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However, sequentially, the net profit of <keyword id="6362419" type="General" weightage="20" keywordseo="HPCL" source="Orion">HPCL</keyword> fell 14 per cent from its April-June quarter profit of Rs 6,765.50 due to the spike in crude prices. HPCL has posted its highest ever half-yearly consolidated net profit of Rs 12,592 crore during April-September 2023 (against consolidated net loss of Rs 11,033 crore during the corresponding period of previous year). The company's standalone net profit during this period was also the highest ever at Rs 11,322 crore as compared to standalone net loss of Rs 12,369 crore during the corresponding period of previous year. The standalone net profit for the period July-September 2023 was Rs 5,118 crore against a net loss of Rs 2,172 crore during the corresponding period of previous year. Average GRMs (gross of export duty) for the period July-September 2023 were $13.33 per barrel ($8.41 per barrel during the corresponding period of previous year). The average GRMs (gross of export duty) for the period April-September 2023 were $10.49 per barrel ($ 12.62 per barrel during the corresponding period of previous year). HPCL refineries processed their highest ever quarterly crude through-put of 5.75 million metrictonnes (MMT) during July-September 2023 (operating at 111.6 per cent) registering a growth of 28 per centover 4.49 MMT crude processed during the corresponding period of previous year. Visakhapatnam Refinery functioning at enhanced capacity of 11 MMTPA processed highest ever quarterly crude through-put of 3.23 MMT (116.7 per cent of installed capacity) and Mumbai Refinery operating at 105.7 per cent capacity also recorded highest quarterly crude through-put of 2.52 MMT during this period.

HPCL posts Rs 5,827 crore profit in Q2 2023-24

<ul><li>Hindustan Petroleum (HPCL) shares gained over 7% after the oil refining and marketing giant approved the buyback of 10 crore shares.</li><li>The second-quarter net profit of HPCL more than doubled, led by the surge in refining margins and inventory gains</li><li>The gross sales revenue stood at ₹61,340 crore and was lower than ₹66,165 crore of Q2 of the previous financial year due to lower oil prices.</li></ul>The shares of Hindustan Petroleum (HPCL) gained over 7% after the oil refining and the marketing giant said that its board had approved a proposal to buyback up to 10 crore shares, representing 6.56% of paid-up equity capital of the company, at ₹250 per share. The buyback price represents a 33.88% premium over HPCL’s last closing price on Wednesday. In a regulatory filing on the BSE, HPCL said that the buyback remains at ₹2,500 crore, but the number of shares could be higher than maximum buyback shares (10 crore) if equity shares are bought below the maximum buyback price of ₹250. <div type="image" title="HPCL" msid="79055262" hostid="261"></div> Through the buyback, HPCL’s minority shareholders are looking to get rewarded. The company will finalise the details of the buyback in the next two days. Strong profit growth is the secondary driver The second-quarter net profit of HPCL more than doubled on the back of a surge in refining margins and inventory gains — which is again the other major reason behind HPCL stock rise today. Net profit in July-September came at ₹2,477 crore as compared to ₹1,052 crore a year back, HPCL Chairman and Managing Director Mukesh Kumar Surana told the media on a conference call. “The significant improvement in the profitability in spite of challenges including lockdown due to COVID-19 pandemic was a result of strategic planning in refinery and marketing operation, containing the degrowth to less than the industry, efficient inventory management and effective production placement,” he said. Cheaper crude oil contributed to strong growth The gross sales revenue stood at ₹61,340 crore and was lower than ₹66,165 crore of Q2 of the previous financial year due to lower oil prices. The firm earned $5.11 on turning every barrel of crude oil into fuel in the second quarter of 2020-21 fiscal as compared to a gross refining margin of $2.83 a barrel. This included a $2.33 per barrel inventory gain from buying cheaper crude oil earlier and processing in Q2. This translated into ₹1,780 crore of gain. Besides, the firm also had a forex gain of ₹524 crore, he said. The company said during the quarter, 303 new retail outlets were commissioned taking the total retail outlet network to 17,171 as of September 2020. HPCL also commissioned 37 new LPG distributorships during the quarter, taking the total LPG distributorships to 6,153 as of September 2020. (with inputs from wire services) SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/heres-what-gives-jiomart-an-edge-over-its-competitors-according-to-goldman-sachs/articleshow/79054698.cms" data-type="tilCustomLink">Here’s what gives JioMart an edge over its competitors, according to Goldman Sachs</a> <a href="https://www.businessinsider.in/stock-market/news/top-stock-movers-sbi-hcl-tech-srf-basf-happiest-minds-tech-pidilite-pvr-inox-leisure-and-others/articleshow/79054766.cms" data-type="tilCustomLink">Top stock movers — SBI, HCL Tech, SRF, BASF, Happiest Minds Tech, Pidilite, PVR, INOX Leisure, and others</a> <a href="https://www.businessinsider.in/india/news/toxic-haze-chokes-delhi-pollution-levels-enter-severe-zone-highest-since-november-last-year/articleshow/79054990.cms" data-type="tilCustomLink">Toxic haze chokes Delhi, pollution levels enter 'severe zone' – highest since November last year</a>

