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Business News/ Companies / Company Results/  HPCL Q1 results: Net profit comes in at 6,765.5 crore in June quarter
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HPCL Q1 results: Net profit comes in at ₹6,765.5 crore in June quarter

Hindustan Petroleum Corporation reported a consolidated net profit at ₹6,765.5 crore in the first quarter of the fiscal year 2023-24

The company had posted a net loss of ₹8,557 crore in the first quarter last year. Photo: Hindustan TimesPremium
The company had posted a net loss of 8,557 crore in the first quarter last year. Photo: Hindustan Times

State-owned Hindustan Petroleum Corporation Ltd (HPCL) on Wednesday reported a consolidated net profit at 6,765.5 crore in the first quarter of the fiscal year 2023-24.

The company had posted a net loss of 8,557 crore in the same period last year.

On a sequential basis, net profit rose 87% from 3,608.3 crore in fourth quarter of fiscal year 2023, HPCL said in an exchange filing.

The oil marketing company’s revenue fell at 1.18 lakh crore in the June quarter of FY24, as compared to 1.21 lakh crore a year ago. 

Shares of Hindustan Petroleum Corp on Wednesday closed at 276.45, down 3.02%.

HPCL said fuel sales rose to 11.43 million tonnes in the first quarter from 10.45 million tonnes a year back. Its refineries processed 5.4 million tonnes of crude oil, up from 4.81 million tonnes in April-June 2022.

On July 20, Union minister of state for petroleum and natural gas Rameswar Teli said that Hindustan Petroleum Corporation Limited is setting up a 370-tonne-per-annum electrolyzer-based green hydrogen plant at Visakh Refinery in Andhra Pradesh.

HPCL spent 11 crore out of a total fund allocation of 33 crore for this project, the minister had  said.

According to Reuters, Hindustan Petroleum Corp Ltd has received six or seven bids from industries to lease a part of its Chhara liquefied natural gas (LNG) import terminal on the west coast.

HPCL aims to commission the terminal, with a planned capacity of 5 million metric tons per year (tpy) in the December quarter, the LNG unit's chief executive K. Sreenivasa Rao said on July 10 at an event.

“We have received six or seven bids, and in the next three months, we should be able to decide on the award," Rao said.

HPCL was looking to lease capacity of 3 million tpy to other companies for a period of more than 10 years, he had said.

The project is scheduled to be completed by September this year.

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Published: 02 Aug 2023, 07:01 PM IST
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