New Delhi, May 6 (IANS) Hindustan Petroleum Corporation Ltd. (HPCL) on Tuesday reported a standalone net profit of Rs 3,355 crore in for the January-March quarter of financial year 2024-25, which represents an 18 per cent increase over the corresponding figure for the same quarter of 2023-24.
The government-owned oil refining and marketing major’s total income during the fourth quarter came in at Rs 1.19 lakh crore.
HPCL also announced a final dividend of Rs 10.50 per equity share for the financial year which ended on March 31, 2025. The record date to determine the eligibility of the shareholders set to receive the payment has been set at August 14.
HPCL has drawn up a Rs 1.3 lakh crore investment plan for 2025 and beyond. The company aims to increase crude oil imports, expand its Vizag refinery, and commission the new Barmer oil refinery, and is also aiming for 10 GW of renewable energy capacity by 2030.
The company plans to increase the capacity of its Vizag oil refinery in southern India by as much as 20 per cent to meet growing local fuel demand.
HPCL recently expanded the capacity of the Vizag refinery to 300,000 barrels per day and is looking for a further increase. The company now has plans for another 20 per cent expansion of the refinery.
The oil major will soon start operations at the Vizag refinery’s new secondary units, including a 3.5 million-ton-per-year residue upgradation unit to boost its distillate yield by 10 per cent and improve its gross refining margin to increase profits.
Besides, HPCL is also building a hi-tech petrochemical plant at its 180,000 bpd Barmer refinery in Rajasthan. While crude processing at the Barmer refinery will begin in June-July, the petrochemical project will start operation by December, HPCL CMD Rajneesg Narang said recently.
HPCL is also investing in a lube expansion project at its Mumbai refinery and a deasphalting plant to boost bitumen production.
–IANS
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