Hpcl Net Up 19% To Rs 612.22 Crore

Hindustan Petroleum Corporation (HPCL) has posted a 17 per cent rise in net turnover for 1996-97 as net profit climbed 19.05 per cent to Rs 612.22 crore.

The company has announ-ced a dividend of Rs four per sha-re against Rs thr-ee per share last year. Its EPS is at Rs 29.31, up from Rs 25.33.

The growth rate of 9.3 per cent has led to a higher net tur-nover of Rs 1,3941.45 crore, from Rs 1,1866.28 crore in 1995-96. Other income has risen sharply to Rs 170.15 crore from Rs 102.74 crore. Thanks to arrears from the oil pool account, HPCL had to borrow more from the market and this led to interest nearly doubling to Rs 97.52 crore from Rs 46.21 crore.

Tax outgo is slightly lower at Rs 329.48 crore from Rs 331.71 crore.

Despite higher interest and depreciation, ne-t profit managed to climb 19 per cent to Rs 612.22 crore from Rs 514.24 crore.

HPCL is the country's second largest ref-iner with two units in Mumbai and Vizag.

Apart from selling its own petroleum products, it also sells imported products which stood at 4.7 million tonnes. The company processed 11.39 million tonnes crude.

A company statement said in major products like bitumen, furnace oil and low sulphur heavy stock (LSHS), HPCL has posted growth rates higher than the industry.

HPCL's gross turnover went up to Rs 18,089.09 crore from Rs 14,862.25 crore in 1995-96.