HPCL tanks 5% as Q3 profit and revenue miss estimates
Hindustan Petroleum Corporation Limited (HPCL) recorded a net profit of Rs. 529 crore in Q3, a threefold increase YoY but nearly 90% drop from Q2. Following the report, HPCL's stocks fell as much as 8% in today's session but recovered a bit to close at Rs. 430.60—nearly 5% lower from yesterday. The company's revenue from operations, excluding excise, experienced a 2% YoY growth to Rs. 1.11 lakh crore and a 16% sequential increase.
HPCL's interim dividend and record date announced
HPCL has proposed an interim dividend of Rs. 15 per share and set February 7 as the date for determining eligible shareholders. It will be distributed to qualifying shareholders on or before February 23. Total expenses, comprising excise duty and finance cost, climbed to Rs. 1.18 lakh crore from Rs. 1.16 lakh crore a year ago and Rs. 96,221 crore in the previous quarter. Interim dividend is paid to shareholders before annual general meeting and publishing of financial results.
HPCL's gross refining margins comparable with Indian Oil
As per Q3 results, the calculated gross refining margin (GRM) for HPCL stood at $13.5 per barrel, which was also lower than the estimate of $15.5 per barrel. Indian Oil Corporation had also reported a similar GRM of $13.5 per barrel for the December quarter results. GRM refers to the difference between the value of the manufactured refined products and the cost of the crude oil and other input costs incurred to manufacture them.
