HPCL Q3 Net Profit up by 23% from Rs. 1590 Crores to Rs. 1950 Crores

Hindustan Petroleum Corporation Ltd. has registered gross sales of Rs. 62,832 crores during October-December, 2017 as compared to Rs. 55,471 crores for the period October-December, 2016. Quarterly Profit after Tax (PAT) increased to Rs 1950 crores for the period October-December 2017 against Rs 1590 crores achieved during the corresponding period of previous financial year. The increase in profit is due to better refinery margin during the period compared to corresponding period of last year on account of improved cracks & inventory gains. The refineries at Mumbai and Visakh processed 4.52 million tonnes of crude during OctoberDecember, 2017 as against 4.66 million tonnes during October- December, 2016. The combined GRM during the period October- December, 2017 was $ 9.04 per barrel as compared to $ 6.38 per barrel in the corresponding previous period primarily due to improved distillate yield and better product cracks. For the period April - December 2017, Hindustan Petroleum Corporation Limited has recorded Profit After Tax of Rs 4609 crores. Gross sales increased by 14.2% to Rs. 1,76,876crores during April-December, 2017 as compared to Rs. 1,54,821 crores for corresponding period of the previous year. HPCL in its Board meeting held on 9th February 2018 declared an Interim dividend of Rs. 14.50per share resulting in a total payout of Rs 2,659 crores including dividend distribution tax.