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Generous Hind Petro pays 180% dividend

Mumbai, June 27 (PTI): State-owned Hindustan Petroleum Corporation Ltd (HPCL) has posted a 95 per cent rise in net profit at Rs 1537.36 crore for the financial year ended March 31, 2003 as against Rs 787.98 crore in 2001-02.

The board, which met in Delhi, has recommended the highest ever dividend of 180 per cent (Rs 18 per share) for 2002-03 with total payout of Rs 689.05 crore, the company said in a release here today.

This dividend by the oil behemoth, which is due for strategic disinvestment this year, is in addition to the interim 20 per cent dividend (Rs 2 per share) announced in February, taking the total dividend for the last financial year to 200 per cent, it said.

The company posted a 16.1 per cent rise in its turnover for 2002-03 at Rs 52,605 crore as against Rs 45,310 crore in 2001-02, the release said.

Efficient treasury management helped to reduce interest costs and resource optimisation contributed to cost savings, the release said.

The combined refinery capacity utilisation stood at 99 per cent amounting to 12.93 million tonnes. The company exported products worth Rs 800 crore in the reporting year.

HPCL’s net profit for the fourth quarter ended March 31, stood at Rs 634.12 crore compared with Rs 424.91 crore in the fourth quarter of 2001-02. The total income in the reporting also rose sharply to Rs 15,473.55 crore as against Rs 11,048.37 crore in the year-ago period.

The consolidated financial results include the audited results of subsidiary company Guru Gobind Singh Refineries Ltd and joint venture companies Hindustan Colas Ltd, Prize Petroleum Company Ltd, Mangalore Refineries and Petrochemicals Limited, South Asia LPG Company Pvt Ltd, Petronet MHB Ltd and Petronet India Ltd.

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