HPCL reported Q3 and H1 2023 revenues of ₹102,618 crore and ₹2,21,662 crore, respectively. A record half-yearly consolidated PAT of ₹12,592 crore was achieved in H1 2023, a significant reversal from the standalone net loss of ₹11,033 crore (INR100 crore = approx. USD12 million) in H1 2022.
The company processed a record crude throughput of 5.75 MMT in Q3 2023, marking a crude throughput growth of 28% over Q3 2022, with Visakhapatnam and Mumbai Refineries processing 3.23 MMT and 2.52 MMT, respectively, during this period.
HPCL expanded its footprint in the Aviation segment with a growth of 27.4% during H1 2023 and achieved a pipeline throughput of 12.62 MMT during H1 2023, an increase of 11.9% over H1 2022.
The company's total sales volume was 10.74 MMT in Q3 2023, indicating a total sales volume growth of 3.4%, with domestic sales volume at 10.08 MMT during the same period and LPG sales at a record 4.04 MMT in H1 2023.
HPCL operates as the largest ethanol vendor in India achieving a blending rate of 12%. It commissioned a fully convertible hydrocracker unit at Vizag and a Compressed Biogas (CBG) plant in Uttar Pradesh, with CBG retailing nearing completion. The company operates 22,000 retail outlets and caters to 9.3 crore LPG customers.
The Vizag refinery is set to ramp up to 13-13.5 mmt in Q3, while the Rajasthan refinery, currently 72% complete with ₹370 billion spent of the total cost of ₹730 billion, is slated to start operations in CY24 with an expected GRM of US$20/bbl post-commissioning.
Future projections for refining and gross marketing margins are estimated at US$6/bbl and ₹4.5/ltr for FY25-26E respectively. HPCL maintained its market share in Transport Fuels and achieved a market share gain of 51 bps in the domestic market against PSU industry growth.
Shares of HPCL, BPCL, and Indian Oil rose over 6%, 3%, and 5%, respectively, following HPCL's robust Q2 results, which included an EBITDA of ₹82.2 billion and PAT of ₹51.2 billion. The company's refining and gross marketing margins exceeded estimates at US$13.3/bbl and ₹5.9/ltr, respectively.
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