Home / News / India /  HPCL Q3 update: PAT at 444 crore, down 67.2% YoY

PSU oil marketing company, Corporation Limited (HPCL) on Thursday reported a consolidated net profit of 444 crore for the December quarter (Q3FY23), down 67.2% year-on-year as against 1,353 crore in the corresponding period of last year. Ahead of the results, share of HPCL rose 0.26% to settle at 232.45 apiece on NSE.

On a sequential basis, the profit after tax or PAT dropped 82% from 2,475.69 crore in the quarter ending September last year.

The oil and gas refining company has clocked 1.16 lakh crore in revenue as against 1.04 lakh crore, up 12.3% on-year.

EBITDA or Earnings Before Interest, Taxes, Depreciation, and Amortization camein at 1,674 crore versus 1,657 crore, up 1% YoY.

Meanwhile, HPCL Chairman Pushp Joshi had said last month that the company will complete expansion of its Vizag oil refinery in Andhra Pradesh to 15 million tonne per annum by June.

HPCL is expanding the 8.33 million tonne per annum (MTPA) refinery and building a new one at Barmer in Rajasthan to bridge the gap between the fuel it produces and sells.

"We have started commissioning activity and hope to complete it by June-end," Joshi stated.

HPCL sells 50 per cent more petrol, diesel and LPG than it produces. The Vizag expansion as well as the 9 MTPA unit in Rajasthan expected by 2024-end, would bridge the gap.

The HPCL chairman has said that the company's residue upgradation project at Vizag refinery will improve its distillate yield and will be ready by the end of 2023.

To expand profitability, the firm is setting up an oil-to-chemical plant linked to its Vizag refinery and building a 5 MTPA gas import terminal at Chhara in Gujarat. While the LNG terminal will be mechanically ready by March, breakwater and pipeline to evacuate the gas will take some time.

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