State-owned oil retailer Hindustan Petroleum Corporation (HPCL) on November 3 reported a standalone net loss of Rs 2,172 crore for the quarter ended September 2022, against loss of Rs 10,197 crore recorded in the June quarter.
The company had posted a profit of Rs 1,923 crore in the same quarter last fiscal.
During the quarter, the company’s revenue declined 5.3 percent sequentially to Rs 1.08 lakh crore from Rs 1.14 lakh crore in the June quarter. However, revenue jumped 30 percent year-on-year.
“OMCs are likely to report huge losses for the 2nd consecutive quarter due to continued high marketing under-recoveries, normalisation of refining margin, and huge inventory losses,” JM Financial had said in a preview note.
The Government of India recently approved a one-time grant of Rs 5,617 crore to compensate under-recoveries incurred on sale of domestic LPG during financial year 2021-22 and current period, which was duly recognized in July – September 2022, the company said.
Average gross refining margin (GRM) for the period April-September 2022 was $12.62 per bbl as against $2.87/bbl in the same period last year. This is before factoring the impact of Special Additional Excise Duty, the company added.
The stock closed at Rs 210.75 per share on the NSE, down 1.84 percent.
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