HPCL falls over 5% on profit booking post Q3 results

Hindustan Petroleum Corporation (HPCL) dipped over 6% to Rs 541 on the BSE on profit booking after the company reported 53% year-on-year rise in its net profit at Rs 1,590 crore for the quarter ended December 2016 (Q3FY17), owing to better operational performance.

Total income from operations for the quarter under review was at Rs 55,541 crore, 15% higher from Rs 48,323 crore.

The net profit and operational income came in slightly below average expectations of Rs 1,748 crore and Rs 49,733 crore, respectively.

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.

Meanwhile, the board of directors of the company has declared an interim dividend of Rs 22.50 per equity share. The company has fixed March 02, 2017 as the record date for the purpose of payment of interim dividend, which is proposed to be paid on or before March 15, 2017.

In past one month, the stock outperformed the market by surging 19% as compared to 4% rise in the S&P BSE Sensex till Monday.

At 01:44 pm; the stock was down 6% at Rs 544 against 0.03% rise in the benchmark index. A combined 5.12 million shares changed hands on the counter on the BSE and NSE so far.

Hindustan Petroleum Corporation Ltd.(HPCL)