HPCL Q2 net profit falls 9% amid West Asia tensions
Business
HPCL saw its net profit drop 9% to ₹3,483 crore in the second quarter, mainly because global crude prices have been all over the place due to tensions in West Asia.
Even so, the company actually made more money from refining oil this time: its gross refining margin jumped to $32.15 per barrel from just $8.80 last year.
HPCL revenue up 26% to 1.39Lcr
Despite the profit dip, HPCL's revenue shot up by 26%, crossing ₹1.39 lakh crore.
The company sold more fuel too: total sales (including exports) grew by 5.5% to 12.73 million metric tons, and gasoline plus diesel sales rose 10%.
HPCL also ran its refineries at full tilt, processing 6.2 million metric tons of crude with capacity utilization hitting just over 100%.