HPCL slides as Q1 PAT declines over 36% YoY

Hindustan Petroleum Corporation (HPCL) lost 2.85% to Rs 264 after the company's standalone net profit declined by 36.2% to Rs 1,795 crore in Q1 FY22 from Rs 2,813.83 crore in Q1 FY21.

Net sales increased by 92.5% YoY to Rs 72,166.39 crore during the quarter. As compared with Q4 FY21, the company's net profit and net sales have fallen by 40.5% and 3.2%, respectively.

Total expenses surged 76% to Rs 75,560.66 crore in Q1 FY22 from Rs 42,941.72 crore in Q1 FY21. The company incurred a loss of Rs 71.35 crore during the quarter on account of foreign currency transactions and translations.

Profit before tax in Q1 FY22 stood at Rs 2,396.85 crore, down by 35.7% from Rs 3,728.41 crore in Q1 FY21.

Average gross refining margin (GRM) during the quarter ended 30 June 2021 was $ 3.31 per barrel as against $0.04 per barrel during the corresponding quarter of the preceding financial year.

Crude thruput declined by 36.8% to 2.51 million metric tonnes (MMT) in Q1 FY21 from 3.97 MMT in Q1 FY21. It is lower by 42.8% as compared with 4.39 MMT in Q4 FY21.

The company achieved domestic sales of 8.45 MMT during the first quarter, which is higher by 16.7% as compared with same period last year. It is, however, lower by 14% as compared with Q4 FY21.

HPCL is engaged in the business of refining of crude oil and marketing of petroleum products. It operates through two segments: downstream, and exploration and production of hydrocarbons. As on 30 June 2021, ONGC held 54.90% in HPCL.

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