A MIXED BAG OF RESULTS FOR INDIAآ’S PSUآ’S

Vol 3, PW 10 (09 Jun 99) People & Policy
     

It could have been worse, but end-of year results for Indias five state-owned oil and gas companies were better than expected.

Figures in brackets represent sales and profit in the financial year 97-98:- Net Sales Net Profit Dividend Indian Oil Corp. $16.52bn ($14.08bn) $527m ($406m) 130% Hindustan Petroleum Corp.

$6.2bn ($4.8bn) $214m ($166m) 110% Bharat Petroleum Corp. $5.14bn ($2.8bn) $166m ($126m) 125% Oil & Natural Gas Corp.

$3.56bn ($3.62bn) $655m ($637m) 55% Gas Authority of India $1.58bn ($1.36bn) $252m ($242m) 35% All five Navratnas will be pleased with the numbers, evident in their decision to increase or maintain the dividend. IOC tells you it has not skipped a dividend to shareholders since 1966.

Star performer among the above is clearly Hindustan Petroleum, which registered a record 26.7% increase in turnover, compared to IOCs 17% rise and a drop of 1.7% at ONGC. Emphasising its dominance as Indias largest refiner, IOC announced it has sold 46.2m tonnes of petroleum products during 1998-99, a rise of 6.5% over last years sales of 43.4m.

Despite a fall in turnover, ONGC managed to increase net profit by a modest 2.8%. Hindustan Petroleums pride at its results is reflected in its decision to increase dividend to 110%.

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