HPCL Q4 results: Profit falls 25% to Rs 2,709 cr on low refining margins

Annual net profit for FY24 rises to a record Rs 16,014 crore; 1:2 bonus shares announced

State-owned oil marketing company (OMC) HPCL on Thursday reported a 24.91 per cent fall in consolidated net profit to Rs 2,709 crore in the fourth quarter (January-March) of FY24, down from Rs 3,608.32 crore in Q4 FY23.

Sequentially, net profit rose 280 per cent, up from Rs 712.84 crore in Q3.

HPCL's consolidated annual net profit rose to a record high of Rs 16,014.61 crore in FY24, up from a loss of Rs 6,980.2 crore in FY23 due to discounts on Russian crude.

In Q4, total income rose to Rs 1.22 trillion, up from Rs 1.15 trillion in the same quarter of the previous financial year. Meanwhile, total expenses rose 7 per cent to Rs 1.19 trillion in the latest quarter.

The firm earned $6.93 per barrel for refining crude oil into fuel in the quarter, compared to the $8.50 per barrel refining margin in the preceding quarter.

On Thursday, the company's board also approved a bonus issue in the proportion of 1:2, where investors receive one extra share for every two shares held.