HPCL profit rises 79% in Q4 FY23
Hindustan Petroleum Corporation (HPCL), a subsidiary of Oil and Natural Gas Corporation (ONGC), on Friday reported a 79% jump in net profit at Rs 3,608.32 crore on a consolidated basis in the quarter ended March 31.
The company had reported a profit of Rs 2,018.45 crore in the same quarter last fiscal (Q4 FY22) and Rs 444.26 crore in the previous quarter of this fiscal (Q3 FY23).
HPCL’s total income rose to Rs 1,15,151.57 crore in Q4 FY23 from Rs 1,05,900.34 crore in the year-ago quarter.
Total tax expense increased from Rs 484.77 crore in Q4 FY22 to Rs 1,104.55 crore in Q4 FY23. Its share in profit (net of tax) of joint ventures and associates jumped from `561.88 crore in March quarter of FY22 to Rs 779.82 crore in January-March 2023.
For the full fiscal 2022-23, the oil marketing company posted a net loss of Rs 6,980.23 crore as compared to a profit of `7,294.23 crore in FY22. Revenue from the operations rose to Rs 4,67,964.52 crore, up 24% from previous fiscal. HPCL shares closed 0.93% higher at Rs 260.80 a piece on BSE. The overall Sensex closed 0.20% hgfher on Friday.