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Hindustan Petroleum Corp. Ltd. (HPCL) reported Thursday a 37 percent drop in its second quarter net profit on the back of lower refining margins and foreign exchange losses.
Net profit in July-September fell to Rs 1,092 crore from Rs 1,735 crore in the corresponding period of previous financial year, Chairman and Managing Director HPCL Mukesh K Surana told reporters here.
"The profit was impacted by the increase in the fuel oil and losses," he said.
The company earned $ 4.81 on turning every barrel of crude oil into fuel in the second quarter, down from USD 7.61 per barrel gross refining margin in the year
Also, the company had a foreign exchange loss of Rs 887 crore as compared to a gain of Rs 20 crore in July-September 2017
Purpose, these were balanced by inventory gain of Rs 1,276 crore in Q2 as opposed to a gain of Rs 792 crore last year
Inventory gain arises when a refiner buys crude oil the time it is able to process the fuel to the market, rates would have gone up. And since the pump rates are based on a higher price, resulting in inventory gain.
Surana said the domestic Inventory loss arises when reverse of this happens.
Because of the rise in the prices of HPCL saw turnover zoom to Rs 73,065 crore as compared to Rs 54,143 crore for the period July-September, 2017.
sales of petroleum products increased to 8.83 million tonnes registering a growth of 4.8 per cent as against industry average of 4.3 per cent.
The sales of petrol increased by 5.9 per cent, diesel by 2.4 per cent, LPG by 4.5 per cent Aviation Turbine Fuel (ATF) by 27.3 per cent
The company's refineries in Mumbai and Visakh processed 4.76 million tonnes of crude during July-September, 2018 as against 4.64 million tonnes last year
"GRM has been impacted mainly LPG, bitumen, lubes, furnace oil, and exchange rate fluctuations, "he said.
During April-September, HPCL Recorded a net profit of Rs 2,811 crore, up from Rs 2,659 crore in H1 of previous fiscal.
HPCL, he said, strengthened the supply infrastructure by completion of various projects, including bottling capacity increase at Unnao LPG plant in Uttar Pradesh and additional tankage at Suryapet terminal in Telangana.
It also signed joint venture agreement with Oil India Ltd. (OIL) to set up gas distribution networks in Kolhapur in Maharashtra and Ambala-Kurukshetra in Haryana. In addition, HPCL has received authorization for setting up CGD (City Gas Distribution) networks in Jind and Sonipat districts of Haryana.
Surana said the company commissioned 131 new petrol pumps to take over the number of retail outlets to 15,255.
HPCL has launched re-mineralized nano-filtered packaged drinking water, 'REMINERO' in collaboration with the Council of Scientific and Industrial Research's Indian Institute of Chemical Technology (CSIR IICT), "he said.
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