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Hindustan Petroleum Corporation Ltd

BSE Code : 500104 | NSE Symbol : HINDPETRO | ISIN:INE094A01015| SECTOR : Refineries |

NSE BSE
 
SMC down arrow

310.50

-14.55 (-4.48%) Volume 280564

21-Jan-2022 EOD

Prev. Close

325.05

Open Price

323.65

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

310.50(901)

 

Today’s High/Low 325.65 - 309.30

52 wk High/Low 354.80 - 212.30

Key Stats

MARKET CAP (RS CR) 44074.3
P/E 4.85
BOOK VALUE (RS) 254.4626588
DIV (%) 227.5
MARKET LOT 1
EPS (TTM) 64.09
PRICE/BOOK 1.22100429770405
DIV YIELD.(%) 7.5
FACE VALUE (RS) 10
DELIVERABLES (%) 89.23
4

News & Announcements

20-Jan-2022

Hindustan Petroleum Corporation to conduct board meeting

20-Jan-2022

Hindustan Petroleum Corporation Ltd - Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate

20-Jan-2022

Hindustan Petroleum Corporation Ltd - Hindustan Petroleum Corporation Limited - Loss of Share Certificates

17-Jan-2022

Hindustan Petroleum Corporation Ltd - Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate

20-Jan-2022

Hindustan Petroleum Corporation to conduct board meeting

06-Jan-2022

Hindustan Petroleum Corporation announces resignation of nominee director

30-Dec-2021

Hindustan Petroleum Corporation appoints director

19-Oct-2021

Hindustan Petroleum Corporation to discuss results

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Bharat Petroleum Corporation Ltd 500547 BPCL
Bongaigaon Refinery & Petrochemicals Ltd(merged) 500072 BONGAIREFN
Cals Refineries Ltd 526652
Chennai Petroleum Corporation Ltd 500110 CHENNPETRO
Indian Oil Corporation Ltd 530965 IOC
Kochi Refineries Ltd(merged) 500873 COCHINREFN
Mangalore Refinery And Petrochemicals Ltd 500109 MRPL
Nagarjuna Oil Refinery Ltd 534184 NAGAROIL
Nayara Energy Ltd 500134 ESSAROIL
Reliance Industries Ltd 500325 RELIANCE
Reliance Industries Ltd Partly Paidup 890147 RELIANCEP1
Reliance Petroleum Ltd (Merged) 500364 RELPETRO
Reliance Petroleum Ltd(merged) 532743 RPL

Share Holding

Category No. of shares Percentage
Total Foreign 292755810 20.64
Total Institutions 214556060 15.13
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 12685619 0.89
Total Promoters 778845375 54.90
Total Public & others 119705481 8.44
Total 1418548345 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Hindustan Petroleum Corporation Ltd

Hindustan Petroleum Corporation Ltd (HPCL) is a Mega Public Sector Undertaking (PSU) with Navratna status. HPCL in collaboration with M/s Mittal Energy Investments Pte. Ltd. operates 11.3 MMTPA capacity refinery at Bathinda, Punjab with 49% equity stake. Besides, the company also holds an equity stake of 16.96% in Mangalore Refinery & Petrochemicals Ltd (MRPL), a refinery at Mangalore with a capacity of 9 MMTPA. The company's products and services include refineries, aviation, bulk fuels & specialities, international trade, liquefied petroleum gas (LPG) - HP gas, Lubes - HP lubes. The company's subsidiaries include HPCL Biofuels Ltd, Prize Petroleum Co., Ltd. (PPCL), Prize Petroleum International Pte. Ltd., and HPCL-Middle East FZCO. The Company is mainly engaged in the business of refining of crude oil and marketing of petroleum products, production of hydrocarbons as well as providing services for management of exploration and production (E&P) Blocks. Hindustan Petroleum Corporation Ltd was incorporated on July 5th, 1952 with the name Standard Vacuum Refining Company. Then, the name was changed to ESSO India. When ESSO and Lube India were nationalized, the company was renamed to Hindustan Petroleum Corporation Ltd in the year 1974. The Caltex undertaking was nationalized in the year 1976, which were subsequently merged with the company in the year 1978. In the year 1979, the undertakings of Kosan Gas Company, the concessionaires of HPCL in the domestic LPG market, was merged with the company. In December 2000, the 'Guru Gobind Singh Refineries' was incorporated as a wholly owned subsidiary company. The company completed the Rs 378 crore pipeline project from Vijayawada to Secunderabad, which was commissioned on March 2002. They set up a new LPG Bottling plant with capacity of 44 TMTPA in Kota. The company implemented 15 company tank trucks in the year 2004. During the year 2004-05, the company completed their construction of a new grassroot depot at Aonla, Bareilly in Uttar Pradesh with total cost of Rs 10.25 crore. Also, they completed the construction of another new grassroot depot at Ramagundam, Andhra Pradesh at a total cost of Rs 11.47 crore. Further they commissioned a total of 13100 KL additional tankage at various locations during the year. The company branded their retail outlets under the name 'CLUB HP'. They launched 'Turbojet' branded diesel and the 'Power' branded petrol in India. During the year 2005-06, the company's Mumbai Refinery undertook mega project at an approved cost of Rs 1850 crore to meet the MS/HSD of EURO-III grade in Metro/Mega cities and Bharat stage-II grade in the rest of the country and the Visakhapatnam Refinery undertook Clean Fuel Project at an approved cost of Rs 2147.8 crore to meet the MS/HSD of Euro-III grade in metro-mega cities and Bharat-II grade in the rest of the country. The company commissioned 647 retail outlets during the year. During the year 2008-09, the installation of facilities for production of Euro III / IV Petrol (Motor Spirit) at both the Refineries was completed. In pursuit of promoting alternate fuels, CREDA-HPCL Biofuel Ltd (CHBL) was incorporated on October 14, 2008, as a subsidiary company with equity shareholding of 74% by the company and 26% by Chhattisgarh State Renewable Energy Development Agency (CREDA). CHBL is to undertake cultivation of Jatropha plant, an energy crop used for production of bio- diesel, on 15,000 hectares of land leased by the Government of Chhattisgarh. HPCL Refineries commissioned Clean Fuels Projects and Euro-IV MS production started prior to January 2010 as per Auto Fuels Policy. Mumbai Refinery was the First Indian PSU refinery to commence BS-IV MS production facilities and first batch of BS-IV MS was rolled out in January 2010. In its continual effort to widen the crude basket, Mumbai Refinery processed 2 new crudes, namely Iran Mix and Ravva crude. In April 2011, the company approved the acquisition of balance 50% shares held by other joint venture partners in Prize Petroleum Company Ltd. In November 2011, the company entered into a MoU with Greater Calcutta Gas Supply Corporation Ltd (GCGSCL) and Gas Authority of India Ltd (GAIL) to carry out natural gas business in the City of Kolkata and its adjoining districts. The company is setting up a state-of-the-art Green R&D Centre at Bangalore with an objective to become a technology leader through continuous & innovative R&D efforts. The project is being executed in a phase manner with a phase-I capital investment of Rs 210 crore. In 2012, HPCL, Mittal Energy joint venture ties-up with IBM for data solutions. The company became a promoter of the Rajasthan refinery by taking a majority stake of 51 per cent in Rs 25,000-crore refinery with annual capacity of 9 million metric tonnes. In 2013, a Memorandum of Understanding (MOU) was signed between Government of Rajasthan (GOR) and the company for setting up a state-of-the-art 9 MMTPA refinery-cum-petrochemical complexes in Barmer District of Rajasthan. The company proposed to enter into a 50:50 joint venture with Shapoorji Pallonji Group for LNG terminal for import of liquid gas (LNG) on Gujarat Coast. The company procures 1mn barrels of Nigerian Qua Iboe crude oil. The company has been bestowed with the Golden Peacock Award for Excellence in Corporate Governance for the year 2013 by Institute of Directors. The company signs MoU with MOP&NG, Govt. of India for FY 2013-14. In 2014, the company's Mumbai Refinery bagged the coveted 'National Energy Conservation Award (First prize)' in the refinery sector. The company inaugurates KSP on world's highest motorable road. The company bags the Platts Top 250 Global Energy Award. The company acquires two gas blocks in Australia for AUD 85 million. In 2015, Hindustan Petroleum Corporation Ltd (HPCL) approved the proposal for implementation of capacity expansion of the company's Mumbai refinery from 7.5 MMTPA to 9.5 MMTPA. HPCL - HP-HiGAS Unit', a new commercial scale unit developed based on HPCL R&D technology at Visakhapatnam refinery was inaugurated during the year. The company commenced marketing of Bio-Fuel blended High Speed Diesel (B-5 Diesel) in select retail outlets of the country. On 27 May 2016, the Board of Directors of HPCL approved acquisition of 2.16 crore equity share of Petronet MHB Ltd. (PMHBL) at Rs 12.04 per share from Petronet India Ltd totaling to Rs 26.09 crore. The Board of Directors of HPCL at its meeting held on 20 July 2016 recommended issue of bonus shares in the ratio of 2 bonus shares for every 1 existing equity share. The board also approved Rs 20928-crore project to increase the capacity of Visakhapatnam refinery to 15 MMTPA from 8.33 MMTPA, with residue up-gradation facility meeting BS VI fuel specification compliance. On 21 July 2016, HPCL announced that the nameplate capacity of its Mumbai refinery stands enhanced to 7.5 MMTPA from 6.5 MMTPA due to various process improvements and de-bottlenecking schemes implemented by the company. Following approved from HPCL's Board of Directors as well as shareholders, the Reserve Bank of India on 5 August 2016 notified increase in the ceiling on investment in HPCL's shares by foreign institutional investors (FIIs) from 24% to 40% of the paid up capital of the company. HPCL commissioned Mangalore-Hassan-Mysore-Solur LPG pipeline (356 km) in October 2016 with a cost of nearly Rs 838 crore and ahead of scheduled time of completion. To reduce carbon footprints and promote renewable energy, HPCL commissioned a 50.5 MW wind power project in Rajasthan in December 2016, taking the total wind power capacity to 101 MW. On 7 December 2016, HPCL announced that it has signed a Consortium Agreement with Indian Oil Corporation Limited and Bharat Petroleum Corporation Limited to carry out pre project activities for setting up of 60 MMTPA West Coast Refinery and a Petrochemical Project in the State of Maharashtra through a Joint Venture Company. The Board of Directors of HPCL at its meeting held on 17 April 2017 approved resumption of Rajasthan Refinery Project and signing of revised MOU with the State Government of Rajasthan for implementation of the project. The project involves the setting up of 9 MMTPA grass root refinery at Pachpadra in Barmer district in Rajasthan. The Board of Directors of HPCL at its meeting held on 26 May 2017 recommended issue of fully paid bonus shares in the ratio of 1 bonus equity share of Rs 10 each for every 2 existing equity shares of Rs 10 each. HPCL registered highest ever Profit after Tax of Rs 6209 crore on standalone basis with gross sales of Rs 213489 crore for the year ended 31 March 2017 (FY 2017). HPCL refineries at Mumbai and Visakhapatnam maximized crude processing and achieved the highest ever-combined refining throughput of 17.81 MMT with capacity utilization of 113% in FY 2017, compared to throughput of 17.23 million tonnes in FY 2016. HPCL successfully rolled out daily pricing of petrol and diesel across India effective from 16 June 2017 to smoothen flow of products from supply locations to the consumer and align the prices to the international prices on daily basis. On 6 July 2017, HPCL announced that it has raised $500 million from fixed rate senior unsecured notes in overseas markets. The company intends to use all of the proceeds of the issue to fund capital expenditure for its ongoing and future domestic projects in accordance with the ECB Guidelines of India. During 2017-18, three new ASFs at Srinagar, Tirupati and Patna were commissioned. Under Regional Connectivity Scheme, 3 new locations were comissioned at Vidyanagar, Jalgaon and Mundra in aviation business. In FY 2017-18, the Corporation commissioned Panagarh LPG plant with a bottling capacity of 250 TMTPA, which is the biggest LPG plant in Asia.Government of India transferred whole of its 51.11% of the total paid up equity share capital of HPCL to Oil and Natural Gas Corporation Limited (ONGC) on 31st January 2018. Post-acquisition, HPCL continues to be central public sector enterprise (CPSE) and a government company within the meaning of Section 2 (45) of the Companies Act, 2013. During 2017-18, HPCL completed the turnaround of CDU-I unit at Visakh Refinery and also implemented the best practice of risk-based inspection in some of the critical units at Mumbai Refinery and Visakh Refinery. During 2017-18, a number of process improvement schemes were implemented at both refineries including SEU II Furnace revamp at Mumbai Refinery and commissioning of the slop-processing scheme at Visakh Refinery. During 2017-18, HPCL commissioned 669 new retail outlets and exceeded the mark of 15,000 retail outlets by taking the total outlet number to 15,062 as on 31st March 2018. Besides network expansion, improving the volumes of the existing network also has been a key focus area for Retail SBU. About 1,000 outlets were modernized during the year with an investment outlay of over Rs 350 crore. HPCL Middle East FZCO, a 100% Subsidiary of your Corporation was incorporated on 11th February, 2018 as a Free Zone Company under Dubai Airport Free Zone and Establishment Card was issued on 22nd March, 2018 for the Company. The foreign subsidiary was established for trading in Lubricants & Grease, Petrochemicals and Refined Oil Products. RRPCL was incorporated on 22nd September, 2017 with Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) holding equity in the ratio 50%: 25%: 25% respectively. Ujjwala Plus Foundation, a joint venture of Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) with fund contribution in the ratio 50%: 25%: 25%, respectively was incorporated on 21st July, 2017 as a not-for-profit Private Company Limited by Guarantee (without Share Capital) under Section 8 of the Companies Act 2013. CHBL, in which HPCL holds 74% of equity shareholding, was dissolved with effect from 8th March 2018. During 2017-18, more than 650 outlets were added to the network of branded Club HP / Club HP Star outlets taking the total to over 2,700 as of March 2018. In line with the commitment to ensure a cleaner and greener environment, solar panels were installed at 464 retail outlets during the year. HPCL also launched an electric vehicle charging station at a retail outlet in Nagpur. To adapt to green energy solutions, HPCL initiated process of replacing existing conventional Metal Halide Lamps with LEDs at retail outlet network and LED installation was completed at 4,510 retail outlets during the year 2017-18. To cater to growing LPG demand, HPCL commissioned its largest LPG bottling plant at Panagarh in West Bengal with bottling capacity of 250 TMPTA. In addition, bottling capacity augmentation projects of 60 TMTPA each at Unnao (Uttar Pradesh) and Purnea (Bihar) LPG plants were also completed during the year 2017-18. During 2017-18, HPCL successfully executed retailer loyalty scheme aimed to create a larger customer base within Bazaar market and enhance brand awareness for HP Lubricants in the market. To strengthen connection to the key stakeholders in lube market i.e. retailer and mechanics, HPCL launched its market activation campaign named BANDHAN' during the year. Various activities were conducted at important markets involving a number of retailers and mechanics and educating them on HPCL's lubricant products and benefits. During 2017-18, HPCL made its footprint in UAE with incorporation of 100% owned subsidiary company, HPCL Middle East FZCO' at DAFZA (Dubai Airport Free Zone Area) in UAE. HPCL has also appointed a distributor in Myanmar in 2017 and have commenced sales. HPCL's sales efforts in Myanmar were bolstered by product launches in important markets of Yangon and Mandalay and are being supported through various promotional and marketing activities in the region. During 2017-18, HPCL commissioned 5 new Kerb Side Pumps (KSPs) for Indian Army, taking total KSPs to 93 with total tankage of 4,841 KL to ensure smooth supply of POL products to Army in toughest terrains of country. The Company also commissioned 8,600 KL of scattered tankage for Indian Army at Leh during the year. It further completed the Advance Winter Stocking of POL products for Indian Army in Kashmir Valley and Leh within stipulated time. During 2017-18, international airlines and carriers like Azur Air, Thai Airways, Kenya Airways, Scoot Tiger Air, Silk Air, Nepal Airlines, SriLankan Airlines and Biman Bangladesh were added to the existing customer portfolio. During 2017-18, aviation fuel infrastructure was augmented by setting up new fixed facilities at Tirupati, Srinagar & Patna airports. In addition, 3 new ASFs were commissioned during 2017-18 at Jalgaon, Vidyanagar and Mundra airports where flight operations were commenced under Regional Connectivity Scheme of Government of India. During 2017-18, HPCL revamped and augmented the facilities at various locations including 8 bay Tank Truck (TT) filling gantry with allied facilities at Loni & Nalagarh and 6 Bay ATF TT loading facilities (fully compliant to MBLC requirements) along with allied facilities at Bahadurgarh terminal. In addition, revamp of Jabalpur depot was completed with state of the art safety features. The depot was made fully compliant to latest OISD standards and enabled with fully automated loading operation. During 2017-18, HPCL implemented a number of cost leadership initiatives in operation and distribution of petroleum products, which resulted in substantial savings for the Corporation. Major initiatives undertaken during 2017-18 include simultaneous tanker discharge at Ennore and Visakh terminals and realignment of retail outlets to optimize the logistics cost. Energy efficient lighting system was installed at 40 locations and solar plants (Rooftop and ground mounted) of total capacity 2,700 KW were installed at 32 POL locations during the year 2017-18. Strict monitoring of specific energy & water consumption across locations was achieved through sustained awareness building. Rainwater harvesting at all major locations along with fresh water management has helped to reduce water consumption significantly. During 2017-18, the Company's joint venture Hindustan Colas Private Ltd. (HINCOL) supplied Bitumen emulsions to numerous road projects in India registering a sales growth of 5% over historical. It also supplied Polymer Modified Bitumen for construction of runways at Chandigarh and Kannur international airports and Air Force stations at Pune, Tambaram, Awantipur, Sirsa and Kalburgi.

