HPCL Q2 net profit down 37% at Rs 11 bn; merger with MRPL to happen in FY20

The company has decided to shut down all its refineries for a short duration to upgrade to BS-VI fuel norms

State-run Hindustan Petroleum Corporation Ltd (HPCL) has posted a 37 per cent fall in net profit for the second quarter of the financial year to Rs 10.92 billion, owing to a rise in crude oil prices and exchange rate fluctuations.    

During the July to September quarter of the previous financial year, the net profit of the company was seen at Rs 17.35 billion. The foreign exchange loss for the period under review was Rs 8.87 billion, compared to Rs 200 million gain during the same time last year. 

HPCL Chairman and Managing Director M K Surana said that