HPCL's consolidated net profit doubles to Rs 2,373.71 crore in Q3

Consolidated net profit of Hindustan Petroleum Corporation (HPCL) for the third quarter of 2020-2021 doubled to Rs 2,373.71 crore from Rs 1,027.23 crore in the year-ago period. The higher profit is on account of inventory, exchange gains, and higher sales.

The public sector oil and gas company's consolidated total income increased to Rs 78,324.98 crore, up from Rs 75,048.60 crore in the same quarter of FY20.

Gross refinery margin (GRM), a measure of the gain per barrel of crude oil processed, stood at $1.87 per barrel for the October-December 2020 period against $1.79 per barrel in the corresponding previous period.

Inventory gains in the quarter under review stood at Rs 1,323 crore compared to Rs 43 crore in the year-ago quarter. HPCL reported a currency exchange gain of Rs 297 crore against Rs 82 crore last year.

HPCL said domestic sales of petroleum products grew 2.7 per cent to 10.03 million metric tonnes year-on-year compared to industry growth of 0.30 per cent. The sales of petrol increased by 6.4 per cent, diesel by 1.2 per cent, and LPG or cooking gas by 5.9 per cent.

M K Surana, chairman and managing director of HPCL, indicated there may not be much relief in sight for consumers with petrol and diesel prices remaining high driven by market forces.