Hindustan Petroleum Corporation Ltd. (HPCL) has registered gross sales of Rs. 2,32,188 crores for 2013-14 as against Rs. 2,15,666 crores in the previous year, representing an increase of over 7.7 per cent. Sales of petroleum products in the domestic market were at an all-time high of 30.26 million tonnes during the year, registering an increase of 4.1 per cent over the previous year, as against the industry growth rate of 1.3 per cent. The pipeline thruput increased to 15.69 million tonnes (14.04 million tonnes). The refineries at Mumbai and Visakh processed 15.51 million tonnes of crude during the year. The combined GRM was $3.43/bbl ($2.08/bbl).
On the financial front, HPCL’s profit after tax for the full year was higher at Rs. 1,734 crores as compared to Rs. 905 crores. The increase was mainly due to higher refining and marketing margins. Profit before tax for January-March 2014 was at Rs. 5,491 crores as against Rs. 8,249 crores primarily because of higher compensation towards under-recoveries during January-March 2013.
For 2013-14, HPCL has proposed a dividend of Rs. 15.50 per share (155 per cent) as against Rs. 8.50 per share (85 per cent) in the previous year, involving a total payout of Rs. 614 crores, including dividend distribution tax.
Recognising the marketing and distribution network as one of the pillars of success, a number of infrastructure projects have been taken up for capacity expansion, and four new product pipelines are currently under implementation.
The company has started making its footprints in the natural gas segment and has initiated project activities for setting up a five MMTPA LNG terminal at Chhara in Gujarat in a JV partnership with S P Ports Pvt. Ltd.
In exploration & production, Prize Petroleum, a wholly-owned subsidiary of HPCL, has signed a sale purchase agreement with AWE of Australia to acquire stake in two natural gas blocks in that country.