HPCL Q1 results Profit up by Rs. 1542 Crores
New Delhi, 11th August 2015
Hindustan Petroleum Corporation Limited has registered gross sales of Rs.54,802 crores for the period April - June, 2015. The domestic sales of petroleum products have increased to 8.46 million tonnes registering a growth of 5% over the first quarter of previous year, as against the industry average growth of 2.7%. The sales of Motor Spirit (Petrol) increased by 12.9%, Aviation turbine fuel by 20.1% and that of Lubes by 58.6%, over the first quarter of previous year.
The refineries at Mumbai and Visakh processed 3.75 million tonnes of crude during April - June, 2015 as against 3.28 million tonnes during April - June, 2014. The combined GRM during the quarter increased to $ 8.56 per barrel as compared to $ 2.04 per barrel in the corresponding previous period largely on account of improved cracks and inventory gains
On the financial front, the profit after tax for the period April-June, 2015 was Rs.1,588 crores as against a profit of Rs. 46 crores for April-June, 2014. The increase in profit is primarily because of higher refining margins, inventory gains as also increase refining thruput and domestic market sales, as compared to the corresponding quarter of last year
During this period, HPCL commissioned a new state-of-the-art LPG Plant at Yediyur, Tumkur District, Karnataka. This plant has the world’s largest LPG filling system, with a 72 point Flexspeed carousel with a production capacity of 4200 cylinders / hour. This is also the first SIL certified LPG Plant in India.
Three new product pipelines are currently under implementation - i) Rewari - Kanpur ii) Uran – Chakan/ Shikrapur for LPG and iii) Mangalore - Hassan – Mysore - Solur for LPG. The physical progress achieved in all these pipelines as of June, 2015, are as per the targeted schedule
HPCL has obtained it’s first international credit rating from Ms Fitch Ratings, one of the well-renowned international credit rating agencies. HPCL obtained Long-Term Issuer rating of “BBB- / Stable” which is investment grade and at par with the sovereign rating of India.
HPCL was awarded the “National Award for Excellence in Cost Management – 2014” under the category of “Public Manufacturing Organisation (Large)” by the Institute of Cost Accountants of India.
HPCL was also conferred with the PETROFED Oil & Gas Pipeline Transportation Company of the Year Award for it’s leading performance towards growth of pipeline infrastructure and it’s optimal utilization during transportation of hydrocarbons in India during 2013-14, while meeting norms of health, safety and environment protection.
In alignment with the Swachh Bharat Abhiyan, HPCL has taken various initiatives in the areas of providing toilets in Government schools & public places, engaging workforce and stakeholders in various cleanliness drives and educational programs. As of date HPCL has achieved it’s targets fully for the construction of toilets in Government schools in the states of Bihar, Orissa, Chhattisgarh, Andhra Pradesh and Assam under Swachh Vidyalaya Abhiyan