HPCL records highest ever half-yearly profit, robust revenue growth in Jul-Sep 2023

Hindustan Petroleum Corporation Limited (HPCL) has posted a groundbreaking revenue of ₹ 102,618 crore for the Jul-Sep 2023 quarter, further cementing its robust financial position with revenues reaching ₹ 2,21,662 crore for Apr-Sep 2023.

Historic Profit After Tax Marked by HPCL in 2023

In an unparalleled financial upswing, HPCL reported its highest ever consolidated Profit after Tax (PAT) of ₹ 12,592 crore during Apr-Sep 2023, a significant turnaround from the consolidated net loss of ₹ 11,033 crore in the previous year. The standalone PAT followed suit, recording an all-time high of ₹ 11,322 crore compared to the net loss of ₹ 12,369 crore year-over-year.

Impressive Growth in Average Gross Refining Margins (GRMs)

Average GRMs for the Jul-Sep 2023 quarter stood at a robust US$ 13.33 per barrel, escalating from US$ 8.41 per barrel in the same period last year. This growth is indicative of the company’s strengthened refining margins and overall financial health.

Exceptional Physical Performance and Processing Milestones

HPCL has processed a record high quarterly crude throughput of 5.75 Million Metric Tonnes (MMT) during Jul-Sep 2023, peaking at 111.6% capacity utilization. This reflects a 28% growth over the previous year’s figure. The Visakhapatnam Refinery, operating beyond its capacity, alongside the Mumbai Refinery, also reported their highest quarterly crude throughput, highlighting the company’s exceptional operational performance.

Sales Volumes Indicate Strong Market Presence

The marketing front saw HPCL achieving a quarterly total sales volume of 10.74 MMT, marking a 3.4% growth. Additionally, the half-yearly figures rose by 7.1%, with domestic market sales growing by 3.02% in comparison to the industry’s 2.85%.

Sustained Market Leadership Amidst Competition

Despite the re-entry of private players, HPCL has successfully maintained its market share in transport fuels and recorded a notable 4.4% growth in LPG sales, surpassing the industry’s 2.8% growth rate.

Expansion and Growth in the Aviation Sector

HPCL’s strategic moves have paid off in the aviation sector as well, with the company registering a significant 27.4% growth, double the industry average, during Apr-Sep 2023.

Capital Investments and Infrastructure Developments

HPCL has committed ₹ 7,196 crore towards reinforcing its refining and marketing infrastructure, including strategic investments in joint ventures and subsidiaries. This investment is part of the Visakhapatnam Refinery Modernization Project, which includes the commissioning of a new Hydrogen Generation Unit and Sulphur Recovery Unit, alongside a Full Conversion Hydrocracker Unit – marking these as some of the largest and most efficient in India and Asia.