Hindustan Petroleum Corporation, a major Indian oil and gas company, has reported a massive net profit of Rs 4,110.93 crore, compared to Rs 633.94 crore in the same quarter last year. Total income of the company stood at Rs 1,20,700.3 crore.
The company’s downstream petroleum business contributed Rs 1,20,108 crore in revenue. Profit from this segment stood at Rs 6,144 crore before tax and interest.
On the standalone front, the Government of India Enterprise reported a strong net profit of Rs 4,370.87 crore, compared to Rs 355.80 crore in the same quarter last year.
HPCL board clears Rs 10,000 crore fundraising plan
The HPCL board has approved a proposal to raise up to Rs 10,000 crore through non-convertible debentures (NCDs), bonds, or notes.
The fundraise will be done through private placement in the domestic or overseas markets. In its regulatory filing on Thursday, it highlighted that this borrowing is within the Company’s overall borrowing powers and shareholders had already approved in the 70th Annual General Meeting on August 30, 2022.