HPCL Q2 net profit up by 147 pc to Rs 1735 cr

State-run Hindustan Petroleum Corporation (HPCL) has posted a 147.5 per cent increase in its net profit for the second quarter of the financial year to Rs 1,735 crore, on the back of higher crude throughput and inventory gains. It had reported a total income of Rs 48,369.40 crore in the same period previous year.

"There has been a drop in the cracks during the quarter and we have had gains on the inventory side". The company's Gross Refinery Margin (GRM) for the second quarter stood at $7.61 per barrel as compared to $3.23 clocked in the corresponding quarter a year ago. Inventory loss occurs when the reverse of this happens.

The increase in profit is due to higher crude thruput, better refinery margin, higher domestic market sales and inventory gains against inventory loss compared to corresponding period of past year.

During July-September 2017, the domestic sales of petroleum products increased 4.6 per cent to 8.37 million tonnes with petrol sales rising 7.1 per cent and diesel 4.4 per cent.

Profit before tax of the company came in at Rs 2,588.20 crore in Q2FY18 over Rs 1,075.45 crore in Q2FY17. He said the expansion of Mumbai and Vizag refineries are on track.

The refineries at Mumbai and Visakh processed 4.64 MT of crude during July to September this year, compared to 4.05 MT last year.

The company's revenue (excluding excise) was up 15 percent at Rs 47,523 crore against Rs 41,328 crore.

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