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Finance Chart | March 2013

HPCL Q3 net falls despite high operating income

Hindustan Petroleum Corporation's net profit declined to Rs 147 crore in the third quarter of 2013-14 from Rs 2,725 crore reported a year ago. The company attributed the 95 per cent decline in profit to a high base in previous period as the profit in October-December quarter of 2011-12 was boosted by compensation for under-recoveries on sales of sensitive petroleum products of earlier quarters. The company's total income in the third quarter ended December 2012 was Rs 52,751 crore, up 10 per cent from a year ago. HPCL said that its accumulated loss has decreased from Rs 6,922 crores as of September, 2012 to Rs 6,775 crores for the period April-December, 2012. The government has approved payment of an additional cash of Rs 25,000 crore to state run oil marketers to make up for the revenue they lost on selling auto and cooking fuel below cost this fiscal. Of the Rs 25,000 crore, HPCL would get Rs 5,538 crore. Its average gross refining margins (GRMs) for the first nine months ended December was at $1.46 per barrel as against $2.17 in the corresponding period last fiscal.
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