Hindustan Petroleum Corporation Ltd (HPCL) delivered a standout performance in Q3FY25, with consolidated net profit surging more than threefold to ₹2,543.65 crore from ₹712.84 crore a year earlier. This marked a significant rebound from the ₹142.67 crore profit posted in the previous quarter. While gross refining margins (GRMs)—a key profitability metric for refiners—fell to $6.01 per barrel from $8.49 per barrel a year ago, the company’s downstream fuel retailing earnings skyrocketed. The freeze on fuel prices, initially a pre-election move, turned into a strategic cushion for refiners as global crude oil prices declined. Operational highlights include processing 6.47 million tonnes of crude oil during the quarter, up from 5.34 million tonnes a year ago, and achieving a record quarterly sales volume of 12.87 MMT, an 8.2% growth year-on-year. Total sales for the April-December period hit an all-time high of 37.12 MMT, registering a 7.6% increase compared to the same period in 2023. HPCL’s statement attributed the strong results to robust operational efficiencies in both refining and marketing, alongside improved margins. Despite the dip in GRMs, the company has demonstrated resilience, leveraging operational scale and marketing strength to drive profitability. As HPCL navigates a mix of regulatory constraints and market dynamics, its strong sales growth and operational efficiency signal a well-positioned trajectory in India’s competitive energy landscape