In a substantial performance in the 4th quarter, Hindustan Petroleum Corporation Limited (HPCL) revenue grew 2.6% to Rs 1,14,556.87 crore surpassing the estimated figure of Rs.1,09,746.68 crores respectively. The company overwhelmingly announced bonus issue and dividend as well.
Hindustan Petroleum Corp. reported a substantial surge in its fourth-quarter earnings, aligning with analysts’ projections. The company’s net profit skyrocketed by 437% on a quarter-over-quarter basis, reaching an impressive Rs 2,842.75 crore during the March-ended quarter, as revealed in its exchange filing on Thursday. This figure closely matches the consensus estimate of Rs 2,957.84 crore projected by analysts. However, the average gross refining margin for the fiscal year 2023-24 witnessed a nearly 25% decline, settling at $9.08 per barrel of oil, a noticeable drop from the previous fiscal year’s $12.09 per barrel.
The company reported a robust performance in the fourth quarter of the fiscal year 2023-24. On a quarter-over-quarter basis, the company’s standalone revenue witnessed a 2.6% increase, reaching Rs 1,14,556.87 crore, slightly surpassing the analyst’s estimate of Rs 1,09,746.68 crore. The company’s Ebitda (Earnings Before Interest, Taxes, Depreciation, and Amortization) soared more than 2.2 times, rising to Rs 4,803.75 crore, although it fell short of the estimate of Rs 5,133.8 crore. Hindustan Petroleum’s margin improved significantly, climbing from 1.94% to 4.19%, albeit marginally lower than the industry estimate of 4.7%. Notably, the company’s net profit surged by an impressive 5.3 times, reaching Rs 2,842.75 crore, closely aligning with the market consensus estimate of Rs 2,957.84 crore.
HPCL has announced an exciting bonus issue of shares, wherein the company will grant one additional share for every two shares held by existing shareholders. This move marks the first bonus issue undertaken by the company since July 2017. The record date for determining eligibility for the bonus issue has been set for June 21. Additionally, the board has recommended a substantial final dividend of Rs 16.5 per share.
In terms of operational performance, Hindustan Petroleum’s crude throughput for the quarter stood at an impressive 5.84 million metric tonnes, reflecting a 9.4% growth compared to the previous quarter. The company’s domestic sales witnessed a 4% uptick in the fourth quarter of fiscal 2024, reaching 11.8 million metric tonnes. However, export sales marginally declined sequentially to 0.53 million metric tonnes, compared to 0.54 million metric tonnes in the preceding quarter.
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