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

PTI New Delhi | Updated on August 07, 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.

Published on August 06, 2020

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