Hindustan Petroleum Q3 profit falls 90%, declares Rs 15 dividend

Hindustan Petroleum Q3 results: Hindustan Petroleum’s profit dropped 89.7 per cent to Rs 529 crore in the December quarter (Q3FY24), from Rs 5,118.2 crore in the previous quarter of the same fiscal year (Q2FY24).

The shares fell sharply after the company announced its December quarter results. HPCL fell as much as 7.38 per cent to an intraday low of Rs 419.05 per share. 

However, the revenue from operations surged 16.3 per cent to Rs 1,11,306 crore in Q3FY24, from Rs 95,701 crore in Q2FY24.

The petroleum company’s earnings before interest, tax, depreciation and amortisation (EBITDA), also known as operating profit, plunged 74 per cent sequentially to Rs 2,163.6 crore, from Rs 8,217 crore in the previous quarter. 

The Mumbai-based company’s margin squeezed 670 basis points (bps) to 1.9 per cent, from 8.6 per cent in the previous quarter of the same fiscal year. 

Average gross refining margins (GRMs) for the December quarter stood at $8.49 per barrel, as against $9.14 per barrel during the corresponding period of previous year. 

The board also declared an interim dividend of Rs 15 per equity share of face value of Rs10 each for the Financial Year 2024 (FY24). The company has fixed February 7, 2024 as the Record Date to ascertain shareholders eligible for dividend payment.  

As of 1:43 pm, shares of Hindustan Petroleum were trading 7 per cent lower at Rs 421 per share.