Active Stocks
Tue Mar 19 2024 13:31:02
  1. Tata Consultancy Services share price
  2. 4,013.00 -3.18%
  1. Tata Steel share price
  2. 150.00 0.27%
  1. Bharti Airtel share price
  2. 1,232.50 0.61%
  1. Power Grid Corporation Of India share price
  2. 259.95 -1.91%
  1. ITC share price
  2. 409.95 -1.78%
Business News/ Companies / Company-results/  HPCL March quarter net profit up 31%, beats Street estimates
BackBack

HPCL March quarter net profit up 31%, beats Street estimates

HPCL net profit rose to Rs1,819 crore from Rs1,388 crore during year-earlier quarter on strong growth in revenue, the oil marketing company said

HPCL revenue rose 21.7% to Rs 59,183.49 crore from Rs 48,625.27 a year earlier. Photo: MintPremium
HPCL revenue rose 21.7% to Rs 59,183.49 crore from Rs 48,625.27 a year earlier. Photo: Mint

Mumbai: State-run Hindustan Petroleum Corporation Ltd (HPCL) has posted a 31% increase in fourth-quarter net profit, beating Street expectations.

Net profit rose to 1,819 crore in the quarter ended March 31, from 1,388 crore during year-earlier quarter on strong growth in revenue, the oil marketing company said in a press statement.

A Bloomberg poll of 25 brokers had estimated net profit at 1,173.60 crore while net sales were estimated at 51,228.80 crore by 23 brokers.

HPCL’s stock closed 11.43% higher at 567.45 on the BSE, while the benchmark Sensex ended at 31028.21 points, up 0.90%.

Revenue rose 21.7% to 59,183.49 crore from 48,625.27 a year earlier.

Gross refining margin or realisation on each barrel of crude processed by the company for its Vishakhapatnam and Mumbai refineries was $7.99 per barrel in the fourth quarter, up from $7.51 per barrel a year earlier.

Operating profit or earnings before interest, tax, depreciation and amortisation (Ebitda) fell marginally to 2,886 crore, from 2,803 crore in the year-ago quarter.

The company’s board approved a bonus issue of 1:2, implying that an investor will receive one share for every two held.

For the year 2016-17, HPCL has proposed a final dividend of Rs. 1.10 per share.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 27 May 2017, 01:28 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie