Mumbai: Navaratna Central Public Sector Enterprise HPCL announced its Fiscal Year 2024-25 results on July 29, 2024. According to it, the CPSE has reported standalone revenue from operations of ₹1,20,859 crore during 1QFY25 (₹1,19,044 crore during 1QFY24). The company’s consolidated Profit after Tax (PAT) during this quarter is ₹634 crore (₹6,766 crore during 1QFY24). The standalone PAT during this quarter is ₹356 crore (₹6,204 crore during 1QFY24). The primary reasons for lower PAT are suppressed marketing margins on select petroleum products and reduced refining margins. Average GRMs for 1QFY25 were US$ 5.03 per barrel (US$ 7.44 per barrel during 1QFY24). The reduction in GRMs is primarily due to lower cracks in line with the trend of international product cracks.
HPCL refineries recorded crude throughput of 5.76 MMT during 1QFY25, registering an increase of 6.7% over the throughput of 5.40 MMT during 1QFY24 despite planned shutdowns in refineries. Widening the company’s crude basket, HPCL refineries processed imported crude Khafji and Varandey, and indigenous crude KGDWN for the first time.
HPCL recorded its highest-ever quarterly sales volume of 12.63 MMT (including exports) during 1QFY25, registering a growth of 6.6% as against 11.85 MMT during 1QFY24. The company also achieved a market share gain of 0.25% among PSU Oil Marketing Companies during the period.
During 1QFY25, sales of motor fuels were 8.02 MMT (growth of 2.7% over 1QFY24) and for LPG, the company achieved a sales volume of 2.07 MMT (growth of 8.7% over 1QFY24).
The aviation business of the company recorded a robust growth of 31.3% over 1QFY24 with a sales volume of 261 TMT during 1QFY25. A new aviation refuelling facility at Kanpur was commissioned during the quarter, taking the total count to 55. In the highly competitive lubricants business, HPCL’s sales were 152 TMT during 1QFY25, (growth of 3.1% over 1QFY24). During 1QFY25, the company recorded its highest-ever petrochemical sales of 30.3 TMT and introduced a new grade, HDPE Raffia, in the polymer segment.
HPCL also recorded its highest-ever pipeline throughput of 6.83 MMT during 1QFY25 (growth of 5.2% over 1QFY24).
HPCL invested ₹2,017 crore during 1QFY25 to further strengthen its refining and marketing infrastructure, including its equity investment in joint venture and subsidiary companies. The construction of all process units of the ongoing 9 MMTPA integrated grassroots Refinery-cum-Petrochemical project at Barmer, Rajasthan (HRRL) is progressing in full swing. The key process units, viz. Diesel Hydrotreating (DHDT) and Hydrogen Generation Unit (HGU), are under pre-commissioning. The physical progress for the other key process units, i.e. CDU/VDU, DCU, PFCCU, & VGO-HDT, is around 92%, and the overall physical progress of the project has exceeded 80%. As of 30 June 2024, the total commitments on the project are ₹69,845 crore, and capital expenditure is ₹48,001 crore.
The 3.55 MMTPA capacity residue upgradation facility at Visakh Refinery is in an advanced stage of completion. The facility is expected to be mechanically completed in 2QFY25, and commissioning is expected in 3QFY25. The project is one of the largest and most energy-efficient residue hydrocracker units in the world.
During this quarter, Mumbai refinery commissioned the HP De-Aromatized Kerosene (DAK) Unit, which produces specialty De-Aromatized solvents based on indigenous technology developed by HP Green R&D Centre (HPGRDC) to fetch much higher realization than the alternate products.
During 1QFY25, HPCL commissioned 126 retail outlets across the country, taking the total number of outlets to 22,148. The company also commissioned 9 new LPG distributorships during the period, taking the total count of LPG distributorships to 6,358. /BI/
