HPCL Q1 net drops 56% at Rs 925 cr on high inventory loss

GRM drops to $5.86 per barrel

State-run Hindustan Petroleum Corporation posted a 56% drop in net profit for the first quarter of the financial year 2017-18 ended June 30 at Rs 924.75 crore, as against Rs 2,098.38 crore during the same time last year. 

Meanwhile, the company's revenue for the period under review saw a 13 per cent increase to Rs 59,891.27 crore compared to Rs 51,599.52 crore during the April to June quarter of 2016-17.

"The drop in net profit was mainly due to a higher inventory loss of Rs 1,595 crore, against an inventory gain of Rs 1,935 crore during the first quarter of