Hindustan Petroleum Corporation Ltd (HPCL) has posted a 27.99 per cent drop in net profit in the first quarter of the current financial year at Rs 116.62 crore, as against Rs 161. 96 crore in the quarter ended June 30, 2001.
Gross sales increased 4.09 per cent at Rs 12, 231.39 crore, up from Rs 11,749.68 crore in the quarter last year.
Net sales income from operations rose 8.43 per cent at Rs 12,362.9 crore, up from Rs 11,400.76 crore in the first quarter last year.
The company said marketing margins were affected because of the continuation of retail prices of motor spirit, high-speed diesel, LPG (domestic) and kerosene at the existing levels while international prices had risen.