Companies

HPCL Q1 profit surges over two-fold to Rs 2,253 cr

PTI New Delhi | Updated on August 07, 2020 Published on August 06, 2020

Hindustan Petroleum Corp Ltd (HPCL) on Thursday reported an over two-fold jump in its June quarter net profit to Rs 2,252.65 crore.

The company had a net profit of Rs 877.48 crore in April-June 2019, HPCL said in a regulatory filing. The net profit surged despite sales falling to Rs 45,945.48 crore in the first quarter of 2020-21, from Rs 74,595.64 crore a year ago.

HPCL earned $0.04 on turning every barrel of crude oil into fuel during the quarter, as compared to a gross refining margin of $0.75 per barrel during the corresponding previous quarter.

“The COVID-19 pandemic is globally inflicting high economic and human costs, causing a slowdown of economic activity. Specific to the Corporation, it did have an impact on sales in the months of April and May 2020 though a substantial recovery was seen in June,” HPCL said.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on August 06, 2020
This article is closed for comments.
Please Email the Editor