Corporate Results
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Petroleum
HPCL posts net loss of Rs 3,219 cr on high crude prices
Our Bureau
New Delhi, Oct. 31
Hindustan Petroleum Corporation Ltd (HPCL) has posted a net loss of Rs 3,218.92 crore for the second quarter of the current fiscal against a net profit of Rs 853 crore in the corresponding period last fiscal.
However, the company reported an increase in net sales to Rs 35,462.22 crore (Rs 24,234.44 crore).
For the half-year ended September 30, the company reported a net loss of Rs 4,107.04 crore against a net profit of Rs 766.10 crore during the corresponding period last year. The company’s net sales rose to Rs 70,211.54 crore (Rs 46,116.14 crore).
According to the company, the financial results for the first half of the current fiscal have been affected due to high crude and product prices which could not be fully passed on to the consumers.
Under-recoveries
The under-recoveries on sale of petrol, diesel, kerosene and cooking gas for the period (first half) was partly compensated by way of discounts from the upstream companies amounting to Rs 5,376.24 crore, and in principal approval of the Government for issuance of oil bonds amounting to Rs 9,336.24 crore.
HPCL’s gross refining margin for the first half of the current fiscal stood at $5.82 a barrel.
The company’s shares on the BSE closed at Rs 190.85 on Friday.
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