The company reported profit before tax of Rs 6,742.38 crore in second quarter of FY24 as compared to a pre-tax loss of Rs 2,893.22 crore posted in same quarter last year.

Average gross refining margin (GRM) (gross of export duty) for the period July-September 2023 were $13.33 per barrel as compared to $8.41 per barrel reported during the corresponding period of previous year.

Hindustan Petroleum Corporation (HPCL) refineries processed highest ever quarterly crude thruput of 5.75 million metric tonnes (MMT) during July-September 2023 (operating at 111.6%) registering a growth of 28.06% over 4.49 MMT crude processed during the corresponding quarter of previous year.

Visakhapatnam Refinery functioning at enhanced capacity of 11 MMTPA processed highest ever quarterly crude thru-put of 3.23 MMT (116.7 % of installed capacity) and Mumbai Refinery operating at 105.7% capacity also recorded highest quarterly crude thru-put of 2.52 MMT during this period.

On the marketing front, HPCL achieved record high quarterly total sales volume (including exports) of 10.74 MMT during Q2 FY24 (10.39 MMT during corresponding period of previous year) representing a growth of 3.4%.

In the domestic market, the company registered quarterly sales volume of 10.08 MMT during July-September 2023 registering a growth of 3.02% as compared to PSU industry growth of 2.85% during this period.

Exports jumped to 0.66 MMT in the September 2023 quarter as against 0.52 MMT registered in the similar quarter previous year.

HPCL stated that it continued to maintain its market share in transport fuels despite re-entry of private players in the domestic segment during this period.

On half yearly basis, the company posted a net profit of Rs 11,322.06 crore in H1 FY24 as against a net loss of Rs 12,369.08 crore in H1 FY23. However, net sales declined 6.86% to Rs 2,06,887.83 crore in H1 FY23.

HPCL achieved record half-yearly LPG sales of 4.04 MMT registering a stellar growth of 4.4% in LPG Sales during April-September 2023 (PSU Industry growth at 2.8%).

HPCL continued to expand its footprints in the Aviation segment registering a growth of 27.4% during April-September 2023 as against industry growth of 13.5% during this period.

The company also achieved highest-ever half yearly pipeline thruput of 12.62 MMT during H1 FY24 with a growth of 11.9% over pipeline thruput of 11.28 MMT achieved in the corresponding period last year.

HPCL is engaged in the business of refining of crude oil and marketing of petroleum products. It operates through two segments: downstream, and exploration and production of hydrocarbons. As of 30 September 2023, ONGC holds 54.90% in HPCL.