HPCL net profit rises to Rs850 crore
Net profit in July-September was 166% higher than Rs318.92 crore a year ago
New Delhi: Hindustan Petroleum Corp. Ltd (HPCL) on Thursday reported more than doubling of its net profit in the September quarter on the back of subsidy support from the government.
Net profit at 850.31 crore, or 25.11 per share, in July-September was 166% higher than 318.92 crore, or 9.42 a share, net profit in the same period a year ago.
HPCL director (finance) K.V. Rao said the company bear only 8 crore loss on fuel sales after government gave cash subsidy of 1,403 crore and upstream firms like Oil and Natural Gas Corp. Ltd (ONGC) doled out 3,751 crore to meet under-recoveries on diesel and cooking fuels.
It earned $2.12 on turning every barrel of crude oil into product in Q2 as compared to $3.81 a barrel gross refining margin a year ago. The refining margin was lower on account of inventory loss as global oil prices slumped.
Turnover was marginally lower at 51,633.18 crore when compared with 51,903.66 crore.
HPCL’s refineries processed 4.49 million tonnes of crude oil in July-September, up from 3.89 million tonnes in the same period of previous fiscal. Sales too were higher at 7.36 million tonnes as against 7.20 million tonnes in Q2 2013-14, he said.
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