Shares of Hindustan Petroleum Corporation (HPCL) rose 4 per cent to Rs 238 per share on the Bombay Stock Exchange (BSE) after huge losses in the Apr-Jun quarter (Q1FY23).

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The fuel retailers booked huge losses that wiped away their marketing margin. Meanwhile, HPCL reported its highest-ever quarterly net loss of Rs 10,196.14 crore. For HPCL, the total expenses spiked 78.6 per cent to Rs 1,35,370 crore in Q1FY23 over Q1FY22 due to higher input prices. The company reported the cost of materials consumed of Rs 33,706.71 crore in Q1 FY23, steeply higher than Rs 10,732.77 crore reported in Q1FY22.

“We cut our EPS estimates for HPCL by 9/1 per cent to Rs 36.1-47.7 for FY23-24, to factor in lower marketing gross margins and higher interest cost,” said analysts at HDFC Securities. BPCL and HPCL have tumbled 13 per cent and 14 per cent, respectively, in this quarter. However, frontline indices Nifty50 and the S&P BSE Sensex have remained flat during the same period.