Dividend Policy at Hindustan Petroleum Corporation Limited (HPCL) |
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EXCERPTS |
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The period from 2013-18 saw variations in HPCL’s dividend payments. In the year 2013-14, the company paid a dividend of Rs. 15.50 per share, which increased to Rs. 24.50 per share in 2014-15 and then grew to Rs. 34.50 (including interim dividends of Rs.11.50 and Rs.7 and a final dividend of Rs.16) in 2015-16. But in FY 2016-17, the dividend went down to Rs. 30 per share (including interim dividends of Rs.22.50 and Rs. 6.40 and a final dividend of Rs. 1.10). Again in the year 2017-18, the amount of dividend per share decreased to Rs 17 (including interim dividend of Rs. 14.50 and a final dividend of Rs. 2.50) i.e. almost half of the previous year... |
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| FINANCIAL PERFORMANCE OF HPCL |
| HPCL generated revenues of Rs. 2.35 trillion in 2013-14 which decreased to Rs. 2.18 trillion in 2014-15 and again fell to Rs.1.99 trillion in 2015-16. FY 2015-16 saw the highest decline of – 9% over the previous FY. But from 2016-17, the total revenue started increasing. In FY 2017-18, its total revenue touched Rs. 2.46 trillion (Refer to Exhibit II for Operating Performance of HPCL)... |
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| DIVIDEND HISTORY OF COMPETITORS |
| BPCL’s dividend per share increased from Rs. 17 in 2013-14 to Rs. 22.50 in 2014-15 and then grew to Rs. 31 (including interim dividends of Rs.12.50 and Rs.3.50 and a final dividend of Rs.15) in 2015-16.
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| THE ROAD AHEAD |
| According to popular media, HPCL, BPCL, and IOCL were likely to skip their dividend payout for 2018-19 due to the increase in global crude oil prices. Additionally, the GOI had asked these companies to absorb Re 1 on the sale of every liter in order to counter high retail petrol and diesel prices. In turn, these companies had asked the support of the GOI in the form of an increase in petroleum subsidy by 66 percent over the budgetary estimate for 2018-19...
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| EXHIBITS |
Exhibit I: Shareholding Pattern of HPCL
Exhibit II : Operating Performance of HPCL (2013-2018)
Exhibit III : Growth of HPCL’s Dividend Payout Ratio
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