HPCL Q1 results: Net profit comes in Rs 6,765 crore; revenue dips marginally

Akash Jha — Wed, 02 Aug 2023 17:34:31 +0000

On August 2, Hindustan Petroleum Corporation Limited (HPCL) announced a consolidated net profit of Rs 6,765.5 crore for the first quarter of the fiscal year 2023-24. This result was mostly attributable to HPCL’s strong marketing margins.

A year before, as crude oil prices were rising rapidly, the state-run oil marketing corporation had declared a net loss of Rs 8,557 crore.

The company’s net profit has grown sequentially by 87.5 percent from Rs 3,608 crore in the quarter ending March 31.

In Q1FY24, product sales revenue was Rs 1.18 lakh crore, down from Rs 1.21 lakh crore in Q1FY23. EBITDA for the company in the quarter ending in June was Rs 10,945 crore.

The company’s average gross refining margin (GRM) fell to $7.44 per barrel from $16.69 in the same quarter a year ago. Because of a precipitous fall in diesel and ATF spreads, refining margins have shrunk.

Market sales (domestic) for the company increased to 11.43 MMT in Q1FY24 from 10.45 MMT in the same period a year before.

In Q1FY24, HPCL’s pipeline throughput increased to 6.49 MMT from 5.79 MMT in Q1FY23.

HPCL stock dropped 3.07 percent on August 2 to end the trading day at Rs 276.35 on BSE.

Also Read : Want to raise money? Here are 7 things you should know

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Anand Rathi Wealth’s first-quarter profit goes up 34% to Rs 53 crore.

Akash Jha — Wed, 12 Jul 2023 17:04:58 +0000

On Wednesday, the leading non-bank wealth solutions provider Anand Rathi Wealth stated that their profit after tax for the three months that ended in June 2023 was Rs 53 crore, which is an increase of 34 percent. According to a statement issued by Anand Rathi Wealth, which is a subsidiary of the Mumbai-based financial services conglomerate Anand Rathi, in comparison, the business had reported a PAT (profit after tax) of Rs 40 crore in the same quarter of the previous fiscal year.

The total income for the period under consideration increased by 34 percent to 178 crore in the current quarter, up from 134 crore in the first quarter that concluded on June 30, 2022. The asset under management (AUM) of the company reached Rs 43,413 crore as of the end of June of this year, representing an increase of 32 percent compared to the same time period in the previous year.

In addition to this, the organization proceeded to broaden its clientele during the first three months of the current fiscal year (2023-24), acquiring a total of 395 client families. Anand Rathi Wealth Ltd is one of the most successful non-bank wealth solutions organizations in India. They provide their services to high-net-worth clients as well as ultra-high-net-worth persons.

The organization operates in three distinct business verticals: private wealth, digital wealth, and omni financial advisors. The private wealth vertical is the oldest and most traditional of the three.

Also Read : TCS offers ‘outstanding performers’ a raise of 12-15% and initiates a promotion cycle.

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HPCL Q1 results: Net profit comes in Rs 6,765 crore; revenue dips marginally

Anand Rathi Wealth’s first-quarter profit goes up 34% to Rs 53 crore.