HPCL Q1 Results: OMC reports net loss of Rs 10,196 crore

NEW DELHI: HPCL on Saturday reported a huge net loss of Rs 10,196 crore loss for June quarter compared with profits of Rs 1,900.80 crore in March and Rs 1,878.46 crore in the corresponding quarter last year.

Total income for the quarter jumped 55.8 per cent YoY to Rs 1,21,788.50 crore compared with Rs 78,182 crore in the same quarter last year.

The big losses were on account of erosion in marketing margins on motor fuel and LPG, the company said in a BSE

filing. Besides, the company incurred Rs 945.40 crore towards loss on account of foreign currency transactions.

The average gross refining margin for the quarter stood at $16.69 a barrel level against $3.31 per barrel an year ago.

Operating profit margin for the quarter stood at minus 11.19 per cent against 0.96 per cent in March and 2.65 per cent in the year-ago quarter.

Meanwhile, the company board of directors approved the proposal for seeking approval of the company members at the ensuing Annual General Meeting of the Company, for increase in the borrowing limits from existing Rs 30,000 crore to Rs 50,000 crore, in excess of aggregate of the paid-up share capital and free reserves of the company. This would be apart from temporary loans obtained from the company’s bankers in the ordinary course of business and for creation of provision of security on the said borrowing.

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