HPCL Q1 profit rises 86%, tops estimates
HPCL said net profit jumped to ? 1,719 crore in the three months ended 30 June from ? 925 crore in the year-ago period
Mumbai: State-run Hindustan Petroleum Corp. Ltd (HPCL) posted an 86% jump in first-quarter profit on Wednesday, riding on strong refining margins. The company said net profit jumped to ? 1,719 crore in the three months ended 30 June from ? 925 crore in the year-ago period.
During Q1, HPCL’s income from operations stood at ? 72,923 crore.
Gross refining margin, the difference between the cost of crude oil processed and the prices of refined products, came in at $7.15 per barrel up from $5.86 last year.
“For the year 2018-19, HPCL has planned to invest over ? 8,400 crore in various projects across refineries and petrochemicals, marketing, pipelines and natural gas,” the company said in a press statement.
HPCL commissioned 65 new retail outlets during Q1 of 2018-19, taking the total retail outlet network to 15,127 as of June 2018.
On Wednesday, HPCL shares fell 2.15%, or ? 6.20, to ? 282.40 on the BSE while the benchmark Sensex rose 0.59%, or 221.76 points, to a record high of 37,887.56 points.