HPCL Q4 net drops 99% on inventory, forex losses
NEW DELHI: Hindustan Petroleum (HPCL) on Tuesday reported a steep 99% drop in its net profit to Rs 27 crore for the March quarter as refining margins plunged and inventory losses mounted because of a sharp fall in international oil prices.
HPCL had posted a net profit of Rs 2,970 crore in the corresponding period a year ago.
“The drop in net profit was mainly because of inventory losses and exchange rate fluctuations,” HPCL CMD M K Surana said.
The company suffered an inventory loss of Rs 4,113 crore in the January-March 2020 quarter as compared with an inventory gain of Rs 1,224 crore in the year-ago period, he said. Also, the company had a foreign exchange loss of Rs 975 crore.
