HPCL Edges Lower After Profit Slips 36% To Rs 1,795 Crore In June Quarter

Share price of Hindustan Petroleum Corporation Limited (HPCL) edged lower by more than two per cent on Thursday, August 5, a day after the company announced its April-June quarter results for the financial year 2021-22. On Thursday, HPCL opened on the BSE at Rs 269, inching to an intra day high of Rs 270.75 and an intra day low of Rs 262.45, in the trading session so far. Hindustan Petroleum reported a net profit of Rs 1,795 crore on a consolidated basis in the first quarter of the current fiscal, compared to Rs 2,183 crore in the corresponding period last year.

The consolidated net profit declined 36 per cent year-on-year on reduction in crude oil processing after one of its two oil refineries took a maintenance shutdown. Hindustan petroleum operating revenue in the June quarter stood at Rs 276.98 crore, compared to Rs 222.64 crore in the year-ago period, according to a regulatory filing by the firm to the stock exchanges.

The total income in the Juen quarter stood at Rs 77,957.51 crore, compared to Rs 46,670.13 crore in the corresponding period last year. The company's Mumbai refinery was shut for a period of 45 days in the June quarter for completing the expansion of the capacity and unit revamps, according to Mukesh Kumar Surana, HPCL Chairman and Managing Director.

On the NSE, HPCL opened at Rs 270, registering an intra day high of Rs 271 and an intra day low of Rs 262.50, in the session so far. It was last trading 2.52 per cent lower at Rs 265.40 on the NSE.

Shares of HPCL were last trading 2.43 per cent lower at Rs 265.15 on the BSE.