Hindustan Petroleum Corporation Ltd (HPCL) has reported a 53 per cent drop in its net profit at ₹2,162 crore for the fourth quarter of 2014-15, against ₹4,609.24 crore in the same quarter last year. However, the company said that last year’s fourth quarter profits were inflated because of receipt of subsidy compensation of ₹3,426 crore relating to earlier quarters. HPCL’s statement said without the subsidy in the last quarter of 2013-14, the net profit would have been ₹ 1,369 crore.
The company’s net sales during the fourth quarter of 2014-15 also fell 30.5 per cent to ₹44,615 crore from₹64,247 crore in the same quarter last year.
HPCL’s board also recommended a dividend of ₹24.5 per share resulting in a total payout of ₹999 crore, including dividend distribution tax.
“Despite all the turbulence in the market, we have delivered an excellent physical performance. Our refineries have maximised their throughput,” said the company’s Chairman and Managing Director, Nishi Vasudeva. For the full fiscal 2014-15, the company achieved a 57.6 per cent growth in net profit to ₹ 2,733 crore. Vasudeva said this was the highest-ever annual net profit for the company.
Annual net sales for the fiscal fell 7.4 per cent to ₹2,06,626 crore from ₹ 2,23,351 crore in the previous fiscal.