Hindustan Petroleum Corporation (HPCL) is back in the black in the June quarter as the freeze on petrol and diesel prices was lifted, helping turn the marketing margin positive.
The net profit of Rs 6,203.90 crore compared with Rs 10,196.94 crore of loss in the same period a year back.
The profit was over 92 per cent higher than a net profit of Rs 3,222.62 crore in the preceding quarter.
Last year, HPCL and other government-owned fuel retailers — Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) —froze retail petrol and diesel prices to cushion domestic consumers from rising international oil rates. The freeze led to the three retailers suffering heavy losses in not just the April-June 2022 period but also in the subsequent quarter.
Margins on petrol and diesel turned positive following softening of international oil prices in the June quarter, but rates were not revised, and the companies recouped losses they incurred last year.
Titan profit down 4%
Leading jewellery and watchmaker Titan has reported a 4.3 per cent drop in its consolidated net profit at Rs 756 crore in the June quarter.
The company posted a net profit of Rs 790 crore in the April-June period last fiscal.
However, its sales increased 20.9 per cent to Rs 10,851 crore against Rs 8,975 crore in the corresponding quarter a year ago.
Titan’s total expenses stood at Rs 11,009 crore, up 30.82 per cent year-on-year.
Total income in the June quarter rose 26.6 per cent to Rs 12,011 crore, including other operating revenues.