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HPCL declines after Q2 profit falls

HPCL was down 1.21% at Rs 310 after net profit fell 3.63% to Rs 1,052.31 crore on 9.40% decline in total income to Rs 66,850.89 crore in Q2 September 2019 over Q2 September 2018.

The result was announced during trading hours today. Average gross refining margin during H1FY2020 stood at $1.87 per barrel as against $5.93 per barrel during H1FY2019.

HPCL has accounted for budgetary support amounting to Rs 209.22 crore during April-September 2019 as compared with April-September 2018's figures which stood at Rs 544.50 crore towards under recovery on sale of Public Distribution Kerosene-Superior Kerosene Oil (PDS-SKO).

HPCL is engaged in the business of refining of crude oil and marketing of petroleum products. It operates through two segments: downstream, and exploration and production of hydrocarbons.

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