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Lower under-recoveries on sale of petroleum products and higher refining margins helped state-run Hindustan Petroleum Corporation Ltd (HPCL) narrow its net loss for the April-June quarter.
During the quarter, the company posted an 84 per cent drop in net loss at Rs 1,460 crore against a net loss of Rs 9,249 crore for April-June 2012.
Gross sales increased 14.7 per cent at Rs 53,243 crore against Rs 46,406 crore in the year-ago period.
The refineries at Mumbai and Visakhapatnam processed 3.44 million tonnes of crude oil during April–June against 3.6 million tonnes during April–June 2012. The combined gross refining margin during the quarter was $2.58 a barrel.
