HPCL reports record profit on inventory, foreign exchange gains

Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported a record net profit of Rs 2,355 crore in the December quarter on the back of inventor y gains it made from rising oil prices. It posted a net profit in October-December at Rs 2,354.64 crore compared with Rs 747.20 crore in the same period a year back. The profit was higher because of inventor y gains made by "favourable crude oil movement" and forex gains from rupee movement, HPCL Chairman and Managing Director Mukesh Kumar Surana told reporters on an earnings call. The company recorded an inventor y gain of Rs 1,323 crore in the third quarter of the current fiscal as crude oil bought at lower prices got converted and sold when rates had risen. With the appreciation of the rupee, HPCL had foreign exchange gains of Rs 297 crore as compared to Rs 82 crore a year back.