Hindustan Petroleum Corporation Ltd (HPCL) on Friday reported fiscal second quarter earnings with a profit decline of 97.6 per cent at Rs 142.67 crore in comparison to Rs 5,826.96 crore recorded during the corresponding quarter of FY24. The profit decline, it said, was due to suppressed marketing margins on select petroleum products, reduced refining margins due to lower cracks and falling International crude & Product prices. It posted a total income of Rs 1,08,773.93 crore, up 5.6 per cent as against Rs 1,03,010.71 crore during the same period of previous financial year.
In the backdrop of good physical performance in both Refineries and Marketing, HPCL reported standalone revenue from operations of Rs 1,08,216 crore during Q2. The company’s standalone profit during the quarter stood at Rs 631 crore.
Average GRMs for Q2FY25 were $3.12 per barrel ($13.33 per barrel during Q2FY24). The reduction in GRMs is in line with the trend of international benchmark product cracks, it said.
During 2QFY25, HPCL said that the refineries recorded crude thruput of 6.30 MMT (operating close to 107.7 per cent of the installed capacity) registering an increase of 9.6 per cent over the thruput of 5.75 MMT during Q2FY24. Widening the company’s crude basket, HPCL procured two new grades of crude (Jubilee and Pazflor) for the first time.
The company recorded sales volume of 11.62 MMT (including exports) during Q2FY25, up 8.2 per cent YoY. On the domestic front, HPCL achieved sales volume growth of 5.6 per cent during the quarter as against PSU Industry growth of 1.8 per cent. During Q2FY25, sales of Motor fuels was 6.8 MMT, up 4.5 per cent over Q2FY24 and in the case of LPG, the company achieved a sales volume of 2.25 MMT, up 5.9 per cent YoY. The aviation business of the company recorded a growth of 19.6 per cent over Q2FY24 with sales volume of 250 TMT during Q2FY25. HPCL’s Lubricants segment sales volume was 168 TMT during the quarter. Further, it said that during the quarter in review, the company recorded its highest-ever petrochemical sales of 30.4 TMT. HPCL also recorded pipeline thruput of 6.53 MMT during Q2FY25.
In terms of ongoing projects, HPCL said that it invested Rs 3,771 crore during Q2FY25 to further strengthen its refining and marketing infrastructure, including investment in joint venture and subsidiary companies. This takes the total investment during Apr-Sep 2024 to Rs 6,588 crore.
“The construction of all Process units of the ongoing 9 MMTPA integrated grassroot Refinery-cum-Petrochemical project at Barmer, Rajasthan (HRRL) is progressing in full swing. The key process units viz. Diesel Hydrotreating (DHDT) and Hydrogen Generation Unit (HGU) are under pre-commissioning. The physical progress for the other key Process units, i.e. CDU/VDU, DCU, PFCCU & VGO-HDT is around 94 per cent, and the overall physical progress of the project has exceeded 82 per cent. The crude oil pipelines, for both imported as well as for domestic crude oil, are also more than 94 per cent complete. As on 30th September, 2024, the total commitments on the project are Rs 70,872 crore and capital expenditure is Rs 50,570 crore,” HPCL said.
During Q2, HPCL commissioned 353 retail outlets across the country taking the total number of Outlets to 22,501. The company also commissioned 6 new LPG distributorships during the period taking the total count of LPG distributorships to 6,364.
From: financialexpress
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