Hindustan Petroleum Corporation Ltd Chairman Speech

Navigating through a challenging environment, your Company has delivered its highest ever Profit After Tax (PAT) of

Rs.10,664 Crore during the Financial Year 2020-21, crossing the Rs.10K Crore mark for the first time

Dear Shareholder,

It gives me immense pleasure to present the 69th Annual Report on the performance of your Company for the year 2020-21. The year was very challenging for the nation and its people due to the pandemic. At this hour of crisis, your Company salutes the tireless efforts and incredible courage of all the frontline workers fighting COVID-19 pandemic with complete dedication. My heart goes out to everyone out there who has suffered the loss of their loved ones. Given the scientific progress achieved, I am confident that the continuous efforts and strict discipline will eventually make us win over the crisis.

During the year, the most satisfying achievement of the Company is its proactive efforts in helping the nation fight against the pandemic. During the lockdown period, your Company made every effort to serve the nation by ensuring uninterrupted supplies of essential commodities like cooking gas and transport fuels across the length and breadth of the country while ensuring safety of its workforce. Significant technology solutions were implemented to ensure that employees can work seamlessly from remote locations / home to ensure product availability. The Company undertook various relief measures for needy and less privileged people including migrant labour and strengthening the health infrastructure.

For the Global Energy Industry, Oil was by far the hardest hit. Restrictions on mobility, containment measures and economic disruptions related to the COVID-19 outbreak led to sharpest oil demand contraction in calendar year 2020 in decades. Indian economy was equally impacted by the unprecedented crisis. The lockdown measures imposed to contain the pandemic, affected the economic activities resulting in contraction of the real Gross Domestic Product (GDP) by 7.3% in 2020-21. In addition, the pandemic posed new challenges related to business continuity, supply chain management and concerns related to health and safety of the workforce.

Consequent to the several proactive, preventive and mitigating measures taken by Government, the rebound from the COVID-19 induced slump has been sharp in the third quarter as real GDP growth turned positive and further strengthened in the fourth quarter. The country's fuel demand which has contracted to almost 50% in April 2020 rebounded sharply with gradual relaxation of lockdown restrictions to end the year with almost 91% of the 2019-20 full year demand.

Crude oil prices varied in a wide range during 2020-21, falling significantly in the beginning of the year largely driven by demand contraction due to COVID-19 lockdown. Crude oil prices rebounded subsequently due to sharp recovery in demand as the lockdowns were relaxed coupled with significant production cuts announced by OPEC+ countries.

I am happy to share that navigating through a challenging environment, your Company has delivered its highest ever Profit after Tax (PAT) of

Rs.10,664 Crore during the Financial Year 2020-21, crossing the Rs.10K Crore mark for the first time which has been possible only due to tireless efforts of all employees, channel partners and unwavering faith of all our stakeholders. Your Company exhibited high degree of agility, resilience and responsiveness during the crisis which has earned goodwill from its customers and public at large.

The significant improvement in the profitability in spite of challenges due to COVID-19 pandemic was a result of efficient planning, robust operational performance and effective supply chain management. It was further helped by favourable exchange rate variations and inventory gains. The Company achieved gross sales of Rs.2,69,243 Crore during the year. Your Company continues to return value to its shareholders consistently with robust balance sheet and cash flows. The Board of Directors of your Company has proposed payment of a final dividend of Rs.22.75 per share for the financial year 2020-21.

To create value for the stakeholders, your Company initiated ‘Share Buy Back' program in November 2020 through market transactions for a maximum value of Rs.2,500 Crore at maximum rate of Rs.250 per share. As of 31st March 2021, your Company has bought 7.18 Crore shares at a total value of Rs.1,986 Crore. The Buy-back program has been successfully completed on its expiry date of 14th May 2021. In its entire Buy-back program, HPCL bought back 10.53 Crore Equity Shares utilising a total amount of Rs.2,954 Crore which includes all transaction costs and taxes.

Considering importance of natural gas in future energy mix of the country, in a significant development, HPCL acquired balance 50% of the equity in its JV Company HPCL Shapoorji Energy Private Limited (HSEPL) making it a wholly-owned subsidiary of HPCL. HSEPL is setting up 5 MMTPA capacity LNG regasification terminal at Chhara in Gujarat for which construction is in progress.

During 2020-21, both HPCL refineries at Mumbai and Visakh maintained sound physical performance with combined capacity utilisation of 104% and thruput of 16.42 MMT despite the demand contraction and constraints due to COVID-19 pandemic. Adapting continually to the unprecedented challenges from COVID-19, effective logistics management, sound crude sourcing plans and speedy evacuation of products have helped HPCL to exhibit the sturdy performance. Mumbai refinery achieved highest annual production of Lube Oil Base Stocks

Your Company exhibited high degree of agility, resilience and responsiveness during the crisis which has earned goodwill from its customers and public at large

SPO 90 N, SPO-II and 150 N-II. Visakh Refinery achieved highest annual production of LDO, VLSFO, MTO and JBO. Mumbai Refinery also launched a new product Solvent-3275 during the year.

Your Company delivered robust marketing performance in 2020-21. HPCL has recorded sales volume of 36.63 MMT, notwithstanding the demand contraction and other challenges due to pandemic. In the arduous times, HPCL continued its operations without any disruptions to ensure availability of petroleum products for essential services to public while ensuring the safety and wellbeing of its stakeholders and the workforce. To quote an example, your company delivered, on an average more than 15 lakh LPG cylinders per day during the peak lockdown period ensuring wellbeing of the consumers and safety of the workforce to meet the sharp increase in demand of cooking gas during this period. In retail sales, total sales volume of 22 MMT was achieved with gaining of market share in Total Motor Fuels (TMF) sales among the PSU OMCs. In sales of LPG, your Company has achieved highest ever sales of 7.41 MMT, with growth of 5.3%. Your Company is the second largest LPG marketer in the country. In B2B segment, the strategy of maximising volumes in three focus products helped the Corporation to cross 1 MMT sales volume in Fuel Oil (FO), Diesel and Bitumen individually for the sixth consecutive year. In the highly competitive lubricant markets, sales volume of over 600 TMT has been achieved, making HPCL the number one lube marketer in India for eighth consecutive year. Expanding its geographical reach, your Company exported 14.8 TMT of Lubricants to 16 countries during the year.

Your Company continues to lay strong emphasis on operational efficiency & cost optimisation with continued focus on productivity enhancement measures with usage of technology. During the year, 18 more locations were added as ‘SMART' terminals with end-to-end automation & seamless integration of various processes resulting in enhanced operational and cost efficiency, safety, and stakeholder convenience. With sustained efforts towards efficiency and conservation, the Specific Energy Consumption in pipeline operations has been significantly reduced during the year. Continuous monitoring and effective distribution planning have resulted in maximising product evacuation, better inventory management and optimising product sourcing.

Numerous actions have been undertaken by the Corporation to enhance safety in all facets of operations underpinned by SOPs, continuous training of operating manpower, technology-enabled monitoring practices and alarm systems. Mumbai Refinery has achieved best ever safety performance by clocking 30.08 million man-hours of safe operations in FY 2020-21.

