HPCL Q2 Results: Profit drops 88% YoY to Rs 631 crore
Revenues for the quarter rose 5% year-on-year to Rs 1,08,216 crore in the July-September quarter.
“The primary reasons for lower profit after tax are suppressed marketing margins on select petroleum products, reduced refining margins due to lower cracks and falling international crude and product prices,” HPCL said in a statement.
Average gross refining margin for the second quarter was $3.12 per barrel, a sharp decline from $13.33 per barrel in the year-earlier period. The reduction in GRMs is in line with the trend of international benchmark product cracks, the company said.
HPCL recorded domestic sales volume growth of 5.6% during the quarter as against an average growth of 1.8% for state-run oil companies.
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