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Journalism of Courage
State-owned Hindustan Petroleum Corp Ltd (HPCL) today reported a 48 per cent jump in net profit for the quarter ended March 31,2011,on higher refinery margins.
HPCL net profit in the January-March quarter stood at Rs 1,122.66 crore against Rs 757.53 crore in the year ago period,the company said in a statement here.
Revenues soared 28 per cent to Rs 37,765.45 crore from Rs 29.429.68 crore in fourth quarter of the previous fiscal.
In 2010-11 fiscal,net profit was up 18.2 per cent to Rs 1,539.01 crore.
HPCL said it received Rs 8,976.28 crore in cash subsidy from the government for selling diesel,domestic LPG and kerosene below their imported cost.
During the fiscal,discount from upstream oil companies like ONGC amounted to Rs 6,637.55 crore.
