Hindustan Petroleum Corporation Limited (HPCL) on February 9 reported a consolidated net profit for the quarter ended December 2022 at Rs 444.26 crore, down 67.16 percent from Rs 1,352.99 crore logged in the same quarter last year.
The revenue from the sale of products came in at Rs 1,15,829.87 crore, up 12.30 percent from Rs 1,03,143.24 crore reported in the corresponding quarter a year ago, the company said in an exchange filing.
Average Gross Refining Margin (GRM) for the period April-December 2022 was $11.40 per barrel (April-December 2021: $4.50 per barrel). This is before factoring in the impact of Special Additional Excise Duty and Road & Infrastructure cess levied on the export of select petroleum products, effective 01/07/2022. During this period, due to the suppressed marketing margins on certain petroleum products, the profitability was impacted, HPCL said.
The operating margin of the company was down to 0.48 percent from 0.63 percent a year ago.
The company said the Government of India had approved a one-time grant of Rs 5,617 crore to compensate under-recoveries incurred by the holding company on the sale of domestic LPG during the financial year 2021-22 and the current period, which has been duly recognised in the quarter ended September 2022 and nine months ended December 2022.
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