HPCL reports big leap in Q3 profit

Hindustan Petroleum Corporation Ltd. (HPCL) has reported a nearly seven-fold increase in its net profit for the third quarter of the current fiscal year. The company’s net profit stood at Rs 211.03 crore (US$46.9 million) for the third quarter of the current fiscal against Rs 31.40 crore (US$6.9 million) during the same period last year. This is mainly due to better refining margins and compensation from the government to offset revenue loss incurred from the sale of petroleum products at a government-controlled price. Domestic sales of petroleum products increased to 18.88 million tons, which is 4.1% higher than the same period a year ago. HPCL’s income from operations grew to Rs 33,902.50 crore (US$7.5 billion) during the quarter from Rs 27,661.93 crore (US$6.1 billion) during the same period last year. (February 12, 2011)