Millennium Post

HPCL posts robust Q3 results despite constraints

Hindustan Petroleum Corp Ltd (HPCL) on Friday reported a net loss of Rs 325.38 crore in the December quarter due to inventory losses.

While the company got full compensation for the revenue loss on LPG and kerosene, the slump in international oil prices meant that an inventory loss of Rs 1,800 crore in October-December,
HPCL Director (Finance) K V Rao told reporters here.

The inventory loss compared to an inventory gain of Rs 800 crore in the same quarter of
previous fiscal.

The company had posted a net loss of Rs 1,733.91 crore in third quarter of 2013-14 when it did not get fully compensated for fuel losses. He said the company had lost Rs 3,583 crore in revenue on selling LPG and kerosene at government controlled rates during third quarter.

To make up for this, the government gave cash subsidy of Rs 1,139 crore and another Rs 2,447 crore came from upstream firms like ONGC.

“With crude oil moving up, we are expecting no inventory loss during this quarter,” he said.
PTI

PTI

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