Q1FY24 HPCL reports Rs 6,765.5 cr net profit in June qtr of FY24
Mumbai: Hindustan Petroleum Corporation Limited (HPCL) reported a consolidated net profit of Rs 6,765.5 crore in the first quarter of the financial year 2023-24.
This is an impressive improvement from the net loss of Rs 8,557 crore in the same period last year, which was influenced by soaring crude oil prices.
Compared to the quarter ending March 31, the company's net profit increased by 87.5 percent. However, revenue from the sale of products marginally declined to Rs 1.18 lakh crore in Q1FY24, compared to Rs 1.21 lakh crore in the same period last year. The company's EBITDA for the June quarter stood at Rs 10,945 crore.
HPCL's average gross refining margin (GRM) for the quarter was $7.44 per barrel, a decrease from $16.69 in the corresponding quarter of the previous year. This decline in refining margin was mainly due to a significant drop in diesel and ATF spreads.
In Q1FY24, Hindustan Petroleum Corporation Limited (HPCL) reported market sales (domestic) of 11.43 million metric tonnes (MMT), an increase from 10.45 MMT in the first quarter of the previous year.
The company's pipeline throughput also showed growth, reaching 6.49 MMT in Q1FY24 compared to 5.79 MMT in the year-ago period.
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