HPCL Q3 profit rises 23% to Rs1,950 crore

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The firm's refineries earned significantly more per barrel of crude oil processed than past year, making $9.04 compared to $6.38 per barrel (gross refining margin).

The gas price realised during the third quarter was also higher at $2.89 per million British thermal unit as against $2.5 per mbtu in same quarter of 2016-17.

Standalone production registered upswing in the nine month period: natural gas up 7.7 percent; crude oil up by 1.2 percent and value added product (VAP) up 4.9 percent in financial year 2018 against same period in financial year 2017. A company official told BusinessLine that the dividend proceeds will now go to ONGC instead of directly going to the government. Among the latest discoveries is an oil find in Cauvery basin where a well on the L-II PML Block struck two oil bearing zones.

State-owned oil refiner Hindustan Petroleum Corp Ltd's profit rose 22.6 percent in the third quarter, beating estimates. A CNBC-TV18 poll estimated the bottomline at Rs 1,511 crore for the quarter.

"The rise in profit is due to better refinery margin during the period on account of improved cracks and inventory gains", HPCL CMD Mukesh K Surana said.