Hindustan Petroleum Corporation

“we had just given a broad sense that it will be upwards of $20. We have not added tariff, state incentives and all those calculations.”

“We are hopeful of getting there in March or even before that, but we are not going to start screaming at our people if we get there in April”

“we are hoping to stick to the guideline, which we have given in the last analyst call that by end of quarter 3, the refinery section will run at full steam.”

“Petchem is on track as per latest guidelines with first of the units starting to come on stream towards quarter 4 of this year.”

“So somewhere in Q4, we are expecting to have the DFCU as it's called the cracker unit on petrochemical started.”

“So sometime in December, we should start getting the high sulphur crudes in once that unit stabilizes, and we will run it at full refining capacity at 8 million to 8.5 million tonnes per annum equivalent run rate we'll be able to run.”

“So for the last 2 months, it's been running at 60% utilization, and we hope to maintain that trend.”

“Almost all secondary units in the refinery are working in hot sink. Only 2 secondary units are left for hot sink.”

“We had given a guidance of quarter 3 that towards end of quarter 3, we will run on that, give or take a week or 2, we are holding on to that guidance.”

“Post that, we will be doing -- completing our sulphur recovery unit and taking up to full capacity.”

“Our consolidated numbers also had a lift off primarily on account of strong performance of both our refinery joint ventures.”

“In October, we will ship out over 400 TMT, translate that into revenue. This asset will produce a revenue of over INR4,000 crores in the month of October itself.”

“Just in month of October, we expect to be PBT positive on the refinery. This is not a guidance because it's in early stages.”

“You will have a logical question, is it giving the $2 to $3 uplift? No, not as yet, but we would get there.”

“So it's literally turning in, say, 40%, 50% of our expected benefits right now.”

“So this year, we are not measuring ourselves on TPO targets because given the high -- the market situations, a lot of the private sector volume has shifted to OMCs.”

“And we believe the cracks would sustain -- at least they will not come down significantly during the winter months given all the political stuff.”

“Our refinery GRMs in quarter 2 were -- I think we've declared the number at 32.15 pre-SAED.”

“October, I already said first 15 days was 16.1 or somewhere post-SAED. 12 for quarter 2, now running at 16 currently.”

“In the results, we've already declared that there is INR327 crores of accrued number translating to about $0.18 per barrel.”

“Just 2, 3 weeks ago, we picked up an opportunity cargo at a significant discount to the market”

“We used to buy a lot term and actually a lot on FOB. These days, the way we are looking at it and also how the market is shaping up, we are buying a lot on delivered.”

“Then it jumped to 1.52. We're happy that it's back at 1.38, though it is still at a higher level than where we are comfortable in terms of our stand-alone leverage.”

“So the entire debt has been restructured, and we are probably about 105 basis points lower than what the original rate”

“It will give an annual benefit of about INR470 crores to INR500 crores.”

“Correspondingly, HPCL converted INR4,300-odd crores of the subordinate loans into equity. This itself will lower the interest burden about INR350 crores.”

“An apple-to-apple comparison would say that we'll probably get the debt burden down by INR1,000-odd crores in the next -- sorry, interest, not the debt burden. I stand corrected. Thanks Srividya. The interest lowered INR1,000 crores, which is a significant improvement over last year.”

“Government of Rajasthan infused INR1,500 crores of equity in this quarter, its share.”

“We are expecting to make further equity calls in the next 1 or 2 quarters and getting the total debt burden down.”

“remaining INR1,600 crores also which Rajasthan government puts in, the corresponding amount will be converted.”

“No fresh equity is being put into the entire thing -- into this thing from HPCL side.”

“We become the first PSU and OMC to achieve the TPAP status.”

“Probably the PAT is a bit subdued on account of tax treatments.”

“we carried a lot more inventory, where we had taken a mark-to-market. So that actually helped us a bit in July.”

“obviously, all these contracts have penalty clauses. But we are not even remotely hoping or planning to invoke any of those because the licensor is working with us, and we are very close to the sweet spot.”

“Brent was $114, abnormally high number. We have challenges. We are fighting them.”

“All I can say the crude premiums and landed costs, if you look at it, there are times when there are premiums, there are times when you can even pick it up at discount. It's a very wild risk right now.”

“On Q3, obviously, with the high crude prices, they are a challenging number for us right now for everyone. And we do hope it comes down. It is obviously leading to under-recoveries.”

“October under-recovery was INR245 per cylinder. November, it has gone to INR327 per cylinder.”

“against a loss of INR14,860 crores in quarter 1, we posted INR9,822 crores of profit in EBITDA in quarter 2.”

“for the quarter was INR6,768 crores versus INR17,446 crores negative last quarter, again, a difference of swing of INR24,214 crores, resulted in a PAT of INR3,438 crores.”

“So just to recap, our consolidated PAT last quarter was INR12,265 crores negative, and this time consolidated INR3,625 crores, a swing of about INR15,890 crores.”

“using RTO/APCs across all our refineries, whichever unit we want to do it, we will complete it this year.”

“-- for the last 2 quarters, we are the market leaders for branded MS.”