HPCL’s Profit Beats Estimates But Refining Margins Drop
Net profit went up to Rs 1,590.3 crore from Rs 1,305.2 crore in the previous quarter.
Governement-owned Hindustan Petroleum Corporation Ltd. reported a 2.3 times jump in net profit for the October to December quarter, beating analysts’ estimates.
Net profit rose to Rs 1,590.3 crore from Rs 701.3 crore in the July to September quarter, the company said in a stock exchange filing. The consensus estimate of analysts tracked by Bloomberg stood at Rs 1,524.5 crore.
Net revenue, which is gross sales net of excise duty, increased 15.4 percent to Rs 48,485.6 crore from Rs 42,030.6 crore in the second quarter. This was marginally lower than the Bloomberg consensus of Rs 48,686.8 crore.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) doubled to Rs 2,803.3 crore. The EBITDA margin expanded 280 basis points to 5.8 percent.
Gross refining margin, which is the difference between the total value of petroleum products sold and the price of crude, stood at $5.57 per barrel during the nine-month period ending December 31, compared to $6.35 per barrel during the same period last year.
The oil and gas company has declared an interim dividend of Rs 22.5 per equity share of face value Rs 10 each.
