Processes highest ever Quarterly crude at 2.96 MMT

Hindustan Petroleum Corporation Limited (HPCL) recently announced its financial results for the period Apr-Jun 2023 wherein it achieved revenues of Rs 1,19,044 crores.

Highlighting the performance of its refineries it stated that HPCL refineries processed highest ever quarterly crude thru-put of 5.40 Million Metric Tonnes (MMT) during Apr-Jun 2023 (operating at 105.9%) registering a growth of 12.3% over 4.81 MMT crude processed during the corresponding period of previous year.

Interestingly the Visakhapatnam Refinery functioning at enhanced capacity of 11 MMTPA processed its highest ever quarterly crude thruput of 2.96 MMT (i.e. 108% of installed capacity).

It was further informed that Pre-commissioning activities for Full Conversion Hydro Cracker Unit (FCHCU), Hydrogen Generation Unit (HGU) & Sulphur Recovery Unit (SRU) at Visakhapatnam Refinery are in final phase & these units are anticipated to undergo commissioning in Q2 FY23-24. With the above, HPCL will be able to operate Visakhapatnam Refinery at 13.5 MMTPA together with higher yields.

Q1FY24

Overall HPCL reported decadal high quarterly standalone profit after Tax (PAT) of Rs 6,204 crore during Apr-Jun 2023 registering an increase of 192% over Rs 3,223 crore PAT reported during Q4 FY22-23 (Standalone Net Loss of Rs 10,197 crore during the corresponding period of previous year).

Consolidated PAT during this period was Rs 6,766 crore as compared to Consolidated Net Loss of Rs 8,557 crore during the corresponding period of previous year.

An official release from the company said its average GRMs (Gross of export duty) for the period Apr-Jun 2023 were US$ 7.44 per barrel (US$ 16.69 per barrel during the corresponding period of previous year).

On the marketing front HPCL achieved its highest ever Quarterly total sales volume (including exports) of 11.85 MMT (10.70 MMT during corresponding period of previous year) representing a growth of 10.7%.

In the domestic market too, HPCL registered the highest ever quarterly sales volume of 11.43 MMT during Apr-Jun 2023 registering a growth of 9.4% as compared to industry growth of 5.5% during this period (10.45 MMT Domestic Sales volume during corresponding period of previous year).

HPCL also registered a stellar QoQ growth and highest ever quarterly sales volume in Motor Fuels with Petrol sales (2.34 MMT) growing by 9.3% and Diesel sales (5.46 MMT) growing by 10.8% with market share gain of 0.58% & 0.57% respectively.

HPCL also recorded its highest ever Pipeline thruput of 6.49 MMT – a growth of 12.9% over pipeline thruput of 5.75 MMT during corresponding period of previous year, surpassing the previous high of 6.13 MMT achieved during Q4 FY22-23.

To strengthen Refining & Marketing infrastructure HPCL has invested Rs. 3,399 crore during Apr-Jun 2023 (including equity investment in its JVCs and subsidiaries).