Visakh Refinery records highest ever crude thruput @ 12.69 MMT

Hindustan Petroleum Corporation Limited (HPCL) recently reported its financial performance with a record Consolidated Profit after Tax (PAT) of Rs 16,015 crore during FY 2023-24 (Consolidated Net Loss of Rs 6,980 crore during the previous financial year). 

As per an official release from the company the Standalone PAT during FY 2023-24 was also highest ever at Rs 14,694 crore (Standalone Net Loss of Rs 8,974 crore during the previous financial year).

Physical Performance

HPCL Refineries processed the highest ever crude thru-put of 22.33 MMT during the Year operating at 103.3% of the installed capacity, registering an increase of 17% over crude thru-put of 19.09 MMT processed during FY 2022-23.

The Visakh refinery recorded its highest-ever crude thru-put of 12.69 MMT during the year, with diesel production of 5.7 MMT surpassing the previous highest diesel production by more than 30%.

Visakh Refinery Modernization Project was dedicated to the Nation by the Prime Minister of India in March 2024. 

The Refinery is currently operating at enhanced capacity of 13.7 MMTPA at higher yields with the commissioning of various process units.

Financial performance

For HPCL overall the Standalone PAT for the period Jan-Mar 2024 is Rs 2,843 crore registering an increase of 437% over PAT of Rs 529 crore reported during previous quarter Oct-Dec 2023. (PAT during Jan-Mar 2023 was Rs 3,223 crore). 

The Company has reported Revenue from operations of Rs 1,21,532 crore for the quarter Jan-Mar 2024 registering an increase of 6.2% over Revenue from operations of Rs 1,14,445 crore reported for the corresponding quarter of previous year. 

For FY 2023-24, the Revenue from operations stood at Rs 4,61,638 crore (Rs 4,66,192 crore during the previous year).

The Average GRMs (Gross of export duty) for the FY 2023-24 were US$ 9.08 per barrel (US$ 12.09 per barrel during the previous financial year). 

Average GRMs (Gross of export duty) for the period Jan-Mar 2024 were US$­­­­ 6.95 per barrel (US$ 14.01 per barrel during the corresponding period of previous year). 

Dividend

HPCL’s Board of Directors has recommended a bonus issue in the ratio of 1:2, subject to approval by the company’s members.

Additionally, a Final Dividend of Rs16.50 per equity share (pre-bonus) has been proposed for FY 2023-24, translating to Rs 11.00 per equity share (post-bonus), in addition to the interim dividend. 

Total Dividend for FY 23-24 : Rs 31.50 per equity share (pre-bonus) which translates to 315% per share of face-value Rs 10.