Hindustan Petroleum Corporation Ltd

India's state-run Hindustan Petroleum Corp is facing difficulties in paying for Russian oil imports following a Dec. 5 price cap imposed by Western nations as banks shy away from processing payments

Petroleum Minister Puri to take stock of the delayed project on Tuesday

After two consecutive quarters of losses, Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported a net profit of Rs 172.43 crore in October-December 2022 as a fall in oil prices helped it recoup some of the losses on sale of petrol and diesel. Standalone net profit of Rs 172.43 crore in the third quarter of the current fiscal compared with Rs 868.86 crore profit in the same period a year back, according to a stock exchange filing by the company. HPCL and other state-owned fuel retailers did not revise petrol and diesel prices when international oil prices touched multi-year high last year. That led to them booking losses in two back-to-back quarters. However, rates softened in the third quarter. This should have warranted a reduction in petrol and diesel prices but the oil companies held on to retail prices to recoup the losses they had booked in the previous six months. Revenue from operations rose to Rs 1.15 lakh crore from Rs 1.03 lakh crore in October-December 2021. T

India, the world's third biggest oil importer and consumer, buys over 80% of its oil needs from overseas

Hindustan Petroleum Corporation Ltd (HPCL) will raise Rs 10,000 crore in debt from domestic or overseas market to fund its oil refining and fuel marketing operations, the company said on Thursday. The board of the company at its meeting on Thursday "approved a proposal for borrowing through further issuance of secured/unsecured redeemable non-convertible debentures/bonds/notes etc. up to Rs 10,000 crore on private placement basis in the domestic market and/or in the overseas market from the date of such approval". In a stock exchange filing, HPCL said the borrowing was within the overall borrowing powers of the company. Separately, the company raised Rs 750 crore through issue of debentures on private placement basis to refinance "existing borowing and/or funding of capial expenditure". The 10-year debenture will carry a coupon rate of 7.54 per cent per annum.

Although the Indian crude basket fell from an average of $109.5 per barrel in Q1 to an average of $97.87 a barrel in Q2, prices remained high in absolute terms

The company blamed depressed marketing margins on motor fuels and LPG as the main reason for its profitability being impacted over the latest quarter

The National Green Tribunal has imposed a Rs 18.35 crore fine on Hindustan Petroleum Corporation Limited (HPCL)-Visakh Refinery over violation of environmental norms

State-owned oil marketing companies IOC, BPCL and HPCL may for the first time ever post the second consecutive quarterly loss with a combined loss of Rs 21,270 crore in July-September, on holding petrol and diesel prices below the cost of production. The three state-owned firms -- Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), had in the first quarter of the current fiscal year (April-June) posted a combined loss of Rs 18,480 crore due to erosion in the marketing margin on petrol, diesel and domestic LPG. "The three oil marketing companies IOC, BPCL and HPCL remain trapped in the quagmire of weak marketing losses and there is not enough traction in refining margins," ICICI Securities said in a sector report. The three firms are to announce second quarter earnings later this month or in early November. In the first quarter, record refining margins were wiped away by losses booked on not revising petrol and diesel

In a bid to recover past losses the state-run oil companies may not immediately lift the six-month-long freeze on daily pricing of automobile fuel rates despite a nearly 30% decline in prices

According to stock exchange filings by the three fuel retailers, the losses were due to erosion in the marketing margin on petrol, diesel and domestic LPG

During the quarter, HPCL sold 8.83 million tonnes of fuel overall against 7.62 million tonnes a year ago, representing a growth of 15.9%

The company announced final dividend of Rs 22.75 per share, and it also completed its share buyback program on April 20, 2021

Hindustan Petroleum Corporation Limited (HPCL) has acquired the balance 50 per cent equity stake in HPCL Shapoorji Energy Private Limited (HSEPL) from SP Ports Private limited company.

Hindpetro has witnessed a strong rebound after forming a base above the support zone of moving averages ribbon on multiple time frames

Company doubles consolidated net profit in third quarter

China is seeing a demand recovery in infrastructure and manufacturing sectors. Countries, like South Korea and Japan, have also placed quotes for importing petroleum products from India amid lockdown

IOC and BPCL to also gain from lower working capital requirement and firm marketing margins, but weak GRMs may limit the upside

Supply side worries, which came all of a sudden, have subsided.

Firm marketing margins add to their fortunes, making them attractive post a sharp 30% correction from early-June highs