HPCL net profit slips 9% amid volatile crude prices in Q2
HPCL net profit slips 9% amid volatile crude prices in Q2 left HPCL’s gross refining margin rose sharply to $32.15 per barrel during the quarter The Hindu The Hindu The Mumbai-headquartered oil-marketing company’s gross refining margin stood at $32.15 for every barrel during the reported quarter. NEW DELHI State-owned Hindustan Petroleum Corporation Ltd. (HPCL) reported a 9% year-on-year (YoY) decline in standalone net profit to ₹3,483 crore in the second quarter, amid volatility in benchmark crude oil prices following the reignited conflict in West Asia.
The Mumbai-headquartered oil marketing company’s gross refining margin (GRM), a key indicator of refining profitability, rose sharply to $32.15 per barrel during the quarter, compared with $8.80 per barrel in the corresponding period last year. Revenue increased 26% YoY to more than ₹1.39 lakh crore during the reported quarter. HPCL, BPCL have secured crude supplies till August, scouting for September HPCL, BPCL have secured crude supplies till August, scouting for September The two refiners posted a net loss in the first quarter of the current financial year - their first since the onset of the Russia-Ukraine conflict.
HPCL, BPCL have secured crude supplies till August, scouting for September storyline 1 HPCL’s total sales volumes, including exports, grew 5.5% to 12.73 million metric tonnes (MMT). Domestic sales rose 4.9% YoY, while combined sales of petrol and diesel increased 10% to 7.78 MMT. The company processed 6.2 MMT of crude oil during the quarter, operating its refineries at a capacity utilisation rate of 100.4%.
