Page 30 - Plastics News August 2020

Reliance reports Q1 net profit zooms to 13,248 HPCL Q1 profit up two-fold to Rs 2253 crore
crore
tate-run refiner and marketer Hindustan
e a t i n g e s t i m a t e s , e n e r g y - t o - t e l e c o m SPetroleum Corp Ltd (HPCL) reported an over two-
Bconglomerate Reliance Industries reported a 30.60 fold jump in its consolidated net profit for the April-
June quarter, to Rs 2,252.65 crore. The company had
per cent rise in consolidated net profit of Rs 13,248
earned a net profit of Rs 877.48 crore in April-June
crore during April-June quarter, aided by exceptional
2019, HPCL said in a regulatory filing. The net profit
income of Rs 4,966 crore. The conglomerate witnessed
surged despite gross sales falling to Rs 45,945.48 crore
31% jump in its net profit when compared to Rs 10,141
crore it reported in June 2019.Revenue from
operations for the quarter came in at Rs 88,253 crore.
RIL's gross refining margin, or what refiners make from

in the first quarter of 2020-21, from Rs 74,595.64 crore
a year ago. "We ran our refineries over 100% capacity.
So instead of storing crude, we stored the products,
turning every barrel of crude into finished products, which has helped us post positive gross refining
came in at $6.3 per barrel as compared to $8.9 per margin. Also, we could cater to the market faster and
barrel in the March quarter. Analysts had expected RIL's better as we stored the products across our locations,"
explained MK Surana, chairman and managing
GRM for the quarter to come in between $5 per barrel
director, HPCL. The company earned $0.04 on turning
and $9 per barrel. During the quarter Benchmark
every barrel of crude oil into fuel during the quarter,
Singapore GRMs were muted (–$ 0.9/bbl) owing to a
as compared to a gross refining margin of $0.75 per
massive hit on oil demand. GRMs however, are
barrel during the corresponding previous quarter.
expected to recover by second half of this fiscal as
“The covid-19 pandemic is globally inflicting high
staggered easing of lockdowns across the country
economic and human costs, causing a slowdown of
should revive transportation fuel demand. Ahead of
economic activity. Specific to the Corporation, it did
the earnings, RIL's scrip was trading flat at Rs 2,108.65
have an impact on sales in the months of April and May
on the BSE. During the June quarter the stock rallied 2020 though a substantial recovery was seen in June,"
54% and has gained 39% in 2020 so far. The net profit in HPCL said.
April-June was 30.6% higher than it was in the same
period a year ago, and bettered the company's previous Surana added that as of July, while demand for petrol
was 89% of what it was in July 2019, diesel demand
best of Rs 11,640 crore earning in October-December
during the same period was 83%. Normally in July, the
2019, the company said. The conglomerate said it had
industry sees a dip in demand specially in petrol as the
a one-time gain of Rs 4,966 crore from sale of 49% stake
monsoon season starts. Also agricultural activities
in fuel retailing venture to BP plc. This together with
reduce due to monsoon. Thus, impacting demand for
183% jump in Jio's standalone net profit to Rs 2,520
diesel. However, demand also suffered due to
crore covered up drop in earnings from mainstay
lockdown in major consuming cities like Bangalore,
segments.
Pune etc.
August 2020 28 Plastics News