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HPCL Registers Inventory Loss This Year
Inventory losses pulled down HPCL’s net profit 56 per cent to Rs 925 crore in the first quarter of the current financial year.
“We had an inventory loss of Rs 1,595 crore in the first quarter of the current fiscal compared with an inventory gain of Rs 1,935 crore in the corresponding period of the previous year,” HPCL chairman and managing director M.K. Surana mentioned to media.
The net profit of the state-owned company in the April-June quarter came in at Rs 925 crore, lower than Rs 2,098 crore in the year-ago period.
Revenues, however, soared to Rs 59,891 crore from Rs 51,600 crore in the first quarter of the previous year.
