HPCL Q4 profit up 66%

The sales of petroleum products in the domestic market were at an all time high of 29.07 million tonnes during the year 2012-13, registering an increase of 4.6 % over the previous year, as against the industry growth rate of 3.6 %. The pipeline thruput increased to 14.04 million tonnes as compared to 13.62 million tonnes in the previous year.

The refineries at Mumbai and Visakh processed 15.78 million tonnes of crude during the year. The combined GRM during the year was US $ 2.08 /bbl.

On the financial front, the Profit after Tax (PAT) for January – March, 2013 increased by 66 % to Rs. 7,679 crores, up from Rs. 4,631 crores in the corresponding quarter of previous year. This was primarily because of higher compensation for under-recoveries during the quarter, higher marketing margins and better inventory management.

The Profit before Tax (PBT) for the full year 2012-13 was also higher by 21% at Rs. 1,475 crores as compared to Rs. 1,219 crores in the previous year. However, the Profit after Tax (PAT) for the full year 2012-13 was Rs. 905 crores as compared to Rs. 911 crores in the previous year, mainly due to higher provision for tax.

For the year 2012-13, HPCL has proposed a dividend of Rs. 8.50 per share. The dividend would result in a total payout of Rs. 337 crores including dividend distribution tax.

During March, 2013, a Memorandum of Understanding (MoU) was signed between HPCL and Government of Rajasthan for setting up a state-of-the-art 9 MMTPA Refinery-cum-Petrochemical complex in Barmer District of Rajasthan.

The project will be setup in partnership of HPCL, Government of Rajasthan and others. The proposed refinery will be setup at an estimated capital investment of Rs. 37,230 Crores. The project is expected to take about 4 years for going on stream after getting approval from Government of India.

Hindustan Petroleum Corporation