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HPCL innovations 4% as Q1 pre-tax profit leaps 140% YoY to Rs 3,120 crore

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Shares of Hindustan Petroleum Company (HPCL) gained 4.2 per cent to Rs 225 on the BSE on Friday immediately after the state-run oil refiner’s consolidated profit ahead of tax (PBT) a lot more-than-doubled for the very first quarter (Q1) of 2020-21 to Rs 3,119.7 crore, as opposed to Rs 1,301.4 crore during the April-June period of time of 2019-20 (FY20) — up 140 per cent. The rise in PBT was mainly owing to inventory gains and better capacity utilisation in refineries.&#13
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The stock, on the other hand, erased gains and was quoting .74 for each cent decrease at Rs 215 apiece on the BSE at 10:34 am. In comparison, the S&P BSE Sensex was at 37,978.34 degree, down 47 details or .12 per cent. A mixed 11.5 million shares had transformed arms on the counter on the NSE and BSE till the time of producing of this report.&#13
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The company also acquired gains from lower crude oil selling prices in the course of the quarter. The gross sales for the period of time under evaluate saw a drop of 38 for each cent, from Rs 45,945.48 crore, versus Rs 74,595.64 crore Q1FY20.&#13
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In Q1, HPCL had posted an inventory get of Rs 633 crore, in comparison to an inventory loss of Rs 536 crore during the same period of time previous yr. The mixed gross refining margin (GRM) during the April-June time period noticed a adverse of $.04 a barrel, in comparison to $.75 a barrel in the corresponding interval of past calendar year. The weaker trend on merchandise cracks continued to hold GRMs suppressed.&#13
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That aside, HPCL attained domestic sales volume of 7.24 million tonnes (mt) in Q1FY21, towards 9.82 mt in the prior yr for the identical time period, symbolizing degrowth of 25.8 per cent, against degrowth of 29.2 per cent for state-run oil internet marketing businesses. Through the quarter, sales of domestic packed liquefied petroleum gasoline greater 24.7 per cent. On the other hand, petrol and diesel reduced by 37 for each cent and 32.4 for every cent, respectively, as opposed to the similar period of time last year.”The Covid-19 pandemic is globally inflicting high financial and human prices causing a slowdown of financial exercise. Precise to the Company, it did have an impact on the sales of the Company in the months of April and May well 2020, nevertheless substantial restoration is noticed in June 2020,” HPCL mentioned in its BSE filing.&#13
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The firm expects to go ahead with its committed jobs. “The Corporation has suitable fund based mostly limits with consortium as perfectly as non-consortium financial institutions apart from an option to faucet other sources for meeting its fund necessities, as this sort of there are no liquidity worries,” it stated.&#13

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