HPCL sees two-fold jump in net profit in Q2, okays Rs 2,500-cr buyback

This included a $2.33 per barrel inventory gain from buying cheaper crude oil earlier and processing in Q2.

Hindustan Petroleum Corp (HPCL) on Wednesday reported a twofold jump in its second quarter (July-September 2020, or Q2) net profit on the back of a surge in refining margins and inventory gains, and announced a Rs 2,500-crore share buyback plan as the management said it felt the share price was lower than the value it deserves.
 
Net profit was Rs 2,477 crore compared to Rs 1,052 crore a year back, HPCL Chairman and Managing Director Mukesh Kumar Surana told reporters on a call. "The significant improvement in the profitability in spite of challenges including lockdown due to Covid-19 pandemic