Hindustan Petroleum Corp Ltd (HPCL) on Thursday reported a 3 per cent drop in its second-quarter net profit as refinery margins halved and the company posted lower inventory gains.
Net profit at Rs 1,052 crore in the July-September 2019 quarter was lower than Rs 1,092 crore net profit in the corresponding period a year ago, HPCL Chairman and Managing Director M K Surana told reporters here.
HPCL, which operates two refineries at Mumbai and Visakh in Andhra Pradesh, earned USD 2.83 on turning every barrel of crude oil into fuel during the September 2019 quarter as compared to a gross refining margin (GRM) of USD 4.81 per barrel last year, he said adding that the margins were lower also because of a planned shutdown at Visakh unit. Read More
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