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Hindustan Petroleum Corporation Limited has reported a ₹ 1,052.31 crore profit for the second quarter of financial year 2019-2020. This is marginally lower than the ₹ 1.091.98 crore reported by the company in the corresponding period of the previous financial year.
Total income during the period under review fell to ₹ 66,850.89 crore from ₹ 73,789.50 crore in the same quarter of financial year 2018-2019. "The lower product prices have driven down the top line,” Mukesh Kumar Surana, Chairman & Managing Director at HPCL said.
“We expect diesel cracks should improve, MS cracks may be maintained at current levels. LPG cracks had been low too and we expect the GRM to improve in the coming quarter,” Surana added.
The gross refinery margin (gain per barrel of crude oil processed) stood at $ 2.83 per barrel in the second quarter of financial year 2019-2020. This is a sharp decline from the $ 4.81 per barrel reported by the company in the same quarter of financial year 2018-2019.
The gains on account of inventory stood at $ 0.28 per barrel during the quarter ending September 30, 2019. In the comparable quarter ending September 30, 2018, the inventory gain stood at $ 2.18 a barrel. In value terms, inventory gain stood at ₹53 crore in the quarter under review compared to ₹1276 crore in the same quarter of the preceding year.
Commenting on the April 1, 2020, deadline to supply BS-VI grade fuel, Surana said, “We be ready to supply BS-VI fuel as per schedule.”
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