HPCL Q4 Profit Dips 25%; Announces Generous 1:2 Bonus Share Issue

HPCL's Q4 profit dropped 25% to Rs 2,709 crore due to lower margins. Turnover rose to Rs 1.22 lakh crore. For FY24, net profit surged to Rs 16,014.61 crore from a loss in FY23. The board approved a 1:2 bonus issue.

Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported a 25 per cent fall in its March quarter net profit on lower refining margins and announced one bonus share for every two shares held.

Its consolidated net profit of Rs 2,709.31 crore in January-March - the fourth quarter of the 2023-24 fiscal - compares to Rs 3,608.32 crore in the same period of the previous financial year, according to a company's stock exchange filing.

The firm earned USD 6.93 on turning every barrel of crude oil into fuel in the quarter against the USD 8.50 per barrel refining margin in the preceding quarter.

HPCL board also approved a 1:2 bonus issue - 1 share for every 2 shares held.

Turnover was higher at Rs 1.22 lakh crore when compared to Rs 1.15 lakh crore in January-March 2023.

For the full 2023-24 fiscal, HPCL reported a record net profit of Rs 16,014.61 crore as opposed to a loss of Rs 6,980.23 crore in the previous year.

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