The consolidated net profit of Hindustan Petroleum Corporation Ltd (HPCL) declined 35.52 per cent during the July-September quarter to ₹1,918.89 crore from ₹2,975.83 crore a year earlier.
Gross sales on a consolidated basis rose 42.29 per cent to ₹87,364.27 crore from ₹61,399.33 crore in the corresponding period last year, the company said in a filing to the stock exchange.
Chairman and Managing Director, Mukesh Kumar Surana, said the shut-down of some units at Mumbai and Visakhapatnam refineries led to lower throughput, which in turn, lowered profitability from refining operations.
The combined gross refining margins (GRM) for the July-September quarter was $2.44 per barrel compared to $5.11 per barrel in the corresponding previous period.
The GRM, though helped by better product cracks, was impacted due to higher fuel and loss component in view of the shutdowns, start-up and stabilisation activities at both the refineries. GRM was also impacted due to higher crude prices, Surana added.