State-owned Hindustan Petroleum Corporation Limited (HPCL) posted a standalone net profit of Rs. 3,223 crore in the March 2023 quarter, reaching a nine-year high. In percentage terms, HPCL’s PAT growth is from 80% 1,795 crore in the fourth quarter of the last financial year. Revenue increased by 8.7% 1,14,445 crore in Q4FY23 as against 1,05,288 crore in the fourth quarter of the previous year.
Further, in Q4FY23, the average GRM (Gross of Export Duty) was $14.01 per barrel as against $12.44 per barrel during the same period last year.
The company’s refineries at Mumbai and Visakhapatnam operated at 113% capacity and processed the highest ever quarterly crude through-put of 4.96 million metric tonnes (MMT) during January-March 2023 as compared to 4.69 MMT during the corresponding period last year .
In addition, within the first year after the completion of the Mumbai Refinery Expansion Project (MREP), Mumbai Refinery achieved the highest ever annual crude through-put of 9.8 MMT, with increased distillate yield and reduction in fuel and losses.
Additionally, in Q4FY23, the company achieved a quarterly net sales volume (including exports) of 11.11 MMT as compared to 10.67 MMT during the same period a year ago.
The company registered strong year-on-year growth in all the three core products and reached record high levels. Petrol sales grew by 16.2%, diesel sales by 16.5% and LPG sales by 4.9%. It needs to be noted that this will be the seventh consecutive year of market share gain in the domestic LPG segment.
In the lubricants business, HPCL maintained its strong position across all lubes segments and maintained its leadership position in finished lubes with a registered growth of 16.0% and a market share of 2.48%.
For the full year FY23, the company’s revenue reached an all-time high 4,66,192 crore, up 24.7% 3,73,897 crore during the same period last year.
Further, in FY23, HPCL said, exceptionally high international oil prices along with suppressed marketing margins on select transportation fuels severely impacted profitability, resulting in a net loss 8,974 crore for April-March 2023 as against PAT of Rs. 6,383 crore during the same period last year.
In a meeting held on Friday, the board members of HPCL approved the incorporation of a Wholly Owned Subsidiary (WOS) for consolidation of all green and emerging business opportunities under one umbrella.
Further, the Board considered the roadmap prepared for unlocking value in lubricants business and after detailed deliberations explored options including unlocking value in high growth high potential lubricants business subject to approval of the competent authorities. granted in-principle approval for It added, “This will enable a differentiated focus on this high growth high potential niche business line.”
HPCL share price closed on BSE 260.85 each up 0.93%.
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