HPCL profit declines 28%
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State-run Hindustan Petroleum Corp on Thursday reported a 28 per cent fall in its full-year profit on higher interest cost and under-recoveries, even as turnover crossed Rs 1,00,000 crore mark for the fiscal ended March 31.
The PSU oil marketing firm said that its profit after tax stood at Rs 1,135 crore for 2008, against Rs 1,571 crore in the previous fiscal.
The turnover, however, increased by 13.5 per cent to Rs 1,03,837 crore from Rs 91,448 crore in 2006-07.
The company said that its interest cost in the latest fiscal rose to Rs 792 crore from Rs 370 crore in previous fiscal, mainly due to higher borrowing to fund the company's working capital requirements arising due to under-recoveries on sale of fuel.
“The under-recoveries abused by the Corporation for the year 2007-08 amounted to Rs 3,110 crore against Rs 772 crore over the earlier year,” the company said in a release.
“This is after accounting for one-third compensation from the upstream companies and the oil bonds issued by the Government of India,” HPCL added.
HPCL also proposed a dividend of 30 per cent for the fiscal, involving a total payout of Rs 118.86 crore including dividend tax constituting a 10.47 per cent payout of profit after tax.
The company's net profit stood at Rs 384.51 crore for the quarter ended March 31, a 30 per cent decline over the year-ago period.
The PSU oil marketing firm said that its profit after tax stood at Rs 1,135 crore for 2008, against Rs 1,571 crore in the previous fiscal.
The turnover, however, increased by 13.5 per cent to Rs 1,03,837 crore from Rs 91,448 crore in 2006-07.
The company said that its interest cost in the latest fiscal rose to Rs 792 crore from Rs 370 crore in previous fiscal, mainly due to higher borrowing to fund the company's working capital requirements arising due to under-recoveries on sale of fuel.
“The under-recoveries abused by the Corporation for the year 2007-08 amounted to Rs 3,110 crore against Rs 772 crore over the earlier year,” the company said in a release.
“This is after accounting for one-third compensation from the upstream companies and the oil bonds issued by the Government of India,” HPCL added.
HPCL also proposed a dividend of 30 per cent for the fiscal, involving a total payout of Rs 118.86 crore including dividend tax constituting a 10.47 per cent payout of profit after tax.
The company's net profit stood at Rs 384.51 crore for the quarter ended March 31, a 30 per cent decline over the year-ago period.
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