Hindustan Petroleum Corporation Ltd. (HPCL) has registered gross sales of Rs. 46,406 crores for April-June 2012 as against Rs. 43,899 crores in the corresponding previous period, an increase of 5.7 per cent. Domestic sales of petroleum products increased to 7.44 million tonnes, registering a growth of above 6.9 per cent over the first quarter of the previous year, as against the industry average growth of 4.2 per cent. Sales of high-speed diesel increased by 12.2 per cent and that of LPG by 8.2 per cent.
The refineries at Mumbai and Visakh processed 3.58 million tonnes of crude during April-June as against 3.97 million tonnes during the same period in 2011. The thruput was lower because of shutdown at both the refineries.
On the financial front, the loss for April-June 2012 was Rs. 9,249 crores (Rs. 3,080 crores). The loss during the quarter was primarily on account of absorption of under-recoveries on sale of sensitive petroleum products amounting to Rs. 7,321 crores. The interest cost for the period was also higher at Rs. 549 crores (Rs. 264 crores).
During the quarter the Corporation also incurred inventory loss because of a decline in international prices of crude and petroleum products.
The diesel hydrotreater projects at Mumbai and Visakh refineries are at an advanced stage and are expected to be completed by September end.