HPCL posts ₹701-crore profit on higher sales, inventory gains

Our Bureaus New Delhi/Mumbai | Updated on January 15, 2018 Published on November 15, 2016

Backed by higher sales and inventory gains, Hindustan Petroleum Corporation Ltd (HPCL) posted a net profit of ₹701 crore for the quarter ended September 2016. The public sector oil refining and marketing company had posted a net loss of ₹317 crore in the corresponding quarter previous fiscal. Gross sales for the period stood at ₹47,750 crore up 3.1 per cent.

“During July-September 2016, the domestic sales of the petroleum products have increased to 8.02 million tonnes from 7.78 million tonnes registering a growth of 3.1 per cent over the corresponding quarter of previous year,” it said in a statement.

Half yearly net profit grew by more than 100 per cent to ₹2,800 crore against ₹1,297 crore for the corresponding period of previous fiscal year. “The increase in profit is due to increasing refining throughput, higher domestic market sales and inventory gains,” it added.

Gross sales for the April-September 2016 stood at ₹99,350 crore against ₹1,01,039 crore in the corresponding period previous fiscal.

“Pursuant to the approval of shareholders in AGM held on September 8, the company has issued bonus shares in the ratio of two equity shares of ₹10 for one existing equity share of ₹10 each. Consequent to issue of bonus shares, the paid-up capital has increased from ₹338.63 crore to ₹1,015.88 crore,” the statement added.

Top management changes

Senior management at HPCL has changed. Vinod Shenoy has been appointed as Director (Refineries), while S Jeyakrishnan has taken over as Director (Marketing).

Shenoy has taken over from BK Namdeo who superannuated on October 31. Jeyakrishnan from YK Gawali who superannuated on the same day.

Shenoy is a chemical engineer from IIT Bombay and started his career with HPCL in June 1985. During his career spanning over 31 years, he has held various positions in the refinery divisions and corporate departments of the company.

Jeyakrishnan is an alumnus of Madras University and joined the company in 1981. He has a deep experience in petroleum marketing. He had attended the Advanced Management Program at Cambridge (UK) and the Authentic Leadership Program at the Harvard Business School.

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Published on November 15, 2016
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