<p>Hindustan Petroleum Corporation Ltd (HPCL) on Friday reported a 79 per cent jump in its March quarter net profit on the back of a recovery in fuel marketing margins and better refining margins.</p>.<p>Consolidated net profit was at Rs 3,608.32 crore in January-March compared with Rs 2,018.45 crore in the same period a year back, according to a company's stock exchange filing.</p>.<p>The company however posted a loss of Rs 6,980.23 crore for the full fiscal year 2022-23 (April 2022 to March 2023) after it suffered huge losses in the first half on holding petrol, diesel and LPG prices despite a surge in cost.</p>.<p>It continues to hold prices but a fall in international oil prices has meant that it is making healthy margins now.</p>.<p>Petrol and diesel prices have been on a freeze since April 6 last year. The basket of crude oil that India imports was over USD 100 per barrel in April last year and is now around USD 75-76.</p>.<p>Crude oil is processed in refineries such as ones owned by HPCL at Mumbai and Vizag in Andhra Pradesh into fuel.</p>.<p>While the prices have fallen, the company, just like other state-owned firms - Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) - continues to hold rates to recoup losses suffered in the first half of the fiscal year.</p>.<p>Sales income was up 9 per cent at Rs 1.14 lakh crore in January-March.</p>.<p>For the full fiscal, the income came at Rs 4.64 lakh crore as compared to Rs 3.72 lakh crore in 2021-22.</p>.<p>The company earned USD 12.09 on turning every barrel of crude oil into fuel in 2022-23 as compared to a gross refining margin of USD 7.19 per barrel.</p>.<p>Fuel sales were marginally up at 10.92 million tonnes in January-March from 10.26 a year back while exports fell to 0.19 million tonnes as compared to 0.41 million tonnes in January-March 2022.</p>
<p>Hindustan Petroleum Corporation Ltd (HPCL) on Friday reported a 79 per cent jump in its March quarter net profit on the back of a recovery in fuel marketing margins and better refining margins.</p>.<p>Consolidated net profit was at Rs 3,608.32 crore in January-March compared with Rs 2,018.45 crore in the same period a year back, according to a company's stock exchange filing.</p>.<p>The company however posted a loss of Rs 6,980.23 crore for the full fiscal year 2022-23 (April 2022 to March 2023) after it suffered huge losses in the first half on holding petrol, diesel and LPG prices despite a surge in cost.</p>.<p>It continues to hold prices but a fall in international oil prices has meant that it is making healthy margins now.</p>.<p>Petrol and diesel prices have been on a freeze since April 6 last year. The basket of crude oil that India imports was over USD 100 per barrel in April last year and is now around USD 75-76.</p>.<p>Crude oil is processed in refineries such as ones owned by HPCL at Mumbai and Vizag in Andhra Pradesh into fuel.</p>.<p>While the prices have fallen, the company, just like other state-owned firms - Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) - continues to hold rates to recoup losses suffered in the first half of the fiscal year.</p>.<p>Sales income was up 9 per cent at Rs 1.14 lakh crore in January-March.</p>.<p>For the full fiscal, the income came at Rs 4.64 lakh crore as compared to Rs 3.72 lakh crore in 2021-22.</p>.<p>The company earned USD 12.09 on turning every barrel of crude oil into fuel in 2022-23 as compared to a gross refining margin of USD 7.19 per barrel.</p>.<p>Fuel sales were marginally up at 10.92 million tonnes in January-March from 10.26 a year back while exports fell to 0.19 million tonnes as compared to 0.41 million tonnes in January-March 2022.</p>