HPCL Q3 results: Revenue increases to ₹1 lakh crore for the quarter ending in December 2023, but profits fall 89% to ₹529 crore

When Hindustan Petroleum Corporation Limited (HPCL) issued its quarterly results on Thursday, it showed that its net profit for the quarter ending in December 2023 had decreased by about 90%.

In the third quarter of the current fiscal year, HPCL’s net profit quadrupled year over year (YoY) to ₹529 crore. However, for December 2023, the quarter-over-quarter (QoQ) net profit rate decreased by 89.7 percent.

According to HPCL’s Q3 figures, the company’s operating revenue increased by 2% year over year to ₹1.18 lakh crore during the third quarter of the year, marking a sequential jump of more than 16 percent.

On the other hand, Hindustan Petroleum’s shares fell 6.5 percent on the BSE on Thursday after the company’s Q3 results presentation, reaching ₹422 crore. On the stock market, HPCL shares have increased by 79 percent in the last year.

Hindustan Petroleum’s Q3 statistics showed a 207 percent standalone gain, indicating a three-fold increase in earnings over the previous year. Nonetheless, there was a sequential decline in earnings of 89%.

Results for HPCL’s third quarter: A breakdown of profits
For the December 2023 quarter of the current financial year, the standalone total revenue was ₹1.18 lakh crore, while the net profit was ₹529 crore. HPCL declared a ₹172 crore profit for the quarter ending in December 2022.

In addition, domestic sales for the December 2023 quarter of the current fiscal year increased by 3% YoY to 11.3 million metric tons (MMT), while the company’s operating margin increased by 22 basis points (bps) YoY.

In Q3, Hindustan Petroleum’s exports increased by 80% year over year to 0.54 million metric tons. Compared to the previous quarter, when it was 0.48 percent, the operating margin increased to 0.70 percent this quarter. But compared to Q3 of last year, when the margins were at 6.80 percent, a significant drop was seen in the margins.

According to the HPCL Q3 data, pipeline throughput was 6.71 million tons, which represents a little decrease from the previous year.