HPCL Q3 Results: Net Profit Down 88% On Inventory Write-Back

Hindustan Petroleum Corp Ltd.'s net profit for the third quarter of fiscal 2024 fell sequentially on account of inventory write-back.

The net profit of the state-run refiner fell 87.8% quarter-on-quarter in the third quarter ended December 2023 to Rs 712.8 crore after the company took a write back of Rs 7,796.5 crore on crude oil inventory in the base quarter.

• Revenue rose 15.4% to Rs 1.11 lakh crore vs Rs 95,752 crore sequentially.

• Operating profit or EBITDA was down 73.8% to Rs 2,160.4 crore vs Rs 8,240 crore sequentially.

• Ebitda margin was down 666 basis points at 1.94% vs 8.6% sequentially.

The board has approved an interim dividend of Rs15 per share.

HPCL shares were trading 6% down on the BSE compared with 0.91% fall in the benchmark Sensex.