HPCL Q3 profit rises to Rs 2,354.6 cr; revenue down 3%

State-controlled Hindustan Petroleum Corp Ltd (HPCL) on Thursday reported 215.13 per cent rise on a year-on-year basis in net profit at Rs 2,354.6 crore for the third quarter ended December 31, 2020. The company had recorded Rs 747.20 crore profit during the same period last year.

The company's revenue dropped 2 per cent year-on-year to Rs 68,659.2 crore as compared to Rs 70,042.2 crore reported a year before. Pre-tax profit stands at Rs 3,157.87 crore in Q3 against Rs 1,150.84 crore in the same period last year. The company's tax outgo for the quarter rose 99.4 per cent y-o-y to Rs 755.58 crore compared to Rs 379 crore during Q3FY20.

The EBDTA (earnings before interest, taxes, depreciation and amortisation) for the December quarter stood at Rs 3,302 crore compared to Rs 1,156 crore during the same quarter last year. Margin for the quarter stood at 4.8 per cent vs 1.7 per cent in Q3 FY20.

The company also gained about Rs 869.88 crore for the period April-December 2020 on account of foreign currency transactions. HPCL's average gross refining margin for Q3 FY21 stood at $2.35 per barrel vs $1.85 per barrel during Q3FY20.

The company's net profit in July-September came at Rs 2,477 crore as compared to Rs 1,052 crore a year back. The gross sales revenue for Q2 at Rs 61,340 crore was lower than Rs 66,165 crore of Q2 of the previous financial year due to lower oil prices.  

Meanwhile, HPCL stock was trading at Rs 22.65, which is 1.09 per cent or Rs 2.45 up, from its previous session close of Rs 22.2 on the Bombay Stock Exchange.

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