HPCL Q3 profit up 23% to Rs 19.5 bn on improved gross refinery margins

The company's gross sales during October to December quarter of 2017-18 was seen at Rs 628.32 bn

Hindustan Petroleum Corporation (HPCL), which will now be a subsidiary of Oil and Natural Gas Corporation (ONGC) has posted a 23 per cent increase in net profit for the third quarter of the financial year ended on December 31 to Rs 19.50 billion on improved gross refinery margins (GRM).

This is compared to Rs 15.90 billion during the same period in 2016-17. The combined GRM for the period under review was $9.04 per barrel as against $6.38 during the October to December quarter last year on the back of improved distillate yield and better product cracks.

"We had inventory gains