Hindustan Petroleum Corporation Ltd (HPCL) on Friday reported fiscal second quarter earnings with a profit decline of 97.6 per cent at Rs 142.67 crore in comparison to Rs 5,826.96 crore recorded during the corresponding quarter of FY24. The profit decline, it said, was due to suppressed marketing margins on select petroleum products, reduced refining margins due to lower cracks and falling International crude & Product prices. It posted a total income of Rs 1,08,773.93 crore, up 5.6 per cent as against Rs 1,03,010.71 crore during the same period of previous financial year.
In the backdrop of good physical performance in both Refineries and Marketing, HPCL reported standalone revenue from operations of Rs 1,08,216 crore during Q2. The company’s standalone profit during the quarter stood at Rs 631 crore.
Average GRMs for Q2FY25 were $3.12 per barrel ($13.33 per barrel during Q2FY24). The reduction in GRMs is in line with the trend of international benchmark product cracks, it said.
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During 2QFY25, HPCL said that the refineries recorded crude thruput of 6.30 MMT (operating close to 107.7 per cent of the installed capacity) registering an increase of 9.6 per cent over the thruput of 5.75 MMT during Q2FY24. Widening the company’s crude basket, HPCL procured two new grades of crude (Jubilee and Pazflor) for the first time.
The company recorded sales volume of 11.62 MMT (including exports) during Q2FY25, up 8.2 per cent YoY. On the domestic front, HPCL achieved sales volume growth of 5.6 per cent during the quarter as against PSU Industry growth of 1.8 per cent. During Q2FY25, sales of Motor fuels was 6.8 MMT, up 4.5 per cent over Q2FY24 and in the case of LPG, the company achieved a sales volume of 2.25 MMT, up 5.9 per cent YoY. The aviation business of the company recorded a growth of 19.6 per cent over Q2FY24 with sales volume of 250 TMT during Q2FY25.
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