Jobaaj Stories
Hindustan Petroleum Corporation has published its results for the final quarter of FY23, wherein the company has reported an 80% YoY growth in profits while the same grew multiple times on a sequential basis.
During the quarter ended in March 2023, the company reported a 9% YoY growth in sales as the same grew to Rs 1.15 lakh crores. Product sales declined during the quarter, but other operating revenues and other income improved during the quarter. Other income also included a forex gain of Rs 96 crores. PAT for the quarter grew 80% YoY to Rs 3,222.62 crores, one of the highest in 9 years. However, PAT grew almost 19x times on a sequential basis!
For the year ended in March 2023, the company saw its revenues grow 24% YoY as product sales improved the most during the year. The company witnessed its highest-ever combined throughput of 19.09 million metric tonnes, growing 37% YoY. Moreover, the company achieved its highest-ever MS, HSD and LOBS production during the year as well.
Domestic sales volume grew almost 13%, but export volumes declined 34% during FY23. Total income came in at Rs 4.68 lakh crores. The cost of Raw Materials surged 79% to Rs 1.23 lakh crores while stock-in-trade purchases surged past the Rs 3 lakh crore mark. Moreover, Finance costs more than doubled during the year as Total expenses grew 30% YoY to Rs 4.8 lakh crores.
Due to high international oil prices and lower margins on certain fuels, the company reported a standalone net loss of Rs 8,974 crores as opposed to a profit of Rs 6,383 crores reported in the same period last year.
At the time of reporting, the stock of HPCL was trading around Rs 260.75 per share.
- Aman Agarwal
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