HPCL Q2 net dips 33.69%

BS 200 SCORECARD

Hindustan Petroleum Corporation Ltd has recorded a 33.69 per cent drop in its net profit at Rs 294.31 crore for the quarter ended September 30, 2004, compared with Rs 443.84 crore in the same quarter of previous year.

The oil refining and marketing companies have been affected due to high volatility in the global crude oil prices, unable to increase prices of transportation fuels at retail level as well as subsidising the price of liquefied petroleum gas (LPG) and kerosene as per the scheme approved by the government in January 2003.

However, net sales rose to Rs 13,522.67 crore compared with Rs 11,683.92 crore in the second quarter ended September 2003.

The company's total expenditure has jumped to Rs 12,909.75 crore during the quarter under review as against Rs 10,931.38 crore in the corresponding quarter of previous year while its other income has dropped to Rs 70.01 crore compared with Rs 101.81 crore in the same quarter of previous year.

HPCL has informed the stock exchange that its "future profit is subject to variation on account of fluctuations in the prices of crude and petroleum products in the international market."

The company's gross refining margin during the half year ended September 2004 for the Mumbai refinery was $4.85 per barrel ($3.6 per barrel in the first half of previous year) and for Visakha refinery it was $6.60 per barrel ($3.2 per barrel in the previous year).

During the first half of, an amount of Rs 557.52 crore has been accounted towards discount receivables from ONGC/ Gail on purchase of crude oil/ LPG/ kerosene as a part of their share of under recovery on LPG (domestic) and kerosene (for PDS).