Companies

HPCL prunes Q1 net loss at Rs 1,461 cr

Our Bureau New Delhi | Updated on August 12, 2013 Published on August 12, 2013

 

  

HPCL on Monday said its net loss during April-June 2013 has reduced to Rs 1,460.8 crore against a loss of Rs 9,248.80 crore in the same period previous year.

 

Total income of the company has increased to Rs 51,968.01 crore during the quarter under review as against Rs 44,710.17 crore in the same period last year.

 

During the current quarter, HPCL received Rs 3,485.71 crore (Rs 3,357.20 crore) as subsidy compensation from upstream companies. This is in addition to budgetary support offered by Government of Rs 1,822.14 crore during the same period. Last financial year, Government did not roll out subsidy in the first quarter resulting the company to report losses.

 

Average gross refining margin during the quarter ended June 30 were reported at $2.58 a barrel against negative $2.05 a barrel in the previous year.

 

HPCL realised marginally less crude thruput in the first quarter of 2013-14 at 3.44 million tonnes against 3.58 million tonnes in the same quarter previous year.

 

Siddhartha.s@thehindu.co.in

Published on August 12, 2013
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