Corporate Overview

02 Chairman's Message

10 Senior Management Team

  1. Key Performance Indicators
  2. Board of Directors

16 Offices, Auditors & Bankers

Statutory Reports

17 Notice of Annual General Meeting

40 Performance Profile

45 Directors' Report

59 Annexures to Directors' Report

96 Corporate Governance Report

119 Management Discussion & Analysis Report

143 Business Responsibility & Sustainability Report

Financial Statements


199Independent Auditors' Report

212 Balance Sheet

  1. Statement of Profit & Loss
  2. Statement of Changes in Equity
  3. Cash Flow Statement
  4. Notes to the Financial Statements

286 C&AG's Comments


287 Independent Auditors' Report

  1. Balance Sheet
  2. Statement of Profit & Loss
  3. Statement of Changes in Equity
  1. Cash Flow Statement
  2. Notes to the Financial Statements

377 Financial Details of Subsidiaries

380 C&AG's Comments

  1. Human Resource Accounting
  2. Joint Venture Companies

Highlights 2022-23


J 4,64,684 Crore

Market Sales

43.45 MMT

Crude Thruput

19.09 MMT

Total Assets

J 1,54,485 Crore

Pipeline Thruput

23.25 MMT

For more information,

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Nayi Urja…

Step into a realm where the gentle breeze caresses towering wind turbines, their rhythmic dance capturing the invisible power of the wind. Behold the brilliance of the sun as it illuminates the world, its rays harnessed by cutting-edge solar panels, breathing life into cities and homes. Embrace the promise of biofuels, where nature's organic essence transforms into a renewable energy source, powering a sustainable future for generations to come.

Welcome to the enchanting domain of Hindustan Petroleum Corporation Limited (HPCL), where the fusion of energy and innovation ignites a tapestry of endless opportunities. Brace yourself for an extraordinary journey that will ignite your imagination and kindle a future saturated with brilliance and sustainability.

Imagine a world where renewable energy pulses through the veins of society, where innovation propels progress, and where HPCL stands tall as a fearless pioneer in the energy revolution. With the theme "Nayi Urjaa, Nayaa HP," we beckon you to embrace a realm of infinite possibilities that stretch far beyond the horizon. This theme encapsulates our unwavering commitment to explore alternative energy sources and transform HPCL into an unwavering champion of sustainability.

But the transformation doesn't end there. In this vision of a fresh, fast and fluid Nayaa HP, we boldly pioneer the frontiers of innovation. We delve into the realm of biofuels, where sustainable resources metamorphose into an orchestra of energy, reducing our carbon footprint and embracing a verdant tomorrow. Unleashing the potential of hydrogen, we envision a world where this clean and abundant element propels transportation and industry forward, leaving a legacy of zero emissions.

Together, let us usher in an era where the shackles of energy limitations are shattered and boundless possibilities take flight. Nayaa HP with its Nayi Urja is striving to weave a world that future generations will inherit with pride, a world where the symphony of renewable energy and innovation resonates for eternity.

…Nayaa HP

Hindustan Petroleum Corporation Limited

Chairman's Message

I am happy to share that while navigating these challenging environments, Gross sales of your Company registered a growth of 24.7% in 2022-23, rising from J 3,72,642 Crore in 2021-22 to J 4,64,684 Crore, reaching a new peak.

Dear Shareholders,

It gives me great pleasure to present the 71st Annual Report on the performance of your Company for the year 2022-23. Your Company continues to 'Deliver Happiness' ensuring the availability of affordable energy to meet the nation's energy needs. Our sustained efforts during the year have seen your Company mount new peaks of success and register several 'best ever' milestones and significant achievements across all spheres of business.

The global economy grew by 3.4% in 2022 despite the multifarious challenges posed by geopolitics, the associated inflationary pressures and economic woes in countries around the world. With a growth rate of 7.2%, India's output rebounded to its pre- pandemic level in 2022-23, reinforced by the government's capex push and resilient private consumption. Moreover, the world's second-largest vaccination drive, with more than 2 billion doses, also served to lift consumer sentiment, which helped prolong the rebound in consumption. India was the fastest-growing major economy in 2022-23, despite the three shocks of COVID-19, the geo-political challenges, synchronized policy rate hikes to curb inflation, etc.

Escalated geopolitical tensions and resultant financial volatility led to a significant surge in the prices of oil and other commodities at the end of the previous financial year. The prices of crude oil continued their rising trend in 2022-23, with benchmark crude prices averaging US$ 96.2 per barrel, the highest since 2013-14. The price volatility was substantial, with crude prices peaking at US$ 123.7 per barrel in June 2022 and reaching a level of US$ 78.6 per barrel by March 2023. Against the backdrop of the increased prices and volatility of global crude prices, India's petroleum product consumption also hit a new record in the financial year 2022-23, reaching the highest- ever level of 222.3 MMT. HPCL continued to meet the nation's energy needs even while marketing margins were suppressed for certain petroleum products.

I am happy to share that while navigating these challenging environments, Gross sales of your Company registered a growth of 24.7% in 2022-23, rising from H 3,72,642 Crore in 2021-22 to H 4,64,684 Crore, reaching a new peak. Your Company achieved its highest-ever annual sales of 43.45 MMT during the period, with a growth rate of 11% compared


Chairman's Message


71st Report


to the historical. The highest-ever crude throughput of 19.09 MMT was achieved by our refineries, which is 36.7% higher than the 13.97 MMT of crude processed during the previous year. Average GRMs for 2022-23 were US$ 12.09 per barrel compared to US$ 7.19 per barrel during the corresponding period of the previous year, recording an increase of 68.2%. The exceptionally high international oil prices along with suppressed marketing margins on select transport fuels, severely impacted the profitability, resulting in Net Loss of H 8,974 Crore in 2022-23.

In a noteworthy development, the ongoing Visakh Refinery Modernization Project (VRMP) attained the critical milestone of commissioning the 9 MMTA Crude Distillation Unit (CDU-4), which is highly energy efficient. On the operations front, our refineries at Mumbai and

Visakhapatnam recorded an excellent performance, clocking the highest-ever combined refining throughput of 19.09 MMT and capacity utilization of 107%. Meticulous crude sourcing, right crude mix and expeditious evacuation of finished products, duly complemented by improved refinery reliability and standardized operating processes, were the key contributors to the performance of refineries. With the stabilization of the expanded capacity, Mumbai Refinery achieved its highest ever annual crude throughput of 9.8 MMT. The highest production of MS, HSD and LOBS was achieved during the year.

Your Company recorded robust growth in sales across various business lines during 2022-23 on the back of a wide array of customer-centric initiatives supported by a strong supply chain network. Market sales have touched a new peak of 43.45

MMT during the year, recording the highest-ever sales for major products. The growth was 11% in comparison with sales achieved in the previous year. In retail business, the year 2022-23 saw the highest sales volume of 28.2 MMT. Sales of petrol and diesel increased by 16.2% and 16.5% respectively and LPG sales growth was 4.9%. The domestic LPG segment gained market share for the seventh consecutive year. Your Company is the second-largest LPG marketer in the country. Your Company maintained its dominance in lubricant sales and continued to occupy the leadership position in the market, recording year- on-year growth of 16% and a market share increase of 2.48%. During the year, the Industrial & Consumer (I&C) business line recorded overall sales of 4.32 MMT. With the continuing recovery in air travel, HPCL achieved ATF sales of 692.5 TMT

Corporate Overview

Statutory Reports

Financial Statements

Customer-focused care, redefined: Auto Care Center, BKC Mumbai



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Hindustan Petroleum Corporation Ltd. published this content on 02 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2023 07:31:20 UTC.