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.
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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Business NewsCompaniesCompany ResultsHPCL reports Q2 net profit of ₹5,827 cr on low crude prices, improved GRM
First Published:6 Nov 2023, 07:31 PM IST
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