HPCL reports 31% rise in Q4 net profit

May 27, 2017, 04:38
HPCL reports 31% rise in Q4 net profit

Q4FY17 net profit also increased by 9.77% from Rs 1,656.81 crore in the preceding quarter.

(ONGC) on Friday reported a 6.1 per cent fall in net profit for the fourth quarter ended March at Rs 4,340 crore, as compared to the PAT of Rs 4,624.30 crore for the same period of 2016.

Total income of Rs 26,234 crore was up nearly 30% on higher crude oil prices.

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ONGC said that during the last fiscal, the Union government has settled the issue of the company's royalty dues with the governments of Gujarat and Assam, on the basis of which the Supreme Court has disposed of the special leave petition in the matter. 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.

The company made an inventory gain of Rs 743 crore in the fourth quarter of 2016-17 compared with Rs 37 crore gain made in the same period of the previous financial year.

For the full fiscal, the company reported a 10.9 per cent rise in net profit to Rs 17,900 crore on flat revenue of Rs 77,907 crore. Net realisation on crude oil produced from nominated fields was up 6.6 per cent at $50.27 per barrel and that from joint venture fields by 4 per cent at $44.09 a barrel.

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Out of 13 onland discoveries, nine were monetized during the year itself having a potential of 0.218 million tonnes of oil equivalent per year.

Analysts on average expected a profit of 12.17 billion rupees for the quarter, according to Thomson Reuters data.

Consolidated turnover was up 4.8 per cent at Rs 1,42,149 crore.

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This story has not been edited by Firstpost staff and is generated by auto-feed.

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