Govt subsidy boosts HPCL net profit
| By BS Reporter
|
Beating the Street's estimates and supported by government subsidy, Hindustan Petroleum Corporation Ltd (HPCL) reported 12-fold increase in net profit for the quarter ended December 31. Net profit stood at Rs 2,725 crore against Rs 211 crore during the corresponding quarter last year.
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The company said it got a boost in the form of subsidy support of Rs 8,080 cr from upstream companies and Rs 503 cr from the government for selling petroleum products at government-controlled rates.
HPCL's gross under-recoveries stood at Rs 7,000 cr. Sales were up 41 per cent at Rs 47,917 cr, as against Rs 33,902.5 cr last year.
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Gross refining margins for the nine months from April to December were $2.62 per barrel, compared to $3.96 for April-December 2010.
The company’s shares closed the day at Rs 287.5, up 0.6 per cent, on the Bombay Stock Exchange.
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