Hindustan Petroleum Corporation Ltd. (HPCL) turned a standalone net loss of ₹2,172 crore during the second quarter on higher input costs, depressed margins.
The company had recorded a net profit of ₹1,924 crore in the year-earlier period.
Revenue from operations at ₹ 1,14,172 crore, grew 30%.
“With changed input cost dynamics during Q2 FY22-23, the company was able to negotiate better prices and partially mitigate the effect of high costs. Nonetheless, high input costs and consequent depressed marketing margins continued to impact the profitability, resulting in net loss of ₹2,172 crore during the quarter (after factoring one-time grant towards LPG under-recoveries),” the company said.
In the April – September period, net loss was at ₹12,369 crore as compared to net profit of ₹ 3,719 crore in the same period last year.
HPCL reported consolidated net loss of ₹ 11,033 crore for the April-September period as compared to consolidated PAT of ₹3,923 crore in the year ago period.
