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Informist, Friday, Oct. 25, 2024

 

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--HPCL Jul-Sept net profit INR 6.31 bln 
--Analysts saw HPCL Jul-Sept net profit INR 18.13 bln 
--HPCL Jul-Sept net profit INR 6.31 bln vs INR 51.18 bln year ago 
--HPCL Jul-Sept revenue INR 1.082 tln vs INR 1.026 tln year ago 
--HPCL Apr-Sept net profit INR 9.87 bln vs INR 113.22 bln year ago 
--HPCL Apr-Sept revenue INR 2.291 tln vs INR 2.217 tln year ago 
--HPCL Apr-Sept GRM $4.03/bbl vs $10.49/bbl year ago 
--HPCL Jul-Sept crude throughput 6.30 mln tn vs 5.75 mln tn year ago 
--HPCL Jul-Sept pipeline throughput 6.53 mln tn vs 6.13 mln tn year ago 
--HPCL Jul-Sept domestic sales 10.79 mln tn vs 10.08 mln tn year ago 
--HPCL Jul-Sept sales volume 11.62 mln tn vs 10.74 mln tn, up 8.2% on yr 
--HPCL: Commissioned 353 retail outlets in India during Jul-Sept 
--HPCL: Invested INR 37.71 bln in Jul-Sept for refining, marketing infra 
--HPCL: Fall in GMRs in line with trend of intl benchmark product cracks 
--HPCL Jul-Sept LPG sales volume 2.25 mln tn, up 5.9% on year

 

By Ayushman Mishra and Arya S. Biju

 

MUMBAI – Hindustan Petroleum Corp. Ltd. reported a net profit of INR 6.31 billion for the September quarter, far below the Street's expectation of INR 18.13 billion. The public sector undertaking company's net revenue, excluding excise duty, for the September quarter was INR 999.26 billion, below the Street's estimate of INR 1.04 trillion and the lowest revenue the company has reported in the last four quarters. 

 

The company's average gross refining margin for Apr-Sept was $4.03 per barrel, compared to $10.49 per barrel in the year-ago period. Domestic sales during the quarter were 10.79 million tonnes, compared to 10.08 million tonnes a year ago. Crude oil throughput of the company in the September quarter was 6.30 million tonnes, up 9.6% on year.  

 

The company's other expenses in Apr-Sept were INR 90.68 billion, up 6.8% on year. The other expenses include a loss of INR 439.2 million compared to a loss of INR 2.32 billion in the same period a year ago, on account of foreign currency transactions and translations. 

 

The total expenditure of the company for the quarter was INR 1.1 trillion, up 12.2% on year and down 10.7% on quarter. The purchases of stock-in-trade for the quarter was INR 591 billion, up 0.93% on year. Cost of raw materials for the quarter rose 16% on year to INR 371.1 billion. Excise duty for the September quarter was INR 82.9 billion, up 19.9% on year. Finance cost of the company for the quarter rose 62.6% on year to INR 9.42 billion. 

 

The company's average gross refining margin for the quarter was $3.12 per barrel, down from $13.33 per barrel in the year-ago period. The reduction in gross refining margin was in line with the trend of international benchmark product cracks, the company said.

 

Hindustan Petroleum's sales volume for the quarter was 11.62 million tonnes, up 8.2% on year. Within this, its sales of motor fuels for the quarter was 6.8 million tonnes, up 4.5% on year and sales volume of liquefied petroleum gas 2.25 million tonnes, up 5.9% on year. The company's aviation business reported an on-year growth of 19.6% for the quarter, and the lubricants segment saw 5% on-year growth. In the September quarter, the company recorded its highest-ever petrochemical sales, Hindustan Petroleum said. The company also reported a pipeline throughput of 6.53 million tonnes for the September quarter, up 6.5% on year.  

 

 

For the six months to September, Hindustan Petroleum reported a crude oil throughput of 12.06 million tonnes, up 8.2% on year. During Apr-Sept, the company's sales volume was 24.25 million tonnes, including exports, up 7.3%. 

 

In the September quarter, the company invested INR 37.7 billion to strengthen its refining and marketing infrastructure, including investment in joint venture and subsidiary companies, taking total investment during Apr-Sep to INR 65.88 billion. Hindustan Petroleum commissioned 353 retail outlets during the quarter, increasing its total number of outlets to 22,501. The company also commissioned six new liquefied petroleum gas distributors in the quarter, taking the total count to 6,364, the company said.  

 

Friday, shares of Hindustan Petroleum closed at INR 375.40 on the National Stock Exchange, down 8%.  End

US$1 = INR 84.08

 

Edited by Avishek Dutta and Vandana Hingorani

 

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