HPCL Q1 2021: Net profit dips 36% in Covid-marred quarter, but revenue improves y-o-y

• HPCL's net profit for Q1 FY 2021-22 is Rs 1,795 crore
• On account of an improvement in sales of products, HPCL's revenue for Q1 FY2021-22 improved year-on-year to Rs 77,957.51 crore, up from Rs 46,670.13 crore in Q1 FY2020-21

New Delhi: In a quarter marred by the second wave of the COVID-19 pandemic, state-run Hindustan Petroleum Corporation Limited (HPCL) has recorded a 36 percent decline in Q1 FY 2021-22 net profit year-on-year and a 41 percent decline on quarter-on-quarter basis. HPCL's net profit for Q1 FY 2021-22 is Rs 1,795 crore. The comparative figures for the Q4 of FY 2020-21 was Rs 3,017.96 crore and for the June quarter of the previous fiscal was Rs 2,813.83 crore. 

HPCL's Q1 FY 2021-22 revenue improves year-on-year

On account of an improvement in sales of products, HPCL's revenue for Q1 FY2021-22 improved year-on-year to Rs 77,957.51 crore, up from Rs 46,670.13 crore recorded in the corresponding quarter of the previous financial year. The Q1 FY 2021-22 figures are, however, lower in comparison to the March quarter of the previous fiscal when the company earned Rs 85,748.12 crore.

During April-June 2021, HPCL achieved total sales volume of 8.83 MMT against 7.62 MMT in the previous year for the same period, representing a growth of 15.9 percent. During the quarter, the sales of major products have shown significant growth compared to the same period last year inspite of an aggressive second wave of Covid-19 pandemic forcing partial lockdowns across the country. The sale of petrol recorded a growth of 36.6 percent, diesel 22.2 percent and Aviation Turbine Fuel (ATF) 118.8 percent. HPCL also achieved its highest-ever Q1 LPG sales in the quarter. The pipeline throughput for the period April- June 2021 was 4.34 MMT as against 3.54 MMT in the corresponding period of the previous year, representing a growth of 22.6 percent.

HPCL achieves highest ethanol blending rate of 9.3%

"In our efforts to provide clean energy, HPCL achieved the highest-ever ethanol blending of 9.3 percent during the quarter, which is also the highest in the industry. HPCL became the first Oil Marketing Company (OMC) to launch ethanol-blended petrol in Ladakh region," said HPCL in an official statement. During the quarter, HPCL's Mumbai Refinery undertook a major shutdown of its various units to complete a complex revamp and hook up jobs for its Mumbai Refinery Expansion Project. Inspite of the revamp shutdown, the refineries at Mumbai and Visakh processed 2.51 Million Metric Tonnes (MMT) of crude during April-June, 2021. The combined GRM of HPCL refineries for the quarter works out to US$ 3.31 per barrel.

During the quarter, HPCL commissioned 142 new retail outlets taking the total retail outlet network to 18,776 as of June 2021. CNG facilities were added in 50 retail outlets, taking the total number of HPCL outlets with CNG facilities to 724 as of June 2021. During the quarter, HPCL solarised 110 more outlets. With this, 25 percent of HPCL's retail outlet network runs on solar power. 

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