Annual Report 2024

Ref.: Co.Secy.
/VM/249/2024 July 27, 2024
Director – Investor Services & Listing,

BSE Limited,
Phiroze Jeejeebhoy Towers, Dalal Street,
Mumbai – 400 001 Scrip Code: 500104 Sub.: Integrated Annual Report for the
Financial Year 2023-24
National Stock Exchange of India Limited
Exchange Plaza, 5th Floor, Plot No. C/1, G-Block,
Bandra-Kurla Complex, Bandra East,
Mumbai – 400 051 Scrip Name : HINDPETRO
Dear Sirs,
In compliance with provisions of Regulation 34 (1) and 53 (2) of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, we write to forward herewith a copy of
Integrated Annual Report of the Company for the Financial Year 2023-24 which inter-alia
includes:
1. Notice of the 72nd Annual General Meeting of the Company scheduled to be held on
Friday, August 23, 2024 at 11.00 A.M. (IST) through Video Conferencing/Other Audio
Visual Means.
2. Audited Financial Statements (Both Standalone & Consolidated)
3. Directors’ Report
4. Corporate Governance Report
5. Management Discussion & Analysis Report
The said Integrated Annual Report is being e-mailed to the Members of the Company on July
27, 2024.
The Notice of the Meeting & the Integrated Annual Report are hosted on the website of the
Company at www.hindustanpetroleum.com and also on the website of the e-voting Agency, M/s.
National Securities Depository Limited at www.evoting.nsdl.com.
This is for your information and records.
Thanking you,
Very truly yours,

MURALI
Digitally signed by MURALI
VENKATRAMAN
DN: c=IN, o=Personal,
pseudonym=555BDA32D3AFD80F32F5EB
VENKATR
D76B3CF06C,
2.5.4.20=de9138ca8fd1b8118ef77bd294c
961fb25324f00c2407cad9eb009b0c43083
98, postalCode=400078, st=Maharashtra,
AMAN
serialNumber=95B50E82CF1566D9EEFBF
DD7660FABFF20BB70F3A32F2E1BC0152A
9ED90636F8, cn=MURALI VENKATRAMAN
Date: 2024.07.27 18:03:00 +05'30'
V. Murali
Company Secretary
Encl: a/a
Embracing Five
Decades of Excellence
Marking its 50-year milestone, the Company Air breathes life into our mission of
soared to unprecedented physical & financial communication and freedom. By fostering
heights, delivering its most outstanding results open dialogue and connection with employees,
in the last fiscal year. We further continue customers, and stakeholders, we rise together
this journey, embodying the spirit of the to new heights.
Panchatattvas that have guided our voyage
Ether represents our vision of inclusivity and
and made us Panchatattvon Ka Maharatna.
expansion. Our commitment to a diverse and
Earth anchors us, embodying stability and forward-looking workplace ensures that we
growth. Through our environmental and rural grow not just in scale but in spirit.
initiatives, we cultivate a sustainable legacy,
Stepping into a new era, embarking on a
planting roots for a thriving tomorrow.
journey toward a greener, cleaner, and
Fire ignites our passion for innovation and ever-brighter future. Here’s to half a century
energy. With pioneering research and the of excellence and to many more years of
embrace of renewable sources, we light the remarkable achievements.
way to a cleaner, more efficient tomorrow.
Water flows with resilience and adaptability,
transforming challenges into streams of
opportunity. Our efforts in water conservation
and community partnerships promise a future
of purity and abundance.
“O Earth my Mother,
Air my Father,
O Fire my Friend,
Water my Kinsman,
Space my Brother,
Here do I bow before you with
folded hands!”
~ Vairagyashataka of Bhartrahari Sanskrit, AD 7th Century
About this Report
Aviation Natural Gas
This report is HPCL’s first Integrated Annual Report. It provides a
concise overview of HPCL’s overall performance to create value for
stakeholders in the short, medium and long term and highlights the
Biofuels and Pipelines and
future outlook of the business. The report narrates in detail how HPCL Renewables Projects
has progressed across its business segments and how it is accelerating
to become more innovative and sustainable considering current business
Industrial & Consumer Retail
environment.
The statutory and financial data presented in this report are in line with the
Supplies, Operations
requirements of the Companies Act, 2013 and rules notified thereunder, LPG
and Distribution
the Indian Accounting Standards, the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations,
2015 and the Secretarial Standards. Lubes
Reporting Approach & Framework The Corporation has robust internal management systems governing
Apart from abiding by the guiding principles of the Integrated Reporting facets of its operations. Data/information which forms part of this report
Framework (IR) of the International Financial Reporting Standards (IFRS) get collected from these internal systems at the corporate and operating
Foundation, this report has been prepared with reference to the Global levels. The data presented in the report is sourced either from our
Reporting Initiative (GRI) Standard, Securities and Exchange Board of India Enterprise Resource Planning (ERP) system and IT applications or directly
(SEBI) – Business Responsibility & Sustainability Report, Sustainability from the operations within the reporting boundary.
Accounting Standard Board (SASB) Standards, International Sustainability
Accounting Standard Board (ISSB) Standards, The International Petroleum Restatement
Industry Environmental Conservation Association (IPIECA) and aligned Restatements to data, if any, have been marked in relevant sections of the
with United Nation’s Sustainable Development Goals (UN SDGs), India’s report with their reasons and effects.
Nationally Determined Contributions (NDC) and United Nations Global
Compact (UNGC) principles. Forward-looking Statements
This report contains forward-looking statements that describe projections,
Reporting Period
targets, expectations and forecasts based on certain assumptions, historical
1st April 2023 to 31st March 2024 data and predictions of future events, which are continuously evolving
considering contemporary industry developments, market conditions,
Reporting Boundary government regulations, laws and other prevailing factors. Therefore,
The details and information in the Integrated Report pertains to HPCL HPCL’s actual results, performance or achievements could differ materially
on standalone basis (fully owned operations of the Company), unless from those projected or implied. Important or unforeseen factors that
otherwise specified and includes: could make a difference to the Corporation’s operations include economic
HPCL Refineries at Mumbai and Visakhapatnam conditions, demand/supply and price conditions in the domestic and
international market, changes in regulations and other incidental factors.
The operations of the Strategic Business Units (SBUs) under Marketing
Feedback
HPCL welcomes feedback on this report to ensure that it keeps disclosing
relevant information to its stakeholders in an easily comprehensible manner.
Any queries, suggestion or feedback can be submitted giving your details
at: [email protected]
Contents
04-43 84-195
Corporate Overview Statutory Reports
Performance Highlights 04 Notice of Annual General Meeting 84
HPCL at a Glance 06 Performance Profile 104
Chairman’s Message 10 Directors’ Report 110
Leading a Successful Organisation 15 Annexures to Directors' Report 124
Fostering Meaningful Partnerships 31 Corporate Governance Report 148
Risk & Resilience 36 Management Discussion & Analysis Report 167
Assessing ESG Materiality 40
Value Creation Model 42 196-281

Financial Statements
44-83 Standalone
Independent Auditors’ Report 196
Description of Capitals
Balance Sheet 210
Financial Capital 44
Statement of Profit and Loss 211
Manufactured Capital 48
Statement of Changes in Equity 212
Intellectual Capital 58
Cash Flow Statement 213
Natural Capital 64
70 Notes to the Financial Statements 214
Human Capital
78 C&AG’s Comments 281
Social & Relationship Capital
282-381
Consolidated
For more information visit
Independent Auditors’ Report 282
Balance Sheet 292
Statement of Profit and Loss 293
Statement of Changes in Equity 294 www.hindustanpetroleum.com
Cash Flow Statement 296
Notes to the Financial Statements 297

Financial Details of Subsidiaries / Associate
374
Companies / Joint Ventures
C&AG’s Comments 377 or scan
QR code
Human Resource Accounting 379
Joint Venture Companies 380

Hindustan Petroleum Corporation Limited
Performance
Highlights
Economic
J 16,015 Crore J 14,694 Crore J 4,61,638 Crore

Consolidated PAT (Highest Ever) Standalone PAT (Highest Ever) Revenue from Operations
46.8 MMT 22.3 MMT 25.8 MMT

Highest Ever Sales (including exports) Highest Ever Refinery Throughput Highest Ever Pipeline Throughput
J 14,342 Crore 45.6 TMT Visakh Refinery

Modernisation Project
Investment in Refining and Polymer Sales
Marketing Infrastructure in 2023-24 Dedicated to Nation
(Includes equity investments in
JVs and Subsidiaries)
04
Annual
72nd Report
Corporate Overview 2023-24
Environment Social
Net Zero by 2040 J 111.9 Crore 59,440

Scope 1 & 2 Emissions CSR Expenditure Employee Training Mandays
208 MW 12% 32.3 Lakh+ 12,724

Total Renewable Ethanol Blending Beneficiaries HP SAKHIs added to maximise
Power Capacity (Solar & Wind) of CSR projects reach of LPG to rural customers
1,690 9.7 TMT 8,154 1,472

ROs with CNG Plastic Waste Recollected Employees Officers Undertook NSC-
Under EPR HPCL-Safety Aptitude Test
~1,200 TKL 1,793 Acres 3.45%

Rainwater Harvested Area under Green Belt Voluntary Turnover Rate
(Within Premises)
1,32,136 SRFT *
J 97,989.9 Crore
Energy Saving in Refineries Contribution to Exchequer
(including sustenance of previous schemes)
3,603 J 16.14 Crore

EV Charging facility CSR spends in 13
at Retail Outlets Aspirational Districts
(including battery swapping stations)
*SRFT - Standard Refinery Fuel Tonnage
05
HPCL
at a Glance
Hindustan Petroleum Corporation Ltd. (HPCL) is one of the largest
public sector enterprises under the administrative control of the
Ministry of Petroleum and Natural Gas, Government of India and is
accorded ‘Maharatna’ status. Your Company stands 119th by market
capitalisation as of March 31, 2024, at the BSE Limited and National
Stock Exchange of India Limited (NSE).
HPCL has a strong presence in the petroleum refining

and marketing sector. Your Company supplies mobility
Vision
fuels and LPG solutions to numerous households in India
and is the largest distributor of industrial and automotive
lubricants in the country. HPCL is actively involved in the
sale of bulk petroleum products and the transportation
of such products through pipelines. Furthermore, HPCL is
To be a world-class energy Company known
progressively expanding its involvement in the renewable
for caring and delighting the customers with
energy sector, specifically through wind and solar power
high quality products and innovative services
generation.
across domestic and international markets
with aggressive growth and delivering superior
financial performance. The Company will
be a model of excellence in meeting social
commitment, environment, health and safety
norms and in employee welfare and relations.
Mission
HPCL, along with its joint ventures, will be a
fully integrated Company in the hydrocarbons
sector of exploration and production, refining
and marketing; focusing on enhancement
of productivity, quality and profitability;
caring for customers and employees; caring
for environment protection and cultural
heritage. It will also attain scale dimensions
by diversifying into other energy related fields
and by taking up transnational operations.
Petroleum House
06
Annual
72nd Report
Corporate Overview HPCL at a Glance 2023-24
F FREE, FRANK & FAIR The HP logo serves as the visual

representation of the brand HP. It plays a
vital role in establishing the identity of HPCL
in the minds of consumers and stakeholders.
I INTEGRITY
It creates a distinct and recognisable brand
identity, making it easier for people to
identify and connect with the Corporation.
R
RESPECT FOR This logo conveys essential information
INDIVIDUAL about HPCL's industry, values and unique
selling propositions through its design
elements, colour scheme and typography.
S SUSTAINABLE
PERFORMANCE
It conveys that the Corporation is
dependable, reliable, efficient, business-like
and service-oriented, nationally owned and
an independent entity, not bureaucratic but
innovative and alive.
T TEAM SPIRIT
07
Fuelling Future with Sustainable Solutions

Your Company serves millions across a large socio-economic spectrum in India through a wide range of products and services. In
tandem with the extensive scale of existing operations, HPCL has made investments to develop new products, establish new facilities
and modernise the existing infrastructure.
Our Products
Light Distillates Middle Distillates Heavy Distillates Other Products
Liquefied Petroleum Gas High Speed Diesel Bitumen Compressed Natural Gas
Motor Spirit Superior Kerosene Oil Furnace Oil Biofuel Blended Fuels
Naphtha Light Diesel Oil Low Sulphur Heavy Stock Petrochemicals
Hexane Aviation Turbine Fuel Others
Propylene Mineral Turpentine Oil
Solvent Jute Batching Oil
Lube Oil Base Stock/
Turbine Oil Base Stock
REFINERIES MARKETING
HPCL’s refineries process crude oil into light, HPCL serves the energy needs of millions of citizens through its widespread marketing
middle and heavy distillates, producing a network and customer touchpoints.
range of value-added products.
2 22,022 6,349 1,690 5

Refineries Retail Outlets LPG Distributors CNG Facilities Lube Blending Plants
23.2 MMTPA 1,638 474 78 56

Refining Capacity SKO/LDO Lube Distributors Terminals / TOPs LPG Bottling Plants
JV/Associate Refineries: Dealerships and Depots
HMEL (11.3 MMTPA); MRPL (15 MMTPA)
2 55 817 3,603
LPG Import Aviation Service Door Delivery EV Charging facility at
Locations Facility Dispensers Retail Outlets
(including battery swapping
36 17
stations)
Exclusive Lube Depots (COLD/COD) Product Pipelines
08
Annual
72nd Report
Corporate Overview HPCL at a Glance 2023-24
RESEARCH & EXPLORATION JVs AND

DEV ELOPMENT AND PRODUCTION SUBSIDIARIES
HPCL’s Green R&D Centre in Bengaluru HPCL undertakes activities in Oil & Gas HPCL business operations extend
is recognised by the Department of exploration and production through through subsidiaries and joint venture
Scientific and Industrial Research and has wholly owned subsidiary, M/s. Prize companies, strategically covering key
collaborations with research institutions Petroleum Company Limited (PPCL). areas of business.
across globe.
20 L 41.35 Crore 21
State of Art Laboratories Total revenue of PPCL on a Partnerships across key
consolidated basis business areas
547
Patent Applications Filed
95,108
210
Barrel of Oil Equivalent (BoE)
produced by PPIPL
(wholly owned subsidiary of PPCL)
Patents Granted
Joint Ventures and Subsidiaries
Oil Refining Joint Venture in Natural Gas Infrastructure & Marketing
Oil Supply Infra and Marketing Subsidiaries

Biofuels Natural Gas Overseas Renewables Upstream
Marketing
Gro w th t h r o u g h P a r t n e r s h i p s
Note: Petronet India Limited is under liquidation.
09
Chairman’s Message
It is a matter of pride that your Company achieved its best-ever
financial & physical performance, consistently creating value
for its shareholders in its 50th anniversary year. On physical
performance, the highest ever market sales of 46.8 MMT were
achieved in 2023-24. I am delighted to share that your Company
has achieved the highest-ever consolidated Profit After Tax
(PAT) of J 16,015 Crore and a standalone PAT of J 14,694 Crore,
reflecting robust financial performance. Towards value creation
for the shareholders, the Board of Directors has recommended
the issuance of bonus shares in the ratio of 1:2 and a final dividend
of J 16.50 per equity share for the year 2023-24.
This outstanding performance by HPCL exemplifies the Company’s

agility and strategic acumen in navigating the constantly evolving
energy landscape. It underlines HPCL’s sustained growth trajectory
and highlights the Company’s commitment to excellence and
innovation, even amid dynamic market conditions. I wish to
thank all our shareholders for their continued trust, employees
and business partners for their commitment and resilience
and stakeholders for their unwavering support in making HPCL
reach this position in its Golden Jubilee year. To celebrate this
remarkable achievement, your organisation is embracing the
theme of ‘Panchatattvon Ka Maharatna’ in all our endeavours
and initiatives. The objective is to enhance stakeholder welfare
while driving sustainable growth and creating lasting value for all.
The excellent performance of 2023-24 was wide-ranging,

encompassing stellar physical and financial performance across all
functions. On the marketing front, your Company has continued
Dear Shareholders,
to deliver superior performance backed by a wide array of
It gives me immense pleasure to present to you our inaugural customer-centric initiatives and a strong supply chain network.
integrated annual report on your Company’s performance for Market sales peaked at 46.8 MMT during the year, with a growth
the year 2023-24. This year marks a proud and momentous rate of 7.8% over historical levels. HPCL witnessed the highest-
occasion as we celebrate your Company’s Golden Jubilee. ever sales volume in major products, with petrol increasing by
6%, diesel by 4%, LPG by 5.5% and aviation turbine fuel (ATF) by
27% during the year. During the year, the retail business recorded
overall sales of 28.8 MMT and continued to bolster growth by
improving accessibility and customer convenience. HP Gas’, your
I am delighted to share that Company’s LPG brand, remains as one of the most preferred
brand among domestic and non-domestic LPG customers. The
your Company has achieved LPG business line recorded sales of 8.6 MMT during the year. In
the highest-ever consolidated addition to this, your Company maintained its dominance in the
Profit After Tax (PAT) of J 16,015 lubricant business, exporting lubricants to 13 countries during
the year. Similarly, the I&C business line recorded an overall
Crore and a standalone PAT of sales volume of 5.4 MMT by maximising volumes in three focus
J 14,694 Crore, reflecting robust products- diesel, furnace oil and bitumen.
financial performance To meet the country’s growing demand for petroleum products,
your Company maximised crude processing in both Visakh and
Mumbai refineries. During the year, your Company achieved the
highest-ever combined refining throughput of 22.3 MMT, with a
10
Annual
72nd Report
Corporate Overview Chairman’s Message 2023-24
capacity utilisation of 103%. The robust refinery reliability and

standardised operating processes contributed to the production
of the highest-ever volumes of MS (Motor Spirit), HSD (High Speed
Diesel), LPG and LOBS during the year. The refineries embraced
opportunity crudes and exhibited adaptability in processing
new grades of crudes, which helped in enhancing performance.
A combined Gross Refining Margin (GRM) of US$ 9.08/bbl has
been recorded during the year. In a noteworthy development,
the Visakh Refinery Modernisation Project (VRMP) was dedicated
to the nation by the Hon’ble Prime Minister of India in March
2024. With a cost of over H 26,000 Crore, VRMP is the biggest
investment in the oil sector on the East Coast and stands as a
testament to HPCL’s commitment to enhancing product availability
and contributing significantly to the region’s energy security. Inauguration of VRMP HGU & NIU by Secretary, MoP&NG
Your Company continues to place strong emphasis on the Crore during the year, including equity investments in its joint
operational efficiency of marketing operations and has venture companies (JVCs) and subsidiaries. HPCL commissioned
recorded significant gains in overall throughput performance two LPG plants, each with a capacity of 120 TMTPA, at Abu
and productivity across the network of depots and petroleum Road (Rajasthan) and Varanasi (Uttar Pradesh). During the
product pipelines. In 2023-24, your Company achieved the year, HPCL also commissioned a new LDO rake unloading
highest-ever throughput of 59.4 MMT in the supply & distribution facility at Mangalore (Karnataka) and a black oil rake unloading
of petroleum products. With efficient product placement planning facility at Kandla (Gujarat). The commissioning of new Aviation
and execution, pipeline operations achieved the highest-ever Service Facilities (ASF) at Maharishi Valmiki International
pipeline throughput of 25.8 MMT. Energy efficiency and cost Airport, Ayodhya (Uttar Pradesh), further strengthened the
optimisation remain the key focal points in pipeline operations. aviation fuel network.
On the back of various cost optimization initiatives implemented
Your Company continuously enhances its customer touchpoint
during the year, HPCL’s pipeline performance on the Solomon
infrastructure to broaden its reach nationwide. HPCL propelled its
Global Benchmarking of Manageable Non-Volume Expenditure
retail footprint by commissioning 836 new retail outlets, bringing
(MNVE) ranked in the top 6th percentile worldwide. Major locations
the total to 22,022 outlets and positioning the Company as the
have implemented ISO certifications for energy management,
nation’s second-largest retail network owner. HPCL commissioned
occupational health & safety, environmental management, and
66 new LPG distributorships, bringing the total to 6,349 as of
quality management to ensure standardised processes and
March 2024. Your Company has enrolled over 28 lakh new LPG
quality products.
customers during the year, enhancing customer reach and
HPCL’s infrastructure remains its key strength in delivering thereby taking the total LPG customer base to over 9.6 Crore.
products efficiently and at competitive prices to customers. Your Company is making significant strides in line with the
Your Company has made significant strides in strengthening Government of India’s vision to enhance the share of natural
its refining & marketing infrastructure by investing H14,342 gas in the country’s energy mix from 6% to 15% by 2030.
Visakh Refinery
11
HPCL is participating in the entire value chain of the natural

gas business by constructing a 5 MMTPA LNG Regasification
Terminal at Chhara Port in Gujarat, through its 100%
subsidiary. The project is scheduled for commissioning in Your Company incorporated a
2024-25. Additionally, HPCL and its JV companies are expanding
City Gas Distribution Networks across 25 Geographical
wholly-owned subsidiary named
Areas (GAs) in 14 states. The expansion has facilitated the ‘HPCL Renewable & Green
commissioning of 682 CNG stations and approximately Energy Ltd. (HPRGE)’ in January
6.9 lakh PNG connections in the GAs allocated to HPCL and
its JV companies as of 31st March, 2024. Additionally, in
2024 to enhance its focus on
order to expand the natural gas footprint, your Company sustainability, leverage market
commissioned its first LNG dispensing unit at Oran, Gujarat opportunities and manage risks
during the year.
more effectively
Your Company is actively pursuing large-scale investments
to build petrochemical manufacturing capacities through
joint ventures and expanding its petrochemical portfolio.
India’s first integrated Grassroot Refinery cum Petrochemical in Budaun, (Uttar Pradesh), has stabilized operations and
complex is being set up by HPCL Rajasthan Refinery Limited commenced its commercial sale. During the year, a CBG plant
(HRRL), a joint venture Company between HPCL and the of 100 tonnes per day (TPD) of cow dung processing capacity
Government of Rajasthan, at Pachpadra in Balotra district of was also commissioned at Pathmeda, (Rajasthan) under the CSR
Rajasthan. The Refinery cum Petrochemical Complex has the scheme. The 2G ethanol plant being set up in Bathinda, Punjab, is
Petrochemical Intensity Index of 26%, which is the highest nearing completion, showcasing the organisation’s commitment
in India. The project is in the advanced stage of completion. to sustainable fuels. HPCL is actively participating in the SATAT
Leveraging ‘HP DURAPOL’ brand, your Company recorded (Sustainable Alternative Towards Affordable Transportation)
sales of 45.6 TMT of polymers during the year. During the initiatives to promote CBG. Five CBG Plants were commissioned
year, your Company established a separate Strategic Business during the year, bringing the total to nine plants with a total
Unit (SBU) of Petrochemicals to ensure focused business capacity of 54.65 TPD as of 31st March, 2024.
strategies in expanding the petrochemical portfolio.
Embracing renewable energy is crucial for India’s sustainable
HPCL is aligned with the Government of India’s promotion and inclusive growth. It addresses multiple challenges, from
of the usage of biofuels in the transportation sector, which energy security and economic development to environmental
contributes to energy security, environmental sustainability sustainability and social equity. Your Company is actively
and social benefits. During the year, your Company achieved participating in this sector and exploring new opportunities in
ethanol blending of 12% by blending 156 Crore litres of collaboration with technology start-ups, OEMs and others. HPCL’s
ethanol in MS. HPCL’s first Compressed Biogas (CBG) plant renewable energy portfolio has reached a total capacity of 208
MW. A total of 17,618 HPCL retail outlets have been solarized.
Initiatives such as battery swapping and energy storage solutions
are being pursued to create value and support the transition to
cleaner energy alternatives. Towards sustainable mobility, your
Company added 1,773 Electric vehicle (EV) charging facilities,
including battery swapping stations, bringing the total to 3,603
retail outlets with EV charging facilities.
Your Company incorporated a wholly-owned subsidiary named

‘HPCL Renewable & Green Energy Ltd. (HPRGE)’ in January 2024 to
enhance its focus on sustainability, leverage market opportunities
and manage risks more effectively. The objective is to expand
the footprint in green energy businesses, including biofuels,
renewables, green hydrogen, carbon offsets, green mobility
and alternative energy solutions. I am pleased to announce that
HPRGE has begun supplying renewable energy from its newly
Inauguration of bio-mass based CBG Plant by Hon’ble Chief Minister of commissioned 5 MW solar power project in Jhansi (Uttar Pradesh).
Uttar Pradesh at Budaun, Uttar Pradesh
12
Annual
72nd Report
Corporate Overview Chairman’s Message 2023-24
The 6 MW solar project at Panipat (Haryana) has been mechanically To meet the country’s growing energy demand, HPCL has
completed and supplies are expected to commence shortly. undertaken a number of projects to expand its infrastructure.
In addition to establishing a grassroots refinery and petrochemical
complex through our joint venture Company, HPCL Rajasthan
Refinery Ltd, several other projects are underway to enhance our
distribution network. The major projects include the Bathinda-
Sangrur product pipeline, the Haldia-Panagarh LPG pipeline, the
revamping of Raipur and Vashi POL terminals, the setting up of
the CGD network in multiple Geographical Areas, establishing
new LPG & POL depots at Kamardanga (Assam) and the 80TMT
LPG Cavern at Mangalore (Karnataka).
Your Company is proactively integrating ESG factors into future

strategies and operations to gain a competitive edge, attract
investors, build resilient business models and contribute to a
sustainable global economy. In this direction, your Company has
developed a validated roadmap for achieving net zero in Scope
Commencement of 5 Megawatt Solar Power Plant Project at Jhansi 1 and 2 emissions by 2040. The roadmap is being implemented
with the formation of a dedicated ‘Energy Transition Cell.’
Integrating technology into business and fostering innovation
will continue to be a key focus for your Company, with the goal Your Company fully recognises the critical importance of the
of streamlining operations, achieving cost competence, meeting environment, sustainability and safe practices in all facets of
customer expectations and creating new opportunities for growth business. HPCL actively participates in ‘Mission LiFE,’ driving
and expansion. HPCL is harnessing advanced technologies such individual behaviour change for global climate action and aligning
as Artificial Intelligence (AI), Internet of Things (IoT), Robotics, with the nation’s sustainable development goals. Your Company
generative AI, Natural Language Processing (NLP) and other has taken up various environmental activities such as increasing
innovative digital solutions to integrate technology in every the green belt, rainwater harvesting, enhancing biodiversity, as
aspect of business. The completion of the project to modernise part of the theme ‘Panchatattvon Ka Maharatna’ which focuses
the existing ERP system is a significant step towards achieving on the five elements - earth, water, fire, air and ether.
greater business flexibility, digital agility and improved efficiencies.
The ‘HP Green R&D Centre’ plays a critical role in leveraging HPCL has long upheld the belief that business objectives can align
innovation in conceptualizing, developing and commercialising harmoniously with social responsibilities and inclusive growth.
new products and technologies in existing and emerging business Your Company’s Corporate Social responsibility (CSR) initiatives
areas. HPCL received 51 patents during the year, bringing its total reflect this ethos, encompassing activities in various focus
patent granted count to 210 as of March 2024. areas. HPCL has committed to making a meaningful difference
in society by spending H 111.9 Crore on CSR activities during
2023-24. Through these initiatives, HPCL aims to contribute to
the well-being and development of the underprivileged while
fostering inclusivity.
The superior performance of your Company is driven by its

dedicated workforce of over 8,100 competent employees
committed to achieving excellence. Your Company upholds the
principle of ‘employee enablement,’ empowering and equipping
employees with the necessary resources, tools, support and
environment to perform their roles effectively and efficiently. The
objective is to allow the employees to unlock their full potential,
boost morale, improve job satisfaction and ultimately drive better
business outcomes to have a competitive edge in the market.
The organisation has a culture of continuous upskilling, providing
Researchers at HP Green R&D Centre, Bengaluru
resources for both technical and soft skill development.
13
By fostering a learning-centric environment, your Company With a population of about 1.4 billion and a fast-growing economy,
empowers the workforce to adapt to industry changes and India has seen its energy demand increase rapidly as the country
contribute to the organisation’s growth. Your Company continues to urbanise and the manufacturing sector develops.
leverages technology to offer accessible and engaging Significant investments and infrastructure development are
learning materials that cater to diverse learning styles. By expected to meet the growing energy demand in the country.
incorporating DEI (Diversity, Equity and Inclusion) principles, The growing demand is met through various energy sources,
policies and practices into the organisational culture, your including oil. Given that oil accounts for nearly one-third of the
Company continues to create a more inclusive, innovative country’s energy demand, India is poised to become the global
and engaged workforce. leader in oil demand growth this decade.
Succession planning and leadership development form India is set to accelerate the adoption of cleaner and more
the bedrock of your Company’s organisational resilience. efficient energy solutions with its ambitious goal of achieving
Identifying key talents within your Company, developing a net-zero emissions by 2070. Clean electrification, improvements
leadership pipeline and implementing mentorship programs in efficiency and a switch to lower and zero-carbon fuels are
that facilitate knowledge transfer from seasoned leaders to some of the key levers available in the country to reach the
emerging talents were some of the key initiatives. Institutional national energy and climate targets. Given India’s unique
mechanisms are prevalent to regularly assess the skills position as a rapidly developing economy with significant
and competencies required for future leadership roles and dependency on fossil fuels, there will be a need for a just,
align with evolving industry trends. Your Company regularly orderly and equitable transition to a low-carbon future. This
conducts targeted training programs to equip potential involves ensuring energy accessibility and affordability while
leaders with the necessary skills for their anticipated roles. advancing towards greener energy solutions. The India’s energy
The combination of well-executed succession planning and transition has enough scope for traditional and greener energy
leadership development continues to be a powerful driver forms to coexist.
that will make your Company more dynamic, resilient and
Across industries globally, multiple megatrends are shaping
better equipped to navigate the challenges of a diverse and
the priorities of businesses, such as technology, green energy,
rapidly changing world.
supply chain capabilities, and talent. HPCL is aware of changing
trends and is constantly reworking its strategies and actions
to be relevant and future-ready. Your Company is making
Succession planning and leadership significant investments and building capabilities during this
development form the bedrock phase of rapid technological shifts and the energy transition
scenario. Your Company remains resolute in delivering consistent
of your Company’s organisational and responsible growth through sustainable business models.
resilience
Together, we are committed to delivering happiness to millions
of lives, achieving shared success and reaching new milestones
in the years to come.
The global economic outlook for 2024 is moderate, with
significant disparities among regions becoming more I would like to express my sincere gratitude to the Ministry
pronounced. Geopolitical risks remain a major concern, of Petroleum & Natural Gas, state governments and various
particularly with conflicts affecting key fossil fuel-producing statutory and local bodies for their invaluable guidance and
areas. Despite these global challenges, we expect the Indian unwavering support.
economy to grow by 7.2% in real terms in 2024-25, thereby
maintaining its position as the fastest-growing major economy I would also like to extend my heartfelt thanks to all our
in the world. The growth outlook remains buoyant, given the customers, shareholders, business associates, employees and
government’s sustained focus on capital expenditure while other stakeholders for their unflinching commitment and support.
maintaining fiscal consolidation. Strong corporate balance Additionally, I would like to convey my sincere appreciation to the
sheets, rising capacity utilisation, double-digit credit growth, Board of Directors for their thoughtful and prudent guidance.
a healthy financial sector and ongoing disinflation supports
Thank You
the growth outlook. However, lingering geopolitical tensions,
geo-economic fragmentation and adverse climate shocks
Pushp Kumar Joshi
impart downside risks to the outlook.
14
Annual
72nd Report
Corporate Overview Leading a Successful Organisation 2023-24
Leading a Successful
Organisation
Being Accountable and Transparent
The Company believes that a strong corporate governance plays a key role
in augmenting trust and securing the long-term interests of shareholders
and other stakeholders. HPCL being a Government Company, the Directors
are appointed by the Government of India through the Administrative
Ministry, i.e. the Ministry of Petroleum & Natural Gas (MoP&NG), after due
assessments as per the laid down procedure. Public Enterprises Selection
Board, a high-powered body constituted by the Government of India, selects
the Company’s Whole-time Directors who possess adequacy and the required
competency, skills and expertise in the business context and sector. These
selections get due approval from the Appointments Committee constituted
by the Government of India from a combination of eminent personalities
with requisite expertise and experience in diverse fields.
15
WHOLE TIME DIRECTORS
Shri Amit Garg Shri Rajneesh Narang Shri Pushp Kumar Joshi Shri S Bharathan Shri K S Shetty
Director - Marketing Director - Finance Chairman & Director - Refineries Director - Human Resources
Managing Director (From 01/05/2023)
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Annual
72nd Report
GOVERNMENT NOMINEE DIRECTORS
Shri Vinod Seshan Shri Pankaj Kumar Smt. Sujata Sharma

Director, MoP&NG ONGC Representative Joint Secretary (M&OR), MOP&NG
(From 13/05/2024) (Up to 13/05/2024)
INDEPENDENT DIRECTORS
Smt. Vimla Pradhan Shri Bechan Lal Shri Vivekananda Biswal
Shri Ramdarshan Singh Pal Dr. Nagaraja Bhalki Shri K S Narendiran
17
Board Independence*
58.16 15.3%
54% Average Age (Years) Gender Diversity
across Board
97.4%
Board
Attendance
46%
Whole Time Directors and Government Nominee Directors

Independent Directors
Board Independence, Average Age, Board gender diversity has been computed based on active directors as on 31st March 2024.
*
Investment Committee Audit Committee
Stakeholders Nomination &

Board
Relationship Remuneration
Committee
Committees Committee
CSR & Sustainability

Risk Management Committee
Development Committee
18
Annual
72nd Report
Senior Management Team

(As on 22/07/2024)
Shri A K Tiwari Shri Anuj Kumar Jain Shri Subodh Batra

Chief Vigilance Officer Executive Director (I/C) - LPG Executive Director - Industrial & Consumers
Shri Kanuru Srinivas Shri V S Agashe

Executive Director - Marketing Strategy Executive Director - Integrated Margin
and Business Development Management
Shri Alok Kumar Gupta Shri P S Murty Shri C Sridhar Goud

Executive Director - Co-ordination and Executive Director - HSE (Corporate) Executive Director - Supplies, Operations
Executive Assistant to C & MD and Distribution
19
Senior Management Team contd...
Shri V K Maheshwari Shri N Baladhandayuthapani Shri Sanjay Kumar

Executive Director - R & D Executive Director - PCPIR Project Executive Director - MRA&P
Co-ordination & Special Projects* and Business Development
Shri K Sreenivasa Rao Ms. Sujata Londhe

Executive Director - Natural Gas Executive Director - Joint Ventures
Shri Neelesh Khulbe Shri Shuvendu Gupta Shri Kamalakar Rajaram Vikhar
Executive Director - Employee Relations & Chief Executive Officer, Chief Executive Officer -
Special Projects HPCL Renewable & Green Energy Limited* HPCL Rajasthan Refinery Limited*
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72nd Report
Shri Abhishek Trivedi Shri D K Sharma Shri Krushna Mahapatra

Executive Director - Visakh Refinery Executive Director - Corporate Strategy Chief Risk Officer & Addl. Charge
Modernisation Project and Planning and Business Development of Corporate Pricing & IFS
Shri K Vinod Shri Ramanathan Ramakrishnan

Executive Director - Corporate Finance Executive Director - Visakh Refinery
Shri Sandeep Maheshwari Shri Jayant Gupta Shri Rajesh Mehtani

Executive Director - Retail Executive Director - Information Systems Executive Director - Aviation
21
Shri G U Narasimhulu Shri Libu Mathew Verghese Shri S Balachandar

Executive Director - Petrochemicals & Executive Director - Mumbai Refinery Executive Director - Audit
Off-sites, Rajasthan Refinery Project*
Shri Rajeev Goel Shri Ganesh P Gaikwad

Executive Director - Corporate Social Executive Director - CPO
Responsibility & PRCC
Shri Anuj Mehrotra Shri Reji C Mathew Shri Sanjay Malhotra

Executive Director - International Trade Executive Director - Projects, Chief Executive Officer -
Rajasthan Refinery Project* Hindustan Colas Private Limited*
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Annual
72nd Report
Shri Ritwik Rath Shri Indrajit Dasgupta Shri G Shiva Sunder

Executive Director (I/C) - ERP Executive Director - Marketing Finance Executive Director - ERP
Shri Amitava Mukhopadhyay Shri R Ramesh

Executive Director - Engineering Executive Director - Pipelines
Projects & Facilities Planning
Shri Umesh Chandra Agrawal Shri Dinesh N Naik Shri S K Barman

Executive Director - Finance, Executive Director - Tax Executive Director - New Speciality
Rajasthan Refinery Project* Products, Rajasthan Refinery Project*
23
Shri Udit Nandi Shri S H Mehdi Shri Ch Srinivas

Executive Director - HSE, Rajasthan Executive Director - Human Resources Executive Director - Lubes
Refinery Project* (Compensation Management)
Shri Debashis Chakraverty Shri Murali V

Deputy Chief Executive Officer, Company Secretary
Hindustan Colas Private Limited*
Shri Kapil Dhruv Shri A Tirupati Naidu

Executive Director, Office of C&MD Executive Director - Refinery
Co-ordination
* On Deputation
24
Annual
72nd Report
Shri Vijay A Katne Shri P Venkata Narayana Shri A S Reddy

Chief General Manager - Chief General Manager - Technical Chief General Manager -
Bio-Fuel & Renewables (Inspection, MES & Minor Projects), Retail,
Visakh Refinery Central Zone
Shri Singupalli Hari Prasad Shri C K Narasimha Shri K Balagurunathan

Chief General Manager - Chief General Manager - Chief General Manager -
HSE LPG (Sales and Marketing) Tax
Shri Subramanian Ramakrishnan Shri V S Chakravarthi Shri Sanjaykumar S Adsul

Product Placement Planning LPG, West Zone Operations, LPG
Shri Kushal Kumar Banerjee Shri Sri Ganesh Kakkirala Shri Sanjay Varghese
Chief General Manager - Chief General Manager - Director (Finance) -
Business Development Technical, Mumbai Refinery PPAC*
Shri Prabhakar Thakur Shri C V Mallinath Shri K K Kishore

Chief General Manager - DG Chief General Manager - Chief General Manager -
Hydrocarbon* Digital Initiatives (Marketing) Supply & Distribution
Shri Kiran Kumar Ganta Shri Pawan Kumar Sehgal Shri Ramesh Krishnan
Chief General Manager - Chief General Manager - Chief General Manager - Visakh Refinery
Human Resources, Visakh Refinery Co-ordination Modernisation Project Commissioning
Shri Arvind Shastry Shri K V Sreenivas Raju Shri V V Zode

Chief General Manager- Chief General Manager - Chief General Manager (I/C) -
Energy Transition CGD Human Resources & Additional
Charge of Administration
Shri Ch Ratnakara Rao Shri Neeraj K Rai Shri S R K G K S Raja Bahadur

Safety, Visakh Refinery Technical (CES- Minor Projects and Finance, Visakh Refinery
Inspection), Mumbai Refinery
Shri Chandra Kant Pandey Shri P K Saha Shri T Jagdish Nimje

Human Resources, Mumbai Refinery Projects, Rajasthan Refinery Project* Operations, Visakh Refinery
Shri R S Rao Shri Lakkoju V S Nageswara Rao Shri Manoj Kumar Moharana
Chief General Manager - Projects, Chief General Manager (I/C) - Chief General Manager - Projects,
Mumbai Refinery Operations, Visakh Refinery Rajasthan Refinery Project*
Shri Prabir Kumar Chattopadhyay Shri S N Soman Shri Sriram S

Chief General Manager - Chief General Manager - Head -
Visakh Refinery Modernisation Project Operations, Mumbai Refinery R & D Technology Development
Shri Sunil Singh Yadav Shri Pravin S Sawant Ms. Aveetha Prabhu
Chief General Manager - Chief General Manager - Chief Finance Officer, HPCL LNG Limited*
Maintenance, Mumbai Refinery Gas (Sourcing and Marketing)
25
Shri Amit Mitra Shri Sunil B Sanas Shri Debasish Basak

Corporate Finance Human Resources (Marketing) Industrial & Consumers
Shri V Rameshbabu Dr. Naveen Kumar Kuthari Shri Prashant Prabhudesai

Chief General Manager (I/C) - Chief General Manager - Chief General Manager -
Maintenance, Visakh Refinery Medical Services Information Systems (Refineries)
Shri V V Muralikrishna Shri Saugata Chaudhuri Shri G Seetaramayya

Chief General Manager - Head - Chief General Manager -
Retail Petrochemicals Projects, Rajasthan Refinery Project*
Shri K S L Satya Narayana Shri Ajay Kumar Singhal Shri Venkatesha Mukundan
LPG Projects Finance, Integrated Financial Services Sustainability, HSE
Shri K V Jagannadharao Shri Avinash Dixit Shri K Thirumurugan

Idea Management Finance, Mumbai Refinery Materials, Visakh Refinery
Shri Mohit Dhawan Shri Praveen Kumar Shri Ani Thomas

Chief General Manager - Principal - HPMDI Chief General Manager -
Retail, West Zone Projects, Rajasthan Refinery Project*
Shri B Satheesh Kumar Ms. Kalpana Naik Shri Hemant Kakde

Commissioning, Rajasthan Refinery Audit Central Procurement Organisation
Project*
Shri Amol B Taori Shri Imtiyaz Arshad Shri Sambhu Nath Ray
Chief General Manager - Chief Executive Officer & Secretary - Chief General Manager -
Commercial, Natural Gas Skill Development CGD Projects
Shri Sanjay Mathur Shri Sanjeev Rastogi Shri T Jonathan Sampath Kumar
Chief General Manager - Chief General Manager - Commercial, Chief General Manager -
Retail, South Zone Central Procurement Organisation Engineering Services
Shri Rajiv Arun Malkan Shri Jaswinder Chauhan Shri Vanchi Vishwanath
Commercial, Direct Sales Projects, Rajasthan Refinery Project* Pipeline Projects
Shri K Sudhir Raj Shri R Rajappa Shri Ashish Keshavlal Patel

Commissioning, Rajasthan Refinery Data Centre Information Systems
Project* (Solutioning and Development)
Shri D Rama Rao Shri Sanjay Dasgupta Shri K P Satheesh Kumar

Operations ERP Retail, North West Frontier Zone
Shri K Nagesh Shri Dipakkumar Gamit Shri Pankaj Sehgal

Chief General Manager - Human Chief General Manager - Project Chief General Manager -
Resources, Rajasthan Refinery Project* Process, Rajasthan Refinery Project* Finance - MOP&NG*
26
Annual
72nd Report
Shri T Sibi Mathew Shri Arulmozhi Devan K Shri S Murali Mohan

Corporate Strategy and Planning Pipeline Operations Maintenance, Visakh Refinery
Shri Animesh Kumar Sinha Shri Vishal Bajpai Shri Sudhir Kumar Mishra
Chief General Manager - CGD Marketing, Chief General Manager - Chief General Manager - Finance,
Operations & Maintenance Retail Lubes Compensation Management
Shri Subhendu Mohanty Shri Shailesh Vasudev Bagul Shri Avinash Jain
Retail, North West Zone Projects, Rajasthan Refinery Project* Retail, North Zone
Shri B Ramachandrarao Shri V Kannan Ms. Sapana Srikanth

Chief General Manager - Chief General Manager - Finance, Chief General Manager -
R&D Corporate Strategy and Planning Capability Building
Shri S N Sheshachala Shri Praveen Chandra Dukkipati Shri Lokesh Chhabra

Chief General Manager - Chief General Manager - ERP Chief General Manager -
R&D Commercial, Lubes
Shri Rajdip Ghosh Shri Trevor Savio Guerra Shri Rajendra Jairam Lade
Highway Retailing Visakh Refinery Modernisation Project Legal
Shri T Saravanan Shri Benny C Thomas Shri Anil Kumar Gupta

Chief General Manager - Chief General Manager - Chief General Manager - Central
ERP Retail, South Central Zone Accounts (Industrial & Consumers)
Shri Pankaj Sharma Shri Akshaya Kumar Nanda Shri Subhabrata Tripathi
Director (D&ES) - Chief General Manager - Chief General Manager -
PPAC* Marketing Finance International Trade
Shri C R Vijaya Kumar Shri Harpreet Singh Oberoi Shri Rakesh Gupta
Retail, East Central Zone Commercial, Retail Vigilance
Shri B Ravi Shri Pranay Kumar Shri Nalli Srinivas Rao

Chief General Manager - Chief Executive Officer - HPCL Biofuels Chief General Manager -
Technical, Visakh Refinery Ltd* LPG
Shri Debasish Goswami Shri Manoj Gupta Shri T Rajesh

Chief Executive Officer - Chief Financial Officer & Company Chief General Manager -
HPCL LNG Limited* Secretary, Hindustan Colas Private Retail, North Central Zone
Limited*
On Deputation
*
27
Offices, Auditors & Bankers

Registered Office & Headquarters Office West Zone Statutory Auditors
5th Floor, Priyadarshni Bldg,
Petroleum House, CNK & Associates LLP
Sion Trombay Road, Sion,
17, Jamshedji Tata Road, Chartered Accountants, Mumbai
Mumbai – 400 022
Churchgate, Mumbai - 400 020
e-mail: [email protected] J Singh & Associates
North Central Retail Zone
website: www.hindustanpetroleum.com Chartered Accountants, Mumbai
TC-13, V/V, Vibhuti Khand,
Gomati Nagar,
Marketing Headquarters Branch Auditors
Lucknow – 226 010
Hindustan Bhavan, Jawahar and Associates
8, Shoorji Vallabhdas Marg, North West Retail Zone Chartered Accountants, Visakhapatnam
Ballard Estate, Mumbai - 400 001 1st Floor, Alpha Bazaar,
Opp. Thakorjibhai Desai Hall, Cost Auditors
Marketing / CPO Office High Street – 1, Law Garden,
R. Nanabhoy & Co
Ahmedabad – 380 006
Marathon Futurex, Cost Accountants, Mumbai
9th and 10th Floors, A Wing, South Central Retail Zone
Rohit & Associates
N M Joshi Marg, Lower Parel, Parishram Bhavan, 7th Floor,
Cost Accountants, Mumbai
Mumbai – 400 013 Door No. 5-9-58/B,
Fateh Maidan Road, Basheer Bagh, Bankers
Mumbai Refinery Hyderabad – 500 004
State Bank of India
B D Patil Marg, Chembur,
Central Retail Zone Punjab National Bank
Mumbai – 400 074
Gautam Nagar, Union Bank of India
Govindpura Post, Bank of Baroda
Visakh Refinery
Bhopal – 462 023 Bank of India
Post Box No.15, Malkapuram, HDFC Bank
Visakhapatnam – 530 001 East Central Retail Zone
Citibank
Alok Bharti Building,
Standard Chartered Bank
Zonal Offices 5th Floor, Saheed Nagar,
ICICI Bank
Bhubaneswar – 751 006
East Zone
Purbanchal Bhavan, 771, Anandpur, Company Secretary
North Frontier Retail Zone
Off EM By-Pass, Tel Bhawan, Plot No 6A, V Murali
Kolkata – 700 107 Madhya Marg,
Chandigarh – 160 019
North Zone
6th, 7th & 8th Floors,
North West Frontier Retail Zone
Core 1 & 2, North Tower,
18, Model Town,
Scope Minar, Laxmi Nagar,
Malviya Nagar,
New Delhi – 110 092
Jaipur - 302 017
South Zone
South West Retail Zone
Thalamuthu Natarajan Building,
No. 8/2, Near Cauvery Theatre,
4th Floor, 1, Gandhi Irwin Road,
HPCL Officers Apartment,
Post Box No. 3045, Egmore,
Sankey Road, Sadashiva Nagar,
Chennai – 600 008
Bangalore - 560 003
28
Annual
72nd Report
Policy Framework ESG Governance
HPCL conducts business transparently, following its internal HPCL has constituted a Corporate Social Responsibility and
policies and applicable external regulations. Being a government Sustainability Development (CSR&SD) Committee that provides
Company, the operations are scrutinised by various external leadership and direction in matters of Corporate Social
agencies and authorities that include the Comptroller and Auditor responsibility and Sustainability. It also conducts an annual
General of India (CAG), the Central Vigilance Commission (CVC) and review of progress and performance across identified focus areas
Parliamentary committees. HPCL is also a signatory to the United under its purview. This committee is headed by an Independent
Nations Global Compact supporting principles on Human Rights, Director.
Labour, Environment and Anti-Corruption. HPCL’s management
accords due importance to these areas ensuring compliance. The Corporate HSE department under the guidance of the
The Company continues to improve systems and processes that Executive Director – HSE (Corporate) formally carries out the
integrate sustainability priorities into its overall business conduct. process of material topics identification, reporting on identified
materiality topics and Sustainability Reporting based on a
Your Company conducts its operation in line with the National consultative process with the CFD (Committee of Functional
Guidelines for Responsible Business Conduct (NGRBC) principles Directors), SBU (Strategic Business Unit) heads and concerned
which includes inter alia conducting and governing business officials. To accelerate its energy transformation journey,
with integrity and being ethical, transparent and accountable, HPCL has established ‘Energy Transition Cell’ to achieving the
practicing sustainable development, ensuring the wellbeing of Corporation’s Net-Zero goals.
employees, including value chain partners; respecting interests
and being responsive towards stakeholders, promoting human
Remuneration of Directors
rights,protecting and restoring environment, maintaining
transparency and responsibility in the advocacy of public policy, The Pay scales, pay-related benefits/ allowances and
promoting inclusive growth and equitable development and superannuation benefits for Board-level Executives, among
providing value to consumers in a responsible manner. others, are governed by Pay revision guidelines for CPSEs
issued by Department of Public Enterprises Guidelines (DPE)
Your Company has formulated policies as per the relevant vide its Office Memorandums issued from time to time. The
statutory laws, guidelines issued by the Government of India, Department of Public Enterprises is the nodal department for the
regulatory bodies and industry best practices. National / Central Public Sector Enterprises (CPSEs) and formulates policy
International Standards such as ISO 9001/14001/27001/45001, pertaining to CPSEs. It lays down policy guidelines on performance
BIS, OISD, GHG Protocol etc., as applicable are referred to improvement and evaluation, autonomy and financial delegation
while formulating these policies. The policies are regularly and personnel management in CPSEs. The DPE is independent of
reviewed to keep them updated in light of emerging trends and the organisation (HPCL), its highest governance body and senior
business paradigms. These policies are approved by Board/ executives. The remuneration policies constructed as per DPE
Competent Authorities and extended to the value chain partners guidelines are put in for Board resolution. These are then put
as per applicability. up to the administrative ministry for Presidential directives. The
remuneration payable to officers below the Board level is also
approved by the Government of India (GoI).
Code of Conduct,
Citizen Charter,
Whistle blower Policy, A component of total remuneration, i.e., performance related
Sustainable
Integrity Pact
Development Policy, pay of the Board-level executives and senior executives, is
HSE Policy,
Data Privacy Policy based on ratings as per the MoU of the organisation with
Sustainable
Development Policy Administrative Ministry, Strategic Business Unit (SBU) ratings
P1
P9 P2 and their performance ratings. The parameters of memorandum
NGRBC UNGC, Whistle of understanding (MoU), SBUs and individual rating consider
CSR Policy P8 Policy P3 Blower Policy, economic, environmental and social impacts.
Framework Internal Human
P7 Resource Policies
P4 The annual total compensation ratio of highest paid individual
P6 CSR Policy,
Sustainable P5 to the median annual total compensation* for all employees
Development Sustainable (excluding the highest paid individual) was 3.02 (*Considering
Policy Development Policy
Basic + DA).
HSE Policy, Human
Sustainable Rights Policy
Development Policy,
Climate Change
Policy
29
Crafting Resilient Future

In-line with long-term growth vision, the Company has in place its T25 strategy which defines the target aspirations across a
range of business priorities, to be achieved by 2025-26. The T25 strategy is based on foundations of Safety & Integrity, ESG
Focus, Capital Efficiency, Operational Excellence, Efficient Process, Strategic Partnerships, Risk Management, Resilience, Agility
and an Enabling Culture. HPCL has incorporated a wholly owned subsidiary, HPCL Renewable & Green Energy (HPRGE) Limited
for consolidation of all green and emerging business opportunities under one umbrella.
Creating Value and Delivering Growth Responsibly

Strengthening existing businesses, Leveraging new growth engines and
Seizing green and emerging opportunities with Focus on technology &
innovation.
Harness existing and Seize New Business

adjacent business opportunities
Pursue growth in
Leverage Innovation
Natural gas and
and R&D
Petrochemicals
T25
STRATEGIC
Expand in Renewable,
CHOICES Focus on
Environmental,
bio-fuel & alternative
Social and
energy
Governance (ESG)
Expansion of
Leverage Digital
International
Technologies
Business
NET ZERO
HPCL has developed a validated roadmap for achieving Net Zero in Scope
1 and 2 emissions by 2040 with a strong focus on transitioning towards
being a multi-energy green Corporation.
2040 Refer section on Natural Capital for further details.
30
Annual
72nd Report
Corporate Overview Leading a Successful Organisation | Fostering Meaningful Partnerships 2023-24
Fostering Meaningful
Partnerships
Promoting Collaborative Success Through Valuable Alliance
Stakeholder engagement is a facilitator of trust and hence identifying and engaging with relevant stakeholders is a way to ensure
smooth execution of operations. It also helps in creating a safe environment for the workforce, customers and the community. HPCL
believes that stakeholder engagement is the key to sustainable growth. Organisations and individuals that are impacted by Company or
who can impact the Company are identified as key stakeholders. At HPCL, stakeholder inputs (collaboration, knowledge and expertise)
play a vital role in formulating strategies for addressing the Company’s economic social or environmental impact. The Company
strives to build continuous and long-term relationships with its stakeholders through structured collaborations and communications.
Our Approach
HPCL conducts effective discussions at various levels to evaluate the concerns raised by stakeholders. In line with this, the Company
sensitises stakeholders on various issues and garners feedback through stakeholder engagement workshops, meetings, interactions.
Identifying our Stakeholder Stakeholder Managing Stakeholder

Stakeholders Prioritisation Engagement Expectations
31
Fostering Meaningful Partnerships contd...
Addressing Stakeholders Expectations
Customers
Voice of customer is key to product development, process improvements, quality & service enhancement and cost
optimisation.
Modes of Communication Frequency of Engagement

Campaigns, surveys, in person meetings, online complaint Continuous
management system, SMS, Website and Advertisements
Key issues and engagements

• New product and service offerings
• Product quality and service standards
• Awareness on safety and environment aspects
• Resolution of complaints
• Affordable, accessible and clean energy
Shareholders and Investors
As providers of capital, they are key to our growth and expansion plans.

