HPCL out of the red in Q1 with Rs.46 cr net profit

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SME Times News Bureau | 12 Aug, 2014
State oil marketer Hindustan Petroleum Corp (HPCL) Monday announced it had come out of the red with a net profit of Rs.46.04 crore for the first quarter ended June 30, as compared to a net loss of Rs.1,460.48 crore for the like quarter of the previous year.

The company's total income increased to Rs.59,413.66 crore during the quarter from Rs.51,968 crore for the like quarter in the previous year.

HPCL registered an increase in gross sales at Rs.66,739 crore for the second quarter of the fiscal, as against Rs.53,242.5 crore in the previous corresponding period.

The government Monday announced it will pay state-run oil marketers Indian Oil (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) Rs.11,000 crore in subsidy for the first quarter of this fiscal to recover losses incurred on selling fuel below cost.

HPCL's share of the government subsidy will be Rs.2,517 crore, while its share of the upstream companies transfer on this account is Rs.3,608.88 crore.

HPCL stock closed Monday at Rs.408.95 a share, 11.05 points or 2.78 percent higher than its previous close on the BSE.