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 ₹633.94 crore in April-June compared with a profit of ₹6,765.50 crore a year back.

Net profit also declined sequentially compared with an earning of ₹2,709.31 crore in the January-March period.

Pre-tax earnings from downstream fuel retailing businesses slumped 90 per cent to ₹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.

ACC profit falls 22%

Cement maker ACC Ltd on Monday reported a decline of 22.46 per cent in its net profit to ₹361.40 crore in the first quarter ended June 2024.

The company had posted a profit of ₹466.14 crore in the April-June quarter a year ago.

Revenue from operations was marginally lower at ₹5,154.89 crore during the quarter under review. It was ₹5,201.11 crore in the corresponding period a year ago.

Adani Total net up 20%

Adani Total Gas Ltd on Monday reported a 20 per cent rise in the June quarter net profit, on the back of a rise in CNG and piped cooking gas sales.

The company reported a net profit of ₹177 crore in the April-June quarter compared with ₹148 crore in the same period a year back. Revenue from operations rose 9 per cent to ₹1,237 crore.

Jai Balaji net up 23%

Jai Balaji Industries has reported a 23 per cent increase in net profit at ₹209 crore for the first quarter of FY25 compared with the same period last year.

Revenue from operations grew 16 per cent to ₹1,718 crore, up from ₹1,483 crore a year ago. Adjusted EBITDA went up to 19 per cent in the quarter from 14 per cent a year ago.

“The company does not foresee any impact on its margins for the ongoing fiscal amid sluggish steel prices,” chairman and managing director Aditya Jajodia said.

With inputs from PTI