HPCL Announced 3Q Review
OREANDA-NEWS. February 13, 2012. Hindustan Petroleum Corporation Limited has registered a turnover of Rs 1,23,036 crores for the period April – December, 2011 as against Rs 94,905 crores in the corresponding previous period - an increase of about 30%. The domestic sales of petroleum products have increased to 20.43 million tonnes registering a growth of 8.1 % over the same period of previous year, as against the industry average growth of 5.1%. The sales of Petrol increased by 7%, of Diesel by 14.8% and that of ATF by 11.9% over the first half of previous year – the highest growth in the industry during this period.
The refineries at Mumbai and Visakh processed 12.23 million tonnes of crude during April – December, 2011 as against 10.43 million tonnes during April – December, 2010 – a growth of about 17%.
On the financial front, the Corporation reported a profit of Rs 2,725.18 crores for the third quarter ended December 31, 2011 compared with a profit of Rs 211.03 crores in the same period last year, mainly due to higher compensation received towards under-recoveries on sales of sensitive petroleum products.
The loss for the period April - December, 2011 was Rs 3,719.56 crores as against a profit of Rs 416.35 crores for April - December, 2010, mainly due to absorption of higher under-recoveries on sale of sensitive petroleum products. HPCL had to absorb under-recoveries on sale of sensitive petroleum products amounting to Rs 3,379 crores during the period April - December, 2011. The interest cost for the period was also higher at Rs 1,707 crores, as compared to the same period of previous year.
All units of the 9 MMTPA JV Refinery at Bathinda, being constructed by HPCL – Mittal Energy Ltd. (HMEL) have been mechanically completed. With the run of CDU/VDU complete, HMEL has begun refining of crude oil. The Hydrogen Generation Unit (HGU), LPG Treater Unit, Amine Regeneration Unit (ARU), Sour Water Stripper Units (SWS) and NHT have also been commissioned.