Hindustan Petroleum Corporation Ltd has reported a ₹1,819 crore net profit for the fourth quarter of 2016-17, 31 per cent higher than the ₹1,388 crore net profit reported for the corresponding quarter of 2015-16.

MK Surana, Chairman and Managing Director, said: “The growth in profit is due to increased refining throughput, higher domestic market sales, better operating efficiencies and inventory gains.”

For the full year, HPCL recorded a net profit of ₹6,209 crore, 67 per cent higher than the ₹3,726 crore reported in the previous year.

HPCL reported an inventory gain of ₹2,374 crore in 2016-17.

The gross refinery margin during the fourth quarter stood at $7.99 per barrel compared to $7.51 in the corresponding period of 2015-16.

Inventory gains for the quarter under consideration stood at ₹743 crore, this was at ₹37 crore for the corresponding quarter in 2015-16.

The board proposed a bonus issue of one equity share of ₹10 each for every two equity shares of ₹10 each held.

For 2016-17, HPCL has proposed a final dividend of ₹1.10 per share. This will result in a total payout of ₹3,668 crore, including dividend distribution tax.

Gross sales stood at ₹58,668 crore during January-March 2017 compared with ₹48,145 crore for January-March 2016. HPCL recorded domestic sales volume of 8.76 million tonnes.

HPCL announced that it has signed a revised memorandum of understanding with the Rajasthan Government for setting up an Integrated Petroleum-cum-Petrochemical Refinery at a revised capital cost of ₹43,129 crore.

The project is likely to be commissioned in four years from the date all clearances are in place and HPCL will hold the marketing rights of all the products.

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