HPCL net profit drops 33.7% in H1 FY2019-20

HPCL has recorded a 33.7 percent decline in H1 Profit after Tax and 3.7 percent decrease in the PAT figure for Q2 of FY 2019-20

New Delhi: Hindustan Petroleum Corporation Ltd (HPCL) has recorded a 33.7 percent decline in H1 Profit after Tax (PAT) and 3.7 percent decrease in the PAT figure for Q2 of FY 2019-20. The figure for the April-September period (H1) stands at Rs 1,863 crores, down from Rs 2,811 crores during the corresponding six-month period of the previous financial year 2018-19. For Q2, on the other hand, PAT stood at Rs 1,052 crores against Rs 1,092 crores achieved during the corresponding quarter of FY2018-19.

Profits for the current period are stable in spite of inventory losses, reduced cracks on MS & LPG, HPCL said in a press release. The public sector undertaking (PSU) also said that it has been conferred with the status of 'Maharatna' in October.

HPCL gross sales revenue goes down in Q2

HPCL gross sales revenue for the corporation stood at Rs 1,40,694 crores during H1 as compared to Rs 1,45,988 crores for the corresponding period of the previous year. HPCL has registered gross sales of Rs 66,165 crores during July-September, 2019 as compared to Rs. 73,065 crore for the period July-September, 2018.

Sale of petroleum products grew by 1.5% in H1

During April-September, the domestic sales of petroleum products have increased to 18.77 million tonnes with a growth of 1.5 percent over the first half of the previous year. The sales of Motor Spirit (Petrol) increased by 7.4 percent, LPG by 5.4 percent and that of Bitumen by 11.5 percent over the corresponding period of previous financial year.

During Q2, the domestic sales of petroleum products have increased to 8.95 million tonnes registering a growth of 1.3 percent over the corresponding quarter of the previous year. The sales of Motor Spirit (Petrol) increased by 6.3 percent, LPG by 11.2 percent, and that of bitumen by 8.1 percent over the corresponding period of the previous financial year.

Planned shutdown of Mumbai refinery lowers thruput

The refineries at Mumbai and Visakh processed 8.48 million tonnes of crude during April-September, 2019 as against 9.28 million tonnes during April–September 2018.

In Q2, the refineries at Mumbai and Visakh processed 4.56 million tonnes of crude, as against 4.76 million tonnes during July-September 2018. Lower thruput at refineries was mainly due to planned shutdown of Mumbai Refinery during April to June 2019 and of Visakh Refinery in September 2019. The combined GRM during the period July-September 2019 is US$ 2.83 per barrel as compared to US$ 4.81 per barrel in the corresponding previous quarter.