HPCL March quarter net profit up 31%, beats Street estimates
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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 Rs 1,819 crore in the quarter ended March 31, from Rs 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 Rs 1,173.60 crore while net sales were estimated at Rs 51,228.80 crore by 23 brokers.
HPCL’s stock closed 11.43% higher at Rs 567.45 on the BSE, while the benchmark Sensex ended at 31028.21 points, up 0.90%.
Revenue rose 21.7% to Rs 59,183.49 crore from Rs 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 Rs 2,886 crore, from Rs 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.