Hindustan Petroleum Corporation Limited (HPCL) declared its Q1FY20 results post market hours yesterday.
The company's net profit fell 53% yoy to Rs811cr on lower refining margins and inventory losses. The year-ago net profit was Rs1,719.2cr.
The company's net profit fell 53% yoy to Rs811cr on lower refining margins and inventory losses. The year-ago net profit was Rs1,719.2cr.
The decline in profit can be attributed to the sharp decline in crude prices in May and June, 2019, leading to inventory losses both, at the refinery and in marketing, as well as also lower average refining margins for all products except for LPG and fuel oil.
However, the state-owned firm's gross sales for the first quarter saw an increase of 2.2% yoy to Rs74,530cr as compared to Rs72,923cr in Q1FY19.
The combined gross refining margin (GRM) during Q1FY20 came in at $0.75 a barrel vs. $7.15 a barrel during the corresponding period of the previous financial year.
The combined gross refining margin (GRM) during Q1FY20 came in at $0.75 a barrel vs. $7.15 a barrel during the corresponding period of the previous financial year.
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