HPCL Posts Profit Drop on Higher Costs
Hindustan Petroleum reported a nine percent drop in second-quarter profit due to higher tax expenses and a sharp spike in crude prices. Standalone net profit fell to 34.83 billion rupees as overall expenses climbed significantly.
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HINDUSTAN PETROLEUM CORP reported a 9% drop in standalone net profit to 34.83 billion rupees ($367.34 million) for the quarter ending September 30. The state-run refiner faced mounting pressures from higher tax expenses and surging raw material costs. Profitability fell from 38.30 billion rupees in the same period last year, marking a challenging start to the fiscal second-half earnings season for India's oil marketing sector.
