New Delhi: Hindustan Petroleum Corporation Ltd. (HPCL) has recorded an excellent physical and financial performance during the financial year 2018-19. In a way a unique hat-trick of profit beyond 6000 Cr. In the results announced Monday HPCL has earned a net profit of Rs 6029 Cr in the last fiscal. In 2017-18 the net profit was Rs 6357 Cr. The net profit is lower due to a reduction in profits of HPCL-Mittal Energy Limited (HMEL) & Mangalore Refinery and Petrochemicals Limited (MRPL), resulting in the reduction of HPCL’s share of profits. The share of profit from MRPL for FY 2018-19 was Rs 58 crore as against Rs 338 crore during 2017-18.
70 Percent jump in Q4
Talking about company’s Q4 results, HPCL has reported a 70 percent jump in its fourth-quarter net profit as inventory gains and rupee appreciation negated a dip in refinery margins. Net profit in January-March came at Rs 2,970 crore against Rs 1,748 crore in the same period a year back.
“Corporation achieved EBITDA of Rs 13,077 Cr in FY 2018-19 as compared to EBITDA of Rs 12,522 Cr in FY 2017-18. In spite of volatile crude prices, lower cracks and depreciation of the rupee, HPCL was able to achieve higher EBITDA,”
M.K. Surana, CMD, HPCL told PSU WATCH “Increase in profits is mainly attributable to increased sales, improved logistics, efficiency, inventory gains and rupee appreciation during Q4 of the financial year ending March 31, 2019,” He further said “Corporation achieved EBITDA of Rs 13,077 Cr in FY 2018-19 as compared to EBITDA of Rs 12,522 Cr in FY 2017-18. In spite of volatile crude prices, lower cracks and depreciation of the rupee, HPCL was able to achieve higher EBITDA,”
Refineries achieve highest ever throughput
During 2018-19, HPCL refineries at Mumbai and Visakh have maximized crude processing and achieved the highest ever combined refining throughput of 18.44 Million Metric Tonnes (MMT) with capacity utilization of 117%, compared to the throughput of 18.28 MMT achieved during 2017-18. Both refineries recorded the best ever crude throughput performance on an individual basis as well.
Towards social responsibility
HPCL provided about Rs 1.97 cr new LPG connections under Pradhan Mantri Ujjwala Yojana (PMUY) to women from low-income households in the last fiscal. In addition, the oil PSU sensitized over 34 lakh people about safe and sustainable usage of LPG by conducting over 27,000 LPG Panchayats across the country as of March 31, 2019. Towards social responsibility, HPCL implemented a number of CSR initiatives in the area of Child education, Health Care, Education and Skill Development with an overall CSR spend of about Rs. 160 crore during 2018-19. In order to support Swachh Bharat Abhiyaan, HPCL has constructed over 2,300 new toilets in various schools across the country as of March 31, 2019.