Mumbai: Hindustan Petroleum Corporation Limited (HPCL) reported a stellar financial performance for the fiscal year 2023-24, with a record Consolidated Profit after Tax (PAT) of ₹16,015 crore, marking a significant turnaround from a Consolidated Net Loss of ₹6,980 crore in the previous financial year. The Standalone PAT for FY 2023-24 also soared to a historic high of ₹14,694 crore, compared to a Standalone Net Loss of ₹8,974 crore in the previous financial year.
In the period from January to March 2024, HPCL witnessed a remarkable increase in Standalone PAT, reaching ₹2,843 crore, marking a substantial surge of 437% compared to the previous quarter's PAT of ₹529 crore. Despite this impressive performance, HPCL reported a reduction in Average Gross Refining Margins (GRMs) for the fiscal year 2023-24, standing at US$ 9.08 per barrel compared to US$ 12.09 per barrel in the previous financial year. Similarly, the Average GRMs for the period Jan-Mar 2024 decreased to US$ 6.95 per barrel, in line with international product cracks.
On the physical performance front, HPCL's refineries processed a record-high crude throughput of 22.33 MMT during the fiscal year, operating at 103.3% of installed capacity. Notably, Visakh refinery achieved its highest-ever crude throughput of 12.69 MMT, with diesel production surpassing previous records by more than 30%.
In terms of marketing achievements, HPCL achieved its highest-ever total sales volume of 46.82 MMT (including exports) during FY 2023-24, reflecting a growth of 7.8% compared to the previous year. The company also recorded significant sales growth in key products, including Motor Spirit (MS), High-Speed Diesel (HSD), Liquefied Petroleum Gas (LPG), Aviation Turbine Fuel, and Natural Gas.
HPCL also made significant progress in its ongoing projects, with the Visakh Refinery Modernization Project being dedicated to the nation in March 2024. The construction of the integrated grassroot refinery cum petrochemical project at Barmer, Rajasthan, witnessed substantial advancements, with key process units under pre-commissioning.
Furthermore, HPCL expanded its footprint in new businesses and initiatives, winning bids for Geographical Areas in the City Gas Distribution (CGD) business and expanding its Lubricants business globally. The company also focused on digital transformation initiatives, launching premium branded outlets and co-branded vehicle service stations.
In line with its commitment to sustainability, HPCL achieved significant milestones in transitioning to a low-carbon economy, including increasing ethanol blending, commissioning CNG and Electric Vehicle (EV) charging facilities, and installing solar panels at retail outlets.
HPCL's performance was recognized with various awards and accolades, including the "CII DX Award 2023" and multiple awards for innovation and technology in the energy sector.
The Board of Directors has recommended issuing bonus shares and a final dividend for FY 2023-24, subject to approval by the members of the company in the Annual General Meeting. /BI
