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Public sector oil and gas marketer Hindustan Petroleum Corporation Ltd (HPCL) reported a loss of ₹320.50 crore in the September quarter, on account of inventory losses. The company had reported net profit of ₹850.21 crore in the same period last year. Crude throughput decreased during the quarter to 4.21 million tonnes (4.49 mt). Sales rose marginally to 7.93 mt (7.36 mt). Gross refining margins stood at $2.74 a barrel while inventory losses — on account of volatile crude oil prices — amounted to ₹1,400 crore.
The management said it has received approvals to expand the Mumbai refinery from 6.5 mt to 9.5 mt with proposed capital expenditure of ₹4,200 crore. The expansion will enable HPCL to meet the BS IV/V auto fuel standards as mandated by the government. It is also in the process of commissioning the 443-km long Rewari Kanpur product pipeline — with a capacity of 7.98 mtpa — at a cost of ₹1,400 crore.
HPCL stock gained 0.77 per cent to close at ₹793.85 on the BSE on Monday.
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