HPCL shares made a big jump, after the quarterly results, investors bought the company's stock heavily
HPCL Q2 Result: Today shares of Hindustan Petroleum Corporation Limited are trading rapidly. The company announced its quarterly results on Monday. In this announcement, the company said that the company has come out of a loss and has come into profit in the September quarter. The company's net profit in the July to September quarter was Rs 5827 crore.
One of the largest petroleum companies in the country is Hindustan Petroleum Corporation Limited (HPCL). The company announced the September quarter results on Monday. In this result, the company said that its net profit this quarter was Rs 5,827 crore. Last quarter the company was trading at a loss, but this quarter it has come out of the losing phase and turned into profit.
After the announcement of quarterly results, the company's shares are trading with gains. Today the company's shares opened at Rs 263.75 per share in the morning. After this, a decline in the company's shares was seen at around 10 o'clock. The company's stock still continues to fluctuate. At the time of writing the news, the company's shares are trading at Rs 276.90 per share with an increase of 14.80 points.
Hindustan Petroleum Corporation Limited said an improvement in earnings following an increase in marketing margins has brought the company back to profit in the September quarter. After returning to profit in the September quarter. The company's net profit for July-September 2023-24 was Rs 5,826.96 crore. At the same time, in the stock exchange filing, the company said that in the year-ago period, the company had suffered a loss of Rs 2,475.69 crore.
The increase in marketing margins helped offset losses incurred due to higher rates last year due to a moratorium on petrol and diesel price revisions despite the fall in crude oil prices.
Earnings after tax from downstream oil refining and marketing business in the second quarter of the current financial year stood at Rs 6,984.60 crore. There was a loss of Rs 2,462.57 crore in the same period a year ago. Despite the increase in global oil prices after Russia's invasion of Ukraine last year i.e. in 2022, HPCL, Indian Oil Corporation (IOC), and Bharat Petroleum Corporation Limited (BPCL) reduced the prices. This was intended to protect consumers from price volatility.
The loss occurred in the first half of the financial year 2022-23 (April 2022 to March 2023). HPCL suffered a loss of Rs 15,118.41 crore in April-September 2022. However, this year it made a record earning of Rs 16,389.55 crore in April-September. The company's revenue fell to Rs 1.02 lakh crore in July-September this year from Rs 1.13 lakh crore last year.