Annual Report, Press Release, Annual General Meeting, Annual / Periodic
Analyst Meets, Regular Interactions and Proxy Advisors

• Update our shareholders and investors on the current performance, business environment and strategy for dealing
with future challenges
• Ethics, transparency and accountability
• ESG practices and performance
32
Annual
72nd Report
Corporate Overview Fostering Meaningful Partnerships 2023-24
Government and Regulators
Key for ensuring compliance, policy advocacy, implementation of socio-economic programmes aimed at nation building
and sustainable development.

Participation in consultative committee meetings, regular Ongoing
interactions with government department and statutory
bodies, trainings, mutual-aid meetings and meeting with
local authorities

• Developing standards, policies, frameworks, guidelines
• Compliance to applicable statutory rules and local legislation
• Emergency preparedness and disaster management
Employees
Employees are at the centre of everything HPCL does; their collaborative skills and expertise are essential for Company’s
growth.

One-to-one interactions, trainings, annual performance Continuous / need basis
reviews, recognition schemes, e-engagement platforms
and employee connect forums

• Rewards and recognition
• Health and safety, physical and mental wellbeing
• Aspirations for career progression and higher education
• Grievance redressal
• Ecosystem-based and need-based trainings
• Work-life balance
33
Fostering Meaningful Partnerships contd...
Dealers and Distributors
Dealers and distributors are the customer touchpoints and they are key to energy accessibility,
differentiated services and an enhanced customer experience.

Dealers, distributor meets and visits, face to face meetings, Ongoing
inspections and safety audits

• Product quality and delivery
• Health and safety stewardship related to products
• Upgradation of outlets and infrastructure
• Improvement in vendor services
• Managing competition from peers
Suppliers and Vendors
Company operations are closely linked with the timely availability of goods and services that it sources. These, in turn,
have a material impact on product availability and service delivery.

Supplier trainings, one to one meetings, transport vehicle Ongoing / need based
health checkup, supplier meets, pre-bid meetings, emails
and online platforms

• Operational cost efficiency
• Grievance redressal
• Health and safety
• Increased transparency
• Invoice tracking and on-time payments
• Preferred vendor status (for women, MSE, SC / ST Vendors)
34
Annual
72nd Report
Corporate Overview Fostering Meaningful Partnerships 2023-24
Extended Workforce (Customer Service Assistants, Delivery Men and Contract Workers)
They are involved in the last mile delivery of product and services and various non-core activities of operations.

Training sessions, regular interactions, annual health Ongoing
checkups and wellness sessions

• Development of skillset for customer retention
• Health and safety trainings
• Work related trainings
• Regular payments
Local Community, vulnerable and marginalised groups
A harmonious relationship with the communities is a key to social licence to operate; they are Company’s partners in
progress. Being a responsible organisation, the Company recognises that business success, inclusive growth and equitable
development are interdependent.

CSR initiatives, meeting with local administration / NGO, Ongoing
community meetings, online complaint redressal platforms
and public consultations

• Identification of community needs
• Empowerment, upliftment and overall development of communities
• Provision of childcare, education, healthcare, skill development, environment and community development
• Meeting for project deadlines
• Resolution of grievances
35
Risk & Resilience

Embedding Risk Management in Organization Culture
HPCL operates in a dynamic and continually evolving business environment that offers a wealth of opportunities while also
subjecting it to a spectrum of strategic and operational risks, encompassing both internal and external factors. In order to enable
the Corporation to deal with these enhanced business challenges and risks, an effective and pragmatic Enterprise Risk Management
(ERM) Framework has been institutionalised across the organization, with a focus on achieving resilience and sustained value
creation. HPCL’s ERM framework is aligned with the established and recognized risk management principles such as COSO 2017
and ISO 31000:2018.
For effective administration of the ERM framework, the Corporation has a Risk Management Organization as given below:
Risk Management Organization

To realize the risk management objective, our ERM framework aims to ensure
that Risks are identified, assessed, responded, continuously monitored,
graded, reported and managed to acceptable levels.
Board of
1 2
Directors
Risk Define/ Identify Identifying relevant

Management Business Objectives Risks from the defined
Committee - Understanding the Risk Universe, their
Chief Risk Vision, Goals, Business causes, and their
Officer strategy of HPCL in potential consequences
Respective order to identify its on the Company’s
SBU/Corporate objectives and areas that immediate short-term
Council it seeks to safeguard and long-term business
6 3
objectives
Id
Respective fine en
tif
De y
SBU/Corporate Provide holistic
Council Risk Assess the
and targeted Risk
Report
identified risks
Assess
Coordinator views of risk to Management periodically by

support efficient Process Prioritizing
management
M the Risks
Individual Risk
decision making on nd
ito s po
5 4
Owners r Re
Analyze risk Risk Response strategies

Individual Risk
trends, changes such as Terminate, Treat,
Champions
in risks and Transfer and Tolerate
monitor status can help to determine
of risk mitigation effectively address the
The roles and responsibilities of each level in the plans Risks based on its nature,
Risk Management Organization has been defined Impact and Likelihood
in our Enterprise Risk Management Charter and
Policy as approved by our Board.
36
Annual
72nd Report
Corporate Overview Risk & Resilience 2023-24
Identification And Mitigation of Key Risks
Macroeconomic Risk
• HPCL’s core reliance on crude oil imports Mitigation Measures

as primary source of raw material exposes
• HPCL has a policy framework on Oil Price Risk Management (OPRM),
it to a spectrum of macroeconomic risks
approved by its Board. Mitigation measures including hedging positions
• Global crude oil and product price are taken by the OPRM Committee from time to time
volatility, supply chain disruptions, storage
constraints and geopolitical situations
• To mitigate any supply chain disruptions HPCL is taking adequate
pose significant risks to HPCL’s operations
measures at both the refineries to increase storage capacity including
and financial position.
proper planning of crude vessels
Capitals
Impacted
Financial Capital Manufactured Capital
Financial Risk
HPCL contends with a broad array of financial Mitigation Measures

risks. The Company’s international operations
• Well defined Forex Risk Management Policy is in place to effectively
exposes it to foreign exchange risks stemming
monitor and manage exposures
primarily from procurement of crude and
• Close monitoring of projects implementation including procurement
petroleum products from overseas suppliers,
of critical components, continuous review of progress at various levels.
foreign currency borrowings etc. Further,
delays and cost overruns in major projects may • Credit Committees at various levels reviews credit worthiness and
hinder the execution of strategic initiatives, outstanding from major customers
potentially causing adverse effects on the • Cash flows are continuously monitored to determine funding
Company’s financials. Additionally, challenges requirements including CAPEX
in securing funds at favourable interest rates • Ensuring timely borrowings at favorable interest rates
and managing its receivables could also impact
its financials.
Capitals
Impacted
Financial Capital Manufactured Capital
37
Risk & resilience contd...
Asset Integrity, Health and Safety Risk
Being in the Oil and Gas sector, due to Mitigation Measures

the inherent nature of products and the • Applying good design principles, engineering, operating and
complexities in its value chain entails managing maintenance practices
challenges, such as threat of fire, explosions,
• Conducting periodic inspections, testing and calibration of equipment,
accidents, occupational health and safety residual life assessments and safety audits
incidents. These threats not only poses risks
• Strict adherence to job-specific operating manual and Standard
of loss of production and damage of assets
Operating Procedures (SOPs), coupled with routine mock drills
but also endanger public safety and strains
• Implementing preventive maintenance and condition monitoring
resource management.
schedules for rotating equipment
• Project site safety monitoring
• Providing comprehensive training to employees and contractors to
enhance safety awareness
• Conducting periodic health check-ups
• Maintaining updated emergency preparedness, business continuity
and disaster management plans and communication protocols
Capitals
Impacted
Financial Capital Manufactured Natural Capital Human Capital Social &
Capital Relationship Capital
Information Technology and Cybersecurity
Cyber-attacks pose a threat to information Mitigation Measures

networks, potentially leading to the leakage of • Chief Information Security Officer (CISO), regularly interacts with
confidential information, and loss of data as various government authorities like CERT-In and NCIIPC
well as system integrity. Additionally, system
• Periodic update on cyber security aspects is presented to the Board
and service unavailability may lead to business
• Deployment of a multilayer defense architecture and high-level security
interruptions. The absence of a structured
orchestration
framework to address these issues can result
• Implementation of a comprehensive Business Continuity and disaster
in business disruption and delayed response
recovery plan for IT resilience
leading to significant operational, financial and
reputational risks. • Creation of redundancy for all IT assets
• Periodic review of critical incidents and regular review to address
single point failures
• Established system is in place for reporting and management of
incidents
• Conducting periodic vulnerability assessments
• Providing security advisory on the secure usage of information systems
to users
• Routine IT audits
Capitals
Impacted
Financial Capital Manufactured Capital Intellectual Capital Human Capital
38
Annual
72nd Report
Corporate Overview Risk & Resilience 2023-24
Transition and Climate Change Risk
• Increasing number of customers are embracing Mitigation Measures

clean energy, thereby likely reduction in
• Expanding biofuel and renewable energy portfolio including increasing
demand for conventional hydrocarbon fuels
the footprints in CNG, EV charging and Battery swapping station
• Anthropogenic GHG emissions leading to network
climate change have been recognised as • HPCL has declared its net-zero goals for Scope 1 and 2 emissions
one of the key risk globally by 2040
• As an energy Company, effectively managing • Earmarking a substantial portion of CAPEX for green portfolio
risks associated with greenhouse gas (GHG) • Incorporating energy efficiency measures in existing and new projects
emissions, as well as air management, is
• Setting up green hydrogen facilities in refineries
essential for complying with regulatory
• Research and development on green alternatives
mandates, aligning with stakeholder
expectations and sustaining business
operations.
Capitals
Impacted
Financial Capital Manufactured Capital Intellectual Capital
Natural Capital Human Capital Social & Relationship Capital
In addition to the above key risks, HPCL identifies a broad spectrum of internal and external risks within its Enterprise Risk
Management (ERM) framework. The Risk Basket identified under ERM framework encompasses Business Continuity, Operational,
Information Technology, Human Resource including talent retention, Strategic, Financial, Logistics, Marketing including competition,
Legal and Regulatory, Brand, Environmental, Security, Governance, Procurement, Research & Development. The Management
regularly assesses these risks and reviews mitigation strategies.
39
Assessing ESG
Materiality
Deriving ESG Priorities for Strategic Impact
Materiality assessment is important for identifying an organization’s most ‘material ESG topics’ and developing strategic interventions.
Material topics represent an organization’s most significant impacts on the economy, environment and people across the
organization’s activities and business relationships. An issue is considered to be material if it has the potential to considerably
impact organization’s commercial viability, social relevance and the quality of relationships with its stakeholders.
HPCL’s material issues are informed by the economic, social and environmental context in which it operates. In 2024, your Company
conducted its most recent ESG materiality assessment, covering the fiscal year 2023-24 reporting period. This assessment involved
a comprehensive comparison of existing ESG materiality matrix with global ESG standards and frameworks including GRI – 11
- Oil & Gas, SASB, IPIECA, among others. HPCL also benchmarked its findings against the materiality matrices of its peers and
incorporated insights from 30+ government regulations and investor reports.
To ensure a thorough evaluation, all identified ESG material issues were shared with key stakeholders through an online survey.
This survey gauged their perceptions on each topic’s impact with reference to its likelihood, severity, scale and scope. The exercise
ensures that HPCL addresses pertinent issues effectively.
1 2 3 4
Benchmarking Government and Stakeholder Materiality
Inputs Regulatory Inputs Survey Assesment
Existing materiality Latest government Prioritisation of A prioritised list

topics were regulations affecting material topics of ESG material
benchmarked Oil and Gas industry was done though topics considering
with international were considered a survey of key importance to
standards such in identification of stakeholders for business and impact
as GRI, SASB and material topics. thier percieved to stakeholder
IPIECA, investor ESG likelihood, severity, were evaluated to
reports and peer scale and scope arrive at HPCL’s ESG
comparison. of impact of each materiality matrix.
topic.
Stakeholder Group for Survey
Employees Dealers, Suppliers, Local Community, Business Peers

(Management and Distributors Contractors, vulnerable and
Non-Management) Transporters marginalized groups
Customers
40
Annual
72nd Report
Corporate Overview Assessing ESG Materiality 2023-24
ESG Materiality Matrix
Moderate High Very High
Health, Safety &

Wellbeing Climate Change and
GHG Emission
Product Safety and
Quality
Water & Waste Management
Air Quality
Cyber Security & Safety and Security
Data Privacy of Critical Assets
Importance to Stakeholders
Customer Satisfaction
R&D and
Business Ethics, Transparency
Innovation
and Regulatory Compliance
Economic Performance
Talent
Human Rights Management
Biodiversity
Supplier Assessments
on Sustainability
Diversity &
Inclusion
Importance to Business
Environment Social Governance
41
Value Creation Model
Converting Resources into Future Success
Inputs Value Creation
Financial Capital Vision

To be a world-class energy Company known for caring and delighting the
Paid up equity: L 1,418.5 Crore
customers with high quality products and innovative services across domestic
Retained earnings: L 37,901.7 Crore and international markets with aggressive growth and delivering superior
Non-current borrowings: L 35,505.4 Crore financial performance. The Company will be a model of excellence in meeting
social commitment, environment, health and safety norms and in employee
welfare and relations.
Manufactured Capital
No of refineries: 2 Mission
Pipelines length: 5,134 km HPCL, along with its joint ventures, will be a fully integrated Company in the
hydrocarbons sector of exploration and production, refining and marketing;
Wind and solar capacity: 208 MW
focusing on enhancement of productivity, quality and profitability; caring for
Customer touchpoints: 31,000+ customers and employees; caring for environment protection and cultural
heritage. It will also attain scale dimensions by diversifying into other energy
related fields and by taking up transnational operations.
Intellectual Capital
R&D expenditure: L 352.5 Crore
Team size of R&D: 250+
Collaborations: 7 MoUs
R&D laboratories: 20
AI/ML, AR/VR, IoT, RPA technologies
Natural Capital
Facilities Distribution
Energy consumed: 63.37 Million GJ
Freshwater withdrawal: 13,130 TKL • Refineries: Mumbai, Visakh
Capital investments on energy conservation • HP Green R&D Centre Pipelines

equipment at refineries: L 406.84 Crore • Terminals/TOPs/ Depots: 78
• LPG: 56 Plants & 2 Import
Facilities
Human Capital
• ASFs: 55 Vessels
Employees: 8,154
• Bio Fuels Blending
Man-days invested in training: 59,440
Employee Insurance Cost: L 141.2 Crore • CBG Plants
• Solar and Wind Farms
• Green Hydrogen Facility: Railways
Social & Relationship Capital 370 ΤΡΑ
Spend towards CSR: L 111.9 Crore • Natural Gas Import Facility:
CSR projects under “Health & Nutrition” 5 ΜΜΤΡΑ*
Theme: 80+ Roads
• E&P Blocks: 2 Blocks** (Packed / Bulk)
Number of Value chain partner engagement/
• JVs, Subsidiaries & Associate
training programmes: 1.32 Lakh
Companies: 21
* Under commissioning through subsidiary HPCL LNG limited | ** Maintained through wholly owned subsidiary PPCL
42
Annual
72nd Report
Corporate Overview Value Creation Model 2023-24
Outputs Outcomes
Financial Capital Financial Capital
FIRST Revenue from operations: L 4,61,638 Crore

EBITDA: L 27,221 Crore
RoCE: 21.3%
Payments to providers of capital: L 4,644 Crore
PAT: L 14,694 Crore Market capitalisation: L 67,493 Crore (Mar-24)
F
Bonus share issue 1:2
FREE, FRANK & FAIR
Manufactured Capital Manufactured Capital
I INTEGRITY
Refinery throughput: 22.3 MMT Energy security to the Nation
Pipelines throughput: 25.8 MMT Refinery GRM US$9.08/BBL
R RESPECT FOR INDIVIDUAL Total sales (Including exports): 46.8 MMT Diversified product portfolio
Ethanol blending: 12% Differentiated services
S SUSTAINABLE PERFORMANCE Greener energy offerings
T TEAM SPIRIT Intellectual Capital Intellectual Capital
Patent filed: 547 Indigenization of technology

Patent granted: 210 Development of green products
36 New products introduced Competitive advantage
Augmented digital skills and capabilities Enhanced equipment performance and
higher yields
Enhanced safety, efficiency and cost
optimization
NAYAA HPCL
Natural Capital Natural Capital

Marketing
Renewable energy generated: 0.77 Million Scope 1 & 2 carbon intensity reduction /
• Retail Outlets GJ refinery throughput: 2.79%
• Mobile Dispensers Energy savings: 1,32,136 SRFT Sustainable use of natural resources
• EV charging stations Rainwater Harvested: ~1,200 TKL 2 notch increase in CDP rating and 9 point
• Battery swapping facilities Area under green belt: 1,793 acres improvement in S&P Global ESG rating
• LPG Distributors
• SKO / LDO Dealerships Human Capital Human Capital
• CNG Facilities at Retail Outlets Voluntary turnover: 3.45% Increase in average sales per employee: 3%
• Dedicated CBG Retail Outlets Women in the workforce: 847 Employees in rural locations:~8.04%
• Lube Distributors (Industrial and Average sales per employee: L 56.4 Crore Providing equal opportunities
Auto)
Making people future ready
Customer Base Social & Relationship Capital Social & Relationship Capital
• Domestic Beneficiaries of CSR initiatives: 32.2+ Lakh 41.2% procurement from small producers
• Automotive Funding of 7 new startups Welfare of children, women and sub-
• Commercial Aspirational districts impacted: 13 section of the society
• Industrial Daily customer interactions: ~2.5 Crore Environment and community development
Delivering Happiness
43
Financial
Capital
Material Topics
Economic Performance
Business Ethics, Transparency and Regulatory

Compliance
Launch of various e-Platforms during Finance Strategy Meet - 2024

Annual
72nd Report
Description of Capitals Financial Capital 2023-24
HPCL is committed to all round growth of the business with an end objective
of maximizing the value for its stakeholders. The Company is creating value
and delivering growth responsibly by strengthening existing businesses,
leveraging new growth engines and seizing green & emerging opportunities
with focus on technology and innovation. HPCL’s resolute and synergetic
performance of all the line and support functions along with the guidance
from the Board of Directors coupled with financial prudence has led it to
achieve new heights.
L 14,694 Crore L 27,221 Crore

Highest Ever PAT (Standalone) EBITDA
L 41,030 Crore L 4,61,638 Crore

Net Worth Revenue From Operations
21.3% L 75,000 Crore

RoCE Investment in last 5 years
Revenue from Operations & PAT

(L Crore)
4,66,192 4,61,638
3,73,897
2,70,326
14,694
10,664
6,383
-8,974
2020-21 2021-22 2022-23 2023-24
Revenue from Operations PAT
Finance Strategy Meet 2024
45
Financial Capital contd...
Key Financial Parameters Reflecting Inherent

Strength & Growth Potential
Return on Capital Employed Earnings Per Share

(RoCE %) (In L)
103.6
70.6
19.4% 21.3% 44.9
10.8%
-10.7%
-63.3
2020-21 2021-22 2022-23 2023-24 2020-21 2021-22 2022-23 2023-24
Capital Allocation
Asset Turnover Ratio HPCL made a CAPEX of L 14,342 crore during FY 2023-24 maintaining
(In Times) an overall long term debt equity ratio of 1.06. The Company has
made a notable shift in its investment strategy and plans to invest
significantly in renewables, biofuels, natural gas, alternate fuels
to realise its ambition of Net Zero. HPCL is uniquely poised to
2.7 2.8
2.2 use its vast resource base to transition to new energy and Net
3.1
Zero projects. Towards this, the Company remains committed to
raise innovative forms of capital, balancing the goals of energy
security and the green transition, while delivering maximum
return to stakeholders.
2020-21 2021-22 2022-23 2023-24

CAPEX (L Crore)
Long Term Debt Equity Ratio

16,772
(In Times)
14,630 14,342
14,043
1.80
1.06
0.70
0.90
2020-21 2021-22 2022-23 2023-24 2020-21 2021-22 2022-23 2023-24
46
Annual
72nd Report
Description of Capitals Financial Capital 2023-24
Maximizing Shareholder’s Wealth Return to Shareholders

Your Company has delivered consistent returns to shareholders
Number of Shares 4 Before 2016 Bonus
in the past decade. HPCL has rewarded its long-term shareholders
through bonus issues in September 2016, July 2017 and July 2024. Sep 2016 (2:1) 12 Post 2016 Bonus
Returns to shareholders have been through dividend distribution July 2017 (1:2) 18 Post 2017 Bonus
and capital appreciation. The total return to shareholders is ~30.8%
(between Mar’14 to Mar’24). Further, HPCL became the first PSU July 2024 (1:2) 27 Post 2024 Bonus
to do an Open Market buy-back.
L 1418.5 Crore
Paid-up Equity Share Capital
Market Capitalisation (In L Crore)
L 103.6 BSE at Close of Month

67,493
EPS
L 15 / equity share CAGR 20.5%
Interim Dividend Paid

10,489
L 16.5 / equity share

Mar-14 Mar-24
Dividend Announced
(Pre-Bonus)
HIGHLIGHTS
HPCL has incorporated a wholly owned subsidiary,

HPCL Renewable & Green Energy (HPRGE) Limited
for consolidation of all green and emerging business
opportunities under one umbrella. HPCL has ambitious
plans to increase its Renewables portfolio to 10 GW by 2030
and Bio-fuels portfolio through new 1G, 2G and CBG Plants.
Go Live of SAP S4 HANA
47
Manufactured
Capital
Material Topics
Product Safety and Quality
Safety and Security of Critical Assets
Health, Safety & Wellbeing
Supplier Assessments on Sustainability
Visakh Refinery
Annual
72nd Report
Description of Capitals Manufactured Capital 2023-24
HPCL remains resolute in its pledge to serve as a cornerstone

energy provider for the nation, ensuring seamless and cost-
efficient distribution of petroleum products. Your Company
has consistently improved capacities and developed top-tier,
sustainable infrastructure.
2 22.3 MMT 31,000+

No. of Refineries Highest Ever Refinery Marketing
Throughput Touchpoints
5,134 km 25.8 MMT

Pipeline Network Highest Ever Pipeline
Throughput
Refineries
HPCL is committed to modernize and enhance its infrastructure to meet the growing energy demand in the country. Effective energy
utilization and energy conservation remain priorities for refineries. The Company’s Visakh Refinery Modernization Project (VRMP) was
dedicated to nation by Honorable Prime Minster. In addition to this, India’s first integrated Grassroot Refinery cum Petrochemical
complex is being set up by HPCL Rajasthan Refinery Limited (HRRL), a joint venture Company between HPCL and the Government of
Rajasthan, at Pachpadra in Balotra district of Rajasthan.
103.3% $9.08 / bbl 157 Grades

Average Capacity Utilization Refinery GRM In Company’s crude basket
1,32,136 SRFT*
Energy Savings in Refineries during FY24 (including
sustenance of previous schemes)
*SRFT: Standard Refinery Fuel Tonnage
HIGHLIGHTS
During the year, refineries processed seven new grades of New Sulphur Recovery Unit (SRU) with 99.9% of Sulphur
crude oil for the first time recovery has also been commissioned at VR
Deployed AI/ML based hybrid model for real time process The first-of-its-kind Residue Upgradation Facility (RUF) in
optimization of plant VRMP project exemplifies the nation’s ascent in bottom
upgradation technology
22 Energy Conservation Schemes were implemented in
HPCL Refineries Developed highest capacity Hydrocracker unit in India
(3.05 MMTPA capacity full conversion hydrocracker unit
Mumbai Refinery signed an agreement with Mumbai Port with 99.5% conversion)
Authority for land lease for 30 years for the construction
of Crude Oil Terminal (COT) project Developed largest single capacity train in India of Hydrogen
Generation Unit in India at Visakh Refinery
Visakh Refinery commissioned Heat Recovery Steam
Generation (HRSG) system of Captive Power Plant (CPP)
49
HRRL achieved financial closure for the 9 MMTPA Integrated Grass Root Refinery cum Petrochemical Project. The project is at
advanced stage of construction and pre-commissioning activities of three of the units have been initiated.
Largest PE capacity in India (2X500 КТРА)

Largest PPU capacity in India (2X490 KTPA)
26% Petrochemical Yields
14 grades of Polyethylene &

HRRL 21 grades of Polypropylene
(State of Art Facility)

Flexibility in switching between Fuel & Petrochemicals
Quartile-1 energy performance at design stage
Nelson Complexity Index of 17.0
Marketing
On the back of a wide array of customer-centric initiatives supported by a strong supply chain network, HPCL achieved highest-
ever annual sales of 46.8 MMT (including exports) during the period, with a growth rate of 7.8% compared to the historical. HPCL
is continuously embracing new processes & technologies, adapting to the ever-changing needs of business ecosystem and staying
ahead of the performance curve.
Retail outlet at Bengaluru
50
Annual
72nd Report
Retail
HPCL’s extensive retail infrastructure, trained workforce and digital innovation are geared towards creating an
exceptional customer experience.
Nation’s 2nd 22,022 3,603

Largest Retail Network Retail Outlets EV Charging Stations
(Including battery swapping stations)
836
1773
1,690 817 17,618

CNG Stations Door to Door Mobile Dispensers Solarization of Retail Outlets
303 57 7,143
427 5
HaPpy Shops Way Side Amenities Commissioned
Launch of UPI payments on HP Pay app
HIGHEST EVER HIGHLIGHTS

Launched “Club HP First”, our premium
28.8 MMT 9.1 MMT branded outlet based on creating happy
customers
Sales Volume MS Sales
HPCL launched the first co-branded express
18.7 MMT 950 TMT service center at its retail outlet in partnership
with Petromin Corporation
HSD Sales CNG Sales
MoU signed with Tata Passenger Electric
45% Mobility to enhance public EV charging stations
Launch of HP Pay digital wallet has improved

Digital Conversion
customer satisfaction
51
LPG
‘HP Gas’, HPCL’s LPG brand, supplies clean cooking fuel to one out of every four families in India. Beyond domestic use, the
Company supplies LPG for commercial, industrial and bulk purposes across the country. To meet customer specific needs, HPCL
has introduced brands such as ‘HP Gas Flame Plus’ for commercial and industrial users and ‘Appu’ cylinders for the Free Trade
LPG (FTL) segment.
96 Million 6,349 7.9 MMT 56

Customers served by LPG LPG Distributorships Highest ever bottling LPG Bottling Plants
2.6 Million 66 4.4% 2
HIGHEST EVER HIGHLIGHTS

Largest LPG cavern with capacity of 80 TMT is being set
Sales of Flame Plus Sales of up by HPCL at Mangalore
8.6 MMT 69.5 TMT Contract signed with GAIL for VSPL pipeline
with growth of 5.5% with growth of 10.4% Completed smart plant automation at Nashik Plant
Added bottling capacity of 75 TMTPA by commissioning

five new private bottlers
7.3 Million HPCL commenced marketing of packaged drinking
Appu cylinder sales with water brand ‘HP PAANI’ by leveraging the extensive
growth of 32.1% LPG marketing channel
Hon’ble Prime Minister inaugurated LPG Plants at Abu

Road, Rajasthan and Varanasi, UP
52
Annual
72nd Report
Direct Sales (Industrial and Consumer Sale)

HPCL’s direct sales SBU handles institutional fuel, bitumen, naphtha, solvent and bulk product sales across sectors such as mining,
construction, power, shipping and railways. In a competitive market that is sensitive to price and quality, HPCL strategically balances
profitability and volumes to navigate challenges effectively. Innovative products such as HP Super Solvent, LSHS Premium, Marine
Biofuel and Warm Mix Additive cater to unique customer needs.
5.39 MMT
Sales 3%
Significant Contributors
HSD FO Bitumen
Crossed 1 MMT sales volume individually
First time export of bunker fuels to Sri Lanka
ACHIEVED SALES OF NEW INFRASTRUCTURE

Hexane facility at Sitarganj Depot (360 KL)
1,571 TMT 27.24 TMT Packed bitumen COD at Lucknow
Bitumen Hexane LDO Rake Unloading Facility at Mangalore to meet

the demand of Kerala & Karnataka
63 TMT Black Oil Tank Wagon Unloading Facility at Kandla
Low Sulphur Heavy Stock - Premium Five Total Fuel Management Projects
Lubricants
HP Lubricants, our umbrella brand, oversees the production and marketing of 350+ lubricants and specialty products across cutting-
edge blending plants nationwide. These cater to diverse industries, including automotive, industrial, mining, construction, agriculture,
fishing, defense and railways. HPCL’s lubricants also cater to latest and emerging transport solutions such BS-VI, CNG vehicles and
Electric vehicles (EVs). Flagship products such as ‘Racer’, ‘Milcy’, ‘Neosynth’ and ‘Enklo’ contribute to fortifying HPCL’s leadership status
across various market segments. We also export HP Lubes globally.
5 652 TMT 4.1 TMT 491

Lube Blending Plants Sales Exports Channel Partners
3.4% 68
53
HIGHLIGHTS
Launched ~2.2 Million

First ever long-term sourcing contract signed with
ExxonMobil
HP FINIT advanced Digital marketing outreach Launched Caltex Lubricants (A chevron company
product) in India
11 new HP in Antarctica supplied lubricant and fuels for

the National Centre for Polar and Ocean Research
OEM relationships (NCPOR) expedition in Cape Town, South Africa
started
Sales
commenced
Through Amazon & Petromin
service centers
Aviation
For more than half a century, HPCL has been providing aviation
refuelling services at various airports in India. Today, your
Company provides fuelling services to the aviation industry
through its business unit, ‘HP Aviation’.
‘HP Aviation’ provides fuelling services across major Indian

airports through 55 Aviation Service Facilities (ASFs), serving
domestic airlines with safe and reliable services.
878 TMT 55
Highest Ever Sales ASFs
26.8% 1
Aircraft Refuelling at our ASF
HIGHLIGHTS
Commissioned Ayodhya ASF at Maharshi Valmiki

International Airport HP Aviation Hub
Commissioned ATF Tank facility at Akola New - IRD Round the clock single point contact service for
and Srinagar - IRD enhancing customer experience
54
Annual
72nd Report
Natural Gas
HP LNG Terminal at Chhara, Gujarat
HPCL is aligned with the nation’s agenda of achieving growth by adopting a low carbon path. In the natural gas sector, HPCL engages
across the entire value chain, covering LNG import infrastructure, natural gas pipelines and City Gas Distribution (CGD) infrastructure.
A 100% subsidiary is dedicated to establishing a 5 MMTPA LNG Regasification Terminal at Chhara Port (Gir Somnath District) in Gujarat.
HPCL is continuously expanding presence in the natural gas sector by increasing its footprints in India’s midstream and downstream
gas markets.
375 TMT 67.6 TMT 3.5 TMT

Total Industrial Sales CNG Sales PNG Sales
78% 51% 89%
25 GA in 2,636 (Steel) 1st LNG

14 States 1,107 (MDPE) dispensing outlet
Company is authorized for PNG Pipeline Length Commissioned at Oran
City Gas Distribution (CGD) added in inch-km COMCO, Gujarat
along with its JVs
28,721
Domestic PNG Connections
added with Last Mile
Connectivity
55
Biofuel and Renewables
As a leading energy Company in India, HPCL champions sustainability by harnessing renewable energy and promoting biofuels,
relentlessly working towards reducing carbon footprint across value chain. Your Company has commenced commercial sales
from its first biomass-based Compressed Biogas (CBG) plant in Budaun, Uttar Pradesh with a production capacity of 14.2 TPD
and has started supply of CBG through cascades. HPCL has also commissioned its first waste to compressed biogas plant (100
TPD of cow-dung processing capacity with 1.6TPD output) at Pathmeda, Rajasthan.
338.6 MT 208 MW HIGHLIGHTS
CBG Sold Installed Renewable Commissioned 5 CBG plants under SATAT scheme and
Power Capacity signed LOI for 20 new plants
338% (Solar + Wind)
Signed MoU with Government of Bihar for setting up
7 CBG plants
18.45 Cr kWh 107 Commenced construction of HPCL’s first mega scale

utility solar project of 100 MW at Galiveedu, Andhra
Renewable Energy Active LOI to setup CBG Pradesh
Generation (Wind) plants (221.4 TMTPA)
Biomass Trial run in Milling section started at HPCL’s
first 2G Ethanol Bio Refinery project at Bhatinda, having
Mechanical completion of
Ethanol Production capacity of 100 KLPD
6 MW 5 MW
Solar project at Panipat, Solar project at Jhansi,
Haryana Uttar Pradesh
Foraying into Petrochemicals
This new business line is aimed at creating exponential

Product Segment
value for the Indian economy, Indian people, customers and
employees. In line with the Make in India campaign, HPCL’s
HR033 PP RAFFIA
Petrochemical business is a major step towards fostering
innovation, enhancing skill development, augmenting
HM120A PP INJECTION MOULDING
intellectual property, facilitating investment & building the
best-in-class manufacturing infrastructure. The business
B57004 HDPE GPBM
is anticipated to become instrumental in the sustainable
economic development of the country.
F55004 HDPE HM FILM
HPCL is foraying into the world of Petrochemicals with
pre-marketing of HP Durapol brand. This pre-marketing F01019S LLDPE SLIP
will be the precursor to HPCL’s Investment in HRRL (HPCL
Rajasthan Refinery Limited), a 9.0 MMTPA Fuels and 2.4
MMTPA Petrochemicals Complex. Moreover, HPCL participated
at Plastivision 2023 marking a significant stride in customer
engagement and brand exposure.
45.6 TMT 500+ 5

Polymer Sales Customers Added Polymers Grades in Product
Portfolio
56
Annual
72nd Report
Supplies, Operations & Distribution
The Supplies, Operations & Distribution (SOD) department of HPCL handles product movement and distribution with assured quality,
quantity and safety, ensuring adequate product availability to customers at all times. The terminals and depots are continually upgraded
with the latest technologies to enhance operational efficiencies, improve safety and keep pace with evolving customer demands.
78 59.38 MMT 12% 46 Locations

Terminal and Depots Highest Ever Throughput Ethanol Blending with ISO 50001:2018 Energy
Management Certifications
3.5% 1.4%
46 35 Locations
Vapour Recovery Units First OMC to implement 100%
Biodiesel for existing DG sets
3
Projects & Pipelines
Pipelines play a significant role in meeting the demand of petroleum products in India in a safe, cost efficient and environment friendly
manner. HPCL operates an extensive pipeline infrastructure and has undertaken major projects for augmentation of its pipeline
network and increasing the safety and reliability of pipeline operations and reduction of carbon footprint.
5,134 km 35.2 MMTPA PIPELINE PROJECT COMPLETED

Barmer-Palanpur Pipeline (215 km)
Pipeline Length Capacity of Pipelines
ONGOING PIPELINES PROJECTS

2 nd
Largest 25.82 MMT Bathinda Sangrur Pipeline (88 KM, 1.4 MMTPA)
Cross Country Pipeline Highest Ever Pipelines Haldia Panagarh Pipeline (201 KM, 1.45 MMTPA)
Network Throughput
India’s longest LPG pipeline from Kandla to Gorakhpur
11.1% (2,805 km) (In JV with IOCL and BPCL)
HIGHLIGHTS
PIPELINES ENGINEERING & PROJECTS
Implemented green initiative “linear asset Commissioned eight bay tank truck entry and 2000 KL HSD
maintenance module”, paving way to paperless tanks at Indore revamping project
maintenance documentation system
Commissioned Vapor Recovery Unit (VRU) at Guwahati IRD
Achieved HSE index of 98.5% and security index
of 98% Designed and engineered first VRU inhouse, jointly with
R&D, installed and commissioned at Hassan Terminal
57
Intellectual
Capital
Material Topics
R&D and Innovation
Cyber Security & Data Privacy
HP Green R&D Centre

Annual
72nd Report
Description of Capitals Intellectual Capital 2023-24
Intellectual capital is the cumulative knowledge asset that is attributed to

an organisation and plays a key role in an improved competitive position of
the organisation. HPCL’s approach to capitalise on this opportunity includes
developing innovative products, solutions and technologies to bring value to
stakeholders, building a knowledge base and conducting industry-relevant
research, developing safe and green solutions to protect the environment
and growing organically in all verticals relevant to energy, chemicals,
petrochemicals through internal capacities and collaboration, among others.
HPCL lays strong emphasis on the effective adoption of technology across
all spheres of business activities.
L 352.5 Crore 250+ SAP S4 / HANA 20

Investment in R&D R&D Personnel Implemented across HPCL R&D Labs in HPGRDC
Research and Development

Hindustan Petroleum Green R&D Centre (HPGRDC) has been set up with the objective of providing
advanced technological support to marketing SBUs and refineries. It aims to provide operational excellence,
develop and adopt innovative, path-breaking technologies and establish itself as knowledge hub.
The research center is provided with state-of-the-art infrastructure facilities, comprising energy-efficient
green buildings with a built-up area of about 6 lakh square feet (sq. ft) on a sprawling campus of 170
acres with 20 labs in various areas.
Indigenisation Indigenisation Valorisation

Specialty lubes/
of refinery of chemicals, of low value
additives/ products
technologies additives, catalysts refinery streams
Battery and energy Process

storage devices R&D approach and thrust areas intensification
Renewable energy Petrochemicals Novel

(Biofuels, solar) and polymers separations
59
51 Patents 12 Crude Evaluations

Highest ever patent grants of 51 (domestic & Carried out as a support for crude procurement &
international) taking total to 210 processing. Multiple new grades were processed for
the first time in HPCL Refineries based on R&D crude
Highest ever patent applications of 104 evaluations
(domestic & international) taking total to 547
16 GTC 7 MoUs
Global Technology Centre: Providing 7 collaboration MoUs signed for innovation
Advanced Technical Services to over and business development
16 Refinery units
Partnership New products New facility
Technology Partnership 36 new products catering Centre of Excellence

Agreement with M/S KBR, to refinery solutions, (COE) in Bitumen
USA for licensing & marketing corrosion solutions, lube and Pavement
of HP HiGAS globally for formulations, among Research
decarbonisation others
RECOGNITIONS / AWARDS
2 CHT Innovation Awards
Golden Peacock Award
Leading Technology/Product Innovation:

Renewable Energy India Expo
FICCI Award
Safety Awards from National Safety Council

of India
60
Annual
72nd Report
Technology Commercialisation
Vapor Recovery Unit based on HP-MO2-IV (3TPD Medical Oxygen HiGAS Model-2 at Visakh Refinery:
indigenously developed HP-VRU plant) at Sir Gangaram Hospital, New A Rotating Packed Bed (RPB) based
technology at Hassan Terminal Delhi absorption process for H2S removal
from fuel gas
Key R&D and Innovation Projects
9 11 13 5
Refining Technologies Advancement in Catalyst Innovative Process Process
Advancements & Additives Chemicals Intensification and
Novel Separations
3 4 22 4
Bioprocess Optimised Nano and Battery New Product Petrochemicals and
Technology Developed Development Polymers
for application in
Automative, Industrial,
Specialty, Greases,
Marine Grades
Successful trials
of fuel blends at engine lab
CHT Meet at HPGRDC
61
Green Products
HP Lithium Ion Sodium Ion

HP Trijet H-CNG
Solar - O - Kare Cylindrical Battery pouch cell
High performance Developed with Most viable Conversion of Mixture of 15-

solar cleaning Lithium Nickel alternative to cooking oil to 20% of Hydrogen
solution Manganese Oxide Lithium ion Sustainable in compressed
cathode and battery, suitable Aviation Fuel and natural gas which
graphite anode, for grid storage Green Diesel can be used as
with a delivery applications fuel instead of
capacity of 1250 CNG and has lower
mAh emissions and high
efficiency
HP-EGIN HP AO HP-BioP HP- REC Pol
Corrosion inhibitor A novel bio Biocompostable Use of recycled

for ethanol and based primary polymer made polymer waste as
gasohol storage antioxidant for by reinforcing input material in
thermo-oxidative natural fiber plastic products
stabilization of into renewable
polyolefins polymer matrix/
resin to be used
for food packaging
Digital Innovation
HPCL is committed to leverage Digital Technologies in every aspect of its business for continuous innovation, operational
excellence and new business models to provide best in class experience and value to all stakeholders.
ives
bject Enriched
Key o
Stakeholder Experience
Digital Transformation Roadmap
Enhanced Organisational Efficiency

Resilient & Responsive
Customer Centricity
Focus areas
DNA @workplace
smart operations
Intelligent Assets
Business Models
Safe, secure and
Supply Chain
Digital
New
Digital Transformation Roadmap

Enablers
Robust IT Infrastructure Foundational Systems
Digital Skillsets Efficient Process
62
Annual
72nd Report
Customer Experience Capability Building

• HP Pay - Unified loyalty & Payment Solution • Digital Experience
• Omni Channel Chatbot • Centre AR/VR Based
• Central Retail Information System • Training Metaverse
Data driven Decisions Operational Excellence

• ERP Modernisation • Video Analytics @ Retail Outlets
• Enterprise Data Repository & Analytics • Video Analytics @ Plants & Terminals
• Connected Enterprise • Predictive Analytics based
• Supply Chain Control Tower maintenance
• Centralized Command Centre • Robotic Process Automation
New Business Models Assets & Project Mgmt.
• E-commerce Platform • Central Energy Mgmt. System

• Project Portfolio Management Office
Supply Chain Management Workforce Enablement
• Demand Forecasting • HR Analytics

• Smart Fleet management • Generative AI
An array of Digital Initiatives spanning across technologies
Maintaining a Resilient IT Infrastructure:
Cybersecurity has been a key focus area for HPCL and your Company has undertaken significant cyber security enhancement
initiatives, focusing primarily on fortifying the security of users and end-user devices, protecting the most vulnerable points in our
cyber defence. HPCL has established new infrastructure and services dedicated to safeguarding end users and their devices beyond
the confines of the corporate network, ensuring around-the-clock protection against both known and unknown threats in real-time.
HPCL has conducted regular user education and training initiatives, emphasising awareness and resilience against cyber threats. The
Company’s IT infrastructure and information security management systems are audited by external auditors.
The Board continuously monitors the organization's cybersecurity posture, providing ongoing oversight and proactive risk management.
The Chief Information Security Officer (CISO) is entrusted with the responsibility of providing quarterly reports on the state of cyber
security to the board, fostering transparency and accountability with the highest level of governance. In 2023-24, HPCL's data centers
underwent a rigorous upgrade from ISO27001:2013 to ISO27001:2022 certification, ensuring compliance with the latest industry
standards.
ISO 27001:2022 Zero

Certified Data Centers Instance of Data Breaches in 2023-24
63
Natural
Capital
Material Topics
Climate Change and GHG Emission
Air Quality
Biodiversity
Annual
72nd Report
Description of Capitals Natural Capital 2023-24
Natural capital refers to the naturally occurring resources that are used
or impacted by the organization during its operations. HPCL believes in
maintaining environmental sustainability, ensuring the wellbeing of current
and future generations and the preservation of ecosystems and biodiversity.
The Company implements several sustainable initiatives to further its
commitment towards fostering a greener tomorrow.
208 MW Net Zero

Installed Renewable Capacity By 2040 (Scope 1 & 2 emissions)
(Solar + Wind)
HPCL continually seeks to integrate best practices and procedures geared towards environmental preservation in its operations.
The Company has established environmental management systems in refineries and major marketing locations.
A Just Transition for Climate Change

HPCL’s Approach to TCFD and ISSB – S2
Governance Risk Management
HPCL has constituted a Board-level sub-committee, the CSR and In order to proactively identify and manage key risks for achieving
Sustainability Development Committee, comprising Whole-time strategic objectives and to enable the Corporation to deal with
Directors, Independent Directors and led by an Independent these enhanced business challenges and risks, an effective and
Director, overseeing HPCL’s sustainability strategy. pragmatic risk management process has been institutionalized
across the organization.
To accelerate its energy transformation journey, HPCL has
established ‘Energy Transition Cell’, dedicated to achieving the For more details on risk management refer to the section “Risk
Corporation’s Net-Zero goals. HPCL has incorporated a wholly and Resilience” of this report.
owned subsidiary, HPCL Renewable & Green Energy (HPRGE)
Limited for consolidation of all green and emerging business
opportunities under one umbrella. HPCL has also established
separate business verticals for natural gas, biofuel and renewable
energy.
For more details on Governance refer to section on “Leading A

Successful Organization” of this report.
HP Refiners Meet 2023, Mumbai Windmills at Jaisalmer
65
Strategy HPCL has laid out an environmental strategy, identifying key

levers to reach net zero in its operations. By applying the TPI
Your organization is integrating ESG factors into its operations methodology, a range of scenarios corresponding to different
and strategies with a view to enhance climate stewardship, transition pathways were created and the most appropriate was
gain competitive advantage, attract investors, build resilient selected to showcase the minimum target that HPCL needs to
business models and increase contribution to a more take to achieve substantial decarbonization. The IEA SDS and
sustainable & inclusive global economy. HPCL has drawn a STEPS scenarios were considered for conducting climate-related
roadmap for de-carbonization of its operations in line with scenario analysis.
its Net-Zero target of 2040 for Scope-1 & Scope-2 emissions.
This roadmap has a strong focus on transitioning towards a HPCL has estimated a sizeable investment towards its net zero
multi-energy green and low carbon Corporation. HPCL, through plans by 2040 and identified below key six levers:
its customer oriented approach, is also committed to provide
accessible and affordable clean energy to its customers.
Key Levers for Decarbonization
Green Hydrogen
Fuel Switch
to Bio Gas
Renewables
Efficiency
Carbon Capture,
HPCL-Emission Reduction Roadmap Use & Storage
(CCUS)
7.9
5.6
Unit: MMT of CO2e
5.0
3.6
4.4
2.5
1.4
0
Total emission 2030 2035 2040

to be abated by
2040
Conservative Base Case Accelerated

Technology Adoption Scenario Technology Adoption
26th Energy Technology Meet at New Delhi
66
Annual
72nd Report
Metrics & Targets

