HPCL posts Rs 46-cr net profit

State-owned Hindustan Petroleum Corp (HPCL) on Monday reported a net profit of Rs 46 crore in the June quarter as compared to a net loss of Rs 1,460 crore in the same period last year, after it got compensated for almost all of the loss on fuel sales.

HPCL lost Rs 6,620 crore on selling diesel, domestic LPG and kerosene at government controlled rates in April-June. Of this, it got Rs 2,516 crore from the government as cash subsidy and another Rs 3,609 crore from upstream firms like Oil and Natural Gas Corporation, leaving an unmet loss of Rs 495 crore. "Despite not receiving full underrecovery compensation and lower throughput, it has been a good quarter for us,"Chairman and Managing Director Nishi Vasudeva told reporters here.