HPCL Approves Visakh-Raipur Pipeline Project Worth Rs 2,212 Crore

Since its founding in 1974, Hindustan Petroleum Corporation (HPCL) has developed into one of India’s top oil and gas companies. The company offers a broad variety of petroleum products to consumers by running refineries, pipelines, and marketing operations across the nation. In all facets of its business, HPCL is renowned for its dedication to sustainability, quality, and safety. HPCL, which places a high priority on innovation and technology, is still essential to meeting India’s expanding energy needs and advancing the nation’s economy.

Results for Q1 FY25 for HPCL:

In comparison to the Rs 6,203.90 crore recorded in the corresponding quarter of FY24, the company’s standalone net profit for the first quarter of FY25 was Rs 355.80 crore, a 94.26% decrease. In comparison to the same quarter the previous year, which ended in June 2024, the revenue from operations (excluding excise duty) increased by 1.56% to Rs 1,13,303.57 crore.

An award of Rs. 2212 crore went to HPCL:

The board of Hindustan Petroleum Corporation (HPCL) has approved the construction of a pipeline from Visakh to Raipur, which is expected to cost an estimated Rs 2,212 crore. After the Visakh Refinery Modernization Project is put into action, this project is anticipated to give strategic advantages for product evacuation for the expanded capacity of the refinery. These advantages will allow products to be moved to the eastern, central, and northern regions of the nation while also optimizing placement costs.

The company also stated that it has revised the Visakh Refinery Modernization Project (VRMP) cost, which now stands at Rs 30,609 crore, with a mechanical completion date of October 2024. The residential upgrade facility will soon be commissioned, and the major VRMP units are already operational. The company released a press release stating that the completion of the VRMP project will allow the Visakh refinery to operate at its maximum capacity of 15 million metric tonnes per annum (MMTPA) with bottom-upgradation facilities. With effect from September 11, 2024, K. Vinod has been named chief financial officer (CFO) by HPCL.

All about CFO K Vinod:

K Vinod is a chartered accountant with over thirty years of experience. He has held senior positions in the company and has managed several finance-related areas, including international trade, corporate strategy & planning, oil price risk management, integrated margin management, SBU commercial, corporate finance & treasury, etc.

Today, Hindustan Petroleum Corp.’s stock is up 2%:

Currently trading at Rs. 413.75 per share, HPCL’s high traded price today is Rs. 417.65 per share, which is close to the 52-week high.

Conclusion: HPCL bagged a big project of Rs. 2212 crore, and this will boost the sales and company growth tremendously.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.