HPCL continuously monitors its performance on key indicators such as Scope 1,2 & 3 GHG emissions, energy consumption and avoided
GHG emissions to facilitate derisking of business portfolio.
Parameter UOM 2023-24 2022-23
Total Scope 1 Emissions Million Metric tonnes of CO2 equivalent 4.72 4.30
Total Scope 2 Emissions Million Metric tonnes of CO2 equivalent 1.06 0.78
Total Scope 1 and Scope 2 Emission Intensity tCO2e / MT of Refinery Throughput* 0.259 0.266
*GHG Emissions at HPCL Refineries constitutes ~ 95% of total GHG Emissions in HPCL refining and marketing operations.
137.4 Million Metric tCO e 2
Scope 3 emissions (Scope 3

categories included: 3,4,6,7,9,11)
GHG Emission Reduction Initiatives
107.3 MWp 100.9 MW 3,603 4,355

Solar Energy Portfolio Wind Energy Portfolio EV charging facilities Retail outlets with E20 sales
(Including battery swapping
stations)
New Solar Projects
• Commenced construction of HPCL’s first mega scale utility 25+ 100% Bio Diesel
solar project of 100 MW at Galiveedu, Andhra Pradesh
Certified Green Buildings Used in DG sets at 35 SOD
• Mechanical completion of 6 MW solar project at Panipat, locations
Haryana
• Mechanical completion of 5 MW solar project at Jhansi, UP

100+ locations 150+ locations
ISO 50001 - Energy ISO 14001 - Environmental
370 TPA 9 CBG Plants

Management System Management System
Pilot Green Hydrogen Plant Under SATAT 35

at Visakh Refinery in advance
stage of completion Marketing Locations with
GreenCo certifications
17,618 12% Key MoU / Collaboration
Solarization of retail outlets Ethanol Blending in • Signed MoU for retrofitting old vehicles e-flex fuel kits for
(80% of the total outlets) Motor Spirit compatibility with up to 85% ethanol blended petrol
• Highest ever ethanol
• Signed MoU with Andhra Pradesh Solar Power Corporation
production of 16.47 TKL
for Renewable Energy Projects including Green Hydrogen
by HPCL Biofuels Ltd.
• HPCL’s announced collaboration with Chevron Petroleum
• Trial runs started at
India Pvt Ltd. in aviation aims to expand HP Aviation’s
HPCL’s first 2G ethanol
international presence, focusing on global standard services
bio refinery project at
and sustainability
Bhatinda
67
Energy Efficiency
Energy efficiency is a key priority for HPCL, driven not only by environmental considerations but also by its potential for reduced
operating costs in its refineries. HPCL monitors its energy consumption and undertake initiatives such as process modifications,
utilization of energy-efficient equipment & technologies as well as incorporation of best practices for conserving energy.
63.37 Million GJ J ~407 Crore 1,32,136 SRFT

Total Energy Consumed Capital Investment on Energy Energy Savings in 2023-24 at Refineries
(Electricity + Fuel) Conservation Equipment at (including sustenance of previous schemes)
Refineries
75 MBN* 80.5 MBN

Specific Energy Consumption Specific Energy Consumption
at Mumbai Refinery at Visakh Refinery
*MBN: MBTU/BBL/NRGF
Air Quality
HPCL refineries have implemented ISO-14001 - Environment Management Systems. In addition to this, the Company has incorporated
measures such as volatile organic compound (VOC) emissions monitoring as well as leak detection and repair (LDAR) program to
effectively monitor and control fugitive emissions.
To ensure transparency and compliance, gaseous emissions and ambient air quality are continuously monitored. Real-time data
transfer to regulatory agencies is also implemented.
Biodiversity
HPCL access-controlled locations serve as ideal environment for local flora and fauna, featuring impressive green belts with
diverse herbs, fruit-bearing trees and well-maintained landscapes. These areas are frequented by various local and migratory
birds, insects and butterflies, showcasing our commitment to nurturing ecosystems and biodiversity.
HPCL undertakes several initiatives to maintain diversity across its locations:
• Developing, maintaining and enhancing green belt coverages
• Periodically reviewing and monitoring biodiversity footprint at its locations through audits
• Preserving local flora and fauna to maintain ecological balance
• Creating awareness amongst employees and stakeholders on the importance and preservation of biodiversity
1,793 acres
Area Under Green Belt (within
premises)
HPCL Rajasthan Refinery Limited (HRRL) at Pachpadra, Barmer, demonstrated a strong commitment to sustainability
by organizing a mass tree plantation drive on World Environment Day. This initiative resulted in planting 17,000 trees
across 67 acres of land within just three hours.
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Annual
72nd Report
Water Management
Water Management Initiatives
Recognizing the significance of water as a shared resource, HPCL
strives for adoption of sustainable water management practices in • HPCL Refineries recycled 12,04,465 KL water during the
its operations. This is achieved through monitoring water footprint, year, saving equivalent quantity of natural resources
water efficient fixtures, avoiding water wastage, water reuse and
• Reuse of water in process
recycling. HPCL accords importance to rainwater harvesting and
strives to implement them in its operating locations, with the goal • Installation of water-efficient fixtures at operating
of expanding its reach into neighboring communities as well. locations
Refineries and major marketing locations employ ETP/STPs for • Recycling of water through ETP, STPs and reusing treated
recycling effluent. The refineries have effluent treatment plants water
consisting of physical, chemical, biological and tertiary treatment
facilities. The treated effluent from ETP meet the stipulated quality • Enhancement of employee awareness through contact
parameters set by Minimum National Standards (MINAS) and programs, newsletters, technical bulletins
is used as a make-up in cooling tower, fire water header and
horticulture. Discharges from both the refineries are monitored
for quality parameters.
13,130 TKL 1,200 TKL 0.77 KL

Fresh Water Withdrawal Rain Water Harvested Water Intensity per unit
Refinery Throughput*
*Water consumption at HPCL Refineries constitutes ~ 95% of total water consumption in HPCL refining and marketing operations
Waste Management
HPCL is minimizing its environmental impact through efficient material and waste management practices. This includes the identification
of opportunities for reducing material consumption, segregation of waste, circular economy initiatives and proper waste disposal in
accordance with applicable norms and regulations. Your Company’s operations produce both hazardous and non-hazardous waste. The
hazardous waste generated at its locations and refineries is disposed through recyclers or re-processors registered with The Ministry of
Environment and Forests and Climate Change (MoEF&CC)/ Central Pollution Control Board (CPCB) registered recyclers or re-processors,
adhering to statutory requirements. Proper systems are also in place to handle non-hazardous waste.
Waste Management Process Waste Management Initiatives
• Commenced marketing of products based on 30% re-

Plastic
refining base oils with launch of “HP Enklo 68”
HPCL has set up a mechanism to collect plastic waste from
the market as part of Extended Producer Responsibility (EPR) • Exceeded government mandated “Extended Producers
Responsibility” target of 8 TMT for recollection of
E-Waste plastic waste
HPCL does not sell any products that lead to the generation
of e-waste • Use of reconditioned drums for Rubber Processing Oil
• Under “Trash to Treasurer” initiative, HPCL developed a

Hazardous Waste (Used Oil) bitumen road with waste plastic component at one of its
HPCL has collaborated with the lube ecosystem of the country to residential complexes in Mumbai; it also installed 100%
help fast-track the sector’s journey towards a more sustainable Recycled plastic tiles at one of its Retail outlet in Pune
future through the adoption of circular economy principles
Other Waste (Metallic Scrap) 9,707 MT

HPCL decommissions LPG cylinders, valve, regulator (CVR) as
Waste Recycled / Reused /
per its procedures and treats them as metallic scrap Recovered
69
Human
Capital
Material Topics
Talent Management
Diversity & Inclusion
Human Rights
Health, Safety & Wellbeing

Annual
72nd Report
Description of Capitals Human Capital 2023-24
HPCL is committed to improving the lives of people who are

integral to its business practices and brand experiences.
Your Company upholds human rights, nurtures a culture of
sharing and caring and provides opportunities to its people to
grow personally and professionally. As a socially responsible
organization, HPCL believes in creating a workplace that
fosters inclusivity and innovation.
8,154 847 7,307

Employees Females Males
Enabling People Performance
Employee
Talent acquisition Employee development
and retention welfare and growth
Promotion of
Leadership Succession
productivity and
development planning
performance
During the year HPCL recruited 415 (372 males, 43 females) new employees. Your Company has embraced the
principles of DEI (Diversity, Equity and Inclusion) to foster innovation, engage employees, attract top talent,
enhance reputation and meet legal and societal expectations. These principles and practices make the
organisation more dynamic, resilient and better equipped to navigate the challenges of a diverse and rapidly
changing world.
12.19% 16.1% 2.33%

Share of Woman in Share of Woman in Junior Share of Woman in Senior
all Management Positions Management Positions* Management Positions**
* First level of management as % of total junior management positions

**Two levels away from CEO as % of total top management positions
71
A focus on encouraging and achieving diversity in recruitment processes helps to acquire talent from different backgrounds,
gender, caste and origin. HPCL adheres to the Presidential Directives along with guidelines issued by the Government
of India for reservation in services of persons in after EWS insert word: categories. HPCL recruits 100% of its candidates
from India.
3,950 3.45%
Contract labor is engaged though contractors for non-core
activities at HPCL. The number of contract labour engaged
in different locations and units of HPCL including project
(SC / ST / OBC Employees) Voluntary Turnover Rate
related activities under various contractors was 38,301.
Inauguration of First All Women Operated Retail outlet at Ladakh
Employee Welfare
The Company’s permanent employees are provided with compensation and benefits, which include inter alia: work-related
reimbursements and location-based allowances, transfer benefits, leave policies (EL, CL, LHP, SSL, study leave, maternity,
adoption, paternity, surrogacy, child care, CDO, SCDO, festival holidays, special leaves) and other employee benefits such as
health and welfare measures, promotions, idea sharing, performance appraisal, separation and post-retirement benefits,
health insurance and accident insurance coverage. During the year, HPCL maintained 100% Return to Work rate for employees
who availed parental leave.
Performance Management
Your Company has a robust performance management
system for objective assessment, career progression and
development of individuals based on the Balanced Score 100% 1:1
Card Methodology. Aspirations for career and growth of
Permanent management Women to Men Salary
employees are monitored and managed through an annual
and non-management (Same Seniority and Grade)
performance review and appraisal system. It encompasses employees have undergone
timely performance evaluations and appraisals provided by a performance and career
feedback mechanism through an online system. The system development review
consist of goals and target setting aligned with corporate
objectives and periodical yearly reviews.
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Annual
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Capability Building
HPCL is focused on delivering learning interventions efficiently and equitably to employees across the country
through its Capability Building Department. The Company leverages technology and utilises a variety of learning
methods to create superior learning experiences.
58.3 L 67,734 1,107 Candidates

Training hours per Person Training Expenses per Person Engaged as GATs / TATs / DATs under
/ Year National Apprenticeship Training Scheme
Training and Development Initiatives
Training advisory Competency Competency Competency CBMS

council framework- framework- framework- development and
corporate refineries marketing deployment
HP Possible HP Yuva HP NAVA HP Samavesh EBSCO, Coursera,

Skillsoft
Foreign trainings: External training; Academic tie-ups; Nominations of New

Top management; traditional bussiness MoUs with COE/ officers to premier Internship policy
advance management & renewables premier institutes institutes
program; World
petroleum council
Vista – agla kadam: role-based

competency framework
Domain
Knowledge
Technological (DK) Financial
Advancements Acumen
(TA) (FA)
Personal
ca l Digital Agility
Excellence ch n i
Te (DA)
(PE)
avioural
Altro- Enabling
Centricity Compliance
Organ
(AC) (EC)
B eh
Creating Excellence
isa
ti o
Logistics
na
Thought l
Leadership Efficiency
(TL) (LE)
Energy Customer
Sustainability Intimacy
Operational
(ES) (CI)
Excellence
(ΟΕ)
73
Supporting Employee Transition - Retirement Training Program
Human Rights
HPCL recognizes its responsibility to conduct business in a manner that respects the rights and dignity of all its stakeholders,
as enshrined in national and international standards. Its commitment is grounded in the principles of United Nations Global
Compact, the Universal Declaration of Human Rights, International Labour Organization’s Declaration on Fundamental Principles
and Rights at Work, The National Guidelines on Responsible Business Conduct, 2018 (NGRBC) which is dovetailed with the
United Nations Guiding Principles on Business & Human Rights (UNGPs) and Fundamental Rights as envisaged in Constitution
of India.
During the year, HPCL adopted a Human Rights Policy Your Company is a signatory to the United Nations Global Compact
outlining its commitment to human rights. This policy is (UNGC) and supports principles of Human Rights, labor, environment
applicable to employees, business partners, suppliers, and anti-corruption. The Company’s management accords due
contractors, sub-contractors, joint-venture partners, importance to these areas and ensures compliance. A robust grievance
business associates, other relevant parties and end- mechanism has been created to safeguard these values by allowing
customers. It includes a commitment framework individuals for open and structured raising of concerns for their fair
covering equal opportunity, workforce diversity and and timely resolution.
inclusion, collective bargaining, a safe and healthy
workplace, environmental stewardship, prohibition
of child labour, forced labour and human trafficking,
prevention of harassment, inclusive employment
standards and ethical business practices. The policy also
encompasses human rights capacity building, due diligence,
grievance redressal, communication of the policy and
disclosing performance on human rights commitments.
86%
Company’s human right policy can be accessed at Non-management employees are
https://www.hindustanpetroleum.com/pages/Human- members of unions
Rights-Policy.
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Annual
72nd Report
Health and Safety Management

Safety is a core value deeply embedded in Company’s operations, fundamental to its functioning as a socially responsible
organization. HPCL’s dedication to instilling a culture of safety not only protects employees from harm but also safeguards the
environment and the lives of the communities where Company operates. This commitment extends across all our manufacturing
sites and offices, reflecting dedication to promoting occupational and personal health.
Zero Accidents 300+ 59,217 0.073

Goal HSE officers across HPCL Man-days of technical
and behavioral trainings
LTIFR (Employees +
Contract Workforce)
Focus Towards Safe Operations imparted to transport
workforce
Exceeded MoU 1,472 Officers

compliance Undertook Vulnerability
parameter NSC-HPCL-SAT index
on Occupational Health (Over 700 pages of content in 10 modules from implemented at refineries
and Safety Trainings to more than 40 standards / regulation / guidelines)
employees
Visit of Director-HR to Mangalore LPG Cavern Project
75
Safety Management System at HPCL
Safety Management
System
Commit Assess Control (risk) Verify (for

(to safety) (hazards & risk) assurance)
Hazard Pre-Startup
Safety identification Safety Review
Organisation and Risk
Analysis
Safety
(HIRA)
Consultation Management
and System Audit
Participation
Management
Review
Process Safety Safe work Contractor Asset Integrity Incident Transport Operating
Information Practices and Management Management Reporting, Safety Procedures
Work Permits (AIM) Investigation Management
Analysis and
Learning
Training and Safe Management Emergency Project

Foundational Blocks
Competence Operation of Change Response HSE
Management Management Management Elements
Process Safety
Process Safety Management (PSM) is embedded in the Corporation’s safety and environmental policies. At HPCL’s refineries, process
safety risks are assessed on regular basis by the concerned risk champion and risk owner. The status of the risk is reviewed at
SBU level and updated to the Board. Tier-3 and -4 leading metrics are closely monitored and performance is highlighted at SBU
level on a monthly basis.
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Annual
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Key health and well-being initiatives at HPCL
Preventive health checkups for extended workforce Training and awareness programmes
Periodic medical examination for employees and Wellness index: a composite health indicator based on
their families clinical and psychological parameters
Occupational health centres at refineries Dedicated training for preventing substance abuse
Lifestyle modification clinics Industrial hygiene surveys
Prerna: Health campaigns for all contract workers, tank

Paramarsh: A mental health and well-being initiative
truck crew and LPG delivery staff at various locations
Women wellness programs Medical camps
77
Social & Relationship
Capital
Material Topics
Customer Satisfaction
Supplier Assessment on Sustainability
Health Safety & Wellbeing
Human Rights
Climate Change & GHG Emissions
Air Quality
Biodiversity

Annual
72nd Report
Description of Capitals Social & Relationship Capital 2023-24
Social Capital includes relationships and social connections that drive

business growth. HPCL has always been a Corporation with conscience,
firmly believing that customer and business priorities can co-exist with
social commitments and inclusive growth. To foster growth and well-being
of the communities, HPCL actively engages in a diverse range of thoughtfully
curated social programs.
L 111.9 Crore* L 16.14 Crore 32.3 Lakh+ 5,000+

CSR Expenditure CSR expenditure in 13 Beneficiaries impacted Pro-planet people engaged
Aspirational Districts during FY 2023-24 under Mission Life
80+ 14 Projects L 97,989.9 Crore

CSR Projects Under Health Impact Assessment Carried Contribution to exchequer
& Nutrition Theme out by IIT Kharagpur
10.7 Crore 50,000+

Sales of LPG Cylinder Refills Integrity Pledges Administered
under Pradhan Mantri Ujjwala
Yojana
Approach to CSR
HPCL has consistently upheld
Skil
the belief in creating shared n Dev l
tio elop
value and ‘Delivering Happiness’ Ed uca men
t
through a range of initiatives that
En
& C elop
to
have positively impacted millions

vir mun t
d
De
tion
nde
om me
on
ies
of lives. HPCL’s CSR projects are

v
me
ersit
u
tribu
aligned with national priorities

lic F
nt
and Government of India policies,

ity
Univ
Con
n
Pub
drawing inspiration from initiatives CSR Focus

such as the National Health Areas
are
Mission, National Skill Development

ld C
Mission, Clean India Movement and

Sp
the Transformation of Aspirational

or
Chi
ts
Districts program among others.

Aligned with these policies,
Con re
HPCL actively supports projects trib Ca
h
that empowers individuals and u
Incu tion to alt
bato He
communities, driving sustainable rs
social and economic development.
* For details refer Annexure - III of Director's Report (Report on CSR Activities / Initiatives)
79
Environment &
Education Health Care Community Development
Nanhi Kali: Providing educational Provision of medical devices and Swachhta Pakhwada: Participation
support to adolescent girls, mostly equipment for streghtening public of more than 20 lakh stakeholders
first generation learners healthcare delivery systems (primary across the country (administartion of
healthcare centers, community cleanliness pledge, providing hygiene
Scholarship to socially-economically healthcare cetres, district hospitals) kits, pitching of seed balls, sapling
diadvanteged sections such as SC, in local and remote areas plantation, mass cleanliness drives and
ST, OBC and PwD slogans / writing / elocution / drawing
Project Dhanwantarti: Mobile medical competitions in schools and colleges
Providing basic facilties in vans to provide diagnosis, treatment
government schools (furnitures, and increasing health awareness Coastal Marine Programme in Goa for
teaching aids and water coolers) among under priviledged people in conservation and restoration of marine
remote rural areas ecosystems
Construction of classrooms and
setting up of smart classes in rural Dil without Bill: Support to individuals Contributions to Armed Forces Flag Day
goverment schools belonging from lower economic for welfare and rehabilitation schemes
section, especially children for of ex-servicemen and their dependents
Super-50: Mentoring and coaching
conducting heart surgeries
under-priviledged students in UTs Distribution of solar street lights
of J&K and Ladakh in collaboration Support to people with disabilities and solar home lighting systems to
with the Indian Army by providing wheelchairs scooters, communities
augmented communication devices,
low floor bikes
Child Care Skill Development Sports

Project ADAPT: Education theraputic SDI Visakhapatnam is being managed Support to promising atheletes and sport
and skill training support for by HPCL along with support of Oil & persons coming from underpriviledged
children with special needs Gas CPSEs for imparting industry backgroud through scholarships
oriented skills to enhance employability assistance
Nourish: Empowering children, of weaker sections of society
lactating and expecting mothers in Support for construction of badminton
these communities, aligning with Development of soft toy manufacturing stadium in Bahanada, Mayurbhanj,
the theme of ‘Health and Nutrition’ units to boost employment Odisha for rural and tribal players
opportunities
80
Annual
72nd Report
Customer Satisfaction HIGHLIGHTS

HPCL focuses on delivering premium-quality products with high
performance efficiency to its customers across the country and Achieved NANO First OMC to
beyond. In addition to this, HPCL is increasingly incorporating (No Automation introduce
greener energy and allied products into its product portfolio. No Operation) at Biometric E-KYC
The Company also provides a host of services aimed at meeting 98.21% and connectivity facility for
the needs of customers. at 95% of total active domestic LPG
retail outlets customers
To understand customer preferences, the Company conducts
market surveys, customer interactions (telephonic, web-based,
HPCL Lubes
in person meetings), product trials and customer satisfaction
obtained
surveys. These allow the Company to address concerns and
certifications /
continuously improve products and services in tune with present
approvals from
and emerging needs.
Lube sales multiple reputed
commenced through OEMs during the
Amazon and Petromin year for use of
12,724 Service centers Lubes
HP SAKHIs added to maximize

reach of LPG to rural customers
CUSTOMER CENTRIC DIGITAL INITIATIVES
First in the Oil and Gas Industry to facilitate direct UPI
payment through HP Pay
Launched Consumer Lubes InfoHub, an Information

Sharing Platform
Digitalization of Retailers’ onboarding platform resulted

HPCL’s products meet BIS specifications as well as internationally in expanding HP Lubricants reach to 25K+ retailers
recognized and customer-specific standards. All products are across India
evaluated and assessed for health and safety parameters on
E-cash memo enabled for HP GAS across all channels and
applicable specifications and relevant norms. Qualified auditors
e-bill integrated with automation for Retail fuel customer
assess Company’s operations related to manufacturing, storage
and marketing periodically for health, safety and environment Dedupe model and staggered Go-live of subsidy payment
related risks. Your Company’s dealers and distributors are regularly through common LPG data platform including integration
advised and guided on product safety management through with public financial management system
campaigns, meetings and training programmes. The Company
also undertakes operational and product safety related awareness Implemented HP Happy Chatbot in 11 regional language
training and stakeholder engagement exercises. Specific SOPs for support
delivery men, on product safety and handling are also in place.
Launched ‘HP Bharosa App’ for retail customer service
Consumers are educated about the safe and responsible usage of assistants for effective roll out of customer outreach
products and services through regular information on websites, program and developed LPG Suvidha Services in Vitran
banners and pages in addition to posts and videos on social XP for enhanced customer satisfaction
media platforms. Press releases are also shared in case of
any important information which is circulated through major
news bulletins. Furthermore, product safety information is also
disseminated through booklets and guidelines on product-handling
procedures and risks, including material safety data sheets (MSDS).
Promotions include advertisements (TV, Print, Outdoor, Digital),
events & exhibitions, LPG Panchayats under Pradhan Mantri
Ujjwala Yojana, Mock Drills, Regular Safety awareness campaigns,
technical awareness sessions at industrial consumer premises.
At customer touch points, various safety messages are displayed
through information boards.
81
CLUB HP FIRST PANCHTATTVA ENERGY STATION
"Club HP First", a ground breaking program revolutionizing Flagship retail outlet, synergising Indian ethos and Goan
convenience, transparency, and sustainability in the architecture and developed in line with HPCL’s golden
fuelling sector. jubilee theme, “Panchtattvon Ka Maharatna”, offers E20
petrol, Power 95, CNG and Electric vehicles charging facilities
This pioneering initiative empowers customers with apart from conventional fuels as well as convenience store
state-of-the-art Integrated Transaction Processing System “HaPpyShop”, a quick service restaurant “HappyBites” and
(ITPS) technology. Beyond fuelling, customers can enjoy an ATM for convenience of customers, all under one roof.
clean restrooms, purified drinking water, complimentary
air checks for tyres and windshield cleaning.
Supply Chain
62,700+ 12,100+ 23,200+ 2,400+

Gurukul training programs Training programs conducted for Awareness programs conducted for Training programmes for
conducted for CSAs retail dealers LPG Deliverymen / Showroom staff LPG distributors
28,300+ 3,400+ 700+ 24

Safety training sessions Safety training sessions for Vendors onboarded on Trade Empanelled LNG Suppliers
conducted for Contractors transport crew Receivables electronic Discounting
and Contract Workmen System (TReDS) 5
85+ ~1.7 Lakh

Vendor Development Extended workforce* covered
Programs /Buyer Supplier under group medi-claim policy
meetings for MSEs were and group personal accident
conducted during the policy
financial year
HPCL serves the energy needs of millions of citizens through high-quality, value-added products and distinguished services. Your
Company’s business model requires it to have synergies amongst its facilities, infrastructure, network and external stakeholders
at various levels entailing efficient management of the supply chains. Among Company’s stakeholders, its suppliers, distributors,
dealers and transporters are vital supply chain partners. HPCL is committed to adopting responsible business practices across
the supply chain for a greener future and holistic societal development.
HPCL has mapped its supply chain and continuously works to identify the bottlenecks, improve logistics and expand the network
to enhance the reach and resource optimality. The wide adoption of digital technology, resource conservation practices and other
innovative initiatives have enabled the Company to synergise with its supply chains for environment and social stewardship.
HPCL utilises tools to plan and optimise sourcing, transportation linkages and infrastructure requirements. This helps in the
reduction of carbon footprint and transportation costs by maximising product movement through energy-efficient modes such
as pipelines, coastal and rail over conventional road transportation.
*Workforce at Retail Outlets, LPG Distributorships, Transporters, Business Partners of Lubes / DS SBU etc.
82
Annual
72nd Report
HPCL is also making strides towards sourcing materials locally and Procurement from MSEs*
sustainably to reduce supply chain’s emissions. Various local and 41.24%
38.97%
small vendors are encouraged to participate in green initiatives 37.29%
undertaken by the organisation.
HPCL chooses its suppliers on a combination of quality, cost,

location and compliance to its policies. Your Company undertakes
assessments on health and safety and working conditions for
its Dealers, Distributors and Transporters. We engage with our
dealers, contractors and suppliers to conduct business ethically,
improve transparency and ensure compliance with national, state
and international laws and regulations. It collaborates with them
for optimising operations and collective growth.
2021-22 2022-23 2023-24
*Procurement from MSEs excluding items beyond the scope of MSEs.
Partnership for Nation Building
HPCL participates in consultative committee meetings for setting up policy frameworks by Government or regulatory departments. In
addition, HPCL also participates in the development of standards, guidelines by providing inputs to various Ministries of Government
of India and other bodies such as Oil Industry Safety Directorate (OISD), Petroleum and Natural Gas Regulatory Board (PNGRB), Center
for High Technology (CHT), Bureau of Indian Standards (BIS) etc. towards advancement of public good and nation building. HPCL is
also actively engaging on the climate and sustainability policy front. Mentioned below are the key engagements in this area:-
Key Public Policy Advocacy Engagements
Biofuel Health & Safety

Participated in the council meetings of developing countries HPCL was a part of a high-level expert committee constituted
established by UNIDO on Bioethanol based clean cooking for by Petroleum and Natural Gas Regulatory Board to review
affordable and clean energy the extant safety framework and recommend a way forward
Participant of an Industry delegation to Kenya & Tanzania to ensure unified and comprehensive Safety and Integrity
for their interest in Ethanol for clean cooking as well their Framework for the Indian Oil and Gas Sector
potential for biofuels production and use HPCL provided inputs and participated in the finalisation
Participated as group Leader of subgroup of Biofuels working of Disaster Management Plan of MoP&NG
Committee instituted by MoP&NG for optimizing biofuel HPCL is a part of working group formulated by MoP&NG to
usage in logistics look into the whole gamut of safety framework and suggest
MoP&NG has nominated HPCL as coordinating OMC for necessary changes for petroleum sector in the country
feasibility of ‘Ethanol as cooking Fuel in India’ Collaboration with National Safety Council for designing
Provided inputs for Biofuel’s policies for meeting of National curriculum on Safety, conducting training and assessing
Biofuel Coordination Committee (NBCC) through MoP&NG 1,472 officers through NSC HPCL Safety Aptitude Test
HPCL is participating as a member of steering committee of Capability Building

GreenCo net zero carbon guidelines and certification
Submission of a case study on “HPCL Leadership Intervention
HPCL is a part of the Industry Working Group of Biofuels
& Succession Planning“ to Capability Building Council (CBC)
which supports Government of India in policy formulation
for onward publication in Gyaan Kosh (GOI)
and implementation on ethanol and biodiesel
Interaction and guidance from Capacity Building Commission
Synthetic Fuels (E-Fuels) (CBC) on Leadership & Succession planning
HPCL is a member of the committee constituted by MoP&NG Sharing of best practices at Department of Personnel
to formulate policy on Synthetic (e-fuels) Training (DoPT) consultative workshop in the improvement
of policy advocacy
The committee mainly focused on synthetic fuels and e-fuels
policy briefing, which attempts to improve awareness of HPCL is associated with key institutions including Ìndian
e-fuel production technologies and consequences in terms of Society for Training and Development’, `National HRD
effectiveness, greenhouse gas (GHG) reduction, environmental Network’ and Àll India Management Association’
impact, investment, costs and prospective demand
83
Notice of 72nd Annual General Meeting

HINDUSTAN PETROLEUM CORPORATION LIMITED
REGISTERED OFFICE: PETROLEUM HOUSE, 17, JAMSHEDJI TATA ROAD, CHURCHGATE, MUMBAI 400 020
Website: www.hindustanpetroleum.com E-mail: [email protected] Tel: (022) 22863900 Fax: (022) 22872992
(CIN: L23201MH1952GOI008858)
NOTICE
NOTICE is hereby given that the 72nd ANNUAL GENERAL Ministry of Petroleum & Natural Gas (MoP&NG), who was
MEETING of the Members of Hindustan Petroleum Corporation appointed by the Government of India as Government Director
Limited (HPCL or Company) will be held on Friday, August 23, on the Board of the Company and accordingly, appointed by
2024 at 11:00 A.M. (IST) through Video Conferencing (VC) / Other the Board as an Additional Director of the Company with effect
Audio Visual Means (OAVM) to transact the following business: from May 13, 2024, and who holds the said office pursuant
to the provisions of Section 161 of the Companies Act, 2013
up to the date of this Annual General Meeting or the last
ORDINARY BUSINESS:
date on which the Annual General Meeting for the Financial
1. To receive, consider and adopt the Audited Financial Year 2023-2024 should have been held, whichever is earlier,
Statements of the Company for the Financial Year ended and who is eligible for appointment as a Director under the
March 31, 2024 together with the Reports of the Board of provisions of Section 160 of the Companies Act, 2013 for the
Directors and Auditors thereon. Office of Director and for whose appointment, approval of
the Members of the Company is required to be taken before
2. To confirm the payment of Interim Dividend and to declare
the next General Meeting under the provisions of applicable
Final Dividend of H 11/- per equity share for the Financial
Statutes, and in respect of whom the Company has received a
Year 2023-2024.
notice in writing from a Member proposing his candidature for
3. To appoint a Director in place of Shri Pankaj Kumar the Office of Director, be and is hereby appointed as a Director
(DIN: 09252235) who retires by rotation and being eligible, of the Company and is liable to retire by rotation.
offers himself for re-appointment.
4. To appoint a Director in place of Shri S. Bharathan 6. Payment of remuneration to the Cost Auditors for
(DIN: 09561481) who retires by rotation and being eligible, the Financial Year 2024-2025.
offers himself for re-appointment.
To consider and if thought fit, to pass the following
Resolution as an Ordinary Resolution:
SPECIAL BUSINESS:
RESOLVED THAT pursuant to the provisions of Section 148
5. Appointment of Shri Vinod Seshan (DIN: 07985959) and other applicable provisions, if any, of the Companies
as a Director of the Company: Act, 2013, the Companies (Audit and Auditors) Rules, 2014
To consider and if thought fit, to pass the following (including any statutory modification(s) or re-enactment(s)
Resolution as an Ordinary Resolution: thereof for the time being in force), and such other
permissions as may be necessary, the payment of the total
RESOLVED THAT pursuant to the provisions of Sections
remuneration of H 7,00,000/- (Rupees Seven Lakhs Only)
149,152,161 and other applicable provisions, if any, of
(H 3,50,000 each (Rupees Three Lakhs Fifty Thousand Only
the Companies Act, 2013, Companies (Appointment
each) plus reimbursement of out of pocket expenses at
and Qualification of Directors) Rules, 2014, and further
actuals plus applicable GST payable to M/s. R. Nanabhoy &
amendments thereto from time to time (including any
Co and M/s. Rohit & Associates who were appointed as “Cost
statutory modification(s) or re-enactment(s) thereof, for the
Auditors” to conduct the audit of Cost Records maintained by
time being in force), the relevant applicable regulation(s) of
the Company for the Financial Year ending March 31, 2025,
the SEBI (Listing Obligations and Disclosure Requirements)
pertaining to various units as applicable, be and is hereby
Regulations, 2015 and also the relevant provisions of Articles
ratified and approved.
of Association of the Company, Shri Vinod Seshan, Director,
84
Annual
72nd Report
Statutory Reports Notice 2023-24
7. To increase the Authorized Share Capital and 8.

Approval of Material Related Party Transactions
consequent Amendments in Memorandum of with HPCL-Mittal Energy Limited (HMEL) to be
Association & Articles of Association of the Company entered during the Financial Year 2025-2026:
To consider and if thought fit, to pass the following To consider and if thought fit, to pass the following
Resolution as Special Resolutions: Resolution as an Ordinary Resolution:
RESOLVED THAT pursuant to the provisions of Section RESOLVED THAT pursuant to Regulation 23 and such
13,14 and 61 and other applicable provisions, if any, of the other applicable Regulations, if any, of the SEBI (Listing
Companies Act, 2013 and the rules made thereunder and in Obligations and Disclosure Requirements) Regulations, 2015
terms of applicable provisions of the SEBI (Listing Obligations (SEBI LODR, 2015) (including any statutory modification(s)
& Disclosure Requirements) Regulations, 2015 (including any or re-enactment(s) thereof, for the time being in force), the
statutory modifications or re-enactment thereof for the time approval of the Members of the Company be and is hereby
being in force), and also the relevant provisions of the Articles accorded to the Material Related Party Transactions to be
of Association of the Company, the approval of the Members entered into with Joint Venture Company, HPCL-Mittal Energy
of the Company, be and is hereby accorded to increase the Limited (HMEL), for the Financial Year 2025-26 for a value
authorized share capital of the Company from H 2,500 Crore of H 80,400 Crore (Rupees Eighty Thousand Four Hundred
(Rupees Two Thousand Five Hundred Crore Only) divided Crore Only) and that the Board of Directors of the Company
into 75,000 (Seventy-Five Thousand) Redeemable Preference or any other person(s) authorised by the Board, be and is
Shares of H100 each totaling to H75 Lakhs and 249,92,50,000 hereby authorised to perform and execute all such deeds,
(Two Hundred Forty-Nine Crore Ninety-Two Lakh and matters and things including delegation of such authority
Fifty Thousand Only) Equity Shares of H10 each totaling to as may be deemed necessary or expedient to give effect
H 2499.25 Crore to H5,000 Crore (Rupees Five Thousand to this resolution and for the matters incidental thereto or
Crore Only) divided into 75,000 (Seventy-Five Thousand) connected therewith.
Redeemable Preference Shares of H100 each totaling to H75
Lakhs and 499,92,50,000 (Four Hundred Ninety-Nine Crore 9. Approval of Material Related Party Transactions to
Ninety-Two Lakh and Fifty Thousand Only) Equity Shares of be entered with Hindustan Colas Private Limited
H10 each totaling to H 4,999.25 Crore and; (HINCOL) during the Financial Year 2025-2026:
To consider and if thought fit, to pass the following
RESOLVED FURTHER THAT Clause V of the Memorandum Resolution as an Ordinary Resolution:
of Association of the Company be and is hereby altered and
substituted by the following: RESOLVED THAT pursuant to Regulation 23 and such other
applicable Regulations, if any, of the SEBI (Listing Obligations
V. The authorized share capital of the Company consists of and Disclosure Requirements) Regulations, 2015 (SEBI
H 5000,00,00,000 (Rupees Five Thousand Crores Only) LODR, 2015) (including any statutory modification(s) or
divided into 75,000 (Seventy Five Thousand) Preference re-enactment(s) thereof, for the time being in force), the
Shares of H 100/- each and 499,92,50,000 (Four Hundred approval of the Members of the Company be and is hereby
Ninety- Nine Crores Ninety Two Lakhs Fifty Thousand) accorded to the Material Related Party Transactions to be
Equity shares of H 10/- each and there shall be attached entered into with Joint Venture Company, Hindustan Colas
to the said preference and equity shares respectively Private Limited (HINCOL), for the Financial Year 2025-26 for
the rights, privileges and conditions in that behalf stated a value of H 2,650 Crore (Rupees Two Thousand Six Hundred
in the accompanying Articles of Association. and Fifty Crore Only) and that the Board of Directors of the
Company or any other person(s) authorised by the Board,
RESOLVED FURTHER THAT Article 3 (1) of the Articles of be and is hereby authorised to perform and execute all
Association of the Company be and is hereby altered and such deeds, matters and things including delegation of such
substituted by the following: authority as may be deemed necessary or expedient to give
effect to this resolution and for the matters incidental thereto
3 (1) The Authorized Share Capital of the Company consists
or connected therewith.
of H 5000,00,00,000 (Rupees Five Thousand Crores only)
divided into 75,000 (Seventy Five Thousand) Preference
Shares of H100 (One Hundred) each and 499,92,50,000
(Four Hundred Ninety Nine Crore Ninety-Two Lakh and
Fifty Thousand Only) Equity Shares of H10/- each.
85
10.
Approval of Material Related Party Transactions with, ONGC Petro additions Limited (OPaL), [a Joint Venture
to be entered with ONGC Petro additions Limited Company of Oil and Natural Gas Corporation Limited, GAIL
(OPaL) during the Financial Year 2025-2026: (India) Limited and Gujarat State Petroleum Corporation
To consider and if thought fit, to pass the following Limited], for the Financial Year 2025-26 for a value of
Resolution as an Ordinary Resolution: H 2,100 Crore (Rupees Two Thousand One Hundred Crore
Only) and that the Board of Directors of the Company
RESOLVED THAT pursuant to Regulation 23 and such other
applicable Regulations, if any, of the SEBI (Listing Obligations or any other person(s) authorised by the Board, be and is
and Disclosure Requirements) Regulations, 2015 (SEBI hereby authorised to perform and execute all such deeds,
LODR, 2015) (including any statutory modification(s) or re- matters and things including delegation of such authority
enactment(s) thereof, for the time being in force), the approval as may be deemed necessary or expedient to give effect
of the Members of the Company be and is hereby accorded to this resolution and for the matters incidental thereto or
to the Material Related Party Transactions to be entered into connected therewith.
By Order of the Board,

For Hindustan Petroleum Corporation Limited,
V. Murali
Company Secretary
(ACS:11269)
Date : July 27, 2024

Place : Registered Office,
Petroleum House,
17, Jamshedji Tata Road,
Churchgate
Mumbai - 400 020
86
Annual
72nd Report
NOTES: 6. Joint Holders: In case of joint holders, the Member whose

name appears as the first holder in the order of names as per
1. In view of the COVID-19 pandemic, the Ministry of Corporate
the Register of Members of the Company will be entitled to
Affairs (MCA) has vide its General Circular No. 20/2020 dated
vote at the AGM.
May 05, 2020, read with other relevant circulars on the subject,
including General Circular No. 09/2023 dated September 25, 7. Quorum: The attendance of the Members attending the
2023 (collectively referred to as ‘MCA Circulars’) permitted AGM through VC/OAVM will be counted for the purpose of
the holding of the Annual General Meeting (AGM) through reckoning the quorum under Section 103 of the Act.
Video Conferencing (VC)/Other Audio Visual Means (OAVM).
In compliance with the above, AGM of the Company is being 8. Inspection of Statutory Documents: The Register
held through VC/OAVM. of Directors and Key Managerial Personnel and their
shareholding maintained under Section 170 of the Act and
In accordance with the Secretarial Standard on General Register of Contracts or arrangements in which Directors
Meetings (SS-2) issued by the Institute of Company are interested maintained under Section 189 of the Act
Secretaries of India (ICSI) read with Clarification/ Guidance on and relevant documents referred to in this Notice and
applicability of SS-2 dated April 15, 2020 issued by the ICSI, explanatory statements will be available electronically for
the proceedings of the AGM shall be deemed to be conducted inspection by the Members during the AGM. All documents
at the Registered Office of the Company at Petroleum House, referred to in this Notice will also be available for electronic
17, Jamshedji Tata Road, Churchgate, Mumbai - 400 020 inspection without any fee by the Members from the date
which shall be deemed venue of the AGM. of circulation of this Notice upto the date of AGM. Members
seeking to inspect such documents can send an email from
2. As per the provisions of Clause 3.A.II. of the General
their registered email ID to [email protected] stating
Circular No. 20/2020 dated May 05, 2020, the matters of
their DP ID/ Client ID or Folio No.
Special Business as appearing at Item Nos. 5 to 10 of the
accompanying Notice, are considered to be essential by the 9. Notice on Website and Exchanges: In line with the MCA
Board and hence forming part of this Notice. Circulars and SEBI Circular, the Notice of the AGM along with
the Annual Report FY 2023-2024 is being sent only through
3. Explanatory Statement and related details: The
electronic mode to those Members whose e-mail addresses
Explanatory Statement pursuant to Section 102 of the Act
are registered with the Company or Registrar and Transfer
setting out material facts concerning the special business of
Agents (RTA) / Depositories. The Notice convening the AGM
the Notice, is annexed hereto. The relevant details, pursuant
has been uploaded on the website of the Company at
to Regulation 36(3) of the SEBI (LODR) and SS-2 issued by
www.hindustanpetroleum.com and may also be accessed
the ICSI, in respect of Directors seeking appointment/
from the relevant section of the websites of the Stock
re-appointment at this AGM are also provided.
Exchanges i.e. BSE Limited (BSE) and National Stock
4. Proxy and Route Map: Pursuant to the provisions of the Act, Exchange of India Limited (NSE) at www.bseindia.com and
Members entitled to attend and vote at the AGM are entitled www.nseindia.com respectively. The AGM Notice is also
to appoint a Proxy to attend and vote on their behalf and available on the website of NSDL at www.evoting.nsdl.com.
the proxy need not be a Member of the Company. Since this
10. Process for registering email address to receive copy
AGM is being held pursuant to MCA Circulars through VC or
of this Notice & also vote through Electronic Mode:
OAVM, the requirement of physical attendance of Members
has been dispensed with. Accordingly, in terms of the MCA Members whose email IDs are not registered and who
Circulars and the SEBI Circular, the facility of appointment of wish to receive the Notice electronically and also cast votes
proxies by the Members will not be available for this AGM electronically are requested to write to the Company at
and hence, the proxy form, attendance slip and route map of email ID: [email protected] or to the RTA at email ID:
AGM are not annexed to this notice. [email protected].
5. Institutional Investors: Institutional Investors who are The Members to indicate the following details:
Members of the Company, are encouraged to attend and vote
at the AGM through VC/OAVM facility. Corporate Members Sr. Particulars
intending to appoint their authorized representatives No.
pursuant to Section 113 of the Act to attend the AGM 1. Name of the Company: Hindustan Petroleum
through VC or OAVM or to vote through remote e-voting are Corporation Limited
requested to send a certified copy of the Board Resolution to 2. DP ID – Client ID (Demat Shareholders)/ Folio No.
the Scrutinizer by email at [email protected] with a copy (Physical Shareholders)
marked to [email protected]. Institutional shareholders (i.e. 3. PAN Card (Provide self-attested copy)
other than individuals, HUF, NRI etc.) can also upload their 4. Aadhaar Card / Passport etc. (Provide self-attested
Board Resolution / Power of Attorney/Authority Letter etc. copy)
by clicking on “Upload Board Resolution/ Authority Letter” 5. Mobile Number
displayed under “e-Voting” tab in their login. 6. Email address
87
After registering the e-mail address, NSDL will email copy of As a Shareholder friendly initiative and in order to facilitate the
this AGM Notice and Annual Report for the Financial Year updation, Company has sent individual letters enclosing the
2023-2024 along with the e-voting user ID and password. relevant blank forms as specified below to all the Members
In case of any queries, Members may write to email IDs holding shares in physical form and has also intimated about
[email protected] or [email protected]. this communication to the Stock Exchanges.
11. Record Date and Dividend: i. ISR-1 - For Updation of Mobile Number/Address/PAN/
The Company has announced Record Date as August 9, Email/Bank Details
2024 for the Final Dividend on Equity Shares recommended ii. ISR-2 - Signature verification from Banker
by the Board of Directors for the Financial Year 2023-2024 iii. ISR-4&5 - Required for various Service Requests which
and if declared at the AGM, will be payable to those eligible includes Transmission / Issue of Duplicate Share
members whose names appeared:
Certificate / Replacement etc.
(a) As Beneficial Owners as on August 9, 2024 as per the list iii. SH-13 - For updation of Nomination for the first time
of beneficial owners to be furnished by NSDL and CDSL iv. SH-14 – For changes in nomination already registered
in respect of the shares held in electronic form; and v. ISR-3 - In case Nomination is not required
(b) As Members as on August 9, 2024 in respect of Members can readily download the Forms from the
shares held in physical form after giving effect to Company’s website at https://www.hindustanpetroleum.
valid transmission and transposition requests lodged com/forms-for-kyc-updation-&-other-service-requests and
with the Company. submit to RTA for updation.
12. Payment of Dividend: It may be noted that as per SEBI advisory, RTA can process
other service requests raised by shareholders relating to
Pursuant to the Finance Act, 2020, dividend income is taxable
Release of Unclaimed Dividend, Issue of Duplicate certificate
in the hands of the Members w.e.f. April 01, 2020 and the
etc. only after updation of PAN and KYC as aforesaid.
Company is required to deduct TDS from dividend to be paid
to the Members at prescribed rates in the Income Tax Act,
14. Dematerialisation of Shares:
1961 (‘the IT Act’). Email communications in this regard were
sent to the Members for complying with TDS requirements. As per Regulations 39 and 40 of the SEBI LODR, 2015,
Members are requested to complete and/or update their listed companies can process shareholders requests such
KYC including Bank details, Residential Status, PAN, Category as issuance of duplicate share certificate, endorsement,
as per the IT Act with their Depository Participants (‘DPs’) or in sub-division/split, consolidation of share certificate, transfer,
case shares are held in physical form, by sending documents transmission and transposition only in Dematerialised form
at e-mail ID: [email protected] or update the same with effect from January 25, 2022.
by visiting the link: https://hpcldiv2024.com/ in order to
SEBI also vide its circular dated November 03, 2021, read with
enable the Company to determine and deduct appropriate
clarification dated December 14, 2021 has made it mandatory
TDS/withholding tax.
for all the shareholders to update the KYC details such as
SEBI has mandated payment of corporate benefits such as PAN, Address with pin code, Email Address, Mobile number,
dividend, interest etc. only through electronic mode w.e.f Bank Account details, Specimen Signature, and advised RTA
April 01, 2024 to those members who have their KYC details to process other service requests only after completion of
updated in their folios. updation of aforesaid details.
13. Mandatory updation of KYC including PAN and Bank In view of the above, Shareholders holding shares in Physical
details form are required to approach RTA and follow the procedure
indicated under Sr. No. 13 Mandatory updation of KYC
SEBI through various circulars has made it mandatory including PAN and Bank details as stated above.
for all the shareholders to update the KYC details such as
updation of PAN, Address with pin code, Email Address, Once the KYC details are updated, RTA will issue a Letter of
Mobile number, Bank Account details, Specimen Signature, Confirmation providing the relevant details. Shareholders
etc. Members who are holding shares in electronic i.e. Demat upon receipt of this Letter of Confirmation will have to submit
form are requested to contact their respective Depository the same to their Depository Participant along with other
Participants (DPs) for updation of these details. Members supporting documents as required within a period of 120
holding shares in Physical form are required to approach days from the date of issue of this Letter of Confirmation
RTA for ascertaining the details that are not updated in their failing which such shares will be transferred to Suspense
folios and the relevant Form to be filled and submitted to Escrow Demat Account.
RTA for updation.
Thereafter, Depository Participant will process the request
for dematerialization.
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15. Investor Education and Protection Fund: 18. Members’ holding shares in Multiple Folios:
Members are requested to note that: Members holding shares in physical form, in identical order
of names, in more than one folio are requested to send to
a. Dividend for the FY 2016-17 (Final) and Sale Proceeds of
the Company or RTA, the details of such folios together with
Fractional Bonus Shares 2017 which are not encashed
the share certificates for consolidating their holdings in one
for a period of seven years will be transferred to the folio. A consolidated share certificate will be issued to such
Investor Education and Protection Fund (‘IEPF’). Members after making requisite changes.
b. The shares in respect of Dividends which are not
encashed for seven consecutive years from FY 2016- 19. Process to express views/seek clarifications:
17 (Final) are also liable to be transferred to the Demat Members are encouraged to submit in advance their
account of the IEPF Authority. questions on the items of business to be transacted at
this AGM, from their registered e-mail address, mentioning
In view of this, Members/Claimants are requested to claim
their name, DP ID and Client ID number/Folio number and
their dividends from the Company within the stipulated
mobile number, to reach the Company’s e-mail address at
timeline. The Members, whose unclaimed dividends/ shares
[email protected] before 3:00 p.m. (IST) on Friday,
have been transferred to IEPF, may claim the same by making
August 16, 2024. Queries that remain unanswered at the
an application as per the existing procedure to the IEPF
AGM will be appropriately responded by the Company at the
Authority in Form No. IEPF-5 available on www.mca.gov.in
earliest post the conclusion of the AGM.
We give below the details of Dividends paid by the Company
and their respective month and year of transfer to the IEPF 20. Registration as Speakers:
Authority if they remain unencashed, Members who would like to express their views/ask questions
Date of Dividend for the Proposed Month as a speaker at the Meeting shall pre-register themselves
Declaration Financial Year and Year of Transfer by sending a request from their registered e-mail address
of Dividend to Fund mentioning their names, DP ID and Client ID/Folio number,
PAN and mobile number at [email protected] between
15-09-2017 2016-17 (Final) Oct. 2024
the following dates and time:
09-02-2018 2017-18 (Interim) Mar. 2025
30-08-2018 2017-18 (Final) Sep. 2025 From : Friday, August 16, 2024 (9.00 a.m. IST)
05-02-2019 2018-19 (Interim) Mar. 2026
21-08-2019 2018-19 (Final) Sep. 2026 To : Tuesday, August 20, 2024 (5.00 p.m. IST)
16-09-2020 2019-20 (Final) Oct. 2027
15-09-2021 2020-21(Final) Oct. 2028 Only those Members who have pre-registered themselves as
30-08-2022 2021-22 (Final) Sep. 2029 a speaker will be allowed to express their views/ask questions
25-01-2024 2023-24 (Interim) Feb. 2031 during the AGM. The Company reserves the right to restrict
the number of speakers depending on the availability of
Sale proceeds of Fractional shares - 2017 will be transferred in August 2024. time for the AGM.
16. Non-Resident Members:
21. Instruction for e-voting and joining the AGM are as under:
NRI Members are requested to inform RTA/ their respective
In compliance with the provisions of Section 108 of the
DPs immediately of:
Act, read with Rule 20 of the Companies (Management and
a. Change in their residential status on return to India for Administration) Rules, 2014, as amended from time to time
permanent settlement. and Regulation 44 of the SEBI LODR and the MCA Circulars,
the members are provided with the facility to cast their
b. Particulars of their Bank Account maintained in India
vote electronically, through the e-voting services provided
with complete name, branch, account type, account
by NSDL, on all the resolutions set forth in this Notice. The
number, IFSC Code, MICR No., and address of the bank,
instructions for e-voting are given herein below.
if not furnished earlier, to enable the Company to remit
dividend to the Bank Account directly. (i)
The cut-off date to be eligible to vote by electronic
means is Friday, August 16, 2024.
17. Registrar and Transfer Agents:
The address of the RTA of the Company is as follows: (ii) The voting rights of members shall be in proportion to
the shares held by them in the paid-up equity share
M/s. Link Intime India Private Limited
capital of the Company as on the cut-off date i.e.
Unit: Hindustan Petroleum Corporation Limited Friday, August 16, 2024.
C 101, 247 Park, Lal Bahadur Shastri Marg,
Vikhroli West, Mumbai – 400 083.
Contact No.: (022) 49186000 Fax No.: (022) 49186060
Email : [email protected]
[email protected]
89
(iii) The remote e-voting period are given below: AGM through VC/OAVM but shall not be entitled to cast
their vote again.
Commencement Day, Sunday, August 18, 2024
Date and Time (5:00 p.m. IST) (vi) Any person holding shares in physical form and non-
End Day, Date and Thursday, August 22, 2024 individual members, who acquires shares of the
Time (5:00 p.m. IST) Company and becomes member of the Company after
the notice is sent through e-mail and holding shares
Members holding shares either in physical form or in
as of the cut-off date i.e. Friday, August 16, 2024, may
dematerialised form, as on cut-off date, may cast their
obtain the login ID and password by sending a request
vote electronically during above- mentioned period. The
at [email protected]. or Company/RTA. However, if you
e-voting module shall be disabled by NSDL for voting
are already registered with NSDL for remote e-voting,
thereafter. Those members, who intend to participate
then you can use your existing user ID and password
in the AGM through VC/OAVM facility and could not cast
for casting your vote. If you forgot your password, you
their vote on the resolutions through remote e-voting
can reset your password by using “Forgot User Details/
and are otherwise not barred from doing so, shall be
Password” or “Physical User Reset Password” option
eligible to vote through e-voting system during the AGM.
available on www.evoting.nsdl.com or call on toll free no.
(iv) The Company has appointed Shri Upendra Shukla, a 1800 22 55 33. In case of Individual Members holding
Practicing Company Secretary, as Scrutinizer to scrutinize securities in demat mode who acquires shares of the
the voting process in a fair and transparent manner. Company and becomes a Member of the Company after
sending of the Notice and holding shares as of the cut-
(v) The member who casts their vote by remote e-voting off date i.e. Friday, August 16, 2024 may follow steps
prior to the AGM may also attend/participate in the mentioned in the Notice of the AGM under “Access to
NSDL e-Voting system” as mentioned below.
THE INSTRUCTIONS FOR MEMBERS FOR REMOTE E-VOTING AND JOINING GENERAL MEETING ARE AS UNDER:-
The remote e-voting period begins on Sunday, August 18, 2024 at 05:00 P.M. and ends on Thursday, August 22, 2024 at 05:00 P.M. The
remote e-voting module shall be disabled by NSDL for voting thereafter. The Members, whose names appear in the Register of Members/
Beneficial Owners as on the record date (cut-off date) i.e. Friday, August 16, 2024 may cast their vote electronically. The voting right
of shareholders shall be in proportion to their share in the paid-up equity share capital of the Company as on the cut-off date, being
August 16,2024.
How do I vote electronically using NSDL e-Voting system?

