Hindustan Petroleum Q4FY23 PAT up 78.8% at Rs3,608 crore on one-time government grant for under-recoveries

Hindustan Petroleum reported 10.67% growth in total revenues for the March 2023 quarter on consolidated basis at Rs108,056cr. Sequential revenues were down -1.49%. For the full year FY23, HPCL reported total revenues of Rs466,192 crore. However, HPCL reported net loss of Rs-8,974 crore as high international crude prices had suppressed margins. For the March quarter, the average GRMs (gross refining margins) stood at $14.01/bbl compared to $12.44/bbl in the year ago period.

The operating margins for the quarter improved from 2.33% to 3.86% on the back of 83.8% growth in operating profits. For the quarter, the revenues benefited from Rs5,607 crore of one-time compensation paid to HCPL by the government against under-recoveries of oil costs. In the March quarter, the HPCL refineries at Mumbai and Vizag operated at 113% capacity and processed highest ever quarterly crude of 4.96 million metric tonnes (MMT).

Financial highlights for Mar-23 compared yoy and sequentially

HPCL

Rs in CroreMar-23Mar-22YOYDec-22QOQ
Total Income (Rs cr)₹ 1,08,056₹ 97,63510.67%₹ 1,09,688-1.49%
Operating Profit (Rs cr)₹ 4,173₹ 2,27083.81%₹ 628564.81%
Net Profit (Rs cr)₹ 3,608₹ 2,01878.77%₹ 444712.21%
      
Diluted EPS (Rs)₹ 14.10₹ -2.70 ₹ 7.71 
OPM3.86%2.33% 0.57% 
Net Margins3.34%2.07% 0.41% 

 

As part of the restructuring, HPCL will be separating its energy transition initiatives and its lubricants business into separate verticals. This will also help in value unlocking. For the quarter, the net margins at 3.34% were sharply higher than 2.07% in the year ago quarter. The company saw its interest coverage and debt service coverage improve sharply in the quarter.

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