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