HPCL's profit up by over 34 times

Higher refining margins and inventory gains helped State-run Hindustan Petroleum Corporation Limited to post an over 34 times increase in its net profit at Rs 1588 crore, for the first quarter of this fiscal.

Net profit for the corresponding quarter of last year stood at Rs 46 crore.

"The increase in profit is primarily because of higher refining margins, inventory gains as also increase refining thruput and domestic market sales," HPCL said.

Sales for the period stood at Rs 54,802 crores.

Gross refining margin for its refineries at Mumbai and Visakh increased to $8.56 per barrel as compared to $2.04 per barrel in the corresponding previous period. HPCL said the increase was largely on account of improved cracks and inventory gains.

The domestic sales of petroleum products increased to 8.46 million tonnes registering a growth of 5% over the first quarter of previous year, as against the industry average growth of 2.7%. The sales of Motor Spirit (Petrol) increased by 12.9%, Aviation turbine fuel by 20.1% and that of Lubes by 58.6%, over the first quarter of previous year.