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HPCL registers highest ever profit in FY18

HPCL registers highest ever profit in FY18
New Delhi: Hindustan Petroleum Corporation Ltd (HPCL), ranked 384 in Fortune Global 500 list and 48 in the list of Platts Top 250 Global Energy Companies in the year 2017, has registered outstanding physical and financial performance during the financial year 2017-18.
The Corporation achieved the highest ever profit of Rs 6,357 crores on standalone basis during the financial year 2017-18, as against profit of Rs 6209 crores during financial year 2016-17. Gross Sales during the financial year has increased to Rs 2,43,227 crores as against Rs 2,13,489 crores during the previous financial year.
Despite lower Inventory gains in the current financial year 2017-18, the growth in Profit is mainly due to increased refining throughput, higher domestic market sales, better operating efficiencies & improved cracks.
During FY 2017-18, HPCL refineries at Mumbai and Visakh have maximized crude processing and recorded the highest ever combined refining throughput of 18.28 MMT with capacity utilization of 116 per cent, compared to throughput of 17.81 million tonnes achieved during 2016-17.
Both the refineries individually recorded their best ever crude throughput performance during the year. The refineries recorded combined distillate yield of 75.9 per cent with highest ever production of Motor Spirit (3.3 MMT), High Speed Diesel (7.3 MMT) & Lube Oil Base Stock (439 TMT). Excellent physical performance enabled HPCL achieve Combined Gross Refining Margin of $7.40 per barrel during 2017-18 as compared to $6.20 per barrel during 2016-17.
During financial year 2017-18, HPCL achieved the highest ever sales volume of 36.87 million tonnes, including exports of 0.68 million tonnes, with a growth of 4.7 per cent over historical. The sales of Motor Spirit (Petrol) increased by 8.5 per cent, High Speed Diesel by 4.5 per cent, LPG by 8.5 per cent, Aviation turbine fuel by 5.4 per cent, and Lubes by 1.6 per cent, compared to FY 2016-17.
During 2017-18, HPCL continued to be India's largest lube marketer for the fifth consecutive year in highly competitive lubricant business with a total market share of 44.5 per cent in the PSU category. The Company registered a Market share gain of 0.10 per cent in Motor Spirit (Petrol) sales.
In LPG segment, HPCL recorded a market share gain of 0.02 per cent in total LPG Sales and continued the market leadership in Non-Domestic bulk LPG sales with over 48 per cent market share. In I&C business, HPCL surpassed 5 MMT sales volume mark for the second consecutive year.
HPCL reported Consolidated Profit after tax of Rs 7,218 crores during the financial year 2017-18 as against Rs 8,236 crores during previous financial year 2016-17.
The Consolidated Profit is lower due to shutdown taken by one of the Joint Ventures- HMEL to hook up its expansion project to increase its installed capacity from 9MMTPA to 11.25 MMTPA. Further Share of profit from MRPL for FY 2017-18 was Rs 338 crores as against Rs 589 crores during FY 2016-17.
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