HPCL Q2 net profit soars 147% to Rs 1,735 crore
NEW DELHI: State-owned Hindustan Petroleum Corp Ltd (HPCL) in the present day reported a 147 per cent leap in its second quarter web revenue on account of upper refinery margins and stock good points.
Internet revenue in July-September at Rs 1,735 crore was 147 per cent increased than Rs 701 crore in the identical interval a yr in the past, HPCL Chairman and Managing Director Mukesh Okay Surana informed reporters right here.
The corporate earned $7.61 on turning each barrel of crude oil into gas within the quarter as in comparison with $three.23 per barrel gross refining margin in the identical interval a yr in the past.
“Throughput at each our refineries totalled four.64 million tonnes as in comparison with four.04 million tonnes final yr,” he stated.
Additionally, the corporate had a listing achieve of Rs 792 crore within the quarter as in comparison with a listing lack of Rs 550 crore.
Stock achieve accrues when a refinery buys crude oil at a selected worth however by the point it is ready to course of it and switch it into gas, the charges have gone up, serving to it get increased worth for the product. Stock loss happens when the reverse of this occurs.
Product sales elevated to Rs 54,153 crore throughout July-September from Rs 47,750 crore in the identical interval final yr.
“The rise in revenue is because of increased crude throughput, higher refinery margin, increased home market gross sales and stock good points in opposition to stock loss in comparison with the corresponding interval of final yr,” he stated.
Throughout July-September 2017, the home gross sales of petroleum merchandise elevated four.6 per cent to eight.37 million tonnes with petrol gross sales rising 7.1 per cent and diesel four.four per cent.
“HPCL continues to be No. 1 lube marketer of India and has turn out to be the primary oil firm from India to mark its presence within the lubricant market in Myanmar with launch of HP lubricants in two main cities of the nation,” he stated.
Surana stated as petrol, diesel and jet gas (ATF) have been saved out of the Items and Providers Tax (GST), the corporate suffered a lack of Rs 90 crore because it was unable to take credit score of tax paid on enter.
HPCL’s three way partnership refinery at Bathinda in Punjab has accomplished enlargement of capability to 11.25 million tonnes from 9 million tonnes beforehand.
He stated the enlargement of Mumbai and Vizag refineries are on monitor.
HPCL is investing Rs 20,928 crore in increasing its Visakh refinery in Andhra Pradesh from eight.33 million tonnes each year to 15 million tonnes by July 2020. Additionally, the Mumbai refinery is being expanded to 9.5 million tonnes a yr from present 7.5 million tonnes at a value of Rs four,199 crore.