Here’s why Hindustan Petroleum shares rallied over 7% today

Kolkata, Battery and flashlight major <keyword id="166960" type="General" weightage="20" keywordseo="Eveready-industries" source="Orion">Eveready Industries</keyword> India Ltd (EIIL) on Tuesday reported a 73.5 per cent increase in consolidated net profit to Rs 25.44 crore for the second quarter of the current fiscal on easing input cost. The city-based company had posted a net profit of Rs 14.73 crore in the corresponding quarter last fiscal, the company said in a regulatory filing. Revenue from operation during the July-September quarter was lower by three per cent to Rs 364.9 crore as compared to Rs 375.7 crore in the year-ago period. Operating EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin improved to 12.7 per cent from 11.4 per cent in the second quarter of the 2022-23 fiscal. Eveready Industries said the revenue performance was nearly flat owing to the distribution revamp, which is expected to normalise in the coming quarters. Battery-operated flashlights continued to degrow despite healthy growth in rechargeable category, it said. "Favourable trends in key raw materials and stability in exchange rate created suitable conditions for margin expansion," the company said in a statement. "Our emphasis to grow within our existing business mix saw us successfully execute a very complex route to market in our distribution structure," Eveready Industries Managing Director Suvamoy Saha said. The initial moderation in uptake in batteries is expected to resolve in the coming quarters as stocks get replenished via more efficient pathways, he said. In its revamp journey with the new management under the Dabur family, Eveready has also unveiled a new logo and a tagline, aiming at wooing the new generation of consumers.

Eveready Q2 FY'24 net profit jumps 73% on easing input cost

New Delhi, Feb 5 () Hindustan Petroleum Corp Ltd (HPCL) on Wednesday reported trebling of net profit in December quarter as inventory gains made up for lower refinery margins.Net profit in October-December at Rs 747 crore was higher than net profit of Rs 248 crore in the same period a year back, HPCL Chairman and Managing Director Mukesk K Surana told reporters here."In Q3 of the last fiscal we had an inventory loss of Rs 3,465 crore. As compared, we made an inventory gain of Rs 343 crore," he said, adding the inventory gains were partly offset by lower exchange gains.HPCL had a foreign exchange gain of Rs 82 crore in the December quarter as compared to a forex gain of Rs 557 crore a year back, he said.A company records inventory gain when it buys raw material (crude oil) at a particular price but by the time it is able to process and convert it into fuel, international oil prices have gone up. Since fuel prices are benchmarked to international rates, inventory gains are booked. Inventory losses are booked when the reverse happens.The company earned USD 1.79 on turning every barrel of crude oil into fuel in Q3 as compared to a gross refining margin of USD 3.72 per barrel a year back."The lower GRM is primarily due to lower cracks of fuel oil and LPG and planned shutdown of secondary units at Visakh refinery," he said.Sales was also lower at Rs 74,288 crore in October-December as against turnover of Rs 76,884 crore. ANZ BALBAL

