In a remarkable turnaround, Hindustan Petroleum Corporation Limited (HPCL) has delivered a blockbuster performance for the fiscal year 2023-24, reporting its highest-ever annual consolidated profit of a staggering ₹16,015 crore. This stellar result is a stark contrast to the ₹6,980 crore net loss the oil behemoth suffered in the previous financial year, highlighting its agility and strategic acumen in navigating the ever-evolving energy landscape.

The Standalone Consolidated Profit after Tax (PAT) for the fiscal year 2023-24 reached an all-time high of ₹14,694 crore, a remarkable ascent from the Standalone Net Loss of ₹8,974 crore recorded in the preceding financial year. Notably, the company witnessed a phenomenal surge in its fourth-quarter PAT, which skyrocketed by an astounding 437% over the third-quarter PAT, reflecting robust operational performance and efficient management strategies.

HPCL's revenue from operations for the quarter Jan-Mar 2024 reached ₹1,21,532 crore, marking a 6.2% increase compared to the corresponding quarter of the previous year. For the fiscal year 2023-24, the Revenue from operations stood at ₹4,61,638 crore, showcasing the company's sustained growth trajectory amidst dynamic market conditions.

Despite facing headwinds in the form of reduced Gross Refining Margins (GRMs), which averaged US $9.08 per barrel for the fiscal year 2023-24, compared to US $12.09 per barrel in the preceding financial year, HPCL remained agile in aligning its operations with international product crack trends.

In response to its stellar performance, the Board of Directors has recommended a bonus equity issue in the ratio of 1:2, subject to shareholder approval. This proposal entails the issuance of one new bonus equity share of ₹10 each for every two existing fully paid-up equity shares of ₹10 each.

Additionally, the Board has proposed a final dividend of ₹16.50 per equity share, with a face value of ₹10 (pre-bonus), translating to a final dividend of ₹11.00 per equity share (post-bonus) for FY 2023-24. This recommendation, subject to shareholder nod in the Annual General Meeting, supplements the interim dividend of ₹15 per equity share paid earlier in the fiscal year.

On the operational front, HPCL demonstrated commendable performance across its refining and marketing segments. The company's refineries processed the highest-ever crude throughput of 22.33 MMT during the fiscal year, operating at 103.3% of installed capacity, while achieving significant milestones in diesel production and total sales volume.

HPCL has been diligently advancing its ongoing projects to fortify its refining and marketing infrastructure. Notable milestones include the dedication of the Visakh Refinery Modernization Project to the nation and the progress in the construction of the integrated grassroot refinery cum petrochemical project at Barmer, Rajasthan.

In alignment with its commitment to innovation and sustainability, HPCL has expanded its renewable energy portfolio, commissioned new infrastructure for clean fuel segments, and intensified its digital transformation journey. These initiatives underscore HPCL's proactive stance towards addressing evolving market trends and emerging consumer preferences.

Moreover, HPCL's focus on digital transformation through initiatives such as "Project Parikalp" underscores its proactive approach towards leveraging cutting-edge technologies to enhance operational efficiencies and customer experience.