HPCL Headquarters, Mumbai. File photo
State-owned refiner Hindustan Petroleum’s net profit in the March-end quarter zoomed more than 46% from the comparable period last year, aided by a 69% improvement in gross-refining margins (GRM) during the reported period that did not entirely observe the impact of escalating tensions in West Asia, and their impact on fuel supplies.
The Mumbai-headquartered refiner’s net profit accelerated to ₹4,902 crore during the reported quarter from ₹3,355 crore in the comparable period last year.
This was primarily aided by an improvement in gross refining margins, which is the most important indicator of a refiner’s profitability, from $8.14 for every barrel processed in the year-ago period to $14.27 per barrel in the current reported quarter.
Revenues spurred 4.45% on a year-over-year basis to more than ₹1.23 lakh crore in the reported quarter.
The state-owned refiner did not provide a guidance considering the uncertainties because of the tensions in the Middle East.
No guidance provided amidst West Asia uncertainties
Speaking to investors at an analyst call, Vikas Kaushal, Chairman and Managing Director (CMD), stated, “Given the volatile situation, we have said previously we are uncomfortable giving the number (guidance). It is unfair at this point [because] what if prices change tomorrow, things will go all over the place.”
Essential to note herein, amidst the escalating tensions in West Asia and its impact on energy trade, Union Petroleum Minister Hardeep Puri had stated that oil-marketing companies were staring at under-recoveries of up to ₹2 lakh crore during the ongoing quarter, with losses expected to scale to about ₹1 lakh crore.
At the analyst call, Hindustan Petroleum informed they made losses of up to ₹170 per LPG cylinder in April and ₹670 per cylinder in May.
More LPG from U.S.
Mr. Kaushal also confirmed that the state-owned refiner’s LPG procurement from United States has increased during the reported period.
“Our sourcing from U.S.’ LPG in this period has gone up. A lot more has started coming in May and will come in June, than [in] March,” he stated.
The CMD informed this was part of OMCs collectively taking the initiative to source LPG from U.S.
“Every month, all are getting four cargoes between them and there are some optional cargoes. So that is flowing all this while,” he stated.
Published – May 13, 2026 06:59 pm IST
