Hindustan Petroleum Q4 net profit falls 25%; company announces 1:2 bonus issue

New Delhi: 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 Rs 578.73 on turning every barrel of crude oil into fuel in the quarter against the Rs 709.85 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.