HPCL posts a drop in net profit at Rs1,352 crore
Premium- During the quarter, the company clocked gross sales of Rs. 103,966 crores as compared to Rs. 78324.98 crore for the same period of previous financial year
MUMBAI : State-run Hindustan Petroleum Corporation Ltd (HPCL) recorded a drop in consolidated net profit of Rs. 1352.99 crore for October-December quarter of 2021, primarily due to the price fluctuations in third quarter of 2021 leading to inventory losses.
The company had posted ₹2,373.71 crore profit for the same period last year riding on inventory gains.
"The stabilization phase of some of the units at Mumbai Refinery after the revamp shutdown also constrained, to some extent, the full value realization of the improving GRMs (gross refining margins)," said HPCL in a statement adding that with the units having fully stabilized now and operating to the design capacity, the positive impact of higher refinery throughput at Mumbai Refinery is expected next quarter onwards.
During the quarter the company clocked gross sales of Rs. 103,966 crores as compared to Rs. 78324.98 crore for the same period of previous financial year.
The market sales for the period October – December 2021 (including exports) were 10.54 MMT (million metric tonnes) as compared to 10.40 MMT for the same period of previous financial year. For the first time ever, HPCL exceeded ₹1,00,000 crore mark in the quarterly sales figure, the company said.
During the period October–December 2021, HPCL refineries processed 4.24 MMT of crude as compared to 4.0 MMT during the corresponding period of previous financial year. Gross Refinery Margin came in at $6.39 per barrel for the period October – December 2021 as against $1.87 per barrel for the same period in the previous year.
During the quarter the company commissioned 386 new retail outlets taking the total number of retail outlet network to 19,602 Nos. as of December 2021.
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HPCL also commissioned a new POL (petroleum, oil and lubricants) depot at Hissar (Haryana) along with 10km dedicated tap-off pipeline from existing Ramanmandi - Bahadurgarh Pipeline (RBPL) at Barwala, which will facilitate further optimization of logistic costs & strengthening of the supply infrastructure.
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