To ensure seamless and cost efficient delivery of petroleum products across the country, your Company has significantly expanded and upgraded the supply chain infrastructure during the year with capital expenditure of Rs.14,700 Crore. POL supply network was further strengthened with the addition of Madurai Railway Siding facility. Towards enhancement of LPG bottling capacities to meet the increasing market demand, construction of the 51st LPG plant of the Corporation at Rayagada in the state of Odisha with bottling capacity of 60 TMTPA has been completed. LPG bottling capacity augmentation projects were completed and commissioned in Gandhinagar, Jabalpur, Bahadurgarh, Yediyur and Pampore LPG Bottling Plants with total capacity addition of 270 TMTPA during the year. Aviation fuel network was strengthened with commissioning of new ASFs at Shirdi in Maharashtra & Kurnool in Andhra Pradesh during the year.

Your Company commissioned 2,158 new retail outlets, which has been the highest in a year taking the total retail outlets to 18,634 as of 31st March 2021. Last-mile delivery capability of your Company was further enhanced with commissioning of 112 new LPG distributorships during the year taking total number of LPG distributors to 6,192. During the year, 369 Door-to-Door Mobile Dispensers were commissioned to deliver fuel to select customers at their premises.

HPCL has always been at the forefront of environmental sustainability through implementation of various initiatives in the areas of carbon footprint reduction, energy efficiency, water conservation, waste management, renewable energy etc. Equal focus is thrusted to the triple bottom line framework of financial, social, and environmental capitals towards greater business values.

Your Company is continuously expanding the business portfolio with greater presence and focus in Natural Gas, Renewables and Petrochemicals towards energy security, climate change mitigation and futureproofing of the business. HPCL along with its Joint Ventures has the authorisation for City Gas Distribution (CGD) presence in 34 districts covering 9 states in the country. Work on CGD projects in various geographical areas authorised to HPCL and its JVs are in progress. During the year, CNG facilities were provided at 203 retail outlets making the total number of HPCL retail outlets with CNG facilities to 674. EV charging facilities were enhanced to 84 retail outlets. Your

Company is also working with number of organisations including startups to provide end-to-end EV charging infrastructure across the country to provide multi-fuel options to the customers. Your company is constructing large scale petrochemical manufacturing facilities through Joint Ventures to leverage existing and future opportunities in chemicals and specialty products.

On the renewables front, your Company is actively working on promotion of Compressed Bio Gas (CBG). As of 31st March 2021, HPCL has released 151 LOIs for setting up of CBG plants with total estimated production capacity of 307 TMTPA. In line with your Company's commitment to move towards a low carbon economy, solar panels were installed at 1,146 retail outlets during the year taking the total number of retail outlets with solar power to 4,648 outlets. With this, 25% of HPCL outlets are operating on solar power. During the year, your Company has installed captive solar power capacity of 11.4 MWp across various locations, taking the total solar power capacity to about 43.95 MWp as of 31st March, 2021. During the year, HPCL has generated about 17.05 Crore kWh of electricity from its wind mills having capacity of 100.9 MW. Towards reduction of carbon intensity in transportation sector, HPCL is actively participating in Ethanol Blending programme and has recorded overall Ethanol Blending Percentage (EBP) of 6.18% by blending 58.84 Crore litres of Ethanol in Petrol during 2020-21. In addition, HPCL also recorded blending of 4.1 Crore litres of Biodiesel during the year.

Research & Development remains to be of paramount importance for your Company to develop, demonstrate and deploy novel & innovative products & technologies. HPCL's Green R&D Centre at Bengaluru is constructing 7 new labs in Phase II expansion programme in addition to existing 9 labs. Under Phase II programme, construction of Petrochemicals and Polymers Lab, Lubes Research Lab, Corrosions

Studies Lab and Green Hydrogen generators with PEM electrolyser were completed during the year. I am happy to share that continued focus in research and innovation across various areas in energy sector enabled your Company to receive 44 patents during the year taking the cumulative patents granted to 90 as on 31st March, 2021.

Your Company is embracing emerging & innovative technologies to enhance customer value and convenience. Implementation of Customer Relationship Management (CRM) tool ensured enhanced customer orientation & superior service standards. For customer value maximisation, digital transactions were promoted in all business activities. Integrated Payment System (IPS) with integration of Point of Sale (POS) machine with dispensing units (DUs) were installed at 6,924 retail outlets providing easy and smart payment options to the customers. New services and features were integrated in ‘HP PAY' app and ‘HP GAS Vitran' app.

Strong commitment, dedication and competence of more than 9,400 employees is the backbone of the Corporation. Armed with a number of millennials and with gender diversity, the Corporation's workforce has strengths of experience, youthful energy, innovative mindset & multiple perspectives. The Corporation has a strong culture of learning and development, which is further enriched through initiatives like e-learning, partnerships with academia and learning through virtual reality centres.

With the strong belief that business priorities co-exist with social commitments & inclusive growth, your Company is continuing its contribution towards nation building through effective implementation of various socio economic development programmes initiated by Government of India. In addition to generous contribution to PM CARES Fund, your Company delivered over 3.8 Crore LPG refills to the beneficiaries under Pradhan Mantri Garib Kalyan Yojna (PMGKY) scheme as of 31st March, 2021. As part of Corporate Social Responsibility (CSR) plan, your Corporation has undertaken various activities during the year under the focus areas of childcare, education, health care, skill development, sports and environment & community development, thus positively influencing the lives of less privileged. Your Company has been proactively working to help fight COVID-19 pandemic by strengthening health infrastructure, accelerating vaccination drive, providing storage and transportation facilities for COVID Vaccines and providing relief to less privileged and migrant workers.

Your Company is continuously enhancing its ability to navigate the future challenges by strengthening the existing business of refining & marketing and consolidation of new business lines including petrochemicals, natural gas and bio fuels. The R&D capabilities of the Corporation are continuously scaled up to provide competitive edge to your Company. The focus is on building a diversified and flexible business portfolio aligned with the needs of changing market coupled with expansion of business footprints in overseas geographies. New avenues of value creation in areas of electric mobility & other emerging areas are being explored in collaboration with various technology start-ups & OEMs. To keep pace with the transition in the technology and customer preferences, the Company is focussing on value creation by leveraging the emerging digital technologies for transformation and enhancing IT capabilities. With the formulation of Digital Strategy Road Map, organisation has been galvanised towards long-term digital transformation and various digital initiatives are under implementation. The ERP modernisation project implementation is also in progress.

Your Company has undertaken a number of large-scale projects across the energy value chain to support future growth, improve efficiencies, increase competitiveness and enhance participation in renewable sector. Some of the major projects are fast approaching towards completion to realise the intended benefits. Visakh Refinery

Your Company is continuously expanding the business portfolio with greater presence and focus in Natural Gas, Renewables and Petrochemicals towards energy security, climate change mitigation and futureproofing of the business

Modernisation Project and Mumbai Refinery Expansion Project are in advance stage of completion with Visakh Refinery Bottom Upgradation Project also progressing well. The 9 MMTPA Greenfield Refinery and Petrochemical Complex project of HPCL Rajasthan Refinery Limited (HRRL) has picked up speed with construction in progress. The construction of the 5 MMTPA LNG regasification terminal at Chhara port in Gujarat by our subsidiary company is progressing well. Marketing supply infrastructure is being augmented with additional cross-country pipeline network length of over 1500 km and capacity addition of over 7 MMTPA. The three major cross-country pipeline projects namely Vijayawada Dharmapuri Product Pipeline, Hassan Cherlapalli LPG Pipeline and Barmer Palanpur Product Pipelines project are running ahead of schedule. In addition, a number of LPG Plants, Aviation Service Facilities, CGD network etc. along with upgradation of existing facilities at supply locations are under different stages of implementation. On the renewable front, construction of 2G refinery at Bathinda and Compressed Bio Gas (CBG) plant at Badaun in UP are in progress in addition to the CBG plants being set up under SATAT scheme by other entrepreneurs with offtake support from HPCL for Bio Gas.

Global economic growth is gaining momentum. Economic activity in the country is gathering strength supported by the recovery in both demand and supply channels, large pent up demand, sustained rollout of the vaccination programme, growth-enhancing proposals in the Union Budget and accommodative monetary policies. Lower perceived risks on possible subsequent pandemic waves in future and new mutant variants is also aiding the recovery. Global financial market volatility, however, may pose a risk. Considering the demography, economic development and lower

Your Company remains focussed on delivering consistent, competitive, responsible growth & value creation through sustainable business models with a right mix of strengthening core business and leveraging new opportunities in product portfolio & geographies.

per capita energy consumption, India's requirement for energy is increasing rapidly. As Indian economy rebounds from its contraction in the previous year with removal of restrictions on mobility, recovery in industrial activities and increased public & private spending, primary energy consumption is projected to rise sharply. While oil continues to remain the main stay to meet the fuel demand of the country, regulatory thrust on increasing penetration of low carbon energy will increase consumption of natural gas and bio fuels in India's energy basket.

Emerging alternate sources of energy will also help in catering to a part of the increasing energy demand.

We are in a rapidly changing world where digital connectivity and abundance of data is reshaping value creation models across verticals. Your Company is actively working on leveraging emerging technologies in various areas of its business to enhance efficiency and customer experience.

Your Company remains focussed on delivering consistent, competitive, responsible growth & value creation through sustainable business models with a right mix of strengthening core business and leveraging new opportunities in product portfolio & geographies.

I am thankful to the Ministry of Petroleum & Natural Gas, State Governments, various statutory and local bodies for their guidance and support in all our efforts and look forward to their continued support in future as well.

I would like to thank all our customers, shareholders, business associates, employees and other stakeholders for their unflinching commitment and support. I would also like to convey my sincere appreciation to the Board of Directors for their guidance and mature counsel.

I look forward to your continued support for our shared vision of

"Creating Value and Delivering Growth".

Thank you

Mukesh Kumar Surana

   

