
HPCL March quarter net profit up 31%, beats Street estimates
1 min read . Updated: 27 May 2017, 01:28 AM ISTHPCL 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
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.
Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.