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Refineries/Petro-products company Hindustan Petroleum Corporation announced Q2FY24 & H1FY24 results:
1. Financial Performance:
- Revenue from operations of Rs 1,02,618 crore for Q2FY24. For H1FY24, the Revenues were Rs 2,21,662 crore.
- Consolidated profit after tax (PAT) of Rs 12,592 crore during H1FY24, compared to a net loss of Rs 11,033 crore in H1FY23.
- Standalone PAT for H1FY24 was also the highest ever at Rs 11,322 crore, compared to a net loss of Rs 12,369 crore last year.
- Average Gross Refining Margins (GRMs) for Q2FY24 were USD 13.33 per barrel, an increase from USD 8.41 per barrel in Q2FY23.
2. Exceptional Physical Performance:
- HPCL's refineries processed a record quarterly crude throughput of 5.75 MMT during Q2FY24, operating at 111.6% capacity, marking a 28% growth from Q2FY23.
- Visakhapatnam Refinery processed the highest ever quarterly crude throughput of 3.23 MMT, while Mumbai Refinery recorded its highest quarterly crude throughput of 2.52 MMT.
- The half-yearly crude throughput for Apr-Sep 2023 was 11.15 MMT, a growth of 19.9% over the previous year.
3. Marketing Performance:
- HPCL achieved a quarterly total sales volume of 10.74 MMT during Q2FY24, representing a growth of 3.4% compared to the same period last year.
- Domestic sales volume registered a growth of 3.02% with 10.08 MMT sold during the quarter.
- HPCL recorded the highest-ever LPG sales of 4.04 MMT during H1FY24, with a growth of 4.4% compared to the previous year.
- The company's presence in the aviation segment grew by 27.4% during the same period.
4. Projects and Initiatives:
- HPCL has invested Rs 7,196 crore during H1FY24 to strengthen refining and marketing infrastructure.
- The Visakhapatnam Refinery Modernization Project achieved the commissioning of a new Hydrogen Generation Unit and Sulphur Recovery Unit, among other milestones.
- The 9 MMTPA grassroots refinery cum petrochemical project at Barmer, Rajasthan achieved mechanical completion of the Diesel Hydrotreating and Hydrogen Generation Units.
- New initiatives include collaborations for research in green hydrogen, battery technology, and biofuels, and partnerships for white-label ATMs and electric two-wheeler battery swapping.
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