Hindustan Petroleum Q2 Results: Profit Falls 14%, But Beats Estimates
Hindustan Petroleum's Q2 revenue was down 13.9% sequentially to Rs 95,751.97 crore, as against an estimate of Rs 1,07,380 crore.
Hindustan Petroleum Corp.'s net profit declined in the quarter ended September, though it beat analysts' estimates.
The state-run oil refiner’s net profit fell 13.9% to Rs 5,823 crore as compared with Rs 6,765.5 crore in the previous quarter, according to its exchange filing. That compares with the Rs 1,734 crore consensus estimate of analysts tracked by Bloomberg.
Its raw material costs rose 8.8% to Rs 31,997.23 crore, while revenue minus excise duty fell 14.6% to Rs 95,751.97 crore, as against the Rs 1,07,380 crore forecast.
Hindustan Petroleum Q2 FY24 (Consolidated QoQ)
Revenue down 13.9% at Rs 95,751.97 crore (Bloomberg estimate: Rs 1,07,380 crore).
Ebitda down 14.6% at Rs 8,240 crore (Bloomberg estimate: Rs 5,232 crore).
Ebitda margin at 8.6% vs 8.6% (Bloomberg estimate: 4.9%).
Net profit down 13.9% at Rs 5,823 crore (Bloomberg estimate: Rs 1,734 crore).
The downstream petroleum segment revenue was down 13.8% quarter-on-quarter at Rs 1,02,601.36 crore.
The average gross refining margin for the second quarter stood at $10.49 per barrel of oil, according to the filling, as against $12.62 per barrel average gross refining margin in the previous quarter.
Shares of Hindustan Petroleum closed 1.61% higher at Rs 261.7 apiece before the earnings were announced, as compared with a 0.94% rise in the benchmark NSE Nifty 50.