The way to vote electronically on NSDL e-Voting system consists of “Two Steps” which are mentioned below:
Step 1: Access to NSDL e-Voting system

A) Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode
In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders holding
securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants.
Shareholders are advised to update their mobile number and email Id in their demat accounts in order to access e-Voting facility.
Login method for Individual shareholders holding securities in demat mode is given
Type of shareholders Login Method

Individual Shareholders 1. Existing IDeAS user can visit the e-Services website of NSDL Viz. https://eservices.nsdl.com
holding securities in demat either on a Personal Computer or on a mobile. On the e-Services home page click on the
mode with NSDL. “Beneficial Owner” icon under “Login” which is available under ‘IDeAS’ section, this will prompt
you to enter your existing User ID and Password. After successful authentication, you will
be able to see e-Voting services under Value added services. Click on “Access to e-Voting”
under e-Voting services and you will be able to see e-Voting page. Click on company name or
e-Voting service provider i.e. NSDL and you will be re-directed to e-Voting website of NSDL
for casting your vote during the remote e-Voting period or joining virtual meeting & voting
during the meeting.
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Type of shareholders Login Method

2. If you are not registered for IDeAS e-Services, option to register is available at https://
eservices.nsdl.com. Select “Register Online for IDeAS Portal” or click at https://eservices.nsdl.
com/SecureWeb/IdeasDirectReg.jsp
3. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://
www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once the home page
of e-Voting system is launched, click on the icon “Login” which is available under ‘Shareholder/
Member’ section. A new screen will open. You will have to enter your User ID (i.e. your sixteen
digit demat account number hold with NSDL), Password/OTP and a Verification Code as shown
on the screen. After successful authentication, you will be redirected to NSDL Depository site
wherein you can see e-Voting page. Click on company name or e-Voting service provider i.e.
NSDL and you will be redirected to e-Voting website of NSDL for casting your vote during the
remote e-Voting period or joining virtual meeting & voting during the meeting.
4. Shareholders/Members can also download NSDL Mobile App “NSDL Speede” facility by
scanning the QR code mentioned below for seamless voting experience
Individual Shareholders 1. Users who have opted for CDSL Easi / Easiest facility, can login through their existing user
holding securities in demat id and password. Option will be made available to reach e-Voting page without any further
mode with CDSL authentication. The users to login Easi /Easiest are requested to visit CDSL website www.
cdslindia.com and click on login icon & New System Myeasi Tab and then user your existing
my easi username & password.
2. After successful login the Easi / Easiest user will be able to see the e-Voting option for eligible
companies where the evoting is in progress as per the information provided by company. On
clicking the evoting option, the user will be able to see e-Voting page of the e-Voting service
provider for casting your vote during the remote e-Voting period or joining virtual meeting
& voting during the meeting. Additionally, there is also links provided to access the system
of all e-Voting Service Providers, so that the user can visit the e-Voting service providers’
website directly.
3. If the user is not registered for Easi/Easiest, option to register is available at CDSL website
www.cdslindia.com and click on login & New System Myeasi Tab and then click on
registration option.
4. Alternatively, the user can directly access e-Voting page by providing Demat Account Number
and PAN No. from a e-Voting link available on www.cdslindia.com home page. The system
will authenticate the user by sending OTP on registered Mobile & Email as recorded in the
Demat Account. After successful authentication, user will be able to see the e-Voting option
where the evoting is in progress and also able to directly access the system of all e-Voting
Service Providers.
Individual Shareholders You can also login using the login credentials of your demat account through your Depository
(holding securities in demat Participant registered with NSDL/CDSL for e-Voting facility. upon logging in, you will be able to
mode) login through their see e-Voting option. Click on e-Voting option, you will be redirected to NSDL/CDSL Depository
depository participants site after successful authentication, wherein you can see e-Voting feature. Click on company
name or e-Voting service provider i.e. NSDL and you will be redirected to e-Voting website of
NSDL for casting your vote during the remote e-Voting period or joining virtual meeting & voting
during the meeting.
91
Important note: Members who are unable to retrieve User Manner of holding Your User ID is:
ID/ Password are advised to use Forget User ID and Forget shares i.e. Demat
Password option available at abovementioned website. (NSDL or CDSL) or
Physical
Helpdesk for Individual Shareholders holding securities in
b) For Members 16 Digit Beneficiary ID
demat mode for any technical issues related to login through
who hold For example if your Beneficiary
Depository i.e. NSDL and CDSL.
shares in ID is 12**************
Login type Helpdesk details demat account then your user ID is
with CDSL. 12**************
Individual Members facing any technical issue
Shareholders in login can contact NSDL helpdesk c) For Members EVEN Number followed by Folio
holding securities by sending a request at evoting@ holding shares Number registered with the
in demat mode nsdl.com or call at 022 - 4886 7000 in Physical company
with NSDL Form For example if folio number is
Individual Members facing any technical issue 001*** and EVEN is 101456
Shareholders in login can contact CDSL helpdesk then user ID is 101456001***
holding securities by sending a request at helpdesk.
in demat mode [email protected] or contact at 5. Password details for shareholders other than Individual
with CDSL toll free no. 1800 22 55 33. shareholders are given below:
B) Login Method for e-Voting and joining virtual meeting for a) If you are already registered for e-Voting, then
shareholders other than Individual shareholders holding you can user your existing password to login and
securities in demat mode and shareholders holding cast your vote.
securities in physical mode.
b) If you are using NSDL e-Voting system for the first
How to Log-in to NSDL e-Voting website? time, you will need to retrieve the ‘initial password’
1. Visit the e-Voting website of NSDL. Open web browser which was communicated to you. Once you
by typing the following URL: https://www.evoting.nsdl. retrieve your ‘initial password’, you need to enter
com/ either on a Personal Computer or on a mobile. the ‘initial password’ and the system will force you
to change your password.
2. Once the home page of e-Voting system is launched,
click on the icon “Login” which is available under c) How to retrieve your ‘initial password’?
‘Shareholder/Member’ section.
(i) If your email ID is registered in your demat
3. A new screen will open. You will have to enter your account or with the company, your ‘initial
User ID, your Password/OTP and a Verification Code as password’ is communicated to you on your
shown on the screen. email ID. Trace the email sent to you from
NSDL from your mailbox. Open the email
Alternatively, if you are registered for NSDL eservices and open the attachment i.e. a .pdf file. Open
i.e. IDEAS, you can log-in at https://eservices.nsdl.com/ the .pdf file. The password to open the .pdf
with your existing IDEAS login. Once you log-in to NSDL file is your 8 digit client ID for NSDL account,
eservices after using your log-in credentials, click on last 8 digits of client ID for CDSL account or
e-Voting and you can proceed to Step 2 i.e. Cast your folio number for shares held in physical form.
vote electronically. The .pdf file contains your ‘User ID’ and your
‘initial password’.
4. Your User ID details are given below :
(ii) If your email ID is not registered, please
Manner of holding Your User ID is: follow steps mentioned below in process for
shares i.e. Demat those shareholders whose email ids are
(NSDL or CDSL) or
not registered.
Physical
a) For Members 8 Character DP ID followed by 8 6. If you are unable to retrieve or have not received the
who hold Digit Client ID “Initial password” or have forgotten your password:
shares in For example if your DP ID
a) Click on “Forgot User Details/Password?”
demat account is IN300*** and Client ID is
(If you are holding shares in your demat
with NSDL. 12****** then your user ID is
account with NSDL or CDSL) option available on
IN300***12******.
www.evoting.nsdl.com.
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Annual
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b) Physical User Reset Password?” (If you are holding to [email protected]. Institutional shareholders (i.e. other
shares in physical mode) option available on than individuals, HUF, NRI etc.) can also upload their Board
www.evoting.nsdl.com. Resolution / Power of Attorney / Authority Letter etc. by
clicking on “Upload Board Resolution / Authority Letter”
c) If you are still unable to get the password by displayed under “e-Voting” tab in their login.
aforesaid two options, you can send a request
at [email protected] mentioning your demat 2. It is strongly recommended not to share your password
account number/folio number, your PAN, your with any other person and take utmost care to keep your
name and your registered address etc. password confidential. Login to the e-voting website will
be disabled upon five unsuccessful attempts to key in the
d) Members can also use the OTP (One Time correct password. In such an event, you will need to go
Password) based login for casting the votes on the through the “Forgot User Details/Password?” or “Physical
e-Voting system of NSDL. User Reset Password?” option available on www.evoting.nsdl.
com to reset the password.
7. After entering your password, tick on Agree to “Terms
and Conditions” by selecting on the check box. 3. In case of any queries, you may refer the Frequently Asked
Questions (FAQs) for Shareholders and e-voting user manual
8. Now, you will have to click on “Login” button.
for Shareholders available at the download section of
9. After you click on the “Login” button, Home page of www.evoting.nsdl.com or call on.: 022 - 4886 7000 or send a
e-Voting will open. request to Mr. Amit Vishal, Asst. Vice President, or Ms Pallavi
Mhatre, Senior Manager, NSDL at [email protected]
Step 2: Cast your vote electronically and join General Meeting
on NSDL e-Voting system. Process for those shareholders whose email ids are not
registered with the depositories for procuring user id
How to cast your vote electronically and join General Meeting
and password and registration of e mail ids for e-voting
on NSDL e-Voting system?
for the resolutions set out in this notice:
1. After successful login at Step 1, you will be able to see all
1. In case shares are held in physical mode please provide
the companies “EVEN” in which you are holding shares and
Folio No., Name of shareholder, scanned copy of the share
whose voting cycle and General Meeting is in active status.
certificate (front and back), PAN (self attested scanned copy
2. Select “EVEN” of company for which you wish to cast your of PAN card), AADHAR (self attested scanned copy of Aadhar
vote during the remote e-Voting period and casting your vote Card) by email to [email protected].
during the General Meeting. For joining virtual meeting, you
2. In case shares are held in demat mode, please provide DPID-
need to click on “VC/OAVM” link placed under “Join Meeting”.
CLID (16 digit DPID + CLID or 16 digit beneficiary ID), Name,
3. Now you are ready for e-Voting as the Voting page opens. client master or copy of Consolidated Account statement,
PAN (self attested scanned copy of PAN card), AADHAR (self
4. Cast your vote by selecting appropriate options i.e. assent attested scanned copy of Aadhar Card) to cosecy@mail.
or dissent, verify/modify the number of shares for which hpcl.co.in. If you are an Individual shareholders holding
you wish to cast your vote and click on “Submit” and also securities in demat mode, you are requested to refer to the
“Confirm” when prompted. login method explained at step 1 (A) i.e. Login method
for e-Voting and joining virtual meeting for Individual
5. Upon confirmation, the message “Vote cast successfully”
shareholders holding securities in demat mode.
will be displayed.
3. Alternatively shareholder/members may send a request to
6. You can also take the printout of the votes cast by you by
[email protected] for procuring user id and password for
clicking on the print option on the confirmation page.
e-voting by providing above mentioned documents.
7. Once you confirm your vote on the resolution, you will not be
4. In terms of SEBI circular dated December 9, 2020 on e-Voting
allowed to modify your vote.
facility provided by Listed Companies, Individual shareholders
General Guidelines for shareholders holding securities in demat mode are allowed to vote through
their demat account maintained with Depositories and
1. Institutional shareholders (i.e. other than individuals, HUF, Depository Participants. Shareholders are required to update
NRI etc.) are required to send scanned copy (PDF/JPG their mobile number and email ID correctly in their demat
Format) of the relevant Board Resolution/ Authority letter account in order to access e-Voting facility.
etc. with attested specimen signature of the duly authorized
signatory(ies) who are authorized to vote, to the Scrutinizer
by e-mail to [email protected] with a copy marked
93
THE INSTRUCTIONS FOR MEMBERS FOR e-VOTING ON for Access to NSDL e-Voting system. After successful login,
THE DAY OF THE AGM ARE AS UNDER:- you can see link of “VC/OAVM” placed under “Join meeting”
menu against company name. You are requested to click
1. The procedure for e-Voting on the day of the AGM is same as
on VC/OAVM link placed under Join Meeting menu. The
the instructions mentioned above for remote e-voting.
link for VC/OAVM will be available in Shareholder/Member
2. Only those Members/ shareholders, who will be present in login where the EVEN of Company will be displayed. Please
the AGM through VC/OAVM facility and have not casted their note that the members who do not have the User ID and
vote on the Resolutions through remote e-Voting and are Password for e-Voting or have forgotten the User ID and
otherwise not barred from doing so, shall be eligible to vote Password may retrieve the same by following the remote
through e-Voting system in the AGM. e-Voting instructions mentioned in the notice to avoid
last minute rush.
3. Members who have voted through Remote e-Voting will be
eligible to attend the AGM. However, they will not be eligible 2. Members are encouraged to join the Meeting through
to vote at the AGM. Laptops for better experience.
4. The details of the person who may be contacted for any 3. Further Members will be required to allow Camera and
grievances connected with the facility for e-Voting on the use Internet with a good speed to avoid any disturbance
day of the AGM shall be the same person mentioned for during the meeting.
Remote e-voting.
4. Please note that Participants connecting from Mobile Devices
INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE AGM or Tablets or through Laptop connecting via Mobile Hotspot
THROUGH VC/OAVM ARE AS UNDER: may experience Audio/Video loss due to Fluctuation in
their respective network. It is therefore recommended to
1. Member will be provided with a facility to attend the AGM
use Stable Wi-Fi or LAN Connection to mitigate any kind of
through VC/OAVM through the NSDL e-Voting system.
aforesaid glitches.
Members may access by following the steps mentioned above
94
Annual
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Brief Particulars in pursuance of relevant provisions of the Act and SEBI LODR:
3. Re-appointment of Shri Pankaj Kumar (DIN: 09252235)

Name of the Director Shri Pankaj Kumar (DIN: 09252235)
Date of Birth & Age June 30, 1966 & 58 years

Nationality Indian
Date of first appointment on the Board June 22, 2022
Qualification B.E. (Chemical), Masters Degree in Process Engineering
List of Directorship in Other Companies 1. Oil and Natural Gas Corporation Limited
as on July 25, 2024 2. ONGC Petro Additions Limited
3. Mangalore Refinery and Petrochemicals Limited
4. ONGC Mangalore Petrochemicals Limited
Membership / Chairmanship of Oil and Natural Gas Corporation Limited- Audit Committee- Member
Committees of companies as on Mangalore Refinery and Petrochemicals Limited- Audit Committee - Member
July 25, 2024
Listed entities from which the person None
has resigned in the past three years
Shareholding in HPCL (including Nil
shareholding as a beneficial owner) as
on July 25, 2024
Disclosure of relationship between There is no relationship between the Directors inter se
Directors inter se
Brief Resume and Nature of Expertise in Mr. Pankaj Kumar has been appointed as Government Director on the Board of the Company effective June 22, 2022.
Specific Functional Area Mr. Pankaj Kumar was Director (Offshore) of Oil and Natural Gas Corporation (ONGC) effective September 04, 2021.
Subsequently he was appointed as Director (Production) effective March 01, 2023. As Director (Offshore), he is responsible
for the entire gamut of Offshore Fields contributing around 70% of Oil and 78% of Natural Gas production of ONGC.
Mr. Kumar is a thorough Oil & Gas industry professional with more than 36 years of experience across ONGC’s
business functions varying from Operations Management of Offshore and Onshore fields, Well Engineering, Joint
Venture Management, Corporate Strategic Management and Asset Management.
During this period he has held key positions as Chief of Corporate Strategy & Planning group of ONGC and Asset
Manager of Cambay Asset and Ahmedabad Assets. Sustainable production enhancement from mature fields of
Ahmedabad & Cambay is another testimony to his impeccable Asset & Project Management skills.
He is known for his visionary approach and dynamic decision making with excellent performance records. During
his stint in Joint Venture (JV) Operations Group, Mr. Kumar was instrumental in exceptional turnaround of CB-
OS/2 Offshore JV block by making it profitable with almost 100% increase in production and delivering complex
offshore projects in Panna-Mukta & Tapti block, on-time and within allocated budget. Mr. Kumar’s immense
contribution in formulation of ONGC’s Long Term Growth Strategy: Energy Strategy 2040 as Chief Corporate
Strategy & Planning is remarkable.
During his tenure as Asset Manager of the largest onshore Asset of ONGC at Ahmedabad, Country faced worst
ever Pandemic and the lock down situation. Under his dynamic leadership during severe lock-down conditions
Asset having 67 installations continued operations on round the clock basis and maintained production.
He holds a Bachelor’s degree in Chemical Engineering from University of Roorkee (now IIT Roorkee) and Master’s
degree in Process Engineering from IIT Delhi. He completed Advance Management Program at IIM, Bengaluru and
Leadership Development Program at IIM, Calcutta.
No. of Board Meetings during FY 2023-24 12 (FY 2023-24)
& FY 2024-25 (Till the date of this Notice) 2 (FY 2024-25)
(which he was eligible to attend) & FY 2 (FY 2024-25)
2024-25
No. of Board Meetings attended 8 (FY 2023-24)
1 (FY 2024-25)
Terms and conditions of appointment Till he continues to hold the post of Director (Production), ONGC or until further orders, whichever is earlier.
or re-appointment along with details He is not entitled for any remuneration whatsoever.
of remuneration sought to be paid and
the remuneration last drawn by such
person, if applicable
95
4. Re-appointment of Shri S. Bharathan (DIN: 09561481)

Name of the Director Shri S. Bharathan (DIN: 09561481)
Date of Birth & Age May 06, 1968 & 56 years
Nationality Indian
Date of first appointment on the Board October 01, 2022
Qualification M. Tech. in Chemical Engineering
List of Directorship in Other Companies 1. HPCL Biofuels Limited
as on July 25, 2024 2. Mangalore Refinery and Petrochemicals Limited
3. Ratnagiri Refinery and Petrochemicals Limited
4. HPCL Mittal Energy Limited
5. Prize Petroleum Company Limited
6. HPCL Rajasthan Refinery Limited
7. HPCL Renewable & Green Energy Limited
Membership / Chairmanship of Hindustan Petroleum Corporation Limited- Risk Management Committee- Member
Committees of companies as on CSR and Sustainability Development Committee- Member
July 25, 2024
HPCL Rajasthan Refinery Limited- Audit Committee- Member
Share Allotment Committee- Member
Mangalore Refinery and Petrochemicals Limited-Nomination and Remuneration Committee- Member
Project Appraisal & Review Committee (PARC) & Operation Review Committee (ORC)-Member
HPCL-Mittal Energy Limited-Sustainability Committee- Member
Ratnagiri Refinery and Petrochemicals Limited-Committee of Directors- Member
HPCL Renewable & Green Energy Limited- Share Allotment Committee- Member
Listed entities from which the person None
has resigned in the past three years
Shareholding in HPCL (including 3449 No. of Equity Shares
shareholding as a beneficial owner) as
on July 25, 2024
Directors inter se
Brief Resume and Nature of Expertise in Mr. S. Bharathan is the Director – Refineries of Hindustan Petroleum Corporation Limited effective October 1,
Specific Functional Area 2022. He is a Post Graduate in Chemical Engineering with an impressive career spanning over three decades in
the various streams of Refineries and Corporate at HPCL. He has extensive expertise in Refinery operations and
cutting-edge technologies
In addition to his role at HPCL, he serves on the Boards of Hindustan-Mittal Energy Limited (HMEL), Mangalore
Refinery & Petrochemicals Limited (MRPL), HPCL Rajasthan Refinery Limited (HRRL), Ratnagiri Refinery &
Petrochemicals Limited (RRPCL) and HPCL Renewable and Green Energy Limited. He heads the Boards of
Hindustan Biofuels Limited (HBL), and Prize Petroleum Company Limited (PPCL).
Under his leadership, Mumbai Refinery has stabilized and achieved higher than design capacity from the first
year of Operations itself. Visakh Refinerys’ Modernisation Project is in advance stage of completion; with most of
the major units already commissioned. Indias’ most modern and integrated refining cum petrochemical complex
is nearing completion in Pachpadra, Rajasthan. HPCLs refineries are also marching ahead with adoption of Digital
Acceleration and process intensification technologies towards achieving net zero.
He has worked in Refinery Operations and Technical Services for more than 20 years. Has commissioned several
new units under Visakh Refinerys’ VREP-2 and DHDS projects. He was the implementation manager for Integrated
Refinery Business Improvement Program which was taken up for margin, energy and reliability improvements.
He was heading Crude & Production Planning of Integrated Margin Management during it’s initial implementation
period and optimized entire supply chain from procurement of crude to sales of products. As a head of
Refineries Project Process, was instrumental in designing and adoption of latest efficient refining technologies
which includes Indias’ first Residue Hydrocracker.
He led the HPCL Green Research & Development Centre (HPGRDC) in Bengaluru for three years. During that
time worked on technology development and commercialization of products & technologies. His profound
knowledge extends to emerging technologies, advanced developments in the field of petroleum industries and
energy transitions era.
He was a part of important committees like Energy Transition Advisory Committee, Enhancing Petrochemicals
production, Indigenization of Catalyst Manufacturing, Policy for Synthetic Fuels etc.
(which he was eligible to attend) & FY 2 (FY 2024-25)
2024-25
No. of Board Meetings attended 12 (FY 2023-24)
2 (FY 2024-25)
Terms and conditions of appointment The appointment is for a period of 5 years with effect from the date of his assumption of charge of the post on or
or re-appointment along with details after 01.10.2022 or till the date of his superannuation, or until further orders, whichever is earlier.
of remuneration sought to be paid and HPCL, being a Government Company, the remuneration payable to its Whole Time Directors is approved by
the remuneration last drawn by such Government of India and advices thereof are received through MoP&NG
person, if applicable
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EXPLANATORY STATEMENT IN PURSUANCE OF 6. To ratify the remuneration of the Cost Auditors

SECTION 102(1) OF THE COMPANIES ACT, 2013: for the Financial Year 2024-2025
Statement with respect to items under Special Business (Item Nos.
The Board on the recommendation of the Audit Committee
5-10) covered in the Notice of Meeting are given below: approved the appointment and remuneration of the Cost
Auditors to conduct the audit of the cost records of the
5.
Appointment of Shri Vinod Seshan Company for the financial year ending March 31, 2025 as per
(DIN: 07985959) as a Director of the Company the following details:
The Government of India has appointed Shri Vinod Seshan Sr. Name of the Name & Address of the Audit Fees*
as Government Director on the Board of the Company. No. Unit Cost Auditors
Accordingly, Shri Vinod Seshan was appointed by the Board
1. Mumbai M/s. R. Nanabhoy & H 3,50,000
as an Additional Director with effect from May 13, 2024 in Refinery & Co. 1st Floor, Sadhana
terms of provisions of Section 161 of the Companies Act, Visakh Refinery Rayon House, Dr. D.N.
2013 (Act”), Rules made thereunder and also in terms of Road, Fort,
Articles of Association of the Company. As per the provisions Mumbai – 400 001
contained under Section 161 of the Act, the Additional 2. Marketing M/s. Rohit & H 3,50,000
Director so appointed by the Board shall hold office upto the Division and Associates
date of next Annual General Meeting (AGM) of the Company Corporate 1103, Raj Sunflower,
or the last date on which the AGM of the Company should Consolidation Royal Complex, Eksar
have been held, whichever is earlier. Accordingly, Shri Vinod Road,
Borivali West,
Seshan, as an Additional Director, holds office upto the date
Mumbai – 400 092
of this AGM. The said Director be eligible for appointment as
a Director in terms of provisions contained under Section 160 * plus reimbursement of out of pocket expenses at actuals and applicable GST
of the Act which requires giving of Notice of his candidature In accordance with the provisions of Section 148 of the Act
by the Director himself or by a Member along with requisite read with Companies (Audit and Auditors) Rules, 2014, the
deposit. Further, as per the applicable provisions of 17 (1C) remuneration payable to the Cost Auditors needs to be
of SEBI (Listing Obligations and Disclosure Requirements) ratified by the Members of the Company.
Regulations, 2015 (SEBI LODR, 2015), approval of the
Accordingly, approval of the members is requested for
Shareholder for his appointment is required to be taken at passing an Ordinary Resolution as set out at the Notice for
the next General Meeting. ratification of the remuneration payable to the Cost Auditors
to conduct audit of the Cost Records of the Company for the
Accordingly, Company has received a Notice in writing from a Financial Year ending March 31, 2025.
Member along with requisite Deposit proposing candidature
of Shri Vinod Seshan for the Office of Director. Relevant documents in respect of the said item are available
in electronic form for inspection by the Members of the
Relevant documents in respect of the said item are available Company upto the date of the AGM.
in Electronic Form for inspection by the Members upto
the date of AGM. None of the Directors, Key Managerial Personnel of the
Company or their relatives are, in any way, concerned or
None of the other Directors, Key Managerial Personnel of interested in the resolution set out in the Notice.
the Company or their relatives are, in any way, concerned or
The Board recommends the Ordinary Resolution as set out
interested in the Resolution.
for approval by the Members.
The Board recommends the Ordinary Resolution as set out
for approval by the Members.
97
Brief Particulars in pursuance of relevant provisions of the Act and SEBI LODR, 2015:
Name of the Director Shri Vinod Seshan (DIN: 07985959)
Date of Birth & Age 18-05-1983 & 41 years

Nationality Indian
Date of first appointment on the Board May 13, 2024
Qualification Indian Administrative Service (IAS)
List of Directorship in Other Companies Nil
as on July 25, 2024
Membership / Chairmanship of Nil
Committees of companies as on
July 25, 2024
Listed entities from which the person has None
resigned in the past three years
Shareholding in HPCL (including Nil
shareholding as a beneficial owner) as on
July 25, 2024
Directors inter se
Brief Resume and Nature of Expertise in Shri Vinod Seshan, Director, Ministry of petroleum & Natural Gas is an IAS officer
Specific Functional Area (2008 Assam Cadre). He possesses rich experience of Seventeen plus years as
under:
13 Years plus experience in Govt. Sector:
As an Administrator, Team Leader, project Director having core expertise in project
Management, District Administration, policy making and implementation.
4 Years experience in Private Sector:
As Project Engineer, Knowledge Manager having core expertise in project
Management, Knowledge Management, unit testing, Test script development,
software bug fixing etc. He possesses Bachelor degree in Engineering (Electronics
& Communication) and Master degree in Science and in Public Policy. He has also
obtained the following Qualifications i.e. Certificate Courses in:
I. infrastructure Project Financing from University of Benoni, Italy
II. Infrastructure Regulation from IIM Bangalore
III. Agriculture Infrastructure, Economics and Nature from University of Western
Australia
No. of Board Meetings during FY 2023- NA (FY 2023-24)
24 (which he was eligible to attend) & 1 (FY 2024-25)
FY 2024-25
No. of Board Meetings attended NA (FY 2023-24)
1 (FY 2024-25)
Terms and conditions of appointment The appointment is for a period of three years on co-terminus basis or until further
or re- appointment along with details of orders, whichever is earlier.
remuneration sought to be paid and the
remuneration last drawn by such person,
if applicable
98
Annual
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7.
Increase in Authorized Share Capital and 8.
Approval of Material Related Party
consequent amendment in Memorandum Transactions with HPCL-Mittal Energy Limited
of Association & Articles of Association of (HMEL) to be entered during the Financial Year
the Company 2025-2026:
The present Authorized Share Capital of the Company is HPCL-Mittal Energy Limited (HMEL) is a Related Party as
H 2500 crore comprising of 75000 Preference Shares of defined under Section 2(76) of the Companies Act, 2013
H 100/- each and 249.25 Crore Equity Shares of H 10/- each. (Act) read with Regulation 2 (1) (zb) of the SEBI (Listing
The Board has recommended Issue of Bonus Equity Shares Obligations and Disclosure Requirements) Regulations, 2015
(SEBI LODR, 2015).
in the ratio of 1:2 on May 09, 2024 which was approved
by the Members of the company through Postal Ballot on The Company is proposing to enter into certain business
June 11, 2024 post which the allotment was made to the transactions with HMEL during Financial Year 2025-26.
eligible shareholders. The nature of transactions include purchase/sale of goods
(such as, Petroleum/Petrochemical products, Crude etc.),
The Paid up share Capital of the Company which stood at availment/providing of services, lease rental etc. from/to
H1418.55 crores prior to the Bonus Issue had increased to HMEL. All transactions to be entered into by the Company
H 2127.82 Crores post the allotment of Bonus shares. with HMEL are in the ordinary course of business and are
at arm’s length basis and necessary approvals as required in
Considering the overall business growth, future expansion
compliance of the provisions under the Act/ SEBI LODR, 2015
and the operational needs, it is considered necessary to were obtained from the Audit Committee/Board.
increase the Authorized Share Capital to H 5000 crores.
It may be noted that as per the explanation to Regulation 23
The Board of Directors at their meeting held on 19th June 2024 (1) of SEBI LODR, 2015 a transaction with a related party shall
considered the proposal to increase the Authorized capital be considered material if the transaction(s) to be entered
of the Company to H 5000 Crores subject to the approval of into individually or taken together with previous transactions
the members as per applicable provisions of the Companies during a financial year, exceeds H 1,000 Crore or ten per
Act, 2013 and its corresponding rules, amendments thereof cent of the annual consolidated turnover of the listed entity
and the relevant provisions of the Articles of Association as per the last audited financial statements of the listed
entity, whichever is lower. Further, all Material Related Party
of the Company.
Transactions require prior approval of the Members through
Hence, the approval of the Members is sought to increase the a Resolution and no related party shall vote to approve
Authorized Share Capital of the Company from H 2,500 Crore such resolution whether an entity is a related party to the
(Rupees Two Thousand Five Hundred Crore Only) divided into particular transaction or not.
75,000 (Seventy-Five Thousand) Preference Share of H 100 The transactions with HMEL for Financial Year 2025-26 are
each totaling to H 75 Lakhs and 249,92,50,000 (Two Hundred estimated to be H 80,400 Crore (Rupees Eighty Thousand
Forty-Nine Crore Ninety-Two Lakh and Fifty Thousand Only) Four Hundred Crore Only) and this amount exceeds above-
Equity Share of H 10 each totaling to H 2499.25 Crore to mentioned threshold limit and therefore it is a Material Related
H 5,000 Crore (Rupees Five Thousand Crore Only) divided into Party Transaction. Accordingly, it requires prior approval of
75,000 (Seventy-Five Thousand) Preference Share of H 100 the Company by way of passing of an Ordinary Resolution.
each totaling to H 75 Lakhs and 499,92,50,000 (Four Hundred
Approval of the Members of the Company is therefore
Ninety-Nine Crore Ninety-Two Lakh and Fifty Thousand Only) required in terms of Regulation 23 of the SEBI LODR, 2015 by
Equity Share of H 10 each totaling to H 4,999.25 Crore. way of passing of an Ordinary Resolution for approval to the
Consequently, the existing clause V of the Memorandum of aforesaid Material Related Party Transactions to be entered
for Financial Year 2025-26.
Association of the Company and Article 3 (1) of Articles of
Association of the Company need to be altered to reflect the Relevant documents, if any, in respect of the said item are
increased authorized share capital. The Board of Directors available in electronic form for inspection by the Members of
recommends the resolutions at item no. 7 to be passed as the Company upto the date of AGM.
Special Resolution. The Directors, Key Managerial Personnel or their relatives
holding shares of the Company may be deemed to be
Relevant documents referred to in respect of the said item
concerned or otherwise interested in the said Ordinary
are open for inspection by the members at the Registered
Resolution only to the extent of their shareholding.
Office of the Company on all working days during 2.30 p.m. to
4.30 p.m. up to the date of the Meeting. The Board recommends the Ordinary Resolution as set out
None of the Directors/Key Managerial Personnel and for approval by the Members
their relatives is concerned or interested in the passing
of the aforesaid resolution, except to the extent of their
shareholding, if any.
99
Details to be placed before Members in line with the SEBI Circular are given below:
Sr.No. Particulars Details
1. Type, material terms and particulars of the proposed transaction As detailed above. All transactions to be entered are at
arm’s length.
2. Name of the related party and its relationship with the listed HPCL-Mittal Energy Limited, a Joint Venture Company in
entity or its subsidiary, including nature of its concern or interest which HPCL holds 48.99% of Share Capital.
(financial or otherwise)
3. Tenure of the proposed transaction (particular tenure shall be Recurring nature and approval is for Financial Year
specified) 2025-26.
4. Value of the proposed transaction As detailed above.
5. The percentage of the listed entity’s annual consolidated Approximately 17% based on Annual Consolidated
turnover, for the immediately preceding financial year, that is Turnover of FY 2022-23.
represented by the value of the proposed transaction (and for
a RPT involving a subsidiary, such percentage calculated on the
basis of the subsidiary’s annual turnover on a standalone basis
shall be additionally provided)
6. If the transaction relates to any loans, inter- corporate deposits, Not Applicable
advances or investments made or given by the listed entity or its
subsidiary
i) details of the source of funds in connection with the proposed
transaction
ii) where any financial indebtedness is incurred to make or give
loans, inter-corporate deposits, advances or investments,
nature of indebtedness
cost of funds; and
tenure
iii) applicable terms, including covenants, tenure, interest rate
and repayment schedule, whether secured or unsecured; if
secured, the nature of security; and
iv) the purpose for which the funds will be utilized by the ultimate
beneficiary of such funds pursuant to the RPT
7. Justification as to why the RPT is in the interest of the listed entity Arrangement is commercially beneficial.
8. A statement that the valuation or other external report, if any, Not Applicable
relied upon by the listed entity in relation to the proposed
transaction will be made available through the registered email
address of the shareholders
9. Approval of Material Related Party transactions to be entered into by the Company with HINCOL
Transactions to be entered with Hindustan are in the ordinary course of business and are at arm’s length
Colas Private Limited (HINCOL) during the basis and necessary approvals as required in compliance of
Financial Year 2025-2026: the provisions under the Act/SEBI LODR, 2015 have already
been obtained from the Audit Committee/Board.
Hindustan Colas Private Limited (HINCOL) is a Related Party
as defined under Section 2 (76) of the Companies Act, 2013 It may be noted that as per the explanation to Regulation 23
(Act) read with Regulation 2 (1) (zb) of the SEBI (Listing (1) of SEBI LODR, 2015 a transaction with a related party shall
Obligations and Disclosure Requirements) Regulations, 2015 be considered material if the transaction(s) to be entered
(SEBI LODR, 2015). into individually or taken together with previous transactions
during a financial year, exceeds H 1,000 Crore or ten per
The Company is proposing to enter into certain business
cent of the annual consolidated turnover of the listed entity
transactions with HINCOL during Financial Year 2025-26. The
as per the last audited financial statements of the listed
nature of transactions include purchase/sale of goods (such
entity, whichever is lower. Further, all Material Related Party
as, crumbed rubber modified bitumen, emulsions, other
Transactions require prior approval of the Members through
grades of bitumen etc.), availment/providing of services, lease
a Resolution and no related party shall vote to approve
rentals, providing manpower services etc. from/to HINCOL. All
100
Annual
72nd Report
such resolution whether an entity is a related party to the aforesaid Material Related Party Transactions to be entered
particular transaction or not. for Financial Year 2025-26.
The transactions with HINCOL for the Financial Year Relevant documents, if any, in respect of the said item are
2025-26 are estimated to be H 2,650 Crore (Rupees Two available in electronic form for inspection by the Members of
Thousand Six Hundred and Fifty Crore Only) and this amount the Company upto the date of AGM.
exceeds the above-mentioned threshold limit and therefore
it is a Material Related Party Transaction. Accordingly, it The Directors, Key Managerial Personnel or their relatives
requires prior approval of the Company by way of passing of holding shares of the Company may be deemed to be
an Ordinary Resolution. concerned or otherwise interested in the said Ordinary
Resolution only to the extent of their shareholding.
Approval of the Members of the Company is therefore
required in terms of Regulation 23 of the SEBI LODR, 2015 by The Board recommends the Ordinary Resolution as set out
way of passing of an Ordinary Resolution for approval to the for approval by the Members.
Details to be placed before Members in line with the SEBI Circular are given below:
arm’s length.
2. Name of the related party and its relationship with the listed Hindustan Colas Private Limited, a Joint Venture
entity or its subsidiary, including nature of its concern or interest Company in which HPCL holds 50% of Share Capital.
(financial or otherwise)
3. Tenure of the proposed transaction (particular tenure shall be Recurring nature and approval is for Financial Year
specified) 2025-26.
5. The percentage of the listed entity’s annual consolidated Less than 1% based on Annual Consolidated Turnover
turnover, for the immediately preceding financial year, that is of FY 2022-23.
advances or investments made or given by the listed entity or
its subsidiary details of the source of funds in connection with
the proposed transaction where any financial indebtedness is
incurred to make or give loans, inter-corporate deposits, advances
or investments, nature of indebtedness cost of funds; and tenure
applicable terms, including covenants, tenure, interest rate and
repayment schedule, whether secured or unsecured; if secured,
the nature of security; and the purpose for which the funds will
be utilized by the ultimate beneficiary of such funds pursuant to
the RPT
101
10.
Approval of Material Related Party Transactions require prior approval of the Members through
Transactions to be entered with ONGC Petro a Resolution and no related party shall vote to approve
additions Limited (OPaL) during the Financial such resolution whether an entity is a related party to the
Year 2025-2026: particular transaction or not.
The Company is proposing to enter into certain business The transactions with OPaL for the Financial Year 2025-26
transactions with OPaL during Financial Year 2025-26. The are estimated to be H 2,100 Crore (Rupees Two Thousand
transaction with ONGC Petro additions Limited (OPaL), is One Hundred Crore Only) and this amount exceeds the
a Related Party Transaction as defined under Regulation above-mentioned threshold limit and therefore it is a
2 (1) (zc) of the SEBI (Listing Obligations and Disclosure Material Related Party Transaction. Accordingly, it requires
Requirements) Regulations, 2015 (SEBI LODR, 2015). The prior approval of the Company by way of passing of an
nature of transactions include sale of goods (such as, Ordinary Resolution.
Natural Gas, Naphtha, LPG etc.) to OPaL. All transactions
to be entered into by the Company with OPaL are in the Approval of the Members of the Company is therefore
ordinary course of business and are at arm’s length basis required in terms of Regulation 23 of the SEBI LODR, 2015 by
and necessary approvals as required in compliance of the way of passing of an Ordinary Resolution for approval to the
provisions under the Act/SEBI LODR, 2015 have already been aforesaid Material Related Party Transactions to be entered
obtained from the Audit Committee/Board. for Financial Year 2025-26.
It may be noted that as per the explanation to Regulation 23 Relevant documents, if any, in respect of the said item are
(1) of SEBI LODR, 2015 a transaction with a related party shall available in electronic form for inspection by the Members of
be considered material if the transaction(s) to be entered the Company upto the date of AGM.
into individually or taken together with previous transactions
during a financial year, exceeds H 1,000 Crore or ten per The Directors, Key Managerial Personnel or their relatives
cent of the annual consolidated turnover of the listed entity holding shares of the Company may be deemed to be
as per the last audited financial statements of the listed concerned or otherwise interested in the said Ordinary
entity, whichever is lower. Further, all Material Related Party Resolution only to the extent of their shareholding.
arm’s length.
2. Name of the related party and its relationship with the listed ONGC Petro Additions Limited (OPAL), a Joint venture
entity or its subsidiary, including nature of its concern or interest Company of Oil and Natural Gas Corporation Limited,
(financial or otherwise) Gail (India) Limited and Gujarat State Petroleum
Corporation Limited.
3. Tenure of the proposed transaction (particular tenure shall be Recurring nature and approval is for Financial Year 2025-
specified) 26.
5. The percentage of the listed entity’s annual consolidated Less than 1% based on Annual Consolidated Turnover
turnover, for the immediately preceding financial year, that is of FY 2022-23.
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Annual
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advances or investments made or given by the listed entity or its
subsidiary
i) details of the source of funds in connection with the proposed
transaction
ii) where any financial indebtedness is incurred to make or give
loans, inter-corporate deposits, advances or investments,
nature of indebtedness
cost of funds; and
tenure
iii) applicable terms, including covenants, tenure, interest rate

and repayment schedule, whether secured or unsecured; if
secured, the nature of security; and
iv) the purpose for which the funds will be utilized by the ultimate
beneficiary of such funds pursuant to the RPT
By Order of the Board,

For Hindustan Petroleum Corporation Limited,
V. Murali
Company Secretary
(ACS:11269)
Date : July 27, 2024

Place : Registered Office,
Petroleum House,
17, Jamshedji Tata Road,
Churchgate
Mumbai - 400 020
103
Performance Profile
2023-24 2023-24 2022-23 2021-22 2020-21 2019-20
FINANCIAL
US $ Million J / Crore
Revenue from Operations 55,345.58 4,61,637.51 4,66,192.35 3,73,896.74 2,70,326.32 2,87,416.93
Earnings before Interest, Depreciation and tax 3,263.54 27,221.16 (5,453.09) 13,145.54 18,714.17 5,958.70
Depreciation and Amortization 665.67 5,552.36 4,329.97 3,969.11 3,552.65 3,304.39
Interest Expenses 301.60 2,515.67 2,131.85 972.73 914.73 1,081.72
Tax including Deferred Tax 534.62 4,459.30 (2,940.88) 1,821.07 3,582.91 (1,064.67)
Net Profit 1,761.64 14,693.83 (8,974.03) 6,382.63 10,663.88 2,637.26
Dividend 255.10 2,127.82 1,985.97 3,227.20 1,485.72 1,432.39
Tax on distributed profits - - - - - 294.43
Retained earnings 1,506.54 12,566.01 (10,960.00) 3,155.43 9,178.16 910.44
INTERNAL RESOURCES GENERATED 2,641.01 22,028.67 (9,524.80) 7,622.63 12,727.53 2,879.29
VALUE ADDED 5,282.93 44,064.94 11,994.60 26,315.66 31,102.70 19,589.10
WHAT CORPORATION OWNS
Gross PPE's & Intangible Assets 13,009.94 1,08,515.91 91,939.93 77,581.36 66,779.05 61,760.52
Less: Depreciation and Amortization 3,559.98 29,693.76 24,350.84 20,387.26 16,865.85 13,460.04
Net PPE's & Intangible Assets 9,449.96 78,822.15 67,589.09 57,194.10 49,913.20 48,300.48
Capital work-in-progress & Intangible assets 2,022.47 16,869.46 22,894.81 26,903.61 24,454.10 17,351.30
under development(including capital advances)
Investments (including current investments)
Subsidiaries, Joint Ventures and Associates 2,252.95 18,791.87 15,331.29 11,916.64 9,233.21 6,936.81
Others 825.58 6,886.20 5,879.42 6,027.08 5,759.54 5,574.79
Net current/non current assets (1,106.64) (9,230.47) (12,965.08) (10,795.54) (4,746.99) (688.64)
Total 13,444.34 1,12,139.21 98,729.53 91,245.89 84,613.06 77,474.74
WHAT CORPORATION OWES
Net Worth
Share capital 170.20 1,419.64 1,419.64 1,419.64 1,453.11 1,524.91
Share forfeiture (0.08) (0.70) (0.70) (0.70) (0.70) (0.70)
Reserves 4,748.93 39,610.83 26,294.49 37,258.10 34,733.70 27,438.15
Total 4,919.05 41,029.77 27,713.43 38,677.04 36,186.11 28,962.36
Borrowings and Lease liabilities 7,687.27 64,119.53 68,005.10 46,590.58 42,915.86 43,020.85
Deferred tax liability 838.02 6,989.91 3,011.00 5,978.27 5,511.09 5,491.53
Total 13,444.34 1,12,139.21 98,729.53 91,245.89 84,613.06 77,474.74
PHYSICAL (MMT)
CRUDE THRUPUT 22.33 19.09 13.97 16.42 17.18
Mumbai Refinery 9.64 9.80 5.56 7.37 8.07
Visakh Refinery 12.69 9.29 8.41 9.05 9.11
PIPELINE THRUPUT 25.83 23.25 19.91 19.12 21.20
MARKET SALES 46.82 43.45 39.14 36.59 39.64
Notes:
1. Previous year figures have been regrouped wherever necessary.

