HPCL posts Rs 5,827 crore profit in July-September quarter

Hindustan Petroleum Corporation Ltd (HPCL) on Monday reported a consolidated net profit of Rs 5,826.96 crore for the July-September quarter of the current financial year to bounce back from the huge loss of Rs 2,476 crore it had piled up in the same quarter last year.

However, sequentially, the net profit of HPCL fell 14 per cent from its April-June quarter profit of Rs 6,765.50 due to the spike in crude prices.

HPCL has posted its highest ever half-yearly consolidated net profit of Rs 12,592 crore during April-September 2023 (against consolidated net loss of Rs 11,033 crore during the corresponding period of previous year).

The company’s standalone net profit during this period was also the highest ever at Rs 11,322 crore as compared to standalone net loss of Rs 12,369 crore during the corresponding period of previous year.

The standalone net profit for the period July-September 2023 was Rs 5,118 crore against a net loss of Rs 2,172 crore during the corresponding period of previous year.

Average GRMs (gross of export duty) for the period July-September 2023 were $13.33 per barrel ($8.41 per barrel during the corresponding period of previous year).

The average GRMs (gross of export duty) for the period April-September 2023 were $10.49 per barrel ($ 12.62 per barrel during the corresponding period of previous year).

HPCL refineries processed their highest ever quarterly crude through-put of 5.75 million metric tonnes (MMT) during July-September 2023 (operating at 111.6 per cent) registering a growth of 28 per cent over 4.49 MMT crude processed during the corresponding period of previous year.

Visakhapatnam Refinery functioning at enhanced capacity of 11 MMTPA processed highest ever quarterly crude through-put of 3.23 MMT (116.7 per cent of installed capacity) and Mumbai Refinery operating at 105.7 per cent capacity also recorded highest quarterly crude through-put of 2.52 MMT during this period.