HPCL net trebles on inventory gains

<ul><li>The SGX Nifty was trading 0.81% lower at 7:55 am, indicating a negative start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Even amid positive cues from the global markets, the Indian equities are likely to open in the red on Thursday. The SGX Nifty was trading 0.81% lower at 7:55 am, indicating a negative start for Nifty50. However, the US stock markets also soared on Wednesday, as investors shrug off the undecided election. The Dow Jones Industrial Average closed 368 points higher, and the S&amp;P 500 gained 2.2%. These are the stocks to watch out for during the trading session on November 5: PVR and Inox Leisure PVR and Inox Leisure stocks will be in focus during the trade today after <a href="https://www.businessinsider.in/india/news/maharashtra-government-allows-reopening-of-cinema-halls-with-50-capacity-from-november-5/articleshow/79041693.cms?upcache=2">the Maharashtra Government has now allowed cinema halls</a> to open in areas outside containment zones with 50% of their seating capacity from today. The shares of PVR and Inox Leisure ended 1% and 2% higher on Wednesday, respectively. HPCL The board of the Hindustan Petroleum (HPCL) approved a ₹2,500 crore share buyback plan as the company management feels the share price is lower than the value it deserves. In a stock exchange filing, HPCL said it would buy back up to 10 crore shares for no more than ₹250/share. The net profit of the company also nearly doubled in the second quarter led by a surge in refining margins and inventory gains. The net profit in July-September stood at ₹2,477 crore as compared to ₹1,052 crore in a year-ago period. The shares of HPCL ended 0.83% higher on Wednesday, SBI Cards SBI Cards and Payment Services (SBI Card) has launched credit cards in partnership with the digital payment platform Paytm. Available in two variants, Paytm SBI Card and Paytm SBI Card SELECT, the product has been launched on the Visa platform. The shares of SBI Cards ended 0.53% higher on Wednesday, JK Lakshmi JK Lakshmi Cement reported an 86.90% rise in consolidated net profit to ₹92.93 crore for the second quarter ended September 30, helped by cost reduction. The revenue from operations rose 11.79% to ₹1,131.74 crore during the quarter under review. The shares of JK Lakshmi ended 4% higher on Wednesday, Jubilant Life Sciences The board of Jubilant Life Sciences approved raising up to ₹100 crore via non-convertible debentures (NCD). The shares of Jubilant Life Sciences ended 2% higher on Wednesday, Pidilite Industries Fevicol maker Pidilite Industries reported a 9.66% increase in consolidated net profit to ₹356.44 crore for the quarter ended September 30. The company’s revenue from operations rose 4.08% at ₹1,880.33 crore during the quarter under review. The shares of Pidilite Industries ended 0.36% lower on Wednesday, Aditya Birla Capital, Adani Power, Berger Paints India and Emami Aditya Birla Capital, Adani Power, Berger Paints India and Emami are slated to report their second-quarter earnings today. SEE ALSO:<a href="https://www.businessinsider.in/politics/world/news/here-are-trump-and-bidens-paths-to-victory-based-on-where-the-election-currently-stands/articleshow/79044299.cms" data-type="tilCustomLink"> How Trump and Biden can win based on where the election stands now</a> <a href="https://www.businessinsider.in/business/auto/news/india-may-announce-vehicle-scrappage-policy-soon-and-this-is-what-it-means-for-consumers-and-new-buyers/articleshow/79041346.cms" data-type="tilCustomLink">India is looking to bring in the vehicle scrappage policy soon — here’s what it means for you</a> <a href="https://www.businessinsider.in/finance/banks/news/sbis-profit-jumps-over-50-in-q2-plans-to-outperform-the-industry-in-credit-growth/articleshow/79039165.cms" data-type="tilCustomLink">SBI’s profit jumps over 50% in Q2 — India’s largest bank plans to outperform the industry when it comes to credit growth</a>

Top stocks to watch — PVR, Inox Leisure, SBI Cards, HPCL, Pidilite Industries, Adani Power, Berger Paints, and others

New Delhi, <keyword id="45473" type="General" weightage="20" keywordseo="Mahindra-Holidays" source="Orion">Mahindra Holidays</keyword> &amp; Resorts India Ltd on Monday reported a consolidated profit after tax of Rs 21.43 crore for the second quarter ended September 2023. The company had reported a consolidated Profit After Tax (PAT) of Rs 41.4 crore in the corresponding period of the previous financial year, according to a regulatory filing. Its revenue from operations during the July-September quarter stood at Rs 655.27 crore, as against Rs 598.36 crore in the year-ago period, it said. The company's total expenditure also rose to Rs 636.32 crore, from Rs 574.65 crore a year ago.

