HPCL Q3 Results 2024 : Net Profit Plummets 89.6%! Find Out What Went Wrong!

HPCL Q3 Results 2024 : Net Profit Plummets 89.6%! Find Out What Went Wrong!

HPCL Q3 Results 2024 : In the latest financial disclosure, Hindustan Petroleum Corporation Limited (HPCL), a government-owned oil marketing company, announced a net profit of ₹529 crore for the third quarter of the fiscal year 2024. This marks a substantial drop of 89.6% compared to the ₹5,118 crore reported in the previous quarter ending September.

The significant sequential decline in net profit is attributed to constrained marketing margins on specific transport fuels and reduced refining margins, influenced by lower cracks and falling crude prices during the reported period. Despite the quarter-on-quarter setback, HPCL’s net profit witnessed a notable year-on-year surge of 207%, rising from ₹172 crore in the corresponding quarter of the previous fiscal year.

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The standalone total income for Q3FY24 exhibited a 15.5% increase, reaching ₹1.18 lakh crore compared to ₹1.02 lakh crore in the previous quarter. On a yearly basis, the revenue growth registered a 2% increase from ₹1.16 lakh crore in the same quarter of the preceding fiscal year.

However, the operating income, or earnings before interest and tax (EBIT), experienced a sharp decline of 73.7%, dropping to ₹2,163 crore from ₹8,217 crore in the previous quarter. The EBIT margin also contracted by 670 basis points to 1.9% on a quarter-on-quarter basis.

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During the October-December 2023 period, the average Gross Refining Margins (GRMs) stood at $8.49 per barrel, compared to US$9.14 per barrel in the corresponding period of the previous year. Notably, on the marketing front, HPCL achieved its highest-ever quarterly sales volume, reaching 11.90 MMT (including exports) during Q3FY24, reflecting a growth of 5.8% from the same period in the previous fiscal year.

In response to the financial performance, HPCL‘s board approved an Interim Dividend of ₹15 per equity share of ₹10. The record date for determining shareholder eligibility to receive the interim dividend is set for February 7, 2024, with the proposed dividend scheduled to be paid on or before February 23, 2024.

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