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HPCL Q3 net profit jumps 22% to Rs 1,950 cr

Press Trust of India  |  New Delhi 

State-owned Corp Ltd (HPCL) today reported a 22 per cent rise in standalone net profit for the third quarter on back of higher refinery margins and inventory gains.

Net profit of Rs 1,950 crore in October-December 2017 was higher than Rs 1,590 crore in the same period of last fiscal.

"The increase in profit is due to better refinery margin during the period on account of improved cracks and inventory gains," HPCL and MD told reporters here.

The company, which operates two refineries in and Visakh, earned USD 9.04 on turning into fuel in the third quarter as compared to USD 6.38 per barrel gross refining margin in the year-ago period.

Surana said the company made an of Rs 1,477 crore.

arise when a company buys at a particular price but by the time it is able to transport it and turn it into fuel, have moved up. And since are liked to international product prices the company makes an

In case of reverse, the company makes an inventory loss.

He said turnover rose to Rs 62,832 crore from Rs 55,471 crore in the previous year.

HPCL's two refineries processed 4.52 million tonnes of crude during October-December as against 4.66 million tonnes a year ago.

Domestic sales of rose 3.4 per cent to 26.80 million tonnes with petrol showing a 7.1 per cent growth, diesel 2.3 per cent, LPG 9.2 per cent and jet fuel growing by 7.7 per cent, he said.

HPCL board declared an interim dividend of Rs 14.50 per share, resulting in a total payout of Rs 2,659 crore, including dividend distribution tax, Surana added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 09 2018. 16:20 IST