HPCL back in black, Q3 net at Rs 407cr

Hindustan Petroleum Corporation (HPCL) has reported a net profit of Rs 407.31 crore for the quarter ended December 31, 2006 as against a loss of Rs 1,077.75 crore in the corresponding quarter last year.

The turnaround is on the back of an over six-fold increase in other income to Rs 246.59 crore from Rs 34.45 crore in the corresponding quarter last year.

Net sales for the quarter stood at Rs 22,150.2 crore, higher by 21.29% over Rs 18,260.99 crore recorded in the December quarter of the last fiscal. Total income increased 22.31% to Rs 22,396.79 crore from Rs 18,311.34 crore in the year-ago period.

Earnings per share for the quarter stood at Rs 12.02 from a negative Rs 31.8 in the corresponding period last year.

Refining margins during the period almost doubled to $4.86 per barrel in the first nine months of the current fiscal from $2.54 per barrel in April-December 2005. State-owned upstream companies paid Rs 3,017.82 crore to HPCL during the nine months as discount on sale of crude oil, LPG and kerosene. Oil bonds worth Rs 3,932 crore were also given to the company by the government during the period.