New Delhi: State-run Hindustan Petroleum Corporation posted a 56% drop in net profit for the first quarter of the financial year 2017-18 ended June 30 at Rs 924.75 crore.
The company recorded net profit Rs 2,098.38 crore during the same time last year.
Meanwhile, the company’s revenue for the period under review saw a 13 per cent increase to Rs 59,891.27 crore compared to Rs 51,599.52 crore during the April to June quarter of 2016-17.
The gross refining margin of the company stood at $5.86 a barrel as compared to $6.83 a barrel during the first quarter of 2016-17. After adjusting inventory losses, core GRM for the quarter stood at $8.81 per barrel.
As on June 30, the company’s debt stood at Rs 12,200 crore, down from Rs 21,250 crore on March 31.