HPCL reported net loss of Rs 320.50 crore in Q2 September 2015 compared with net profit of Rs 850.21 crore in Q2 September 2014. Total income fell 18.43% to Rs 42367.60 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 9 November 2015.
During Q2 September 2015, the company accounted for zero subsidy from the Government of India (GOI) on sale of PDS Kerosene and domestic liquified petroleum Gas (LPG) compared to subsidy of Rs 366.25 crore received from the GOI during Q2 September 2014. During Q2 September 2015, discount from ONGC amounted to Rs 377.99 crore on purchase of crude oil. During Q2 September 2014, discount amounted to Rs 7359.63 crore from ONGC and GAIL India, on purchase of kerosene, crude oil and domestic LPG from them. Based on the approval from GOI, the company has accounted for budgetary support of Rs 840.89 crore during Q2 September 2015 towards under-recovery on sale of PDS kerosene. During Q2 September 2014, budgetary support amounted to Rs 3918.95 crore towards under-recoveries on sale of kerosene, LPG and diesel.
Oil India's net profit rose 10.92% to Rs 674.80 crore on 12.82% rise in total income to Rs 2956.51 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 9 November 2015. Oil India's net revenue was adversely impacted to the tune of Rs 84.50 crore in Q2 September 2015 on account of the sharing of under-recoveries of downstream oil companies. There was an adverse impact of Rs 2238.30 crore on net revenue due to the sharing of under-recoveries of downstream oil companies during the corresponding period of the previous year.
Among key corporate earnings, Hindalco Industries and NMDC are scheduled to unveil their Q2 September 2015 earnings today, 10 November 2015.
Hindalco Industries' subsidiary Novelis yesterday, 9 November 2015 reported a net loss of $13 million for second quarter of fiscal year 2016. Excluding tax-effected special items, the company reported net income of $25 million
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