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 high economic and human costs causing a slowdown of economic activity. Specific to the Corporation, it did have an impact on the sales in the months of April and May 2020 though substantial recovery is seen in June," HPCL said.