State-run Hindustan Petroleum Corporation (HPCL) on Thursday reported a 34 per cent year-on-year decline in its consolidated net profit at ₹2,018.45 crore during the fourth quarter of FY22 on account of higher costs. On a sequential basis, the profit was up 49 per cent.
However, the fuel refiner’s consolidated total income rose by 24 per cent to ₹104,592.50 crore for the January-March quarter of FY’22. On a quarter-on-quarter (Q-o-Q) basis, HPCL’s income rose by 2.5 per cent.
₹14 per share dividend
The company’s board recommended a dividend of ₹14 per share of face value of ₹10 each for FY22.
For the entire FY’22, the company’s consolidated net profit fell 32 per cent to ₹7,294.23 crore. Total income rose 38 per cent on an annual basis to ₹3,76,565.91 crore.
Sales improve
Domestic sales during January-March 2022 stood at 10.26 million tonnes (MT) against 9.83 MT in the previous year’s corresponding quarter, showing a growth of around 4 per cent. During FY’22, it recorded a sales volume of 37.45 MT compared to 35.20 MT, a growth of more than 6 per cent.
During FY’22, the company registered market share gain for Total Motor Fuels (TMF) Sales with petrol and diesel sales growing by 10.6 per cent and 5.1 per cent, respectively over FY21.
“With highest ever LPG Sales of 7.7 MT during FY22, HPCL continued to be India’s second largest LPG marketer registering a growth of 4.4 per cent over FY21. With the aviation sector picking up momentum, ATF sales witnessed a growth of 30.7 per cent over FY21,” HPCL said in a statement.
Capacity expansion
Mumbai refinery successfully completed revamping and capacity expansion of the major processing units. The refinery is currently operating at enhanced designed capacity of 9.5 million tonnes per annum (MTPA) and during Q4 FY22, it registered the highest quarterly crude throughput. During this period, HPCL refineries processed 4.69 MT crude oil compared to 4.39 MT during Q4 FY21.
The throughput of refineries for FY22 was 13.97 MT. The Gross Refinery Margin (GRM) is $12.44 per barrel for the January–March 2022 period against $8.11 a barrel for the same period iprevious year. The GRM for FY22 is $7.19 a barrel against $3.86 during the previous financial year.