HPCL’s profit doubles to ₹2,253 crore in Q1
MUMBAI : State-run oil refiner and marketer Hindustan Petroleum Corp. Ltd (HPCL) posted a more than twofold rise in consolidated net profit in the June quarter to ₹2,252.65 crore from a net profit of ₹877.48 crore in the year-ago period.
As per HPCL’s regulatory filing, profit surged despite gross sales falling to ₹45,945.48 crore in the quarter from ₹74,595.64 crore in April-June 2019.
“We ran our refineries over 100% capacity. So, instead of storing crude, we stored the products, which has helped us post a positive gross refining margin. Also, we could cater to the market faster and better as we stored the products across our locations,” said M.K. Surana, chairman and managing director, HPCL.
