Hindustan Petroleum Corporation Ltd (HPCL) has clocked 60.56 per cent year-on-year decline in its consolidated net profit at Rs 2,638.73 crore for the financial year ended March 31, 2020 (FY20). The public sector downstream company had posted consolidated net profit of Rs 6,690.63 crore in the financial year 2018-19 (FY19).
The total revenue of the oil marketing company fell by 3 per cent to Rs 2,89,423.67 crore in FY20 as compared to Rs 2,98,675.40 crore in the previous fiscal, HPCL said in a filing to the Bombay Stock Exchange.
For the fourth quarter ended March 31, 2020 (Q4 FY20), the state-owned fuel retailer reported consolidated net loss of Rs 27.63 crore as against net profit of Rs 3,340.03 crore in the year-ago period and Rs 1,027.23 crore in the December quarter of FY20.
HPCL's total income decreased marginally to Rs 72,059.48 crore in Q4 FY20 from Rs 73,705.56 crore in Q4 FY19 and Rs 75,048.61 crore in Q3 FY20.
On the standalone basis, HPCL reported 99 per cent fall in net profit at Rs Rs 27 crore for the quarter ended March, compared to Rs 2,970 crore in the same quarter a year ago. The gross sales dips 2.2 per cent to Rs 71,268 crore from Rs 72,840 crore a year ago.
Total expenses of the company increased to Rs 73,163.98 crore as compared to Rs 69,009.33 crore in March quarter of FY19.
In Q4 FY20, HPCL reported domestic sales volume of 9.25 MMT against 10.03 MMT for Q4 FY19, dented by the reduction in transportation fuel demand for fuel in March due to nationwide lockdown to contain the spread of COVID-19.
On COVlD-19 pandemic, HPCL said that the virus outbreak did not have any significant impact on the sales and operations of the group for the financial year, though it impacted the profitability to a larger extent. "Being, essential commodity, there have been no major disruption in our supply chain during the lockdown period of last few days of March 2020," it added.
During the financial year under review, basis management estimates an incremental provision of Rs 131.69 crore, versus Rs 95.71 crore in FY19, towards loans liven to consumers under Pradhan Mantri Ujjwala Yojna (PMUY) scheme.
HPCL's board also declared a final dividend of Rs 9.75 per equity share of face value of Rs 10 each, for the financial year 2019-20.
Ahead of earnings announcement, shares of HPCL ended Tuesday's trade at Rs 209.90 apiece, up 1.67 per cent, against previous closing price of Rs 206.45 on the BSE.
By Chitranjan Kumar