HPCL’s Q1 Net Profit records 86% growth over previous year’s Q1
Hindustan Petroleum Corporation Limited (HPCL) has recorded Profit after Tax (PAT) of ₹ 1719 crore during April-June 2018 as against ₹ 925 crore during April-June 2017. Earnings per Share also increased to Rs 11.28 per share vis-a-vis Rs 6.07 per share of previous year corresponding quarter.
Revenue for the quarter was ₹ 72,923 crore as compared to revenue of ₹ 59,891 crore during the first quarter of the previous year.
The increase in profit is primarily because of higher refining margins due to inventory gains and also due to increased refining throughput and sales volume, as compared to the corresponding period of previous year.
In this Quarter, though crude prices have increased significantly (for HPCL Basket from $ 49.8/bbl to $ 73.0/bbl) leading to Inventory gains which improved gross refinery margins, a part of it was offset by lower cracks specially in LPG & Bitumen and higher value of fuel in refineries.