HPCL's Q3 Profit Jumps To Rs 2,355 Crore, Revenue Down 3%

The company also gained about Rs 870 crore on account of foreign currency transactions

HPCL's Q3 Profit Jumps To Rs 2,355 Crore, Revenue Down 3%

Pre-tax profit totalled Rs 3,158 crore in Q3 against Rs 1,151 crore in the year-ago period.

Mumbai (Maharashtra):

Oil marketing major Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported a net profit at Rs 2,355 crore for the third quarter ended December 31, 2020.

HPCL had recorded a profit of Rs 747 crore during the year ago period. However, the company's revenue dropped 2.9 per cent year-on-year to Rs 68,659 crore against Rs 70,042 crore reported a year ago.

The earnings before interest, taxes, depreciation and amortisation (EBIDTA) for Q3 FY21 was Rs 3,302 crore against Rs 1,156 crore in Q3 FY20.

Pre-tax profit totalled Rs 3,158 crore in Q3 against Rs 1,151 crore in the year-ago period. The company's tax outgo for the quarter rose by 99 per cent to Rs 756 crore compared with Rs 379 crore in Q3 FY20.

In the nine months ended December 2020, the state-owned company recorded a net profit of Rs 7,646 crore compared with Rs 2,610 crore in 9M FY20. Net sales declined by 22 per cent to Rs 1.57 lakh crore during the period.

Average gross refining margin during 9M FY21 was $2.35 per barrel against 1.85 dollars per barrel during the corresponding period of previous year.

The company also gained about Rs 870 crore on account of foreign currency transactions.