2 profit falls 4% to Rs 1,052 crore; GRM falls to $2.83 from $4.81
Hindustan Petroleum Corporation Ltd (HPCL) posted a profit of Rs 1,052 crore for the quarter to September, almost double that of Rs 564 crore profit reported by its much larger peer, Indian Oil Corporation (IOC), a variance in performance mainly attributable to the way the two companies managed their inventories.
HPCL’s quarterly profit fell 3.7% from a year ago while that of IOC fell 83%. HPCL’s sales dropped 9.5% to Rs 66,165 crore, mainly because of lower product prices during the quarter.
