New Delhi, July 29 (IANS) Hindustan Petroleum Corporation Limited (HPCL) on Monday reported a consolidated net profit of Rs 634 crore during the first quarter 2024-15 compared to 6,766 crore during 1Q FY24.
The standalone net profit during this quarter was Rs 356 crore compared to 6,204 crore during 1QFY24.
“The primary reasons for the lower net profit are suppressed marketing margins on select petroleum products and reduced refining margins,” according to an HPCL statement.
The average gross refining margin (GRM) for 1QFY25 was $5.03 per barrel ($7.44 per barrel during 1QFY24).
The reduction in GRMs is primarily due to lower cracks in line with the trend of international product cracks.
HPCL standalone revenue from operations was Rs 1,20,859 crore during the first quarter of FY25 compared to Rs 1,19,044 crore during 1QFY24.
The public sector oil major maintained a robust physical performance during the quarter.
HPCL refineries recorded a crude thruput of 5.76 MMT (million metric tonnes) during 1QFY25 registering an increase of 6.7 per cent over the thruput of 5.40 MMT during 1QFY24 despite planned shutdown in refineries.
Widening the company’s crude basket, HPCL refineries processed Imported crude from Khafji and Varandey, and indigenous crude from the eastern offshore KGDWN field for the first time.
HPCL recorded the highest-ever quarterly sales volume of 12.63 MMT (including exports) during 1QFY25 registering a growth of 6.6 per cent against 11.85 MMT during 1QFY24.
The company also achieved market share gain of 0.25 per cent among PSU Oil Marketing Companies during the period, according to the company statement.
During 1QFY25, sale of Motor fuels was 8.02 MMT (growth of 2.7 per cent over 1QFY24) and in case of LPG, the company achieved a sales volume of 2.07 MMT (growth of 8.7 per cent over 1QFY24).
The aviation business of the company recorded a robust growth of 31.3 per cent over 1QFY24 with sales volume of 261 TMT during 1QFY25.
New aviation refuelling facility at Kanpur was commissioned during the quarter, taking the total count to 55.
In the highly competitive lubricants business, HPCL’s sales were 152 TMT during 1QFY25, (growth of 3.1 per cent over 1QFY24), the company added.
During 1QFY25, the company recorded its highest-ever petrochemical sales of 30.3 TMT and introduced new grade HDPE Raffia in the polymer segment.
The oil major also recorded its highest-ever pipeline thruput of 6.83 MMT during 1QFY25 (growth of 5.2 per cent over 1QFY24), it added.
HPCL also said that it invested Rs 2,017 crore during 1QFY25 to further strengthen its refining and marketing infrastructure, including its equity investment in joint ventures and subsidiary companies.
–IANS
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