HPCL's profit jumps 79% to Rs 3,608 cr on refining, marketing margins

Hindustan Petroleum Corporation Ltd (HPCL) on Friday reported a 79 per cent jump in its March quarter net profit on the back of a recovery in fuel marketing margins and better refining margins.

Consolidated net profit was at Rs 3,608.32 crore in January-March compared with Rs 2,018.45 crore in the same period a year back, according to a company's stock exchange filing.

The company however posted a loss of Rs 6,980.23 crore for the full fiscal year 2022-23 (April 2022 to March 2023) after it suffered huge losses in the first half on holding petrol, diesel and LPG prices despite a surge in cost.

It continues to hold prices but a fall in international oil prices has meant that it is making healthy margins now.

Petrol and diesel prices have been on a freeze since April 6 last year. The basket of crude oil that India imports was over USD 100 per barrel in April last year and is now around USD 75-76.

Crude oil is processed in refineries such as ones owned by HPCL at Mumbai and Vizag in