Hindustan Petroleum Corporation Limited has posted Profit After Tax of Rs. 2659 crore during half year ended April-September, 2017. Gross sales increased by 14.8% to Rs. 1,14,044 crore during April-September, 2017 as compared to Rs. 99,350 crore for corresponding period of the previous year.
Oil marketing company Hindustan Petroleum Corporation Ltd (HPCL) on Thursday posted 147.35 per cent year-on-year (YoY) rise in net profit at Rs 1,734.74 crore for the quarter ended September 30, 2017 against Rs 701.32 crore in the corresponding quarter last year. Average gross refining margin, the profit earned on each barrel of crude processed, advanced to $6.75 per barrel for the half-year ended September 30, from $5.12 per barrel in the same period last year. Sales grew 13 per cent to Rs 54,153 crore during the quarter.
HPCL has registered gross sales of Rs. 54,153 crore during July-September, 2017 as compared to Rs. 47,750 crore for the period July-September, 2016. Quarterly Profit after Tax (PAT) increased to Rs 1735 crore for the period July-September, 2017 against Rs 701 crore achieved during the corresponding period of previous financial year. The increase in profit is due to higher crude thruput, better refinery margin, higher domestic market sales and inventory gains against inventory loss compared to corresponding period of last year.
During July-September 2017, the domestic sales of petroleum products increased to 8.37 million tonnes registering a growth of 4.6% over the corresponding quarter of previous year. The sales of Motor Spirit(Petrol) increased by 7.1%, HSD by 4.4%, LPG by 10.4%, Lubes by 23.2%, Aviation turbine fuel by 2.5%, and bitumen by 1.6% over the corresponding period of previous financial year.
The refineries at Mumbai and Visakh processed 4.64 million tonnes of crude during July– September, 2017 as against 4.04 million tonnes during July–September, 2016. The combined GRM during the period July–September 2017 was $ 7.61 per barrel as compared to $ 3.23 per barrel in the corresponding previous period primarily due to improved distillate yield and better product cracks.
HPCL continues to be No.1 Lube Marketer of India and has become the first Oil Company from India to mark its presence in the lubricant market in Myanmar with launch of HP lubricants in two major cities of the country.
HPCL enjoys the leadership position in bulk LPG Sales with over 47% market share as of September 2017. HPCL has been at the forefront in implementing the Pradhan Mantri Ujjwala Yojana (PMUY Scheme) to create a clean cooking environment in country by providing subsidized LPG access to women below poverty line. During April –September 2017, HPCL has released about 49 Lakh new domestic LPG connections including over 28 lakh PMUY connections.
A total of 216 new retail outlets were commissioned during H1 of 2017-18 taking the total retail outlet network to 14,628 as of September 2017. To enable cashless transactions, Digital payment services including Electronic data capture (EDC), mobile wallets, Credit/debit card Payments etc have been made available at more than 96% of HPCL’s Retail outlet network as of September 2017.
HPCL’s large scale pipeline expansion projects – (1) Mundra Delhi Pipeline (MDPL) Capacity Expansion, (2) Extension line from Palanpur to Vadodara (PVPL) Project including Green field Terminal at Vadodara, (3) Capacity Expansion of Ramanmandi Bahadurgarh Pipeline (RBPL), are on track.
The Hon’ble Prime Minister of India has laid the foundation stone for MDPL capacity expansion and Palanpur Vadodara pipeline Extension project. HPCL has launched HP Startup scheme and MoUs were signed with four Start-ups at “Start-up Sangam” program launched by the Hon’ble Minister of Petroleum & Natural Gas, Skill Development and Entrepreneurship.
HPCL is a Fortune Global 500 company with a ranking of 384 and is a Platts Top 250 Global Energy Company with a ranking of 48. HPCL’s excellent performance was recognized with various coveted awards including ‘Responsibly Growing Corporate of the Year 2016’ and ‘Oil & Gas Marketing Company of the Year’ Award for the second consecutive year by Federation of Indian Petroleum Industry (FIPI).
