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HPCL reports steep drop in net profit to `147 cr

17 February 2013

press trust of india
NEW DELHI, 17 FEB: State-owned Hindustan Petroleum Corp Ltd (HPCL) has reported a steep drop in net profit for the quarter ended 31 December, as refining margins shrunk and government did not compensate it fully for fuel losses.
The company posted a net profit of Rs 147.11 crore for October-December, compared to a net profit of Rs 2,725.18 crore in the year-ago period, HPCL executive director (finance) KV Rao told reporters here.
“The profit for the quarter ended 31 December 2011 was higher as approval for compensation for under-recoveries (revenue losses) on sale of sensitive petroleum products of earlier quarters was accounted for during October-December 2011,” he said.
During the first nine months of the 2012-13 fiscal, the company lost Rs 27,706 crore on sale of diesel, domestic LPG and kerosene at government-controlled rates. Of this, Rs 10,041 crore was made good by upstream firms such as ONGC, and another Rs 12,205 crore came as cash subsidy from the government.
“There is Rs 5,460 crore unmet under-recoveries,” he said adding that the company had debts close to Rs 36,000 crore.
JSPL Q3 net down 13%
Jindal Steel and Power has reported nearly 13 per cent decline in consolidated net profit at Rs 867.27 crore for the quarter ended 31 December 2012, as the company was hit by higher interest burden and decline in revenues from power sales.
The Naveen Jindal-led steelmaker had reported a net profit of Rs 996.68 crore in the corresponding period of the previous fiscal.
Its net sales, however, was up 7.55 per cent to Rs 4,683.91 crore during the quarter as compared to Rs 4,354.51 crore of the October-December period of financial year 2011-12, it said in a filing to the BSE.
The company's expenses, at Rs 3,391.02 crore, accounted for over 72 per cent of its net sales, while its interest burden increased by 90.36 per cent to Rs 274.62 crore during the quarter.
Besides, its revenues from power business declined by nearly two per cent to Rs 1,133 crore. On the other hand, revenues from steel business were up 17.80 per cent at Rs 4,013.31 crore in the October-December    quarter.
Unitech profit up 52%
Real estate major Unitech has reported 52.43 per cent jump in consolidated net profit at Rs 84.17 crore for the third quarter ended December 2012 on higher sales realisation and lower finance cost.
The company had posted a net profit of Rs 55.22 crore in the year-ago period.
Total income from operations rose over 25 per cent to Rs 644.72 crore during October-December quarter of 2012-13 fiscal as against Rs 514.22 crore in the corresponding period of the previous fiscal.
During the October-December quarter of this fiscal, the finance cost declined to Rs 8.4 crore from Rs 27.05 crore in the year-ago period.
Unitech's consolidated net debt stood at Rs 5,421 crore as on 31 December, 2012. Net debt-to-equity ratio was 0.45, which the company said was one of the lowest in the industry.
IFCI net dips 33%
State-run Industrial Finance Corporation of India (IFCI) has reported a 33 per cent decline in net profit at Rs 76.31 crore for the third quarter ended 31 December 2012.
IFCI had a net profit of Rs 114.05 crore in the October-December quarter of 2011-12 fiscal.
Total income of the company too fell to Rs 647.58 crore during the third quarter, from Rs 680.38 crore in the corresponding period last year, IFCI said in a BSE filing.
NMDC profit falls 30%
The country's top iron ore miner NMDC has reported a 30.45 per cent decline in its net profit to Rs 1,292.89 crore for the quarter ended 31 December 2012 compared to the year-ago period mainly on account of a decline in sales.
The state-run PSU had reported a net profit of Rs 1,858.81 crore during the third quarter of the fiscal 2011-12.
The net sales of the Hyderabad-headquartered company declined by 27.46 per cent to Rs 2,046.83 crore in the October-December 2012 quarter, the company said.
The iron ore miner had reported a net sales of Rs 2,821.95 crore during the corresponding quarter of the last financial year.
McNally Bharat
Kolkata based McNally Bharat Engineering Company Ltd has reported a sharp decline in net profit to Rs 5.44 crore during the third quarter ended December 2012. It was down by 56 per cent over the corresponding period's profit of Rs 12.51 crore.
Net sales were higher at Rs 516.93 crore during the quarter under review against Rs 490 crore in the corresponding period last year, Mr Deepak Khaitan controlled engineering company said in a filing to the BSE.