HPCL Q3 outcomes: Web revenue trebles to Rs 2,355 cr on stock and foreign exchange positive aspects

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New Delhi: Hindustan Petroleum’s quarterly profit has greater than trebled primarily on stock and forex positive aspects.

Revenue for the October-December quarter jumped to Rs 2,355 crore from Rs 747 crore within the year-ago interval. Income rose 4% to Rs 77, 113 crore.

Stock positive aspects resulting from oil worth rise, and strengthening of rupee helped enhance revenue,

chairman M Okay Surana mentioned. The corporate had a listing achieve of Rs 1,323 crore in the course of the quarter as in opposition to a achieve of Rs 343 crore within the corresponding quarter final 12 months. It had a foreign exchange achieve of Rs 297 crore in comparison with a achieve of Rs 82 crore in the identical quarter final 12 months.

“Efforts to optimize working prices and borrowing prices have additional helped in profitability enhancements. Continued weak point in product cracks, nevertheless, saved refinery margins on the decrease facet,” Surana mentioned.

The gross refining margin for the quarter was $1.87 per barrel in comparison with $1.79 within the corresponding quarter. Capability utilization was above 100% at its refineries.

HPCL has purchased shares price Rs 885 crore to this point underneath its buyback programme that has been underway since November.

The modernisation undertaking at Vizag refinery and enlargement at Mumbai refinery will probably be accomplished in 2021, Surana mentioned. The greenfield refinery in Rajasthan will probably be prepared by 2023, he mentioned.