HPCL reports back-to-back quarterly losses; posts Rs 2,172 cr loss in Q2
Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported Rs 2,172.14 net loss in July-September after losses arising from freezing petrol and diesel prices couldn't be made up by accounting for a one-time government grant that came after the quarter had ended.
Standalone net loss of Rs 2,172.14 crore in the second quarter of the current fiscal year compares to Rs 1,923.51 crore profit in the same period last year, according to the company's filing to the stock exchanges.
This is the first time that the company posted a back-to-back quarterly loss. HPCL posted a record of Rs 10,196.94 crore in the April-June quarter.
Just like HPCL, Indian Oil Corporation (IOC) - the nation's largest oil firm - too had posted a second straight quarterly loss as state-owned firms sold petrol, diesel and cooking gas (LPG) at rates below cost to help the government contain inflation.
The loss in the second quarter of the current fiscal was despite accounting for a one-time grant that the governm