Hindustan Oil Exploration shares surge 10% on stellar Q4 earnings; check details

Shares of Hindustan Oil Exploration Ltd rose nearly 10 per cent today after the energy major reported its earnings for the quarter ended March 2023. The firm reported a net profit of Rs 106.65 crore against Rs 27.21 crore loss in the corresponding quarter of the previous fiscal.

Shares of Hindustan Oil Exploration gained 9.74 per cent to Rs 195 against the previous close of Rs 177.70 on BSE. The stock opened 8.05% higher at Rs 192 on BSE. The market capitalisation of Hindustan Oil Exploration rose to Rs 2515 crore on BSE. A total of 0.36 lakh shares of the firm changed hands amounting to a turnover of Rs 70.13 crore. The stock has been gaining for the last three sessions.

In terms of technicals, the relative strength index (RSI) of Hindustan Oil Exploration stock stands at 68.1, signaling it's trading neither in the overbought nor in the oversold zone. The stock has a beta of 0.9, indicating low volatility in a year. Hindustan Oil Exploration stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Sales climbed 314% to Rs 175.09 crore in the March 2023 quarter against Rs 42.21 crore in the March 2022 quarter. Operating profit zoomed 548% to Rs 135.46 crore for the quarter ended March 2023 against Rs 20.90 crore in the corresponding quarter of the previous fiscal.

In the last fiscal, sales zoomed 259% to Rs 558.9 crore against sales of Rs 155.73 crore in the previous fiscal. Net profit zoomed 871% to Rs 194.05 crore in FY23 against Rs 19.99 crore in the previous fiscal. Operating profit surged 296% to Rs 312 crore for the March 2023 fiscal against Rs 79 crore in the previous fiscal.

Hindustan Oil Exploration is engaged in the exploration, development and production of crude oil and natural gas in India, both onshore and offshore.

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