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Hindustan Petroleum Corporation Limited is a major integrated oil refining and marketing company in India and a subsidiary of ONGC. It operates two major refineries in Mumbai and Visakhapatnam and has a strong network of terminals, pipelines, LPG bottling plants, and retail outlets across the country. It is engaged in refining crude oil and marketing petroleum products domestically and internationally. HPCL also has joint ventures and subsidiaries in the fields of natural gas, renewables, and biofuels, reflecting its growing energy footprint.
Revenue from operations for FY25 rose to ₹4,68,812 Cr, up 1.06% from ₹4,63,886 Cr in FY24.
Net Profit for FY25 fell to ₹6,736 Cr, down 57.95% from ₹16,015 Cr in FY24.
Q4 FY25 Net Profit stood at ₹3,415 Cr, up 26% YoY from ₹2,709 Cr in Q4 FY24.
EBITDA stood at ₹12,365 Cr for FY25 vs ₹23,165 Cr in FY24.
Finance Costs rose to ₹3,365 Cr, compared to ₹2,556 Cr in FY24.
Final Dividend of ₹10.50 per share was recommended, subject to shareholder approval.
Particulars | Q4 FY25 (₹ Cr) | Q4 FY24 (₹ Cr) | FY25 (₹ Cr) | FY24 (₹ Cr) |
Revenue from Operations | 1,19,048 | 1,22,100 | 4,68,812 | 4,63,886 |
Total Expenses | 1,15,059 | 1,19,123 | 4,59,692 | 4,45,194 |
EBITDA (Derived) | 3,989 | 2,977 | 12,365 | 23,165 |
Profit before Share in JV/Associates & Tax | 3,989 | 2,977 | 9,119 | 18,692 |
Share in Profit/(Loss) of JV/Associates | 349 | 147 | -120 | 1,808 |
Profit before Tax | 4,338 | 3,124 | 8,999 | 20,500 |
Tax Expense | 923 | 415 | 2,264 | 4,486 |
Net Profit | 3,415 | 2,709 | 6,736 | 16,015 |
Other Comprehensive Income | (185) | 428 | (170) | 774 |
Total Comprehensive Income | 3,231 | 3,138 | 6,566 | 16,789 |
EPS (₹) | 16.06 | 12.73 | 31.66 | 75.26 |
Source: HPCL board meeting outcome for Q4 FY25 submitted to BSE.
Refining and Marketing remained the core contributor, though refining margins declined to USD 5.74 per barrel vs USD 9.08 last year.
International Sales and Joint Ventures showed volatility with a negative share of ₹119 Cr from joint ventures in FY25 vs a profit of ₹1,808 Cr in FY24.
Employee Benefit Expenses increased slightly to ₹3,381 Cr in FY25.
Other Income rose to ₹2,088 Cr, reflecting improved investment returns.
HPCL's Q4 performance was broadly aligned with oil PSU peers, who also saw stable revenues but declining margins due to crude price fluctuations and refining pressure. However, HPCL's YoY drop in consolidated net profit was sharper than expected due to forex losses and lower GRMs. The sector expected a PAT closer to ₹8,000–9,000 Cr for FY25, making HPCL’s ₹6,736 Cr a miss on profit expectations.
Rajneesh Narang, Director-Finance at HPCL, commented:
“Despite global headwinds and soft refining margins, HPCL delivered robust operational performance, maintaining market leadership in domestic fuel marketing. The decline in net profit is largely attributable to forex losses, and JV losses, which we are strategically working to stabilize. With investments in renewables, LNG, and infrastructure upgrades, we remain committed to long-term value creation.”
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