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State-run Hindustan Petroleum Corporation (HPCL) on Thursday reported a 61 per cent y-o-y growth in its consolidated net profit at ₹743 crore during Q3 FY24, aided by better sales and marketing margins.
However, net profit declined 88 per cent from ₹5,827 crore on a sequential basis.
Net profit in Q3 FY23 was lower, as the company was importing crude oil at higher prices due to the Russia-Ukraine war, while retail prices of petrol and diesel were on hold since May 2022.
The consolidated total income of the company was higher at ₹1.19-lakh crore during the October-December quarter in the current financial year compared with ₹1.17-lakh crore in Q3 FY23 and ₹1.03-lakh crore in Q2 FY24.
HPCL’s consolidated total expenses during the December quarter in FY24 were higher at ₹1.18-lakh crore (₹1.16 lakh crore in Q3 FY23 and ₹96,267 crore in Q2 FY24).
The HPCL board has approved an interim dividend of 150 per cent, ₹15 on each equity share of ₹10.
Its average gross refinery margins (GRMs), gross of export duty, for October-December 2023 stood at $8.49 per barrel ($9.14 per barrel a year ago). The Average GRMs (gross of export duty) for the same period were $9.84 per barrel ($11.40 per barrel).
Operational metrics
With progressive commissioning of units at Visakhapatnam Refinery, HPCL refineries processed the highest-ever crude throughput of 16.49 million tonnes (mt) during April-December 2023 (operating at close to 104 per cent of installed capacity) registering a y-o-y increase of 16.7 per cent.
- Also read: SBI Card Q3 net up 8% at ₹549 crore
Despite the turnaround activities at one crude distillation unit (Visakhapatnam refinery), the crude throughput during October-December 2023 was 5.34 mt (operating at 95.4 per cent capacity) with a y-o-y increase of 10.6 per cent.
On the marketing front, HPCL achieved its highest-ever quarterly sales volume (including exports) of 11.90 mt, representing a y-o-y growth of 5.8 per cent.
Total sales volume (including exports) during April-December 2023, at 34.49 mt, was also the highest ever nine-month sales volume with y-o-y growth of 6.6 per cent.
In the domestic market, HPCL continued to outpace PSU industry sales growth registering quarterly sales growth of 3.2 per cent during October-December 2023 compared with PSU industry growth of 2.8 per cent.
The domestic sales volume during October-December 2023 was 11.36 mt (10.95 mt).
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