Page 3 - Hindustan Petroleum Corp
Hindustan Petroleum Q4 net profit jumps to Rs 3,018 cr on inventory gains
Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported its March quarter net profit soaring many folds to Rs 3,018 crore on the back of inventory gains and rise in refining margins. The company had a net profit of Rs 27 crore in January-March 2020. "Enhanced profitability was a result of robust operational performance, improvement in refinery margins helped by inventory gains and favourable exchange rate variations," HPCL Chairman and Managing Director M K Surana told reporters. The company, which runs refineries at Mumbai and Visakhapatnam, earned USD 8.11 on turning every barrel of crude oil into fuel in January-March period. This is compared with a negative gross refining margin (GRM) of USD 1.23 per barrel. Inventory gains are booked when raw material (crude) prices rise by the time a company processes oil into fuel. Losses are booked when the reverse happens. Surana said the company had an inventory gain of Rs 4,608 crore in the fourth quarter of 2020-21 as compared
 "Hindustan Petroleum Q4 net profit jumps to Rs 3,018 cr on inventory gains")
Indian biggest fuel retailers gearing up for rural-led economic rebound
The increasing economic importance of India's hinterlands is influencing business expansion plans and accelerating a trend of more service stations being opened in the countryside
 "Indian biggest fuel retailers gearing up for rural-led economic rebound")
ONGC to take Rs 7,000 cr hit over gas price; govt may alter pricing formula
Prices touched historic low of $1.79 per mmBtu for October-period of current financial year, down 25% from $2.39 per mmBtu during April-September period
 "ONGC to take Rs 7,000 cr hit over gas price; govt may alter pricing formula")
OMC stocks come under pressure over muted demand, weak refining margins
Rising Covid-19 cases in India and talks of a second wave of the pandemic globally are adding to concerns on demand for petroleum products moving forward
 "OMC stocks come under pressure over muted demand, weak refining margins")
HPCL Q1 profit jumps two-fold to Rs 2,253 cr, sales down at Rs 45,945.5 cr
The net profit surged despite sales falling to Rs 45,945.48 crore in first quarter of 2020-21 from Rs 74,595.64 crore a year ago
 "HPCL Q1 profit jumps two-fold to Rs 2,253 cr, sales down at Rs 45,945.5 cr")
OMCs: Demand recovery, inventory gains, marketing margins to drive earnings
Over the last three-four days, OMCs have increased the per litre price of gasoline and diesel by a total of Rs 2.14 and Rs 2.23, respectively
 "OMCs: Demand recovery, inventory gains, marketing margins to drive earnings")
HPCL plans to rectify shareholding pattern, accepts ONGC as a promoter
Sebi asked HPCL to re-file shareholding pattern to stock exchanges by August 13 for all quarters since Oil and Natural Gas Corp (ONGC) acquired government's entire stake in the refiner in January 2018
Hindustan Petroleum Q4 net jumps 31% to Rs 1,819 crore
Analysts on average expected a profit of Rs 1,217 core for the quarter
 "Hindustan Petroleum Q4 net jumps 31% to Rs 1,819 crore")
HPCL targets 60-mt refining capacity by 2030
Currently, the state-run refiner has a total refining capacity of 24.8 mt
 "HPCL targets 60-mt refining capacity by 2030")