Hindustan Petroleum (HPCL), the nation's third largest fuel retailer, recorded 56 percent drop in net profit at Rs 925 crore for the quarter ended June 2017 on account of inventory losses and increased expenses.
The combines Gross Refinery Margin for the quarter is at $5.86/bbl is lesser as compared to $6.83/bbl in corresponding quarter of previous year due to inventory loss. "We had an inventory loss of Rs 1,595 crore in first quarter of current fiscal as compared to an inventory gain of Rs 1,935 crore in the corresponding period of the previous fiscal", company chairman M K Surana said on Friday.
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On November 30 Jefferies made no change to the stock rating of "Buy" but lowered the price target from $115.00 to $85.00. The company reported $0.61 earnings per share for the quarter, missing the Zacks' consensus estimate of $0.65 by $0.04.
The company's refinery throughput increased marginally by 0.22 percent to 4.49 Million Tonnes (MMT) in the first quarter of the present financial year. After adjusting for inventory losses and gains, the core refining margin for April-June is $8.81/barrel as against $3.55/barrel in the year-ago quarter. For the year 2017-18, HPCL plans to invest about Rs 7,100 crore.
EBITDA for the quarter fell by 55% yoy to Rs 1,628 crore.