HPCL posted earnings which best most estimates with a massive 112 times surge in net profit at Rs.3018 crore v/s Rs.27 crore (YoY) on an 26% rise in gross revenue at Rs.89,905 crore.

What really helped was the jump in GRM and inventory gain. A 23% jump in oil prices during Q4 led to an inventory gain of Rs.4051 crore v/s loss of Rs.2885 crore (YoY).

Its average Gross Refining Margin (GRM) was at $3.86 per BBL v/s $1.02 per BBL.

It ended FY21 with a record profit of Rs 10,664 crore v/s Rs.2637 crore.

The stock today opened 6% higher at Rs.282, and went on to hit a new high at Rs.288.15 on the back of almost 3.5 times surge in volumes.

BPCL is scheduled to announce its performance next week, on 26th May.