HPCL Q3 PAT at Rs 2725cr boosted by govt subsidy

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HPCL Q3 PAT at Rs 2725cr boosted by govt subsidy

State run Hindustan Petroleum (HPCL) has posted a net profit of Rs 2725 crore for the December quarter as against Rs 211 crore, year-on-year

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Moneycontrol Bureau

State run Hindustan Petroleum (HPCL) has posted a net profit of Rs 2725 crore for the December quarter as against Rs 211 crore, year-on-year. The oil retailer in an earnings statement said it got a boost in the form of subsidy support of Rs 8080 crore from upstream companies and Rs 503.34 crore from the government for selling petroleum products at government controlled rates.

The results are much ahead of CNBC-TV 18 poll, which had estimated HPCL to post a net loss of Rs 700 crore, assuming a lack of cash subsidy from the government during the quarter for selling diesel and cooking fuels at discounted prices.

HPCL's gross under-recoveries for the quarter stood at around Rs 7,000 crore.

Meanwhile, sales of the company also went up 41% to Rs 47917 crore, y-o-y. Shares of the company closed the day at 287.50, marginally up before the company announced its quarterly earnings.