OREANDA-NEWS. State-run oil marketing company Hindustan Petroleum Corp Ltd (HPCL) on Monday reported that it swung to a net profit of Rs 46 crore in the first quarter ended June 30, 2014 as income increased at an impressive pace.

In Q1 FY 2014, the company had posted a net loss of Rs 1,460 crore, Hindustan Petroleum Corp Ltd (HPCL) said in a filing to the Bombay Stock Exchange (BSE).

Net income from operations climbed by 14 per cent at Rs 59,216 crore in Q1 FY 2015 from Rs 51,764 crore in the same period a year ago.

Total expenses of the company climbed by 12 per cent at Rs 59,215.6 crore in Q1 FY 2015 from Rs 53,026 crore in the same period a year ago.

Average gross refining margins stood at USD 2.04 per BBL in Q1 FY 2015 from USD 2.58 per BBL in the same period a year ago.

The Indian government on Monday said that it will pay state-run oil marketers IOC, BPCL and HPCL a subsidy of Rs 11,000 crore for selling fuel below cost.

The share of HPCL in the government subsidy will be Rs 2,517 crore.