LIC reports 3.51% growth in profit after tax for H1 FY 2024
The Board of Directors of Life Insurance Corporation of India (LIC) has approved and adopted the standalone and consolidated financial results for the six months ending 30 September.
Hindustan Petroleum Corporation Ltd (HPCL) has reported a profit for Financial Year (FY) 2021-22 at Rs 6,383 crore.
The year 2021-22 has been a remarkable year with world economies
recovering back strongly from the lows of Covid Pandemic on improved vaccine coverage and adoption of covid appropriate behavior.
Energy Consumption – a key indicator of economic activity staged a smart comeback with consumption gradually moving towards pre-pandemic levels.
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Demand revival coupled with improved economic activities resulted in crude prices gradually strengthening from US$ 62-65 per barrel in beginning of year to US$ 85 per barrel by Oct’21. Thereafter, rising Geopolitical tensions and the Russia-Ukraine conflict resulted in crude price touching multi year high of US$ 138 per barrel in March 2022 before
retreating to US$ 110-115 per barrel towards the end of FY22.
In line with sharp rebound in economic activities in India during FY22, the domestic sales of petroleum products also recovered from the lows of FY21 (190 MMT) and touched 205 MMT during FY22.
Against this background HPCL reported its highest ever quarterly sales revenue of Rs 1,04,942 crore (Q4 PY Rs 84,905 crore) an increase of 24 per cent with a Profit after Tax of Rs 1,795 crore.
The company also reported its highest ever Annual sales revenue of Rs 3,72,642 crore (PY Rs 2,69,243 crore) a growth of 38 per cent with a Profit after Tax (PAT) of Rs 6,383 crore.
The domestic sales of HPCL for the period January-March 2022 was 10.26 MMT as compared to corresponding sales of 9.83 MMT in the previous year corresponding quarter, showing a growth of more than 4 per cent.
During the financial year HPCL has achieved domestic sales volume of 37.45 MMT as compared to 35.20 MMT in the same period previous year, representing a growth of more than 6 per cent.
During the year the company registered market share gain for Total Motor Fuels (TMF) Sales among industry with Petrol and Diesel sales growing by 10.6 per cent and 5.1 per cent respectively over FY21.
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