On Friday, Hindustan Petroleum Corporation (HPCL) caught everyone’s attention after announcing a massive increase in profits for the last three months. The company made a whopping Rs 2,544 crore in profit for the December quarter, which is 257% higher than the Rs 713 crore it earned during the same time last year.
HPCL also reported its revenue from selling products at Rs 1,18,513 crore for this quarter. This is only a bit more than the Rs 1,18,027 crore from the same quarter last year. When compared to the previous quarter, HPCL’s profit jumped incredibly by 1,683%, rising from just Rs 143 crore in the September quarter!
Sales of their products went up by 10% from the last quarter too. HPCL’s own revenue for this quarter was Rs 1,18,936 crore, which is a small increase from Rs 1,18,443 crore a year ago. Standalone profit for HPCL was Rs 3,023 crore, a big leap from Rs 529 crore last year. This shows a huge 379% increase compared to the previous quarter and a 471% increase compared to a year ago!
The company explained that this profit jump came from doing better in their operations and selling their products more efficiently. They also had better profit margins, even though the Average Gross Refining Margin (GRM) dropped to $6.01 per barrel from $8.49 per barrel last year.
In the past year, HPCL’s shares rose by 15.37%, which is higher than their competitors. In fact, over the last three years, their shares have given a stunning 74.76% return!
Hindustan Petroleum is known for refining crude oil and selling petroleum products. They have refineries in Mumbai and Vishakhapatnam, bottling plants for LPG, and many other facilities to distribute their products nationwide
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