In the second quarter of the fiscal year 2023-24, Hindustan Petroleum Corporation Limited (HPCL) has demonstrated robust financial performance, posting a profit of Rs 5,827 crore. Let’s delve into the details of HPCL’s financial report for this period.
Sequential Profit Decline Due to Crude Price Spike
While HPCL’s net profit in the April-June quarter stood at Rs 6,765.50 crore, the sequential net profit for Q2 saw a 14 per cent decline, primarily attributed to the surge in crude prices during this period.
Record Half-Yearly Consolidated Net Profit
HPCL achieved a significant milestone by recording its highest ever half-yearly consolidated net profit of Rs 12,592 crore during April-September 2023. This marks a substantial turnaround from the consolidated net loss of Rs 11,033 crore in the corresponding period of the previous year.
Standalone Net Profit Surges
The company’s standalone net profit also witnessed a remarkable surge, reaching Rs 11,322 crore during April-September 2023. This is in stark contrast to the standalone net loss of Rs 12,369 crore recorded in the same period of the previous year.
Strong Q2 Standalone Net Profit
HPCL’s standalone net profit for the quarter July-September 2023 stood at Rs 5,118 crore, showcasing a significant improvement compared to the net loss of Rs 2,172 crore reported in the corresponding quarter of the previous year.
Improved GRMs and Crude Throughput
The average GRMs (gross of export duty) for the period July-September 2023 were $13.33 per barrel, reflecting an increase from $8.41 per barrel in the corresponding period of the previous year. Additionally, HPCL’s refineries processed their highest ever quarterly crude throughput of 5.75 million metric tonnes during this quarter, representing a growth of 28 per cent over the previous year.
Operational Efficiencies at Refineries
HPCL’s Visakhapatnam Refinery, operating at an enhanced capacity of 11 MMTPA, processed its highest ever quarterly crude throughput of 3.23 MMT. Similarly, the Mumbai Refinery, operating at 105.7 per cent capacity, recorded its highest quarterly crude throughput of 2.52 MMT during this period.
HPCL’s strong financial performance in Q2 2023-24 reflects operational efficiencies, improved GRMs, and strategic initiatives, positioning the company for continued growth and stability in the dynamic energy sector.
Ben Müller
