Net sales soared 87.4% to Rs 167.61 crore in the quarter ended 30 June 2023 from Rs 89.42 crore recorded in Q1 FY23.

Profit before tax for the quarter was at Rs 67.61 crore, registering a growth of 106.7% as compared to Rs 32.71 crore reported in the same period last year.

Total expenses zoomed 80.59% year on year to Rs 106.69 crore during the quarter.

Meanwhile, the firm's board has approved the appointment of Ramasamy Jeevanandam as the managing director of the company for a period of three years, effective from 1 October 2023, subject to the approval of the shareholders.

The company said that Pandarinathan Elango will be retiring from the position of managing director with effect from the closure of the business hours on 30 September 2023, on completion of his current term.

Hindustan Oil Exploration Company is engaged in the exploration and production of hydrocarbons crude oil and natural gas, which are natural resources. The company provides geological and geophysical services relating to the exploration of oil and natural gas and other oil field services. The company has a 100% subsidiary namely HOEC Bardahl India Ltd which is engaged in marketing of fuel or engine additives.

Shares of Hindustan Oil Exploration Company tumbled 18.74% to Rs 193 on the BSE.