2. 1 US$ = H 83.41 (Exchange rate as on 31.03.2024).
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Annual
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Statutory Reports Performance Profile 2023-24
Performance Profile
2023-24 2023-24 2022-23 2021-22 2020-21 2019-20
FINANCIAL
FUND FLOW STATEMENT
Sources of Funds
- Profit after tax 1,761.64 14,693.83 (8,974.03) 6,382.63 10,663.88 2,637.26
- Other Comprehensive Income 90.32 753.33 (142.28) 300.51 13.81 (450.70)
- Depreciation and Amortization 665.67 5,552.36 4,329.97 3,969.11 3,552.65 3,304.39
- Deposits from Dealers/LPG Consumers 94.98 792.26 555.05 855.31 694.85 984.47
- Borrowings & Lease Liabilities (net) (1,074.44) (8,961.94) 22,321.95 3,927.80 435.83 12,742.54
- Amortisation of capital grant received from - - - - - 3.70
OIDB & amortisation of FCMITDA*
- Provision for deferred tax 477.03 3,978.91 (2,967.27) 467.18 19.56 (1,348.33)
- Adjustment on account of sale/deletion 6.36 53.06 478.85 417.18 10.55 (216.34)
of assets, provision for diminution in
investment & others
Total 2,021.56 16,861.81 15,602.24 16,319.72 15,391.13 17,656.99
Utilisation of Funds
- Dividend 255.10 2,127.82 1,985.97 3,227.20 1,485.72 1,432.39
- Tax on distributed profits - - - - - 294.43
- Buy-back of Shares - - - 965.86 1,986.26 -
- Capital expenditures 1,298.40 10,829.94 10,853.71 14,069.79 12,333.40 15,385.51
- Increase/(decrease) in net current / 53.17 443.47 (652.09) (4,626.56) (2,710.65) (155.28)
non-current assets
- Investment in Subsidiaries, Joint Ventures 414.89 3,460.58 3,414.65 2,683.43 2,296.40 699.94
& Associates and Others
Total 2,021.56 16,861.81 15,602.24 16,319.72 15,391.13 17,656.99
CONTRIBUTION TO EXCHEQUER
- Excise duty 3,327.00 27,750.47 25,966.55 24,430.10 36,929.36 18,487.26
- Customs duty 437.29 3,647.47 2,799.83 2,862.44 8,784.44 10,447.03
- Sales tax / VAT / GST 7,899.92 65,893.26 63,260.69 56,195.17 45,811.46 45,056.88
- Income tax 82.10 684.82 160.00 2,110.03 3,678.90 2,114.35
- Others 1.66 13.85 17.14 147.84 128.78 27.89
Total 11,747.98 97,989.87 92,204.21 85,745.58 95,332.94 76,133.41
RATIOS
- EBITDA/Sales (%) 5.92 (1.17) 3.53 6.95 2.08
- Net profit/Sales (%) 3.20 (1.93) 1.71 3.96 0.92
- Earnings per share (H) 103.58 (63.26) 44.94 70.57 17.31
- Cash earnings per share (H) 170.29 (53.14) 76.40 94.06 30.23
- Avg. sales/Employee (H / Crore) 56.39 53.97 41.10 28.50 29.49
- Avg. net profit/Employee (H / Crore) 1.80 (1.06) 0.70 1.13 0.27
- Debt equity ratio [Borrowings 1.47 : 1 2.33 : 1 1.12 : 1 1.11 : 1 1.40 : 1
(Long Term plus short term to equity]
MANPOWER (NOs.) 8,154 8,504 9,065 9,448 9,696
* Foreign Currency Monetary Item Translation Difference Account (FCMITDA) as per Ind AS -21.
105
Performance Profile
2023-24 2023-24 2022-23 2021-22 2020-21 2019-20
FINANCIAL
HOW VALUE IS ADDED
Income
- Revenue from operations 55,345.58 4,61,637.51 4,66,192.35 3,73,896.74 2,70,326.32 2,87,416.93
- Add: Increase/(decrease) in inventory# 325.65 2,716.21 (1,443.64) 629.57 8,532.96 (584.44)
55,671.23 4,64,353.72 4,64,748.71 3,74,526.31 2,78,859.28 2,86,832.49
Cost of Raw materials
- Raw material consumption 15,156.98 1,26,424.33 1,22,736.23 68,287.27 44,149.59 59,430.19
- Purchases for resale 31,566.15 2,63,293.25 3,02,430.45 2,53,954.95 1,64,494.66 1,87,233.94
- Packages 46.96 391.71 408.45 403.02 312.81 320.50
- Stores & spares 46.48 387.65 351.42 215.61 244.97 285.75
- Utilities 201.32 1,679.21 1,038.20 1,135.99 1,225.04 1,322.49
47,017.88 3,92,176.15 4,26,964.75 3,23,996.84 2,10,427.07 2,48,592.87
Duties applicable to products
- Duties 3,370.41 28,112.63 25,789.36 24,213.81 37,329.51 18,650.52
Total value added 5,282.93 44,064.94 11,994.60 26,315.66 31,102.70 19,589.10
HOW VALUE IS DISTRIBUTED
Operations
- Operating & service costs 1,609.09 13,421.39 14,484.88 10,187.67 9,200.15 10,436.94
Employees' benefits 410.31 3,422.39 2,962.81 2,982.45 3,188.38 3,193.46
Providers of capital
- Interest Expenses 301.60 2,515.67 2,131.85 972.73 914.73 1,081.72
- Dividend 255.10 2,127.82 1,985.97 3,227.20 1,485.72 1,726.82
Income tax 534.62 4,459.30 (2,940.88) 1,821.07 3,582.91 (1,064.67)
Re-deployment in business
- Retained profit 1,506.54 12,566.01 (10,960.00) 3,155.43 9,178.16 910.44
Depreciation and Amortization 665.67 5,552.36 4,329.97 3,969.11 3,552.65 3,304.39
Total value distributed 5,282.93 44,064.94 11,994.60 26,315.66 31,102.70 19,589.10
# Including exceptional Items.
106
Annual
72nd Report
Performance Profile
‘000 Tonnes
SALES VOLUME * 2023-24 2022-23 2021-22 2020-21 2019-20
Light Distillates
- Liquified petroleum gas 8,575.05 8,142.50 7,762.94 7,435.23 7,076.41
- Naphtha 1,121.00 541.62 1,133.19 923.07 1,286.47
- Motor spirit 9,193.02 8,678.78 7,481.15 6,745.15 7,587.02
- Hexane 27.24 26.80 26.52 25.45 24.85
- Propylene 53.25 43.93 48.69 52.43 52.38
- Natural Gas (CNG, RLNG & others) 1,289.25 975.89 749.39 334.85 363.56
Sub-total 20,258.82 18,409.53 17,201.88 15,516.19 16,390.69
Middle Distillates
- Mineral turpentine oil 110.15 73.69 160.94 172.02 95.19
- Aviation turbine fuel 878.75 692.51 520.13 397.92 731.92
- Superior kerosene oil 155.24 165.76 289.08 385.32 462.08
- High speed diesel 20,055.88 19,275.46 16,555.63 15,888.04 17,861.21
- JBO/WO 8.56 8.89 14.33 11.93 6.43
- Light diesel oil 270.22 257.24 325.93 336.15 259.49
Sub-total 21,478.82 20,473.55 17,866.03 17,191.38 19,416.30
Lubes & Greases 658.85 626.56 545.20 619.61 633.17
Heavy Ends
- Furnace oil 2,509.32 2,126.97 1,699.56 1,569.36 1,539.75
- Low sulphur heavy stock 139.45 115.16 108.43 82.65 70.57
- Bitumen 1,571.72 1,515.89 1,437.08 1,524.74 1,493.09
- Others 151.37 182.83 278.44 83.49 94.43
Sub-total 4,371.87 3,940.85 3,523.50 3,260.24 3,197.84
Others (CBG & Petchem) 46.82 4.03 - - -
Total 46,815.17 43,454.52 39,136.61 36,587.42 39,638.00
* Including Exports
Note: Previous year figures have been regrouped whereever necessary.
MARKETING NETWORK (Nos.) 2023-24 2022-23 2021-22 2020-21 2019-20

Regional offices 109 140 137 133 133
Terminals/Installations/TOPs 43 43 42 41 43
Depots (including exclusive lube depots) 71 72 70 70 68
LPG bottling plants 56 55 53 51 50
ASFs 55 54 47 46 44
Retail outlets 22,022 21,186 20,025 18,634 16,476
SKO/LDO dealers 1,638 1,638 1,638 1,638 1,638
LPG distributors 6,349 6,283 6,243 6,192 6,110
LPG customers (in Crore) 9.63 9.36 9.12 8.72 8.51
107
Performance Profile ‘000 Tonnes

PRODUCTION VOLUME - MUMBAI REFINERY 2023-24 2022-23 2021-22 2020-21 2019-20
Light distillates
- Liquified petroleum gas 479.24 492.61 251.45 345.77 399.01
- Naphtha 431.33 404.27 832.68 588.39 476.52
- Motor spirit 1,821.86 1,829.26 545.88 1,216.41 1,376.05
- Hexane 12.85 18.14 11.03 7.38 12.70
- Solvent 0.98 7.85 (0.77) 4.42 2.53
Sub-total 2,746.26 2,752.13 1,640.27 2,162.37 2,266.81
Middle distillates
- Light diesel oil 119.48 107.84 133.13 139.59 113.52
Sub-total 4,291.86 4,372.89 1,857.06 3,144.78 3,478.86
LOBS/TOBS 504.51 503.72 368.37 413.23 478.13
Heavy ends
- Furnace oil 753.13 813.75 775.46 611.64 651.77
- Low sulphur heavy stock 19.02 - - - (0.11)
- Bitumen 608.85 592.42 376.76 479.66 578.69
- Others (including input of BH gas) 43.31 109.41 (4.69) (19.43) 29.72
Sub-total 1,424.31 1,515.58 1,147.53 1,071.87 1,260.07
Total 8,966.94 9,144.32 5,013.23 6,792.25 7,483.87
Intermediate stock differential (24.72) (65.90) 80.86 (21.50) 21.40
Fuel & loss 697.57 725.90 463.76 603.46 575.95
Grand total 9,639.79 9,804.32 5,557.85 7,374.21 8,081.22
108
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Performance Profile ‘000 Tonnes

PRODUCTION VOLUME - VISAKH REFINERY 2023-24 2022-23 2021-22 2020-21 2019-20
Light Distillates
- Liquified petroleum gas 466.20 362.89 310.48 401.27 384.22
- Naphtha 792.13 92.75 211.68 285.96 747.05
- Motor spirit 1,799.44 1,757.83 1,593.29 1,750.05 1,263.30
- Propylene 53.08 45.08 48.09 51.83 53.05
- HP Super Solvent (0.33) 0.70 - - -
Sub-total 3,110.52 2,259.25 2,163.54 2,489.11 2,447.62
Middle Distillates
- JBO 6.16 9.82 14.96 14.45 6.01
- Light diesel oil 147.18 140.67 215.49 196.43 145.18
Sub-total 6,036.40 4,054.38 3,783.06 4,256.75 4,120.96
Heavy Ends
- Furnace oil 1,769.39 1,376.55 886.07 982.86 1,051.45
- Low sulphur heavy stock 52.54 49.78 82.93 60.69 35.53
- Bitumen 580.40 607.40 569.14 560.68 599.07
- Others 114.69 141.87 291.35 57.97 37.48
Sub-total 2,517.02 2,175.60 1,829.49 1,662.20 1,723.53
Total 11,663.94 8,489.23 7,776.09 8,408.06 8,292.11
Intermediate stock differential 98.71 97.34 (46.51) (75.40) 142.82
Fuel & loss 926.10 700.05 680.25 717.81 680.12
Grand total 12,688.75 9,286.62 8,409.83 9,050.47 9,115.05
109
Directors’ Report
DEAR MEMBERS,
On behalf of the Board of Directors, it gives me immense pleasure in presenting this Report on the performance of your Corporation for
the financial year ended March 31, 2024.
Financial Year 2023-24 has been a year of exceptional performance for the Corporation, demonstrating strength across both physical
and financial parameters. On physical front, crude thruput reached a record high of 22.33 MMT, representing a significant 17% increase
compared to the previous year. This achievement was further complemented by record-breaking sales of 46.82 MMT, reflecting an
impressive growth of 8% over previous year. On financial front, your Corporation's profitability also soared to new heights, reaching a
record-breaking standalone PAT of H 14,693.83 Crore.
HIGHLIGHTS
(H / Crore)
Consolidated Standalone
2023-24 2022-23 2023-24 2022-23
FINANCIAL PERFORMANCE
Sales/Income from Operations 4,60,147.32 4,64,989.70 4,59,815.32 4,64,683.79
Earnings before Interest, Tax, Depreciation, Amortization & 28,652.70 (3,249.66) 27,221.16 (5,453.09)
Impairment and Exceptional items
Depreciation, Amortization & Impairment Expenses (5,596.43) (4,560.15) (5,552.36) (4,329.97)
Finance Cost (2,556.00) (2,174.11) (2,515.67) (2,131.85)
Profit before Tax (PBT) 20,500.27 (9,983.92) 19,153.13 (11,914.91)
Tax Expenses (4,485.66) 3,003.69 (4,459.30) 2,940.88
Profit / (Loss) for the year (PAT) 16,014.61 (6,980.23) 14,693.83 (8,974.03)
Balance brought forward from previous financial year 30,181.26 39,300.16 25,449.78 36,590.51
Amount available for Appropriation 46,195.87 32,319.93 40,143.61 27,616.48
Appropriations/ Others:
Debenture Redemption Reserve (net) 50.98 30.72 - -
Dividend (2,127.82) (1,985.97) (2,127.82) (1,985.97)
Other Comprehensive Income that will not be reclassified to profit (114.70) (183.42) (114.08) (180.73)
or loss (net of tax)
Balance carried forward 44,004.33 30,181.26 37,901.71 25,449.78
SHAREHOLDERS’ VALUE (J)

Earnings per Share 112.89 (49.21) 103.58 (63.26)
Cash Earnings per Share 180.10 (37.91) 170.29 (53.14)
Book Value per Share 330.77 227.44 289.24 195.36
PHYSICAL PERFORMANCE (MMT) 2023-24 2022-23

Market Sales (including Exports) # 46.82 43.45
Crude Thruput:
Mumbai Refinery 9.64 9.80
Visakh Refinery 12.69 9.29
Total Crude Thruput 22.33 19.09
# As per Ind AS
110
Annual
72nd Report
Statutory Reports Directors’ Report 2023-24
SALES/INCOME FROM OPERATIONS REFINERY PERFORMANCE

Your Corporation has achieved Sales/Income from Operations In the financial year 2023-24, your Corporation's Mumbai and Visakh
of H 4,59,815.32 Crore in the financial year 2023-24 as compared Refineries demonstrated exceptional performance in their refining
to H 4,64,683.79 Crore in the financial year 2022-23 on a operations, showcasing an impressive improvement. A significant
standalone basis. milestone was achieved by the refineries, as they recorded the
highest-ever refining thruput of 22.33 MMT. The Visakh Refinery
achieved a remarkable feat by processing the highest-ever yearly
PROFIT / (LOSS)
crude of 12.69 MMT, which includes a successive highest ever
Your Corporation has reported Earnings before Interest, quarterly crude processing. The Mumbai Refinery also exhibited
Tax, Depreciation & Amortization and Impairment (EBITDA) excellent performance by processing a crude thruput of 9.64 MMT.
of H 27,221.16 Crore in the financial year 2023-24 as against These exceptional accomplishments contributed to the production
H (5,453.09 Crore) in the financial year 2022-23 and Profit/(Loss) for of the highest-ever volumes of MS, HSD, and LPG, LOBS during the
the year (PAT) of H 14,693.83 Crore in the financial year 2023-24 as financial year 2023-24.
compared to H (8,974.03 Crore) in the financial year 2022-23 on a
standalone basis. Your Corporation’s Refineries surpassed their design capacity and
registered an average capacity utilization of 103.3%, notwithstanding
the turnarounds in both Mumbai and Visakh Refineries.
DIVIDEND
Your Corporation has paid an interim dividend of H 15/- per Your Corporation’s Refineries adaptability soared to new heights
share [amounting to H 2,127.82 Crore] during the financial year as we embraced new opportunity crudes and processed 7 new
2023-24. The Board of Directors, after taking into account the grades of crude for the first time. Visakh Refinery has also started
Financial Results of the Corporation for financial year 2023-24, has using the new crude storage capacity (300 TMT) in Cavern-A for
recommended a final dividend of H 16.50/- per share (pre-bonus) Refinery consumption after signing of agreement with Indian
[amounting to H 2,340.60 Crore], thereby, taking total dividend to Strategic Petroleum Reserves Limited (ISPRL). This initiative is to
H 31.50/- per share (pre-bonus) [amounting to H 4,468.42 Crore] for bring the benefit of freight economics by accommodating higher
the financial year 2023-24. The aforesaid dividend is out of profits capacity cargo and also help in meeting challenges arising from
earned for the financial year 2023-24. Your Corporation had not unfavorable weather conditions, leading to non-berthing of
declared any dividend during the financial year 2022-23. Vessels at SPM.
During the financial year, 5 new grades were added to the

BONUS ISSUE Corporation's crude basket, which now includes 157 grades
The Board of Directors has also recommended the issuance of from various regions such as West Africa, Middle East, North
bonus equity shares in the ratio of 1 equity share of H 10/- each for America, South America, Mediterranean, North Sea, Far East,
every 2 equity shares of H 10/- each held, subject to approval by the Russia and India.
members of the Corporation. Considering the issuance of bonus
India's energy demand is set to grow exponentially, driven by its
shares, as recommended, the final dividend of H 16.50/- per share
rapid economic growth. The rising demand for road transport
(pre-bonus) translates into final dividend of H 11/- (post-bonus) per
fuels further adds to this increasing trend. To meet this surge in
share having face value of H 10/-.
demand, we are actively modernizing and expanding our refineries.
INTERNAL RESOURCES GENERATION Visakh Refinery Modernization Project (VRMP) was dedicated to
the Nation by Hon'ble Prime Minister of India in March 2024. This
Your Corporation has generated Internal Resources (net of
significant initiative aligns with our mission for a 'Viksit Bharat' – a
dividend payout) of H 22,028.67 Crore during the financial year
developed India. Your Corporation has showcased commendable
2023-24 as compared to H (9,524.80 Crore) during the financial
commitment to successfully execute large-scale projects that
year 2022-23 on a standalone basis.
contribute to India's energy security. The evident focus on
innovation and environmental responsibility in every facet of this
CONTRIBUTION TO EXCHEQUER project reinforces our collective commitment to a more resilient
and sustainable energy landscape.
Your Corporation has contributed a sum of H 97,989.87 Crore to
the exchequer during the financial year 2023-24 by way of duties Accomplishing the Project at an investment of approximately
and taxes, as compared to H 92,204.21 Crore during the financial H 26,000 Crore, VRMP is the biggest investment in oil sector in
year 2022-23 on a standalone basis. the east coast and stands as a testament to your Corporation's
111
commitment to enhancing product availability and contributing Annexure I. The particulars relating to control of pollution and
significantly to the region's energy security. The first of its kind other initiatives by Refineries are furnished in Annexure II.
Residue Upgradation Facility (RUF) in India, a pioneering unit under
this project, exemplifies India's ascent in bottom upgradation
OPERATING PERFORMANCE OF REFINERIES
technology. The project features state-of-the-art facilities, the first
of its kind technology of Resid upgradation technology, the largest
single capacity train in India of hydrogen generating unit and the Mumbai Visakh
Parameter Unit
highest-capacity Full Conversion Hydrocracker Unit in India. Refinery Refinery
Crude Thruput TMT 9,639.8 12,688.8
Your Corporation’s Mumbai Refinery signed agreement with
Capacity utilization % 101.5 104.7
Mumbai Port Authority for land lease for 30 years for construction
Distillate yield % 77.9 72.1
of Crude Oil Terminal (COT) project. Pre-project & Engineering are
Fuel & Loss % 7.21 7.30
completed & Site clearance activities are in full swing at Mumbai Specific Energy MBTU/ 75.0 80.5
Refinery for future projects such as Solvent De-Asphalting & Consumption BBL/ NRGF
Integrated Hydrocracker Catalytic De-waxing Unit. Gross Refinery Margin $/BBL 10.35 8.12
(Before factoring-in
India’s first integrated Grassroot Refinery cum Petrochemical
impact of export levies)
complex is being set up by HPCL Rajasthan Refinery Limited
(HRRL), a joint venture company between your Corporation and
the Government of Rajasthan, at Pachpadra in Balotra district of
MARKETING PERFORMANCE
Rajasthan. HRRL Project is your Corporation’s biggest investment
till date and is currently biggest project under implementation Your Corporation recorded the highest ever sales of 46.82 MMT
in India. HRRL Refinery cum Petrochemical Complex boasts of in financial year 2023-24, including exports (2022-23: 43.45 MMT).
having highest Petrochemical Intensity Index of 26% in India with In the domestic segment, your Corporation recorded the highest
flexibility in switching between Fuel & Petrochemical products on ever sales volume of 44.67 MMT (2022-23: 42.19 MMT) with a
account of price fluctuations/market demand. Refinery complex YoY growth of 5.88% and achieved a market share gain of 0.47%
is designed and slated to be in Quartile 1 position from Day 1 of amongst Oil PSUs.
stable operation. HRRL achieved financial closure for the 9 MMTPA
In the motor fuel segment, your Corporation achieved the highest
Integrated Grass Root Refinery cum Petrochemical Project. Project
ever sales volume of 27.89 MMT in financial year 2023-24 with a
is at advanced stage of construction and Pre-commissioning
market share gain of 0.11% in Total Motor Fuels on Industry basis.
activities of three of the units have been initiated.
During the financial year 2023-24, 836 new Retail Outlets were
The completion of these projects and new business initiatives commissioned taking the total retail network to 22,022 numbers.
will mark a significant step in optimizing the refining processes, As part of the energy transition process, your Corporation is in
versatility and capacity to meet diverse market demands, reducing the forefront to provide alternate fuels and EV Charging Systems
the environmental footprint, and fulfilling the national priorities of (EVCS) at its retail network and make them Energy Stations. During
energy accessibility, affordability, security and sustainability. the financial year 2023-24, CNG facilities were added at 303 Retail
Outlets, taking the total to 1,690, and EVCS were added at 1,746
Your Corporation stands fully committed to the principle of Retail Outlets, taking the total to 3,603.
sustainability and aims to make its existing Refinery operations and
future expanded operations Net Zero by 2040 and has adopted Introducing the innovative branded retail concept ‘HaPpyShop’,
a multi-pronged approach to achieve the same by focusing on your Corporation opened 367 Happy Shops during the financial
using low carbon/ renewable fuels such as natural gas, renewable year 2023-24, augmenting the total count to 427.
power, CBG and green hydrogen along with the focus on increasing
Further, towards increasing market penetration, your Corporation
energy efficiencies.
secured 24 Wayside Amenity (WSA) sites through successful bids
Energy conservation and enhancing energy efficiency allows Refineries from National Highway Logistics Management Limited (NHLML) &
not only to reduce operational costs but also minimizes environmental State PSU tenders, totaling to 49 since 2021. Notable achievements
footprint and contributes to sustainable development. By adopting included a market share gain of 0.97% in the Highway segment
strategies such as process optimization, advanced control systems, and an outstanding success rate of 38.6% in securing WSA tenders
energy recovery, equipment upgrades, renewable energy integration, for financial year 2023-24.
and employee engagement, Your Corporation’s Refineries have
Further, your Corporation has taken several pioneering initiatives,
unlocked substantial energy savings, and reduced emissions.
such as the establishment of Dealer Owner Dealer Operated
The particulars with respect to conservation of energy, technology (DODO) category Direct dealerships and coalition loyalty programs,
absorption, imported technology, research & development underscoring its commitment to innovation and customer-
expenditure, foreign exchange earnings & outgo are furnished in centric solutions.
112
Annual
72nd Report
Especially, the DriveTrack Plus program garnered accolades a row, recording highest ever sales of around 31 TMT during the
for its technological advancements and successful migration, financial year 2023-24.
receiving prestigious awards including the CII DX Award 2023 and
recognition for “Best Technology Transformation” at the Chief Data The Lubricant business continued to be benefitted immensely
and Analytics Officer Conclave & Awards 2023. from the close interactions between OEMs and R&D / Technical
Services teams of your Corporation with stakeholders. Close to
Towards low carbon economy, solar panels were installed at 900 customer connect activities in physical form were conducted
7,143 Retail Outlets during the financial year 2023-24, taking the during the financial year 2023-24. Digitalisation of loyalty program
total number of Retail Outlets with solar power to 17,618 which started showing positive impact with number of unique users
accounts for around 80% of the total retail network. crossing a million mark. Your Corporation remained a major
producer of base oils in the country with capability of producing
In LPG business vertical, your Corporation has set a new record Group-I, Group-II and Group-III base oils. It also made significant
with highest ever sales of 8.56 MMT, registering a growth of 5.5% progress in improving operational efficiencies at lube blending
over the previous year which is highest amongst the Industry. plants by infrastructure augmentation, automation and various
‘HP Gas’ has enrolled over 28 lakhs new customers during the other innovative solutions.
financial year 2023-24 which includes 18 lakhs customers under
‘Pradhan Mantri Ujjwala Yojna (PMUY 2.0)’. To meet the growing In the Industrial and Consumer (I&C) business, your Corporation
LPG demand, your Corporation has commissioned 2 LPG Plants recorded overall sales of 5.39 MMT. HPCL’s strategy of maximizing
during the financial year 2023-24, each of 120 TMTPA capacity at sales in Diesel (HSD), Furnace oil (FO), and Bitumen was successful,
Abu Road and Varanasi. Your Corporation sustained its leadership with each product exceeding 1 MMT in sales volume. Also, highest
position in the Free Trade LPG (FTL) segment, selling over 7.3 ever sales of 27.2 TMT was recorded in Hexane. In Low Sulfur
million ‘APPU’ cylinders and achieving a market share of over Heavy Stock- Premium (LSHS-P), it achieved a sales volume of 63
44%. Your Corporation has commissioned 66 new domestic LPG TMT, registering a remarkable growth of 65.5% compared to the
distributors, taking the total numbers to 6,349. Your Corporation previous year.
has conducted several health and safety campaigns, including over
976 Sadak Suraksha Camps for LPG transporters and crew. During the financial year 2023-24, your Corporation has
commissioned five Railway Consumer Depots (RCDs), which have
Your Corporation commenced marketing of packaged drinking been implemented on Total Fuel Management (TFM) model. This will
water ‘HP PAANI’ through LPG marketing channel. Further, Electric further strengthen your Corporation’s long-standing relationship
Vehicles (EVs) were added to LPG ARB product-line to facilitate with Indian Railways. The TFM manages the entire chain of fuel
transition of LPG logistics infrastructure of LPG Distributors to EVs. management including product received in bulk tanks, storage
safekeeping and fueling of locomotives including the inventory
Largest LPG cavern of capacity 80 TMT is being set up at management with effective usage of technology. Infrastructure
Mangalore. The progress of the project is well on track and will be continues to be the key strength of your Corporation in delivering
commissioned as per schedule during financial year 2024-25. products efficiently and at competitive prices to customers. During
the financial year 2023-24, your Corporation has commissioned
In the Lubricant segment, your Corporation has recorded an
the Light Diesel Oil (LDO) rake unloading facility at Mangalore and
overall sales volume of 652 TMT of lubricants during financial year
Black Oil rake unloading facility at Kandla. Your Corporation has
2023-24, and exported lubricants more than 4 TMT across 13
also moved a record 160 TMT of Bitumen using our coastal vessel.
countries. Your Corporation has achieved the highest ever sales to
countries in the Middle East region and Africa via its Dubai based In the Aviation business, your Corporation has achieved ATF sales
wholly owned subsidiary. Your Corporation’s long term Trademark of 878 TMT during financial year 2023-24, registering a growth of
Licensing Agreement signed with the Chevron Corporation during 26.8% over the previous year. During the financial year 2023-24,
the previous year began to bear fruit, when the flagship products your Corporation has inaugurated its latest ASF in Ayodhya and
of Caltex brand were launched in Mumbai in a glittering ceremony, ATF Tank Facility at Akola New-IRD and Srinagar IRD. Additionally,
followed with sustained brand promotion with Out-of-Home (OOH) HP Aviation fueled the inaugural Air Force test flight at Ayodhya
& print media over the next few days. These products are being Maharishi Valmiki International Airport. Furthermore, Kolkata
used as complementary offerings to our existing product portfolio ASF received a Silver Rating in Green-co Certification for its
in the highly competitive automotive aftermarket segment. environmental efforts during financial year 2023-24.
Your Corporation continued to put strong focus on Original Engine In the petrochemical business, your Corporation has started
/ Equipment Manufacturers (OEMs) and its customers from core pre marketing of HP DURAPOL® brand. This pre marketing will
sectors. The geographical reach of the marketing network has be the pre-cursor to your Corporation’s investment in HRRL, a
been enhanced by adding 77 new Channel Partners in India, 9.0 MMTPA Fuels and 2.4 MMTPA Petrochemicals Complex. The
South Asia & South East Asia. The commercial production and HP DURAPOL® brand encompasses various grades of essential
sales of Diesel Exhaust Fluid (DEF) was scaled up for third year in plastics: High-Density Polyethylene (HDPE), Linear Low-Density
Polyethylene (LLDPE), and Poly Propylene (PP).
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Through HP DURAPOL®, your Corporation aims to cater to growth rate of 3.5% against historical and ensured uninterrupted
diverse customer segments across India. These products will find product availability throughout the country.
application in various end-use sectors, including food packaging,
agriculture, textiles, households, fertilizers, and more. In line with Ethanol Blending program of MOPNG, your Corporation
achieved an overall ethanol blending of 12.00% in petrol during
During the financial year 2023-24, 45,562 MT of Polymers were the financial year 2023-24 surpassing the historical rate of 10.59%
sold and 550 customers were added. Your Corporation took and reduced Green House Gas (GHG) emissions by 31 Lakh MT.
various initiatives in creating Sustainable Ecosystem with 100%
Recycle plastic tiles at Retail outlet (M/s. B U Bhandari, Pune) & Your Corporation signed MOU with Step One Tech Limited for
Trash to Treasure Plastics waste in Bitumen Road stretch at HP retrofitting old vehicles with e-flex Fuel Kits for compatibility up to
Nagar West Colony, thus reducing the Carbon footprints. 85% ethanol-blended petrol. It became first OMC to implement
100% Bio Diesel to run existing DG sets at 35 locations, resulting
In the Gas business, your Corporation has marketed 446 TMT of direct reduction of CO2 by 70% compared to GHG emissions if run
Natural Gas, strengthening its presence in this business segment. by only Diesel.
Your Corporation is actively participating in the establishment
of City Gas Distribution (CGD) networks, both on its own and Your Corporation remains committed to sustainability. During the
through various joint ventures. Along with its four joint venture financial year 2023-24, the total installed solar power capacity at
companies, HPCL has the authorization to set up and operate SOD locations reached 10.7 MW generating approximately 97.37
CGD networks in 25 Geographical Areas (GAs) in 14 States. During lakhs units of power for captive consumption. Vapour Recovery
the 12th round of PNGRB bidding, HPCL, on a standalone basis, System (VRS) was installed at 3 supply locations during the
secured the authorization for setting up the CGD network in the financial year 2023-24, taking the total number to 46 locations as
Sikkim Geographical Area, while its JV, HP OIL Limited, secured the of 31st March 2024.
authorization in the Nagaland Geographical Area.
Your Corporation has mitigated Scope 1 and scope 2 emissions
During the financial year 2023-24, your Corporation has at 10 SOD locations and are being taken up for Net Zero
commissioned 119 new CNG stations in the GAs authorized to certification in line with the Corporation’s target to achieve Net
it, taking the total number of CNG stations in authorized GAs to Zero locations by 2030.
328. Additionally, 2,636 inch-km of steel pipeline, 1,107 KM of
Your Corporation undertook various measures to enhance safety
MDPE pipeline was added and 28,721 new PNG connections were
in all facets of operations. GreenCo rating certifications were
released during the financial year 2023-24. Your Corporation is
obtained for 18 locations (1 – Platinum, 5 – Gold, 9 – Silver, 3 –
also operating a network of one mother station and 18 daughter
Bronze) in the financial year 2023-24. Further, your Corporation
booster stations in and around the city of Ahmedabad.
has imparted simulation based defensive driver training to Tank
For import and regasification, your Corporation is building a 5 Truck Crew, inculcating Visual, Aural and Kinesthetic approach
MMTPA LNG Regasification Terminal at Chhara Port in Gujarat to road safety through customised driving scenarios on rough
through its wholly owned subsidiary, which has been mechanically weather and difficult terrain.
completed in this year.
Your Corporation’s pipeline vertical has laid special emphasis in
Your Corporation has supplied 379 TMT of Natural Gas during the acquiring high level of competency in execution of pipeline projects
financial year 2023-24. To ensure a reliable supply for both internal and managing the pipeline operations effectively to optimise cost
use and external sales, your Corporation sources Natural Gas and enhance efficiencies. It is now operating 5,132 KM long Pipeline
through various contracts. These include a long-term agreement Network with mainline capacity of 35.2 MMTPA. During this year,
for gas from ultra-deep-water fields in the KG Basin, along with 215 KM long Barmer-Palanpur Pipeline Project with a capacity of 6
other domestic sources. MMTPA costing H 764 Crore was mechanically completed.
Marking a significant milestone, your Corporation successfully The pipeline vertical has achieved an all-time high annual thruput
commissioned its first Liquefied Natural Gas (LNG) dispensing of 25.83 MMT registering a year-on-year growth of 11.1%.
station at a retail outlet in Oran, Sabarkantha District, Gujarat. Sales
Through various cost optimization initiatives, your Corporation’s
from this station have already begun. Additionally, mechanical
Pipeline vertical has improved performance and emerged best in
construction has been completed for 3 more LNG dispensing
the Industry in the Solomon Global Benchmarking of Manageable
Stations at Ajmer, Satara and Prayagraj.
Non-Volume Expenditure (MNVE), improving its ranking to the
Supply, Operations & Distribution - Strategic Business Unit (SOD top 6th percentile worldwide, vis-a-vis its position in the top 11th
SBU) of your Corporation ensures efficient distribution and percentile observed in the previous study cycle.
marketing of petroleum products across India by utilizing its robust
To further expand the pipeline network and capabilities, new
infrastructure of 78 terminals and depots. SOD SBU achieved an
Pipeline projects are under execution with an estimated investment
all-time high thruput of 59.3 MMT in financial year 2023-24 with a
of about H 1,400 Crore namely Bathinda Sangrur Pipeline (88 KM,
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1.4 MMTPA) and Haldia Panagarh Pipeline (201 KM, 1.45 MMTPA). In order to give impetus to your Corporation’s green energy plans,
These projects will increase the Mainline capacity to 42.65 MMTPA HPCL Renewable & Green Energy Ltd. (HPRGE), a wholly owned
and network length to 5,638 KM, thus, significantly strengthening subsidiary, has been created which will manage the new portfolio
your Corporation’s position in key markets. Your Corporation has of green energy businesses such as biofuels, renewables, green
also teamed up with IOCL and BPCL in development of India’s hydrogen, carbon offsets, green mobility, and alternative energy
longest LPG pipeline from Kandla to Gorakhpur (2,805 KM) through businesses. HPRGE has been incorporated on 19th January 2024.
joint venture route.
Your Corporation is actively harnessing Renewable Energy sources
Towards environmental protection and energy security of the to reduce the carbon footprints and electricity cost across the
nation, your Corporation is promoting biofuels in a big way. Your value chain and is continuously expanding the wind and solar
Corporation has achieved substantial progress in constructing power generation capacities. During financial year 2023-24, your
its first Second-Generation Ethanol bio refinery at Bathinda, Corporation has installed captive solar power capacity of 22.9
Punjab with production capacity of 100 KL per day of ethanol MWp across various locations, taking the total solar power capacity
from biomass. It is also putting up a 1G Ethanol Plant in Himachal to 107.3 MWp as of 31st March 2024.
Pradesh in Collaboration with Govt. of Himachal Pradesh.
Your Corporation has also set up wind power capacity of 100.90
Your Corporation commenced commercial sale at its first Biomass- MW, which generated about 18.45 Crore kWh of electricity during
based Compressed Biogas (CBG) Plant of 14.2 Tons Per Day (TPD) financial year 2023-24 resulting in emission mitigation of 151.3
capacity at Budaun, Uttar Pradesh, using rice straw as feedstock. thousand metric tonnes of carbon dioxide equivalent.
Additionally, construction is in progress for a Phosphate Rich
Organic Manure (PROM) plant which will convert part of the During the financial year 2023-24, your Corporation through
organic manure to ‘Phosphate Rich Organic Manure’ to have better its fully owned subsidiary HPRGE has mechanically completed
economic returns. CBG produced from the Plant is being sold 5 MW (AC) / 6.5 MWp (DC) Solar Power Project at Jhansi in Uttar
through retail outlets. Pradesh and 6 MW AC Solar Power Project at Panipat in Haryana.
Further, HPRGE has also embarked on the journey to create its
Your Corporation has also set up a CBG plant of 100 TPD of Cow first Mega Solar Project of 100 MW Capacity located at Galiveedu
dung processing capacity under the CSR scheme at Pathmeda, in Andhra Pradesh.
Rajasthan. Further, it has also set up a waste to biogas plant at its
Yerada Park Housing colony at Visakhapatnam, Andhra Pradesh.
TREASURY MANAGEMENT
This plant will utilize the Segregated food, vegetable waste,
Horticulture & Garden waste to produce gas to be utilized in the Your Corporation has successfully reduced its borrowing during the
Canteen Kitchen. financial year 2023-24 as compared to the previous year, thanks to
improved operational profits. Your Corporation continues to invest
Your Corporation is actively participating in Government of heavily on capital projects which have been predominantly funded
India’s Sustainable Alternative Towards Affordable Transportation through internal resources.
(SATAT) initiative for promotion of CBG. During the financial
year 2023-24, under the SATAT scheme, your Corporation While the interest rates globally continued to remain high, the
commissioned 5 numbers of CBG Plants with total capacity of 26.1 existing long-term loans aggregating to H 15,000 Crore (both INR
TPD CBG, taking the total to 9 Plants with total capacity of 54.65 and foreign currency) were refinanced at lower interest rates,
TPD. Further, your Corporation has issued 20 new LOIs for CBG resulting in significant reduction in finance cost, going forward.
plants with CBG production capacity of 112.5 TPD in financial year
Aligning with its ESG objectives, your Corporation entered into the
2023-24 taking the total number of active LOIs to 107 with total
realm of Green Financing, securing loans amounting to H 300 Crore
capacity of 606.6 TPD.
to advance its green and renewable energy projects. Additionally,
During financial year 2023-24, your Corporation has sold 338.6 as a part of Government of India’s Asset Monetization Program,
MT CBG through its dedicated CBG Retail Outlets against historical your Corporation successfully mobilized funds amounting to
CBG sales of 77.3 MT registering 338% growth. H 1,453 Crore through the securitization of future SSLF cashflows
from retail outlets.
Mega Workshop on CBG/SATAT under aegis of MOPNG was
organised at Lucknow on 29th February 2024 for bankers, LOI Utilizing a diverse mix of financial instruments, your Corporation
holders and CBG plant owners which was attended by senior has effectively managed its working capital costs. Short-term
officials of MOPNG, Dept. of Drinking Water and Sanitation (Ministry borrowing needs were met through Triparty Repo System,
of Jalshakti), Dept. of Financial Services (Ministry of Finance), Dept. Clearcorp Repo Order Matching System, Revolving Line of Credit in
of Fertilizers (Ministry of Chemicals & Fertilizers), Uttar Pradesh USD, and various working capital facilities from banks.
New & Renewable Energy Development Agency (UPNEDA), Indian
Biogas Association (IBA), World Bank and Technology providers
amongst others.
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As of March 2024, your Corporation continues to command implementation of various mitigation measures. The Board is also
international long term issuer rating of “Baa3” with “Stable” outlook updated regularly on the risk review and mitigation measures of
from Moody’s Investors Services, and “BBB- “with “Stable” outlook the identified risk.
from Fitch Ratings. Both ratings are at par with sovereign rating.
Your Corporation also continues to command the highest domestic VIGILANCE

