Hindustan Petroleum Corporation (HPCL)'s net profit surged 215.13% Rs 2,354.64 crore in Q3 FY21 as against net profit of Rs 747.20 crore in Q3 FY20.
Net sales during the quarter declined by 3% year-on-year (YoY) to Rs 68,359.43 crore. HPCL reported a pre-tax profit of Rs 3,157.87 crore in Q3 December 2020 as against Rs 1,150.84 crore in Q3 December 2019. Current tax outgo increased 99.4% YoY to Rs 755.58 crore in Q3 FY21.
Other Income for the period April-December 2020 period includes Rs 869.88 crore (April-December 2019: Rs 101.38 crore) towards gain on account of foreign currency transactions and translations.
The oil marketing company recorded a net profit of Rs 7,645.92 crore in the nine months ended 31 December 2020 as compared to a net profit of Rs 2,610.46 crore in the same period last year. Net sales declined by 22% YoY to Rs 1,57,368.73 crore during the period under review.
Average Gross Refining Margin (GRM) during the nine months ended 31 December 2020 was $2.35 per barrel (BBL) as against $1.85 per BBL during the corresponding period of previous year.
HPCL is engaged in the business of refining of crude oil and marketing of petroleum products. It operates through two segments: downstream, and exploration and production of hydrocarbons. As on 31 December 2020, ONGC held 51.11% in HPCL.
The scrip rose 1.11% to currently trade at Rs 227.70 on the BSE.
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