HPCL Q1 results, net profit plunges 90 percent

State-owned Hindustan Petroleum Corporation Ltd on Monday reported a significant fall of 90 per cent in net profit of the June quarter.

The oil PSU reported a consolidated net profit of Rs 633.94 crore in April-June, the first quarter of the current 2024-25 fiscal year as against a profit of Rs 6,765.50 crore a year back, according to a stock exchange filing by the company.
 

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Net profit also declined sequentially, as compared to an earning of Rs 2,709.31 crore in the January-March period.

Pre-tax earnings from downstream fuel retailing businesses slumped 90 per cent to Rs 907.86 crore.

The company’s total income remained flat at Rs 1.21 lakh crore, compared to Rs 1.19 lakh crore last year.

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Meanwhile the company's average gross refining margin (GRM) for Q1 was $5.03 per barrel, as against $7.44 during the corresponding period last year, the company said in a stock exchange filing.

The company’s throughput was 5.76 million metric tonne (MMT) during the quarter, compared to 5.40 MMT last year.

As of market value, HPCL achieved quarterly domestic sales of 12.07 MMT during Apr-Jun 2024 from 11.43 MMT in last year. Exports in the quarter stood at 0.56 MMT.

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