HPCL net profit stood at Rs 1,819 crore in Q4; shares surged by 12%

Hindustan Petroleum Corporation Ltd (HPCL) surpassed analysts estimates by reporting a whopping 31% rise in its net profit for the fourth quarter ended March 31, 2017 result.

HPCL posted net profit of Rs 1,818.79 crore, a rise of 31.04% from Rs 1,387.91 crore in the corresponding period of the previous year. Q4FY17 net profit also increased by 9.77% from Rs 1,656.81 crore in the preceding quarter.

A Bloomberg poll expected net profit of HPCL at Rs 1,170 crore this Q4.

Also, total income for the period was at Rs 59,183.49 crore, witnessing growth of 21.71% year-on-year (YoY) and 6% quarter-on-quarter (QoQ).

For the entire FY17, consolidated net profit rose by 76.175 yoy to Rs 8,235.82 crore, while total income were at Rs 2,15,673.04 crore up 8.35% qoq.

On segment wise revenue break-up, consolidated downstream petroleum business contributed growth of 8.12% at Rs 2,13,802.99 crore this Q4. While exploration and production of hydrocarbon business registered rise of 86.16% yoy at Rs 464.27 crore for the same period.

Average gross refining margins (GRM) during the year ended March 2017, were at $ 6.20 per barrel as against 6.68 per barrel of FY16.

During FY17, the company had budgetary support amounting to Rs 1,272.57 crore lower than Rs 1,761.26 crore of support in FY16.

Share price of HPCL climbed over Rs 60.75 or 11.93% on BSE, trading at Rs 568.05 per piece.