rating for long-term and short-term facilities, with a “AAA” rating The Vigilance mechanism in your Corporation is based on the
and “Stable” outlook and an “A1+” rating respectively from CRISIL, directives issued by the Central Vigilance Commission (CVC),
India Rating and Research Limited and ICRA. Department of Personnel & Training (DoPT) and Ministry of
Petroleum & Natural Gas (MoPNG) from time to time.
INTERNAL FINANCIAL CONTROLS The Vigilance Department is headed by the Chief Vigilance Officer
Your Corporation has adequate Internal Financial Controls for (CVO) who administers supervision and control of all the Vigilance
ensuring the orderly and efficient conduct of its business including matters in the Corporation. Vigilance Department carries out
adherence to the Corporation’s policies; the safeguarding of its focused preventive vigilance activities which help in ensuring
assets; the prevention and detection of frauds and errors; the transparent business decisions by respective Departments.
accuracy and completeness of the accounting records and the
timely preparation of reliable information, commensurate with the Apart from conducting preventive vigilance activities, the major
operation of your Corporation. As part of this exercise, the design work areas of Vigilance comprise of investigation of complaints
of internal controls and its operating effectiveness for the key received from various sources like Citizens, Stakeholders, Central
business processes is tested by external consultant who observed Vigilance Commission, Ministry of Petroleum & Natural Gas,
that there are no material weaknesses in Internal Controls over Management and other sources etc.
Financial Reporting.
The Vigilance Department deals mainly with matters related to
corruption and matters having ‘Vigilance angle’ as per Vigilance
RISK MANAGEMENT POLICY Manual (Updated 2021). The complaints are handled as per the
We operate in a dynamic environment which not only provides complaint handling policy stipulated in the Vigilance Manual
opportunities but also exposes the business to various internal (Updated 2021) of the Central Vigilance Commission. There were
and external risks. Your Corporation recognizes that all facets 953 complaints disposed off during the current financial year
of its business involve significant risks and that its actions are and 18 complaints are pending as of 31.03.2024. These cases
increasingly exposed to greater scrutiny by the public, regulators, are related to retail outlet selection, retail outlets operations,
investors, and other stakeholders. To proactively identify and LPG distributorship selection, LPG distributorship operations,
manage key risks for achieving our strategic objectives and tendering, transportation, depot/plant operations etc.
enable the Corporation to deal with these enhanced business
Various operating areas were reviewed for systemic improvements
challenges and risks, an effective and pragmatic risk management
during the year. Apart from investigating complaints, surprise
framework has been institutionalized across the organization. Your
inspections of Depots, Terminals, LPG Plants, Regional Offices, LPG
Corporation has fortified its Enterprise Risk Management (ERM)
Distributors, Retail Outlets, Tank Trucks, Major Works (CTE Patten),
framework by incorporating the best practices recommended by
Tender Review etc. were carried out. Various focused group-
internationally recognised standards such as COSO ERM 2017
training programs were conducted for employees.
and ISO 31000:2018. ERM Policy encompasses a comprehensive
array of risks that could impact our strategic objectives and overall Vigilance Awareness Week was observed under the central theme
performance, including operational, regulatory, financial, sectoral, for the year “Say no to corruption; Commit to the Nation”.
strategic, sustainability in particular ESG (Environmental, Social Various outreach activities viz., focused group presentations,
and Governance), information and cyber security related risks Quizzes, Drawing/Painting Competitions, Skits/street plays,
and business continuity plan. The objective is to integrate risk Workshop, Technical talks, Grievance redressal camps/ Awareness
identification and management in the day-to-day operations of Gram Sabhas, Rallies/Walkathons, School/ College Programs etc.
the business, wherein risk is continuously identified, assessed, were undertaken during the week to spread awareness among
monitored, graded and managed to an acceptable level. Your citizens/ stakeholders and employees.
Corporation has engaged reputed external consultant to provide
additional perspective and support the ERM processes.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
A systematic process of periodic risk reviews is in place across Your Corporation, being a Government Company, is subjected
all Strategic Business Units (SBUs) and Functions. The Risk to the CVC Guidelines and has a separate Vigilance Department
Management Committee meets periodically, at least twice in a year, administering the Vigilance matters. Your Corporation has a
to ensure that appropriate methodology, systems and processes Whistle Blower Policy approved by the Board and the same is
are in place to review these risks as well as monitor the progress of
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placed on the website of the Corporation. The web link of Whistle Your Corporation formulated Human Rights Policy to encourage
Blower Policy is stated herein below: employees and stakeholders to adopt, promote and respect the
elements of human rights within their operations. The Corporation
Web link: https://www.hindustanpetroleum.com/documents/pdf/ also takes pride in its collaboration with the Central Vigilance
Whistle_Blower_Policy.pdf Commission, wherein in-house experts conducted Training
Programs for Enquiry Officers / Presenting Officers on Departmental
RIGHT TO INFORMATION (RTI) Enquiries for various CPSEs/Government Organizations.
Your Corporation being a Public Authority complies with the For promoting sustainable and inclusive growth of stakeholders
provisions of the Right to Information Act, 2005, and has a under the theme of “One Earth, One Family, One Future” G20
structured mechanism in place to deal with matters related to the Presidency, your Corporation organised Statutory Compliance
RTI Act. Your Corporation has aligned to the Online RTI portal of Fortnight 2.0 by ensuring social security & welfare measures
DoPT, Government of India and all applications/ appeals received through various initiatives to the intended beneficiaries including
through the portal are handled through the portal itself, including outsourced workforce of the Corporation. Your Corporation
the physical applications received offline. The mandatory reports demonstrated strong sense of Corporate Responsibility by
such as Quarterly/ Annual reports are submitted periodically travelling beyond statutory requirements as recently evidenced in
within the stipulated timelines on to the website of the Central coverage of all our direct and indirect stakeholders with Medical
Information Commission, www.cic.gov.in. Further, as required Insurance coverage, Ex-Gratia compensation in case of untoward
under the Act, all the relevant details and information mandated accidents, organizing special medical camps, etc.
vide Suo - motu disclosures under Section 4 (1) (b) are being
regularly updated and hosted on the Corporation’s website www.
hindustanpetroleum.com for the purpose of transparency and
OFFICIAL LANGUAGE IMPLEMENTATION
better understanding to the public at large. The usage of Hindi is ensured in the business of your Corporation
by motivating the employees. Hindi is being promoted by utilizing
Your Corporation has a designated Nodal Officer at its Corporate various facilities available in the field of Information & Technology
HQO to coordinate, facilitate and oversee its implementation. The including Video Conferencing. To promote the linguistic talent
RTI applications are responded well within the stipulated time of the employees, awareness about Hindi is created in the
period of 30 days through the Online RTI portal www.rtionline. offices through online Hindi Competition, Hindi Fortnight, Official
gov.in. A team of 212 Central Public Information Officers (Regional Language Conferences and Hindi Workshops etc.
Managers and HoDs who predominantly constitute as CPIOs) and
46 First Appellate Authorities (Senior Management who constitute During the current financial year, your Corporation was conferred
FAAs) spread across the country, covering Refineries and major with ‘Rajbhasha Keerti Puraskar – Second Prize’ for implementation
SBUs like Retail, LPG and other Departments ensure seamless and of Official Language for the year 2022-23 by Ministry of Home
timely handling of the RTI applications received. Affairs, GOI. This award is given for the best performance in
the field of Official Language Implementation (OLI) amongst All
During the current financial year your Corporation has successfully PSUs. Your Corporation is coordinating Town Official Language
handled and processed 2,696 RTI applications, 344 First Appeals Implementation Committee (TOLIC) of Mumbai based PSUs since
and 95 Second Appeals (Central Information Commission 1983 and thereby guiding Mumbai based 61 PSUs in the field
Hearings). All the 95 CIC Hearings were held thru VC by the of OLI. Other than the TOLIC Meetings, your Corporation has
Hon’ble CIC while the CPIOs were physically present in respective trained the officials of different PSUs through conducting various
NIC studios located at various District Collectorate Offices, and programs such as Hindi Translation, Promotion of Hindi and
the detailed written submissions were placed in time before the Regional Language etc.
Hon’ble CIC, to enable CIC to pass awards, which clocked a success
rate of 81% Orders being passed in favour of your Corporation Your Corporation has continued with its rich legacy of being
thereby validating the stand taken by your Corporation. honoured with the highest number of Rajbhasha Awards
in the entire Oil Industry by receiving 51 Rajbhasha Awards
from the Government of India and other agencies during the
INDUSTRIAL RELATIONS
financial year 2023-24.
During the financial year 2023-24, your Corporation has continued
to deliver positive employee relations with its employees,
experiencing no instances of industrial unrest across Corporation.
CORPORATE SOCIAL RESPONSIBILITY
Proactive approach of consistent dialogue, understanding Your Corporation has consistently aimed to be a model of
and collaboration with employees has led to positive working excellence and act as a driving force for transformation in all its
environment conducive to productivity and growth. Your pursuits, whether in fostering business prosperity or fulfilling its
Corporation recognizes its responsibility to conduct business in a societal responsibilities. Your Corporation has consistently upheld
manner that respects the rights and dignity of all its stakeholders. the belief in creating shared value and ‘Delivering Happiness’
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through a range of initiatives that have positively impacted the Region in enabling them to compete in various streams like
millions of lives. Engineering, Medical and other career-oriented programs. The
year saw commencement of similar residential ‘Project Super-50’
Your Corporation implemented various activities under the focus for aspiring SC and ST students in Raigad district of Maharashtra.
areas of Child Care, Education, Health Care, Skill Development,
Sports, Environment & Community Development, Contribution To provide basic healthcare facilities in remote rural areas, Mobile
to incubators or research and development projects in the field Medical Vans were operated under ‘Project Dhanwantari’ to provide
of science, technology, engineering and medicine, funded by diagnosis, treatment and health awareness at the doorsteps of less
the Central Government or State Government or Public Sector privileged people. Under Project ‘Dil without Bill’, your Corporation
Undertaking or any agency of the Central Government or State extended support for conducting heart surgeries of beneficiaries
Government; and Contributions to public funded Universities. from lower-economic section with special focus on children.
As a responsible Corporate Citizen, your Corporation implemented Your Corporation supported Skill Development Institutes (SDI)
more than 80 CSR projects under the annual common theme conceptualized by Government of India and operationalized by Oil
‘Health and Nutrition’ notified by Department of Public Enterprises, & Gas CPSEs focused on imparting skills in industry-oriented trades
Government of India. During the year, your Corporation achieved for improving employability of weaker sections of the society. SDI
the mechanical completion of Compressed Bio-Gas (CBG) Plant at Visakhapatnam is being managed by the Corporation along with
Village Pathmeda, District Jalore, Rajasthan. This CBG Plant provides support of other Oil & Gas CPSEs.
purified Bio-Gas from Waste / Bio-mass sources like agricultural
residue, cattle dung etc. Other projects under the theme include Your Corporation participated and undertook various activities
provision of medical devices and equipment for strengthening during Swachhta Pakhwada Campaign (1st - 15th July, 2023). The
public healthcare delivery systems at Primary Healthcare Centers, campaign saw outreach and participation of more than 21
Community Healthcare Centers and District Hospitals meeting the Lakh stakeholders from across the country. Various awareness
grassroot healthcare requirements in local and remote areas. Our generation activities like administration of Cleanliness Pledge,
business locations like Terminals, Depots, LPG Plants, Pipelines, providing Hygiene Kits, Pitching of seed balls and Sapling Plantation
Aviation Stations spearheaded and carried out these CSR activities were undertaken by our installations and office locations to
for the welfare of society. promote green environment in the society. Corporation’s
employees coordinated competitions like Slogan Writing,
During the year, your Corporation supported the educational, Elocution, Drawing etc. in Schools and Colleges under the theme
therapeutic and skill training needs of Children with Special Needs of ‘Swachhta’ for new generation.
(CwSN) under Project ‘ADAPT’, with an endeavor to enhance the
quality of lives of the children. Your Corporation also supported promising athletes and
sportsperson coming from underprivileged background with
Under Project ‘Nanhi Kali’, adolescent girls, mostly first-generation Scholarship assistance.
learners, were provided with remedial classes, material kits, sports
curriculum, training and counselling sessions on personal hygiene Your Corporation made contribution to the Armed Forces Flag Day
and career development. Fund instituted by Kendriya Sainik Board, Ministry of Defence, Govt.
of India for the care, support, welfare and rehabilitation schemes
Your Corporation distributed Scholarships to students from for Ex-Servicemen (ESM) and their dependents.
various socially-economically disadvantaged sections like SC, ST,
OBC and PwD across the country thus supporting their Education Awards & Accolades:
from School-Level to Professional courses. Your Corporation also 1. Corporation felicitated by Hon’ble Raksha Mantri for
provisioned basic facilities like school furniture items, teaching contribution to Armed Forces Flag Day Fund (AFFDF) at
aids, water coolers etc. and construction of classrooms along with Armed Forces Flag Day CSR Conclave 2023, Delhi.
setting-up of smart classes in various government schools for
benefit of students in rural areas. 2. ‘Nava Bharat CSR Awards 2023 for Excellence in CSR Activities’
for Project Nanhi Kali hosted by Nava Bharat Group, Mumbai.
Your Corporation strengthened its collaboration with Indian Army
for ‘Project Super-50’ in UT of Jammu & Kashmir and UT of Ladakh. 3. CSR Champion Award by IIT Bombay at Annual CSR
Under the project, aspiring students from UT of Jammu & Kashmir Conclave 2023.
and UT of Ladakh were provided mentoring and coaching for
4. Conferred as Winner in ‘Education and Skill Development’
Medical and Engineering stream. This residential training program
category at the 6th ‘The CSR Journal Excellence Awards 2023’
gives wings to academic aspirations of youth for their career
for Project Kashmir Super 50 (Medical) presented by The CSR
development. This project supports the Indian Army’s ‘Sadbhavana’
Journal, Mumbai.
initiative in ‘Winning Hearts and Minds’ of the local population.
This project supports the less-privileged yet aspiring students of
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5. Conferred with 1st Prize in PRSI National Awards 2023 for Best CORPORATE GOVERNANCE
Skill Development Program (PSU) instituted by Public Relation
Your Corporation continues to adopt the best practices of Corporate
Society of India, Delhi.
Governance to ensure transparency, integrity and accountability
6. Conferred with Mahatma Award 2023 for CSR Excellence in its functioning. The Corporate Governance Report highlighting
presented by A Mahatma Foundation hosted by Liveweek Group. these endeavours has been incorporated as a separate section
that form part of the Annual Report for financial year 2023-24.
7. Corporation conferred with Best Campaign awards by Public
Relation Council of India, Delhi under the following categories:
PROCUREMENT OF GOODS & SERVICES FROM MSEs
i. CSR Campaign The Government of India has notified a Public Procurement
Policy for Micro and Small Enterprises (MSEs) Order, 2012, and its
ii. Education Campaign
amendments thereto. In line with said policy, your Corporation has
iii. Best use of CSR Project for Child Care set an annual goal of sourcing a minimum procurement of 25%
of its total requirements from MSEs, and within it, 4% of the total
8. Runner-Up in CSR and Sustainability category in 13th PSE requirement has been earmarked for procurement from MSEs
Conclave and Excellence Awards instituted by Indian owned by SC/ST entrepreneurs and another 3% from women
Chamber of Commerce, Kolkata. entrepreneurs. For the benefit of MSEs, the MSE procurement
details are regularly uploaded on the Sambandh Portal of the
9. ‘Green Healthcare Excellence in Sustainable Healing’ for our Ministry of MSME, besides displaying the Annual Procurement Plan
flagship project ‘Dil without Bill’ at Environment Conclave & on the Corporation’s website.
Awards 2023 instituted by Nava Bharat Group, Mumbai.
Against the set target of 25% of the total procurement for financial
10. Conferred with 7th ‘CSR Health Impact Awards’ under category year 2023-24, your Corporation has achieved 41.24% (H 4,271.80
instituted by Integrated Health and Wellbeing Council, Delhi Crore) of procurement of goods and services from MSEs, excluding
items that are beyond the scope of MSEs. The excluded items are
CSR Health System Strengthening Project (Silver)
crude oil, petroleum products, logistics costs through shipping,
CSR Covid Relief Project - Large (Silver) railways and pipelines, LNG/Natural Gas, API line pipes, OEM
spares, OEM services, proprietary items and services, technology
CSR Swachh Bharat Project (Bronze) licenses and licensor-mandated items, and plants and machinery
(single item value equal to or more than H 50 Crore).
11. Conferred with Fortune Leadership Awards 2023 instituted
by The Economic Times in the following categories: To promote the objectives of procurement from MSEs as laid
down in Public Procurement Policy, 87 vendor development
Excellence in Provision of Literacy & Education Award
programmes (VDPs) / Buyer-Supplier meetings for MSEs were
Excellence in Concern for Health Award conducted during the financial year 2023-24, including 11 no.
VDPs for MSEs owned by SC/ST entrepreneurs and 9 no. VDPs for
12. National CSR Award at 11th Global Safety Summit Awards MSEs owned by women entrepreneurs. During these meetings,
instituted by Fire and Safety Forum, Kerala the Corporation procurement processes were articulated through
detailed presentations to MSE vendors with the intent of increasing
13. Best Education Support Initiative of the Year 2024 – PSU’ awareness on vendor registration processes, tendering processes,
award for ADAPT presented at Indian Social Impact Awards the TReDS platform, procurement on the GeM platform, etc. The
by brand honchos. implementation of various government directives/policies for
providing relief to MSMEs and promoting the indigenization of
14. ‘Grow Care India CSR Award 2022’ (Gold) for ‘Medical and
products and services was also explained during the programme.
Health’ at Grow Care India CSR Excellence Award 2022
instituted by Grow Care Foundation. Your Corporation is registered with the TReDS Digital platform,
an institutional mechanism set up by the Reserve Bank of India
15. Gold Award at Apex India CSR Excellence Awards 2022
to facilitate the trade receivable financing of Micro Small and
for Health Awareness / Welfare category at Apex India
Medium Enterprises (MSMEs) from corporate buyers through
Foundation, Delhi.
multiple financiers. Integrating its ERP system with three of the
The details of CSR activities of the Corporation containing details of service providers, namely A.Treds Ltd., Mynd Solutions Pvt. Ltd.,
CSR Committee Members, brief outline of the CSR policy, overview and Receivables Exchange of India Ltd., the Corporation has
of the CSR initiatives, prescribed expenditure, amount spent etc. enabled MSMEs to auction their trade receivables at competitive
that form part of this Report are furnished in Annexure III. rates through online bidding by financiers. Numerous MSME
vendors have onboarded this platform and benefited from the bill
discounting facility that provides liquidity.
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PREVENTION OF SEXUAL HARASSMENT AT Shri S. Bharathan (Director – Refineries), Shri Amit Garg (Director-
WORKPLACE Marketing) and Shri K S Shetty (Director – Human Resources).
Your Corporation has ensured compliance with various provisions The Government Nominee Directors are Shri Vinod Seshan,
under the Sexual Harassment of Women at Workplace (Prevention, Director, Ministry of Petroleum & Natural Gas (MOP&NG) and
Prohibition and Redressal) Act, 2013. To inculcate appropriate Shri Pankaj Kumar, Director (Production) of Oil and Natural Gas
workplace behavior and promote gender sensitization, the employees Corporation (ONGC).
of the Corporation have undergone awareness sessions / workshops
on the subject. Internal Committees (IC) of the Corporation were The Independent Directors are Smt. Vimla Pradhan, Shri Bechan
reconstituted. Lal, Shri Vivekananda Biswal, Shri Ramdarshan Singh Pal, Dr.
Nagaraja Bhalki and Shri K S Narendiran.
MANAGEMENT DISCUSSION & ANALYSIS REPORT
As per the provisions of Section 152 of the Companies Act, Shri
Management Discussion & Analysis Report forms part of the Pankaj Kumar and Shri S. Bharathan are the Directors who are
Annual Report for FY 2023-24. liable to retire by rotation at the next Annual General Meeting and
being eligible offer themselves for re-appointment.
BUSINESS RESPONSIBILITY & SUSTAINABILITY
REPORT DETAILS OF CHANGES IN DIRECTORS AND KEY
Your Corporation discloses its initiatives on environment, social MANAGERIAL PERSONNEL (KMP) DURING FY 2023-
and governance in accordance with the directives of SEBI in the 24 AND TILL DATE
form of Business Responsibility and Sustainability Report (BRSR).
A) Directors
The BRSR for FY 2023-24 is hosted on the Company’s website
and is available at the link: https://www.hindustanpetroleum.com/ Shri K S Shetty was appointed as Director – Human
documents/pdf/HPCL_BRSR_26072024_V1.pdf Resources (Whole Time Director) on the Board of your
Company effective May 01, 2023.
FINANCIAL STATEMENTS OF SUBSIDIARIES Shri Vinod Seshan, Director, MOP&NG was appointed
In terms of Proviso to Section 136(1) of the Companies Act, as Government Nominee Director (Representative
2013, your Corporation will place separate audited Financial of MOP&NG) on the Board of the Company
Statements in respect of each of its Subsidiary Company on its effective May 13, 2024.
website and also provide a copy of separate audited Financial
Smt. Sujata Sharma, Joint Secretary, (M&OR), MOP&NG,
Statements in respect of each of its Subsidiary Companies to any
Government Nominee Director (Representative of
Shareholder of the Corporation who seeks the same. The Financial
MOP&NG) has ceased to be Director of the Company
Statements of the Subsidiary Companies will also be kept open for
effective May 13, 2024.
inspection at the registered offices of the Corporation/respective
Subsidiary Companies. B) KMP
Pursuant to provisions of Section 129(3) of the Companies During the financial year 2023-24, apart from the details of
Act, 2013, a separate statement containing salient features of changes as covered in ‘A’ above, there were no changes in the
the Financial Statements of Subsidiary/Associate/Joint Venture other Key Managerial Personnel.
Companies in Form AOC-1 is attached along with the Consolidated
Financial Statements. C) Resignation of a Director who resigns from his office
by giving a notice in writing to the Company
COST AUDIT During the year, there were no cases observed where
Directors resigns from their office by giving a notice in writing
The maintenance of Cost Records, as specified under Section
to the Company.
148(1) of the Companies Act, 2013 is mandated and accordingly
such accounts and records are made and maintained. The Cost
Audit for FY 2022-23 was carried out and the Cost Audit Reports NUMBER OF MEETINGS OF THE BOARD
were filed with the Ministry of Corporate Affairs within the During financial year 2023-24, 12 Board Meetings were held. The
stipulated time for filing. details of these Meetings are given in the Corporate Governance
Report which is part of Annual Report.
DIRECTORS
Your Company’s Board presently comprises 13 Directors. MANAGERIAL REMUNERATION
The Whole time Directors are Shri Pushp Kumar Joshi (Chairman By virtue of MCA Notification dated 5th June 2015, Government
& Managing Director), Shri Rajneesh Narang (Director – Finance), Companies are exempted from complying with the requirement of
120
Annual
72nd Report
Section 197 (Chapter XIII) of the Companies Act, 2013. Hence, the AUDIT COMMITTEE
Rules made thereunder i.e., Rule 5 of the Companies (Appointment
The present composition of Audit Committee, which requires
and Remuneration of Managerial Personnel) Rules, 2014 are also
reporting under Section 177(8) of the Companies Act, 2013 is
not applicable to Government Companies.
given as under:
PERFORMANCE EVALUATION OF BOARD, ITS
COMMITTEES AND INDIVIDUAL DIRECTORS Sl.
Name Category
No.
Your Corporation being a Government Company, the compliance
of Section 134 (3) (p) is exempted by virtue of MCA Notification 1 Shri Bechan Lal Independent Director – Chairman
dated 5th June 2015 as the annual evaluation of the performance 2 Shri Vivekananda Independent Director – Member
of the Board, its Committees and of Individual Directors are carried Biswal
3 Shri Ramdarshan Independent Director – Member
out by the Administrative Ministry i.e., MOP&NG.
Singh Pal
DECLARATION BY INDEPENDENT DIRECTORS Shri Rajneesh Narang, Whole Time Director is a permanent Invitee
Statement of declarations as required under Section 149(7) of to the Committee.
the Companies Act, 2013 & Regulation 16(1)(b) of SEBI (Listing
During the financial year 2023-24, there was no change in the
Obligations and Disclosure Requirements) Regulations, 2015 have
composition of Audit Committee.
been obtained from the Independent Directors.
During the year, there were no instances where Board had
POLICY FOR SELECTION AND APPOINTMENT OF not accepted the recommendations of Audit Committee.
DIRECTORS AND THEIR REMUNERATION The recommendations of Audit Committee are broadly
accepted by the Board.
Your Corporation, being a Government Company is exempted to
furnish information under Section 134(3)(e) of the Companies Act,
2013 vide MCA Notification dated 05th June 2015. SECRETARIAL AUDIT
Pursuant to the provisions of Section 204 of the Companies Act,
OPINION OF BOARD REGARDING INTEGRITY, 2013 and Regulation 24A of the SEBI (Listing Obligations and
EXPERTISE AND EXPERIENCE (INCLUDING THE Disclosure Requirements) Regulations, 2015, your Company has
PROFICIENCY) OF THE INDEPENDENT DIRECTOR appointed M/s. Ragini Chokshi & Co., a firm of Practicing Company
APPOINTED DURING THE YEAR Secretaries to undertake Secretarial Audit of the Company for the
Financial Year 2023-2024. The Report of Secretarial Auditor in
Your Corporation, being a Government Company, all the Directors
Form No. MR-3 is annexed herewith and marked as Annexure IV.
including Independent Directors are appointed by Government
of India. The Report does not contain qualification, reservation or adverse
remark except the following:
Independent Directors are selected by search committee
constituted by Government of India from mix of eminent 1. The Company was unable to adhere to the requirements
personalities having requisite expertise and experience in outlined in Regulation 17 (1) of SEBI LODR, 2015, regarding
diverse fields. having required number of Independent Directors on
its Board from 01-05-2023 to 31-03-2024. However, the
Out of Six Independent Directors, Shri Vivekananda Biswal is
Company being a Government Company, the power to
exempted from undergoing Proficiency Test by virtue of proviso
appoint Directors, including Independent Directors, vests
of Rule 6 (4) of Companies (Appointment and Qualification of
with the Government of India.
Directors) Rules, 2014. Other four Independent Directors have
cleared their Proficiency Test whereas one Independent Director In this regard, your Company confirms that being a
has a time to undergo test within a period of 2 years from the date Government Company, which is under the Administrative
of inclusion of name in the Independent Directors’ databank. Control of Ministry of Petroleum and Natural Gas (MOP&NG),
the power to appoint Directors (including Independent
POLICY FOR REMUNERATION OF KEY MANAGERIAL Directors) and finalizing the terms and conditions of
PERSONNEL AND OTHER EMPLOYEES appointment vest with Government of India. The matter
regarding appointment of required number of Independent
Your Corporation, being a Government Company, the remuneration Directors has been taken up with MOP&NG from time to time
payable to Key Managerial Personnel and other employees and the Government is seized of the matter.
are fixed by the Government of India. However, payment like
Performance Related Pay is placed for the approval of Nomination
and Remuneration Committee.
121
2. Regulation 60(2) of the SEBI LODR, 2015, requires advance REPORTING OF FRAUDS BY AUDITORS
intimation i.e., at least prior seven working days about the
During the financial year 2023-24, Auditors have not reported to
record date on payment of Interest on NCD to the stock
the Audit Committee, under Section 143 (12) of the Companies
exchanges. During the Year, the Company has complied with
Act, 2013, any instances of fraud committed against the Company
this requirement except a slight delay on one of the occasion.
by its officers or employees, the details of which would need to be
Since, this was pointed out by the Stock Exchanges for levy of
mentioned in the Board’s report.
fine, the Company made representation to the Stock Exchanges
for condoning the delay and waiver of fine. Reply is awaited.
DETAILS OF EACH OF ABOVE FRAUD REPORTED TO
THE AUDIT COMMITTEE OR THE BOARD DURING
COMPLIANCE WITH APPLICABLE SECRETARIAL
THE YEAR
STANDARDS
NIL
Your Corporation has complied with applicable Secretarial Standards
in respect of Meetings of Board of Directors (SS-1) and General
Meetings (SS-2) issued by the Institute of Company Secretaries PARTICULARS OF LOANS, GUARANTEES OR
of India (ICSI). INVESTMENTS
Loans, guarantees and investments covered under Section 186 of
C&AG AUDIT the Companies Act, 2013 forms part of the Notes to the Financial
Statements provided in this Annual Report.
C&AG’s comment upon or supplement to the Statutory Auditors’
Report on the Accounts for the year ended 31st March, 2024 is
attached along with Financial Statements. Further, as at 31 March, MATERIAL CHANGES AND COMMITMENTS
2024, there are eight pending paras related to the C&AG audit. These AFFECTING FINANCIAL POSITION BETWEEN THE
relate to encashment of Earned Leave/Half Pay leave/Sick Leave as END OF THE FINANCIAL YEAR AND DATE OF THE
well as Employer’s share of EPF contribution on leave encashment; REPORT
non-recovery of perquisite tax; payment of shift allowance to There have been no material changes and commitments which
executives; payment of stagnation reliefs; non-recovery of dues in a affect the financial position of the Corporation that have occurred
case of bank guarantee, not encashed; additional expenditures due between the end of the financial year to which the Financial
to non-utilisation of pipeline in economical manner; infructuous Statements relate and the date of this report.
expenditure incurred on creation of certain facilities; and,
opportunities foregone to conserve energy. The audit observations
have been suitably replied.
DETAILS OF APPLICATION MADE OR ANY
PROCEEDING PENDING UNDER THE INSOLVENCY
AND BANKRUPTCY CODE, 2016 DURING THE YEAR
RELATED PARTY TRANSACTIONS ALONG WITH THEIR STATUS AS AT THE END OF THE
The details of transactions entered into with the Related Parties FINANCIAL YEAR.
during the financial year 2023-24 in Form No. AOC-2 is annexed During the financial year 2023-24, no application has been
herewith and marked as Annexure V. made or no proceeding is pending under the Insolvency and
Bankruptcy Code, 2016.
WEB LINK OF ANNUAL RETURN
Web link of Annual Return (MGT-7) is available at https:// DETAILS OF DIFFERENCE BETWEEN THE AMOUNT OF
www.hindustanpetroleum.com/documents/pdf/Annual_ THE VALUATION DONE AT THE TIME OF ONE TIME
Return_MGT-7.pdf SETTLEMENT AND THE VALUATION DONE WHILE
TAKING LOAN FROM THE BANKS OR FINANCIAL
INSTITUTIONS ALONG WITH THE REASONS
PARTICULARS OF EMPLOYEES
THEREOF.
The details regarding the number of women employees vis-à-vis
There are no instances of one-time settlement done with banks/
the total number of employees is given herein under:
financial institutions during the financial year.
Total No. of % of PERFORMANCE AND FINANCIAL POSITION OF

Group No. of Women Women SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES
Employees Employees Employees
The details on the performance and financial position of Subsidiary,
Management 5,768 703 12.19%
Associate and Joint Venture Companies are given in Management
Non-Management 2,386 144 6.04%
TOTAL 8,154 847 10.39% Discussion & Analysis Report. Further, pursuant to Section 129(3)
122
Annual
72nd Report
of the Companies Act, 2013 read with Rule 5 of the Companies iii. The Directors have taken proper and sufficient care for the
(Accounts) Rules, 2014, the salient features of Financial Statements maintenance of adequate accounting records in accordance
of Subsidiary, Associate and Joint Venture Companies in Form No. with the provisions of the Companies Act, 2013 for
AOC-1 forms part of the Annual Report for FY 2023-24, separately. safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities.
COMPANIES WHICH HAVE BECOME OR CEASED TO BE iv. The Directors have prepared the Annual Accounts on a
ITS SUBSIDIARIES, JOINT VENTURES OR ASSOCIATES going concern basis.
During the financial year 2023-24, a wholly-owned subsidiary,
‘HPCL Renewable & Green Energy Limited’ was incorporated on v. The Directors, have laid down Internal Financial Controls to
January 19, 2024, for consolidating the existing green business of be followed by the Company and that such Internal Financial
the Corporation under one umbrella and expanding further into Controls are adequate and are operating effectively.
Green and Renewable Energy business.
vi. The Directors have devised proper systems to ensure
There are no instances of companies which have ceased to be your compliance with the provisions of all applicable laws and that
Corporation’s Subsidiaries, Joint Ventures or Associate companies such systems were adequate and operating effectively.
during financial year 2023-24.
ACKNOWLEDGEMENTS
SIGNIFICANT AND MATERIAL ORDERS PASSED BY The Board of Directors acknowledges the guidance and support
THE REGULATORS OR COURTS provided by the Government of India, Ministry of Petroleum and
During financial year 2023-24, your Corporation has not received Natural Gas, other relevant Ministries, State Governments, and
any Order or Direction of any Hon’ble Court or Tribunal or various Authorities.
Regulator, which either affects your Corporation’s status as a
The Board of Directors wish to place on record its appreciation
going concern or which substantially or significantly affects your
for all the dealers, distributors nationwide, and HP-Pariwar for
Corporation’s business operations.
their continued commitment in improving customer service and
overall performance.
DETAILS OF DEPOSITS
The Corporation’s employees continue to demonstrate a deep
Your Corporation has not been accepting any Deposits, as sense of commitment towards excellence. The Board of Directors
specified in Section 73 to Section 76 of the Companies Act, 2013 expresses its gratitude for their valuable contributions and looks
and therefore there do not call for any disclosure of Deposits as forward to their continued dedication in the years ahead, enabling
required under Rule 8(5)(v) of Companies (Accounts) Rules, 2014. the Corporation to achieve even greater success.
The Board of Directors remain thankful to the Shareholders for

DIRECTORS’ RESPONSIBILITY STATEMENT
their faith and support in the Corporation’s endeavours.
Pursuant to the requirement of Section 134(3)(c) of the Companies
Act, 2013, it is hereby confirmed that:
i. In the preparation of the Annual Accounts, the applicable

For and on behalf of the Board of Directors
Accounting Standards have been followed along with proper
explanation relating to material departures.
sd/-
ii. The Directors have selected such Accounting Policies
PUSHP KUMAR JOSHI
and applied them consistently and made judgments and
Date: June 19, 2024 Chairman & Managing Director
estimates that are reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company at
the end of the financial year and the profit and loss of the
Company for that period.
123
Annexure to Directors’ Report

Annexure - I
Particulars with respect to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo as per
the Companies (Accounts) Rules, 2014.
Energy Conservation & Technology Absorption

A) CONSERVATION OF ENERGY
During 2023-24, about 22 Energy Conservation Schemes were implemented in HPCL Refineries wherein energy savings of
1,32,136 SRFT/year (including sustenance of previous schemes) equivalent to a monetary savings of H 571 Crore was achieved.
Through implementation of the Energy Conservation schemes, HPCL has achieved reduction in approx. 0.43 MMT equivalent CO2
emission per year.
The major energy conservation initiatives undertaken during the year are as follows: -
Mumbai Refinery:
Energy Saving
Sl.
Energy Conservation Measures Fuel Power
No.
SRFT/ Year MWH/Year
1 Tuning of HGU (Hydrogen Generation Unit) Pressure Swing Adsorption (PSA) and 482
upgradation of Isolation valves for increase in Hydrogen yield
2 Maximization of Power Recovery using Back Pressure Steam Turbine Generator 31031
(BPSTG)
3 Condensate Recovery at Lube Refinery (LR) Tank Farm and Optimization of Deaerator 2489
Pressure
4 Replacement of SCW Cooling Tower GRP fan blades with FRP blades 29.9
5 Optimization of Naphtha Hydro Treater (NHT) / De Iso Pentaniser (DIP) Operation and 5331
New Vacuum Distillation Unit (VDU) Ejector steam
6 Optimization of DHT Product Fractionator steam and Fractionator Heater fuel firing 2967
7 NFCC (Fluidized Catalytic Cracking Unit) Furnace duty reduction by maximizing Catalyst 2800
Circulation Rate
8 Direct processing of LCGO in Diesel Unionfining (DIU) resulting in Furnace Duty 450
Reduction
9 Maximization of Hot feed in New Fluidized Catalytic Cracker Unit (NFCC), Naphtha 3807
Splitter Unit (NSU) & Diesel Hydro Treater (DHT)
Visakh Refinery:
Energy Saving
Sl.
No.
SRFT/ Year MWH/Year
1 Commissioning of energy efficient Crude Distillation Unit (CDU)-IV 14989
Damp Vacuum (Lower Operating Pressure)
Hybrid Vacuum System
Preheat optimization including overhead vapor heat recovery
Process heat for reboiling in stabilizer and 2 side strippers
124
Annual
72nd Report
Energy Saving
Sl.
No.
SRFT/ Year MWH/Year
2 Commissioning of energy efficient Full conversion Hydrocracker unit (FCHCU) 21389
Heat integration for Lean Amine heating by utilizing Kerosene product saving
Heat integration of Stage 1 feed with Kerosene product reducing the
Charge heater duty
Locating Sulfur guard beds upstream of Naphtha splitter instead of
downstream NHT unit
Using Diesel product to keep Recycle oil cooler in Hot condition
Diesel PA used as reboiling medium for Debutanizer, Kero side stripper, Naphtha
Splitter and De-ethanizer
Dual Stripper & Dual fractionator design has reduced the heat duty by 23%
Two stage reactor design and reactor effluent heat optimization
3 Commissioning of energy efficient HGU 33768
Purge gas heater
Elimination of Pre-De-sulfurization Section (PDS) Heater
Commissioning of energy efficient Visakh Refinery Modernisation Project-Hydrogen
Generation Unit (VRMP-HGU) with Technip Parallel Reformer (TPR) and shutting
down of Diesel Hydro-Desulphurisation- Hydrogen Generation Unit (DHDS-HGU)
4 Commissioning of Fuel Gas Pressure Swing Adsorption (FGPSA) to recover Hydrogen 17684
from off gases
5 DHT (Diesel Hydrotreater) Diesel stream heat integration with VRMP Sour Water 10286
Stripping unit (SWSU) (Sulfur recovery unit (SRU))
6 Electric tracing instead of steam tracing in VRMP units 4148
7 Condensate recovery of VRMP units 3600
8 Commissioning of Liquid Ring Vacuum Pump (LRVP) in CDU-III 1654
9 Energy improvement measures implemented during CDU-II Turnaround 4868
Cleaning of preheat exchangers
Replacement of APHs (Air Preheaters) in Atmos and Vacuum heaters
Replacement of random packing with structured packing in Vacuum column
Replacement of ejectors in Vacuum column
Monitoring & Verification (M&V) Audit under PAT Cycle-VI for Cumulative Solar Power generation for financial year
the Assessment Year 2022-23 was successfully completed in 2023-24 was 1114 MWH/Annum from Solar Panel
July 2023. 38,665 Energy Saving Certificates (ESCerts) will be installed in Mumbai Refinery.
issued to Mumbai Refinery.
Cumulative Solar Power generation for financial year
National Energy Conservation Week was celebrated in 2023-24 was 991 MWH/Annum from Solar Panel
HPCL Refineries during 3rd week of December 2023. Various installed in Visakh Refinery.
awareness programs on Net Zero, De-carbonization, Quiz
competition were conducted during this period. Capital investments on energy conservation equipment:
Capital investment on energy conservation equipment during
Steps taken by the company for utilizing alternative
financial year 2023-24 is H 4.20 Crore for Mumbai refinery
Source of Energy:
and H 402.64 Crore for Visakh refinery.
125
B) TECHNOLOGY ABSORPTION, ADAPTION & Visakh Refinery:

INNOVATION CDU- II-unit Capacity Augmentation and
The efforts made towards technology absorption and Debottlenecking during T&I by implementing:
the benefits derived such as product improvement, cost
reduction, product development or import substitution: − Desalter internals modification
I. The efforts made towards technology absorption − Replacement of crude booster & reduced
and the benefits derived such as product crude oil (RCO) pumps with higher capacity
improvement, cost reduction, product development pumps and provision of new Pre Flash Drum
or import substitution: (PFD) bottom pump.
Mumbai Refinery:
− Provision of feed inlet device in PFD to
Achieved Naphtha export reduction by: maximize vaporization and reduce load
on atmos heater.
− Implementation of Naphtha Splitter side
draw routing to Wide Cut Naptha (WCN) − Atmospheric column trays replacement with
high-capacity trays.
− Segregation of Fractionator and stabilizer
Naphtha in DHT unit. This scheme will − Vacuum column packing replacement from
help absorb more naphtha in HSD due to random to structured packing
improved flash point temperature. Additional
absorption of ~ 3 TMT of HSD to improve Estimated benefit of H 130 Cr per annum is expected on
margin by H 48 Crore per year. account of unit thruput augmentation, yield enhancement
and energy efficiency improvement.
Refinery crude basket was augmented and 14
different crudes were processed during 2023-24 Refinery crude basket was augmented and 25
which included five new grades of crudes. different crudes were processed during 2023-24
which included five new grades of crudes.
Deployed AI/ML based hybrid model for Process
Optimization of FR VDU. The model deployed MS octane booster (developed by HPGRDC)
indicated good yield improvement potential blending in MS tanks was started at Visakh Refinery
in the unit and helped to establish Real Time for first time. 10.7 TMT of Naphtha upgraded to
Optimization of the plant. MS using Octane booster giving an approximate
margin gain of H 7.5 Cr on account of upgradation.
15.2 TMT of LSFO (1 wt% Sulfur fuel oil) production
was done during processing of low sulfur crudes Low Sulfur Heavy Naphtha stream back blending
like Azeri, Siberian light and Sokol for the first time to HSD product carried out to minimize HSD
from Mumbai Refinery. flash quality give away and thus upgrading the
available naphtha to product diesel giving a margin
Substituted FCCU chemicals/additives with gain of ~ H 50 Cr.
HPGRDC developed chemicals/additives like
Nicktreat (Nickel Passivator), HP2 (for increasing New generation catalyst R-364 was loaded in CCR
LPG yield and reduction of LCN yield) and BCA unit. The average CCR Reformate RON increased
(Bottom Cracking Additive) for Resid reduction. The from 97.3 to 102.0 giving a margin gain of H 30 Cr
estimated savings on substitution is about H 2 Cr. for two months.
CCR unit performance improvement achieved by In-house tool based on Machine Learning
implementing a scheme for processing FRE FBS in were developed and deployed for monitoring
CCR and replacement of burners tips in heaters of CDU-II and CDU-IV columns flooding
IH-2 and IH-3. The estimated savings are H 10 Cr. condition and improving column performance /
operational excellence.
Imported dewaxing aid was substituted by
HPGRDC developed Dewaxing aid HPDWA150N DHT SKO has been blended into ATF after
in Propane Dewaxing Unit (PDU) for Gr-I Lubes obtaining Center for Military Air Worthiness
production. The estimated savings are H 2 Cr. and Certification (CEMILAC) approvals for ATF
production maximization.
HP-CoSol dosing in all SEUs resulted in
increased lubes production with an estimated II. HPCL remains steadfast in its commitment to
benefit of H 10 Cr. indigenization, harnessing homegrown talent and
126
Annual
72nd Report
expertise to develop technologies and products with This advancement underscores HPCL's dedication
significant impact. Our focus on indigenous solutions led to operational excellence and asset optimization.
to the development of ground-breaking technologies
and products that not only showcased our technical 7. HP NickTreat: A novel additive formulation for FCC
prowess but also made substantial contributions to our units, has demonstrated remarkable performance
operations and the industry at large. improvements in field trials, effectively controlling
dehydrogenation activity and reducing dry gas
1. H2 PSA: HP Green Research & Development production. This technology promises significant
Center’s (HPGRDC) successful indigenization operational benefits, reinforcing HPCL's position
of Hydrogen Pressure Swing Adsorption (H2 as an industry leader in innovation.
PSA) Technology has revolutionized operational
efficiency, enabling grassroots unit installations, 8. HP-VisABit: A viscosity-improving additive for
adsorbent replacements, and PLC upgrades. bitumen, has undergone successful trials,
This achievement solidifies HPCL's role as a achieving unprecedented reactivity and paving
comprehensive technology solutions provider, the way for enhanced product performance.
offering tailored solutions to the refining industry's This development positions HPCL as a pioneer
evolving needs. in bitumen technology, offering superior quality
products to meet diverse market demands.
2. HP Hi-GAS: A Rotating Packed Bed (RPB)
based absorption process, has been pivotal in 9. HP-PMA: Propylene maximization additive is
addressing environmental concerns by efficiently unique additive through which the propylene yield
removing H2S and capturing CO2. Through in the FCC unit can be increased. The additive was
strategic partnerships and international bids, scaled-up and toll manufactured and field trials
HPCL is spearheading global efforts towards net- has given delta propylene increase 0.45wt% at 5%
zero emissions, showcasing our commitment to catalyst inventory changeover.
sustainable energy solutions on a worldwide scale.
10. HP-COP: CO promoter additive is typically used in
3. HP–Enscour: A novel additive package, has FCC regenerator for achieving complete conversion
revolutionized heavy oil service, dissolving of carbon to CO2. The additive is low-cost solution
asphaltene sludge and improving processability. compared to available in the market by 50%.
This breakthrough formulation has already
11. HP Boilmax: A formulation to counteract the
demonstrated significant performance
acidic compounds present in condensate water,
improvements, enhancing operational efficiency
leading to an elevation in pH levels. The product
and product quality at Mumbai Refinery.
possesses the capability to neutralize amines,
4. HP-BCA: The Bottoms Cracking Additive for FCC thereby regulating water pH effectively by
units represents a proprietary catalyst designed virtue of its superior neutralizing capacity and
to upgrade heavy hydrocarbons, resulting in enhanced distribution coefficient between steam
substantial reductions in bottoms. This technology and water phases.
not only enhances product quality but also boosts
12. HP EGIN: A novel and cost-effective corrosion
profitability by maximizing valuable product yields
inhibitor for anhydrous ethanol and gasohol
at both HPCL refineries.
media. Its formulation allows for lower dosage
5. HP PPD-ULSD: A pour point depressant formulation levels compared to traditional commercial
for ultra-low sulphur diesel (ULSD), has emerged products, which can lead to cost savings
as a cost-effective solution, providing significant without compromising efficacy. The adoption
savings while maintaining product integrity. Its of HP-EGIN enhance the longevity and
successful implementation at Mumbai Refinery performance of infrastructure involved in the
underscores HPCL's commitment to operational storage and transportation of ethanol blends,
excellence and cost efficiency. ultimately contributing to more sustainable
industrial practices.
6. HP Filmmax HT: The transition to HPGRDC-
developed FilmmaxHT corrosion inhibitor 13. HP NanoLite: Nano Additive for Light Coloured
chemicals in DHT and NHT units at Visakh Refinery Grease for extreme pressure application.
has resulted in superior performance, enhancing Excellent anti-wear, anti-friction, extreme pressure
asset integrity and prolonging equipment lifespan. properties with enhanced performance. Helps in
retention of color of the base grease. No need
127
of periodic cleaning of the kettles. Compatible Biomass to bio-chemicals

with all type of greases. 20% reduction in both
coefficient of friction and wear scar diameter. 60% Technology for producing low PAH rubber
enhancement in OK and weld load. processing oil
14. HP NanOKoat: Nano-Additized Paint for Corrosion Medical Oxygen Technology.

Mitigation for saline environment. Higher
Battery storage including Li ion, Na ion, Vanadium
impedance and bond strength compared to
ReDox
industry benchmark. Provides better performance
even in salty environment. Three-layer conventional Green Hydrogen generation Electrolyser technolgies
coating system can be replaced by two-layers only.
Enhanced operational life. Synthetic (Group IV and V) lubricant technology
15. HP SolarOKare: The solar panel cleaning IV. Benefits derived as a result of the above R&D
solution exhibits superior cleaning efficiency, Achieved a significant patent milestone of 500
along with a higher level of antimicrobial patent filings and 200 patent grants. In 2023-24,
effectiveness and minimal corrosion tendencies. HPGRDC filed 104 patents, taking the cumulative
Additionally, the thinner has undergone rigorous Indian and international patent applications to
testing and certification by an external, NABL 547. During the year, 51 patents were granted
accredited laboratory. to HPGRDC, taking the cumulative patents
granted to 210.
In addition to these advancements, HPCL has also
pioneered the development of HP-RAMP technology Handed over 36 new products/process chemicals
for biogas production from lignocellulosic biomass. catering to refinery solutions, corrosion solutions,
This innovative process, established at pilot scale with lube formulations etc. to various strategic business
various feedstocks, boasts a remarkable conversion units, showcasing immense market potential.
efficiency of 85-90%. Design of commercial scale
CBG (Compressed Bio-Gas) plants underscores our HPGRDC has replaced PSA PLC at MR CCR PSA with
commitment to renewable energy solutions and inhouse designed PSA PLC and performance is
environmental stewardship, positioning HPCL as a highly satisfactory. HPCL is also perceiving techno-
frontrunner in the transition towards a greener future. commercial offers for new unit design, adsorbent
replacement & PLC replacement at other refineries
III: RESEARCH AND DEVELOPMENT (R&D) in India and abroad. HPCL has indigenized this
Following are the specific areas where our research & H2PSA technology which was earlier licensed by
development has done substantial work: only two international licensors.
Crude to Olefins and Aromatic Technology using a To address the goal towards Net-zero, HiGAS
single step process technology-based CO2 capture unit is being
implemented at HPCL-VR for capturing 24KTPA
Naphtha to Olefin Technology, which uses lower
of CO2. In order to license and market across the
energy compared to steam cracker and emits
globe, technology Partnership Agreement (TPA) of
lesser CO2 for each MT of olefin production
HiGAS signed with M/s KBR, USA and around 24
Bio Fuel technology including 2G Ethanol and CBG techno/commercial bids were submitted to clients
across the US, Europe, South Korea etc.
CBG purification with VPSA (Vacuum Pressure
Swing Adsorption) Inhouse developed technology called ‘HP-DAK’
for kerosene dearomatization to produce value
Used Cooking oil to SAF and Green diesel added stream for its end utilization like drilling
Technology fluids, paint raw materials is at advanced stage of
implementation at HPCL-MR.
3D Printing Polymer using homopolypropylene
In house developed HP-COAT (FCC process for
Methane to H-CNG and Carbon Nanotube without
converting crude to olefins & aromatics) demo unit
requirement of water and no emission of CO2
is under implementation at HPCL-VR.
Biomass pyrolysis for producing drop-in fuels
Developed HP Enscour which is a unique and
advanced formulation that can dissolve heavy
128
Annual
72nd Report
asphaltene sludge and converts it to processable activity of Nickel in FCC units at Mumbai and
oil. Mumbai Refinery witnessed PDA Extractor Viskah Refinery and thereby reducing the dry gas
performance improvement by using HP ENSCOUR. production in the unit.
FCC catalyst/additives developed by HPGRDC viz. Low cost and high performing SprayMax Feed
HP-BCA (Bottoms Cracking Additive), HP-PMA nozzles (Indigenous FCC feed nozzles- 10 Nos)
(Propylene Maximization Additive) & [HP]2FCC were supplied for utilizing in both FCCUs at
Catalyst(FCC catalyst which maximizes propylene Visakh Refinery.
yield) are being used in both refineries for
maximizing the margins in FCC units. Developed cost effective and lower pressure drop
SprayMax Nozzles and 6 Nos of such nozzles were
A pour point depressant formulation for ultra- supplied for usage at Mumbai Refinery FCCU.
low sulphur diesel (ULSD) called ‘HP PPD ULSD’
was developed which is cost-competitive by 36% Developed HP VisABit (Viscosity improving additive
compared to commercial benchmark chemical. for Bitumen) for converting VG30 grade bitumen
to VG 40 super grade bitumen and successful trial
Corrosion inhibitor chemical in DHT and NHT units conducted at HINCOL-Vashi which achieved 4 times
of Visakh Refinery were changed from regular faster reactivity compared to commercial additive.
commercial chemical to HPGRDC developed
FilmmaxHT with superior performance. Successful development of an Indigenous Sodium-
ion pouch cell, with a capacity of 1600 mAh,
Demonstration of HP NickTreat chemical for utilizing our in-house developed Oxide-based
controlling / passivating the dehydrogenation cathode and carbon anode.
V: Technology imported during last three financial years is tabulated below:
Whether fully If not absorbed,

Technology Imported Year
absorbed or not Reasons
Mumbai Refinery
Revamp of Motor Spirit (MS) block and DHT 2021 Yes
New HGU 2021 Yes
Visakh Refinery
Installation of FCCU-II reactor stripper packing 2021 Yes
Replacement of existing slurry pump in FCCU-I with new slurry pump for 2021 Yes
higher reliability
Hydrogen Purification Package for NIU 2022 Yes
Liquid Ring Vacuum Pump for CDU3 Vacuum section 2023 Yes
Commissioning of FCHCU / HGU / SRU / FGPSA/NIU as part of VRMP 2023 Yes
C) EXPENDITURE INCURRED ON RESEARCH AND DEVELOPMENT

(H / Crore)
PARTICULARS 2023-24 2022-23
Capital 96.10 109.16
Revenue 256.40 210.06
D) FOREIGN EXCHANGE EARNING AND OUTGO

a. Activities relating to exports
There are various initiatives taken to increase exports and for development of new export markets for products and services.
There are concerted efforts put in to access international markets and to tap export potential for free trade products
and lubricants.
b. Total Foreign Exchange used and earned

(H / Crore)
PARTICULARS 2023-24 2022-23
Foreign Exchange used 95,119.62 89,167.43
Foreign Exchange earned 9,506.74 6,176.88
129

Annexure - II
Pollution Control Measures initiated and other environment initiatives undertaken by Refineries during
financial year 2023-24
MUMBAI REFINERY: VISAKH REFINERY:

A. Pollution Control Measures initiated A. Pollution control measures initiated
Various Energy conservation measures have resulted in Various Energy conservation measures have resulted
savings of 64,283 SRFT(including sustenance of various in savings of 67854 SRFT thereby achieved reduction in
schemes) thereby achieved reduction in approx. 0.21 approx. 0.22 MMT equivalent CO2 emission per year.
MMT equivalent CO2 emission per year.
State of the Art New Integrated effluent treatment plant
Highest ever Effluent treatment annual average feed commissioned during the year taking care of Effluent
rate of 151.4 m3/hr achieved in 2023-24. Treated water treatment requirement in post VRMP scenario.
from Integrated Effluent Treatment Plant (IETP) unit is
recycled back to DM plant for reducing water foot print Completion of targeted plantation covering 67 acres by
and dependency to an extent on municipal water supply. plantation of 20,000 saplings under VRMP greenbelt.
Reduction of 32% fugitive emissions from the process Implemented Revised Guidelines of National Oil Spill
units achieved through implementation of Leak Disaster Contingency Plan (NOSDCP) for SPM facility.
Detection and Repair (LDAR) Programme.
B. Other activities undertaken
Tree plantation was carried out using Miyawaki Commissioned 621.4 KW of solar panels.
Technique in MR-II. Approx. 1500 trees were planted
in FY 2023-24 to enhance green cover and also fulfill
Enterprise social commitment responsibilities.
B. Other activities undertaken

Total 1,63,608 m3 of rain water harvested in FY2023-24
saving equivalent quantity of natural resources reducing
dependency on fresh water intake from municipality
during monsoon period. This is equivalent to H 78 lakhs
per year of saving.
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Annexure - III
REPORT ON CSR ACTIVITIES / INITIATIVES

(Pursuant to Section 135 of the Companies Act, 2013 & Rules made thereunder)
1. Brief outline on CSR Policy of the Company:

The CSR Policy of the Corporation is guided by provisions of the Companies Act, 2013 and Companies (Corporate Social Responsibility
Policy) Rules 2014 and its subsequent amendments. Our CSR Policy includes various components like ‘Objectives’, ‘Organizational
Structure’, ‘Focus Areas’, ‘Budget Allocations’, ‘Monitoring’ and ‘Reporting’ of CSR activities. During Financial Year 2023-24, the
Corporation has met CSR obligation by implementing various CSR initiatives in focus areas of Childcare, Education, Healthcare, Sports,
Skill Development, Environment & Community Development, Contribution to incubators or research and development projects in
the field of science, technology, engineering and medicine, funded by the Central Government or State Government or Public Sector
Undertaking or any agency of the Central Government or State Government; and Contributions to public funded Universities; Indian
Institute of Technology (IITs); National Laboratories and autonomous bodies established under Department of Atomic Energy (DAE);
Department of Biotechnology (DBT); Department of Science and Technology (DST); Department of Pharmaceuticals; Ministry of
Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH); Ministry of Electronics and Information Technology
and other bodies, namely Defense Research and Development Organisation (DRDO); Indian Council of Agricultural Research (ICAR);
Indian Council of Medical Research (ICMR) and Council of Scientific and Industrial Research (CSIR), engaged in conducting research
in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs).
2. Composition of CSR Committee (as on 31st March, 2024):
Number of meetings Number of meetings

Sl.
Name of Director Designation / Nature of Directorship of CSR Committee of CSR Committee
No.
held during the year attended during the ear
1 Shri Ramdarshan Singh Pal Chairman / Independent Director 7 nos. of CSR 7
2 Smt. Vimla Pradhan Member / Independent Director Committee Meetings 7
3 Shri Bechan Lal Member / Independent Director held during FY 2023- 7
4 Shri S. Bharathan Member / Whole Time Director 24 6
5 Shri Amit Garg Member / Whole Time Director 6
6 Shri K S Shetty Member / Whole Time Director 7
3. Provide the web-link(s) where Composition of which have been completed during financial year 2021-22.
CSR Committee, CSR Policy and CSR Projects The Executive Summary of Impact Assessment is as under:
approved by the board are disclosed on the
a. Project: Construction activities of the office of The
website of the company.
Indian Archeological Society
https://www.hindustanpetroleum.com/csr
Location: New Delhi
Implementing Agency: Directly by HPCL
4. Provide the executive summary along with
Outlay: H 6.67 Crore
web-link(s) of Impact Assessment of CSR
Projects carried out in pursuance of sub-rule Observations: HPCL has successfully finished the
(3) of rule 8, if applicable. construction activities of The Indian Archaeological
Society. It aims to safeguard and enhance Indian
In pursuance of Sub-Rule (3) of Rule 8 of the Companies
Culture and Heritage and will function as a repository
(Corporate Social Responsibility Policy) Amendment Rules,
for ancient artefacts.
2021, dated 22nd January, 2021, HPCL has engaged, Indian
Institute of Technology Kharagpur, as an ‘Independent b. Project: Kashmir Super - 50 Medical: Third and
Agency’, to undertake the Impact Assessment of its 14 CSR Fourth Batch
projects having outlays of one crore rupees or more, and
Location: Srinagar, Jammu & Kashmir
Implementing Agency: Indian Army
131
Outlay: H 2.62 Crore Outlay: H 8.00 Crore

Observations: The project offers free residential Observations: Pradhan Mantri Ujjwala Yojana (PMUY)
coaching to underprivileged students from Jammu & is a social welfare initiative launched by the Indian
Kashmir who are preparing for the National Eligibility Government in 2016 to provide clean cooking fuel
cum Entrance Test (NEET). It aims to address the through Liquefied Petroleum Gas (LPG) to rural and
educational needs in regions grappling with socio- underprivileged households. Using LPG has decreased
economic challenges. Numerous success stories have the time spent in collecting fuel, allowing women
emerged from the initiative, with students landing spots to generate income and enhance their health and
in respected medical schools all around India. social standing.
c. Project: Nanhi Kali: Academic, material and social g. Project: Ladakh Super-45 (Medical & Engineering)
support to girl children
Location: Leh, Ladakh
Location: Mumbai, Maharashtra; Araku and
Implementing Agency: Indian Army
Visakhapatnam, Andhra Pradesh
Implementing Agency: K.C. Mahindra Education Trust
Observations: The project’s primary goal is to
provide comprehensive educational opportunities to
Observations: The initiative is designed to provide underprivileged youth in Ladakh by preparing students
academic, material and social assistance to underprivileged for medical and engineering college entrance exams
girls. Beneficiaries of the project expressed a revived in India. The project is successful in empowering the
enthusiasm for school, enhanced academic achievement youth of Ladakh.
and heightened involvement in extracurricular activities.
h. Project: Operation and maintenance of Covid Care Center
d. Project: Setting up 14 Pressure Swing Adsorption (PSA)
Location: Mumbai Suburban, Maharashtra
oxygen plants at Multiple Locations
Implementing Agency: Brihanmumbai Municipal
Location: Multiple
Corporation
Observations: The project primarily encompassed
Observations: During the second wave of the COVID-19
establishment and operation of a 250-bed Covid
pandemic, this crucial project was undertaken to tackle
Care Center (CCC) involving various stakeholders. The
the severe shortage of medical oxygen in India. These
initiatives played a significant role in alleviating the
plants were engineered to produce medical-grade
COVID-19 crisis in Mumbai’s M East Ward.
oxygen providing hospitals with a dependable, local
source of oxygen, especially in case of health crisis and i. Project: Support to Advanced Centre for
proved crucial in enhancing healthcare provision and Treatment, Research and Education in Cancer
preserving lives during crisis like the COVID-19 pandemic. (ACTREC), Navi Mumbai
e. Project: Setting up Pressure Swing Adsorption (PSA) Location: Navi Mumbai, Maharashtra
oxygen plant at Civil Hospital, Hinganghat Implementing Agency: ACTREC
Location: Wardha, Maharashtra Outlay: H 2.59 Crore
Implementing Agency: Directly by HPCL Observations: The project’s primary goal was to boost
Outlay: H 2.13 Crore ACTREC’s patient care capacity by supplying essential
Observations: During the second wave of the medical equipment like Neonatal & Adult ventilators
COVID-19 pandemic, HPCL responded to the critical and setting up a fifty-bed COVID Health Care Center
need for medical oxygen by installing a Pressure Swing (CCC). The support was crucial in meeting the urgent
Adsorption (PSA) oxygen plant at Civil Hospital in demand for ventilators and ensuring the delivery of
Hinganghat, Maharashtra. The construction of the PSA quality healthcare services during the pandemic.
oxygen plant at Civil Hospital, Hinganghat, Maharashtra,
j. Project: Providing 100 adult & pediatric ventilators to
has substantially enhanced healthcare provision by
Covid care institutions
guaranteeing a dependable provision of medical oxygen
in times of crisis. Location: Multiple
f. Project: PMUY: Pradhan Mantri Ujjwala Yojana
Location: Pan-India
Observations: The project was designed to mitigate
Implementing Agency: Directly by HPCL the shortage of critical medical equipment by supplying
100 ventilators, suitable for both adults and children, to
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Annual
72nd Report
n. Project: Support towards relief in cyclone ‘YAAS’

