HPCL Q2: Net loss Rs 2,172 crore, revenue down 5% QoQ
- On November 3, state-owned oil retailer Hindustan Petroleum Corporation (HPCL) announced a standalone net loss of Rs 2,172 crore for the September 2022 quarter, down from Rs 10,197 crore in June.
- Last fiscal quarter, the company earned Rs 1,923 crore.
Revenue fell 5.3 percent sequentially to Rs 1.08 lakh crore from Rs 1.14 lakh crore in June. Revenue rose 30% year-over-year.
- The business said the Government of India authorised a one-time gift of Rs 5,617 crore to compensate under-recoveries on domestic LPG sales between financial year 2021-22 and current period, which was acknowledged in July–September 2022.