Hindustan Petroleum Corporation Limited (HPCL) on Thursday released its quarterly results, with its net profit slipping by nearly 90 percent in the bottom line, standing at ₹529 crore for the quarter ending on December 2023.
The net profit of HPCL for Q3 of the current fiscal year tripled year-on-year (YoY) to ₹529 crore, the quarter on quarter (QoQ) net profit rate saw a decline of 89.7 percent for December 2023.
HPCL Q3 results reported that the revenue from operations for the third quarter of the year rose by 2 percent YoY to ₹1.18 lakh crore, showing a growth of over 16 percent sequentially.
However, the Q3 result presentation for Hindustan Petroleum saw its stock decline by 6.5 percent on the BSE on Thursday, dropping to ₹422 crore. Over the past year, HPCL shares have recorded a growth of 79 percent on the stock market.
The standalone growth of Hindustan Petroleum stood at 207 percent in its Q3 results, showing a three-fold jump in profits as compared to the previous year. However, the profits fell 89 percent sequentially.
HPCL Q3 results: Breakdown of quarterly earnings
The standalone total revenue stood at ₹1.18 lakh crore for the December 2023 quarter for this financial year, with the net profit standing at ₹529 crore. HPCL reported a profit of ₹172 crore in December 2022 quarter.
Further, the company’s operating margin expanded by 22 basis points (bps) YoY and domestic sales rose by 3 percent YoY to 11.3 million metric tonne (MMT) for the December 2023 quarter this fiscal year.
The exports for Hindustan Petroleum saw a spike of 80 percent YoY to 0.54 MMT in Q3. The operating margin for this quarter rose to 0.70 percent, opposed to 0.48 percent last quarter. However, a sharp decline was noted in the margins as compared to Q3 for last year, which stood at 6.80 percent.
The HPCL Q3 results reported that the pipeline throughput was 6.71 million tonne, showing a small decline as compared to last year.