HPCL posts record profit in FY-2015, highest since 1974

State-owned oil firm registers profit of Rs 2733 cr for FY2015 on sales of Rs 2,17,061 crore

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

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

International crude oil prices have dropped by more than half from over $100 a barrel in previous years. While global prices of almost all commodities have fallen during the previous 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 gross sales of Rs 2,17,061 crore. There has been a significant increase in the earnings per share at Rs 80.72. The market capitalisation of HPCL increased by Rs 11,500 crore during the year.

Vasudeva said HPCL had registered excellent sales performance. “The market sales, including exports, increased by about three per cent in 2014-15 to reach about 32 million tonnes. Domestic sales were about 31 million tonnes, registering a growth of 2.3 per cent, against PSU industry growth of 2.2 per cent. Petrol and LPG sales recorded double digit growth rates and diesel sales growth was maintained despite the re-entry of private players.”