Moneycontrol Bureau
Hindustan Petroleum Corporation (HPCL) has reduced its net loss to Rs 325.4 crore in October-December quarter from Rs 1,734 crore in the year-ago period.
Net sales declined 7.8 percent to Rs 51,045 crore in December quarter compared to Rs 55,381 crore in same quarter last fiscal.
The state-run oil retailer says it has accounted for budgetary support of Rs 5,058 crore for April-December quarter against under-recoveries on sale of sensitive petroleum products. During the same period, gross refining margin declined to USD 1.04 a barrel from USD 2.94 a barrel on yearly basis.
Finance cost in Q3 went down to Rs 237 crore from Rs 359.4 crore in the year-ago period while there was a tax write back of Rs 173.3 crore during the quarter against nil in same quarter last year.
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