Hindustan Petroleum Corporation Ltd Company History

Hindustan Petroleum Corporation Ltd (HPCL) is a Mega Public Sector Undertaking (PSU) with Navratna status. HPCL in collaboration with M/s Mittal Energy Investments Pte. Ltd. operates 11.3 MMTPA capacity refinery at Bathinda, Punjab with 49% equity stake. Besides, the company also holds an equity stake of 16.96% in Mangalore Refinery & Petrochemicals Ltd (MRPL), a refinery at Mangalore with a capacity of 9 MMTPA. The company's products and services include refineries, aviation, bulk fuels & specialities, international trade, liquefied petroleum gas (LPG) - HP gas, Lubes - HP lubes. The company's subsidiaries include HPCL Biofuels Ltd, Prize Petroleum Co., Ltd. (PPCL), Prize Petroleum International Pte. Ltd., and HPCL-Middle East FZCO. The Company is mainly engaged in the business of refining of crude oil and marketing of petroleum products, production of hydrocarbons as well as providing services for management of exploration and production (E&P) Blocks. Hindustan Petroleum Corporation Ltd was incorporated on July 5th, 1952 with the name Standard Vacuum Refining Company. Then, the name was changed to ESSO India. When ESSO and Lube India were nationalized, the company was renamed to Hindustan Petroleum Corporation Ltd in the year 1974. The Caltex undertaking was nationalized in the year 1976, which were subsequently merged with the company in the year 1978. In the year 1979, the undertakings of Kosan Gas Company, the concessionaires of HPCL in the domestic LPG market, was merged with the company. In December 2000, the 'Guru Gobind Singh Refineries' was incorporated as a wholly owned subsidiary company. The company completed the Rs 378 crore pipeline project from Vijayawada to Secunderabad, which was commissioned on March 2002. They set up a new LPG Bottling plant with capacity of 44 TMTPA in Kota. The company implemented 15 company tank trucks in the year 2004. During the year 2004-05, the company completed their construction of a new grassroot depot at Aonla, Bareilly in Uttar Pradesh with total cost of Rs 10.25 crore. Also, they completed the construction of another new grassroot depot at Ramagundam, Andhra Pradesh at a total cost of Rs 11.47 crore. Further they commissioned a total of 13100 KL additional tankage at various locations during the year. The company branded their retail outlets under the name 'CLUB HP'. They launched 'Turbojet' branded diesel and the 'Power' branded petrol in India. During the year 2005-06, the company's Mumbai Refinery undertook mega project at an approved cost of Rs 1850 crore to meet the MS/HSD of EURO-III grade in Metro/Mega cities and Bharat stage-II grade in the rest of the country and the Visakhapatnam Refinery undertook Clean Fuel Project at an approved cost of Rs 2147.8 crore to meet the MS/HSD of Euro-III grade in metro-mega cities and Bharat-II grade in the rest of the country. The company commissioned 647 retail outlets during the year. During the year 2008-09, the installation of facilities for production of Euro III / IV Petrol (Motor Spirit) at both the Refineries was completed. In pursuit of promoting alternate fuels, CREDA-HPCL Biofuel Ltd (CHBL) was incorporated on October 14, 2008, as a subsidiary company with equity shareholding of 74% by the company and 26% by Chhattisgarh State Renewable Energy Development Agency (CREDA). CHBL is to undertake cultivation of Jatropha plant, an energy crop used for production of bio- diesel, on 15,000 hectares of land leased by the Government of Chhattisgarh. HPCL Refineries commissioned Clean Fuels Projects and Euro-IV MS production started prior to January 2010 as per Auto Fuels Policy. Mumbai Refinery was the First Indian PSU refinery to commence BS-IV MS production facilities and first batch of BS-IV MS was rolled out in January 2010. In its continual effort to widen the crude basket, Mumbai Refinery processed 2 new crudes, namely Iran Mix and Ravva crude. In April 2011, the company approved the acquisition of balance 50% shares held by other joint venture partners in Prize Petroleum Company Ltd. In November 2011, the company entered into a MoU with Greater Calcutta Gas Supply Corporation Ltd (GCGSCL) and Gas Authority of India Ltd (GAIL) to carry out natural gas business in the City of Kolkata and its adjoining districts. The company is setting up a state-of-the-art Green R&D Centre at Bangalore with an objective to become a technology leader through continuous & innovative R&D efforts. The project is being executed in a phase manner with a phase-I capital investment of Rs 210 crore. In 2012, HPCL, Mittal Energy joint venture ties-up with IBM for data solutions. The company became a promoter of the Rajasthan refinery by taking a majority stake of 51 per cent in Rs 25,000-crore refinery with annual capacity of 9 million metric tonnes. In 2013, a Memorandum of Understanding (MOU) was signed between Government of Rajasthan (GOR) and the company for setting up a state-of-the-art 9 MMTPA refinery-cum-petrochemical complexes in Barmer District of Rajasthan. The company proposed to enter into a 50:50 joint venture with Shapoorji Pallonji Group for LNG terminal for import of liquid gas (LNG) on Gujarat Coast. The company procures 1mn barrels of Nigerian Qua Iboe crude oil. The company has been bestowed with the Golden Peacock Award for Excellence in Corporate Governance for the year 2013 by Institute of Directors. The company signs MoU with MOP&NG, Govt. of India for FY 2013-14. In 2014, the company's Mumbai Refinery bagged the coveted 'National Energy Conservation Award (First prize)' in the refinery sector. The company inaugurates KSP on world's highest motorable road. The company bags the Platts Top 250 Global Energy Award. The company acquires two gas blocks in Australia for AUD 85 million. In 2015, Hindustan Petroleum Corporation Ltd (HPCL) approved the proposal for implementation of capacity expansion of the company's Mumbai refinery from 7.5 MMTPA to 9.5 MMTPA. HPCL - HP-HiGAS Unit', a new commercial scale unit developed based on HPCL R&D technology at Visakhapatnam refinery was inaugurated during the year. The company commenced marketing of Bio-Fuel blended High Speed Diesel (B-5 Diesel) in select retail outlets of the country. On 27 May 2016, the Board of Directors of HPCL approved acquisition of 2.16 crore equity share of Petronet MHB Ltd. (PMHBL) at Rs 12.04 per share from Petronet India Ltd totaling to Rs 26.09 crore. The Board of Directors of HPCL at its meeting held on 20 July 2016 recommended issue of bonus shares in the ratio of 2 bonus shares for every 1 existing equity share. The board also approved Rs 20928-crore project to increase the capacity of Visakhapatnam refinery to 15 MMTPA from 8.33 MMTPA, with residue up-gradation facility meeting BS VI fuel specification compliance. On 21 July 2016, HPCL announced that the nameplate capacity of its Mumbai refinery stands enhanced to 7.5 MMTPA from 6.5 MMTPA due to various process improvements and de-bottlenecking schemes implemented by the company. Following approved from HPCL's Board of Directors as well as shareholders, the Reserve Bank of India on 5 August 2016 notified increase in the ceiling on investment in HPCL's shares by foreign institutional investors (FIIs) from 24% to 40% of the paid up capital of the company. HPCL commissioned Mangalore-Hassan-Mysore-Solur LPG pipeline (356 km) in October 2016 with a cost of nearly Rs 838 crore and ahead of scheduled time of completion. To reduce carbon footprints and promote renewable energy, HPCL commissioned a 50.5 MW wind power project in Rajasthan in December 2016, taking the total wind power capacity to 101 MW. On 7 December 2016, HPCL announced that it has signed a Consortium Agreement with Indian Oil Corporation Limited and Bharat Petroleum Corporation Limited to carry out pre project activities for setting up of 60 MMTPA West Coast Refinery and a Petrochemical Project in the State of Maharashtra through a Joint Venture Company. The Board of Directors of HPCL at its meeting held on 17 April 2017 approved resumption of Rajasthan Refinery Project and signing of revised MOU with the State Government of Rajasthan for implementation of the project. The project involves the setting up of 9 MMTPA grass root refinery at Pachpadra in Barmer district in Rajasthan. The Board of Directors of HPCL at its meeting held on 26 May 2017 recommended issue of fully paid bonus shares in the ratio of 1 bonus equity share of Rs 10 each for every 2 existing equity shares of Rs 10 each. HPCL registered highest ever Profit after Tax of Rs 6209 crore on standalone basis with gross sales of Rs 213489 crore for the year ended 31 March 2017 (FY 2017). HPCL refineries at Mumbai and Visakhapatnam maximized crude processing and achieved the highest ever-combined refining throughput of 17.81 MMT with capacity utilization of 113% in FY 2017, compared to throughput of 17.23 million tonnes in FY 2016. HPCL successfully rolled out daily pricing of petrol and diesel across India effective from 16 June 2017 to smoothen flow of products from supply locations to the consumer and align the prices to the international prices on daily basis. On 6 July 2017, HPCL announced that it has raised $500 million from fixed rate senior unsecured notes in overseas markets. The company intends to use all of the proceeds of the issue to fund capital expenditure for its ongoing and future domestic projects in accordance with the ECB Guidelines of India. During 2017-18, three new ASFs at Srinagar, Tirupati and Patna were commissioned. Under Regional Connectivity Scheme, 3 new locations were comissioned at Vidyanagar, Jalgaon and Mundra in aviation business. In FY 2017-18, the Corporation commissioned Panagarh LPG plant with a bottling capacity of 250 TMTPA, which is the biggest LPG plant in Asia.Government of India transferred whole of its 51.11% of the total paid up equity share capital of HPCL to Oil and Natural Gas Corporation Limited (ONGC) on 31st January 2018. Post-acquisition, HPCL continues to be central public sector enterprise (CPSE) and a government company within the meaning of Section 2 (45) of the Companies Act, 2013. During 2017-18, HPCL completed the turnaround of CDU-I unit at Visakh Refinery and also implemented the best practice of risk-based inspection in some of the critical units at Mumbai Refinery and Visakh Refinery. During 2017-18, a number of process improvement schemes were implemented at both refineries including SEU II Furnace revamp at Mumbai Refinery and commissioning of the slop-processing scheme at Visakh Refinery. During 2017-18, HPCL commissioned 669 new retail outlets and exceeded the mark of 15,000 retail outlets by taking the total outlet number to 15,062 as on 31st March 2018. Besides network expansion, improving the volumes of the existing network also has been a key focus area for Retail SBU. About 1,000 outlets were modernized during the year with an investment outlay of over Rs 350 crore. HPCL Middle East FZCO, a 100% Subsidiary of your Corporation was incorporated on 11th February, 2018 as a Free Zone Company under Dubai Airport Free Zone and Establishment Card was issued on 22nd March, 2018 for the Company. The foreign subsidiary was established for trading in Lubricants & Grease, Petrochemicals and Refined Oil Products. RRPCL was incorporated on 22nd September, 2017 with Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) holding equity in the ratio 50%: 25%: 25% respectively. Ujjwala Plus Foundation, a joint venture of Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) with fund contribution in the ratio 50%: 25%: 25%, respectively was incorporated on 21st July, 2017 as a not-for-profit Private Company Limited by Guarantee (without Share Capital) under Section 8 of the Companies Act 2013. CHBL, in which HPCL holds 74% of equity shareholding, was dissolved with effect from 8th March 2018. During 2017-18, more than 650 outlets were added to the network of branded Club HP / Club HP Star outlets taking the total to over 2,700 as of March 2018. In line with the commitment to ensure a cleaner and greener environment, solar panels were installed at 464 retail outlets during the year. HPCL also launched an electric vehicle charging station at a retail outlet in Nagpur. To adapt to green energy solutions, HPCL initiated process of replacing existing conventional Metal Halide Lamps with LEDs at retail outlet network and LED installation was completed at 4,510 retail outlets during the year 2017-18. To cater to growing LPG demand, HPCL commissioned its largest LPG bottling plant at Panagarh in West Bengal with bottling capacity of 250 TMPTA. In addition, bottling capacity augmentation projects of 60 TMTPA each at Unnao (Uttar Pradesh) and Purnea (Bihar) LPG plants were also completed during the year 2017-18. During 2017-18, HPCL successfully executed retailer loyalty scheme aimed to create a larger customer base within Bazaar market and enhance brand awareness for HP Lubricants in the market. To strengthen connection to the key stakeholders in lube market i.e. retailer and mechanics, HPCL launched its market activation campaign named BANDHAN' during the year. Various activities were conducted at important markets involving a number of retailers and mechanics and educating them on HPCL's lubricant products and benefits. During 2017-18, HPCL made its footprint in UAE with incorporation of 100% owned subsidiary company, HPCL Middle East FZCO' at DAFZA (Dubai Airport Free Zone Area) in UAE. HPCL has also appointed a distributor in Myanmar in 2017 and have commenced sales. HPCL's sales efforts in Myanmar were bolstered by product launches in important markets of Yangon and Mandalay and are being supported through various promotional and marketing activities in the region. During 2017-18, HPCL commissioned 5 new Kerb Side Pumps (KSPs) for Indian Army, taking total KSPs to 93 with total tankage of 4,841 KL to ensure smooth supply of POL products to Army in toughest terrains of country. The Company also commissioned 8,600 KL of scattered tankage for Indian Army at Leh during the year. It further completed the Advance Winter Stocking of POL products for Indian Army in Kashmir Valley and Leh within stipulated time. During 2017-18, international airlines and carriers like Azur Air, Thai Airways, Kenya Airways, Scoot Tiger Air, Silk Air, Nepal Airlines, SriLankan Airlines and Biman Bangladesh were added to the existing customer portfolio. During 2017-18, aviation fuel infrastructure was augmented by setting up new fixed facilities at Tirupati, Srinagar & Patna airports. In addition, 3 new ASFs were commissioned during 2017-18 at Jalgaon, Vidyanagar and Mundra airports where flight operations were commenced under Regional Connectivity Scheme of Government of India. During 2017-18, HPCL revamped and augmented the facilities at various locations including 8 bay Tank Truck (TT) filling gantry with allied facilities at Loni & Nalagarh and 6 Bay ATF TT loading facilities (fully compliant to MBLC requirements) along with allied facilities at Bahadurgarh terminal. In addition, revamp of Jabalpur depot was completed with state of the art safety features. The depot was made fully compliant to latest OISD standards and enabled with fully automated loading operation. During 2017-18, HPCL implemented a number of cost leadership initiatives in operation and distribution of petroleum products, which resulted in substantial savings for the Corporation. Major initiatives undertaken during 2017-18 include simultaneous tanker discharge at Ennore and Visakh terminals and realignment of retail outlets to optimize the logistics cost. Energy efficient lighting system was installed at 40 locations and solar plants (Rooftop and ground mounted) of total capacity 2,700 KW were installed at 32 POL locations during the year 2017-18. Strict monitoring of specific energy & water consumption across locations was achieved through sustained awareness building. Rainwater harvesting at all major locations along with fresh water management has helped to reduce water consumption significantly. During 2017-18, the Company's joint venture Hindustan Colas Private Ltd. (HINCOL) supplied Bitumen emulsions to numerous road projects in India registering a sales growth of 5% over historical. It also supplied Polymer Modified Bitumen for construction of runways at Chandigarh and Kannur international airports and Air Force stations at Pune, Tambaram, Awantipur, Sirsa and Kalburgi.

Hindustan Petroleum Corporation Ltd Directors Reports

Dear MEMBERS,

On behalf of the Board of Directors, it gives me immense pleasure in presenting this Report on the performance of your Corporation for the financial year ended March 31, 2021.

"Difficult roads always lead to beautiful destinations" is the mantra that your Corporation believed in the midst of severe global health emergency experienced in modern history. One of the milestones as we travel towards this destination is crossing over a Rs.10,000 Crore mark in Profit after Tax, the 1st ever in the annals of your Corporation. The Board dedicates this success to the service of all the COVID warriors who associated themselves in one way or the other during the year with your Corporation.

