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HPCL on Thursday said it has recorded a loss of Rs 9,249 crore during April-June quarter of the current year against a loss of Rs 3,080 crore in the same period last year.
The loss during the quarter is primarily on account of absorption of under-recoveries on sale of sensitive petroleum products amounting to Rs 7,321 crore during the quarter.
Interest cost for the period was also higher at Rs 549 crore compared with Rs 264 crore during the same period previous year.
Inventory loss
During the quarter, the corporation also had inventory loss, because of a decline in international prices of crude and petroleum products, HPCL said in a statement.
HPCL has registered gross sales of Rs 46,406 crore during April-June this year against Rs 43,899 crore in the corresponding previous period — an increase of 5.7 per cent.
Domestic sales of petroleum products have increased to 7.44 million tonnes registering a growth of 6.9 per cent against the industry average growth of 4.2 per cent.
Sales of high speed diesel increased by 12.2 per cent and that of LPG by 8.2 per cent.
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