HPCL tanks after reporting Q1 earnings

HPCL tumbled 6.12% to Rs 894.70 at 11:11 IST on BSE after net profit jumped 3349.26% to Rs 1588.04 crore on 12.45% decline in total income to Rs 52034.17 crore in Q1 June 2015 over Q1 June 2014.

The Q1 result was announced after market hours yesterday, 11 August 2015.

Meanwhile, the S&P BSE Sensex was down 105.12 points or 0.38% at 27,760.97.

On BSE, so far 3.11 lakh shares were traded in the counter as against average daily volume of 2.44 lakh shares in the past two weeks.

The stock was volatile. The stock tumbled as much as 7.28% at the day's low of Rs 883.60 so far during the day. The stock rose as much as 0.8% at the day's high of Rs 960.65 so far during the day. The stock had hit a 52-week low of Rs 390.90 on 12 August 2014. The stock had hit a record high of Rs 991 on 10 August 2015.

HPCL's average gross refining margin (GRM) in Q1 June 2015 stood at $8.56 per barrel, sharply up from $2.04 per barrel in Q1 June 2014.

HPCL did not receive any subsidy from the Government of India (GoI) in Q1 June 2015 on sale of PDS kerosene and domestic LPG as against a subsidy receipt of Rs 176.95 crore in Q1 June 2014. HPCL received discount of Rs 218.25 crore on purchase of crude from ONGC in Q1 June 2015. This was much lower than discount of Rs 3608.69 crore which the company received from upstream companies on purchases of crude oil, PDS kerosene and domestic LPG in Q1 June 2014.

HPCL has accounted for Budgetary Support amounting to Rs 450.61 crore from GoI towards under-recoveries on sale of PDS SKO in Q1 June 2015. This was much lower than Budgetary Support from GoI amounting to Rs 2516.41 crore in Q1 June 2014.

Government of India holds 51.11% stake in HPCL (as per the shareholding pattern as on 30 June 2015).

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