HPCL reports Q2 net profit of ₹5,827 cr on low crude prices, improved GRM | Mint
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Business News/ Companies / Company Results/  HPCL reports Q2 net profit of 5,827 cr on low crude prices, improved GRM

HPCL reports Q2 net profit of ₹5,827 cr on low crude prices, improved GRM

HPCL Q2 results: The company reported a net profit of ₹5,827 crore in the September quarter of FY23-24.

HPCL reported a net profit of ₹5,827 crore in the September quarter of FY24Premium
HPCL reported a net profit of 5,827 crore in the September quarter of FY24

New Delhi: State-run Hindustan Petroleum Corporation Ltd (HPCL) on Monday reported a consolidated net profit of 5,826.96 crore for the July-September quarter on the back of low crude prices and higher gross refining margin (GRM).

During the same period of the last fiscal, the oil marketing company had reported a net loss of 2,475.69 crore.

HPCL's revenue during the period under review, however, declined 10.15% to 1 lakh crore.

“Average GRMs (gross of export duty) for the period Jul-Sep 2023 were $13.33 per barrel (US$ 8.41 per barrel during the corresponding period of previous year)," said a company statement.

During the quarter ended September, HPCL refineries processed highest ever quarterly crude thru-put of 5.75 million metric tonnes (MMT), registering a growth of 28% over 4.49 MMT crude processed during the corresponding period of previous year.

“On the marketing front, HPCL achieved quarterly total sales volume (including exports) of 10.74 MMT during Jul-Sep 2023 (10.39 MMT during corresponding period of previous year) representing a growth of 3.4%. The half-yearly total sales volume (including exports) was 22.59 MMT with a growth of 7.1% over total sales volume of 21.09 MMT during Apr-Sep 2022," it said.

In the domestic market, the company registered quarterly sales volume of 10.08 MMT in the quarter, registering a growth of 3.02% as compared to PSU industry growth of 2.85% during this period.

The company further infomred that in order to strengthen refining and marketing infrastructure HPCL has invested 7,196 crore during the first half of this fiscal, including equity investment in its joint ventures and subsidiaries.

The company has commissioned a new hydrogen generation unit (HGU) under the Visakhapatnam Refinery Modernization Project. Further, a new sulphur recovery unit (SRU) with 99.9% of sulphur recovery has also been commissioned at the Visakhapatnam refinery along with a 3.05 million metric tonnes per annum (MMTPA) capacity full conversion hydrocracker unit (FCHCU) with 99.5% conversion.

With all these recent development, the Visakhapatnam refinery will operate at higher capacity of 13.7 MMTPA together with higher yields, the company said.

Shares of HPCL closed at 262.05 on the BSE, higher by 1.75% from its previous close.

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Rituraj Baruah
Rituraj Baruah is a senior correspondent at Mint, reporting on housing, urban affairs, small businesses and energy. He has reported on diverse sectors over the last six years including, commodities and stocks market, insolvency and real estate. He has previous stints at Cogencis Information Services, Indo-Asian News Service (IANS) and Inc42.
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Published: 06 Nov 2023, 07:31 PM IST
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