HPCL Q4 Results | Net profit beats forecast, up 18%; declares dividend of ₹10.50

State-owned Hindustan Petroleum Corporation Ltd (HPCL) on Tuesday (May 6) reported an 18% year-on-year (YoY) rise in net profit at ₹3,355 crore for the fourth quarter that ended on March 31, 2024.

This is against a net profit of ₹2,843 crore in the year-ago quarter. The figure beat the CNBC-TV18 poll forecast of ₹2,220 crore for the quarter under review.

The company's revenue from operations fell 2% YoY to ₹1.18 lakh crore from ₹1.21 lakh crore. The CNBC-TV18 poll had predicted revenue of ₹1.11 lakh crore for Q4FY25.

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The company reported a higher gross refining margin (GRM) of $8.44 per barrel, up from $6.95 per barrel in the same quarter last year. Consolidated profit after tax (PAT) for the quarter rose to ₹3,415 crore from ₹2,709 crore in Q4FY24.

The company's refineries achieved the highest recorded quarterly throughput of 6.74 million tonnes (MT). The marketing segment registered a 2.7% YoY growth in domestic sales volumes, outpacing the industry average of 2.4%. A key operational milestone was the commencement of LNG regasification terminal operations at Chhara, Gujarat.

For the full year FY2024-25, HPCL posted record-breaking operational figures, including its highest refinery throughput of 25.27 MT. The Visakh Refinery processed over 15 MT of crude oil post-expansion, while the Mumbai Refinery recorded nearly 10 MT, both marking all-time highs.

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Total sales volumes also hit a record at 49.82 MT, representing a 5.5% domestic market sales growth, well ahead of the industry average of 4.2%. Pipeline throughput for the year reached a new high of 26.90 MT. The annual revenue from operations at ₹4,66,346 crore versus ₹4,61,638 crore in FY24.

The full-year GRM declined to $5.74 per barrel from $9.08 per barrel, while PAT dropped to ₹7,365 crore from ₹14,694 crore, and consolidated PAT fell to ₹6,736 crore from ₹16,015 crore in the previous year.

The board of directors has recommended a final dividend of ₹10.50 per equity share, subject to approval of the shareholders.

The results came after the close of the market hours. Shares of Hindustan Petroleum Corporation Ltd ended at ₹396.90, down by ₹13.50, or 3.29%, on the BSE.

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