Comments
State-run Hindustan Petroleum Corporation (HPCL) on Thursday reported a consolidated net loss of ₹2,476 crore for the July-September quarter largely on account of losses incurred on freezing of retail prices of petrol and diesel.
The oil marketing company (OMC) posted a net profit of ₹1,919 crore in the year-ago period. However, on a sequential basis, its net loss contracted from ₹8,557 crore in Q1 FY23.
HPCL’s consolidated total income rose to ₹1.14-lakh-crore this quarter against ₹1.22-lakh-crore in last quarter and ₹88,299 crore in the corresponding quarter last year.
With changed input cost dynamics during Q2 FY23, the company was able to negotiate better prices and partially mitigate the effect of high costs. Nonetheless, high input costs and consequent depressed marketing margins continued to impact the profitability, HPCL said in a statement.
Average gross refinery margins (GRMs) (gross of export duty) for July-September quarter were $8.41 per barrel ($2.44 a year-ago) and average GRMs (gross of export duty) for H1 FY23 were $12.62 per barrel compared to $2.87 in H1 FY22.
HPCL refineries at Mumbai and Vizag processed crude throughput of 4.49 million tonnes (mt) during July-September 2022 (2.53 mt). The throughput during H1 FY23 was 9.30 mt compared with 5.04 mt crude processed during H1 FY22.
During Q2 FY23, HPCL achieved total sales of 10.39 mt (9.10 mt) representing a growth of 14.2 per cent. The total sales volume during H1 FY23 grew by 17.6 per cent to 21.09 mt.
In a regulatory filing, HPCL said the government recently approved a one-time grant of around ₹5,617 crore to compensate under-recoveries incurred on sale of domestic LPG during FY22 and current period, which has been duly recognised in July-September 2022.
“Other expenses for April-September 2022 includes around ₹1,548.51 crore towards loss on account of foreign currency transactions and translations (April-September 2021 gain of around ₹41.45 crore included in Other Income),” it added.
During April-September 2022, HPCL invested ₹5,810 crore towards strengthening of Refining and Marketing infrastructure including equity investment in its JVCs and subsidiaries.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.