Shares of Hindustan Petroleum Corp. hit a three-month high on Tuesday after its profit beat analysts' estimates.
The state-run oil refiner's net profit fell 14% year-on-year to Rs 5,823 crore, according to an exchange filing on Monday. That compares with the Rs 1,734 crore consensus estimate of analysts tracked by Bloomberg.
HPCL Q2 FY24 Earnings Highlights (Consolidated, QoQ)
Revenue down 13.9% at Rs 95,751.97 crore (Bloomberg estimate: Rs 1,07,380 crore).
Ebitda down 14.6% at Rs 8,240 crore (Bloomberg estimate: Rs 5,232 crore).
Ebitda margin at 8.6% vs 8.6% (Bloomberg estimate: 4.9%).
Net profit down 13.9% at Rs 5,823 crore (Bloomberg estimate: Rs 1,734 crore).
HPCL's stock rose as much as 5.61% during the day to Rs 276.8 apiece, the highest since Aug. 3. The shares were trading 4.83% higher at Rs 274.75 apiece, compared to a 0.33% decline in the benchmark NSE Nifty 50 at 12.10 p.m.
It has risen 17.39% on a year-to-date basis. The total traded volume so far in the day stood at 4.5 times its 30-day average. The relative strength index was at 68.
Seventeen out of the 33 analysts tracking HPCL maintain a 'buy' rating on the stock, nine recommend a 'hold' and seven suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 7.7%.
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