HPCL Q3FY18 net profit grows by 22.60% yoy at Rs 1,949.69 crore

State-owned Hindustan Petroleum Corp Limited (HPCL) surpassed analysts’ estimate in both bottom-line and top-line performance during the third quarter results ended December 2017 (Q3FY18). 
 
HPCL posted net profit of Rs 1,949.69 crore, witnessing a whopping 22.60% growth compared to net profit of Rs 1,590.31 crore in the corresponding period of the previous year. 
 
Q3FY18 net profit also increased by 12.39% from Rs 1,734.74 crore of the preceding quarter. 
 
Revenue from operation stood at Rs 62,831.71 crore, rising by 13.27% as against Rs 55,470.66 crore a year ago same period, also it was up by 16.03% from Rs 54,152.80 crore in previous quarter. 
 
A Bloomberg poll of analysts expected HPCL net profit and revenue during Q3FY18 to be at Rs 1,490 crore and Rs 57,760 crore respectively. 
 
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. 
 
Average gross refining margin of HPCL came in at $7.51 per barrel as against $5.57 per barrel during the corresponding period of the previous year. 
 
HPCL has accounted for budgetary support amounting to Rs 194.53 crore from October - December 2017, towards under recovery on sale of PDS SKO. However, this was lower from corresponding period  budgetary support of Rs 263.88 crore. 
 
In a meeting held on Friday, HPCL's board of directors declared interim dividend of Rs 14.50 per piece at a face value of Rs 10 each for FY18. 
 
The board has fixed March 1, 2018, as the record date to determine the eligibility of the shareholders/beneficial owners to receive the said interim dividend. 
 
Share price of HPCL on the BSE, closed at Rs 395.45 per piece down by Rs 5.05 or 1.26%.