Home Business HPCL Q3 Results: Net Profit Skids 67 Per Cent To Rs 444 Crore, Revenue Up 12 Per Cent

HPCL Q3 Results: Net Profit Skids 67 Per Cent To Rs 444 Crore, Revenue Up 12 Per Cent

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Hindustan Petroleum Company Restricted (HPCL) on Thursday clocked a consolidated internet revenue of Rs 444 crore for the quarter that ended December 2022 (Q3), down 67.16 per cent from Rs 1,352.99 crore logged in the identical interval final yr. 

In response to the alternate submitting by the corporate, the income from the sale of merchandise in Q3 stood at Rs 1,15,829.87 crore from Rs 1,03,143.24 crore reported within the corresponding quarter a yr in the past, up 12.30 per cent. 

The corporate reported a standalone internet revenue of Rs 172.43 crore within the third quarter of the present fiscal, down from Rs 868.86 crore revenue on the identical time a yr in the past. 

These losses are primarily attributed to decrease gas costs of the state-owned agency in comparison with Worldwide costs. When worldwide oil costs reached a multi-year excessive final yr, HPCL and different state-owned gas retailers didn’t change the costs of gasoline and diesel. They thus recorded losses in two consecutive quarters consequently.

“That is earlier than factoring the influence of particular further excise responsibility (windfall tax) and highway and infrastructure cess levied on export of choose petroleum merchandise, efficient July 1, 2022,” HPCL stated. 

“Throughout this era, as a result of suppressed advertising and marketing margins on sure petroleum merchandise, the profitability is impacted,” the corporate added. 

The corporate processed 4.83 million tonnes of crude oil within the quarter, up from 4.24 million tonnes within the earlier yr. It earned $11.40 on turning each barrel of crude oil into gas throughout April-December 2022 as towards a gross refining margin of $4.50 per barrel. The corporate additionally booked a international alternate lack of Rs 1,951.64 crore from April to December as in comparison with a achieve of Rs 183.01 crore a yr in the past. 

The corporate stated the federal government permitted a one-time grant of Rs 5,617 crore to compensate under-recoveries incurred by the holding firm on the sale of home LPG through the monetary yr 2021-22 and the present interval, which has been duly recognised within the quarter ended September 2022 and 9 months ended December 2022.

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