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Saturday, May 26, 2001

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Marginal rise in HPCL's net


Our Bureau

MUMBAI, May 25

HINDUSTAN Petroleum Corporation Ltd (HPCL) has reported a 2.89 per cent increase in net profit at Rs 1,088.01 crore for the year ended March 31, 2001 against Rs 1,057.41 crore in the previous year.

The board has recommended a dividend of Rs 10 per share (100 per cent).

The company has seen a 43.56 per cent jump in net sales at Rs 48,566.84 crore (Rs 33,830.87 crore) this year.

Other income for the year included Rs 142.28 crore collected under the LPG tatkal connection scheme and Rs 148.38 crore interest receivables from the Oil Coordination Committee, the release said.

Total expenditure was Rs 46,890.44 crore (Rs 32,231.07 crore), a 45.48 per cent increase.

Interest payments jumped to Rs 387.33 crore, about 157 per cent more than last year's Rs 150.40 crore, as a result of non-receipt of dues from pool accounts and increase in working capital, a news release said.

Depreciation increased by 42.60 per cent to Rs 433.38 crore (Rs 303.91 crore) because of the expansion of its Vizag refinery and putting up of a diesel hydro-desulphurisation plant and cylinders, the release said. Tax provisions amounted to Rs 232.19 cro re (Rs 216.16 crore).

HPCL's net profit for the quarter stood at Rs 326.48 crore (Rs 268.41 crore), net sales were Rs 12,564.75 crore (Rs 10,657.68 crore) while total expenses stood at Rs 12,274.62 crore (Rs 10,246.65 crore).

Related links:
HPCL quarterly net falls to Rs 200.63 crores
HPCL posts 17 pc rise in net

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