HPCL Q1 profit jumps two-fold to Rs 2,253 cr, sales down at Rs 45,945.5 cr

Hindustan Petroleum Corp Ltd (HPCL) on Thursday reported over two-fold jump in its June quarter net profit to Rs 2,252.65 crore.

The company had a net profit of Rs 877.48 crore in April-June 2019, HPCL said in a regulatory filing.

The net profit surged despite sales falling to Rs 45,945.48 crore in first quarter of 2020-21 from Rs 74,595.64 crore a year ago.

HPCL earned $0.04 on turning every barrel of crude oil into fuel during the quarter as compared to a gross refining margin of $0.75 per barrel during the corresponding previous quarter.

"The Covid-19 pandemic is globally inflicting