Hindustan Petroleum Corporation reported 80% drop in standalone net profit to Rs 172.43 crore in Q3 FY23 from Rs 868.86 crore in Q3 FY22.
Net revenue from operations rose by 13% to Rs 1,09,221.81 crore during the quarter.
The oil marketing company said that the gradual softening in international oil prices helped in partially restoring the marketing margins on Transport fuels from unprecedented levels prevalent during Apr-Sep 2022. However, marketing margins continued to remain suppressed for select Transport fuels, thereby impacting the profitability.
HPCL refineries at Mumbai and Visakh processed highest ever quarterly crude thru-put of 4.83 million metric tonnes (MMT) during Oct-Dec 2022 (4.24 MMT crude processed during the corresponding period of previous year).
The thru-put during Apr-Dec 2022 period was 14.13 MMT as compared to 9.28 MMT crude processed during Apr-Dec 2021.
Average GRMs (gross of export duty) for the period Oct-Dec 2022 were $9.14 per barrel ($6.39 per barrel during the corresponding period of previous year) and average GRMs (gross of export duty) for period Apr-Dec 2022 were $11.40 per barrel compared to $4.50 per barrel during the corresponding period of previous year.
During Oct-Dec 2022, HPCL achieved highest quarterly total sales volume of 11.25 MMT (10.54 MMT during corresponding period of previous year), representing a growth of 6.7%. The company recorded higher than Industry growth in major lines of MS, HSD, LPG, Lubes and Furnace Oil.
The total sales volume during Apr-Dec 2022 was 32.34 MMT (28.47 MMT during corresponding period of previous year) with growth of 13.6%. During this period, HPCL has outperformed Industry in all major products except ATF.
During Apr-Dec 2022, HPCL invested Rs 9,240 crore towards strengthening of Refining & Marketing infrastructure including equity investment in its JVCs and subsidiaries.
The company's Visakh Refinery Modernization Project (VRMP) for enhancing the refining capacity from 8.3 MMT to 15.0 MMT is in advanced stage of completion with all the utilities required for new units already commissioned. The main units are slated to chronologically commission starting with CDU Commissioning in Q4 FY23.
Towards strengthening LPG infrastructure, construction of a new LPG plant at Patalganga (Maharashtra) has been completed during the period.
On the renewable front, construction of compressed Biogas Plant (CBG) of 14TPD capacity at Badaun, UP is nearing completion with pre-commissioning activities underway for boiler unit post CEA inspection.
Foraying into Petrochemicals, HPCL launched its Petrochemical Brand 'HP DURAPOL' covering various grades of HDPE (High Density Polyethylene), LLDPE (Linear Low- Density Polyethylene) and PP (Poly Propylene) that will cater to several end-use segments like Food, Agriculture, Textile, Construction, Medical etc. to name a few.
HP Green R&D Centre (HPGRDC) - One of the fastest growing R&D institutions in the Oil & Gas sector in the country received its 27th patent during the current year and has a total 150 patents under its name.
HPCL is engaged in the business of refining of crude oil and marketing of petroleum products. It operates through two segments: downstream, and exploration and production of hydrocarbons. ONGC holds 54.90% in HPCL.
The scrip rose 0.84% to currently trade at Rs 234.05 on the BSE.
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