HPCL shares gain 4% after OMC turns profitable in Q2
Top line at the company, however, declined to Rs 1.02 lakh crore in the quarter ended September in comparison to Rs 1.14 lakh crore in the same period last year.
Shares of Hindustan Petroleum Corporation (HPCL) in Tuesday’s session (November 7) gained 4 per cent hitting day’s high of Rs 272.8 per share after the company returned to profitability in the July-September period.
For the reporting quarter, the state-run oil marketing company logged a consolidated net profit of Rs 5826.96 crore as against loss of Rs 2475.69 crore in the year-ago period given the low crude prices as well as higher gross refining margin (GRM)
“Average GRMs (Gross of export duty) for the period Jul-Sep 2023 were US$ 13.33 per barrel (US$ 8.41 per barrel during the corresponding period of previous year). The Average GRMs (Gross of export duty) for the period Apr-Sep 2023 were US$ 10.49 per barrel (US$ 12.62 per barrel during the corresponding period of previous year),” said the company in its filing.
Top line at the company, however, declined to Rs 1.02 lakh crore in the quarter ended September in comparison to Rs 1.14 lakh crore in the same period last year.
During the period under review, the company’s refineries processed the highest ever quarterly crude thru-put of 5.75 million metric tonnes (mmt), registering a growth of 28% over 4.49 MMT crude processed during the corresponding period of previous year.
Shares of HPCL over a 1-year period have gained 33.4 per cent return, with 52-week low and high prices at Rs 204.2 and Rs 309.9 per share, respectively.
HPCL, commanding a m-cap of Rs 38,514 crore, is a mid cap company. The company is into the business of refining crude oil and marketing of petroleum products.
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12:48 PM IST