New Delhi, Jan 31 (PTI) Hindustan Organic Chemicals Limited (HOCL) has narrowed its net loss to Rs 13.69 crore during the December 2022 quarter on account of higher revenues.

The company had reported a Rs 20.99 crore net loss in the October-December quarter of the 2021-22 fiscal, state-owned HOCL said in a regulatory filing.

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Its total revenues increased to Rs 176.45 crore from Rs 104.45 crore in the year-ago quarter.

HOCL's expenses were at Rs 190.14 crore against Rs 125.45 crore a year ago.

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In a statement, the company attributed "higher sales" as the reason for the reduction in loss numbers.

"Improved performance is also because of increased capacity utilisation, product mix and measures taken for cost reduction. The demand for phenol and acetone in the domestic market will grow in the last quarter of FY23," it said.

Mumbai-based HOCL is the second-largest producer of phenol and acetone in India.

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