HPCL net profit slips 9% amid volatile crude prices in Q2
Hindustan Petroleum Corporation Ltd. (HPCL) reported a 9% decline in net profit for the second quarter due to volatile crude oil prices. Despite the profit dip, the company saw a significant increase in gross refining margins and revenue growth.
Why it matters
Fluctuations in oil-marketing company profits reflect broader global energy market instability and its impact on national economies.
HPCL net profit slips 9% amid volatile crude prices in Q2 left HPCL’s gross refining margin rose sharply to $32.15 per barrel during the quarter The Hindu The Hindu https://th-i.thgim.com/public/news/national/4wdvci/article71612023.ece/alternates/FREE_1200/image%201.png The Mumbai-headquartered oil-marketing company’s gross refining margin stood at $32.15 for every barrel during the reported quarter. NEW DELHI State-owned Hindustan Petroleum Corporation Ltd. (HPCL) reported a 9% year-on-year (YoY) decline in standalone net profit to ₹3,483 crore in the second quarter, amid volatility in benchmark crude oil prices following the reignited conflict in West Asia. The Mumbai-headquartered oil marketing company’s gross refining margin (GRM), a key indicator of refining profitability, rose sharply to $32.15 per barrel during the quarter, compared with $8.80 per barrel in the corresponding period last year.
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