HPCL has recorded its highest ever Profit after Tax

HPCL registered market share gain for transport fuels and recorded the least de-growth of 6.6 percent in domestic sales among the industry

The Hindustan Petroleum Corporation Limited (HPCL) has recorded its highest ever Profit after Tax (PAT) of Rs 10,664 crore during the financial year 2020-2021 as compared to Rs 2,637 crore for the previous year.

Gross sales for FY 20-21 were Rs 2,69,243 crore compared to Rs 2,86,250 crore during the previous year. Addressing the media through virtual conference Mukesh Kumar Surana, Chairman, HPCL said that profit after tax for the quarter January to March 2021 is Rs 3,018 crore as compared to Rs 27 crore for the same quarter last year and the gross sales for the period January to March 2021 is Rs 84,905 crore as compared to Rs 71,268 crore for the same period last year.
Enhanced profitability was a result of robust operational performance, improvement in refinery margins helped by inventory gains, and favorable exchange rate variations.

For the year 2020-21, HPCL has proposed a final dividend of Rs 22.75 per share.

During the year, HPCL achieved a sales volume of 36.59 MMT compared to the previous year’s sales of 39.64 MMT. HPCL registered market share gain for transport fuels and recorded the least de-growth of 6.6 per cent in domestic sales among the industry. HPCL continued to be India’s largest lube marketer and second-largest LPG marketer during the year.

According to a media release, HPCL had initiated the ‘Share Buy Back’ programme in November 2020 through market transactions for a maximum value of Rs 2,500 crore at a maximum rate of Rs 250 per share.

As of March 31, 2021, HPCL has bought 7.18 crore shares at a total value of Rs 1,986 crore. The buy-back programme has been successfully completed on its expiry date of May 14, 2021. In its entire Buy-back programme, HPCL bought back a total of 10.52 crore equity shares utilizing a total of Rs 2,954 crore.

Surana said that compared to May 2019, consumption of diesel and petrol is less by 30 per cent in May 2021.
“If we compare with April 21 then the consumption of diesel, petrol is less by 20 per cent in May 2021 but this time recovery will be faster than last time,” he said.

Commenting on the price hike of petrol diesel prices, Surana said that prices of diesel and petrol depended on crude oil prices.

He said if crude prices are down, it will reflect in petrol, diesel prices.

“We don’t have much choice to hold the petrol, diesel prices against crude prices internationally. Like other commodities, the same rule applies for diesel, petrol also. We don’t talk about vegetables, pulses, pulses or flour where we daily see changes in prices,” he said.

Talking about the current demand for liquified medical oxygen, Surana said that HPCL will set up 10 PSA plants to cater to the demand for oxygen.

Digpu News Staff

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