• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• Smartbuy
• Books
• Gallery

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

New Delhi, June 2 The net profit of Hindustan Petroleum Corporation Ltd (HPCL) has jumped almost 13 times in the fourth quarter ended March 31, 2009 as against the corresponding previous quarter.

HPCL’s net profit for the latest quarter stood at Rs 5,104.04 crore, up from Rs 384.51 crore in 2008.

The main contributors were the compensations — oil bonds and additional upstream contribution — the company received to wipe out the import losses, coupled with the positive margins on fuel sales during the fourth quarter.

“During the fourth quarter, HPCL received previous quarter’s oil bonds worth Rs 2,034 crore,” Mr B. Mukherjee, Director (Finance), told Business Line. The company also received additional compensation of Rs 559 crore from the upstream companies. Further, during the fourth quarter, the company registered positive margins on sale of fuels to the tune of Rs 700 crore. The remaining Rs 1,800 crore is the profit the company made from refining and marketing margins, he said.

The total income of the company declined 16.91 per cent to Rs 24,875.02 crore during the fourth quarter (Rs 29,936.03 crore).

For the full fiscal 2008-09, HPCL registered an over 12 per cent increase in turnover at Rs 1,16,428 crore (Rs 1,03,837 crore). However, the net profit for the year was down to Rs 574.98 crore (Rs 1,134.88 crore). This was mainly due to the interest cost on account of higher borrowings to finance the working capital requirement arising due to an increase in gross under-recoveries to Rs 21,311 crore in the current year and the delay in receipt of oil bonds, he said. For 2008-09, HPCL proposed a dividend of Rs 5.25 a share.

More Stories on : Financial Performance | Petroleum | Corporate Bonds | Hindustan Petroleum Corporation Ltd

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Copyright © 2009, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line