HPCL drops after announcing Q1 result

HPCL lost 2.16% to Rs 1,188.44 at 09:21 IST on BSE after the company declared its Q1 result after market hours yesterday, 22 August 2016.

Meanwhile, the S&P BSE Sensex was down 36.21 points, or 0.13%, to 27,949.33

On BSE, so far 87,000 shares were traded in the counter, compared with average daily volume of 1.72 lakh shares in the past one quarter. The stock hit a high of Rs 1,218 and a low of Rs 1,183 so far during the day. The stock hit record high of Rs 1,328.95 on 9 August 2016. The stock hit a 52-week low of Rs 636 on 25 February 2016.

The large-cap company has an equity capital of Rs 338.63 crore. Face value per share is Rs 10.

Hindustan Petroleum Corporation (HPCL)'s net profit rose 30% to Rs 2098.38 crore on 5.67% decline in total income to Rs 51936.30 crore in Q1 June 2016 over Q1 June 2015. Average gross refining margin in Q1 June 2016 was $6.83 per barrel as against $8.56 per barrel in Q1 June 2015.

Based on the approval received from Government of India, HPCL accounted for budgetary support amounting to Rs 328.41 crore in Q1 June 2016 towards under recovery on sale of PDS kerosene (SKO), compared with Rs 450.61 crore in Q1 June 2015. State-run oil marketing companies bear under-recoveries on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.

In Q1 June 2016, discount from upstream oil company viz., ONGC amounted to Nil in respect of crude oil purchased from ONGC, compared with Rs 218.25 crore accounted in Q1 June 2015.

HPCL is a public sector oil marketing company. The Government of India held 51.11% stake in HPCL as per the shareholding pattern as on 30 June 2016.

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