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HPCL Q2 profit slips 4% to Rs 1,052 crore, revenue dips 9%

BusinessToday.In     November 7, 2019

State-controlled Hindustan Petroleum Corp Ltd (HPCL) on Thursday reported 3.63 per cent year-on-year (YoY) fall in its net profit at Rs 1,052.31 crore for the second quarter ended September 30, 2019. The oil and gas major, however, posted 29.8 per cent growth in profit as compared to Rs 811 crore in the June quarter.

"The oil marking company had posted a net of Rs 1,091.98 crore in the corresponding quarter last year," HPCL said in a filing to the Bombay Stock Exchange.

Total income in July-September dipped 9.40 per cent to Rs 66,850.89 crore against Rs 73,789.50 crore in Q2FY19.

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During the quarter under review, total expenditure was at Rs 65,233.92 crore versus Rs 72,193.28 crore in the previous year's period.

HPCL's earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Rs 2,319 crore, while margin was at 3.8 percent in Q2FY20.

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Average gross refining margin during the period ended September 30, stood at $2.60 a barrel per barrel.

Following Q2 earnings, shares of HPCL were trading 1.15 per cent lower at Rs 310.20 apiece on the Bombay Stock Exchange.

Edited by Chitranjan Kumar

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