The company's tax outgo for the quarter rose by 99% to ₹756 crore compared to ₹379 crore in Q3 FY20
HPCL also gained about ₹870 crore on account of foreign currency transactions
Oil marketing major Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported a net profit at ₹2,355 crore for the third quarter ended December 31, 2020.
It had recorded a profit of ₹747 crore during the same period of last fiscal year. However, the company's revenue dropped 2.9% year-on-year to ₹68,659 crore as compared to ₹70,042 crore reported a year before.
The earnings before interest, taxes, depreciation and amortisation (EBIDTA) for Q3 FY21 was ₹3,302 crore compared to ₹1,156 crore in Q3 FY20.
Pre-tax profit totalled ₹3,158 crore in Q3 against ₹1,151 crore in the same period last year. The company's tax outgo for the quarter rose by 99% to ₹756 crore compared to ₹379 crore in Q3 FY20.
In the nine months ended December 2020, the state-owned company recorded a net profit of ₹7,646 crore as compared to ₹2,610 crore in 9M FY20. Net sales declined by 22% to ₹1.57 lakh crore during the period.
Average gross refining margin during 9M FY21 was 2.35 dollars per barrel as against 1.85 dollars per barrel during the corresponding period of previous year.
The company also gained about ₹870 crore on account of foreign currency transactions.
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