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HPCL posts INR 46-Cr profit on higher Sales

Increase in domestic sales and lower interest costs along with a forex gain has helped HPCL post a INR 46-crore net profit for the fiscal 2014-15 fiscal. In the same quarter last year, the company had a loss of INR 1,460 crore.

Net sales up 15 Percent

The company’s net sales increased to INR 61,183 crore, a growth of 15 per cent against INR 53,243. This was due to a 3.3 per cent growth in sales of domestic petroleum products at 8.05 million tonnes.

Out of the products sold, petrol sales increased 9.4 per cent, aviation turbine fuel 10.4 per cent and high speed diesel 0.6 per cent over the same quarter last year.

On the production front, HPCL had a combined gross refining margin of $2.04 per barrel. In the same quarter last year, the company’s GRM was $2.58 per barrel.

Govt compensation

HPCL received a compensation of INR 2,516.41 crore from the Government for selling sensitive petroleum products at a loss. In the same quarter last year, the compensation was INR 1,822 crore. On Monday, HPCL’s shares closed 2.78 per cent higher on the BSE at INR 408.95.

Source-On Request