India’s state-run Hindustan Petroleum Corporation Limited’s gross
refining margin rose 136% year on year to $7.61/b in July-September from
$3.23/b a year earlier on higher returns from refined product cracks, company
officials said Thursday.

HPCL’s refineries in Mumbai and Visakhapatnam processed 4.64 million mt
crude over July-September, up 15% over the fiscal second quarter of last year.

The refiner sold 8.37 million mt of refined products over July-September,
up 4.4% year on year.

Sales of diesel over July-September rose 4.4% year on year, while
gasoline rose 7.1%, LPG rose 10.4%, jet fuel rose 2.5%, lubes rose 23.2% and
bitumen was 1.6% up, reflecting firm domestic demand for oil products.

For the quarter ended September 30, HPCL reported a 13% year-on-year rise
in revenue to Rupee 541.53 billion ($8.34 billion) and a net profit of Rupee
17.35 billion, up 148%.

The increase in profit was due to higher domestic market sales and
inventory gain compared with the corresponding period of last year, HPCL
Managing Director M.K. Surana said announcing the company’s results.

HALF-YEAR RESULTS

For the April-September period, HPCL’s gross refining margin rose 32%
year on year to $6.75/b from a year earlier, mainly due improvements in
distillate yield and product cracks.

Both of HPCL’s refineries processed 9.13 million mt crude over
April-September, up 7.2% over the same quarter last year.

The refiner sold 17.57 million mt of refined products during the first
half of fiscal year 2017-18, up 4% year on year.

Sales of diesel over April-September rose 3.4% year on year, while
gasoline rose 8%, LPG rose 10.6%, jet fuel rose 13.8% and bitumen was up 5%,
reflecting higher domestic demand for oil products during the first half of
the current fiscal year.

For the half year ended September 30, HPCL reported a 15% year-on-year
rise in revenue to Rupee 1140.44 billion ($17.55 billion) and a net profit of
Rupee 26.59 billion, down 5%.

The drop in the half-yearly profit was mainly due to inventory loss
during the first quarter on account of declining crude prices, company
officials said.

— Ratnajyoti Dutta, newsdesk@spglobal.com

— Edited by James Leech, newsdesk@spglobal.com

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