Representative image
Representative image

Shares of Hindustan Petroleum Corporation Ltd (HPCL) on Friday jumped over 8 percent after the company reported its March quarter net profit soaring many folds.

It rallied 8.14 percent to Rs 288.15 -- its 52-week high -- on BSE.

On NSE, it jumped 8.22 percent to its 52-week high of Rs 288.30.

HPCL on Thursday reported its March quarter net profit soaring many folds to Rs 3,018 crore on the back of inventory gains and rise in refining margins.

The company had a net profit of Rs 27 crore in January-March 2020.

"Enhanced profitability was a result of robust operational performance, improvement in refinery margins helped by inventory gains and favourable exchange rate variations," HPCL Chairman and Managing Director M K Surana told reporters.

For the full 2020-21 fiscal year (April to March), HPCL posted a record net profit of Rs 10,664 crore as compared to Rs 2,637 crore for the previous year.

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Free Press Journal