Credit rating agency, ICRA has reaffirmed the long-term rating of A+ to Hindustan Oil Exploration Company’s line of credit and the outlook for long-term rating is stable.
The company posted a fall of 69.09% in its net profit at Rs 7.55 crore for the quarter ended March 31, 2012 as compared to Rs 24.43 crore for the same quarter in the previous year. Total income decreased by 68.97% at Rs 26.15 crore for quarter under review as compared to Rs 84.28 crore for the quarter ended March 31, 2011.