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MUMBAI : State-run Hindustan Petroleum Corp. Ltd posted over three-fold rise in net profit to 2,355 crore for the December quarter against a net profit of 747 crore in the same year-ago period.

Revenue from operations, however, declined 2% year-on-year from 70,042.2 crore to 68,659.2 crore, but beat estimates.

At the operating level, its earnings before interest, tax, depreciation and amortization (Ebitda) increased nearly three-fold to 3,301.9 crore in the December quarter, compared with 1,155.9 crore in the the year-ago quarter. Ebitda margin expanded to 4.8% from 1.7% during the period, supported by lower raw material and finance cost, it said. HPCL’s stock was up 1.58% to 228.75 on the BSE post-results.

The company said December recorded highest consumption of petroleum products since January 2020. Demand of petroleum products for the April-December period reached 88% of the year-ago period.

The combined gross refining margin (GRM) for April-December 2020 was $2.35 per barrel compared with $1.85 per barrel in the year-ago period. The combined GRM for the October-December period was at $1.87 per barrel compared to $1.79 per barrel in the year-ago period.

Continued weakness in product cracks, however, kept refinery margins low, it said.

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