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HPCL Q1 profit jumps to Rs 2,814 crore, but revenue falls 43% QoQ –

The year-on-year decline in revenue from operations was 46.9 percent.

State-owned oil retailer Hindustan Petroleum Corporation (HPCL) on August 6 reported a standalone profit at Rs 2,813.8 crore for the quarter ended June 2020, a sharp rise from Rs 26.8 crore in March quarter and Rs 811 crore in June quarter 2019.

Profit was boosted by strong operating income due to lower overall expenses amid COVID-19-led lockdown.

Revenue from operations for the quarter at Rs 37,721 crore fell sharply by 43 percent compared to Rs 66,154.9 crore in March quarter. The year-on-year decline was 46.9 percent.

“The COVID-19 pandemic is globally inflicting high economic and human costs causing a slowdown of economic activity. Specific to the Corporation, it did have an impact on the sales of the Corporation in the months of April and May 2020, though substantial recovery is seen in June 2020,” HPCL said in its BSE filing.

On the capex front, the company expects to go ahead with its committed projects. “The Corporation has adequate fund based limits with consortium as well as non-consortium banks apart from an option to tap other resources for meeting its fund requirements, as such there are no liquidity concerns.”

The earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Rs 4,353.6 crore for the June quarter against EBITDA loss of Rs 706.8 crore in March quarter.

First Published on Aug 6, 2020 05:59 pm