Hindustan Petroleum Company Ltd (HPCL) on Thursday reported its March quarter web revenue hovering many folds to Rs 3,018 crore on the again of stock features and rise in refining margins.
The corporate had a web revenue of Rs 27 crore in January-March 2020.
“Enhanced profitability was a results of strong operational efficiency, enchancment in refinery margins helped by stock features and beneficial trade price variations,” HPCL Chairman and Managing Director M Okay Surana informed reporters.
The corporate, which runs refineries at Mumbai and Visakhapatnam, earned USD 8.11 on turning each barrel of crude oil into gasoline in January-March interval. That is in contrast with a unfavorable gross refining margin (GRM) of USD 1.23 per barrel.
Stock features are booked when uncooked materials (crude) costs rise by the point an organization processes oil into gasoline. Losses are booked when the reverse occurs.
Surana mentioned the corporate had a listing acquire of Rs 4,608 crore within the fourth quarter of 2020-21 as in comparison with a listing lack of Rs 4,113 crore in the identical interval a yr again.
Additionally, the corporate booked Rs 141 crore in international trade features throughout January-March 2020-21 as in comparison with a foreign exchange lack of Rs 975 crore final yr.
With out the stock features, GRM was USD 3.5 per barrel.
For the total 2020-21 fiscal yr (April to March), HPCL posted a report web revenue of Rs 10,664 crore as in comparison with Rs 2,637 crore for the earlier yr.
“Outbreak of a pandemic led to important demand contraction within the first quarter of the yr which was adopted by a wise restoration within the latter a part of the yr resulting in an mixture demand contraction for the petroleum merchandise of about 9 per cent in 2020-21 over the earlier yr,” he mentioned.
The already unstable crude oil market witnessed a pointy worth fluctuations on the again of demand contraction, stock overhang and the efforts by the key oil producers to manage the provides.
Product sales for 2020-21 was Rs 2,69,243 crore as in contrast Rs 2,86,250 crore in the course of the earlier yr.
The mixed GRM for HPCL Refineries for the final fiscal yr works out to USD 3.86 per barrel in comparison with USD 1.02 within the earlier yr.
For the yr 2020-21, HPCL has proposed a last dividend of Rs 22.75 per share.
Throughout 2020-21, HPCL refineries at Mumbai and Visakhapatnam achieved a mixed refining thruput of 16.42 million tonne with capability utilization of 104 per cent.
“Efficient crude sourcing plans, optimizing day-to-day crude run price, environment friendly logistics administration and regulating product procurements from different sources enabled HPCL to realize greater than 100 per cent capability utilization in refineries despite total demand contraction,” he mentioned.
Through the yr, HPCL achieved a gross sales quantity of 36.59 million tonne in comparison with the earlier yr’s gross sales of 39.64 million tonne.
“HPCL registered market share acquire for transport fuels and recorded the least de-growth of 6.6 per cent in home gross sales among the many trade, trade de-growth for 2020-21 being 8.4 per cent in comparison with the earlier yr,” he mentioned.
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