Moneycontrol Bureau
State-run Hindustan Petroleum's June quarter loss has more than trebled to Rs 9,248 crore, Year-on-Year due to higher under-recoveries.
This loss is mainly due to the company which is entitled to subsidy,did not receive any cash compensation from the government for selling fuel products at subsidised rates. Also, the gross refining margins attributed to the loss by slipping to (-) 2.05/bbl when compared to $3.68/bbl, Quarter-on-Quarter.
The oil marketing company had posted a Rs 3080 crore loss in the corresponding quarter of FY12. Net Sales, however grew to Rs 44,076.5 crore versus Rs 40,798 crore (YoY)
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