HIGHLIGHTS

Consolidated

Standalone

2020-21

2019-20 2020-21

2019-20

FINANCIAL PERFORMANCE
Sales/Income from Operation

2,69,493.69

2,86,574.27 2,69,242.86

2,86,250.27

Earnings before Interest, Tax, Depreciation & Amortization and

18,785.75

6,885.94 18,714.17

6,961.63

Exceptional items
Depreciation & Amortization Expenses

(3,625.47)

(3,369.87) (3,552.65)

(3,304.39)

Finance Cost

(963.28)

(1,138.85) (914.73)

(1,081.72)

Profit before Tax and exceptional items

14,197.00

2,377.22 14,246.79

2,575.52

Exceptional items – Income/(Expense)

-

(1002.93) -

(1,002.93)

Profit before Tax (PBT)

14,197.00

1,374.29 14,246.79

1,572.59

Tax Expenses

(3,534.11)

1,264.44 (3,582.91)

1,064.67

Profit after Tax (PAT)

10,662.89

2,638.73 10,663.88

2,637.26

Balance brought forward from previous financial year

27,485.23

26,923.39 25,394.07

24,941.79

Amount available for Appropriation
Appropriations/Others:
Debenture Redemption Reserve (net)

(33.84)

(513.46) -

(625.00)

Dividend

(1,485.72)

(1,432.39) (1,485.72)

(1,432.39)

Tax on distributed profits

-

(294.43) -

(294.43)

Other Comprehensive Income that will not be reclassified to profit or

(88.95)

(161.50) (92.23)

(158.05)

loss(net of tax)
Utilisation for shares buy-back

(208.61)

- (208.61)

-

Other Appropriations

(262.17)

324.89 -

324.89

Balance carried forward

36,068.83

27,485.23 34,271.39

25,394.07

SHAREHOLDERS' VALUE (`)
Earnings per Share

70.57

17.32 70.57

17.31

Cash Earnings per Share

94.21

29.36 94.06

30.23

Book Value per Share

262.26

203.31 249.21

190.06

PHYSICAL PERFORMANCE (MMT)

2020-21

2019-20
Market Sales (including Exports)#

36.63

39.60
Crude Thruput:
Mumbai Refinery

7.37

8.07
Visakh Refinery

9.05

9.11
Total Crude Thruput

16.42

17.18

# Market Sales (including exports) as per Ind AS is 36.59 MMT for financial year 2020-21 and 39.64 MMT for financial year 2019-20.

SALES/INCOME FROM OPERATIONS

Your Corporation has achieved Sales/Income from Operations of Rs.2,69,242.86 Crore in the financial year 2020-21 as compared to Rs. 2,86,250.27 Crore in the financial year 2019-20 on a standalone basis.

PROFIT

Your Corporation has reported Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) of Rs.18,714.17 Crore in the financial year 2020-21 as against Rs.6,961.63 Crore in the financial year 2019-20 (without considering an exceptional expense of Rs.1,002.93 Crore) and Profit after Tax of Rs.10,663.88 Crore in the financial year 2020-21 as compared to Rs.2,637.26 Crore in the financial year 2019-20 on a standalone basis.

DIVIDEND

The Board of Directors, after taking into account the Financial Results of the Corporation during the financial year, have recommended a final dividend of Rs.22.75 per share for the financial year 2020-21 as compared to Rs.9.75 per share for the financial year 2019-20.The amount of final dividend as recommended by the Board totaling to

` 3,227.20 Crore will be paid out of profits earned for the financial year.

SHARES BUY BACK

Your Corporation has rolled out a ‘Shares Buy-back Program' for an aggregate amount not exceeding Rs.2,500 Crore (excluding taxes and transaction cost), to be executed from the Open Market through Stock Exchange Mechanism at a price not exceeding Rs.250/- per Equity share. The program has concluded on May 14, 2021, mopping up 10,52,74,280 Shares at an average buy-back price of Rs.227.76 per share (excluding taxes and transaction costs). Upon closure of the buy-back program on the said date, your Corporation's share price closed at Rs.254.40 per share in National Stock Exchange of India Ltd. (NSE). Your Corporation is 1st amongst PSU Companies to execute this program through Stock Market Operations, providing liquidity and support thereby rewarding the loyal shareholders with an option to sell their holding during this period.

INTERNAL RESOURCES GENERATION

Your Corporation has generated Internal Resources (net of dividend payout) of Rs.12,727.53 Crore during the financial year 2020-21 as compared to Rs.2,879.29 Crore during the financial year 2019-20 on a standalone basis.

ACQUISITION OF 100% OWNERSHIP IN A GROUP COMPANY

On March 30, 2021, your Company acquired balance 50% stake in HPCL Shapoorji Energy Pvt. Ltd. (HSEPL) held by SP Ports Pvt. Ltd. With this, HSEPL has become a 100% subsidiary of HPCL. The acquisition is in line with overall future strategy of HPCL to diversify its product portfolio and is an important step in the direction of having a strong presence in the total Natural Gas value chain. The 5 MMTPA LNG Terminal at Chhara, Gujarat involving a project cost of about

` 4,300 Crore is likely to be completed by end of calendar year 2022.

The project is further expandable to a capacity of 10 MMTPA in future.

CONTRIBUTION TO EXCHEQUER

Your Corporation has contributed a sum of Rs.95,332.94 Crore to the exchequer during the financial year 2020-21 by way of duties and taxes, as compared to Rs.76,133.41 Crore during the financial year 2019-20 on a standalone basis.

REFINERY PERFORMANCE

In FY 2020-21, refineries have delivered yet another sound physical performance, recording refining thruput of 16.42 Million Metric Tonnes (MMT) as compared to 17.18 MMT during the previous year amidst unprecedented challenges arising due to COVID-19 pandemic, thus achieving a combined capacity utilisation of 104%.

Refineries have surpassed few previous landmarks in the course of their robust performance during the current financial year. Mumbai refinery achieved highest ever production of Lube Oil Base Stocks SPO 90 N, SPO II and 150 N II. Towards diversification of product portfolio, Mumbai refinery commenced production of Solvent 3275, making it 37th product from the refinery. Visakh refinery achieved highest ever production of LDO, VLSFO, MTO and JBO, which are high margin products.

Continuing their focus towards a safe and secure work environment, both refineries have put in place a robust system to bring in safety awareness amongst personnel in their respective assignments on a regular basis. Mumbai refinery achieved best ever safety performance by clocking 30.08 million man-hours of safe operations as of 31st March 2021.

Both refineries are in the process of implementing projects for capacity augmentation. Visakh Refinery Modernization Project (VRMP), with an aim to enhance the refining capacity from 8.3 to 15 MMTPA and Mumbai Refinery Expansion Project (MREP), with an aim to enhance the refining capacity from 7.5 to 9.5 MMTPA are in an advanced stage of execution. The execution of Residue Upgradation Facilities, as part of VRMP is also in progress.

To further enhance refining capacity, your Corporation is setting up a new 9 MMTPA Greenfield Refinery cum Petrochemical Complex at Pachpadra in Barmer District of Rajasthan through its joint venture company, HPCL Rajasthan Refinery Limited (HRRL). Despite several constraints posed by the pandemic, HRRL has achieved significant progress during the financial year 2020-21. Engineering & Procurement activities of some of the major process units are in an advanced stage. Construction of various other facilities like main warehouse, boundary wall, bund wall, roads, water reservoir for construction etc. have been completed.

The particulars with respect to conservation of energy, technology absorption, imported technology, research & development expenditure, foreign exchange earnings & outgo are furnished in Annexure I. The particulars relating to control of pollution and other initiatives by refineries are furnished in Annexure II.

Operating Performance of Refineries:

The significant operating achievements during the financial year 2020-21 are as below:

Parameter Unit Mumbai Refinery Visakh Refinery
Crude Thruput TMT 7,374 9,050
(‘000 Metric Tonne)
Capacity utilization % 98.3 109
Distillate yield % 77.4 74.5
Fuel & Loss % 8.18 7.93
Specific Energy Consumption MBTU/BBL/ NRGF 97.85 80.96
Gross Refinery Margin $/BBl. 4.10 3.67

MARKETING PERFORMANCE

During FY2020-21, your Corporation has delivered an excellent performance amidst the turbulence caused by the global pandemic by achieving a sales volume of 36.63 MMT including exports (FY2019-20: 39.60 MMT).

In Domestic Sales segment, your Corporation has recorded a sales volume of 35.24 MMT (FY2019-20: 37.74 MMT) and achieved a market share of about 21.3% amongst public sector Oil Marketing Companies (OMCs), a gain of 0.47% over historical. In the backdrop of demand contraction of petroleum products, intense competition and pandemic induced lockdown, the achievement is significant.

In the motor-fuel segment, your Corporation achieved sales volume of 22 MMT in FY2020-21 with market share gain of 0.14% on Total Motor Fuels basis (amongst PSUs) for the 14th consecutive year. The year witnessed highest ever commissioning of 2,158 new Retail outlets (taking the number of total retail outlets to 18,634) and commissioning of CNG facilities at 203 Retail outlets (such outlets aggregating to 674 Nos.). Further, door-to-door Mobile Dispensers, numbering 369 Units and EV Charging Facilities at 55 Retail Outlets have been commissioned during the year. The thrust on digital payments continued with the launch of HPCL-Union Bank of India co-branded Rupay Credit Card with National Common Mobility Card (NCMC) feature, which is the first amongst the OMCs. ‘HP Pay' mobile app, which was launched last year has gained traction by clocking an average of 6 lakhs transactions per month. Digital modes of payment which are extensively promoted at retail outlets resulted in highest ever digital conversion of 40.3% in Total Motor Fuels (TMF) sales as of 31st March, 2021. ‘COMCO Millennium, Visakh', a premier retail outlet of your Corporation has achieved sale of 12,032 KL petrol during the year, becoming the highest petrol selling outlet in the country, once again emphasizing the superior brand value of "HPCL" in the market.

In LPG business vertical, your Corporation set a new record in FY2020-21 with sales of 7.4 MMT, a growth of 5.3% over the previous year. It is shared with pride that the Hon'ble Prime Minister of India dedicated the 120 TMTPA Champaran LPG Bottling Plant to the nation for meeting the rising demand of LPG. During the year, your Corporation enrolled 22.80 lakhs new customers and commissioned 112 new regular LPG distributorships (taking the total number of distributors to 6,192). During the financial year, as a COVID relief measure, Government of India has rolled out Pradhan Mantri Garib Kalyan Yojana (PMGKY) under which, 3.81 Crore refills were delivered to the beneficiaries. In Free Trade LPG (FTL) sales segment, your Corporation boosted its market dominance by selling over 3 million APPU cylinders (in package sizes of 5kg/2kg) with a market share of 45%. Your Corporation launched a new product "HP GAS FLAME PLUS" for its commercial and industrial customers. To increase adoption of digital modes of payments for refill booking and better customer convenience, ‘HP Gas refill booking and payment' was made available on ‘Amazon' and via its voice-assistant ‘Alexa'. New services and features were integrated in ‘HP PAY' app and ‘HP GAS Vitran' app for customer value maximization. With these initiatives, ‘HP Gas' recorded highest ever digital transaction of 25.3% in March 2021.

Your Corporation is continuing to hold the numero uno position as a leading Lube marketeer in the country for the 8th consecutive year with a sales volume of more than 600 TMT (‘000 Metric Tonne). The value added lubes category recorded highest ever sales of 545 TMT, registering a growth of 6% over the previous year. Export of

14.8 TMT of lubricants to 16 countries including new footprints in 6 of these could be achieved during the year. Your Corporation has scaled up commercial production and sales of Diesel Exhaust Fluid (DEF) for BS VI engines with sales crossing 12.5 TMT during the year.

In Industrial & Consumer (I&C) business line, your Corporation recorded overall sales volume of about 4.8 MMT. The strategy of maximising volumes in three focus products helped to cross 1 MMT sales volume in furnace oil (FO), diesel and bitumen, individually, for the 6th consecutive year. Highest-ever sales was recorded in light diesel oil, mineral turpentine oil and jute batching oil during the year. Your Corporation has launched HP BITUMEN VG-40 SUPER, a branded bitumen targeting sales to large infra companies.

In the strategic gas business, your Corporation is setting up CGD networks in 10 geographical areas (GAs) in the state of Haryana, Uttar Pradesh, Uttarakhand and West Bengal for which the authorization was granted during 9th and 10th round of CGD bidding by Petroleum and Natural Gas Regulatory Board. During the year, 51 new CNG stations were commissioned in these GAs. Import of LNG from International Market commenced during the year and your Corporation also started marketing natural gas to industrial customers. To facilitate sourcing and marketing of natural gas, a 5 MMTPA LNG regasification terminal at Chhara port (Gir Somnath District) in Gujarat is under construction through HPCL Shapoorji Energy Pvt. Ltd. (HSEPL), a wholly owned subsidiary company.

