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HomeMarketResultsHindustan Petroleum posts consolidated net loss of Rs 2,172 crore in Q2

Hindustan Petroleum posts consolidated net loss of Rs 2,172 crore in Q2

In a pointy fall in fortunes, Restricted (HPCL) posted a consolidated internet lack of Rs 2,172.14 crore in Q2 FY23 (2022-23) as towards a internet revenue of Rs 1,923.51 crore in Q2 FY22. The corporate blamed depressed advertising margins on motor fuels and as the principle cause for its profitability being impacted over the newest quarter.

Sequentially, the July-September quarter represented the second straight quarterly loss for the corporate regardless of income rising 30 per cent to Rs 1.13 trillion.

Internet gross sales (excluding excise responsibility) jumped 30.5 per cent to Rs 1.08 trillion within the newest quarter, up from Rs 82,774 crore posted within the corresponding quarter of the earlier monetary 12 months.

Nevertheless, whole bills additionally elevated by 36.6 per cent YoY to Rs 1.17 trillion in Q2, on account of greater uncooked materials prices which went up 2.6 occasions YoY, the corporate mentioned on Thursday. Greater prices of purchases of stock-in-trade, up 9.2 per cent YoY over the quarter, additionally contributed to this.

The corporate reported a pre-tax lack of Rs 2,893 crore in Q2 FY23 as in comparison with a revenue earlier than tax of Rs 2,361.24 crore reported in Q2 FY22.

suffered a loss regardless of taking into consideration a one-time grant the Centre had introduced on October 12 for oil majors to make up for the losses incurred on promoting cooking fuel beneath its value within the final two years. In its quarterly report, acknowledged it had obtained Rs 5,617 crore “to compensate under-recoveries incurred on the sale of home in the course of the monetary 12 months 2021-22 and present interval”.

Whereas home gross sales rose 12.3 per cent to 9.87 MMT, exports improved 67.7 per cent to 0.52 MMT in Q2 FY23 over Q2 FY22.

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