HPCL shares dive 8% after Q3 FY24 results; details here

Shares of Hindustan Petroleum Corporation Ltd (HPCL) slumped 7.84 per cent to hit a day low of Rs 417 after the state-run refiner announced its third quarter results (Q3 FY24). HPCL's net profit for the quarter ended on December 31, 2023, came at Rs 529.02 crore, up 206.80 per cent from Rs 172.43 crore in the corresponding period last fiscal.

However, the PSU recorded a sharp drop in profit on a sequential basis, down 89.66 per cent from Rs 5,118.16 crore in Q2 FY24.

HPCL mentioned that the QoQ profit fell primarily due to suppressed marketing margins on select transport fuels, lower refining margins attributable to lower cracks and falling crude prices during the period.

The company's revenue from operations for the October-December 2023 period was at Rs 1,18,443 crore.

"Average GRMs (Gross of export duty) for Q3 FY24 were $8.49 per barrel ($9.14 per barrel during the corresponding period of previous year)," HPCL also said.

The firm, while sharing an update ongoing projects, said it has invested Rs 10,350 crore during April-December 2023 (including equity investment in its JVCs and subsidiaries).

Further, HPCL has received the regulatory approvals for setting up of Wholly Owned Subsidiary for its Renewable & Green Energy portfolio and has incorporated HPCL Renewables & Green Energy Limited.

Separately, the company's board has approved interim dividend of 150 per cent, i.e. Rs 15, on each equity share of Rs 10.

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