Hindustan Petroleum consolidated Q3 net profit jumps 57% YoY on improved refining margins

State-owned refiner Hindustan Petroleum’s net profit rose 57.7% year-on-year to ₹4,011 crore in the third quarter on improved gross refining margins amid a relatively lower oil price regime.

The refiner’s gross refining margins in the reporting quarter stood at $8.85 per barrel, which is 47.3% higher than the comparable period last year. Hindustan Petroleum’s revenue rose 4.7% on a year-on-year basis to ₹1.24 lakh crore in the December ended quarter.

The Mumbai-headquartered refiner witnessed a 3.7% year-on-year uptick in sales to 13.34 MMT during the period. Domestic sales spurred 3.1%, LPG sales 8.9% and combined sale of petrol and diesel rose 2.6%.

As for the physical performance, the recorded crude throughput stood at 6.38 MMT in the December-ended quarter, down marginally from 6.47 MMT in the comparable period last year.