Mahindra Holidays & Resorts' consolidated PAT almost halves in Q2 2023-24

<ul><li>The 30-share BSE index Sensex was up 0.51%, and the NSE Nifty was trading 0.55% higher at 9:50 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian benchmark indices jumped over 200 points in early trade on Friday, led by gains in index-heavyweights Reliance Industries, TCS, and HCL Tech. The 30-share BSE index Sensex was up 0.51%, and the NSE Nifty was trading 0.55% higher at 9:50 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IOC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BPCL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NTPC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HUL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Power Grid </td></tr></tbody></table>*as of October 30, 10:00 am These are the top stocks in news today. <keyword id="46156" type="CITY" weightage="20" keywordseo="TVS-Motor">TVS Motor</keyword> gains over 4% The shares of TVS Motor gained over 4% after the company registered a growth of 6% in its revenue to ₹4,617 crore in the second quarter ended September 30. The production and sales of its two-wheelers improved consistently from July onwards, but the commercial vehicle segment continues to lag. IndiGo drops 2% The shares of India’s largest airlines IndiGo dropped 2% after its losses widened to ₹1,194 crore for the second quarter ended September 30. The company had posted a net loss of ₹1,062 crore in the same quarter last year. The company’s total income declined 65% to ₹3,029 crore. <keyword id="1553175" type="COMPANY" weightage="20" keywordseo="Vodafone-Idea">Vodafone Idea</keyword> gains over 6% The shares of telecom major Vodafone Idea gained over 6% after the company significantly narrowed its loss. Vodafone Idea reported a net loss of ₹7,218.2 crore for the quarter ended September 30 compared to a loss of ₹50,897.9 crore in the same quarter last year. BPCL garners 2% The shares of state-owned Bharat Petroleum (BPCL) gained over 2% after it reported a 58% year-on-year growth in its consolidated net profit to ₹2,589.52 crore, on the back of lower expenses, including material and finance costs. <keyword id="6362419" type="COMPANY" weightage="20" keywordseo="hpcl">HPCL</keyword> leaps 3% The state-owned Hindustan Petroleum (HPCL) was trading 3% higher after the petroleum giant announced that its board would meet on November 4 to consider a share buyback plan. <keyword id="103837" type="PERSON" weightage="20" keywordseo="Angel-Broking">Angel Broking</keyword> trades 12% higher Angel Broking shares were trading 12% higher after the Kuwait Investment Authority acquired half a percent stake in the retail broking company via open market transactions on October 29 for ₹321.73 per share. <keyword id="6484187" type="COMPANY" weightage="20" keywordseo="ril">RIL</keyword> trades 1% higher The shares of Mukesh Ambani-owned Reliance Industries (RIL) were trading nearly a percent higher ahead of its Q2 financial result due later this evening. <keyword id="6359949" type="COMPANY" weightage="20" keywordseo="blue-dart">Blue Dart</keyword> shares gain 14% The shares of Blue Dart gained over 14% after the company reported 195.85% jump in its quarterly profit to ₹41.39 crore. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) was up 131.79% to ₹149.46 crore in the quarter ended September 30. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/cricketer-yuvraj-singh-invests-in-nutrition-based-healthtech-startup-wellversed/articleshow/78945260.cms" data-type="tilCustomLink">Cricketer Yuvraj Singh invests in nutrition-based healthtech startup Wellversed</a> <a href="https://www.businessinsider.in/tech/news/the-big-4-tech-companies-amazon-apple-facebook-and-google-blew-past-wall-street-estimates-in-their-latest-quarter-earnings-reports/articleshow/78942589.cms" data-type="tilCustomLink">The Big 4 tech companies — Amazon, Apple, Facebook, and Google — blew past Wall Street estimates in their latest-quarter earnings reports</a>

Top stock movers — RIL, HPCL, Angel Broking, TVS Motor, Blue Dart, Vodafone Idea, and others

New Delhi, <keyword id="188376" type="General" weightage="20" keywordseo="LT-Foods" source="Orion">LT Foods</keyword> Ltd on Monday reported a 64.86 per cent rise in consolidated net profit to Rs 157.26 crore for the second quarter ended September 30, helped by expansion in domestic and foreign markets. It had reported a net profit of Rs 95.39 crore for the July-September quarter a year ago, according to a regulatory filing by LT Foods Ltd, which owns basmati rice brands -- Daawat and Royal. Its revenue from operation increased 14.66 per cent to Rs 1,977.78 crore during the quarter under review. It was Rs 1,724.83 crore a year ago. The total expenses in the September quarter surged 11.94 per cent to Rs 1,792.33 crore. Its total income in the September quarter rose 15.02 per cent year-on-year to Rs 1,991.81 crore. LT Foods Managing Director and CEO Ashwani Arora said: "Our ongoing efforts to expand our presence in India and International markets have yielded substantial results, with our total business growing by 13 per cent during H1 FY24 and profit after tax (PAT) grew by 55 per cent". LT Foods is a leading player globally in the speciality rice and rice-based foods business. Over the outlook, Arora said in response to the evolving consumer trends and preferences, LT Foods will grow its core business and innovate and introduce new product offerings diversifying its product portfolio. "We are confident of continued improvement in our performance over the long term and in our ability to deliver consistent, sustainable, profitable, and responsible growth," he said. Shares of LT Foods Ltd on Monday were trading at Rs 162.25 on BSE during the afternoon, down 0.46 per cent from the previous close.