COVID-19 care institutions in the most affected regions. affected areas in Odisha state
The project has demonstrated strengths in accessibility, Location: Bhadrak, Odisha
addressing critical needs and cost-effectiveness.
k. Project: Dil Without Bill - Free heart surgeries to patients Outlay: H 2.80 Crore
Location: Ahmedabad and Rajkot, Gujarat Observations: The project was aimed at providing aid
Implementing Agency: Prashanti Medical Services in regions of Odisha affected by Cyclone ‘YAAS’. The
and Research Foundation project was highly relevant as it directly catered to the
immediate humanitarian needs of the communities
affected by the cyclone.
Observations: “Dil Without Bill” initiative is a project
Impact Assessment reports are hosted on HPCL’
aimed at offering free heart surgeries and comprehensive
Corporate Website with web-link: https://www.
medical care to underprivileged individuals, with a special
hindustanpetroleum.com/csr
focus on children. The Project findings underscore the
commendable efforts in addressing critical healthcare 5. (a) Average net profit of the company as per sub-
needs and promoting healthcare equity. section (5) of section 135:
l. Project: Swachh Iconic Places: Golden Temple Amritsar H 3,211.22 Crore

Location: Amritsar, Punjab (b) Two percent of average net profit of the
Implementing Agency: Municipal Corporation, Amritsar company as per sub-section (5) of section 135:
Outlay: H 6.83 Crore H 64.22 Crore
Observations: Swachh Iconic Places, launched under (c) Surplus arising out of the CSR Projects or
the Swachh Bharat Mission, is an initiative wherein programmes or activities of the previous
select heritage and tourist sites of India are adopted financial years: Nil
to enhance the experience of tourists and improve (d) Amount required to be set-off for the financial
cleanliness and sanitation. HPCL was the CPSE partner year, if any: Nil
for the Golden Temple in Amritsar, Punjab. The
initiative had led to improvements in cleanliness, waste (e) Total CSR obligation for the financial year
management and the visitor experience. [(b)+(c)-(d)]: H 64.22 Crore
6. (a) Amount spent on CSR Projects (both Ongoing
m. Project: Skill Development Institute - Visakhapatnam Project and other than Ongoing Project): H 72.56
Location: Visakhapatnam, Andhra Pradesh Crore
Implementing Agency: Skill Development Institute (b) Amount spent in Administrative Overheads:
- Visakhapatnam H 3.18 Crore
Outlay: H 1.50 Crore (c) Amount spent on Impact Assessment, if
Observations: Skill Development Institute, applicable: H 0.17 Crore
Visakhapatnam is aimed to establish a demand-driven
(d) Total amount spent for the Financial Year
skill development system that caters to the needs of
[(a)+(b)+(c)]: H 75.91 Crore
unemployed youth, especially those from disadvantaged
backgrounds. It plays a crucial role in bridging the skill
gap in Andhra Pradesh’s aspirational districts.
(e) CSR amount spent or unspent for the Financial Year:
Amount Unspent (in J)

Total Amount
Total Amount transferred to Unspent
Spent for the Amount transferred to any fund specified under Schedule
CSR Account as per subsection (6) of
Financial Year VII as per second proviso to sub-section (5) of section 135.
section 135.
(In J Crore)
Amount Date of transfer Name of the Fund Amount Date of transfer
75.91 NIL Not Applicable Not Applicable Nil Not Applicable
133
(f) Excess amount for set-off, if any: J11.69 Crore
Sl.
Particular Amount (In JCrore)
No.
(1) (2) (3)
(i) Two percent of average net profit of the company as per sub-section (5) of section 135(5) 64.22
(ii) Total amount spent for the Financial Year 75.91
(iii) Excess amount spent for the financial year [(ii)-(i)] 11.69
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial -
years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 11.69
7. Details of Unspent Corporate Social Responsibility amount for the preceding three Financial Years:
1 2 3 4 5 6 7 8
Amount Balance Amount transferred to a
Amount in Fund as specified under Amount
transferred
Unspent Amount Schedule VII as per second remaining to
to Unspent
Preceding proviso to subsection (5) of
Sr. CSR Account CSR Account Spent in the be spent in Deficiency,
Financial section 135, if any
No. under under Financial Year succeeding if any
Year(s) Amount
subsection (6) subsection (6) (in J / Crore) Financial Years
Date of
of section 135 of section 135 (in J / Crore) (in J / Crore)
Transfer
(in J / Crore) (in J / Crore)
1 2020-21 Not Applicable

2 2021-22 9.51 Nil 9.51 Nil Not Nil Nil
Applicable
3 2022-23 58.74 22.71 36.03 Nil Not 22.71 Nil
Applicable
8. Whether any capital assets have been created or acquired through Corporate Social Responsibility
amount spent in the Financial Year: Yes
If yes, enter the number of Capital assets created/ acquired:
There are 75 beneficiary organizations for whom multiple assets have been created / acquired, itemized details of which are given
against next point.
Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility
amount spent in the Financial Year:
(1) (2) (3) (4) (5) (6)

Details of entity/ Authority/ beneficiary of the registered
Pin code Amount of owner
Short particulars of the property or
Sl. of the Date of CSR amount CSR
asset(s) [including complete address and
No. property creation spent Registration
location of the property] Name Registered address
or asset(s) (Amount in J) Number, if
applicable
1 Pressure Swing Adsorption Oxygen 110060 31-03-2024 10899860 Not Applicable Sir Ganga Ram Sir Ganga Ram Hospital,
Generation Plant (1 No., Capacity 1500 Hospital Sir Ganga Ram Hospital
LPM) Marg, Rajinder Nagar,
Sir Ganga Ram Hospital, Sir Ganga Ram New Delhi
Hospital Marg, Rajinder Nagar, District
New Delhi, New Delhi
134
Annual
72nd Report
(1) (2) (3) (4) (5) (6)

applicable
2 Water cooler (1 no.), DG Set (1 no.), Infant 393145 19-07-2024 418484 Not Applicable Urban Health Centre, Urban Health Centre,
Warmer (1 no.), Crash Cart Trolley (1 no.), District Rajpipla Rajpipla, District
Dressing Trolley (1 no.), Delivery Bed (1 Narmada, Gujarat
no.), Oxygen Concentrator (1 no.), Chair (2
Nos.), Almirah (4 Nos.), AC (1 no.), Fridge (1
no.), RO (1 no.), Washing Machine (1 no.)
Urban Health Centre, Rajpipla, District
Narmada, Gujarat
3 Dual Desk 3 Seater (75 nos.), Computer 204214 31-07-2023 378174 Not Applicable Primary School Nagla Primary School Nagla
Table (2 nos.), Classroom Table (5 nos.), Udeya, Nagla Udey Udeya, Nagla Udeya,
Chairs Nagriya Patti Dewri,
(6 nos.), Green Board (5 nos.), Steel Hasayan, Hathras, Uttar
Almirah Pradesh
(4 nos.), Glass Almirah (2 nos.), Ceiling fans
(5 nos.), Water Cooler (1 no.), Water
Purifier
(1 no.), Computer Desktop (2 nos.),
Photocopier (1 no.), Invertor 1 KVA with
batteries (1 no.), Musical Instruments (1
no.), Cricket Kit (1 no.), Badminton Kit (2
nos.), Biological Model (1 no.), Wall Clock
(5 nos.), Weight Machine (2 nos.), Woollen
Carpet (5 nos.) Water Storage Tank (2
nos.)
Primary School Nagla Udeya, Nagla Udeya,
Nagriya Patti Dewri
Hasayan, Hathras, Uttar Pradesh
4 Dual Desk 3 Seater (72 nos.), Classroom 281302 31-07-2023 126058 Not Applicable Composite School, Composite School
Table (2 nos.), Chairs (4 nos.), Green Board Pachavari, Pachavari, Pachavari,
(4 nos.), Steel Almirah (2 nos.), Glass Bisavar, Sadabad,
Almirah (2 nos.), Water Cooler (1 no.), District Hathras, Uttar
Water Purifier (1 no.), Cricket Kit (1 no.), Pradesh
Badminton Kit
(1 no.), Bluetooth Speaker (1 no.)
Composite School Pachavari, Pachavari,
Bisavar, Sadabad
District Hathras, Uttar Pradesh
5 Building, Solar Power Generation System 632317 23-08-2023 5908141 Not Applicable Sri Ramakrishna Math, Ramakrishna Math &
(1 unit), CCTV System (1 unit), Smart Panel Meyyur Ramakrishna Mission
(3 units), Dektop Computer (15 nos.) (HQ) Belur Math,
Sri Ramakrishna Math, Meyyur Rural District Howrah, West
Centre, District Thiruvallur, Tamil Nadu Bengal
6 Hostel Block Facility for Tribal Students 226301 15-02-2024 10399489 Not Applicable Eklavya Hostel Block, Beside Shree Mahesh
Eklavya Hostel Block, C/o Sewa Samarpan C/o Sewa Samarpan Pratap Degree College
Sansthan, Beside Shree Mahesh Pratap Sansthan Mohanlalganj, Raibareli
Degree College Mohanlalganj, Raibareli Road, Lucknow, Uttar
Road, Lucknow, Uttar Pradesh Pradesh
7 Dual Desk 3 Seater (135 nos.), Glass 205121 31-07-2023 978272 Not Applicable Government Government
Almirah (2 nos.) Composite School, Composite School,
Government Composite School, Shahjhapur Shahjhapur, Ghiror,
Shahjhapur, Ghiror, District Mainpuri, District Mainpuri, Uttar
Uttar Pradesh Pradesh
8 Dual Desk (35 Nos.), Table (2 Nos.), 321205 10-02-2024 146248 Not Applicable Government Primary Government Primary
Almirah (1 No.) School, District School, Kutakpur,
Government Primary School, Kutakpur, Kutakpur Nagar, District
Nagar, District Bharatpur, Rajasthan Bharatpur, Rajasthan
135
(1) (2) (3) (4) (5) (6)

applicable
9 Dual Desk (70 Nos.), Tables (10 Nos.) 321202 14-02-2024 286568 Not Applicable Government Senior Government Senior
Government Senior Secondary School, Secondary School, Secondary School,
Lakhan, Kumher, District Bharatpur, Lakhan Lakhan, Kumher,
Rajasthan District Bharatpur,
Rajasthan
10 Dual Desk (110 Nos.), Table (15 Nos.), 321203 25-02-2024 544235 Not Applicable Government Senior Government Senior
Almirah (6 Nos.), Waiting chairs (4 Nos.) Secondary School, Secondary School,
Government Senior Secondary School, Songaon Songaon, Deeg, District
Songaon, Deeg, District Bharatpur, Bharatpur, Rajasthan
Rajasthan
11 Dual Desk (72 Nos)., Table (4 Nos.), 321025 12-02-2024 290348 Not Applicable Government Primary Government Primary
Almirah (1 No.) School, Moroli Khurd School, Moroli Khurd,
Government Primary School, Moroli Sewar, District
Khurd, Sewar, District Bharatpur, Bharatpur, Rajasthan
Rajasthan
12 200 KL Underground water storage tank 508113 11-07-2023 38704 Not Applicable Panchayat Secretary, Bogaram Village,
with pump (1 no.) Bogaram Village Ramannapet Mandal,
Bogaram Village, Ramannapet Mandal, District Yadadri
District Yadadri Bhuvanagiri, Telangana Bhuvanagiri, Telangana
13 Dual Desk 3 Seater (55 nos.), Study Table 281122 31-07-2023 209272 Not Applicable Government Junior Government Junior
(8 Nos.), Glass Almirah (4 nos.) High School, Fatiha High School, Fatiha,
Government Junior High School, Fatiha, Farah, District Mathura,
Farah, District Mathura, Uttar Pradesh Uttar Pradesh
14 School Building (G+1) 600131 23-03-2024 2624920 Not Applicable Seethalapakkam Seethalapakkam
Seethalapakkam Primary School, District Primary School Primary School, District
Kanchipuram, Tamil Nadu Kanchipuram, Tamil
Nadu
15 Classroom (3 nos.) and Toilet (1 no.) 743609 15-09-2023 1135866 Not Applicable Hansury High School, Hansury High School,
Hansury High School, Hansury, Magrahat, Hansury Hansury, Magrahat,
District South 24 Parganas, West Bengal District South 24
Parganas, West Bengal
16 Desk-cum-benches (48 Nos.) 306105 29-02-2024 201600 Not Applicable Government Senior Government Senior
‘Government Senior Secondary School Secondary School Secondary School
Biratiya Khurd, District Pali, Rajasthan Biratiya Khurd Biratiya Khurd, District
Pali, Rajasthan
17 Desk cum benches (48 Nos.) 306102 29-02-2024 201600 Not Applicable Government Senior Government Senior
‘Government Senior Secondary School Secondary School Secondary School
Naharpura, District Pali, Rajasthan Naharpura Naharpura, District Pali,
Rajasthan
18 X Ray Machine (1 no.), Blood Cell Count 394370 19-07-2024 1331852 Not Applicable Primary Health Primary Health Centre,
Machine (1 no.) Centre, Nizar Nizar, District Tapi,
Primary Health Centre, Nizar, District Tapi, Gujarat
Gujarat
19 Dual Desks cum benches 100 Nos. 306021 23-09-2023 239900 Not Applicable Government Senior Government Senior
‘Government Senior Secondary School, Secondary School, Secondary School,
Guda Ramsingh, Rajasthan Guda Ramsingh Guda Ramsingh,
Rajasthan
20 Wooden Flooring for Badminton Court 700105 24-01-2024 906240 Not Applicable Bengal Badminton Bengal Badminton
(1 unit) Academy, Bantala Academy, Mansarovar,
Bengal Badminton Academy, Bantala, 3B, Camac Street,
District South 24 Parganas, Kolkata, West Kolkata
Bengal
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Annual
72nd Report
(1) (2) (3) (4) (5) (6)

applicable
21 Tables and chairs (30 Nos.), Almirah (5 303005 18-10-2023 346070 Not Applicable Bengal Badminton Bengal Badminton
Nos.), Desktop and printer (1 No.), Water Academy, Bantala, Academy, Bantala,
Cooler District South 24 District South 24
(1 No.), Water tank (2 Nos.) Parganas, Kolkata, Parganas, Kolkata, West
Government Upper Primary School, West Bengal Bengal
Shriramjipura, Phagi Tehsil, District Jaipur,
Rajasthan.
22 Dual Desk 3 Seater (61 nos.), Study Table 281301 31-07-2023 209272 Not Applicable Government Primary Government Primary
(5 Nos.), Glass Almirah (2 nos.), Invertor School, Habibpur, School, Habibpur,
with batteries (1 no.) Baldev, District
Government Primary School, Habibpur, Mathura, Uttar Pradesh
Baldev, District Mathura, Uttar Pradesh
23 Dual Desk 3 Seater (40 nos.), Study Table 281301 31-07-2023 209272 Not Applicable Goverment Primary Goverment Primary
(2 Nos.), Glass Almirah (1 nos.), School, Navipur School, Navipur, Baldev,
Submersible with Borewell and Overhead District Mathura, Uttar
Water Tank (1 no.) Pradesh
Goverment Primary School, Navipur,
24 Dual Desk 3 Seater (18 nos.), Study Table 281006 31-07-2023 209272 Not Applicable Goverment Junior Goverment Junior High
(3 Nos.), Glass Almirah (2 nos.) High School, Ladpur School, Ladpur, District
Goverment Junior High School, Ladpur, Mathura, Uttar Pradesh
District Mathura, Uttar Pradesh
(1 no.), Glass Almirah (1 no.) School, Ladpur School, Ladpur, District
Goverment Primary School, Ladpur, Mathura, Uttar Pradesh
District Mathura, Uttar Pradesh
(1 no.), Glass Almirah (1 no.), Stabilizer (1 School, Bhartiya School, Bhartiya,
no.) Baldev, District
Goverment Primary School, Bhartiya, Mathura, Uttar Pradesh
(4 no.), Glass Almirah (2 no.) School, Patlauni 1 School, Patlauni
Goverment Primary School, Patlauni 1, 1, Baldev, District
Baldev, District Mathura, Uttar Pradesh Mathura, Uttar Pradesh
28 X-Ray Machine (1 no.) 796410 05-06-2023 977000 Not Applicable Community Health Community Health
Community Health Centre, Vengthar, Centre, Lengpui Centre, Vengthar,
Lengpui, Mizoram Lengpui, Mizoram
29 Solar Street Light (100 nos.) 274001 31-05-2023 810000 Not Applicable District Deoria, Uttar District Deoria, Uttar
District Deoria, Uttar Pradesh Pradesh Pradesh
30 Steel Almirah (12 nos.), Tables (12 562114 30-06-2023 615011 Not Applicable Vanaprastha Ashram Vanaprastha Ashram,
nos.), Mattress (12 nos.), Cot (12 nos.), 45, Saptagiri Colony,
Refrigerator (1 no.) Jaffarkhanpeth, Chennai
Vanaprastha Ashram, Shanti Sadan, - 600083
Kattigenahalli, Jadigenahalli, Hoskote
Taluk, Bengaluru, Karnataka
31 Benches (42 Nos.) and Fans (4 Nos.) 394650 14-07-2024 202172 Not Applicable Government Primary Government Primary
‘Government Primary School, Khadka School, Khadka School, Khadka Chikhali,
Chikhali, District Tapi, Gujarat Chikhali District Tapi, Gujarat
32 Health ATM (1 no.) 209306 05-12-2023 149951 Not Applicable Community Health Community Health
Community Health Centre Rasulabad, Centre Rasulabad Centre Rasulabad,
District Ramabai Nagar, Uttar Pradesh District Ramabai Nagar,
Uttar Pradesh
137
(1) (2) (3) (4) (5) (6)

applicable
33 Water cooler (1 No.), Desk-cum-Bench 600012 14-05-2023 258583 Not Applicable Government Adi Government Adi
(60 Nos.) Dravidar Welfare GirlsDravidar Welfare Girls
Government Adi Dravidar Welfare Girls Higher Secondary Higher Secondary
Higher Secondary School Kannigapuram, School Kannigapuram School Kannigapuram,
District Chennai, Tamil Nadu District Chennai, Tamil
Nadu
34 Health ATM (1 no.) 209304 05-12-2023 149951 Not Applicable Primary Health Centre Primary Health Centre
Primary Health Centre Raniya, District Raniya Raniya, District Ramabai
Ramabai Nagar, Uttar Pradesh Nagar, Uttar Pradesh
35 Automatic Height Weight body mass index 226008 21-04-2023 295355 Not Applicable PHC Sarojini Nagar, PHC Sarojini Nagar,
scale machine (2 nos.), Phototherapy Sarojini Nagar Sarojini Nagar, District
Machine (2 nos.), OT Light with Lamp Lucknow, Uttar Pradesh
(2 nos.), Examination Couch (2 nos.),
Surgical Cautery Machine (1 no.), Portable
ECG Machine (1 no.)
PHC Sarojini Nagar, Sarojini Nagar, District
Lucknow, Uttar Pradesh
36 Desk-cum-Bench (150 nos.) 756056 29-03-2024 498701 Not Applicable Sutei Badagaon Sutei Badagaon
Sutei Badagaon U.G.U.P School, Sutei, U.G.U.P School, Sutei U.G.U.P School, Sutei,
Chhanpur, Balasore, Odisha Chhanpur, Balasore,
Odisha
37 Water Cooler with inbuilt purifier (90 nos.) 222001 26-12-2023 3253287 Not Applicable Schools and Colleges, Schools and Colleges,
District Jaunpur, Uttar Pradesh District Jaunpur, Uttar District Jaunpur, Uttar
Pradesh Pradesh
38 Mobile Eye Clinic Van (1 No.) 424201 08-03-2024 4814137 Not Applicable Rural Hospital Rural Hospital
Rural hospital Bhadgaon, District Jalgaon, Bhadgaon Bhadgaon, District
Maharashtra Jalgaon, Maharashtra
39 Ambulance (1 no.), Hydraulic Stretchers 205001 22-02-2024 3890000 Not Applicable Maharaj Tej Singh Maharaj Tej Singh
(15 Nos.) District Hospital District Hospital, Awas
Maharaj Tej Singh District Hospital, Awas Vikas Colony, Mainpuri,
Vikas Colony, Mainpuri, District Devpura District Devpura Dehat,
Dehat, Uttar Pradesh Uttar Pradesh
40 Soft Toy Manufacturing Unit (1 no.) 835212 28-11-2023 582500 CSR00043709 Banasthali Gramin Banasthali Gramin
Opposite Sadar Hospital, Kurdeg, District Vikas Sansthan Vikas Sansthan, Village
Simdega, Jharkhand Kaimba, P.O. Tengaria,
District Gumla,
Jharkhand
41 Soft Toy Manufacturing Unit (1 no.) 835223 28-11-2023 582500 CSR00043709 Banasthali Gramin Banasthali Gramin
Saldega, District Simdega, Jharkhand Vikas Sansthan Vikas Sansthan, Village
Kaimba, P.O. Tengaria,
District Gumla,
Jharkhand
42 Handpump (18 Nos.) 477111 02-01-2024 2803830 Not Applicable Gram Panchayat (17 Gram Panchayat
Ater Block, District Bhind, Madhya Pradesh nos.), Ater Block (17 nos.), Ater Block,
District Bhind, Madhya
Pradesh
43 Handpump (32 Nos.) 475115 02-01-2024 4984586 Not Applicable Gram Panchayat (32 Gram Panchayat (32
Mehgaon Block, District Bhind, Madhya nos.), Mehgaon Block nos.), Mehgaon Block,
Pradesh District Bhind, Madhya
Pradesh
44 Solar Powered Smart Class (125 nos.) 505001 29-03-2023 38099250 Not Applicable Government Schools Government Schools,
District Karimnagar, Telangana District Karimnagar,
Telangana
138
Annual
72nd Report
(1) (2) (3) (4) (5) (6)

applicable
45 Classroom (2 Nos.) 325001 29-02-2024 1935440 Not Applicable Rajkiya Uchcha Rajkiya Uchcha
Rajkiya Uchcha Prathamik Vidhyalaya, Prathamik Vidhyalaya, Prathamik Vidhyalaya,
Dhani, Panchayat Samiti- Ladpura, District Dhani Dhani, Panchayat
Kota, Rajasthan Samiti- Ladpura, District
Kota, Rajasthan
Rajkiya Uchcha Madhaymik Vidhyalaya, Madhaymik Madhaymik Vidhyalaya,
Kakrawada, Panchayat Samiti- Itawa, Vidhyalaya, Kakrawada Kakrawada, Panchayat
District Kota, Rajasthan Samiti- Itawa, District
Kota, Rajasthan
Rajkiya Uchcha Madhyamik Vidhyalaya, Madhyamik Madhyamik Vidhyalaya,
Kerabad, Panchayat Samiti- Khairabad, Vidhyalaya, Kerabad Kerabad, Panchayat
District Kota, Rajasthan Samiti- Khairabad,
District Kota, Rajasthan
Rajkiya Uchcha Madhaymik Vidhyalaya, Madhaymik Madhaymik Vidhyalaya,
Mundla, Panchayat Samiti- Sultanpur, Vidhyalaya, Mundla Mundla, Panchayat
District Kota, Rajasthan Samiti- Sultanpur,
District Kota, Rajasthan
49 Long Drainage Cleaner (350 nos.), Long 263139 15-07-2023 2684153 Not Applicable Municipal Corporation Municipal Corporation
Steel Fork (350 nos.), Handle Sweeping Nainital-Udhamsingh Nainital-Udhamsingh
Crowbar (350 nos.), Sweeping SS Handle Nagar Nagar Nigam, Nainital
Broom Stick (350 nos.), SS Picker (350 Road, Haldwani,
nos.) Uttarakhand
Municipal Corporation Nainital-
Udhamsingh Nagar Nagar Nigam, Nainital
Road, Haldwani, Uttarakhand
50 Desktop Computer (30 nos.), Multi- 795128 05-01-2024 1813065 Not Applicable Ropiang Foundation Ropiang Foundation
functional Photocopier Machine (1 no.) Trust, Churachandpur Trust, Mission Road,
Ropiang Foundation Trust, Mission Hiangtam Lamka,
Road, Hiangtam Lamka, Churachandpur, Churachandpur,
Manipur Manipur
51 Tata Magic Express Four-Wheel Vehicle 573201 10-01-2024 2307033 Not Applicable Hassan Institute of Hassan Institute of
(1 no.), Projector (2 nos.), Projector Screen Medical Sciences Medical Sciences,
(2 nos.), Computers (2 nos.), Laptop Next To Govt Hospital
(3 nos.), Tab (2 nos.), Public Audio System Hassan, Karnataka
(2 nos.), Chairs (10 nos.), Tables (4 nos.),
B P Apparatus (6 nos.), Physiotherapy
Equipment (2 nos.), Pulse Oximeter
(10 nos.), Water bed (15 nos.), Air
Bed (15 nos.), Wheel Chairs (10 nos.),
Walkers (10 nos.), Sims Speculum (30
nos.), Self-retaining Speculum (30 nos.),
Vaginal Retractor (10 nos.), Preservative
spray (10 nos.), Spatula (1000 nos.),
Electrical sterilizer big size (2 nos.), Folding
(Portable) Gynaecology Examination Table
for cancer screening (1 no.), Foot stand
for Examination Table (2 nos.), Colposcopy
machine (1 no.), Folders Beds with Cots
(10 nos.), Side screen and panel (20 nos.),
ECG Machines - 3 channel (3 nos.), Minor
OT set (3 nos.), Autoclave machine (1 no.),
Nebulizers (5 nos.)
Hassan Institute of Medical Sciences, Next
To Govt Hospital Hassan, Karnataka
139
(1) (2) (3) (4) (5) (6)

applicable
52 Desk-cum-Bench (100 Nos.) 535002 22-09-2023 935000 Not Applicable Maharaja Sanskrit Maharaja Sanskrit
Maharaja Sanskrit Government College, Government College, Government College,
District Vizianagaram, Andhra Pradesh Vizianagaram District Vizianagaram,
Andhra Pradesh
53 Solar Street Light (100 nos.) 277001 26-12-2023 957040 Not Applicable District Ballia, Uttar District Ballia, Uttar
District Ballia, Uttar Pradesh Pradesh Pradesh
54 Desk-Bench (40 nos.), Inverter With 273407 23-12-2023 919400 Not Applicable Primary School, Primary School,
Battery (1 no.), Water Dispenser With Babhanpura Babhanpura, Tehsil
Purifier (1 no.), Swing for kids (2 nos.), Khajni, District
Celling Fans (7 nos.), White Boards for Gorakhpur, Uttar
Classes (5 nos.) Pradesh
Primary School, Babhanpura, Tehsil Khajni,
District Gorakhpur, Uttar Pradesh
55 Solar Street Light (100 nos.) 261001 15-03-2024 880000 Not Applicable District Sitapur, Uttar District Sitapur, Uttar
District Sitapur, Uttar Pradesh Pradesh Pradesh
56 RO Water Treatment Machines at schools 221503 21-02-2024 3500000 Not Applicable District Prayagraj, District Prayagraj, Uttar
(12 nos.) Uttar Pradesh Pradesh
District Prayagraj, Uttar Pradesh
57 Desktop computers (26 Nos.), Laptop 403505 24-02-2024 1730190 Not Applicable Sai Nursing Institute, Sai Nursing Institute,
(5 Nos.), UPS (1 No.), Allied Accessories Sankhali Sankhali, District North
(1 No.) Goa, Goa
Sai Nursing Institute, Sankhali, District
North Goa, Goa
58 Sanitary Napkin Vending Machine and 841434 30-12-2023 1143355 Not Applicable Schools in District Schools in District
Incinerator set (25 nos.) Siwan, Maharajganj Siwan, Maharajganj
Schools in District Siwan, Maharajganj Sub-Division, Bihar Sub-Division, Bihar
Sub-Division, Bihar
59 Solar Home Lighting System (300 nos.) 262576 02-03-2024 2177000 CSR00012162 Energy Research and Energy Research and
Gram Panchayat Mela Charchum, Social Advancement Social Advancement
Dharchula, District Pithoragarh, Foundation (ERSAF) Foundation (ERSAF),
Uttarakhand 240 B, Ansal Chambers,
Bhikaji Cama Place,
New Delhi, Delhi
110066
60 Badminton Stadium (1 unit) 757104 23-02-2024 2937374 Not Applicable Balukeswar Club Balukeswar Club,
Balukeswar Club, Bahanada Village Bahanada Village
Bahanada, Block Betonati, District Bahanada, Block
Mayurbhanj, Odisha, Betonati, District
Mayurbhanj, Odisha,
61 Wheelchair Scooters (10 Nos.), 403521 11-03-2024 2920500 CSR00003727 Matoshree Sevadham Matoshree Sevadham
Augmented Communication Devices (10 Arogya Seva Trust Arogya Seva Trust,
Nos.), Lower floor bike (10 Nos.) Rajgarh, Beside
Office of State Commissioner for Persons Jankalyan Bank, Near
with Disabilities Goa, Pundaliknagar, Hanuman Mandir Datar
District Porvorim, Goa Colony, District Mumbai
Suburban, Maharashtra
62 STEM & Robotics Lab Equipment (1 No.) 521324 04-03-2024 194995 Not Applicable Zilla Parishad High Zilla Parishad High
Zilla High School plus Podu, Kruthivennu, School plus Podu School plus Podu,
District Krishna, Andhra Pradesh Kruthivennu, District
Krishna, Andhra
Pradesh
63 STEM & Robotics Lab Equipment (1 No.) 521001 04-03-2024 194995 Not Applicable GVNR MPL HS GVNR MPL HS
GVNR MPL HS Kalekhanpet, Kalekhanpet Kalekhanpet,
Machilipatnam, District Krishna, Andhra Machilipatnam, District
Pradesh Krishna, Andhra
Pradesh
140
Annual
72nd Report
(1) (2) (3) (4) (5) (6)

applicable
Zilla Parishad High School Chinnapuram, School Chinnapuram School Chinnapuram,
Machilipatnam, District Krishna, Andhra Machilipatnam, District
Pradesh
Zilla Parishad High School Chennuru, School Chennuru School Chennuru,
Pedana, District Krishna, Andhra Pradesh Pedana, District
Krishna, Andhra
Pradesh
Zilla Parishad High School Matlam, School Matlam School Matlam,
Kruthivennu, District Krishna, Andhra Kruthivennu, District
Pradesh
67 STEM & Robotics Lab Equipment (1 No.) 521120 04-03-2024 194995 Not Applicable Zilla Parishad Zilla Parishad
Zilla Parishad High School Chool High School Chool High School Chool
Bhavadevarapalli, Nagayalanka, District Bhavadevarapalli Bhavadevarapalli,
Krishna, Andhra Pradesh Nagayalanka, District
Krishna, Andhra
Pradesh
Zilla Parishad High School Pedaprolu, School Pedaprolu School Pedaprolu,
Mopidevi, District Krishna, Andhra Mopidevi, District
Pradesh
69 STEM & Robotics Lab Equipment (1 No.) 521001 04-03-2024 194995 Not Applicable Muncipal Corporation Muncipal
Muncipal Corporation High School High School Corporation High
Bandarkota, Machilipatnam, District Bandarkota School Bandarkota,
Krishna, Andhra Pradesh Machilipatnam, District
Krishna, Andhra
Pradesh
70 STEM & Robotics Lab Equipment (1 No.) 521328 04-03-2024 194995 Not Applicable Zilla Parishad Zilla Parishad
Zilla Parishad High School High School High School
Lingareddypalem, Koduru, District Krishna, Lingareddypalem Lingareddypalem,
Andhra Pradesh Koduru, District
Krishna, Andhra
Pradesh
71 STEM & Robotics Lab Equipment (1 No.) 521126 04-03-2024 194995 Not Applicable Zilla Parishad Zilla Parishad High
Zilla Parishad High School plus High School plus School plus Puritigadda,
Puritigadda, Challapalli, District Krishna, Puritigadda Challapalli, District
Andhra Pradesh Krishna, Andhra
Pradesh
72 12 Channel ECG Machines (10 nos.) 848101 31-03-2024 545574 Not Applicable Government Hospital Government Hospitals
Government Hospitals and Health Centers and Health Center and Health Centers in
in Samastipur, Bihar Samastipur, Bihar
73 Health ATM (1 no.) 792103 11-03-2024 215000 Not Applicable District Hospital District Hospital
District Hospital Namsai, District Namsai, Namsai Namsai, District
Arunachal Pradesh Namsai, Arunachal
Pradesh
74 Ambulance (1 no.) 364530 31-03-2024 691330 Not Applicable Primary Health District Hospital
Primary Health Centre, Vijapadi, Centre, Vijapadi Namsai, District
Savarkundla Taluka, District Amreli, Namsai, Arunachal
Gujarat Pradesh
75 Ambulance (1 no.) 364515 31-03-2024 691330 Not Applicable Primary Health Primary Health
Primary Health Centre, Mota Jinjuda, Centre, Mota Jinjuda Centre, Mota Jinjuda,
Savarkundla Taluka, District Amreli, Savarkundla Taluka,
Gujarat District Amreli, Gujarat
141
9. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per
subsection (5) of section 135.
Not applicable.
Unspent CSR Account (UCSRA) for FY 2022-23: In compliance with statutory provisions, H 58.74 Crore had been transferred to UCSRA
(Unspent CSR Account) on April 28, 2023 and is being spent in accordance with the applicable CSR Rules. An amount of H 36.03 Crore
has been utilized during the FY 2023-24 and balance amount of H 22.71 Crore shall be utilized in subsequent financial years in line
with the approvals and applicable CSR Rules.
sd/- sd/-
Pushp Kumar Joshi Ramdarshan Singh Pal
Chairman and Managing Director Independent Director and Chairman CSR and SD Committee
Date: May 9, 2024
142
Annual
72nd Report

Annexure - IV
FORM NO. MR-3

SECRETARIAL AUDIT REPORT
Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
(FOR THE FINANCIAL YEAR ENDED 31ST MARCH 2024)
To,
The Members,
Petroleum House17 Jamshedji Tata Road Churchgate
Mumbai MH 400020 IN
We have conducted the Secretarial Audit of the compliance (v) The following Regulations and Guidelines prescribed under
of applicable statutory provisions and the adherence to good the Securities and Exchange Board of India Act, 1992
corporate practices by HINDUSTAN PETROLEUM CORPORATION (‘SEBI Act’): -
LIMITED (CIN: L23201MH1952GOI008858) (hereinafter called
the “Company”) for the financial year ended 31st March, 2024. (a) The Securities and Exchange Board of India (Substantial
Secretarial Audit was conducted in a manner that provided us a Acquisition of Shares and Takeovers) Regulations, 2011;
reasonable basis for evaluating the corporate conducts/statutory
(b) The Securities and Exchange Board of India (Prohibition
compliances and expressing our opinion thereon;
of Insider Trading) Regulations, 2015;
Based on our Verification of books, papers, minute books, forms
(c) The Securities and Exchange Board of India (Issue of
and returns filed and other records maintained by the Company and
Capital and Disclosure Requirements) Regulations, 2018;
also the information provided by the Company, its officers agents
(No such event took place during the Audit Period)
and authorized representatives during the conduct of secretarial
audit, we hereby report that in our opinion, the Company has, (d) The Securities and Exchange Board of India (Share Based
during the audit period covering 1st April, 2023 to 31st March, 2024 Employee Benefits and Sweat Equity) Regulations, 2021;
complied with the statutory provisions listed hereunder and also (No such event took place during the Audit Period)
that the Company has proper Board processes and Compliance
mechanism in place to the extent, in the manner and subject to (e) The Securities and Exchange Board of India (Issue and
the reporting made hereinafter; Listing of Non- Convertible Securities) Regulations, 2021;
We have examined the books, papers, minute books, forms and (f) The Securities and Exchange Board of India (Registrars
returns filed and other records maintained by the Company for to an Issue and Share Transfer Agents) Regulations, 1993
the audit period 1st April, 2023 to 31st March, 2024 according to regarding the Companies Act and dealing with client;
the provisions of:
(g) The Securities and Exchange Board of India (Delisting of
(i) The Companies Act, 2013 (the Act) and the rules made Equity Shares) Regulations, 2021; (No such event took
there under; place during the Audit Period)
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and (h) The Securities and Exchange Board of India (Buyback
the rules made thereunder; of Securities) Regulations, 2018; (No such event took
place during the Audit Period)
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws
framed thereunder; (i) The Securities and Exchange Board of India
(Depositories & Participants) Regulations, 2018 (To the
(iv) Foreign Exchange Management Act, 1999 and the rules extent applicable);
and regulations made thereunder to the extent of Foreign
Direct Investment, Overseas Direct Investment and External (j) The Securities and Exchange Board of India (Investor
Commercial Borrowings; Protection and Education Fund) Regulations, 2009;
143
(k) Guidelines on Corporate Governance for Central exchanges. During the Year, the Company has complied
Public Sector Enterprises (Guidelines), as issued with this requirement except a slight delay on one of the
by the Department of Public Enterprises (DPE) of occasions. Since, this was pointed out by the Stock Exchanges
Ministry of Heavy Industries and Public Enterprises, for levy of fine, the Company made representation to the
Government of India. Stock Exchanges for condoning the delay and waiver of fine.
Reply is awaited.
(vi) The following Acts and Rules made thereunder pertaining to
oil and gas business, as applicable to the Company: - We further report that
(a) The Petroleum Act,1934; The Board of Directors of the Company is duly constituted
and the changes in the composition of the Board of Directors
(b) The Oil Fields (Regulation and Development) Act,1948; that took place during the period under review were carried
out in the compliance with the provision of the Act.
(c) The Oil Industry (Development) Act, 1974;
Adequate notice is given to all directors to schedule the
(d) Mines and Minerals (Regulation and
Board Meetings, agenda and detailed notes on agenda were
Development) Act, 1957
sent at least seven days in advance, and a system exists for
(e) The Energy Conservation Act, 2001; seeking and obtaining further information and clarifications
on the agenda items before the meeting and for meaningful
(f) The Petroleum & Natural Gas Regulatory Board Act, 2006; participation at the meeting.
(g) Petroleum & Mineral Pipelines (Acquisition of Rights of As per the minutes of the Board duly recorded and
User in Land) Act, 1962; signed by Chairman, the decisions of the Board were with
requisite majority.
(h) Petroleum & Natural Gas Rules 1959;
The agenda items are deliberated before passing the same
(i) Oil Mines Regulations, 2017;
and the views / observations made by the Directors are
(j) Petroleum Rules, 2002. recorded in the minutes.
We have also examined compliance with the applicable provisions We further report that there are adequate systems and
and clauses of the following: processes in the Company commensurate with the size and
operations of the Company to monitor and ensure compliance
Secretarial Standards issued by The Institute of Company with applicable laws, rules, regulations, and guidelines.
Secretaries of India.
We further report that during the year 2023-24:
Securities and Exchange Board of India (Listing Obligation &
Disclosure Requirement) Regulation, 2015 “SEBI LODR, 2015”. i. Public/ Preferential issue of shares/ debentures/sweat equity.,
etc.; (No such event took place during the Audit Period)
During the period under review the Company has complied with
the provisions of the Act, Rules, Regulations, Guidelines, Standards, ii. Redemption / buy-back of securities:
etc. except mentioned below:
Payment of redemption and interest for 6.38% HPCL
The Company was unable to adhere to the requirements Debentures 2020 - Series I aggregating to Rs. 600 Crores.
outlined in Regulation 17 (1) of SEBI LODR, 2015, regarding
Payment of redemption and interest for 4.79%
having required number of Independent Directors on
HPCL Debentures 2020 - Series IV aggregating to
its Board from 01-05-2023 to 31-03-2024. However, the
Rs. 2,000 Crores.
Company being a Government Company, the power
to appoint Directors, including Independent Directors, iii. Merger /amalgamation /reconstruction, etc.; (No such event
vests with the GoI. took place during the Audit Period)
Regulation 60(2) of the SEBI LODR, 2015, requires advance iv. Foreign technical collaborations; (No such event took place
intimation i.e. at least prior seven working days about the during the Audit Period)
record date on payment of Interest on NCD to the stock
144
Annual
72nd Report
v. Others: areas of Green/Renewable Energy business, namely

HPCL Renewable & Green Energy Limited.
The Board of Directors of the Company, at its meeting
held on January 25, 2024, declared an interim dividend The Board of Directors, at its meeting held on May 12,
of Rs. 15 per Equity Share with a face value of Rs. 10 2023 has considered the formation of a wholly owned
each for the Financial Year 2023-2024. subsidiary company and the carving out of certain
independent business segment of the Company.
The Board of Directors, at its meeting held on May
12, 2023 approved the formation of a Wholly Owned For Ragini Chokshi & Co.
Subsidiary to consolidate the Company's existing green (Company Secretaries)
business under one umbrella and to venture into new Firm Registration No.: 92897
Ragini Chokshi
(Partner)
C. P. No.: 1436
FCS No.: 2390
Date: 04.06.2024 UDIN:F002390F000529136
Place: Mumbai PR No.: 659/2020
145
Annexure A
To,
The Members
Petroleum House, 17 Jamshedji Tata Road,
Churchgate, Mumbai 400 020
Our report of even date is to be read along with the letter.
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an
opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of
the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial
records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Where ever required we have obtained the Management representation about the compliance of laws, rules and regulations and
happenings of events etc.
5. The compliance of the provisions of Corporate Governance and other applicable laws, rules, regulations, standards is the responsibility
of management. Our examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with
which the management has conducted the affairs of the Company.
For Ragini Chokshi & Co.

(Company Secretaries)
Firm Registration No.: 92897
Ragini Chokshi
(Partner)
C. P. No.: 1436
FCS No.: 2390
Date: 04.06.2024 UDIN:F002390F000529136
Place: Mumbai PR No.: 659/2020
146
Annual
72nd Report

Annexure - V
Form No. AOC-2

(Pursuant to clause (h) of sub-section (3) of Section 134 of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules,
2014 with modifications as deemed necessary, without changing the substance of format given in AOC-2)
Form for disclosure of particulars of contracts/arrangements entered into by the Company with related
parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arm’s
length transactions under fourth proviso thereto.
1. Details of Contracts or arrangements or transactions not at arm’s length basis: Nil
2. Details of Material Contracts or arrangements or transactions at arm’s length basis:
Nature of Duration of Salient terms

Transaction Amount
Sl. Name of the Nature of Contracts/ the Contracts/ of Contracts/ Date of Board
Values (J/ paid as
No. Related Party Relationship Arrangements/ Arrangements/ Arrangements/ Approval
Crore) advance
Transactions Transactions Transactions
1. HPCL Mittal Joint Venture Purchase of 2023-24 Purchase 61,040.19 On Nil
Energy Limited Goods of Crude & recommendation
(HMEL) Petroleum of Board in its
Products meeting held
on 19.05.2022,
Shareholders’
approval has been
taken.
Note: The threshold for determining the material transaction has been considered in line with Rule 15(3) of Companies (Meetings of
Board and its powers) Rules, 2014, as amended. The above transaction is in ordinary course of business.
For and on behalf of the Board of Directors
sd/-
Place: New Delhi Pushp Kumar Joshi
Date: June 19, 2024 Chairman & Managing Director
147
Corporate Governance Report

Hindustan Petroleum Corporation Limited (Company) is a As explained earlier, Disclosure in the Corporate Governance
Government Company and a ‘Maharatna’ Central Public Sector as per clause C of Schedule V of SEBI (LODR) 2015 is required
Enterprise (CPSE) listed on BSE Limited (BSE) and National Stock on the following:
Exchange of India Limited (NSE) and governed by SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 1. Details of Board of Directors, Board Meetings, Attendance
(SEBI LODR, 2015) and Guidelines on Corporate Governance (DPE of Directors etc. during Financial Year 2023-24:
Guidelines) issued by Department of Public Enterprises (DPE). 1.1 Board of Directors:
As required under Schedule V of SEBI (LODR), 2015, disclosure The primary role of Board is to protect and enhance
relating to “Related Party” and “Management Discussion and stakeholders value through strategic supervision. The Board
Analysis” have been dealt with in other parts of Annual Report also sets goals, policies, provides direction and exercises
while the Corporate Governance Report is appended below. appropriate control to ensure that the company achieves
its set goals. All the statutory and other significant material
information are placed before the Board to enable it to
Philosophy on Corporate Governance discharge its responsibility in an effective & efficient manner.
At HPCL, Corporate Governance is to meet the Stakeholders
aspirations and Societal expectations. The key principles on which The Board of the Company constantly endeavors to set new
this edifice is built includes well developed internal controls, goals and targets that complement the vision & mission of the
systems and processes, transparency in business operations, Company so that the interests of stakeholders are protected.
performance and financial position, clearly defined management
Being a Government Company and in accordance with the
performance & accountability and full adherence to compliances
provisions of Articles of Association of the Company, all the
and disclosures.
Directors on the Board are appointed by the Government
This is made possible due to its well-defined Policy framework of India (GoI) through Administrative Ministry i.e. Ministry of
which includes Code of Conduct for Directors and Senior Petroleum & Natural Gas (MOP&NG).
Management Personnel, Integrity Pact to enhance transparency
The Chairman and Managing Director and other Whole Time
in business operations, Public Grievance Redressal Mechanism,
Directors are generally appointed for a period of five years
Whistleblower Policy, Empowerment and Authority Manual and
from the date of their taking over charge or till the date
the Procurement Manual.
of their superannuation or until further orders from the
Being a Government Company, its activities are reviewed by GoI, whichever is earlier. Government Nominee Directors
several external authorities like the Comptroller & Auditor General continue on the Board at the discretion of the Nominating
of India (C&AG), the Central Vigilance Commission (CVC), and authority or till ceasing to be officials of such nominating
Parliamentary Committees etc. The Annual Report on the affairs authority. Independent Directors are usually appointed for a
and working of the Company along with comments of C&AG is also period of three years.
placed regularly in both the Houses of Parliament. Details of Directors as on March 31, 2024:
A. Whole Time Directors including Chairman & Managing
Structure of Corporate Governance at HPCL Director:
At the apex level of the structure is the Board which has constituted
the sub-committees viz. Audit Committee, Risk Management. Sr. Name of the Director Designation
Committee, Nomination and Remuneration Committee, Stakeholders No.
Relationship Committee, CSR and Sustainability Development 1. Shri Pushp Kumar Joshi Chairman & Managing
Committee and Investment Committee, the composition of which and Director
the meetings held during the Financial Year 2023-24 are separately 2. Shri Rajneesh Narang Director (Finance)
covered in this Report and summarized below: 3. Shri S. Bharathan Director (Refineries)
4. Shri Amit Garg Director (Marketing)
Particulars No. 5. Shri K S Shetty Director (Human
Board Meetings 12 Resources)
Board Level Committee Meetings 24
Shareholders Meetings including Postal Ballot 1
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72nd Report
Statutory Reports Corporate Governance Report 2023-24
B. Government Nominee Directors: Given below are the details of attendance of each Director at
the Board Meeting.
Sr. Name of the Director Designation
No. Names of Directors Number of Number of
Meetings Meetings
1. Smt. Sujata Sharma JS (M&OR), MOP&NG entitled to Attended
2. Shri Pankaj Kumar Director (Production), attend
ONGC (Representative
Shri Pushp Kumar Joshi 12 12
of ONGC)
Shri Rajneesh Narang 12 12
C. Independent Directors:
Shri S. Bharathan 12 12
Sr. Name of the Director Shri Amit Garg 12 12

No.
Shri K S Shetty 11 11
1. Smt. Vimla Pradhan
2. Shri Bechan Lal Smt. Sujata Sharma 12 12
3. Shri Vivekananda Biswal Shri Pankaj Kumar 12 8
4. Shri Ramdarshan Singh Pal
5. Dr. Nagaraja Bhalki Smt. Vimla Pradhan 12 12
6. Shri K S Narendiran Shri Bechan Lal 12 12
1.2 Board Meetings: Shri Vivekananda Biswal 12 12
Twelve Board Meetings were held during the Financial Shri Ramdarshan Singh Pal 12 12
Year 2023-2024. Dr. Nagaraja Bhalki 12 12
Sr. Date of Board Sr. Date of Board

Shri K S Narendiran 12 12
No. Meetings No. Meetings
1. May 01, 2023 7. December 12, 2023
2. May 12, 2023 8. January 09, 2024
3. June 26, 2023 9. January 25, 2024
4. July 18, 2023 10. February 16, 2024
5. August 02, 2023 11. March 06, 2024
6. November 06, 2023 12. March 20, 2024
1.3 Particulars of Directors including their attendance at the last Annual General Meeting & their Directorship in other
Companies /Membership & Chairmanship in Committees as on March 31, 2024:
Names of Directors Academic Qualifications Attendance at Number of Details of Details of

the last AGM Directorship Membership Chairmanship
held on August in other held in Audit/ held in Audit /
25, 2023 companies Stakeholders Stakeholders
Relationship Relationship
Committee Committee
including this including this
Listed Entity Listed Entity
WHOLE TIME DIRECTORS:
Shri Pushp Kumar Joshi B.A., LLB, PG(PM&IR), XLRI Yes 3 - -
(DIN: 05323634) Jamshedpur
Shri Rajneesh Narang ACA, Masters in Financial Yes 8 6 5
(DIN: 08188549) Management
Shri S. Bharathan M. Tech in Chemical Yes 7 1 -
(DIN: 09561481) Engineering
Shri Amit Garg Post Graduate in Electronics & Yes 3 - -
(DIN: 08515246) Management
Shri K S Shetty MHRM, Diploma in Sustainable Yes 3 1 -
(DIN: 09760899) Development
149
Names of Directors Academic Qualifications Attendance at Number of Details of Details of

the last AGM Directorship Membership Chairmanship
held on August in other held in Audit/ held in Audit /
25, 2023 companies Stakeholders Stakeholders
Relationship Relationship
Committee Committee
including this including this
Listed Entity Listed Entity
GOVERNMENT NOMINEE DIRECTORS:
Smt. Sujata Sharma IAS No - - -
(DIN:07775238)
Shri Pankaj Kumar B.E in Chemical Engg., Master’s No 4 2 -
(DIN:09252235) degree in Process Engineering
INDEPENDENT DIRECTORS:
Smt. Vimla Pradhan B.A. Yes - - -
(DIN:09398793)
Shri Bechan Lal B.Sc. M.Sc. Doctorate in Yes - 1 1
(DIN:09397116) Zoology
Shri Vivekananda Biswal M.Com, LLB, CMA, CS Yes 4 2 -
(DIN:00977767)
Shri Ramdarshan Singh M.A. LLB. Yes - 1 -
Pal (DIN:09400298)
Dr. Nagaraja Bhalki MBBS, MS, General Surgeon Yes - 1 1
(DIN:09451587)
Shri K S Narendiran B.A. D. Aerotech Yes - - -
(DIN:10070865)
NOTES: f. None of the Directors of the Company holds office of

Director at any point of time in more than 10 public
a. The Directorship held by Directors in other Companies companies including 7 listed companies.
as mentioned above includes Public and Private Limited
Companies but do not include Companies registered g. None of the Directors of the Company is a member in
under Section 8 of the Act. more than 10 committees or a Chairman of more than 5
committees. For the purpose of determination of limit of
b. Details of Directors who are holding Directorship in the Board Committees, Chairmanship or Membership
other Listed Entities: of Audit Committee & Stakeholders Relationship
Committee has been considered.
Shri Pankaj Oil and Natural Gas Whole Time
Kumar Corporation Limited Director 1.4 Holding of any shares or convertible shares or convertible
Mangalore Refinery Nominee Director instruments by Non -Executive Directors:
and Petrochemicals (Non-Executive)
Limited None of the Non-Executive Directors is holding any shares or
Shri S. Bharathan Mangalore Refinery Nominee Director convertible instruments in the Company.
and Petrochemicals (Non-Executive)
Limited 1.5 All Independent Directors on the Board of the Company as on
March 31, 2024 have given a declaration that they meet the
c. None of the Whole-Time Director / Managing Director of criteria of independence in accordance with the provisions of
the Company is serving as an Independent Director in the Act and SEBI (LODR) and basis the declaration the Board
more than three listed companies. is of the opinion that they fulfill the criteria of independence
and is independent of the Management.
d. None of the Directors of the Company are serving as
a Director / Independent Director in more than seven 1.6 None of the Independent Directors has resigned from the
listed companies. Company before the expiry of their tenure.
e. The Directors of the Company do not have any 1.7 As provided under Schedule IV of the Act and also as per
relationships inter-se. Regulation 25 (3) of the SEBI (LODR), a separate meeting of
Independent Directors was held on 11-03-2024.
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Annual
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1.8 The Company is nominating Independent Directors to the personalities having requisite expertise & experience in
Familiarization Programs and other Corporate Programs diverse fields. In view thereof, the list of core skills expertise /
from time to time. Weblink where details of familiarization competencies from a Director in the context of the Company’s
programs imparted to Independent Directors in the past is business, as specified under SEBI (LODR) is not required to
hosted on the website of the Company and can be accessed be identified separately.
at https://www.hindustanpetroleum.com/stockexchange.
2. Committees of the Board:
1.9 Being a Government Company, the appointment of all
There are six Committees of the Board which are functional
Directors including Independent Directors and their
as on March 31, 2024, details of which are as follows:
performance evaluation is done by the GoI.
i. Audit Committee
1.10 A Chart or a matrix setting out the skills/ expertise /
competence of the Board of Directors: ii. Nomination and Remuneration Committee
HPCL, being a Government Company under the
iii. Risk Management Committee
administrative control of MOP&NG, the power to appoint
Directors (including Independent Directors) vests with GoI. iv. Stakeholders Relationship Committee
The Whole Time Directors having specified skills/expertise/
competencies in the context of the Company’s business v. Corporate Social Responsibility and Sustainability
and sector are selected by Public Enterprises Selection Development Committee
Board (PESB), a high powered body constituted by GoI and
vi. Investment Committee
appointed by MOP&NG as duly approved by Appointments
Committee of Cabinet. Independent Directors are selected by Details of Meetings of Board level Committees and Members’
Search Committee constituted by GoI from a mix of eminent attendance at the Board Committee Meetings are given below:
i. Audit Committee:
The Company has constituted an Audit Committee as required under the Act, SEBI (LODR) and DPE Guidelines.
Sr. Directors>>>> Bechan Lal Vivekananda Biswal Ramdarshan Singh Pal

No. Category Independent Directors
Date of Meetings
1. May 11, 2023 Yes (Chairman) Yes Yes
2. July 19, 2023 Yes (Chairman) Yes Yes
3. August 01, 2023 Yes (Chairman) Yes Yes
4. November 06, 2023 Yes (Chairman) Yes Yes
5. December 27, 2023 Yes (Chairman) Yes Yes
6. January 25, 2024 Yes (Chairman) Yes Yes
Shri Rajneesh Narang, Director Finance is a permanent invitee to this Committee.
Brief Terms of Reference:

The terms of reference of the Audit Committee are in accordance with the provisions of the Act, SEBI (LODR), 2015 and the
DPE Guidelines for Corporate Governance and as amended from time to time. It inter-alia, includes oversight of financial
reporting process, recommending fixation of fees for auditors, approval of payment to auditors for any other services rendered,
reviewing annual and quarterly financial statements, reviewing performance of statutory/internal auditors, reviewing adequacy
of internal audit function, discussion with Internal auditors, reviewing findings of internal investigations, if any, discussion with
statutory auditors, approval or any subsequent modification of transactions of the Company with related parties; scrutiny of
inter-corporate loans and investments, if any; valuation of undertakings or assets of the Company, wherever it is necessary and
evaluation of internal financial controls and risk management systems.
151
ii. Nomination and Remuneration Committee:

The Company has constituted a Nomination and Remuneration Committee as required under the Act, SEBI (LODR) and DPE
Guidelines. The remuneration of the Whole Time Directors and other officers is fixed by the GoI in view of the fact that the
Company is a Government Company.
Sr. Directors>>>> Vimla Pradhan Ramdarshan Singh Pal Dr. Nagaraja Bhalki *K S Narendiran
No. Category Independent Directors
Date of Meetings
1. November 06, 2023 Yes (Chairman) Yes Yes Yes
*Shri K S Narendiran has become Member of the Committee effective June 26, 2023.
Shri K S Shetty, Director (HR) is a permanent invitee to this Committee.

