Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported trebling of profit in the December quarter as robust marketing margin negated inventory losses. Standalone net profit of Rs 529.02 crore, or Rs 3.73 per share, in the December quarter, as compared to Rs 172.43 crore, or Rs 1.22 a share, in last year, the company said in a statement.
The 21-month record freeze in retail fuel prices despite fall in input raw material (crude oil) prices helped raise marketing margins but refining margins were lower and the firm also suffered inventory losses because of the lag in buying and processing oil during which time rates fell.
