Hindustan Petroleum Corporation Ltd. saw profit almost double within the July-September quarter aided by strong inventory positive factors on account of higher increased crude prices, however nonetheless missed analyst estimates as sales volume fell and the refining margin was lower than expectations.
The state-owned oil and gasoline company saw profit grow 87.6 % sequentially to Rs 1,734.7 crore, in accordance with a stock alternate filing. This fell short of the Bloomberg consensus estimate of Rs gas 1,996 crore. Sales volumes have been 10 percent lower than within the previous quarter.
“There was a drop in the crack (spreads) but there was additionally acquire in the inventories,” stated Mukesh Surana, chairman and managing director of HPCL, in a media convention.
The refiner saw a list acquire – appreciation in the worth of the inventory held in the stock – of Rs 792 crore through the quarter. HPCL had seen a listing loss worth Rs 1,595 crore within the earlier quarter which had halved its revenue. The Asian benchmark Brent crude oil costs went up 20.1 p.c within the second quarter.
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