Despite lower marketing margins and a drop in other income, Hindustan Petroleum Corp. Ltd.'s consolidated net loss narrowed in the September quarter.
The state-run oil marketer reported a net loss of Rs 2,475.7 crore in the July-September period, compared with a loss of Rs 8,557 crore in the April-June period.
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Revenue from operations fell 6% to Rs 1,14,217.5 crore, despite recognising Rs 5,617 crore granted as one time compensation by the government towards under recoveries on LPG in FY22 and the current fiscal as part of revenue.
Ebitda loss was at Rs 7,269.7 crore compared to Rs 19,490 crore.
Ebidta margin stood at -6.4% versus -16%.
Other income dropped 16.16% to Rs 280 crore.
Total expenditure dropped 13% to Rs 117429 crore.
Net loss of Rs 2475.7 crore against Rs 8,557 crore.
The average gross refining margin for the period April to September 2022 was lower at $12.62 per barrel, compared with $16.69 per barrel in the June quarter and $2.87 per barrel a year earlier, the company said in its results filing to the BSE.
This is before factoring in the impact of the special additional excise duty and road and infrastructure cess levied on the export of select petroleum products, effective July 1, 2022, it said.
During the September quarter, the company's profit was hurt by lower profit margins on motor fuels and liquefied petroleum gas.
The refiner has also recognised the Rs 5,617 crore granted by the Government of India as one-time compensation for under-recoveries incurred on sale of domestic LPG in FY22 and the current period in the September quarter.
On Thursday, HPCL shares fell 1.79% to Rs 210.85 apiece as the benchmark BSE Sensex closed 0.11% lower.
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