Hindustan Petroleum Corp Ltd (HPCL) today reported more than doubling of its net profit in September quarter on back of subsidy support from the government.
Net profit at Rs 850.31 crore, or Rs 25.11 per share, in July-September was 166 per cent higher than Rs 318.92 crore, or Rs 9.42 a share, net profit in the same period a year ago.
HPCL Director (Finance) K V Rao said the company bear only Rs 8 crore loss on fuel sales after government gave cash subsidy of Rs 1,403 crore and upstream firms like ONGC doled out Rs 3,751 crore to meet under-recoveries on diesel and cooking fuels.
It earned USD 2.12 on turning every barrel of crude oil into product in Q2 as compared to USD 3.81 per barrel gross refining margin a year ago. The refining margin was lower on account of inventory loss as global oil prices slumped.
Turnover was marginally lower at Rs 51,633.18 crore when compared with Rs 51,903.66 crore.
HPCL's refineries processed 4.49 million tons of crude oil in July-September, up from 3.89 million tons in the same period of previous fiscal. Sales too were higher at 7.36 million tons as against 7.20 million tons n Q2 2013-14, he said.
