HPCL Records Rs 6,765.5 Crore Net Profit in Q1 FY23-24, Plans Green Hydrogen Project

3 Aug 2023 , 09:33 AM

Hindustan Petroleum Corporation Ltd (HPCL) reports a consolidated net profit of Rs 6,765.5 crore in Q1 FY23-24. The company posted a net loss of Rs 8,557 crore in the same period last year. Sequentially, net profit rises 87% from Rs 3,608.3 crore in Q4 FY23.

Revenue fell to Rs 1.18 lakh crore in the June quarter of FY24, compared to Rs 1.21 lakh crore a year ago.

HPCL’s fuel sales increase to 11.43 million tonnes from 10.45 million tonnes in the first quarter, while refineries process 5.4 million tonnes of crude oil, up from 4.81 million tonnes in April-June 2022.

Union Minister of State for Petroleum and Natural Gas announces HPCL’s plan to set up a 370-tonne-per-annum electrolyzer-based green hydrogen plant at Visakh Refinery in Andhra Pradesh.

HPCL spends Rs 11 crore out of Rs 33 crore total fund allocation for the green hydrogen project. HPCL aims to commission a terminal with a planned capacity of 5 million metric tons per year (tpy) in the December quarter, according to the LNG unit’s Chief Executive.

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