Hindustan Petroleum Corporation Ltd., or HPCL, India's third largest integrated oil refining and marketing company, reported more than twelve-fold increase in its net profit for the third-quarter. However, the company has not offered any specific reason for the robust growth in profit for the quarter.
The Mumbai-based company's third-quarter net profit rose more than twelve-fold to Rs.2,725.18 crore or Rs.80.48 per share, compared with Rs.211.03 crore or Rs.6.23 per share in the corresponding quarter last year.
For the quarter, the company's net sales increased by 41 percent to Rs.47,917.37 crore from the Rs.33,902.50 crore last year, while other operating income amounted to Rs.130.08 crore, compared with Rs.153.49 crore a year ago.
During the quarter, crude throughput was 4.08 MMT, marginally down from 4.10 MMT in the year-ago quarter, while pipeline throughput rose to 3.49 MMT from 3.24 MT in the previous year quarter.
Apr-Dec 2010 Period
Gross refining margins during the current nine months were $2.62 per barrel, compared to $3.96 for the period April-Dec 2010.
Prices of LPG (domestic) and SKO (PDS) are subsidized as per the scheme approved by the Government of India. Subsidy amounting to Rs.500.34 crore, compared with Rs.480.59 crore in the corresponding period last year has been accounted at 1/3rd of the subsidy rates for 2002-03 as approved by the government, HPCL said.
The company said under-recovery on MS, HSD, SKO (PDS) and LPG-Domestic for the nine months was partially compensated by way of (a) discounts from upstream oil companies, namely, ONGC and GAIL, amounting to Rs.9,857.08 crore in respect of crude oil/LPG/SKO purchased from them, compared to Rs.4,579.87 crore for nine months ended December 2008.
During the nine month, discount from upstream oil companies--ONGC and GAIL--amounting to Rs.8,079.62 crore, compared with Rs.3,419.87 crore, in respect of crude oil/LPG/SKO purchased from them has been accounted.
At the BSE, HPCL closed Thursday's trading at Rs.287.50, up by Re.1.70 or 0.59 percent on a volume of 1,11,000 shares.
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