Hindustan Petroleum Corporation Ltd Share Price – NSE  /  BSE

Refineries, Mid Cap

Hindustan Petroleum Corporation will hold a meeting of the Board of Directors of the Company on 9 May 2024.

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Hindustan Petroleum Corporation Ltd fell 4.24% today to trade at Rs 478.95. The S&P BSE Oil&Gas index is down 0.88% to quote at 27260.07. The index is down 3.93 % over last one month. Among the other constituents of the index, Bharat Petroleum Corporation Ltd decreased 2.7% and Indian Oil Corporation Ltd lost 2.58% on the day. The S&P BSE Oil&Gas index went up 55.14 % over last one year compared to the 26.46% surge in benchmark SENSEX.

Hindustan Petroleum Corporation Ltd has lost 11.71% over last one month compared to 3.93% fall in S&P BSE Oil&Gas index and 1.48% rise in the SENSEX. On the BSE, 55711 shares were traded in the counter so far compared with average daily volumes of 3.79 lakh shares in the past one month. The stock hit a record high of Rs 594.45 on 16 Feb 2024. The stock hit a 52-week low of Rs 220.85 on 03 Apr 2023.

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Hindustan Petroleum Corporation announced that the Board of Directors of the Company at its meeting held on 25 January 2024, inter alia, have recommended the interim dividend of Rs 15 per equity Share (i.e. 150%) , subject to the approval of the shareholders.

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However, Net sales (excluding excise duty) stood at Rs 1,10,849.16 crore in Q3 FY24, up 16.29% from Rs 95320.4 crore recorded in Q2 FY24.

On year on year basis, the company’s net profit zoomed 206.8% while revenue was higher by 1.49% during the quarter.

Profit before tax stood at Rs 768.05 crore in the quarter ended 31 December 2023 (down 88.61% QoQ and up 355.98% YoY).

Average gross refining margins (gross of export duty) for the period October- December 2023 were $8.49 per barrel as compared to $9.14 per barrel during the corresponding period previous year.

Despite the turnaround activities at one crude distillation unit (Vishakhapatnam refinery), the crude thru-put during October- December 2023 was 5.34 MMT (operating at 95.4% capacity) with an increase of 10.6% over crude thru-put of 4.83 MMT processed during October- December 2022.

On the marketing front, HPCL achieved highest ever quarterly sales volume (including exports) of 11.90 MMT during October- December 2023 as against 11.25 MMT in October- December 2022, representing a growth of 5.8%.

In the domestic market, HPCL said that it continued to outpace PSU industry sales growth registering quarterly sales growth of 3.2% in the quarter as compared to PSU industry growth of 2.8% during this period. The domestic sales volume in Q3 FY24 was 11.36 MMT from 10.95 MMT recorded in Q3 FY23.

Exports surged 80% to 0.54 MMT in the December quarter as against 0.30 MMT registered in the similar quarter previous year.

The PSU company’s pipeline thru-put was at 6.71 MMT, up 14.9% from 5.84 MMT registered in the same period a year ago.

For 9M FY24, the company reported a net profit of Rs 11,851.08 crore as against a net loss of Rs 12,196.65 crore posted in 9M FY23. Revenue declined 4.11% YoY to Rs 3,17,736.99 crore during 9M FY24.

Meanwhile, the company’s board has declared an interim dividend of Rs 15 per equity share for FY24. The record date for the same is 7 February 2024 and it will be paid on or before 23 February 2024.

HPCL is engaged in the business of refining of crude oil and marketing of petroleum products. It operates through two segments: downstream, and exploration and production of hydrocarbons. As of 31 December 2023, ONGC holds 54.90% in HPCL.

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