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    HINDPETRO   INE094A01015

HINDUSTAN PETROLEUM CORPORATION LIMITED

(HINDPETRO)
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Delayed NSE India Stock Exchange  -  07:23:19 2023-03-29 am EDT
234.05 INR   -0.09%
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India's HPCL posts 80% drop in Q3 profit on marketing margin hit

02/09/2023 | 07:46am EDT
A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai

BENGALURU (Reuters) - State-run Hindustan Petroleum Corporation Ltd (HPCL) reported a 80.2% fall in quarterly profit on Thursday, hurt by a fall in marketing margins on the back of unchanged pump prices.

India's state-run oil marketing companies have been hurt by unchanged retail pump prices for petrol and diesel for more than a year, suppressing margins and denting profits.

The company reported a net profit of 1.72 billion rupees ($20.84 million) for the quarter ended Dec. 31, compared with 8.69 billion rupees a year earlier.

Revenue from operations for the company rose 12.6% to 1.16 trillion rupees from 1.03 trillion rupees a year earlier.

Indian refiners' crude oil processing in December rose about 4% from a year earlier, provisional government data showed, in line with elevated demand in the world's third-biggest oil importer and consumer.

"During this (Oct-Dec.) period, due to the suppressed marketing margins on certain petroleum products, profitability is impacted," HPCL said in a statement, without giving additional details on those margins.

The company said its average gross refining margin - profit from converting a barrel of oil into refined products - was $11.40 per barrel for April-December, compared with $4.50 per barrel in the same period a year earlier.

Indian oil marketing company Bharat Petroleum Corp reported a 31% fall in quarterly profit, while Indian Oil Corp Ltd, the country's top refiner, posted a 92.4% fall, also hurt by static pump prices.

($1 = 82.5310 Indian rupees)

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Nivedita Bhattacharjee)


© Reuters 2023
Stocks mentioned in the article
ChangeLast1st jan.
BHARAT PETROLEUM CORPORATION LIMITED 0.00% 339.85 Delayed Quote.2.83%
BRENT OIL 0.04% 78.53 Delayed Quote.-8.84%
HINDUSTAN PETROLEUM CORPORATION LIMITED -0.09% 234.05 Delayed Quote.-0.47%
INDIAN OIL CORPORATION LIMITED 0.00% 76.9 Delayed Quote.0.52%
S&P GSCI CRUDE OIL INDEX 0.01% 407.8701 Real-time Quote.-9.20%
WTI -0.02% 74.45 Delayed Quote.-8.37%
All news about HINDUSTAN PETROLEUM CORPORATION LIMITED
07:04aHindustan Petroleum : HPCL signs MOU with BPCL for Hydrogen Synergy
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03/20India plans to extend fuel export curbs beyond March - sources
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03/19India plans to extend fuel export curbs beyond March - sources
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03/19Exclusive-India looks to extend fuel export curbs - sources
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03/15Hindustan Petroleum Corporation Limited Appoints K S Narendiran as Independent Director
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03/14Hindustan Petroleum Signs Pact to Distribute Chevron Lubricants in India
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03/13Surya Roshni to Supply INR 964 Million Worth of Pipes to Hindustan Petroleum
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03/03Hindustan Petroleum : Knowledge Sharing Workshop on Petroleum Refineries
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03/02Hindustan Petroleum Raises INR16.50 Billion From Bond Placement
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03/01Indian refiners churn record amounts of crude in January
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Analyst Recommendations on HINDUSTAN PETROLEUM CORPORATION LIMITED
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Financials
Sales 2023 4 159 B 50 642 M 50 642 M
Net income 2023 -78 660 M -958 M -958 M
Net Debt 2023 634 B 7 720 M 7 720 M
P/E ratio 2023 -3,99x
Yield 2023 1,49%
Capitalization 332 B 4 043 M 4 043 M
EV / Sales 2023 0,23x
EV / Sales 2024 0,24x
Nbr of Employees 9 065
Free-Float 45,1%
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Number of Analysts 0
Last Close Price 234,05
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Pushp Kumar Joshi Chairman, MD & Director-Human Resources
Rajneesh Narang Director-Finance, Executive Director & HR
Rajiv Chandra Executive Director-Information Systems
S. Bharathan Director & Refineries Director
D N Vijayendrakumar Chief General Manager-Information Systems
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