Shares of Hindustan Petroleum Corp Ltd (HPCL) were trading 5% above on 7 November after the company announced its quarterly report for the July-September quarter.

The state-run company reported a consolidated net profit of Rs 5,826.96 crore for the July-September quarter from the Rs 2,475.69 crore net loss it reported in the year-ago quarter. On a sequential basis, the company reported a 14% QoQ decline from Rs 6,765.50 crore registered during the April-June quarter of the same fiscal year.

The profits slipped during the quarter from Q1, as crude oil prices gained momentum since July amid supply cuts and geopolitical tensions. The average price of Brent crude oil was around $87 per barrel, which is an 11% increase from the price reported during Q1FY24.

The company also reported higher ever half-year consolidated net profit of Rs 12,592 crore compared to a consolidated net loss of Rs 11,033 crore reported in the corresponding period of the previous fiscal year.

However, the company’s revenue saw a 10.51% year-on-year (YoY) decline to Rs 1 Lakh crore.

The company’s EBITDA (earnings before interest, tax, depreciation, and amortisation) fell 15% YoY to Rs 9,280.36 crore from Rs 10,944.82 crore reported in the same quarter during the previous fiscal year.

From July to September of 2023, the average gross export duty, or GRM, was $13.33 per barrel as opposed to $8.41 per barrel during the same period the previous year.

During the quarter, 5.75 million metric tons (MMT) of crude was processed by HPCL refineries between July and September 2023.

At 12:10 pm, the shares of Hindustan Petroleum Corp Ltd were trading 5.55% higher at Rs 276.65 on NSE.