The Hindu Business Line : HPCL Q2 net loss at Rs 22.14 cr

THE impact of high crude and product prices that could not be fully passed on to the consumers proved to be the undoing of Hindustan Petroleum Corporation Ltd (HPCL) as it posted a net loss of Rs 22.14 crore for the quarter ended September 30. This is against a net profit of Rs 294.31 crore that it had posted during the corresponding previous quarter.

The company had a second quarter net sales to the tune of Rs 16,864.9 crore as against Rs 13,522.67 crore a year ago. However, it was a significant improvement over the first quarter of the fiscal (April-June) when the company posted a net loss of Rs 507.89 crore on net sales of Rs 15,076.12 crore.

The second quarter also saw the company's expenditure on purchase of products for resale shoot up to Rs 11,610.5 crore as against Rs 7,731.29 crore last year. Interest cost during the quarter was at Rs 30.9 crore (Rs 21.38 crore) and depreciation at Rs 174.38 crore (Rs 151.54 crore).

The period saw HPCL have its crude throughput down at 3.06 million tonnes (3.85 million tonnes), market sales, including exports, at 4.56 million tonnes (4.79 million tonnes) and pipeline throughput at 1.54 million tonnes (1.65 million tonnes).

The HPCL share closed on BSE on Friday at Rs 306.50, having lost 1.38 per cent over the previous close of Rs 310.85.

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