HPCL net profit up 86% at Rs 17.19 bn in Q1 on higher refining margins

State-run Hindustan Petroleum Corporation Ltd (HPCL) has posted an 86 per cent rise in net profit for the first quarter of the current financial year to Rs 17.19 billion backed by higher refining margins.

This is compared to a net profit of Rs 9.25 billion during the April to June quarter of 2017-18. The company's revenue also increased to Rs 729.23 billion as compared Rs 598.91 billion last year. The combined gross refinery margin during the quarter was $7.15 a barrel versus $5.86 a barrel during the corresponding quarter last year.

"The increase in profit is primarily due to higher