HPCL shares fell 1.87% to ₹340.80 on the NSE after announcing a ₹3,482.6 cr net profit for the July‑September quarter, a stark reversal from the ₹11,526 cr loss recorded in April‑June.
Operating revenue stood at ₹1.30 lakh cr, short of the ₹1.40 lakh cr estimate, yet EBITDA swung to a ₹9,075 cr gain from a ₹16,141 cr loss in Q1, though still shy of the expected ₹4,913 cr loss.
The turnaround came amid a 10% rise in combined petrol‑diesel sales to 7.78 MMT, though marketing margins for certain products were suppressed, the company said, keeping the gross margin at 13.8%.
Refining throughput hit 6.20 million tonnes, operating at 100% of combined capacity, with the Visakh plant at 95% and Mumbai at 109%, underscoring operational efficiency.
Total sales volume climbed 5.5% year‑on‑year to 12.73 MMT, with exports up 5.5%, and HPCL completed the 201‑km Haldia‑Panagarh LPG pipeline, now in pre‑commissioning.
Analysts note that the next‑quarter guidance is to maintain throughput and improve marketing margins, but caution that rising crude costs and regulatory shifts could weigh on profitability.