HPCL Q3 profit rises 200% to Rs 747 crore on inventory gains
Hindustan Petroleum Corporation (HPCL) reported a net profit of Rs 747 crore on a standalone basis for the three months ended December 31, recording a 201.2% rise from the same period a year ago. The oil refining and marketing company attributed the rise in profit to inventory gains, stemming from increase in global oil prices.
As retail prices of petroleum products are mapped with international rates, a gradual rise of global oil prices in Q3FY20 meant that by the time HPCL sold its products after processing crude, retail rates had increased. The inventory gain in the quarter was Rs 343 crore against losses of Rs 3,465 crore in the corresponding period a year ago, said HPCL chairman Mukesh Kumar Surana.