In Aviation business line, your Corporation achieved a Sales volume of 398 TMT of aviation turbine fuel. Aviation Service Facility (ASF) network was augmented with commissioning of new ASFs at Shirdi and Kurnool taking the total number of ASFs to 46.

Team ‘Supplies, Operations and Distribution' (SOD) played a pivotal role in maintaining a robust supply chain especially during the difficult market conditions following the pandemic outbreak. Your Corporation achieved thruput of 47.3 MMT and maintained uninterrupted supplies of petroleum products across the entire supply chain from refineries to the end customers. Contactless (Face Recognition based) Centralized Biometric Access Control System was commissioned at 40 locations. In the path towards digitization, "Project Sangrah" was conceptualized to achieve paperless office at all major POL locations. During the year, your Corporation added 18 more locations, totaling 50 as ‘SMART' terminals with automation and seamless integration of various processes. Ushering new norms of supply chain, your Corporation is embarking upon various new supply practices viz. handling Oxy and Non Oxy MS, loading Gasohol rakes for the first time etc..

Your Corporation is expanding the pipeline network and capacities for enhanced logistic efficiencies, economics and the associated environmental benefits. Major pipeline infrastructure projects being undertaken are

(i) Extension of Visakh-Vijayawada-Secunderabad Pipeline (VVSPL) from Vijayawada to Dharmapuri and construction of marketing terminal at Dharmapuri

(ii) Hassan-Cherlapally LPG Pipeline and

(iii) Barmer-Palanpur Pipeline with an estimated investment of about Rs.6,000 Crore. These pipeline projects will increase the pipeline network length to about 5,300 Kms and mainline capacity to over 41 MMTPA, thus significantly strengthening your Corporation's position in key markets. The development of India's longest LPG pipeline from Kandla to Gorakhpur (2,757 Km), through joint venture route is ongoing. During FY2020-21, a total pipeline thruput of 19.1 MMT is achieved, which includes LPG Pipelines achieving a thruput of 1.5 MMT.

Your Corporation is fully committed to environment protection, sustainability measures and steps for reduction of Green House Gas (GHG) emissions by promoting biofuels in transportation. During the year, ethanol blending of 6.18% could be achieved (blending 58.8 Crore litres of ethanol in petrol). In addition, blending of 4.1 Crore litres of biodiesel could also be achieved.

Your Corporation has the distinction of being the 1st amongst the OMCs to commence gasohol rake loading. In order to augment the biofuel infrastructure, your Corporation is constructing a second generation ethanol bio-refinery at Bathinda, Punjab with 100 KL/day ethanol production capacity, and a compressed biogas (CBG) production plant of 15 MT/day capacity at Badaun, Uttar Pradesh. Both projects will have biomass as feedstock and are expected to be commissioned during FY2022-23. Renewable energy sources are being leveraged to reduce the carbon footprints and electricity cost across the value chain. During FY2020-21, your Corporation installed captive solar power capacity of 11.4 MWp at Retail Outlets, POL locations, Pipeline stations etc. taking the total solar power capacity to 43.95 MWp. In addition, about 17.05 Crore kWh of electricity could be generated from 100.9 MW wind power capacity during the year and sold.

TREASURY MANAGEMENT

The financial year 2020-21 has been very engaging, absorbing and one of the challenging years. The year began with a black swan event viz. COVID-19 pandemic leading to nation-wide lockdown and restricted mobility causing demand contraction, which led to additional working capital requirements. Moving swiftly, your Corporation tied up the funding needs from Banks & floating commercial papers thereby ensuring adequate availability of funds. Aided by adequate liquidity support from Reserve Bank of India, moderation in Benchmark interest rates and optimum utilization of diverse borrowing instruments, the requisite funding needs of your Corporation could be fulfilled at lowest borrowing costs in recent years.

During the year, your Corporation raised a US$ 300 Million loan at fixed rate of interest for a period of 5 years at highly competitive pricing. This is the first ever fixed interest rate ECB Loan sanctioned by a bank to any Indian Corporate. The loan has been availed at a time when the US interest rates are at historical lows and the same should help optimize the borrowing costs and protection in the event of rising interest rate scenario. Diversifying the borrowing base, your Corporation has also raised Non-Convertible Debentures for 3/5 Year Tenors aggregating to

` 3,200 Crore during the year at very attractive yields.

Your Corporation has effectively used a variety of borrowing instruments to optimize its cost of working capital. The short-term borrowing requirements were met through Triparty Repo Dealing System, Commercial Papers, Buyer's Credit and Revolving Line of Credit in USD and Working facility from consortium banks.

As of March 2021, your Corporation commands international long term issuer rating of "BBB-" with "Negative" outlook from Fitch Ratings, and "Baa3" with "Negative" outlook from Moody's Investors Services. Both ratings are at par with sovereign rating.

Your Corporation continues to command highest domestic rating for long term ("AAA" with "Stable" outlook) and short term ("A1+") facilities from CRISIL, India Rating and Research Limited and ICRA.

IMPACT OF COVID-19 ON BUSINESS

The impact assessment of COVID-19 is a continuing process, given the uncertainties associated with its nature and duration. The year began with a nation-wide lockdown and the total domestic sales volume of your Corporation dropped by over 48% in April 2020 as compared to corresponding previous period, only to gradually improve with passage of time with relaxations announced by the Central Government and the State Governments. By and large, the path to the recovery has been steady. While Q1 witnessed a de-growth of 25.8% (negative), it substantially came down to 9.4% (still negative) in Q2. The trend, namely, recovery in the Country's economic activity continued and finally Corporation's domestic sale of petroleum products witnessed a positive growth of 2.7% in Q3 and the sustained momentum led to a growth of 6.5% in Q4. Though the path to the recovery could be substantially attained by Q4, the year as a whole witnessed a contraction of 6.6% in the total domestic sales of the Corporation.

Your Corporation managed the crude oil inventory by optimizing the scheduling of crude cargoes in line with refinery operations. Product inventories were managed by leveraging cross country product pipeline network and PAN-Indian marketing infrastructure of the Corporation. By optimizing the day-to-day crude run rate and regulating the product procurement from other sources, the Corporation could achieve an overall combined capacity utilization of 104% at its Refineries. The regulated production at its Refineries caused by the pandemic combined with operational exigencies led to an overall de-growth of 4.4% (negative) in the combined Refinery thruput for this financial year.

In view of the negative growth in the economy, various cost optimization initiatives were undertaken across the Corporation, which resulted in significant savings in costs. The Crude Oil & Product price had hit the rock-bottom in March/April 2020, which has recovered substantially during the year leading to significant inventory gains. Seizing the opportunity of lower price, inventories had been steadily built-up in hinterland locations, a tactical move leading to higher inventory gains. For most part of the financial year, the product cracks were depressed, impacting the GRMs of Refineries.

All critical supply locations of your Corporation have continued operating during the lockdown period with health, hygiene and safety measures in place. All the supply and distribution locations including bulk storage terminals and depots, LPG bottling plants, aviation fuel stations, lube blending plants etc., functioned with optimized manpower under the advisories of the respective State Governments and local administrations to maintain supply of POL products.

The working at the non-critical locations was streamlined with work-from-home norms and minimal physical presence to ensure proper social distancing. Protocols were developed for mobile communications, digital connectivity and dedicated portals.

Project construction sites were required to be closed after announcement of nationwide lockdown under directives from concerned authorities. However, after announcement of relaxations from Central Government and some of the State Governments, project sites were restarted gradually from April 20, 2020 and by September, resumption to pre-COVID level could substantially be achieved.

Despite slew of measures to contain the spread of virus and the roll-out of large scale vaccination, the country is hit hard with the 2nd wave, far more severe than the 1st in terms of nerve wracking human tragedy it has been causing. Given the uncertainties associated, the impact assessment of COVID-19 is a continuing process and your Corporation is highly watchful of the developments and taking all the proactive steps in minimizing the impact.

INTERNAL FINANCIAL CONTROLS

Your Corporation has adequate Internal Financial Controls for ensuring the orderly and efficient conduct of its business including adherence to the Corporation's policies; the safeguarding of its assets; the prevention and detection of frauds and errors; the accuracy and completeness of the accounting records and the timely preparation of reliable information, commensurate with the operation of your Corporation. As part of this exercise, the design of internal controls and its operating effectiveness for the key business processes is tested by external consultant who observed that there are no material weaknesses noted in Internal Controls over Financial Reporting. The entire activity of review and assessment of Internal Controls was carried out under the guidance of a Steering Committee set-up for this purpose.

RISK MANAGEMENT POLICY

Risk is inherent in all businesses and the key to success is to anticipate risks and deploy an appropriate framework to manage the risks. In today's VUCA (Volatile, Uncertain, Complex and Ambiguous) world, the external and internal environment is changing at an ever increasing pace and which, in turn, requires businesses to not only manage the existing risks but anticipate emerging risks and deploy mitigating strategies on a continuous basis. Embracing the upside risk opportunities combined with deploying the mitigation strategies are key to success.

Your Corporation has established an Enterprise Risk Management (ERM) framework under the Corporation's Risk Management Charter and Policy 2007, which is embedded at the forefront of business strategies and focuses on the stronger, deeper and trust-based relationship with the stakeholders. It provides necessary support to the business to steer through the continuously evolving risk terrain through dynamic risk management approach that embraces disruption and enhances resiliency and trust.

The outbreak of the COVID-19 pandemic has stricken communities across the globe. The rapid geographical spread of this virus has caught the world off-guard, with major implications for personal health, business continuity and the world economic order. Your Corporation has immediately reviewed the risks arising out of this pandemic and suitably included the new risks as well as amended the existing risks with mitigating strategies in place.

The Risk Management Committee (RMC) receives regular insights on risk exposures faced by the organization, thereby enabling it to provide inputs on prompt actions to be taken as well as monitor the actions taken. The Board is also updated regularly on the risk assessment and mitigation procedures. Technology has been enabled to support the Enterprise Risk Management processes with a focus on optimizing risk exposures and automating risk reporting across the organization.

VIGILANCE

The Vigilance mechanism in your Corporation is based on the directives issued by the Central Vigilance Commission (CVC), Department of Personnel & Training (DoPT) and Ministry of Petroleum & Natural Gas (MOP&NG) from time to time.

Vigilance Department is headed by the Chief Vigilance Officer (CVO) who administers the supervision and control of all the Vigilance matters in the Corporation. The department carries out focused preventive vigilance activities, which help in ensuring transparent business decisions by the functions. Besides carrying out preventive activities, the major work area of the Department comprises of investigation of complaints received from various sources like Citizens, Stakeholders, Ministry of Petroleum & Natural Gas, Central Vigilance Commission, the Management and other sources etc.

The Department deals mainly with matters related to corruption and matters having ‘vigilance angle.' The complaints are handled as per the complaint handling policy stipulated in the Vigilance Manual 2017 of the Central Vigilance Commission. Various operating areas were reviewed for systemic improvements during the year. Apart from investigating complaints, surprise inspections of Depots, Terminals, LPG Plants, Regional Offices, LPG Distributors, Retail Outlets, Tank Trucks, Major Works (CTE Pattern), Tender Review etc. are also carried out. During the year, various focused group-training programs have been conducted for employees.

Vigilance Awareness Week was observed under the central theme for the year "Vigilant India, Prosperous India." Various outreach activities, viz focused group presentations, Quizzes, Drawing/Painting Competitions, Skits/street plays, Workshops, Technical talks, Grievance redressal camps, Gram Sabhas, Rallies/Walkathons, School/College Programs etc. were undertaken during the week.

INDUSTRIAL RELATIONS

Your Corporation, with its progressive approach have maintained very cordial and harmonious Industrial Relations (IR) with its Unions & workmen represented by Unions. Amidst COVID-19 pandemic which affected the businesses across the globe, your Corporation could maintain normal operations at all location despite lockdown and restrictions emanating from increased safety norms & guidelines issued by the Central/State Government from time to time. During this unprecedented pandemic, Officers and workmen represented through Unions have demonstrated utmost commitment & dedication towards fulfillment of the Corporation's objectives and service to the nation in ensuring uninterrupted supplies of petroleum products.

Your Corporation has successfully concluded the Long Term Settlement (LTS) with Union for workmen in all the three divisions, aided by video conferencing facilities, conducted under the guidance of the Statutory Authorities. Even during the lockdown period, timely salary payment to employees/ contract workmen engaged by the respective Contractors through online/NEFT modes was ensured.

