Hindustan Petroleum Corporation Ltd (HPCL) recorded net profit of Rs 1,590 crore for the period October-December, 2016 against a PAT of Rs 1,041 crore for the corresponding period of previous financial year. This is 126 per cent higher than Q2 of current year and 53 per cent higher than corresponding quarter of last year, the company said in a press release.

The increase in profit is due to higher domestic market sales and inventory gain compared to corresponding period of last year. The gross sales was Rs. 55,471 crore during October-December, 2016 as compared to Rs. 48,254 crore for the period October-December, 2015

The refineries at Mumbai and Visakh processed 4.66 million tonnes of crude during October-December, 2016 as against 4.57 million tonnes during October-December, 2015. The combined GRM during the period October-December 2016 was $ 6.38 per barrel as compared to $ 7.86 per barrel in the corresponding previous period primarily due to decease in cracks. At its board meeting, HPCL declared an interim dividend of Rs. 22.50 per share resulting in a total payout of Rs 2,751 crore including dividend distribution tax.

The stock closed down 5.6 per cent on the BSE on Tuesday at Rs 545.75.