HPCL Q3 profit plunges 87% YoY to Rs 248 crore

Hindustan Petroleum Corporation (HPCL) on Tuesday posted 87.30 per cent year-on-year fall in profit at Rs 247.55 crore for the quarter ended December 31. The oil and gas firm had posted a profit of Rs 1,949.69 crore in the corresponding quarter last year.

Analysts in an ET Now poll had projected a loss of Rs 136 crore.

Gross sales of the company increased 22.36 per cent to Rs 76,884.44 crore against Rs 62,831.71 last year.

Ebitda of the oil marketing player slipped 78.20 per cent to Rs 693 crore in Q3FY19 from Rs 3,186 crore in Q3FY19. The company announced its results post market hours.

Earlier in the session, HPCL shares settled 0.86 per cent down at Rs 225, while the benchmark BSE Sensex closed 34.07 points, or 0.09 per cent, higher at 36,616.81.

Margins slipped to 1.30 per cent from 5.10 per cent on a YoY basis.

Average gross refining margin (GRM) for April-December period stood at $5.17 per bbl as against $7.51 per barrel during the corresponding period of previous year.

The company has accounted for budgetary support amounting to Rs 830.57 crore during April-Dec, 2018 (April-December, 2017 : Rs 525 crore) towards under recovery on sale of PDS SKO.