HPCL Q3 profit rises 23% to Rs1,950 crore

Marco Green
February 10, 2018

Hindustan Petroleum Corporation Ltd has reported a ₹1,950-crore net profit for the third quarter of the financial year 2017-2018.

Standalone net profit rose to 50.15 billion rupees ($778.6 million) in the three months ended December 31, from 43.52 billion rupees a year earlier, the state-run company said in a statement. Inventory gain arises when a company buys crude oil at a particular price but by the time it is able to transport it and turn it into fuel, petroleum product prices have moved up.

Analysts on average had expected a profit of 15.50 billion rupees, according to Thomson Reuters data.

For nine months period of FY18, PAT of HPCL stood at Rs 4,609.18 crore, up by 4.99% year-on-year (YoY), while revenue amounts to Rs 176,875.78 crore, growing by 14.25% on yearly basis.

The company registered gross sales of Rs 62,832-crore during October-December, 2017 as compared to Rs 55,471-crore for the period October-December, 2016.

The gross refining margin for the oil marketing company stood at Dollars 9.06 a barrel, which was far ahead of CNBC-TV18 poll of USD 8 a barrel. "ONGC will be the majority shareholder as of the record date, so it will get a share of the dividend accordingly", he added.

At 2.40pm, HPCL shares traded 0.95% lower to Rs396.70 on BSE.

Other reports by Click Lancashire

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