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HPCL net profit increase 23pct in Q3

Gasoil News - Published on Tue, 13 Feb 2018

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State-run oil marketing company Hindustan Petroleum Corporation (HPCL) reported a 23% increase in its net profit for the third quarter of FY18 to INR 1,950 crore, compared with INR 1,590 crore in the comparable period a year ago, on account of improved margins. Revenue of HPCL, which will now operate as a subsidiary of ONGC, went up to INR 62,832 crore during the December quarter from INR 55,471 crore a year ago. The company also saw a sharp improvement in its gross refining margin at USD 9.04 per barrel during the quarter under review, against USD 6.38 per barrel during the same quarter last year.

However, inventory gain fell to INR 1,477 crore during the third quarter of FY18, compared with Rs 1,567 crore during the year-ago period.

Mr MK Surana, CMD of HPCL, said that “Profits for the quarter are more despite lower inventory gains.”

The refiner sold 5.1% more petrol, 2% more diesel, 6.7% more liquefied petroleum gas and 11.8% more lubes during the latest quarter over the year-ago period. HPCL is the top lube marketer of the country and is in the process of setting up a subsidiary in Dubai to market lube in the West Asia and east African countries. HPCL already sells lube in Myanmar.

The board of HPCL declared an interim dividend of `14.50 per share, which will lead to a total payout of INR 2,659 crore. The company has debt of Rs 12,000 crore as on December 2017. To improve efficiency and safety, HPCL has rolled out a company-owned LPG rake for transportation of the fuel under Indian Railways’ liberalised wagon investment scheme. Surana said two more rakes will be rolled out soon.

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Posted By : Nanda Koijam on Tue, 13 Feb 2018
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