State-owned Hindustan Petroleum Corporation Ltd (BPCL) on Monday reported a massive 90 per cent drop in net profit in the June quarter, as refinery margins fell and a fuel price reduction slashed marketing margins.
HPCL reported a consolidated net profit of Rs 633.94 crore in April-June -- the first quarter of the current 2024-25 fiscal year -- compared to a profit of Rs 6,765.50 crore a year back, according to a stock exchange filing by the company.
Net profit also declined sequentially, when compared to an earning of Rs 2,709.31 crore in the January-March period.
Pre-tax earnings from downstream fuel retailing businesses slumped 90 per cent to Rs 907.86 crore.
The company and other state-owned fuel retailers -- Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (HPCL) -- had last year made extraordinary gains from holding petrol and diesel prices despite a drop in cost.
The price freeze was justified in the name of recovering losses BPCL and other two retailers ha
