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regular-article-logo Thursday, 25 April 2024

HPCL slips after recording loss of Rs 2172 crore in Q2

Indian Oil Corporation, the nation’s largest oil firm too had posted a second straight quarterly loss

Our Special Correspondent New Delhi Published 04.11.22, 01:42 AM

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Hindustan Petroleum Corporation (HPCL) on Thursday reported back-to-back quarterly losses for the first time.

The state-owned refiner suffered a Rs 2,172.14 net loss in July-September after losses from a freeze on petrol and diesel prices couldn’t be made up by accounting for a one-time government grant that came after the quarter had ended.

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The Q2 loss compares with Rs 1,923.51 crore profit in the same period last year. HPCL posted a record loss of Rs 10,196.94 crore in the April-June quarter.

Just like HPCL, Indian Oil Corporation (IOC) — the nation’s largest oil firm — too had posted a second straight quarterly loss as state-owned firms sold petrol, diesel and cooking gas (LPG) at rates below cost to help the government contain inflation.

HPCL said it received Rs 5,617 crore “to compensate under-recoveries incurred on the sale of domestic LPG during the financial year 2021-22 and current period, which has been duly recognised in July-September 2022”.

For the first half of the current fiscal, HPCL now has a cumulative standalone net loss of Rs 12,369.08 crore — double the Rs 6,683.14 crore net profit it had earned in the full 2021-22 (April 2021 to March 2022) fiscal.

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