HPCL Q1 results: Net profit comes in Rs 6,765 crore; revenue dips marginally

The state-run oil marketing company had posted a net loss of Rs 8,557 crore in the same period last year as crude oil prices skyrocketed.

Hindustan Petroleum Corporation Limited (HPCL) on August 2 reported a consolidated net profit of Rs 6,765.5 crore in the first quarter of the financial year 2023-24 on account of healthy marketing margins.

The state-run oil marketing company had posted a net loss of Rs 8,557 crore in the same period last year as crude oil prices skyrocketed.

Sequentially, the net profit of the company increased by 87.5 percent from Rs 3,608 crore in the quarter ending March 31.

Revenue from the sale of products marginally declined to Rs 1.18 lakh crore in Q1FY24, as against 1.21 lakh crore in the same period last year. The company’s EBITDA in the June quarter stood at Rs 10,945 crore.

The company’s average gross refining margin (GRM) was $7.44 per barrel in the quarter against $16.69 in the corresponding quarter of the previous year. The decline in refining margin was observed primarily because of a significant drop in diesel and ATF spreads.

In Q1FY24, market sales (domestic) of the company stood at 11.43 million metric tonnes (MMT) as against 10.45 MMT in the first quarter of last year.

HPCL’s pipeline throughput was at 6.49 MMT in Q1FY24 from 5.79 MMT in the year-ago period.

On August 2, shares of HPCL closed at Rs 276.35 on BSE, down 3.07 percent.