Hindustan Petroleum Corporation Ltd. (HPCL) has registered gross sales of Rs. 1,88,131 crores for 2011-12 against Rs. 1,42,396 crores in the previous year, representing an increase of over 32 per cent. Sales of petroleum products in the domestic market were at an all-time high of 27.75 million tonnes during the year, 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.
HPCL profit after tax 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 the previous year. This was primarily because of higher compensation for under-recoveries.
Profit after tax for the full year was Rs. 911 crores (Rs. 1,539 crores). The lower PAT was mainly due to increase in interest costs to Rs. 2,139 crores, up from Rs. 892 crores, which was mainly due to increase in gross under-recoveries and delay in receipt of compensation for the same. For 2011-12, HPCL has proposed a dividend of Rs. 8.50 per share. The dividend would result in a total payout of Rs. 335 crores, including dividend distribution tax.
HPCL-Mittal Energy Ltd. (HMEL), a joint venture between HPCL & Mittal Energy Ltd., has successfully completed and commissioned the 9 MMTPA grass root refinery at Bathinda in Punjab. This refinery, along with its crude receipt, storage facility at Mundra and 1017 km crude pipeline, represents one of the biggest FDIs in the refinery sector in India. The project was completed in March last.
Construction of a new terminal at Ennore was completed to facilitate modernization of operations through automation and enhanced product tankages and also bring in greater flexibility in logistics for receipt and dispatch of various petroleum products. The terminal will be a southern hub, enabling the company to meet the requirements of various locations in the south zone.