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
Yes Bank shares falls sharply as RBI censures selective disclosure
Posted on 18th February 2019
Mumbai: Yes Bank Ltd. fell after India’s central bank reprimanded it for selectively revealing a “confidential" report by the regulator that led to a 30 percent surge in the lender’s shares Thursday. The regulator called the disclosure a “deliberate attempt" to mislead the public.

Air India Express launches international operations from Surat
Posted on 18th February 2019
Surat: Gujarat's 'diamond city' Surat has made it to the international aviation map with the first Air India Express flight arriving here carrying 75 passengers from Sharjah, the airline said on Sunday.

The maiden Air India Express flight IX 172 from Sharjah touched down atthe Surat airport at 11.30 pm on Saturday with 75 passengers on board the Boeing 737-800 aircraft, the airline said in a statement.


Punjab National Bank in better state, but momentum is still soft – reduce holdings
Posted on 18th February 2019
Punjab National Bank (PNB), post three quarters of muted profitability (losses), reported PAT of `2.5 bn in Q3FY19. This was led by better-than-expected asset quality even as business momentum continued to remain soft.

(a) slippages were restricted at sub-Rs 40 bn (3.7%). This, with better recovery, led to dip in GNPL; (b) that said, business momentum continued to be soft (albeit improving), which with sustained NIM pressure restricted core operating profitability; and (c) improved coverage led to dip in NNPL & sequential traction in domestic growth was encouraging.


The Tata way: Cyrus Mistry or N Chandrasekaran, it’s all about crown jewel TCS
Posted on 18th February 2019
Two years after a change of leadership at the Tata Group, it is abundantly clear that whether it’s Cyrus Mistry or Natarajan Chandrasekaran, cleaning up after Ratan Tata is not easy. Today, the sprawling conglomerate is even more about TCS than when Mistry left it.

The software major accounts for 73% or nearly three-fourths of the combined market capitalisation of ten top 10 companies; this share was just 59% in February 2017, when Chandra took over the reins at the group as chairman, Tata Sons.


Amazon’s deep bench calms investors amid Jeff Bezos scandal, NYC rift
Posted on 18th February 2019
It’s been a rough few weeks for the world’s wealthiest man. Amazon.com CEO Jeff Bezos announced his divorce. He became engulfed in a tabloid scandal complete with blackmail allegations. And, on Thursday, his company abruptly scrapped plans to invest $2.5 billion and hire 25,000 people for a giant new office in New York City.

» 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

At least 37 CRPF personnel killed in suicide blast in J&K's Pulwama, Jaish-e-Mohammed claims responsibility

RCom arm Reliance Realty gets nod to develop DAKC into Fintech Centre

BSNL solidifies worker benefits, plans VRS package

Mahindra & Mahindra hits 52-week low on tractor guidance cut; stock down 3%

Bharat Dynamics soars 16% on robust December quarter results

More India News

  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