Oil marketing company Hindustan Petroleum Corporation (HPCL) has reported a massive 29.8 percent QoQ growth in September quarter, but it was lower than analyst expectations due to lower revenue.
The profit increased to Rs 1,052.3 crore in the quarter ended in September against Rs 811 crore in the June quarter.
The revenue from operations fell 14.3 percent sequentially to Rs 60,862 crore during the July-September period.
The calculated gross refining margin for the quarter stood at $2.60 a barrel, which was lower than a poll of analysts conducted by CNBC-TV18 which was pegged at $4.40 per barrel.
Oil retailer’s earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 41.1 percent quarter-on-quarter (QoQ) to Rs 2,319 crore and margin expanded by 150bps QoQ to 3.8 percent in Q2FY20.
Earnings missed analyst expectations. A CNBC-TV18 poll expected profit at Rs 1,447 crore on the revenue of Rs 64,974 crore and EBITDA at Rs 2,495 crore with the margin at 3.9 percent for the quarter ended in September.
HPCL’s tax expenses in Q2 stood at Rs 564.7 crore, higher by 32 percent compared to Rs 428 crore reported in the previous quarter.
The stock was quoting at Rs 313.10, down Rs 0.70, or 0.22 percent, on the BSE at 14:16 hours IST.
News Source:- Money Control