HPCL Q4 2023 standalone profit after tax surges by 80% to Rs 32.2bn

Hindustan Petroleum Corporation Limited (HPCL) has posted a standalone profit after tax (PAT) of INR 3,223 crores during the fourth quarter of the fiscal year 2023 (Q4 2023), an increase of 80% compared to INR 1,795 crores during the corresponding quarter of the previous fiscal year.

The consolidated profit after tax during the January to March 2023 quarter was INR 3,608 crores, compared to the consolidated profit after tax of INR 2,018 crores during Q4 2022.

HPCL has registered INR  1,14,445 crores in revenue from operations in Q4 2023, an increase of 8.7% compared to INR 1,05,288 crores earned over the corresponding period of the previous fiscal year.

For the fiscal year 2022-2023, HPCL recorded a net loss of INR 8,974 crores, compared to profit after tax of INR 6,383 crores in 2021-2022 owing to extremely high global oil prices in addition to suppressed marketing margins on certain transport fuel had affected the profitability severely.

HPCL revealed that during a recently held board meeting, it was decided to consolidate all its green and emerging business opportunities under a single umbrella by creating a fully-owned subsidiary, which will be subject to approvals from competent bodies.