Hindustan Petroleum Corp Ltd (HPCL) Monday reported a 70 per cent jump in its fourth quarter net profit as inventory gains and rupee appreciation negated a dip in refinery margins. Net profit in January-March came at Rs 2,970 crore against Rs 1,748 crore in the same period a year back, HPCL Chairman and Managing Director M K Surana told reporters here.
“Increase in profits is mainly attributable to increased sales, improved logistics, efficiency, inventory gains and rupee appreciation during Q4 of financial year ending March 31, 2019,” he said.
HPCL had an inventory gain of Rs 916 crore as the value of stock it held rose due to international price movement. The firm had an inventory gain in the fourth quarter of previous year, he said. Besides the company had a currency exchange gain of Rs 248 crore as opposed to a forex loss of Rs 84 crore a year back, he said.
