Inventory Losses Hit Hard HPCL, PAT Declines to Rs 925 cr Vs Rs 2098 cr

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HPCL Gross Revenue Increases by Rs 8291  Crore  (YOY Apr-June 2017)

Net Profit of Rs 925 crores for Q1 2017-18

HPCL posted PAT of Rs 925 Crores during April-June 2017. Revenue for the quarter were Rs 59891 crore versus revenue revenue of rs Rs 51600 crore during the first quarter of the previous year . Gross Refinery Margins for the quarter is at $ 5.86/bbl vis-a-vis $ 6.83/bbl during corresponding quarter of previous year.. Physical performance for the quarter is as under:-

-Achieved combined Crude Thruput of 4.49 MMT with a capacity utlization of 114% as against thruput of 4.48MMT achieved during the first quarter of Previous FY.

-Both the refinery are supplying 100% BSIV grade Petrola and Diesel Fuels w.e.f !st April 2017

Inspite of higher refining thruput and Marketing sales, PAT of Rs 925 crore is lesser as compared to PAT of Rs 2098 crore in corresponding quarter of previous year primarily on account of inventory losses due to decrease in crude prices as against inventory gains during corresponding quarter of FY 2016-17. The Indian Basket Crude Price dropped by $4.56/bbl during Apr-June 2017 as against increase of $ 10.89/bbl during Apr-June 2016. The combines Gross Refinery Margin for the quarter is at $5.86/bbl is lesser as compared to $6.83/bbl in corresponding quarter of previous year due to inventory loss. After Adjusting Inventory Losses , Core Refinery GRM for Apr-June 2017 is$8.81/bbl. This has been mainly due to higher product cracks. The EBIDTA for the quarter is at Rs 2198 crore.

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