A special medical insurance scheme for all contract workmen and their family members, Group Personal Accident Insurance, Special Ex-gratia scheme were implemented for the frontline COVID warriors namely, contract labourers, LPG delivery-men, Forecourt salesmen at retail outlets, transport crew, security guards etc.

Ministry of Labour and Employment, Government of India issued gazette notification G.S.R. 225(E) dated March 27, 2020 allowing PF withdrawal on account of Epidemic/Pandemic. Your Corporation is one of the establishments who got listed in ‘Top 10 exempted establishments in terms of amount disbursed for COVID 19 Claims' as per the list dated April 17, 2020 declared by EPFO Authority.

OFFICIAL LANGUAGE IMPLEMENTATION

Your Corporation promotes usage of Hindi in the business communications by its employees through encouragement and incentives by utilizing various facilities available in the field of Information & Technology including Video Conferencing. To promote the linguistic talent of the employees, awareness about Hindi is created in the offices through online Hindi Competition, Hindi Fortnight, Official Language Conferences and Hindi Workshops etc.

During the year, Department of Official Language, Ministry of Home Affairs, Government of India, has announced Rajbhasha Kirti 1st Prize to the Corporation's Hindi House Journal "HP Samachar" for the year 2018-19. Your Corporation is the coordinator for Town Official Language Implementation Committee (TOLIC) of Mumbai based PSUs since 1983 and thereby guiding 65 PSUs in the field of Official Language Implementation. Other than the TOLIC meetings, officials of different PSUs are trained through conducting various programs such as Hindi Translation, Promotion of Hindi and Regional Language etc.

Your Corporation has continuously been awarded with the Official Language Shield, the best amongst Oil PSUs, by Ministry of Petroleum and Natural Gas, Government of India. The Corporation is awarded with 27 Rajbhasha Awards from Government of India and other Agencies, a record in the entire Oil Industry. Besides this, in the technical field, the Corporation has taken a new initiative and published Multi-Lingual Petroleum Glossary consisting more than 5,000 words from 12 Regional Languages including Hindi & English. The efforts made in Official language implementation were specially appreciated by Ministry of Petroleum and Natural Gas.

CORPORATE SOCIAL RESPONSIBILITY

In the challenging times posed by COVID-19 pandemic, your Corporation reaffirmed its continued commitment towards the society by providing assistance and relief to the poor and vulnerable sections of the society and undertaking interventions inter-alia aimed to support the healthcare & allied infrastructure. As a responsible corporate citizen, our Corporation amplified CSR efforts and collaborated with various stakeholders to support COVID-19 relief measures.

Your Corporation supported the fight against COVID-19 pandemic by contributing to ‘Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) and at the same time, undertaking various other relief measures such as distribution of food packets and ration materials, Personal Protective Equipment (PPE) kits. Your Corporation supplemented the largest COVID-19 vaccination drive of Government by providing Cold Chain Equipment viz. Deep Freezer (Small/Large), Walk-in-Freezer, Refrigerated Truck and Ice-Lined Refrigerator to State Health Department

True to its purpose of ‘Delivering Happiness', your Corporation continues to undertake projects having strategic connect and synergizing efforts with Government and other stakeholder for collective impact. During the financial year 2020-21, your Corporation undertook the following flagship initiatives:

Adapt:

Project ‘Adapt' aims to enhance the quality of lives of Children with Disabilities (CWD) through provision of online education, individual training and therapeutic treatment. In addition to online educational classes for ‘Children with Disabilities' (CwD), uninterrupted therapy services were provided through Tele-Rehab, which emerged as a key vehicle for delivery of services. This new model of providing online services helped the parents and the beneficiaries cope with the pandemic.

Nanhi Kali:

Project Nanhi Kali provides holistic development and supports academic pursuit of girl children from tribal and urban slum locations. The project addresses challenges and constraints faced due to gender gap in communities and aim to develop gender equality. During the year, ‘Nanhi Kali' girls were provided with online remedial classes, material kits, sports curriculum, other guidance & counselling on personal hygiene and career development.

Kashmir Super-30 (Medical):

This project supports the Sadhbhavna (Goodwill) efforts undertaken by Indian Army in Kashmir valley. This project provides mentoring and coaching to aspiring students from Jammu and Kashmir region for preparing them for various medical entrance exams in the country. This residential training program gives wings to academic aspirations of youth for their career development.

Centre of Wellness and Excellence - Ladakh Super- 45

(Medical & Engineering):

This project supports Indian Army's initiative in ‘Winning Hearts and Minds' of the local population. This project supports the less-privileged, yet aspiring students of Ladakh region in enabling them to compete in various streams like Engineering, Medical and other career-oriented programs.

Dhanwantari:

Project Dhanwantari is focused on providing basic healthcare facilities and services at the doorsteps of beneficiaries in remote rural areas of the country through Mobile Medical Vans. The majority of beneficiaries are women, children and elderly whose general health is neglected due to poverty and lack of resources, awareness and facilities.

Dil Without Bill:

This project supports heart surgeries at free of cost for people with heart ailments from low-income group, particularly children. This project has given life and hope to thousands of families over the years.

Swachh Bharat Abhiyan:

Your Corporation undertook construction / upgradation of more than 100 toilets and around 250 sources of clean drinking water during the year. Swachhta Pakhwada conducted during the year witnessed enthusiastic participation of various stakeholders in campaign activities with a focus of spreading awareness on COVID-19 appropriate behaviour.

Skill Development Institutes:

To improve employability and bridge skill-gaps, skill training in various industry-oriented trades are provided to school dropout youth from socio-economic backward communities. Your Corporation has supported Skill India Mission by contributing to Skill Development Institutes at five locations.

‘Transformation of Aspirational Districts' program:

Transformation of Aspirational District program, an all-India initiative and unique experiment in ensuring the transformation of under-developed pockets of India was launched by the Hon'ble Prime Minister in January 2018. Anchored in NITI Aayog, this program intends to turn development into a mass movement, facilitated by Governments at different levels: Centre, State and District. Your Corporation supported projects in twenty-seven aspirational districts.

Other CSR activities:

Your Corporation laid special focus to develop infrastructure and provide facilities in rural areas. Contribution was made to Armed Forces Flag Day Fund for the care, support, welfare and rehabilitation schemes for Ex-Servicemen (ESM) and their dependents.

Awards & Accolades:

Your Corporation has bagged 1st Prize for Swachhta Hi Sewa (11th September – 27th October 2019) campaign instituted by Ministry of Petroleum and Natural Gas. Your Corporation has also bagged ‘Outstanding Contribution' Award for Swachhta Pakhwada (1st – 15th July, 2020) campaign instituted by Ministry of Drinking Water and Sanitation.

The details of CSR activities of the Corporation containing details of CSR Committee Members, brief outline of the CSR policy, overview of the CSR initiatives, prescribed expenditure, amount spent, etc. that form part of this Report are furnished in Annexure III.

CORPORATE GOVERNANCE

Your Corporation continues to adopt the best practices of Corporate Governance to ensure transparency, integrity and accountability in its functioning. The Corporate Governance Report highlighting these endeavours has been incorporated as a separate section that form part of the Annual Report for the financial year 2020-21.

PROCUREMENT OF GOODS & SERVICES FROM MSEs

The Government of India has notified a Public Procurement Policy for Micro and Small Enterprises (MSEs) Order, 2012 and its amendments thereof. In line with said Policy, your Corporation had set an annual goal of sourcing a minimum procurement of 25% of its total requirements from MSEs and within it, 4% of total requirement has been earmarked for procurement from MSEs, owned by SC/ST entrepreneurs and another 3%, from women entrepreneurs. For the benefit of MSEs, the MSE procurement details are regularly uploaded on Sambandh Portal of Ministry of MSME, besides displaying the Annual Procurement Plan on the Corporation's website.

Against the above set target for financial year 2020-21, your Corporation has achieved 28.49% (Rs.3,425.85 Crore) of procurement of goods & services (other than Crude Oil, Petroleum Products, Logistics (Marine, Railway & Pipeline)) from MSEs. To promote the objectives of procurement from MSEs as laid down in Public Procurement Policy,

26 Vendor Development Programs/ Buyer-Supplier meet for MSEs were conducted during the financial year. During these meets, the Corporation's procurement processes were articulated through detailed presentation to MSE vendors with an intent to increase awareness of vendor registration process, tendering process, availability of TReDS platform, procurement on GeM platform etc. Implementation of various Government directives/policies of providing relief to MSMEs and promoting indigenisation of products and services was also explained during the programme.

Your Corporation is registered with TReDS Digital platform, an institutional mechanism set up by Reserve Bank of India, to facilitate the trade receivable financing of Micro Small and Medium Enterprises (MSMEs) from corporate buyers through multiple financiers. Integrating its ERP System with that of 3 of the service providers, namely; A.Treds Ltd., Mynd Solutions Pvt. Ltd. and Receivables Exchange of India Ltd., the Corporation has enabled the MSMEs to auction their trade receivables at competitive rates through online bidding by financiers. Numerous MSME vendors have on-boarded this platform and benefitted with the bill discounting facility that provides liquidity.

PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

Your Corporation has ensured compliance with the provisions of The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 & Implementation Guidelines of Corporation.

In coordination with external faculties specialized on the subject, online webinars were conducted during the year, sensitizing the employees and other stakeholders regarding the nuances of said Act, behaviours that constitute an act of sexual harassment, acceptable & unacceptable behaviour, process of complaint, role of Internal Complaints Committee (ICC), etc.

MANAGEMENT DISCUSSION & ANALYSIS REPORT

Management Discussion & Analysis Report forms part of the Annual Report for the financial year 2020-21.

FINANCIAL STATEMENTS OF SUBSIDIARIES

In terms of Proviso to Section 136(1) of the Companies Act, 2013, your Corporation will place separate audited Financial Statements in respect of each of its Subsidiary Company on its website and also provide a copy of separate audited Financial Statements in respect of each of its Subsidiary Companies to any Shareholder of the Corporation who seeks the same. The Financial Statements of the Subsidiary Companies will also be kept open for inspection at the registered offices of the Corporation/respective Subsidiary Companies.

Pursuant to provisions of Section 129(3) of the Companies Act, 2013, a separate statement containing salient features of the Financial Statements of Subsidiary/Associate/Joint Venture Companies in Form No. AOC-1 is attached along with the Consolidated Financial Statements.

COST AUDIT

The maintenance of Cost Records, as specified under Section 148(1) of the Companies Act, 2013 is mandated and accordingly such accounts and records are made and maintained. The Cost Audit for the financial year 2019-20 was carried out and the Cost Audit Reports were filed with the Ministry of Corporate Affairs within the stipulated time for filing.

DIRECTORS

Your Company's Board presently comprises of 7 Directors. The Whole Time Directors are Shri Mukesh Kumar Surana (Chairman & Managing Director), Shri Pushp Kumar Joshi (Director – Human Resources), Shri Vinod S. Shenoy (Director – Refineries) and Shri Rakesh Misri (Director – Marketing).

The Government Nominee Directors are Shri Sunil Kumar, Ex-Officio, Joint Secretary (Refineries), Ministry of Petroleum & Natural Gas and Dr. Alka Mittal, Director – HR, Oil and Natural Gas Corporation Limited (ONGC), Part-Time Director, representative of ONGC.

The Independent Director is Shri G. Rajendran Pillai.

As per the provisions of Section 152 of the Companies Act, 2013 Shri Sunil Kumar and Shri Vinod S Shenoy are the Directors who are liable to retire by rotation at this Annual General Meeting and being eligible, offer themselves for re-appointment.

DETAILS OF CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP) DURING THE FINANCIAL YEAR 2020-21 AND TILL DATE

A) Directors:

Shri R Kesavan, Director Finance (Whole-Time Director) has ceased to be Director of your Company effective July 01, 2021 on attaining age of superannuation.

Dr. Alka Mittal was appointed as Government Nominee

Director (Representative of ONGC) on the Board of your Company effective June 17, 2021.

Shri Subhash Kumar, Government Nominee Director

(Representative of ONGC) has resigned from the Board of the Company effective May 20, 2021.

Shri Amar Sinha and Shri Siraj Hussain have ceased to be Independent Directors of the Company effective September 21, 2020 on completion of their tenure of office of 3 years.

B) KMP:

Shri Rajneesh Narang, ED-Corporate Finance of the

Company was appointed as Chief Financial Officer (CFO) effective July 01, 2021.

Shri R Kesavan, Director Finance (Whole-Time Director) and CFO of your Company has ceased to be CFO of the Company effective July 01, 2021.

