HPCL Records Highest Ever Half-Yearly Net Profit of Rs 12,592 Crore
In a remarkable achievement, Hindustan Petroleum Corporation Limited (HPCL) has announced its highest ever half-yearly consolidated net profit of Rs 12,592 crore in the period of April-September 2023. This significant growth comes as a stark contrast to the consolidated net loss of Rs 11,033 crore during the corresponding period of the previous year.
While HPCL’s standalone net profit for the period was also the highest ever at Rs 11,322 crore, it is important to note that the company had reported a standalone net loss of Rs 12,369 crore in the same period last year.
The impressive financial results can be attributed to the increase in crude prices, which has positively impacted HPCL’s profitability. However, it is worth mentioning that the quarterly net profit of the company declined 14 percent from the April-June quarter, primarily due to the spike in crude prices.
During the period of July-September 2023, HPCL recorded a standalone net profit of Rs 5,118 crore, demonstrating a considerable improvement compared to the net loss of Rs 2,172 crore in the corresponding period of the previous year.
The average Gross Refinery Margins (GRMs), excluding export duty, for the months of July-September 2023 were recorded at $13.33 per barrel, a significant increase from $8.41 per barrel in the same period last year. Similarly, the average GRMs for the six-month period of April-September 2023 stood at $10.49 per barrel, showing a decline from $12.62 per barrel in the corresponding period of the previous year.
Furthermore, HPCL’s refineries achieved a record-breaking crude throughput of 5.75 million metric tonnes (MMT) during July-September 2023, operating at 111.6 percent capacity. This marks a substantial growth rate of 28 percent compared to the 4.49 MMT processed during the same period last year.
Of the refineries, the Visakhapatnam Refinery operated at an enhanced capacity of 11 MMTPA and processed the highest ever quarterly crude throughput of 3.23 MMT, equivalent to 116.7 percent of its installed capacity. Additionally, the Mumbai Refinery operated at 105.7 percent capacity and recorded its highest quarterly crude throughput of 2.52 MMT during this period.
HPCL’s outstanding financial performance, coupled with its operational achievements, positions the company as a leading player in the petroleum industry. These robust results reaffirm HPCL’s commitment to delivering value to its stakeholders and shareholders, even in a challenging market environment characterized fluctuating crude prices.