Hindustan Petroleum Corporation Ltd. (HPCL) returned to standalone profit in the quarter ended Sept. 30 after a first-quarter loss, although earnings were lower than a year earlier.
The company reported standalone net profit of ₹3,482.62 crore, down 9.1% from ₹3,830.37 crore in the year-earlier quarter. HPCL had posted a loss of ₹11,526.41 crore for the quarter ended June 30. Its board approved the results on Oct. 22.
Consolidated net profit was ₹3,625.22 crore, compared with ₹3,859.30 crore a year earlier. The six-month consolidated result remained in the red, with a loss of ₹8,639.45 crore against a profit of ₹7,970.23 crore in the same period a year earlier, according to EconoTimes’ coverage of HPCL’s second-quarter consolidated results.
HPCL said subdued marketing margins on some petroleum products affected profitability during April-September. Its average gross refining margin for the six-month period was $27.89 per barrel, compared with $5.95 per barrel a year earlier.
The company scheduled an analyst and investor call for Friday, Oct. 23, at 1:30 a.m. ET (5:30 UTC).
