In Short:
Hindustan Petroleum Corporation Ltd (HPCL) reported a 25% drop in net profit for the March quarter due to lower refining margins. They announced one bonus share for every two shares held. The firm earned $6.93 per barrel of crude oil turned into fuel. HPCL’s turnover was higher at ₹1.22-lakh crore. For the full fiscal year, they reported a record net profit of ₹16,014.61 crore. HPCL’s share declined 4.19% to trade at ₹501.30 on the NSE.
HPCL Reports 25% Fall in Net Profit, Declares Bonus Shares
Let’s talk about Hindustan Petroleum Corporation Ltd (HPCL) – they recently shared some news that might interest you!
Quarterly Performance
In the March quarter of the 2023-24 fiscal year, HPCL witnessed a 25% decline in its net profit. The consolidated net profit stood at ₹2,709.31 crore, down from ₹3,608.32 crore in the same period last year. One of the reasons cited for this reduction was lower refining margins. In this quarter, the company earned $6.93 for every barrel of crude oil converted into fuel, down from $8.50 in the previous quarter.
Bonus Shares Declaration
On top of this news, HPCL’s board announced a bonus issue of 1 share for every 2 shares held. This means more shares for the existing shareholders!
Annual Performance
Looking at the bigger picture, HPCL had a good year overall. They reported a net profit of ₹16,014.61 crore for the entire 2023-24 fiscal year, a significant improvement from the loss of ₹6,980.23 crore in the previous year. The total turnover also saw an increase, reaching ₹1.22-lakh crore compared to ₹1.15-lakh crore in the same period last year.
Stock Market Reaction
Following this announcement, HPCL’s share price took a slight dip, falling by 4.19% to trade at ₹501.30 on the NSE at 2.57 pm.
