Companies

HPCL clocks lower net profit of ₹1,795 cr in Q1

Our Bureau Mumbai | Updated on August 04, 2021

MK Surana, CMD   -  Businessline

Rising crude oil prices, forex woes weigh on numbers

Hindustan Petroleum Corporation Ltd (HPCL) reported a standalone net profit of ₹1,795 crore in the April-June quarter, down from ₹2,813.83 crore a year earlier.

The company’s gross sales for the quarter rose 68 per cent to ₹77,308.53 crore compared to ₹45,884.91 crore a year earlier.

During the quarter, HPCL sold 8.83 million tonnes (mt) of products against 7.62 mt last year, registering a growth of 15.9 per cent.

The net profit was hit by rising crude prices and a ₹71.35-crore loss due to foreign exchange rate fluctuations.

MK Surana, Chairman and Managing Director, HPCL, said petrol demand has reached pre-pandemic levels, growing at 8-9 per cent and the company is likely to end FY22 “with a positive growth in petrol”.

Diesel demand should be either reaching pre-pandemic levels by the end of the year or a “percentage or so below”, Surana added.

Refinery expansion

The expansion of the Mumbai refinery has been completed and will be commissioned this month and reach fully capacity by October, Surana added.

HPCL has earmarked ₹14,500 crore towards capex this fiscal.

Published on August 04, 2021

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