Hindustan Petroleum Corporation Ltd (HPCL) recorded a 25% decline in its net profit for the March quarter, attributed to lower refining margins. The company’s consolidated net profit stood at Rs 2,709.31 crore, down from Rs 3,608.32 crore in the same period last year. HPCL’s refining margin per barrel dropped to $6.93 from $8.50 in the previous quarter. Despite this, turnover increased to Rs 1.22 trillion. Additionally, HPCL’s board approved a bonus share issue of 1 share for every 2 held. For the fiscal year 2023-24, HPCL reported a record net profit of Rs 16,014.61 crore, compared to a loss of Rs 6,980.23 crore in the previous year.