HPCL Q3 profit rises 22.6% to Rs1,949.69 crore

Mumbai: State-run oil marketing company Hindustan Petroleum Corp. Ltd (HPCL) on Friday reported a 22.6% increase in profit from a year earlier to Rs1,949.69 crore for the quarter ended 31 December.

HPCL had posted a profit of Rs1,590.31 crore in the December quarter a year earlier.

Total income jumped 13.83% year-on-year to Rs63,550.47 crore.

Between April and December 2017, average gross refining margin stood at $7.51 per barrel against $5.57 per barrel in April-December 2016.

Gross refining margin (GRM) is what the company earns from turning every barrel of crude oil into fuel.

The HPCL board also declared an interim dividend of Rs14.50 per equity share at its meeting on Friday.

Shares of the company closed at Rs395.15, down 1.34% on the BSE, while the benchmark Sensex index closed at 34,005.76 points, down 1.18%.livemint