HPCL Q4FY21 Results: Profit rises 28.2% QoQ to Rs 3,017.96 crore

State-controlled Hindustan Petroleum Corp Ltd (HPCL) on Thursday reported a 28.2 per cent QoQ rise in the profits at Rs 3,017.96 crore for the quarter ended March 31, 2021 (Q4FY21), as compared to Rs 2,354.64 posted in the previous quarter ended December 31, 2021 (Q3FY21). On a year-on-year basis, the company has reported a profit of Rs 26.80 crore in the same quarter of the previous financial year (Q4FY20).

Revenue from sales in the quarter increased 10.51 per cent QoQ to Rs 84,904.75 as compared to Rs 77,112.90 posted in the December quarter. On a year-on-year basis, the revenue stood at Rs 71,268.14 crore.

Expenses went up 8.73% QoQ to Rs 81,679.61 crore in the quarter as compared to Rs 75,119.62 crore posted in the previous quarter.

The average Gross Refining Margin during the year ended March 31, 2021, was US$ 3.86 per BBl as against US$ 1.02 per BBl during the corresponding previous year.

Other Income for the period April - March 2021 includes Rs 1010.86 crore towards gain (April - March 2020: Included in Other Expenses, a loss of Rs 873.50 crore) on account of foreign currency transactions and translations.

During the year, domestic sales of HPCL's petroleum products fell 6.8 per cent annually to Rs 35.20 crore MMT as compared to Rs 37.78 crore MMT.

Besides, the Board of Directors of the Company has recommended a Final Equity Dividend of Rs 22.75 per Equity Share of the face value of Rs 10/- each for the Financial Year 2020-2021. The said dividend will be paid within 30 days from the date of approval by the Shareholders in the ensuing Annual General Meeting scheduled to be held in the month of August / September 2021.

The board has also approved the appointment of "M/s Ragini Chokshi & Co." as "Secretarial Auditor" of the Company for the Financial Year 2021-2022. M/s Ragini Chokshi & Co., a firm of Company Secretaries, is specialized in providing services in Corporate Law, Restructuring and other related services.