HPCL net profit rises 303% to Rs 2,013.41 cr

BS 200 SCORECARD

Hindustan Petroleum Corporation (HPCL) registered a phenomenal 302.84 per cent rise in net profit to Rs 2,013.41 crore for the quarter ended March 31, 2006 compared with Rs 499.8 crore in the corresponding period of the previous year.

The company's revenue grew to Rs 21,016.89 crore from Rs 16,565.74 crore "� up 26.87 per cent. The HPCL board has recommended a dividend of 30 per cent per share.

For the financial year 2005-06, the company's net profit slumped 68.24 per cent to Rs 405.63 crore against Rs 1,277.33 crore in the previous financial year.

The yearly revenue grew to Rs 71,366.37 crore from Rs 60,188.27 crore "� up 18.57 per cent. Consolidated net profit went down to Rs 452.07 crore for the year ended March 2006 from Rs 1,415.64 crore in the financial year 2004-05, while consolidated income increased to Rs 75,652.88 crore from Rs 63,404.81 crore.

Gross refining margins during the financial year 2005-06 were $3.22 a barrel compared with $5.60 a barrel in 2004-05 for Mumbai refinery and $2.56 a barrel against $5.06 a barrel in 2004-05 for Visakh refinery.

During the current year a net amount of Rs 435 crore was accounted as discount on diesel, petrol, kerosene and domestic liquefied petroleum gas (LPG) on purchase from refineries.

"Financial results of the year have been adversely affected by pressure of high crude and product prices, which could not be fully passed on to the consumer. Under-recoveries on diesel, petrol, kerosene, and domestic LPG were partially compensated by the upstream oil companies as advised by the government. Accordingly, an amount of Rs 3,221.59 crore was accounted during the year towards discount received from ONGC and GAIL on purchase of fuels," according to an HPCL communiqué.