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Hindustan Petroleum Corp Ltd (HPCL) posted a net loss of ₹1,734 crore for the quarter ended December 31, compared with a net profit of ₹147 crore in the corresponding period last year.
HPCL Director (Finance) KV Rao said the company posted losses mainly on account of under-recoveries.
Under-recoveries on sale of sensitive petroleum products during October-December was ₹3,192 crore. The oil marketing company had lost ₹9,245 crore on gross under-recoveries by selling diesel and cooking gas below the market price in the third quarter.
It got ₹3,705 crore from upstream firms such as ONGC and ₹2,328 crore from the Government in subsidies, Rao said.
Sales grew to ₹57,753 crore in October-December from ₹55,165 crore a year ago.
The sale of petrol rose 9.4 per cent and that of diesel 3.7 per cent over the third quarter of the previous year — the highest growth among state-run oil marketing companies.
HPCL is currently implementing four pipelines – Rewari-Kanpur, Awa-Salawas, Uran-Chakan / Shikrapur and Mangalore-Hassan-Mysore.
On Tuesday, the company’s share closed at ₹249.10 on the BSE, up 2.93 per cent.
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