After two consecutive quarters of losses, Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported a net profit of Rs 172.43 crore in October-December 2022 as a fall in oil prices helped it recoup some of the losses on sale of petrol and diesel.
Standalone net profit of Rs 172.43 crore in the third quarter of the current fiscal compared with Rs 868.86 crore profit in the same period a year back, according to a stock exchange filing by the company.
HPCL and other state-owned fuel retailers did not revise petrol and diesel prices when international oil prices touched multi-year high last year. That led to them booking losses in two back-to-back quarters.
