During the year, sales of HPCL’s petroleum products increased 15.9% annually to 8.8 million tonne (MT). Petrol sales recorded growth of 36.6%, diesel 22.2% and aviation turbine fuel (ATF) sales grew 118.8% annually.
The average price of the Indian basket of crude oil in Q1FY22 was $68.6 per barrel, against the average rate of $30.4 per barrel recorded in Q1FY21.State-run Hindustan Petroleum Corporation (HPCL) reported a net profit of Rs 1,795 crore on a standalone basis for the quarter ended June 30, which is 36.2% lower than the profit posted in the same quarter a year ago.
The company attributed the drop in profit mainly on lower crude throughput, as its Mumbai refinery undertook a major shutdown of its various units as a part of the refinery expansion project.
The rising global crude prices also played a role in bringing down profit. While HPCL’s revenue increased 67% year-on-year (y-o-y) in the quarter to Rs 77,957.5 crore, expenses — comprising mostly of crude oil purchase — grew at a sharper rate of 75.9% to Rs 75,560.7 crore.
The average price of the Indian basket of crude oil in Q1FY22 was $68.6 per barrel, against the average rate of $30.4 per barrel recorded in Q1FY21.
HPCL had gained around Rs 49 crore from exchange rate fluctuations in Q1FY21, while it lost Rs 71 crore on this front in the first quarter of the ongoing fiscal.
During the year, sales of HPCL’s petroleum products increased 15.9% annually to 8.8 million tonne (MT). Petrol sales recorded growth of 36.6%, diesel 22.2% and aviation turbine fuel (ATF) sales grew 118.8% annually.
The combined gross refining margin of HPCL refineries for the quarter works out to $3.31 per barrel, against $0.04 per barrel during the corresponding quarter of the preceding financial year.
“HPCL’s Mumbai refinery expansion project is nearing completion and Visakh Refinery modernisation project is in advanced stage of completion,” the company’s chairman Mukesh Kumar Surana said.
During the quarter, HPCL commissioned 142 new retail outlets taking the total outlet network to 18,776 as of June, 2021.
CNG facilities were added in 50 retail outlets taking the total number of HPCL outlets with CNG systems to 724. As much as 25% of HPCL’s retail outlet network runs on solar power.
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