LT Foods Q2 2023-24 net profit rises 64.8% to Rs 157.26 cr

<ul><li>Maruti Suzuki has announced its Q2 FY20 earnings</li><li>Maruti profits fall by 39.3% as compared to the same quarter in the previous year.</li></ul>India’s largest car manufacturer Maruti Suzuki’s second quarter profits fell by 39.3% to ₹13,586 million from ₹22,404 million in the same quarter last year. Its total revenue from operations stood at ₹169,853 million. 
 
 
 
 
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 As the quarter reports came in, the shares of Maruti Suzuki fell by 1.68%. In the past one month, Maruti Suzuki's share price has increased as the public sentiment has expected better results from the festive season sales. 
 
 
 
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 When the last quarter results were announced on July 26, its share price gained over a percent immediately after the company’s earnings report because the performance was better than expected. Second quarter woes In the second quarter, its worries only worsened from the first quarter. Its sales fell by 24% in September as compared to the same month last year. It sold a total of 122,640 units during the month. 
 



 
 
 
 
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 In August, it had also slashed 3,000 contractual jobs as it had cut production. Maruti was expecting some traction as it started offering discounts across multiple car models during the the festive season. In September, Maruti Suzuki also slashed prices to align with the government’s plans to revive demand. It reduced the price of select models like Alto 800, Alto K10, Swift Diesel, Celerio, Baleno Diesel by ₹5,000. Maruti’s performance in the first quarter As the car slowdown hit the country’s automobile segment, almost every other manufacturer saw its profits fall in the first quarter of the current financial year. Maruti Suzuki’s first quarter sales fell 14% and profits fell by nearly twice as much, 27.3%. The total car sales for the first quarter had fallen by 17.9% as compared to the same quarter in the previous year.

Maruti Suzuki profits fall by 39.3% for the second quarter

New Delhi, Business services provider <keyword id="6370333" type="General" weightage="20" keywordseo="Quess-Corp" source="Orion">Quess Corp</keyword> has reported 79 per cent year-on-year jump in profit after tax at Rs 70.95 crore for the second quarter ended September 30, riding on operational efficiencies. The company had reported a profit after tax (PAT) of Rs 39.62 crore in the corresponding period of the previous fiscal. Total revenue of the company grew 11 per cent to Rs 4,748 crore, from Rs 4,273 crore in the year-ago period, a company statement said. "This growth is due to focused efforts over the last few quarters in developing greater automation in our platforms, building operational efficiencies and focusing on high margin businesses," Group CEO Guruprasad Srinivasan said. Srinivasan further said the higher margin platforms, GTS and OAM have delivered a consistent increase in profitability along with improvement in margins over the last few quarters. The listed subsidiary, AllSec has surpassed a market cap of Rs 1,000 crore with a CAGR (compound annual growth rate) of 23 per cent from the initial investment in 2019, Srinivasan said. "We remain bullish about future growth prospects and our consolidation efforts have started to yield positive results to help us realize non-linear profit growth from our all-weather business model," he added. For the first half of this financial year, the company reported a PAT of Rs 119 crore, up 10 per cent over the same period a year ago. Revenue increased 13 per cent to Rs 9,349 crore in the April-September period of this year, the statement said. Shares of Quess Corp were trading at Rs 439.25 apiece, up 2.82 per cent over the previous close on BSE.

