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State-run Hindustan Petroleum Corporation (HPCL) on Monday reported a consolidated net profit of ₹5,827 crore in Q2 FY24 against a net loss of ₹2,476 crore in Q2 FY23.
However, the oil marketing company’s net profit in the September quarter was down by 14 per cent on a sequential basis due to lower sales.
The company’s consolidated total income was also lower at ₹1.03 lakh crore in Q2 FY24 compared to ₹1.20 lakh crore in Q1 FY24 and ₹1.15 lakh crore in Q2 FY23.
HPCL in its results update on the BSE said “The MoPNG, vide letter April 30, 2020, had conveyed to OMCs that where Market Determined Price (MDP) of LPG cylinders is less than its Effective Cost to Customer (ECC), the OMCs will retain the difference in a separate buffer account for future adjustment. However, as on March 31, 2023, the Holding Company had a cumulative net negative buffer of ₹989.73 crore as the retail selling price was less than MDP. The same have been recognised as a part of Income upon its recovery during the period April-September, 2023.”
- Also read: HPCL bags long-term gas contract from OPaL
Operational metrics
The average gross refinery margins (GRMs), gross of export duty, for July-September 2023 were $13.33 per barrel ($8.41 per barrel in the corresponding period of previous year).
The average GRMs (Gross of export duty) for April-September 2023 were $10.49 per barrel ($12.62 per barrel during the corresponding period of previous year).
HPCL refineries processed the highest ever quarterly crude throughput of 5.75 million tonnes (mt) during July-September 2023 (operating at 111.6 per cent) registering a growth of 28 per cent over 4.49 mt crude processed during the corresponding period of previous year.
Visakhapatnam Refinery functioning at enhanced capacity of 11 mtpa processed highest ever quarterly crude thru-put of 3.23 MT (116.7 per cent of installed capacity) and Mumbai Refinery operating at 105.7 per cent capacity also recorded highest quarterly crude thru-put of 2.52 MT during this period.
The crude throughput during April-September 2023 was also the highest ever half-yearly throught-put at 11.15 MT (around 108.8 per cent capacity) as compared to 9.30 MT crude processed a year-ago.
On the marketing front, HPCL achieved quarterly total sales volume (including exports) of 10.74 mt during July-September 2023 (10.39 mt in Q2 FY23). The half-yearly total sales volume (including exports) was 22.59 mt against 21.09 mt in H2 FY23.
In the domestic market, HPCL registered quarterly sales volume of 10.08 mt during July-September 2023 (9.87 mt domestic sales volume during Q2 FY23).
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