HOEC spurts up on earnings

Hindustan Oil Exploration Corporation (HOEC) posted a 38% jump in net profit for Q4FY19 at Rs.48 crore (YoY) and this was on a 8% rise in revenue at Rs.71 crore.

Operating profit rose 20% at Rs.52 crore and margins showed a smart improvement from 66.2% to 73.4%.

HOEC said in a statement its gross production in 2018-2019 increased to 9,171 Barrels of Oil Equivalent Per Day (BOEPD) as compared to 2,429 BOEPD reported in the previous fiscal. 

The market has reacted positively to this performance and the price rose 7% to Rs.132. Its 52-week high and low stands at Rs.164.80 and Rs.102.60 respectively.