State-run oil refiner and marketer Hindustan Petroleum Corp. Ltd (HPCL) posted a 34 percent decline in consolidated net profit in the March quarter to Rs 2,019 crore from Rs 3,061 crore in the year-ago period due to rise in total cost.
Revenue for the quarter stood at Rs 1.07 trillion, up 24.2 percent from Rs 85,755 crore last year. Total cost rose 28 percent to Rs 1.05 trillion from Rs 81,717 crore a year ago.
According to analyst estimates by Bloomberg, the company was expected to report a profit of Rs 1,375.80 crore while revenue was expected at Rs 1.13 trillion.
Operating margin for the quarter contracted sharply to 1.57 percent from 4.46 percent last year.
Average gross refining margin during the year ended March 2022 was $7.19 per barrel, a jump from $3.86 during the corresponding previous year.
The refiner announced a dividend of Rs 14 a share for the fiscal year 2022.
HPCL said it won a tender from the Air Force to supply jet fuel at five locations for five years. The company also announced that its Vizag refinery expansion is in the mechanical completion stage. It is expanding Vizag refinery capacity to 15 million tons per year versus 8.33 million tons earlier.
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