HPCL's Q2 profit drops by 4 pc to Rs 1,053 crore as refining margins plunge

Mumbai (Maharashtra) [India], Nov 7 (ANI): Hindustan Petroleum Corporation Ltd (HPCL) on Thursday posted a standalone net profit of Rs 1,052 crore for the quarter ended September 30, down by 4 per cent compared to the same period of last fiscal year.

For July to September 2018-19, it had reported a net profit of Rs 1,092 crore.

Total income of the company also fell by 9 per cent to Rs 66,851 crore as against Rs 73,790 crore in Q2 FY19.

The average gross refining margin during the six months ended September 30 this year was 1.87 dollars per barrel as against 5.93 dollars per barrel during the corresponding period of previous year.

Other income for the April to September period included Rs 72 crore towards gain on account of foreign currency transactions and translations.

During the same period last year, the loss of Rs 1,424 crore on account of foreign currency transactions and translations was included in other expenses.

HPCL owns and operates two major refineries producing a wide variety of petroleum fuels and specialties -- one in Mumbai (west coast) of 7.5 million tonnes per annum capacity and the other in Visakhapatnam (east coast) with a capacity of 8.3 million tonnes per annum.