Hindustan Petroleum Corp. Ltd. reported a consolidated net loss in the June quarter as marketing margins and other revenues fell.
The state-owned oil marketer reported a net loss of Rs 8,557 crore in the April-June period against a profit of Rs 2,018 crore in January-March. That compares with Bloomberg’s estimate of a profit of Rs 7,860 crore.
HPCL Q1 Results 2022-23: Key Highlights (QoQ)
Revenue increased 15% to Rs 1,21,496 crore
Ebitda loss at Rs 19,490 crore vs Rs 5,543 crore
Ebidta Margin at -16% vs -5.3%
Other income declined 72% to Rs 333 crore
Total expenditure declined by 1.3% to Rs 70,418 crore
Net loss of Rs 8,557 crore against profit of Rs 2,018.45 crore
Erosion of marketing margins on the sale of motor fuel and liquefied petroleum gas has affected the company’s profitability, according to a stock exchange filing on Saturday.
Other expenses include Rs 945 crore in foreign currency transactions and remittances. This stood at just Rs 71 crore last year.
Gross refining margin — what a company earns from turning a barrel of crude oil into fuel — was $16.69, up from $3.1 a year earlier.
Shares of HPCL rose 2.41% to Rs 250.70 apiece on Friday, even as the benchmark S&P BSE Sensex ended the day 0.15% higher at 58,387.93.