Hindustan Petroleum March-quarter profit beats estimates

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(ONGC) on Friday reported a 6.1 per cent fall in net profit for the fourth quarter ended March at Rs 4,340 crore, as compared to the PAT of Rs 4,624.30 crore for the same period of 2016.

Gross revenue for 2016-17 gained a mere 0.2 per cent to Rs 77,907 crore compared with Rs 77,740 crore in the previous year.

The company's board approved a bonus issue of 1:2, implying that an investor will receive one share for every two held. "But for the royalty payments, our net profit would have been higher by Rs1,600 crore", he said. It had posted a net profit of Rs 4624.30 crore in the corresponding quarter past year.

Net profit in the January-March quarter of last fiscal was Rs 1,818.79 crore (Rs 17.90 per share), 31 per cent higher than Rs 1,387.91 crore (Rs 13.66 a share), in the same quarter of 2015-16, HPCL chairman and managing director Mukesh Kumar Surana said. During FY17, the company had budgetary support amounting to Rs 1,272.57 crore lower than Rs 1,761.26 crore of support in FY16.

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HPCL recorded a domestic sale of 34.7 million tonnes (mt) with a growth of 2.6 per cent over the previous year.

The company made an inventory gain of Rs 743 crore in the fourth quarter of 2016-17 compared with Rs 37 crore gain made in the same period of the previous financial year.

The gross refining margin came in at United States dollars 7.99 per barrel against USD 7.51 per barrel during the previous quarter. This will result in a total payout of Rs 3,668 crore including dividend distribution tax, he said.

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