NUMBER OF MEETINGS OF THE BOARD

During the Financial Year 2020-21, 11 Board Meetings were held. The details of these Meetings are given in the Corporate Governance Report, forming part of Annual Report for the Financial Year.

MANAGERIAL REMUNERATION & PARTICULARS OF EMPLOYEES

By virtue of MCA Notification dated 5th June 2015, Government Companies are exempted from complying with the requirement of Section 197 (Chapter XIII) of the Companies Act, 2013. Hence, the Rules made thereunder i.e. Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is also not applicable to Government Companies.

In one of the earlier years, on a reference by C&AG during Supplementary Audit of Annual Accounts with regard to payment of shift allowance, your Corporation has represented to Ministry of Petroleum and Natural Gas. Pending clarification, payment of Shift Allowance has been kept in abeyance.

The details regarding the number of women employees vis--vis the total number of employees in each group is given herein under:

Group Total No. of Employees No. of Women Employees % of Women Employees
Management 5,920 707 11.94%
Non-Management 3,528 209 5.92%
TOTAL 9,448 916 9.70%

PERFORMANCE EVALUATION OF BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS

Your Corporation, being a Government Company, the compliance of Section 134 (3) (p) is exempted by virtue of MCA Notification dated 05.06.2015 as the annual evaluation of the Performance of the Board, its Committees and of individual Directors are carried out by the Administrative Ministry i.e. Ministry of Petroleum and Natural Gas (MOP&NG) through the process of Memorandum of Understanding entered into for each financial year. Further, performance evaluation of Functional Directors by MOP&NG, takes place annually.

DECLARATION BY INDEPENDENT DIRECTOR

Shri G Rajendran Pillai, the Independent Director on the Board of the Company till the date of this Report has given a declaration that he meets the criteria of independence as laid down under Section 149(7) of Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A statement of declaration as required under Section 149(7) of the Companies Act, 2013 has been obtained from him.

POLICY FOR SELECTION AND APPOINTMENT OF DIRECTORS AND THEIR REMUNERATION

Your Corporation, being a Government Company is exempted to furnish information under Section 134(3)(e) of the Companies Act, 2013 vide MCA Notification dated 05.06.2015.

OPINION OF BOARD REGARDING INTEGRITY, EXPERTISE AND EXPERIENCE (INCLUDING THE PROFICIENCY) OF THE INDEPENDENT DIRECTOR APPOINTED DURING THE YEAR

There has not been any appointment of Independent Director during this financial year.

POLICY FOR REMUNERATION OF KEY MANAGERIAL PERSONNEL AND OTHER EMPLOYEES

Your Corporation, being a Government Company, the remuneration payable to its Key Managerial Personnel and other employees are fixed by the Government of India. However, payment like Performance Related Pay is placed for the approval of Nomination and Remuneration Committee.

AUDIT COMMITTEE

The present composition of Audit Committee, which requires reporting under Section 177(8) of the Companies Act, 2013 is given as under:

Sl. No. Name Category
1 Shri G Rajendran Pillai Independent Director – Chairman
2 Shri Sunil Kumar Government Nominee Director – Member
3 Dr. Alka Mittal Government Nominee Director – Member

The Changes in the Composition of Audit Committee during the Financial Year 2020-21 and till the date of this report are:

1. Dr. Alka Mittal, Government Nominee Director was inducted into the Committee as Member effective 28.07.2021.

2. Shri R Kesavan, Whole Time Director and Member of the Committee effective 23.09.2019 had held this post till he ceased to be Director of the Company effective 01.07.2021.

3. Shri Subhash Kumar, Government Nominee Director and Member of the Committee effective 01.10.2020 had held this post till he ceased to be Director of the Company effective 20.05.2021.

4. Shri G Rajendran Pillai, Independent Director was inducted into the Committee as Chairman effective 01.10.2020.

5. Shri Sunil Kumar, Government Nominee Director was inducted into the Committee as Member effective 01.10.2020.

6. Shri Amar Sinha, Independent Director and Chairman of the Committee effective 19.05.2020 had held this post till he ceased to be Director of the Company effective 21.09.2020.

7. Shri Siraj Hussain, Independent Director and Member of the Committee effective 08.01.2020 had held this post till he ceased to be Director of the Company effective 21.09.2020.

During the year, there were no cases observed where the Board had not accepted any recommendation of the Audit Committee.

SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and Regulation 24A of the SEBI (LODR) Regulations, 2015, your Company has appointed M/s. Dholakia and Associates LLP, practicing Company Secretary to undertake the Secretarial Audit of the Company for the financial year 2020-21. The Report of Secretarial Audit in Form

No. MR-3 is annexed herewith and marked as Annexure IV. The Report does not contain qualification, reservation or adverse remark except that the Company did not have

(a) Woman Director on its Board pursuant to second proviso of sub-section (1) of Section 149 of the Act read with Companies (Appointment and Qualification of Directors) Rules, 2014 and Independent Woman Director pursuant to proviso to Regulation 17(1) (a) of SEBI LODR from 01.04.2020 to 31.03.2021;

(b) Required number of Independent Directors on its Board as stipulated under sub-section (4) of Section 149 of the Act, Regulation 17(1) (b) of SEBI LODR and DPE guidelines on Corporate Governance ("DPE Guidelines") for the period from 01.04.2020 to 31.03.2021;

(c) Proper composition of Committees namely i) Audit Committee as prescribed under the Act, SEBI LODR and DPE Guidelines and ii) Nomination and Remuneration Committee as prescribed under the Act, SEBI LODR for the period from 21.09.2020 till 31.03.2021;

(d) Optimum composition of the Board as number of Executive Directors exceeded the number of Non-Executive Directors as stipulated under the DPE Guidelines and SEBI LODR for the period from 21.09.2020 till 31.3.2021.

In this regard, your Company confirms that being a Government Company, which is under the Administrative Control of Ministry of Petroleum and Natural Gas (MOP&NG), the power to appoint the Directors (including Independent Directors) and finalizing the terms and conditions of appointment vest with Government of India. The matter regarding appointment of required number of Independent Directors/ Independent Woman Director have been taken up with MOP&NG from time to time and the Government is seized of the matter.

COMPLIANCE WITH APPLICABLE SECRETARIAL STANDARDS

Your Corporation has complied with applicable Secretarial Standards in respect of Meetings of Board of Directors (SS-1) and General Meetings (SS-2) issued by the Institute of Company Secretaries of India (ICSI).

RELATED PARTY TRANSACTIONS

The details of transactions entered into with the Related Parties during the financial year 2020-21 in Form No. AOC-2 is annexed herewith and marked as Annexure V.

WEB LINK OF ANNUAL RETURN

By virtue of amendment to Sec 92(3) and 134(3) of the Companies Act, 2013, the Annual Return of the Company is placed on its website which can be accessed in the web link https://www.hindustanpetroleum. com/69thAGM. In view of this, the Extract of Annual Return are not forming part as an attachment to the Directors' Report.

PERFORMANCE AND FINANCIAL POSITION OF SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES

The details on the performance and financial position of Subsidiary, Associate and Joint Venture Companies are given in Management Discussion & Analysis Report. Further, pursuant to Section 129(3) of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rules, 2014, the salient features of Financial Statements of Subsidiary, Associate and Joint Venture Companies in Form No. AOC-1 form part of the Annual Report for the financial year 2020-21, separately.

COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT VENTURES OR ASSOCIATES

As on 01.04.2020, your Corporation was holding 50% shares in its Joint Venture Company HPCL Shapoorji Energy Private Limited (HSEPL), balance 50% being held by SP Ports Private Limited. By virtue of share purchase agreement entered into on 27.03.2021 by your Corporation with its Joint Venture Partner for acquisition of entire stake of the latter in the said Joint Venture and the subsequent share transfer that followed on 30.03.2021. HSEPL has become a wholly owned subsidiary.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

During the financial year 2020-21, your Corporation did not receive any Order or Direction of any Hon'ble Court or Tribunal or Regulator, which either affects your Corporation's status as a going concern or which substantially or significantly affects your Corporation's business operations.

VIGIL MECHANISM / WHISTLEBLOWER POLICY

Your Corporation, being a Government Company is subjected to the CVC Guidelines and the Corporation has a separate Vigilance Department administering the Vigilance matters. Your Corporation has a Whistleblower Policy approved by the Board and the same is placed on the website of the Corporation. The web link of Whistleblower Policy is stated herein below:

Web link: https://www.hindustanpetroleum.com/documents/pdf/ Whistle_Blower_policy.pdf.

DETAILS OF DEPOSITS

Your Corporation has not been accepting any Deposits for the last several years, as specified in Section 73 to Section 76 of the Companies Act, 2013 and therefore there do not call for any disclosure of Deposits as required under Rule 8(5)(v) of Companies (Accounts) Rules, 2014.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement of Section 134(3)(c) of the Companies Act, 2013, it is hereby confirmed that: i. In the preparation of the annual Accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures.

ii. The Directors have selected such Accounting Policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and the profit and loss of the Company for that period.

iii. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv. The Directors have prepared the annual Accounts on a going concern basis.

v. The Directors, have laid down internal financial controls to be followed by the Company and that such Internal Financial Controls are adequate and are operating effectively.

vi. The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

ACKNOWLEDGEMENTS

The Board of Directors gratefully acknowledge the valuable guidance and support extended by the Government of India, Ministry of Petroleum and Natural Gas, other Ministries, State Governments and various statutory and local authorities.

The Directors also acknowledge the contribution made by the large number of dealers and distributors spread all over the country towards improving the service to the Corporation's valued Customers as well as for the overall performance of the Corporation.

The employees of the Corporation have continued to display their total commitment towards the pursuit of excellence. This year has been very different, emotionally challenging and distressing at times as every Employee is a front-line worker, a COVID Warrior ensuring the sustenance of availability of Petroleum Products across the Nation. Your Directors take this opportunity to place on record their appreciation for the valuable contribution made by the employees and look forward to their services with zeal and dedication in the years ahead to enable the Corporation to scale even greater heights.

Your Directors are thankful to the Shareholders for their faith and continued support in the endeavors of the Corporation.

For and on behalf of the Board of Directors
Sd/-
MUKESH KUMAR SURANA
Chairman & Managing Director
Date : August 04, 2021

   

Hindustan Petroleum Corporation Ltd Company Background

Mukesh Kumar SuranaMukesh Kumar Surana
Incorporation Year1952
Registered OfficePetroleum House,17 Jamshedji Tata Road
Mumbai,Maharashtra-400020
Telephone91-22-22863900,Managing Director
Fax91-22-22872992
Company SecretaryV Murali.
AuditorM P Chitale & Co/R Devendra Kumar & Associates
Face Value10
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarLink Intime India Pvt Ltd
C-101 247 Park ,L B S Marg ,Vikhroli West ,Mumbai-400083

Hindustan Petroleum Corporation Ltd Company Management

Director NameDirector DesignationYear
Pushp Kumar Joshi Director (Human Resources) 2021
Mukesh Kumar Surana Chairman & Managing Director 2021
Vinod S Shenoy Director (Refineries) 2021
V Murali. Company Secretary 2021
Sunil Kumar Nominee (Govt) 2021
G Rajendran Pillai Non-Exec. & Independent Dir. 2021
Rakesh Misri Director (Marketing) 2021
Nagaraja Bhalki Independent Director 2021

Hindustan Petroleum Corporation Ltd Listing Information

Listing Information
BSE_500
BSE_100
BSE_200
BSEDOLLEX
BSE_PSU
NIFTYJR
CNX500
BSEOIL
CNX100
CNXINFRAST
CNX_PSE
CNX200
CNXCOMMODI
CNXDIVIDEN
BSECARBONE
BSECPSE
NFT100EQWT
BSEALLCAP
BSELARGECA
BSEENERGY
SENSNEXT50
LMI250
BSEDSI
BSEEVI
NFT50EQWT
BSE100LTMC
NFTYLM250
NFTYOILGAS
NF500M5025

Hindustan Petroleum Corporation Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Petroleum Products-Bulk MT 000285904.9
Rent Recoveries NA 000827.02
Subsidy NA 000345.37
Other Operating Revenues NA 000339.01
Net Recovery for LPG filling NA 0000.63
Discounts NA 0000
Adjustment NA 0000
Pool Account Adjustment NA 0000
Feed Stock-Carbon Black MT 0000
Axle Oil MT 0000
Greases MT 0000
Lubricants-Oils MT 0000
Lubricants-Oils-Base Stocks MT 0000
Insecticides MT 0000
Textile Auxiliaries MT 0000
Rubber Processing Oil MT 0000
Brake Fluids-Hydraul./Insect. MT 0000
Automotive Accessories Rs.0000

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