Quess Corp Q2 2023-24 PAT rises 79% to Rs 71 cr

New Delhi, Jan 6 () Fitch Ratings on Monday said it expects Hindustan Petroleum Corp Ltd's (HPCL) refining margins to fall by one-third during the current fiscal due to volatility in crude prices leading to inventory losses.
Fitch affirmed HPCL's rating 'BBB-' with stable outlook, in line with the credit profile of its largest shareholder Oil and Natural Gas Corp Ltd (ONGC).
"The agency assesses HPCL's standalone credit profile at 'bb' to reflect its position as one of India's biggest oil-marketing companies, average-but-improving complexity of its refining assets and moderate financial profile," Fitch said in a statement.
HPCL, it said, is highly strategic to ONGC's vertical integration strategy, and its refining capacity, along with its large fuel retail network, increases ONGC's downstream integration, making the company India's third-largest oil-refining and fuel-marketing company.
The investment in HPCL is also ONGC's largest. ONGC in January 2018 paid Rs 36,915 crore to acquire 51 per cent stake in HPCL from the state. "We believe there is a high likelihood of exceptional support from ONGC to HPCL should the subsidiary face financial difficulties," it added.
HPCL has about one-fourth market share of India's fuel marketing, and the second-largest number of retail fuel outlets. With its refining capacity of 27 million tonnes per annum (mtpa), including 11 mtpa of capacity in its joint venture, HPCL-Mittal Energy Ltd is set to increase it to 36 mtpa within the next 12 months, and accounts for over 10 per cent of the country's refining capacity.
HPCL marketed about 19.5 million tonnes of fuel in the six months ended September 30, 2019 and refined 8.5 million tonnes. "We expect HPCL to maintain its leading position over the medium term in light of its expansion plans," it said.
Fitch expected HPCL to incur around Rs 60,000 crore in capex over FY20-FY23 to expand and upgrade its refineries, while also enhancing its retail and pipeline infrastructure.
"We expect these investments to improve HPCL's refining asset quality and business profile over the long term," it said. "However, we expect the investment plans to result in negative free cash flows over the medium term, driving up leverage."
HPCL's Mumbai refinery capacity will increase from 7.5 mtpa currently to 9.5 mtpa by end-January 2020, and that at the Visakhapatnam refinery will rise from 8.3 mtpa at present to 15 mtpa in July 2020.
"Fitch expects HPCL's standalone gross refining margins (GRM) to fall to USD 3.2 a barrel in FY20 from USD 5.0 a barrel in FY19. GRMs for HPCL's refining segment fell to USD 1.9 per barrel during 1HFY20," the statement said. "This was in line with the industry due to strong new supply from China, volatility in crude prices leading to inventory losses, and unfavourable movement in the light-heavy crude spreads."
However, Fitch expected the margins to gradually improve from 2HFY20, benefitting from strong diesel spreads, driven by new global marine-fuel regulations as HPCL has a higher share of middle distillates in its refining product slate that meet the requirements.
Its GRMs should also benefit over the medium term from the completion of modernisation and expansion of its refineries, improving their Nelson Complexity Index to 10 from an average of around 8 currently.
HPCL's standalone credit profile is one notch lower than the 'bb+' of both Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd (BPCL).
IOC and BPCL are larger, have greater vertical integration and a better balance between refining and marketing volumes than HPCL, justifying the one-notch difference, although the SCPs of all three have low headroom in their financial metrics, Fitch said. ANZ BAL

Fitch says HPCL refining margins to fall in current fiscal

Shares of oil refinery <keyword id="500127" type="DOMAIN" weightage="20" keywordseo="Hindustan-Petroleum-Corporation-Ltd">Hindustan Petroleum Corporation Ltd</keyword>. (HPCL) gained over four per cent to Rs 187.10 (at 2.30 p.m.) on the BSE on Friday after the company announced that it will consider a proposal to buyback shares at its <keyword id="9589025" type="UNKNOWN" weightage="20" keywordseo="next-board-meeting">next board meeting</keyword> on November 4. The HPCL board was to meet on November 4 to consider and approve the financial results of the company for the second quarter and half year period ending September 30 earlier. "We now wish to inform you that in the aforesaid board meeting, the board will also consider a proposal to buyback the fully paid equity shares of face value of Rs 10 each of the company", BPCL said in exchange filing on Thursday after market hours. The decision to buyback shares gave momentum to HPCL shares in trade on Friday. In fact, the company's shares have gained 20 per cent in the last three months even though the gains for S&amp;P BSE Sensex during the period has been just five per cent. With the correction in HPCL stock, minority shareholders could hope to get rewarded on the proposed buy back. The performance of the buyback would, however, be determined on the basis of how attractive the pricing is, brokerages have said. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/cricketer-yuvraj-singh-invests-in-nutrition-based-healthtech-startup-wellversed/articleshow/78945260.cms" data-type="tilCustomLink">Cricketer Yuvraj Singh invests in nutrition-based healthtech startup Wellversed</a> <a href="https://www.businessinsider.in/tech/news/the-big-4-tech-companies-amazon-apple-facebook-and-google-blew-past-wall-street-estimates-in-their-latest-quarter-earnings-reports/articleshow/78942589.cms" data-type="tilCustomLink">The Big 4 tech companies — Amazon, Apple, Facebook, and Google — blew past Wall Street estimates in their latest-quarter earnings reports</a>

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