HPCL Q3 net up 53% at Rs 1,590 cr

Total income rises 15% to Rs 55,828 cr

State-run Hindustan Petroleum Corporation Ltd (HPCL) reported a 53% rise in its net profit for the October-December 2016 quarter owing to better operational performance. For the December 2016 ended quarter, HPCL's net profit was at Rs 1,590.31 crore, 53% higher from Rs 1,041.25 crore.

Total income for the quarter under review was at Rs 55,828.52 crore, 15% higher from Rs 48,526.06 crore. Total expenses for the company also rose to Rs 53,370.95 crore from Rs 46,778.39 crore in same period a year back. In a Bloomberg poll, 17 analysts estimated revenue of Rs 48,686.9 crore and 18 analysts estimated a net profit of Rs 1,524.6 crore.

The company's crude throughput was higher at 4.66 MMTagainst 4.57 MMT reported a year back. Market domestic sales also increased from8.57 MMT to 9.02 MMT. Average gross refining margins for the company in the first nine months of the current financial year was at $5.57 per barrel against $6.35 per barrel.

At its meeting on Monday, the company's board also declared an interim dividend of Rs 22.50 per equity share. The company also appointed Asifa Khan and G V Krishna, pursuant to the communication by Ministry of Petroleum& Natural Gas as independent directors of the company with effect from Monday.