Results: HPCL posts Rs 10,664 crore PAT for FY 2020-21; proposed a final dividend of Rs 22.75 per share
Results: HPCL posts Rs 10,664 crore PAT for FY 2020-21; proposed a final dividend of Rs 22.75 per share

State-run Hindustan Petroleum Corporation Limited (HPCL) has recorded its highest ever profit after tax (PAT) of Rs 10,664 crore for FY 20-21 as compared to Rs 2,637 crore for the previous year.

The gross sales for the FY 20-21 was Rs 2,69,243 crore as compared Rs 2,86,250 crore during the previous year. The company reported PAT for the quarter January –March 2021 as Rs 3,018 crore as compared to Rs 27 crore for the same quarter last year and the gross sales for the period January-March 2021 is Rs 84,905 crore as compared to Rs 71,268 crore for the same period last year.

For the year 2020-21, HPCL has proposed a final dividend of Rs 22.75 per share.

"Enhanced profitability was a result of robust operational performance, improvement in refinery margins helped by inventory gains and favourable exchange rate variations," HPCL Chairman and Managing Director M K Surana told reporters.

Surana said the company had an inventory gain of Rs 4,608 crore in the fourth quarter of 2020-21 as compared to an inventory loss of Rs 4,113 crore in the same period a year back.

HPCL sales volume was at 36.59 MMT in FY 2021 compared to previous year’s sales of 39.64 MMT.

HPCL registered market share gain for transport fuels and recorded the least de-growth of 6.6 per cent in domestic sales among the industry, Industry de-growth for 2020-21 being 8.4 per cent compared to the previous year. "HPCL continued to be India’s largest lube marketer and second largest LPG marketer during the year."

"Outbreak of a pandemic led to significant demand contraction in the first quarter of the year which was followed by a smart recovery in the latter part of the year leading to an aggregate demand contraction for the petroleum products of about 9 per cent in 2020-21 over the previous year," he said.

During the year 2020-21, HPCL commissioned 2,158 new retail outlets which is the highest in a year taking the number of total retail outlets to 18,634.

HPCL also commissioned 112 new LPG distributorships taking number of total LPG distributors to 6,192 as of March 31, 2021.

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