HPCL records its best ever performance since 1974

Sate-run Hindustan Petroleum Corporation Limited has registered its best ever performance since its formation in 1974, recording highest ever profit of Rs 2,733 crores for the financial year 2014-15 which has significantly surpassed the decade’s highest profit of Rs 1,734 crores during the previous year, said Nishi Vasudeva, Chairman and Managing Director, HPCL.

“This increase in profit is especially significant given the huge volatility in the crude and product prices in the international markets and its consequent impact on petroleum companies worldwide,” Vasudeva said in the company’s annual report.

International crude oil price has dropped by more than half, from over $100 per barrel prevailing in the previous years. While global prices of almost all commodities have fallen during last year due to factors such as reduced demand from China, crude oil prices have been influenced by many other factors also.

During 2014-15, HPCL registered a gross sales of Rs 2,17,061 crore. And posted its highest ever profit after tax of Rs 2,733 crore resulting in a significant increase in the earning per share to Rs 80.72. The market capitalisation of HPCL increased by Rs 11,500 crore during the year.

Vasudeva said HPCL has registered excellent sales performance.

“The market sales including exports increased by about 3% in 2014-15 to reach about 32 million metric tonnes. Domestic sales were about 31 million metric tonnes registering a growth of 2.3% against PSU industry growth of 2.2%. Petrol and LPG sales recorded double digit growth rates and Diesel sales growth was maintained despite re-entry of private players.”