HPCL, the state-owned oil marketing company (OMC), said on Thursday its standalone net profit increased more than three times to Rs 529 crore in the third quarter of Financial Year 2023-24 (Q3 FY24), up from Rs 172.4 crore in the same period in FY23.
On a sequential basis, net profit fell 89 per cent from Rs. 5,118.1 crore registered in Q2 FY24. The sharp deterioration was due to suppressed marketing margins at select transport fuels and lower refining margins attributable to lower cracks. A crack, or crack spread, is a term used in the energy markets to represent the differences between a barrel of crude oil and the prices of wholesale petroleum products.
