Millennium Post

HPCL Q4 profit up by 312%

Hindustan Petroleum Corporation Limited (HPCL) has registered gross sales of Rs 1,88,131 crores for the year 2011-12 as against Rs 1,42,396 crores in the previous year representing an increase of over 32 per cent.

The sales of petroleum products in the domestic market were at an all time high of 27.75 million tonnes during the year 2011-12, registering an increase of 7.9 per cent over the previous year, which was the highest growth among the oil marketing companies. The pipeline thruput increased to 13.62 million tonnes as compared to 12.98 million tonnes in the previous year, a growth of 4.9 per cent.

The refineries at Mumbai and Visakh processed 16.19 million tonnes of crude during 2011-12 as compared to 14.75 million tonnes in the previous financial year. The combined GRM during the year was $2.89 /bbl.

On the financial front, the profit after tax (PAT) for January–March, 2012 increased by 312 per cent to Rs 4,631 crores, up from Rs 1,123 crores in the corresponding quarter of previous year. This was primarily because of higher compensation for under-recoveries.

The PAT for the full year 2011-12 was Rs 911 crores as compared to Rs 1,539 crores in the previous year. The lower PAT was due to increase in interest costs to Rs 2,139 crores, up from Rs 892 crores in the previous year, which was due to increase in gross underrecoveries and delay in receipt of compensation.
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