State-run Hindustan Petroleum Corporation Limited (HPCL) reported Profit after Tax (PAT) of Rs 2,355 crore for the quarter ended December 31, 2020, a three-fold increase year on year (yoy). Compared to the same period last year, the company reported a PAT of Rs 747 crore.
For the period April-December 2020, HPCL’s PAT soared by 192 per cent. The oil marketing company recorded a PAT of Rs 7,646 crore as against PAT of Rs 2,610 crore during the same period of previous year.
Hindustan Petroleum Corporation Limited (HPCL) CMD Mukesh Kumar Surana said this gain is due to foreign currency transactions and translations.
In Q3 FY2021, the domestic sales of petroleum products of HPCL increased to 10.03 million metric tonnes registering a growth of 2.7 per cent over the corresponding quarter of previous year. Total domestic sales of petroleum products of HPCL during the period April - December 2020 was 25.4 million metric tonnes against 28.5 million metric tonnes during the corresponding period of 2019-20. Over the last year, the few refineries were shut down for maintenance, but the supply was not hit during that time, Surana asserted. At present, the Bathinda refinery is shut down completely, which has had no impact in their supplies, he added.
During the period April – December 2020, 1,361 new retail outlets were commissioned taking the total retail outlet network to 17,837 as of December 2020. “Along with the new retail outlets, we are also upgrading the existing ones,” Surana added. At present, there are 51 outlets that support electric vehicles (EV). “We will add as and when there is demand for EV charging. At present, the demand for EV has not picked up.”
Meanwhile, HPCL also added 68 new LPG dealerships in Q3 FY2021, taking total LPG distributorships to 6,151 as of December 2020.
The company's revenue stood at Rs 68,659.2 crore, down by 2 per cent yoy. In the same period last year, the revenue was at Rs 70,042.2 crore.
The company’s capital expenditure is in line with the target set at the start of the financial year of Rs 11,500 crore. He said, “Of that around Rs 8,000 crore is already spent."