ONGC to acquire stake in UAE's ADNOC oil offshore concession

HPCL Q3FY18 net profit grows by 22.60% yoy at Rs 1,949.69 crore

HPCL Q3FY18 net profit grows by 22.60% yoy at Rs 1,949.69 crore

Standalone net profit rose to 50.15 billion rupees ($778.6 million) in the three months ended December 31, from 43.52 billion rupees a year earlier, the state-run company said in a statement.

The gas price realised during the third quarter was also higher at $2.89 per million British thermal unit as against $2.5 per mbtu in same quarter of 2016-17.

For nine months period of FY18, PAT of HPCL stood at Rs 4,609.18 crore, up by 4.99% year-on-year (YoY), while revenue amounts to Rs 176,875.78 crore, growing by 14.25% on yearly basis.

An HPCL statement said that the board has declared an interim dividend of ₹14.50 per equity share of face value of ₹ 10 each for the financial year 2017-2018.

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India's top explorer Oil and Natural Gas Corp Ltd reported a 15 percent rise in third-quarter profit on Friday, but missed analysts' expectations.

Net profit of Rs 1,950 crore in October-December 2017 was higher than Rs 1,590 crore in the same period of last fiscal.

"The increase in profit is because of a better refinery margin during the period on account of improved cracks and inventory gains", HPCL chairman and managing director Mukesh K Surana told reporters on Friday.

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