IndiaCatalog.com
India News
Search Web Directory
News Home
HPCL Q3 net falls 87% to Rs 248 crore on inventory loss
Posted on 6th February 2019
Inventory losses and lower refinery margins affected finances of state-run Hindustan Petroleum Corporation (HPCL), which on Tuesday announced a 87% year-on-year (y-o-y) fall in net profit to Rs 248 crore during the December 2018 quarter. The comparable figure a year ago was Rs 1,950 crore.

The oil marketing company had made an inventory gain of Rs 1,477 crore in the December 2017 quarter against a loss of Rs 3,465 crore in the December 2018 quarter. Crude oil prices crossed $85 per barrel in October this year but it saw a steep decline thereafter, resulting in losses for the company.

Owing to the same reason, peer Indian Oil too saw a 91% decline in net profit during the third quarter of FY19. HPCL’s chairman and managing director, MK Surana said: “The decrease in profit is mainly due to inventory losses caused by falling crude oil prices and higher fuel and loss component.” HPCL’s, a subsidiary of state-run explorer ONGC, revenues were up to Rs 76,884 crore compared with Rs 62,832 crore in the corresponding quarter of the previous fiscal. The board of the company declared an interim dividend of Rs 6.50 per share.

The company’s gross refining margin (GRM) was $3.72 per barrel in the December 2018 quarter compared with $9.04 a year ago. GRMs across the the world have been weakening with Singapore benchmark at $4.5 per barrel in the Q3FY19 compared with $6.1/barrel in the preceding quarter. Fuel sales of the company rose to 9.4 million tonne, up 2.5% y-o-y. While petrol sales was up 6%, diesel was up a tepid 0.4%. While LPG sales remained flat, aviation turbine fuel sales was up 27.4%.

Related Companies: Hindustan Petroleum Corporation Ltd.(HPCL)   

Other Latest News
This helicopter company stock zooms 112% in six weeks
Posted on 18th April 2019
Shares of Global Vectra Helicorp surged 9 per cent to Rs 127 in the intra-day trade on Thursday, gaining 53 per cent in the last one week on the BSE, on expectation of strong earnings growth. The stock was trading close to its 52-week high of Rs 131 on April 23, 2018 on the BSE.

In past three weeks, the stock has rallied 112 per cent from level of Rs 60.30 on March 8, 2019, as compared to 7 per cent rise in the S&P BSE Sensex.


Hyundai eyes leadership position in compact SUV segment: MD
Posted on 18th April 2019
Hyundai Motor India is eyeing a leadership position in the compact SUV segment in the country with its upcoming model Venue, a top company official said.

The company will face stiff competition in the sub-4 metre compact SUV segment from the likes of Maruti Suzuki Vitara Brezza, Tata Motors Nexon, Mahindra XUV300 and Honda WR-V.


Mahindra, Ford to co-develop mid-sized SUV for India, emerging markets
Posted on 18th April 2019
Mahindra & Mahindra (M&M) and Ford Motor Company on Thursday said they have signed a definitive agreement to co-develop a mid-sized SUV for India and other emerging markets.

The new agreement reinforces the steady progress made since the announcement of a strategic alliance between the two companies in September 2017, followed by an announcement on powertrain sharing and connected car solutions in October 2018.


JustDial data leak exposed personal details of 100 million users: IT expert
Posted on 18th April 2019
Justdial, a company that provides local search for different services in India over voice calls and internet, suffered a data breach last week that compromised the personal details of 100 million users, according to independent cyber-security researcher Rajshekhar Rajaharia.

Inc42 quoted a senior JustDial executive on Monday as saying that the company is investigating the alleged loopholes in its database and that the company's systems are foolproof.


Now, Mamata Banerjee objects to no non-veg on Air India
Posted on 18th April 2019
Chief Minister Mamata Banerjee launched a new attack front against Prime Minister Narendra Modi on Wednesday and registered a delayed protest against the decision to stop serving non-vegetarian food to economy class passengers of Air India's domestic flights.

Air India does not serve non-vegeterian food in economy class. Only business class passengers are entitled to have chicken. Why will Modi babu decide what others will eat? the firebrand leader lashed out when addressing a public meeting at Kandi in Murshidabad.


» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for HPCL Q3 net falls 87% to Rs 248 crore on inventory loss
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for HPCL Q3 net falls 87% to Rs 248 crore on inventory loss

Most Read News

Depite being humiliated, DMK has joined hands with Cong: PM Modi in Tamil Nadu

Anil Ambani firm got €143.7 mn tax relief from France after Rafale announcement: Le Monde report

Uber nears deal with Softbank-led group for self-driving car unit: Report

Out of cash and desperate: Low-cost airline Jet Airways may stop flying

JustDial data leak exposed personal details of 100 million users: IT expert

More India News

Photo Gallery

Theri(11 Images) Theri
Shraddha Das(11 Images)Shraddha Das
Nela Ticket(11 Images) Nela Ticket
  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2019 IndiaCatalog.com
    All Rights Reserved
Privacy Statement