Hindustan Petroleum March-quarter profit beats estimates

HPCL ONGC Q4 preview Spike in crude prices decline in GRM to play role
HPCL ONGC Q4 preview Spike in crude prices decline in GRM to play role? Representational Image
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27 May, 2017

For the year ended March 31, 2017, on the consolidated basis, the company has posted a jump of 76.18% in its net profit at Rs 8235.82 crore as compared to Rs 4674.69 crore in the previous year.

The company's board approved a bonus issue of 1:2, implying that an investor will receive one share for every two held.

Manchester terror attack: United Kingdom police arrest 3 more suspects
As of Wednesday morning, police say, they've identified all of the fatalities and contacted all of the families involved. The arrests come after Prime Minister Theresa May raised the terror threat level to " critical ", the highest setting.

Oil rises to month-high with output cut extension expected
The risk of a long extension to the cuts is that it could further encourage USA shale output, said Capital Economics. But such talk could lead to disappointment if not approved, Commerzbank analysts said .

Several tornadoes touch down in the Plains, Midwest during severe weather Tuesday
Another tornado struck a rural area in western Oklahoma , leaving damage in its wake but no immediate reports of injuries. The dead man was identified as 45-year-old Eric Gavin, whose body was found in a tree after the storm had passed.

ONGC's total income for the quarter in consideration, however, increased an impressive 29.24 per cent at Rs 26,233.56 crore on account of better revenue from operations, as compared to Rs 20,297.33 crore earned in the corresponding quarter of 2015-16. The company has earmarked ₹1,944 crore for pay revision of officers and unionized category that is due from January 1 this year. "But for the royalty payments, our net profit would have been higher by Rs1,600 crore", he said. 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. Its performance was better in inventory gain, which was Rs 743 crore in the fourth quarter of 2016-17, against Rs 37 crore gain reported a year ago.

Average gross refining margins (GRM) during the year ended March 2017, were at $ 6.20 per barrel as against 6.68 per barrel of FY16. HPCL's Mumbai and Visakh refineries processed the highest ever crude oil of 17.81 mt with a capacity utilisation of 113 per cent in 2016-17 as opposed to a throughput of 17.23 mt in the previous fiscal. This will result in a total payout of Rs 3,668 crore including dividend distribution tax, he said.


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