HPCL's Q2 net drops 35% to Rs 1,919 cr, GRM halves to $2.44 a barrel

The GRM was impacted by the higher fuel and loss component in view of shutdown, restarting and stabilisation activities at both HPCL refineries

Hindustan Petroleum Corporation (HPCL) reported a Rs 1,918.89 crore consolidated net profit for the second quarter of financial year 2021-22. The public sector undertaking (PSU) had reported a consolidated profit at Rs 2,975.83 crore during the same period a year ago.

The company's consolidated total income during the period under review stood at Rs 88,085.42 crore, up from Rs 62,439.86 crore in the comparable months.

The combined gross refining margin (GRM), or the gain per barrel of crude oil processed, for the period July-September 2021 stood at $2.44 a barrel as compared to $5.11 per barrel in the year-ago period.