Profit before tax (PBT) declined 24.57% to Rs 33.12 crore in Q4 FY24 as compared with Rs 43.91 crore in Q4 FY23.

Average GRMs (Gross of export duty) for the period Jan-Mar 2024 were US$ 6.95 per barrel (US$ 14.01 per barrel during the corresponding period of previous year), the reduction in GRMs is in line with the trend of international product cracks.

On full year basis, the company reported standalone net profit of 1,463.83 crore in FY24 as compared with net loss of Rs 8,974.03 crore in FY23.

The company’s refineries processed the highest ever crude thru-put of 22.33 MMT during the Year operating at 103.3% of the installed capacity, registering an increase of 17% over crude thru-put of 19.09 MMT processed during FY 2022-23. Visakh refinery has recorded the highest-ever crude thru-put of 12.69 MMT during the year, with diesel production of 5.7 MMT surpassing the previous highest diesel production by more than 30%.

On the marketing front, The company achieved the highest-ever total sales volume of 46.82 MMT (including exports) during FY 2023-24 registering a growth of 7.8% as against 43.45 MMT during the previous year. The company also achieved market share gain of 0.47% amongst PSU Oil Marketing companies.

During the year, HPCL sold 45.6 TMT of its Petrochemical brand ‘HP DURAPOL’ covering various grades of HDPE (High-Density Polyethylene), LLDPE (Linear Low-Density Polyethylene) and PP (Poly Propylene) and expanded sales geography to Gujarat, Maharashtra and Madhya Pradesh.

Meanwhile, the company’s board has approved bonus issue in the proportion of 1:2. The record date for the bonus issue is 21 June 2024.

Further, the company’s board declared a final dividend of Rs 16.50 per share for FY24.

HPCL is engaged in the business of refining of crude oil and marketing of petroleum products. It operates through two segments: downstream, and exploration and production of hydrocarbons.