Hindustan Petroleum Corporation Ltd (HPCL) has posted a 30 per cent increase in its net profit in the first quarter (Q1) of the current financial year (FY) to Rs. 2,098.38 crore against Rs. 1,614.13 crore during the same period last FY.
“We posted the highest ever Q1 profit during this quarter. The increase in profit is primarily on account of growth in volumes, stable refining margin and inventory gains,” said M K Surana, chairman and managing director of HPCL, while addressing the media.
On the other hand, the company’s net revenue fell 5.7 per cent to Rs. 51,661.04 crore, compared to Rs. 54,822 crore during the Q1 of the previous FY. However, the company’s average gross refining margin during the quarter ended June 30,2016 was $6.83 per barrel, compared to $8.56 per barrel against Q1 of the previous FY.