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Informist, Tuesday, May 6, 2025

 

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--HPCL FY25 operating margin 2.25% vs 4.18% year ago
--HPCL Jan-Mar operating margin 3.57% vs 2.63% year ago
--HPCL Jan-Mar crude throughput 6.74 mln tn vs 5.84 mln tn year ago
--HPCL Jan-Mar domestic sales 12.11 mln tn vs 11.80 mln tn year ago
--HPCL Jan-Mar pipeline throughput 6.61 mln tn vs 6.50 mln tn year ago
--HPCL FY25 average GRM $5.74/bbl vs $9.08/bbl year ago
--HPCL FY25 revenue INR 4.663 tln vs INR 4.616 tln year ago
--HPCL FY25 net profit INR 73.65 bln vs INR 146.94 bln year ago
--HPCL to pay INR 10.50 per share final dividend
--HPCL Jan-Mar revenue INR 1.183 tln vs INR 1.215 tln year ago
--HPCL Jan-Mar net profit INR 33.55 bln vs INR 28.43 bln year ago
--Analysts saw HPCL Jan-Mar net profit INR 17.99 bln
--HPCL Jan-Mar net profit INR 33.55 bln
--HPCL: Expect progressive commissioning of Barmer project in 2025
--HPCL: Spent INR 569.5 bln on Barmer refinery & petrochem project so far
--HPCL: Jan-Mar GRM $8.44 per bbl vs $6.95 per bbl year ago
 

 

By Sunil Raghu

 

AHMEDABAD - State-owned Hindustan Petroleum Corp. Ltd.'s net profit for the March quarter rose 18% on year to INR 33.55 billion, buoyed by higher crude throughput and inventory gain. Its performance was also much better than what analysts had expected. Analysts had expected the company to report a 37% on-year fall in net profit to INR 17.99 billion.

 

HPCL's income from sale of products for the March quarter was INR 1.18 trillion, down 2.62% on year. The company's revenue, excluding excise duty, was INR 1.09 trillion, down nearly 5% on year. This was better than the Street's expectation of a 5.9?ll to INR 1.1 trillion.

 

The company's revenue declined despite an increase in refinery throughput and sales during the March quarter. HPCL's crude oil refinery throughput rose to 6.74 million tonnes from 5.84 million tonnes a year ago. The pipeline throughput too was up at 6.61 million tonnes from 6.50 million tonnes a year ago. Its domestic sales during the quarter rose to 12.11 million tonnes from 11.80 million tonnes a year ago.

 

The total expenses of the company, including excise duty, fell 3.6% on year to INR 1.2 trillion during the quarter. Finance costs fell over 3.4% to INR 7.1 billion. However, the cost of materials consumed rose nearly 17.3% on year to INR 387.96 billion while the cost of purchasing stock-in-trade fell 15.6% to INR 608.06 billion.

 

Strong gross refining margin gave the net profit a further boost. The gross refining margin jumped to $8.44 per barrel, from $6.95 per barrel a year ago. Analysts had estimated HPCL's gross refining margin to be in the range of $5 per barrel to $6.6 per barrel. The company's operating margin for the quarter too was up at 3.57% from 2.63% a year ago.

 

The company said it has been able to deliver highest-ever refinery throughput of 25.27 million tonnes in 2024-25 (Apr-Mar), with Visakh refinery able to realise the full volume potential post expansion and processing 15 million tonnes of crude oil. Similarly, Mumbai refinery processed almost 10 million tonnes of crude oil, an all-time high. The company also registered a sales volume of 49.82 million tonnes for the year.

 

For FY25, the company reported a net profit of INR 73.65 billion, almost half of INR 146.94 billion reported the previous year. Revenue from operations for the year rose about 1% to INR 4.66 trillion, from INR 4.62 trillion in FY24. The average gross refining margin for FY25 was $5.74 per barrel, compared to $9.08 per barrel a year ago. The oil major's operating margin for the financial year 2024-25 (Apr-Mar) fell to 2.25% from 4.18% a year ago.

 

HPCL's sales volume for the year was 49.82 million tonnes, up 6.4% on year. Within this, its sales of motor fuels were 28.78 million tonnes, up 3.2% on year, and sales volume of liquefied petroleum gas 8.95 million tonnes, up 4.5% on year. The company's aviation business reported an on-year growth of 24.5% for the year, and the lubricants segment saw 8% on-year growth. The company reported a pipeline throughput of 26.90 million tonnes for FY25, up 4.1% on year.

 

The company commissioned 1,725 retail outlets during FY25, taking its total number of outlets to 23,747. The company also added 29 liquefied petroleum gas distributors in the year, taking the total count to 6,378, the company said.

 

The company's capital expenditure in FY25 was INR 145.08 billion. The company said it has already invested INR 569.5 billion of the committed INR 725.73 billion on its Barmer refinery and petrochemicals project, adding that it expects progressive commissioning of the project by December-end. The company announced a final dividend of INR 10.5 per share. 

 

On Tuesday, the company's shares closed at INR 396.80 on the National Stock Exchange, down 3.2% from Monday.  End

 

Edited by Ashish Shirke

 

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