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Home / Business / HPCL slips after recording loss of Rs 2172 crore in Q2

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

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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