Public sector undertaking Hindustan Petroleum Corporation Ltd (HPCL) reported a Rs 924.75-crore net profit for the first quarter of financial year 2017-2018. This is less than half the Rs 2,098 crore net profit reported for the corresponding quarter of the last financial year.

The oil refiner also incurred a hit in Gross Refinery Margins. GRM for the quarter ending June 30 stood at $5.86 per barrel during the current fiscal. The GRM was $6.83 per barrel in the last financial year.

Total income for the quarter, however, grew to Rs 60,545 crore. This stood at Rs 51,936 crore during the corresponding quarter of the last fiscal.