State-owned oil refinery company Hindustan Petroleum Corporation (HPCL) on February 4 registered a little over 3-fold increase in Q3FY21 profit compared to corresponding period, driven by strong operating performance and doubled other income.
Net profit jumped sharply to Rs 2,354.6 crore for the quarter ended December 2020, against Rs 747.2 crore in same period previous fiscal, missing analysts' expectations.
Revenue from operations declined 2 percent year-on-year to Rs 68,659.2 crore, compared with Rs 70,042.2 crore in corresponding period, beating estimates.
Profit was estimated at Rs 2,527 crore on revenue of Rs 61,974 crore in Q3, according to the average of estimates of analysts polled by CNBC-TV18.
At the operating level, its earnings before interest, tax, depreciation and amortisation (EBITDA) increased nearly three-fold to Rs 3,301.9 crore in the quarter ended December 2020, compared with Rs 1,155.9 crore EBITDA reported in corresponding period. EBITDA margin expanded to 4.8 percent from 1.7 percent in same periods. The lower cost of raw material and finance cost supported EBITDA.
Operating numbers were lower than analysts' expectations. A CNBC-TV18 poll estimates for EBITDA and margin were at Rs 3,848 crore and 6.2 percent for the quarter respectively.
The stock traded at Rs 228.75 on the BSE, rising 1.58 percent at 13:22 hours IST.