State-run Refiner Hindustan Petroleum Corp (HPCL)  56 Percent Drop On Its Net Profit

Express News Global

updated: August 05,2017 16:45 IST

Drop in Hindustan Petroleum's profit caused mainly by inventory losses.
Drop in Hindustan Petroleum’s profit caused mainly by inventory losses.

New Delhi: State-run refiner Hindustan Petroleum Corp (HPCL) on Friday detailed a 56 for every penny drop in its net benefit for the main quarter of the current monetary caused by stock misfortunes and subsequent lower refining edges.

HPCL’s net benefit remained at Rs. 924.75 crore for the main quarter of the current monetary, when contrasted with the Rs. 2,098 crore earned amid the comparing quarter of the last money related year.

Stock misfortune, which happens when unrefined petroleum costs fall after acquirement and before advertising, amid the quarter in thought came in at Rs. 1,595 crore.

“Amid the principal quarter of the money related year 2017-2018, there was a stock loss of Rs. 960 crore in promoting and Rs. 635 crore in unrefined petroleum oil stock. Similarly, there was a stock pick up of Rs. 1,935 crore in the relating quarter of the last monetary year, ” HPCL Chairman M.K. Surana said.

Net refinery edge (GRM), meaning income on refining a barrel of rough, for the main quarter remained at $5.86 per barrel, when contrasted with the GRM of $6.83 amid the comparing time of the last budgetary year.

Indian Oil Corp on Thursday posted a 45 for each penny fall in its net benefit for the primary quarter because of stock misfortune and sharp fall in GRM.

The Indian wicker bin of rough oils shut exchange on Thursday at $ 51.48 a barrel.

A month ago, the union bureau endorsed the offer of more than 51 for each penny government stake in HPCL to state-run pioneer ONGC in a move that would make the refiner an auxiliary of the oil creating monster.

HPCL stock shut exchange on Friday at Rs. 431.65 an offer, up Rs. 34.35, or 8.65 for every penny, over its past close on the BSE.