HPCL slips 4%, nears 52-week low on net loss in September quarter
Shares of Hindustan Petroleum Corporation Limited (HPLC) slipped 4 per cent to Rs 203.55 on the BSE in Friday’s intra-day trade after the oil marketing company posted a consolidated net loss of Rs 2,172.14 crore in Q2FY23 (2022-23). The stock was now trading closer to its 52-week low of Rs 200, recorded on October 20, 2022.
The state-owned oil marketing company reported the second straight quarterly loss despite revenue rising 30 per cent to Rs 1.13 trillion. It had posted a consolidated net profit of Rs 1,923 crore in Q2FY22.
The company blamed depressed marketing margins on motor fuels and LPG as the main reason for its profitability being impacted over the latest quarter.
