HPCL’s Y-o-Y Net Profit up by 135% in Q2 2020-21

Sarkaritel
By Sarkaritel November 4, 2020 18:22

HPCL’s Y-o-Y Net Profit up by 135% in Q2 2020-21


Hindustan Petroleum Corporation Limited has recorded Profit after Tax (PAT) of Rs 2,477 crore for the quarter ended 30thSeptember 2020 vis a vis a PAT of Rs 1,052 crore during the same period last year marking a jump of 135% over last year. For the period April-September 2020, HPCL recorded aPAT of Rs. 5,291 crore vis a vis PAT of 1,863 crore during the corresponding period of previous year signifying a jump of 184%.

The significant improvement in the profitability inspite of challenges including lockdown due to COVID 19 pandemic was a result of strategic planning in refinery and marketing operation, containing the de-growth to less than the industry, efficient inventory management and effective product placement leveraging company’s excellent marketing infrastructure. This was well supported by reduced operating costs, market conditions on crude pricing and favorable exchange rate variation.

Gross sales revenue for the corporation stood at Rs 61,340crore during July- September quarter versus Rs 66,165 crore for the same period last year.  Gross sales Revenuefor the half year April – September 2020 was Rs 1,07,225crore as compared to Rs 1,40,694 crore for corresponding period of the previous year.

The nationwide lock down to contain the spread of the pandemic in India lead to significant demand contractionof petroleum products in April 2020 and the sales were down by over 48.5% as compared to April 2019. However, with the subsequent relaxations announced by the Central&State Governments and gradual opening up of economy, the demand of petroleum products picked up sharply. Overall sales of Petroleum Products has reached to the level of 98% in September 2020 compared to the sales in September 2019.

Domestic sales volume during the quarter July-September 2020 was 8.10 MMT compared to 8.95 MMT last year, which was 90.5% of the last year volume during the same period. The domestic sales for HPCL for the half year April-September 2020 was 15.34MMT compared to 18.77 MMT which was 81.7% of the sales volume last year same period.

During such challenging times, the Corporation also achieved an overallcombined capacity utilization of over 100%at its refineries by optimizing the day to day crude run rate andregulating the product procurements from other sources.

The HPCL refineries processed 8.03 million metric tonnes of crude during April-September, 2020 as against 8.48 million metric tonnes during the same period last year. The thruput for the quarter July to Sept 2020 was 4.06 MMT compared to 4.56 MMT last year.

The combined GRM for the period July-September 2020 is US$ 5.11 per barrel as compared to US$ 2.83 per barrel in the corresponding previous period. The combined GRM for the half-year April-September 2020 works out to US$ 2.58 per barrel compared to US$ 1.87 per barrel in the corresponding previous period.

HPCL recorded 22.5% jump in Lube sales during the quarter July to September 2020 compared to same quarter last year and continued to be largest lube Marketer of India among OMCs. HPCL also exported 9 TMT of Lubes during the period and added new geographies to its market reach.

During the quarter, 464 new retail outlets were commissioned taking the total retail outlet network to 17,171 as of September 2020. HPCL also commissioned 24 new LPG distributorships during the quarter taking the total LPG distributorships to 6,153 as of September 2020.

Sarkaritel
By Sarkaritel November 4, 2020 18:22