State oil marketer Hindustan Petroleum Corporation Limited (HPCL) on Tuesday declared a 94.60% drop in third quarter net profit to Rs 147.11 crore as compared to Rs 2,725.18 crore for the quarter ended December 2011.
HPCL's total income increased by 11.23% to Rs 53,618.52 crore for the quarter ended December 2012 from Rs 48,203.65 crore for the corresponding quarter of the last fiscal.
Quarter-on-quarter, the company posted a 93.68% fall in net profit of Rs 147.11 crore for the quarter ended Dec 31, 2012, as compared to Rs 2,327.09 crore for the quarter ended Sep 30, 2012.
HPCL registered an increase of 13.7% in gross sales at Rs 151,798 crore for the period April-December, 2012, as against Rs 133,474 crore in the corresponding previous period.
The company said domestic sales of petroleum products increased during this period to 21.43 million tonnes, registering a growth of over 4.9%, as against the industry average of 4.3%.
Diesel sales increased by 9.4% and petrol by 5% over the corresponding period of the previous financial year.
The company's average gross refining margins (GRMs) for the fiscal's first nine months ended December 2012 stood at $1.46 per barrel compared to GRMs of $2.17 in the corresponding period last fiscal.
HPCL's accumulated losses fell to Rs 6,774.60 crore for the period April-December, 2012, from Rs 6,921.71 crore as of September 2012.
The company said it had accounted for budgetary support of Rs 12,204 crore during the first nine months of the current fiscal compared to Rs 9,857 crore accounted in the corresponding period last fiscal for sale of sensitive petroleum products below cost price.
It also said diesel hydrotreaters at its Mumbai and Visakh (Andhra Pradesh) refineries have been mechanically completed and pre-commissioning activities are in progress,
Shares of HPCL gained 2.4% to close at Rs 326.9 Tuesday on the Bombay Stock Exchange before results were declared.