NEW DELHI: Hindustan Petroleum Corporation Ltd (HPCL) on Tuesday reported a 22 per cent drop in its September quarter net profit as its refineries turned lower crude oil into fuel.
Net profit of Rs 1,923.51 crore in July-September compared with Rs 2,477.45 crore net earning a year back, according to a company's filing to stock exchanges. Revenue rose to Rs 87,310.62 crore from Rs 61,340.30 crore mostly due to rise in oil prices.
The firm's two refineries turned 2.53 million tonnes of crude oil into fuel in the quarter as against 4.06 million tonnes crude throughput in the same period last year.
Domestic sales, however, increased to 8.79 million tonnes from 8.10 million tonnes in July-September 2020.