Hindustan Petroleum Corp. reported a net profit in the first quarter of fiscal 2024 on improved operational metrics.
The state-run oil refiner reported a net profit of Rs 6,203.9 crore against a loss of Rs 10,196.94 crore in the year-ago period, according to an exchange filing on Wednesday.
HPCL Q1 FY24 Highlights (Standalone, YoY)
Revenue down 2.2% to Rs 1,11,960.59 crore vs Rs 1,14,454.71 crore
Ebitda of Rs 9,654.78 crore vs ebitda loss of Rs 12,494.56 crore
Margin at 8.6%
HPCL said its average gross refining margin for the April-June quarter fell by almost half to $7.44 per barrel as against $16.69 per barrel a year ago. "This is before factoring in the impact of the special additional excise duty and road and infrastructure cess levied from July last year on the export of select petroleum products."
The other Income included a foreign exchange gain of Rs 131.5 crore against a loss of Rs 945.4 crore a year ago.
HPCL had a cumulative negative buffer of Rs 989.7 crore on the sale of retail liquefied petroleum gas cylinders as its market-determined price was higher as compared with the price at which they were sold. It was recognised as a part of income upon its recovery during April–June.
Shares of HPCL closed 3.07% lower at Rs 276.35 on the BSE, as compared with a 1.02% drop in the benchmark Sensex.
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