You are here: Home » Companies » Results
Business Standard

HPCL's Q2 net drops 35% to Rs 1,919 cr, GRM halves to $2.44 a barrel

The GRM was impacted by the higher fuel and loss component in view of shutdown, restarting and stabilisation activities at both HPCL refineries

HPCL | PSU | Q2 results

BS Reporter  |  New Delhi 

ONGC to takeover HPCL

Hindustan Petroleum Corporation (HPCL) reported a Rs 1,918.89 crore consolidated net profit for the second quarter of financial year 2021-22. The public sector undertaking (PSU) had reported a consolidated profit at Rs 2,975.83 crore during the same period a year ago.

The company's consolidated total income during the period under review stood at Rs 88,085.42 crore, up from Rs 62,439.86 crore in the comparable months.

The combined gross refining margin (GRM), or the gain per barrel of crude oil processed, for the period July-September 2021 stood at $2.44 a barrel as compared to $5.11 per barrel in the year-ago period.

“The GRM, though helped by better product cracks, was impacted by the higher fuel and loss component in view of shutdown, restarting and stabilisation activities at both the refineries. GRM was also impacted due to higher crude cost,” an statement said.

“HPCL's Mumbai Refinery completed one of the most complex revamps and hook-up jobs as a part of the Mumbai Refinery Expansion Project this quarter, for which the facility had been shut down since April. Mumbai Refinery Expansion Project jobs are completed. Major units have been commissioned and are in the advanced stage of stabilization,” the statement added.

According to Chief M K Surana, the Mumbai Refinery revamp would be completed this month itself.

“This will increase throughput capacity at Mumbai Refinery from 7.5 million tonnes per annum (MMTPA) to 9.5 MMTPA with enhanced energy efficiency. The CDU-III unit of the Visakhapatnam refinery, which had a fire incident in May, was restarted after completing necessary inspection and repair activities,” said.

“The Visakhapatnam Refinery is now operating at full capacity,” the company added.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, November 02 2021. 17:28 IST