HPCL reports 31% rise in Q4 net profit

HPCL revenue rose 21.7% to Rs 59,183.49 crore from Rs 48,625.27 a year earlier

For ONGC's joint venture blocks, net realisation stood 67.9 per cent higher at $48.72 per barrel in the fourth quarter 2016-2017 from $29.01 per barrel in the corresponding period of financial year 2015-2016.

Riding on better performance in refining margins and inventory gains, Hindustan Petroleum Corporation (HPCL) on Friday reported a 31 per cent jump in the March 2017 quarter net profit at Rs 1,819 crore. During the fourth quarter of 2017, it had an inventory gain of Rs 743 crore against Rs 37 crore during the same period past year.

For the year 2016-17, HPCL has proposed a final dividend of Rs. 1.10 per share. For the full year 2016-17, the company's profit was up 10.9 per cent at Rs17,900 crore compared with Rs 16,140 crore in the previous year.

The company's Board approved a bonus issue of 1:2, implying that investors will receive one share for every two stock units held by her.

For January-March period, the company reported 47.59 per cent increase in total expenditure at Rs 20,696.46 crore against Rs 14022.15 crore in the same period past year. Q4FY17 net profit also increased by 9.77% from Rs 1,656.81 crore in the preceding quarter. Total income of the company increased by 8.35% at Rs 215673.04 crore for year under review as compared to Rs 199046.94 crore for the year ended March 31, 2016.

ONGCshares were up 0.95% at Rs 175.80 in a firm Mumbai market whose benchmark Sensex was up 0.9% to hit a record 31,028.21.

The gross refining margin came in at United States dollars 7.99 per barrel against USD 7.51 per barrel during the previous quarter.

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