The terms of reference of Nomination and Remuneration Committee is as prescribed under Section 178 of the Act and as
provided under Part D of Schedule II of Regulation19(4) of the SEBI (LODR) except to the extent of exemptions granted to
Government Companies. It also approves performance related pay to the executives of the Company as per the DPE Guidelines.
iii. Risk Management Committee:

The Board has constituted the Risk Management Committee as required under the provisions of the SEBI (LODR).
Sr. Pushp Kumar Rajneesh S. Amit *K S Bechan Vimla **K S

Directors>>>>
No. Joshi Narang Bharathan Garg Shetty Lal Pradhan Narendiran
Category Whole Time Directors Independent Directors
Date of Meetings
1. June 12, 2023 Yes (Chairman) Yes Yes Yes Yes Yes Yes NA
2. November 29, 2023 Yes (Chairman) Yes Yes Yes No Yes Yes Yes
*Shri K S Shetty has become Member of the Committee effective May 01, 2023
**Shri K S Narendiran has become Member of the Committee effective June 26, 2023.

The terms of reference of the Committee broadly covers reviewing & spearheading risk management initiatives within the
company, appointing the Chief Risk Officer (CRO), guiding and directing risk management activities and approving and allocating
resources for risk mitigation.
iv. Stakeholders Relationship Committee:

The Board has constituted a Stakeholders Relationship Committee as required under the provisions of the Act and SEBI (LODR).
Sr. No. Directors>>>> Rajneesh Narang Dr. Nagaraja Bhalki Vivekananda Biswal
Category Whole Time Director Independent Directors
Date of Meetings
1. June 26, 2023 Yes Yes (Chairman) Yes
Shri. V. Murali, Company Secretary, is the Compliance Officer.
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Annual
72nd Report

The role of the Committee shall be such as provided in Part D of Schedule II of Regulation 20(4) of SEBI (LODR). The term of
reference of the Committee is to, inter-alia, looking into the various aspects of interests of shareholders, debenture holders
and other security holders of the Company, to review and resolve the grievances of the security holders including complaints
related to transfer/transmission of shares, non-receipt of annual report & declared dividends, issue of new/duplicate certificates
including complaints received from statutory bodies on matters of investors’ interest.
v. Corporate Social Responsibility & Sustainability Development Committee:

The Board has constituted a Corporate Social Responsibility & Sustainability Development Committee (CSR&SD) as required
under Section 135 of the Act and DPE Guidelines.
Sr. Ramdarshan
Name of Directors S. Bharathan Amit Garg *K S Shetty Vimla Pradhan BechanLal
No. Singh Pal
Category Whole Time Directors Independent Directors
Date of Meetings
1. May 12, 2023 Yes Yes Yes Yes (Chairman) Yes Yes
2. July 18, 2023 Yes Yes Yes Yes (Chairman) Yes Yes
3. September 18, 2023 No No Yes Yes (Chairman) Yes Yes
4. September 29, 2023 Yes Yes Yes Yes (Chairman) Yes Yes
5. December 16, 2023 Yes Yes Yes Yes (Chairman) Yes Yes
6. February 06, 2024 Yes Yes Yes Yes (Chairman) Yes Yes
7. March 13, 2024 Yes Yes Yes Yes (Chairman) Yes Yes
*Shri K S Shetty has become member of the Committee effective May 01, 2023.
vi. Investment Committee:

The Board has constituted an Investment Committee comprising Independent Directors and Whole Time Director as Members
to review the investment in the projects of higher value before seeking approval of the Board.
Sr. Name of Directors Vivekananda Biswal Dr. Nagaraja Bhalki K S Narendiran* Rajneesh Narang
No. Category Independent Directors Whole Time Director
Designation in the Committee Chairman Member Member Member
Date of Meetings
1. May 12, 2023 Yes (Chairman) Yes NA Yes
2. August 02, 2023 Yes (Chairman) Yes Yes Yes
3. October 30, 2023 Yes (Chairman) Yes Yes Yes
4. November 02, 2023 Yes (Chairman) Yes Yes Yes
5. December 27, 2023 Yes (Chairman) Yes Yes Yes
*Shri K S Narendiran has become Member of the Committee effective June 26, 2023.
3. Remuneration of Directors:
HPCL being a Government Company, the remuneration payable to its Whole Time Directors is approved by the GoI and advices
thereof are received through MOP&NG. The remuneration of the Whole Time Directors includes Basic Salary, allowances and
perquisites as determined by GoI. Moreover, they are entitled to Provident Fund and Superannuation Contributions as per the
Rules of the Company. The remuneration payable to officers below the Board level is also approved by the GoI.
The Independent Directors are paid sitting fees for Board Meetings and Committee Meetings of the Board attended by them. HPCL
does not pay commission on profits to any of the Directors of the Company. The Government Nominee Directors are not paid any
remuneration, sitting fees, etc.
The details of Remuneration paid to all Whole Time Directors are given below.
153
i) The Gross Value of the fixed component of the remuneration paid to Whole Time Directors during the financial year
2023-2024 is given below:
(In H Lakh)
Name of Chairman & Managing Director/ Whole Time Directors
Particulars of Remuneration Pushp Rajneesh S. Bharathan Amit K S Shetty Total
Kumar Joshi Narang Garg (From May 2023)
1 Gross Salary
(a)Salary as per provisions 92.56 54.30 55.92 51.84 54.44 309.07
contained u/s17(1) of the Income
Tax Act, 1961
(b)Value of perquisites u/s17(2) of 17.38 11.01 10.79 10.02 11.28 60.48
the IncomeTaxAct,1961
2 Stock Option - - - - - -
3 Sweat Equity - - - - - -
4 Commission–as % of profit - - - - - -
(Others, specify)/Bonus
5 Others: (PF,DCS, House Perks tax 12.22 11.06 9.96 10.11 1.27 44.61
etc.)
Total 122.16 76.37 76.67 71.96 66.99 414.16
Ceiling as per the Act Provisions of Section 197 of the Act with respect to overall maximum Managerial
Remuneration is not applicable to the Company, being a Government Company as
per MCA Notification dated June 5, 2015.
Notes:
Performance linked incentives are payable to the Whole Time Directors as employees of the Company as per the policy
applicable to all executives of the Company.
During the financial year, no Stock Options were issued by the Company to Whole Time Directors.
The terms of appointment of the Whole Time Directors, as issued by the GoI, provides for 3 months notice period or salary in
lieu thereof for severance of service.
Service contracts are as per the terms and conditions of appointment communicated by the Administrative Ministry.
ii. Sitting Fees for the Financial Year 2023-2024:

The details of Sitting Fees paid to Independent Directors for the financial year 2023-2024 for attending the Board/Committees
Meetings are given below:
(In H Lakh)
Details of Meeting Vimla Bechan Lal Vivekananda Ramdarshan Dr. Nagaraja KS
Pradhan Biswal Singh Pal Bhalki Narendiran
Board 4.80 4.80 4.80 4.80 4.80 4.80
Audit Committee - 1.80 1.80 1.80 - -
Nomination & 0.30 - - 0.30 0.30 0.30
Remuneration
Committee
Stakeholders - - 0.30 - 0.30 -
Relationship Committee
Investment Committee - - 1.50 - 1.50 1.20
CSR & SD Committee 2.10 2.10 - 2.10 - -
Risk Management 0.60 0.60 - - - 0.30
Committee
Independent Directors 0.30 0.30 0.30 0.30 0.30 0.30
DPC - - - 0.30 - -
Total Sitting Fees Paid 8.10 9.60 8.70 9.60 7.20 6.90
There has been no other pecuniary relationship or business transactions, except as disclosed in this Annual Report, by the
Company with any of the Non-Executive Directors of the Company.
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Annual
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4. References & Investors Complaints received and replied during Financial year 2023-2024:
Sr.
Nature of Correspondence References Complaints Total
No.
1. Number of shareholders’ references/complaints received 3,654 33 3,687
2. Number of complaints not solved to the satisfaction of shareholders 0 0 0
3. Number of pending references/complaints as on March 31, 2024 2 1 3
The Designated email ID for Investors’ Communication: [email protected]
5. Code of Conduct: time period of 30 days through the Online RTI portal
www.rtionline.gov.in. A team of 212 Central Public Information
In compliance with the provisions of Regulation 17(5) (a) of
Officers ( Regional Managers and HoDs who predominantly
the SEBI (LODR), “Code of conduct for Board Members and
constitute as CPIOs ) and 46 First Appellate Authorities
Senior Management Personnel of Hindustan Petroleum
( Senior Management who constitute FAAs ) spread across the
Corporation Limited” has been devised by the Company
country, covering Refineries and major SBUs like Retail, LPG,
including the duties of Independent Directors as envisaged in
etc as well as HR entities such as Recruitment, Performance
Regulation 17 (5) (b) of the SEBI (LODR).
Management, etc ensure seamless, effective and timely
The purpose of this Code is to enhance further ethical and handling of the RTI applications received.
transparent process in managing the affairs of the Company.
During the FY 2023-24 HPCL has successfully handled
This Code has been made applicable to:
and processed 2696 Nos RTI applications, 344 Nos First
1. All Whole-Time Directors; Appeals and 95 Nos Second appeals ( Central Information
2. All Non-Whole Time Directors including Independent Commission Hearings ). All the 95 CIC Hearings were held
Directors; and thru VC by the Hon’ble CIC while the CPIOs were physically
present in respective NIC studios located at various district
3. Senior Management Personnel.
collectorate offices, and the detailed Written Submissions
This code would be read in conjunction with the Conduct, were placed in time before the Hon’ble CIC, to enable CIC
Discipline & Appeal Rules for Officers applicable to Whole to pass awards, which clocked a success rate of 81% Orders
Time Directors and Senior Management Personnel. being passed in favour of HPCL thereby validating the stand
taken by the Company.
All the Board Members and Senior Management Personnel
have provided the Annual Compliance Certificate duly signed 7. Integrity Pact:
by them as on March 31, 2024. The Company has introduced “Integrity Pact” (IP) to enhance
ethics/transparency in the process of awarding contracts. An
6. Right to Information Act, 2005:
MoU has been signed with “Transparency International” on
HPCL being a Public Authority is under a statutory obligation July 13, 2007.This has been made applicable in the Company
to comply with the provisions of the Right to Information Act, effective September 01, 2007 for contracts of value H1 Crore
2005 and therefore the Company has a structured mechanism and above. The Integrity Pact has become a mandatory part
in place to deal with matters related to the RTI Act, and aligned of tender documents to be signed by the Company and by
to the Online RTI portal of DoPT, Government of India and all the vendor(s)/bidder(s).
applications/ appeals received through the portal are handled
through the portal itself, including the physical applications The references/grievances received from the Vendors are
received offline. The mandatory reports such as Quarterly/ placed before the Independent External Monitors (IEM)
Annual reports are submitted periodically within the stipulated for their review and recommendation, if any. Meetings of
timelines on to the website of the Central Information the IEMs are held regularly to brief them on the Purchase
Commission www.cic.gov.in. Further, as required under the Process of the Company and review of all purchase orders
Act, all the relevant details and information mandated vide suo covered under Integrity Pact.
- motu disclosures under Section 4 (1) (b) are being regularly
8. Shares Department Activities:
updated and hosted on the company’s corporate website www.
hindustanpetroleum.com for the purpose of transparency and Shares Department monitors the activities of R&T Agents
better understanding to the public at large. M/s. Link Intime India Pvt. Ltd., and looks into the issues
of shareholders such as Share Transfers, Demat, Remat,
HPCL has a designated Nodal Officer at its Corporate HQO Issue of Duplicate Share Certificate, Transmission and
to coordinate, facilitate and oversee its implementation. The other important matters which are approved by the Share
RTI applications are responded well within the stipulated Transfer Committee. The Share Department carries various
155
activities in-house such as: Compliances under Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and
Refund) Rules, 2016 (IEPF Rules), Dividend Reconciliation, Dividend Audits, Filing on-line Statutory Compliances on BSE Limited (BSE)/
National Stock Exchange of India Limited (NSE), TDS on Dividend and responding to grievances of shareholders received through
Statutory bodies.
HPCL has 4,13,878 shareholders as on March 31, 2024. The Company regularly interacts with the shareholders through e-mails,
letters, during AGM, Investors’ Meets, wherein the activities of the Company, its performance and its future plans are shared with
the Shareholders.
The Company has been taking appropriate steps to ensure that Shareholder queries are given top priority and all references /
representations which are received from various modes like emails on [email protected], Corporate HQO, direct emails
from shareholders, day to day physical letters etc. are resolved at the earliest.
The quarterly results are published in English and Vernacular languages. The Financial and other details are also posted on the
Company’s website viz. www.hindustanpetroleum.com
The Company Secretary of the Company is the Compliance Officer in terms of the SEBI (LODR) and Nodal Officer for IEPF.
9. General Body Meetings:

9.1 Location and time of the last three Annual General Meetings held:
Financial Year Location Date Time Special Resolution

2022-2023 Through Video Conference/Other August 25, 2023 11:00 A.M. Yes, 1 Special Resolution
Audio Visual Means Deemed Venue:
Petroleum House, 17, Jamshedji Tata
Road, Churchgate, Mumbai–400020
2021-2022 Through Video Conference/Other August 30, 2022 11.00 A.M. Yes, 6 Special Resolutions
2020-2021 Through Video Conference/Other September 15, 2021 11.00 A.M. No
9.2 Whether any Special Resolutions passed last year core of good governance. Towards this end, major steps
through Postal Ballot ? taken are as under:
No approval of Shareholders was sought by means of Postal
i. Quarterly and Yearly Financial Results:
Ballot during the Financial Year 2023-2024.
The quarterly unaudited financial results and yearly
9.3 Person who conducted the Postal Ballot Exercise: audited financial results of the Company are announced
Not Applicable within the time limits prescribed by the SEBI (LODR),
2015. The results are published in leading business/
9.4 Whether any special resolution is proposed to be regional newspapers and were also sent to the
conducted through Postal Ballot: Shareholders who have registered their e-mail IDs for
e-communication.
For the financial year 2024-2025, Special Resolution
through Postal Ballot, if any, will be passed on need basis as ii. Website:
and when required.
The Company’s Corporate website www.
9.5 Procedure for Postal Ballot: hindustanpetroleum.com provides separate sections for
investors where relevant information for shareholders
Procedure as prescribed under Section 110 of the Act read
is made available. It also provides comprehensive
with relevant rules made there under will be adhered to.
information on HPCL’s Portfolio of business, including
10 Means of Communication: sustainability initiatives comprising CSR activities, HSE
performance etc.
Timely disclosure of consistent, relevant and reliable
information on corporate financial performance is at the
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Annual
72nd Report
The link for accessing the details as prescribed under communications were sent through e-mails to the
Regulation 46 of SEBI (LODR) is given at: https://www. shareholders who have registered their emails for
hindustanpetroleum.com/stockexchange. e-communication.
iii. News Releases: vii) Presentations made to Institutional Investors or to

the Analysts:
Official News Releases, are hosted on the Company’s
website: www.hindustanpetroleum.com. Presentations, if any, made to Institutional
Investors or to the Analysts, are available at
iv. Annual Report: www.hindustanpetroleum.com.
Annual Report for FY 2023-24 is circulated to
11. Unclaimed Dividend and Shares transferred to IEPF
shareholders and other members entitled thereto. The
Authority:
Management Discussion & Analysis Report is part of
the Annual Report. In line with Section 124 (5) of the Act, the following unpaid/
unclaimed dividend(s) lying in the “Unpaid Dividend
v. E-mails: Account”, for a period of 7 years, have been transferred to
Annual Report, ECS Intimations on credit of the “Investor Education & Protection Fund” (IEPF) established by
Dividends, e-Voting/Postal Ballot communications are Government of India.
sent through E-Mails to the shareholders who have
a. The dividend declared @ 160% for the year 2015-16
registered their email IDs for e-communication.
(Final) on 08/09/2016.
vi. Correspondence with Shareholders:
b. The dividend declared @ 225% for the year 2016-17
Physical letters were sent to shareholders for updation (Interim-I) on 13/02/2017.
of PAN, KYC details, Nomination and bank details during
the financial year. Emails were sent to shareholders Also, unclaimed/unpaid dividend for the year 2016-17
advising on the applicability of deduction of tax at (Interim-II) was transferred to IEPF in May 2024.
source (TDS) and submission of applicable forms for
non-deduction of tax. Inland Letters on Intimation of Pursuant to Section 124 (6) of the Act read with the Investor
Dividend credited electronically for the Interim Dividend Education and Protection Fund Authority (Accounting, Audit,
for the financial year 2023-24 were sent. Inland Letters Transfer and Refund) Rules 2016 as amended from time to
were sent to shareholders for claiming their unpaid / time, the shares in respect of which dividend has not been
unclaimed dividends of last seven years. Annual Report, paid or claimed for a period of seven consecutive years or
ECS Intimations on credit of the Interim Dividend for more were transferred to IEPF.
the financial year 2023-24, e-Voting / Postal Ballot
12. General shareholder Information:
12.1 72nd Annual General Meeting:

Date and Time : Friday August 23, 2024 at 11.00 A.M. (IST)
Venue : Through Video Conferencing / Other Audio Visual Means
Financial Year : 2023-24
12.2 Publication of Results in Newspapers:
i) The details of Board Meetings, date of publications and newspapers for FY 2023-2024 are as below:
Adoption of Quarterly / Annual Date of Board Date of Publication Names of Newspapers

Results for the Quarter / Financial Meeting
year ended
June 30, 2023 August 02, 2023 August 03, 2023 1. Financial Express - English - All Editions
(Quarterly Results) 2. Loksatta - Marathi - All Editions
September 30, 2023 November 06, 2023 November 07, 2023 3. Business Standard - English All Editions
(Quarterly and Half Yearly Results) 4. Sakal Marathi - Mumbai Edition
December 31, 2023 January 25, 2023 January 26, 2023 5. Business Standard - Hindi - All Editions
(Quarterly Results) 6. Economic Times - English - All Editions
March 31, 2024 May 09, 2024 May 10, 2024
(Audited Financial Results)
157
ii. Calendar for FY 2024-25:
Adoption of Quarterly/ Annual Results

Tentative Period
For the Quarter/Financial year ended and Annual General Meeting
June 30,2024(Quarterly Results) Will be held within the
September 30,2024(Quarterly & Half Yearly Results) timelines prescribed
December 31,2024 (Quarterly Results) under the applicable
March 31,2025 (Quarterly & Annual Results) statutes
Annual General Meeting for financial year ending March 31, 2025
12.3 Listing on Stock Exchanges as of March 31 2024 (Both Equity and Debts):
BSE Limited, National Stock Exchange of India Limited,

Phiroze Jeejeebhoy Towers, ExchangePlaza,5thFloor, Plot No. C/1,GBlock,
Dalal Street, Bandra Kurla Complex, Bandra East,
Mumbai–400001 Mumbai–400051
Listed Since 1992 Listed Since 1998
12.4 Listing Fees: Listing Fees for Financial Year 2024-2025 have been paid to Stock Exchanges.
12.5 Stock Codes:
Equity:
BSE : 500104 ISIN (for trading in Demat Form) : INE094A01015

NSE : HINDPETRO
Debt: Listed on Whole Debt Market segment of BSE and NSE.
8.00% HPCL Debentures 2019 – Series I H 500 Crore 12.6 Debenture Trustee:
7.00% HPCL Debentures 2019 – Series II H 2000 Crore IDBI Trusteeship Services Ltd.,
7.03% HPCL Debentures 2020 – Series II H 1400 Crore Asian Building, Ground Floor,
5.36% HPCL Debentures 2020 – Series III H 1200 Crore
17, R Kamani Marg,
6.63% HPCL Debentures 2021– Series I H 1950 Crore
Ballard Estate,
Mumbai – 400 001
7.81% HPCL Debentures 2022– Series II H 1500 Crore
7.12% HPCL Debentures 2022– Series III H 1800 Crore 12.7 The securities of the Company were not suspended during
7.64% HPCL Debentures 2022– Series IV H 2500 Crore financial year 2023-24.
7.54% HPCL Debentures 2022– Series V H 750 Crore
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12.8 Stock Market Data:

HPCL SHARE PRICE (In J) :
BSE NSE
Financial Year
High Low High Low
2023-24 594.45 220.85 594.80 220.10
2022-23 306.55 200.00 306.70 200.05
2021-22 354.55 223.00 354.80 222.80
2020-21 259.20 163.30 259.25 162.90
2019-20 333.45 155.00 333.50 150.00
Performance in Comparison to Broad Based Indices:
As on HPCL Share (J) BSE Sensex NSE Nifty

March 31,2024 475.80 73,651.35 22326.90
March 31,2023 236.80 58,991.52 17359.75
March 31,2022 269.35 58568.51 17464.75
March 31,2021 234.55 49,509.15 14,690.70
March 31,2020 190.15 29,468.49 8,597.75
HPCL Share Price Monthly Data:
BOMBAY STOCK EXCHANGE NATIONAL STOCK EXCHANGE

Volume Volume
Month High (J) Low (J) Close (J) (Qty. in Month High (J) Low (J) Close (J) (Qty. in
Lakhs) Lakhs)
Apr-23 253.50 220.85 251.20 18.42 Apr-23 253.50 220.10 251.25 459.04
May-23 267.40 250.60 261.15 28.44 May-23 269.00 250.45 260.90 676.12
Jun-23 279.60 253.25 273.75 26.97 Jun-23 279.50 253.30 273.85 767.86
Jul-23 309.85 272.70 282.35 41.98 Jul-23 309.90 272.60 282.40 1121.80
Aug-23 287.00 246.80 248.05 33.13 Aug-23 286.95 246.80 248.10 842.51
Sep-23 269.00 246.40 254.85 40.75 Sep-23 268.90 246.20 254.95 977.48
Oct-23 266.50 239.25 247.95 24.38 Oct-23 266.50 239.20 247.70 688.52
Nov-23 350.95 249.30 347.35 95.06 Nov-23 351.00 249.40 347.40 2117.80
Dec-23 425.45 342.05 398.75 125.11 Dec-23 436.40 344.05 398.90 2566.96
Jan-24 485.50 393.10 463.25 157.94 Jan-24 485.30 393.10 463.25 1943.63
Feb-24 594.45 456.20 509.40 84.06 Feb-24 594.80 456.00 509.40 2402.34
Mar-24 531.25 443.05 475.80 71.46 Mar-24 531.45 443.05 475.65 1417.09
159
12.9 Share Transfer System: 12.10 Dematerialization of shares and liquidity:
SEBI vide its notification dated June 8, 2018 and vide its press The total number of shares dematerialized as on March
release dated December 3, 2018, amended Regulation 40 31, 2024 is 1,41,39,30,809 representing 99.67 % of paid up
of the SEBI (LODR) and has mandated that the transfer of equity share capital. Trading in Equity Shares of the Company
securities would be carried out in dematerialized form only is permitted only in dematerialized form, w.e.f. February 15,
w.e.f. April 1,2019. 1999 as per the notification issued by the SEBI.
Further, SEBI vide its press release dated March 27, 2019 12.11 Outstanding Global Depository Receipts (GDR) or
clarified that the transfer deeds lodged prior to deadline American Depository Receipts (ADR) or warrants or any
and returned due to deficiency in the document may be re- convertible instruments, conversion date and likely
lodged for transfer even after the deadline of April 1, 2019. impact on equity:
Further, SEBI vide its circular dated September 7, 2020,
Not Applicable.
notified March 31, 2021 as the cut-off date for receiving
re-lodged transfer deeds by the Company. In addition, the 12.12 Plant Locations:
shares that were being re-lodged for transfer (including those The Company has 145 Regional Offices, 43 Terminals, 35
request that are pending with the Company/RTA) be issued Depots, 56 LPG Bottling Plants, 5 Lube Blending Plants,
only in demat mode. 22022 Retail Outlets, 55 ASFs, 1638 SKO/LDO Dealers, 6349
LPG Distributors located all over the country.
Accordingly, w.e.f. April 01, 2021, the physical share transfer
requests were discontinued except the share transfer
12.13 List of all credit ratings along with any revisions thereto,
requests received on account of Transmission, Change of
for all debt instruments or any fixed deposit programme
Name and Name deletion.
or any scheme or proposal involving mobilization of
Activities relating to Share Transfers are carried out by M/s. funds, whether in India or abroad:
Link Intime India Pvt. Ltd. who is the Registrar and Transfer As of March 2024, the Corporation commands international
Agents of the Company and who has arrangements with the long term issuer rating of “Baa3” with “Stable” outlook
Depositories viz. National Securities Depository Limited and from Moody’s Investors Services, and “BBB-“ with “Stable”
Central Depository Services (India) Limited. The Transfers are outlook from Fitch Ratings. Both ratings are at par with
approved by the Share Transfer Committee. If the documents sovereign rating.
are correct and valid in all respects, share transfers are
The Corporation continues to command highest domestic
registered and Share Certificates/Letter of Confirmation are
rating for long term (“AAA” with “Stable” outlook) and short
dispatched within stipulated period from the date of receipt.
term (A1+) facilities from CRISIL, India Rating and Research
The number of shares transferred during the last two Private Limited and ICRA.
financial years:
2023-2024: 63,084 Shares

2022-2023: 70,300 Shares
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12.14 Address for Correspondence:
Registrar & Transfer Agent: Company’s Shares Department:

M/s. Link Intime India Pvt. Ltd. HINDUSTAN PETROLEUM CORPORATION LTD.
Unit: HINDUSTAN PETROLEUM CORPORATION LTD. Shares Department,
C-101, 247 Park, Lal Bahadur Shastri Marg, 2nd Floor, Petroleum House,
Vikhroli (West), 17, Jamshedji Tata Road,
Mumbai - 400 083 Churchgate, Mumbai - 400 020
Telephone No.: 022 - 49186000 Telephone Nos.: 022-22863201 / 3204
Fax No.: 022 - 49186060 Fax No.: 022 - 22874552 / 22841573
Email: [email protected] Email: [email protected]
12.15 Distribution Schedule as on March 31, 2024:
Physical Holding Dematerialised Holding Total Shareholding Percentage

No. of Shares No. of No. of No. of No. of
No. of Shares No. of Shares Shareholders Holding
Shareholders Shares Shareholders Shareholders
1-500 1652 397627 373343 27578778 374995 27976405 90.61 1.97
501-1000 2971 1915269 17718 13186777 20689 15102046 5.00 1.07
1001-5000 1089 1793298 14059 29025503 15148 30818801 3.66 2.17
5001-10000 14 91133 1448 10292571 1462 10383704 0.35 0.73
10001 & above 2 420209 1582 1333847180 1584 1334267389 0.38 94.06
Total 5728 4617536 408150 1413930809 413878 1418548345 100.00 100.00
12.16 Shareholding Pattern:
As on 31.03.2024 As on 31.03.2023
CATEGORY No. of Shares held % of total No. of Shares held % of total
Holders issued shares Holders issued shares
Oil and Natural Gas Corporation Ltd. 1 77,88,45,375 54.90 1 77,88,45,375 54.90
FPI (Includes OCBs, FII & Foreign Banks) 558 19,57,93,297 13.80 491 20,37,03,673 14.36
Mutual Funds (Includes Alternate Invest 211 21,93,74,025 15.47 178 19,05,81,178 13.43
Funds, Provident/Pension Funds)
Public (Individuals) 3,97,736 10,50,34,016 7.40 3,80,650 10,70,07,142 7.55
Insurance Companies 42 9,52,21,918 6.71 66 11,30,69,750 7.97
Other Bodies Corporate 1,638 1,30,36,046 0.92 1,352 1,23,80,204 0.88
Foreign Nationals (Includes NRI) 7,928 52,10,256 0.37 6,918 62,71,099 0.44
Financial Institutions (Includes NBFC) 17 1,08,648 0.01 14 61,097 0.00
Banks 7 21,009 0.00 4 559 0.00
Others 5,740 59,03,755 0.42 5,951 66,28,268 0.47
Total 413878 1,41,85,48,345 100.00 395625 1,41,85,48,345 100.00
13. Disclosures:
13.1 During the financial year 2023-2024, there were no materially significant related party transactions with Directors or their relatives
having potential conflict with the interest of the Company. Being a Government Company, all the Directors of HPCL are appointed by
the GoI. There is no relationship inter se among these Directors.
161
13.2 Policies & weblinks for accessing:
Sr.
Particulars Link
No.
1. As required under SEBI (LODR), the company has formulated a revised Policy on Materiality of Related Party LINK
Transactions and the same is hosted on the website of the Company. All the related party transactions
entered into during Financial Year 2023-2024 were approved by the Audit Committee/Board.
2. As required under Regulation 43A of the SEBI (LODR), the Company has formulated Dividend Distribution Policy LINK
and the same is hosted on the website of the Company.
3. The Company has a Whistleblower Policy in place and no person have been denied access to the Audit Committee. LINK
4. Policy for Determining Material Subsidiaries LINK
(As on March 31, 2024, the Company did not have any material subsidiary as per SEBI LODR.)
5. The company has framed “The Code for prohibition of Insider Trading in the Securities of HPCL”. LINK
6. The Company has Framed “Policy for dealing with unclaimed amount towards interest/ dividend/ redemption on LINK
listed non-convertible securities”
7. The Company has Framed “Policy for Determination of Materiality of Event/Information“ in compliance with LINK
Regulation 30 of the SEBI (LODR)
8. Trading Window Closure Period (FY2024-25):
Trading Window closure will be done during the FY 2024-25 effective April 01, 2024, July 01, 2024, October 01, 2024 and
January 01, 2025 till 48 hours after the date of Board Meeting which will be held to consider and approve the respective
Quarterly, Half yearly and Annual financial results.
13.3 Details of non-compliance by the Company, penalties, has made representations to the Stock Exchanges for
strictures imposed on the Company by stock exchange(s) condoning the delay and for waiver of the fine imposed by
or the board or any statutory authority, on any matter providing the necessary details. However, the response for
related to capital markets, during the last three years: waiver is awaited.
During Financial Year 2022-2023, with the appointment 13.4 The Company is complying with the various mandatory
of 2 Non-Independent Directors on the Board effective and non-mandatory Corporate Governance requirements
27-12-2022, the Company again became non-compliant envisaged under SEBI (LODR), and DPE Guidelines. With
of Regulation 17 (1) i.e. not having sufficient number of regard to appointment of required number of Independent
Independent Directors on the Board. This non-compliance Directors on the Board of HPCL, to comply with 17 (1) of
continued till 14-03-2023. the SEBI (LODR) and Clause 3.1.4.of the DPE Guidelines
on Corporate Governance, the Company has taken up the
In the current Financial Year 2023-24, Company was non-
same with MOP&NG.
compliant of the provisions of Regulation 17 (1) of SEBI
(LODR), 2015 i.e. not having required number of Independent 13.5 CEO /CFO Certification:
Directors on its Board from 01-05-2023. As against
requirement of 7 Independent Directors, Company was Chairman & Managing Director and Director (Finance) of the
having 6 Independent Directors. Company have given “CEO/CFO Certification” to the Board in
compliance of SEBI (LODR).
It may be noted that HPCL has received letters from BSE and
NSE informing levy of fine for non-compliance. In this regard 13.6 The Disclosure in compliance of relevant provisions of “The
the Company has requested the Stock Exchanges for waiver Sexual Harassment of Women at Workplace (Prevention,
of fine levied, as HPCL being a Government Company, the Prohibition and Redressal) Act, 2013” with respect to
power to appoint Directors (including Independent/Women complaints for Financial Year 2023-2024 is given below:
Director) and terms and conditions of appointments etc.
vests with GoI and such non-compliance is not due to any Number of Complaints filed during the 02
negligence/default by the Company. The waiver from BSE was Financial Year:
received for all Quarters except one quarter while the same is Number of Complaints disposed of 01
received for all the Quarters from NSE. The non-compliance during the Financial Year:
of provision of said Regulations has been reported by the Number of Complaints pending as on 01
Company in the quarterly Corporate Governance Reports end of the Financial Year:
filed during FY 2023-24.
13.7 In Compliance of Regulation 24A of SEBI (LODR), the Company
Further, the Company made delay in intimation to the has undertaken Secretarial Audit and Secretarial Audit Report
stock exchanges about the record date in accordance with given by a Practising Company Secretary, M/s.Ragini Chokshi
Regulation 60(2) of the SEBI (LODR), 2015. The Company & Company is annexed to the Directors’ Report.
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13.8 The Company has received a certificate from Shri Upendra The Company is exposed to various commodity price
Shukla, Practising Company Secretary that none of the risks such as variation in refining margins, i.e. the
Directors as on March 31, 2024 on the Board have been difference between refined product price and crude
debarred or disqualified from being appointed or continuing price, risk of reduction in inventory valuation due to
as Directors of Companies by SEBI, Ministry of Corporate price variation, risk of higher crude prices on crude
Affairs or any such Statutory Authorities. consumed as fuel in refining system and risk of price
variations on import of petroleum products, etc.
13.9 The recommendation made from time to time by the
Committees of the Board are broadly accepted by the Board. The Company assesses these risks and appropriate
hedging positions are executed using hedging
13.10 Total Fees paid by HPCL and its subsidiaries to respective instruments permitted under laws in India to monitor
Statutory Auditors of the Companies on Consolidated and manage risks.
basis is as follows:
The Company has a Board approved policy for the
2023-24 risk management covering the exposure towards
Type of Payment
(In J Crore) commodities, commodity risk and hedged exposure.
Audit Fees 0.89
2. Exposure to commodity and commodity risks faced
Other Services 1.07
throughout the year:
Reimbursement of expenses 0.07
A. Total estimated exposure of the Company to
13.11 The Board has taken on record the declaration and commodities price risk in INR:
confirmation submitted by the Independent Director under The value of total Inventory held by the Company
the Act and the SEBI (LODR), 2015 for Raw Material, Work in Process, Finished Goods
(including Stock in Trade) as on March 31, 2024 was
13.12 Disclosure regarding Commodity Price Risk and Hedging
J 32,975 crores. The Refinery margins for the Financial
activities:
Year 2023-24 was J 12,463 crore (approx.).
1. Company’s Risk management policy w.r.t.
commodities and its hedging:
B. Exposure of the Company to material commodities:
Exposure in % of such exposure hedged through

Exposure in Quantity commodity derivatives
INR towards
terms towards the
Commodity Name the particular International
particular commodity Domestic market
commodity* market Total
In MMT
J Crore OTC Exchange OTC Exchange
Refinery Margin 1,246 22.33 Nil Nil 2.35% Nil 2.35%
Inventory as on March 31, 2024 :
- Raw Material (mainly Crude) 679 0.95 Nil Nil Nil Nil Nil
- Work in progress 243 0.43 Nil Nil Nil Nil Nil
- Finished Goods (incl. Stock in 2,375 3.29 Nil Nil Nil Nil Nil
Trade)
*impact for each 10% variation in exposure has been given for the particular commodity
C. Commodity risks faced by the Company during the year and how it has been managed:
The primary commodity risk faced by the Company is the risk around price movement in Crude oil and refined products. Any
adverse movement in commodity prices may affect the margin. Similarly, any favorable movement in prices can also allow
margins to rise. Hedging activities are targeted to reduce uncertainties / volatilities in future cash flows.
13.13 Details of utilization of funds raised through preferential allotment or qualified institutions placement as specified under
Regulation 32(7A) : N.A.
13.14Disclosure by listed entity and its subsidiaries of ‘Loans and advances in the nature of loans to firms/companies in which directors
are interested by name and amount : Nil
163
13.15 Details of material subsidiaries of the listed entity; including the date and place of incorporation and the name and date of appointment
of the statutory auditors of such subsidiaries : No Material Subsidiary.
13.16 Particulars of Senior Management including the changes therein since the close of the previous financial year:
The details of Senior Management Team as on July 22, 2024 is already covered in the Annual Report. The changes in the Senior
Management which had happened during the period from April 01, 2023 till March 31, 2024 have already been intimated to
the Stock Exchanges from time to time. The following changes have occurred since the close of the financial year 2023-24 till
July 22, 2024 (date):
Sr.
Name Designation Reason
No.
1. Shri Narayanan H Iyer ED - Legal Superannuation
2. Shri V. Ratanraj ED (I/C) - Visakh Refinery Superannuation
3. Shri P. Veerabhadra Rao ED - Visakh Refinery Modernisation Project Superannuation
13.17 In terms of SEBI Regulations/Guidelines, the Company has met the requirement of raising 25% of its incremental borrowings during
FY 2022 and FY 2023 by way of issuance of debt securities. As a result of improved operational profits during FY 2024, the overall
borrowing requirement of the company was lower as compared to the previous year. During FY 2024, the company funded its
capital projects and working capital requirement predominantly through internal resources. As such, no debt securities were issued
during FY 2024.
14. Equity Shares in Unclaimed Suspense Account:

As per the provisions of Regulation 39(4) of the SEBI (LODR), 2015, the unclaimed shares certificates which were lying in the possession
of the Company were transferred into a special demat account held by the Company. This account is being held by the Company
purely on behalf of the shareholders entitled for these shares.
The status of equity shares lying in the unclaimed suspense account is given below:
Particulars No. of Shareholders No. of Equity

Shares held
Aggregate number of shareholders and the outstanding shares in the suspense 37 9,891
account lying at the beginning of the year;
Number of shareholders who approached listed entity for transfer of shares from - -
suspense account during the year;
Number of shareholders to whom shares were transferred from suspense account - -
during the year;
Aggregate number of shareholders and the outstanding shares in the suspense 37 9,891
account lying at the end of the year;
15. The Company has complied with the Corporate Governance requirements as specified in Regulations 17 to 27 and clauses (b) to (i)
of sub-regulations (2) of Regulation 46 to the extent applicable and except as disclosed.
16. The discretionary requirements as specified in Part E of Schedule II of SEBI (LODR) have been adopted to the extent practicable.
17. Information disclosed under clause 5A of paragraph A of Part A of Schedule III of SEBI (LODR) : No such Agreements
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DECLARATION OF THE CHAIRMAN & MANAGING DIRECTOR:

This is to certify that the Company has laid down Code of Conduct for all Board Members and Senior Management of the Company
and the same is uploaded on the website of the Company www.hindustanpetroleum.com
Further, it is certified that the Board of Directors and Senior Management Personnel have affirmed and having complied with Code
as applicable to them during the Financial Year ended March 31, 2024.
Pushp Kumar Joshi

Chairman & Managing Director
165
COMPLIANCE CERTIFICATE IN CORPORATE GOVERNANCE UNDER SEBI (LISTING OBLIGATIONS AND DISCLOSURE
REQUIREMENTS) REGULATIONS, 2015
To,
The Members of
We have examined the compliance of conditions of Corporate Governance by Hindustan Petroleum Corporation Limited (the Company)
for the financial year ended on March 31, 2024, as stipulated in Regulations 17 to 27 and clauses (b) to (i) of Regulation46 (2) and
paragraphs C and D of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, asamended (SEBI
LODR) and the Guidelines on Corporate Governance for Central Public Sector Enterprises (Guidelines) as issued bythe Department of
Public Enterprises (DPE).
The compliance of conditions of Corporate Governance is the responsibility of the Management. Our examination, as carried out
inaccordance with the Guidance Note on Certification of Corporate Governance issued by the Institute of the Company Secretaries ofIndia
(the ICSI), was limited to procedures and implementation thereof, adopted by the Company for ensuring the compliance ofthe conditions
of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
Based on our examination of the relevant records and in our opinion and to the best of our information and according to theexplanations
given to us, we certify that the Company has complied with the conditions of Corporate Governance as stipulated inRegulations 17 to 27
and clauses (b) to (i) of Regulation 46(2) and Paragraphs C and D of Schedule V to the SEBI LODR for the financialyear ended March 31,
2024 as well as the Guidelines issued by the DPE subject to the following:
he Company was unable to adhere to the requirements outlined in Regulation 17(1) of SEBI LODR, 2015, regarding having required
T
number of Independent Directors on its Board from 01-05-2023 to 31-03-2024. However, the Company being a Government
Company, the power to appoint Directors, including Independent Directors, vests with GOI.
egulation 60(2) of the SEBI LODR, 2015, requires advance intimation i.e. at least prior seven working days about the record date
R
on payment of Interest on NCD to the stock exchanges. During the Year, the Company has complied with this requirement except
a slight delay on one of the occasion. Since, this was pointed out by the Stock Exchanges for levy of fine, the Company made
representation to the Stock Exchanges for condoning the delay and waiver of fine. Reply is awaited.
We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency oreffectiveness
with which the Management has conducted the affairs of the Company.
For Ragini Chokshi & Co.
Ragini Chokshi
Partner
FCS: 2390
CP No.: 1436
Date: 04.06.2024 PR Certificate No.: 659/2020
Place: Mumbai UDIN: F002390F000529224
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Statutory Reports Management Discussion & Analysis Report 2023-24
Management Discussion & Analysis

Report 2023-24
A. BUSINESS ENVIRONMENT & OUTLOOK
Economic Backdrop
In 2023, the global economy grew by 3.2% in real terms, demonstrating resilient growth as global inflation descended from its
peak and economic activities grew steadily throughout the year. The expectations of global output have remained rosier than
earlier forecasts, with key economies holding well. Growth in employment and incomes has held steady as favourable demand
and supply developments have supported major economies, despite rising central bank interest rates aimed at restoring price
stability. Advanced economies collectively saw GDP forecast upgrades, boosted by the sturdiness of the US economy, where pent-up
savings and a strong labour market kept demand ebullient. This offset the slack growth seen in Europe, though it too seems to have
escaped the worst.
World Output (% Y/Y) Region Wise Output (% Y/Y)
8 Region CY22 CY23

3.3 3.8 3.6 2.8 6.5 3.5 3.2
World 3.5 3.2
6
Advanced Economies 2.6 1.6
US 5.8 2.5
Euro Area 3.4 0.4
4 Japan 1.0 1.9
Emerging Markets 4.1 4.3
2 China 3.0 5.2
S. Africa 1.9 0.6
Brazil 3.0 2.9
0
-2
-2.7
-4
CY16 CY17 CY18 CY19 CY20 CY21 CY22 CY23
Source: IMF WEO April, 2024
Amidst the mellow global growth narrative, India stands demand and the government’s thrust on infrastructure.
out and is set to be the fastest-growing major economy The digital revolution, economic upliftment measures for
for the third consecutive year. India's growth continues the most vulnerable sections of society, the development of
to be resilient, with real GDP estimated to grow by 8.2% in niche and complex manufacturing sectors and supportive
2023-24 on the back of strong domestic consumption and infrastructure were the anchors of positive growth.
investments. Growth is broad-based, with advances in the
India – Real GDP (Y/Y)
industrial sector complementing the services sector, which
has grown by leaps and bounds. 4.9% 9.7% 7.0% 8.2%
The prime mover of growth has been government capital

expenditure, and this has led to gross fixed capital formation FY21
(GFCF) to attain new highs. On the supply side, manufacturing FY20 FY22 FY23 FY24PE
activity strengthened further, benefiting from lower input
-5.8%
costs and improvements in global supply chains. Construction
activity remained firm on the back of buoyant housing Source: MoSPI; FY24PE is Provisional Estimate
167
Consumer Price Index (CPI) (Y/Y) CPI: Fuel (Y/Y)
12%
8% 8%
7% 4%
6% 0%
5% -4%
4%
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Source: MOSPI (as per release on 13 May'24)
Further, fiscal policy has been ably supported by a consistent statement reinforced its importance as a transition fuel,
monetary policy. Inflation is now lower than peaks and on reinvigorating efforts to maintain such assets. As pandemic
a decline. Macroeconomic stability and an investment-led restrictions loosened and economic activity returned, China
strategy supported resilient domestic demand and a high regained its position as the world’s largest LNG importer
level of public spending. While global challenges persist, India as natural gas demand grew by 7%. In contrast, natural gas
remains one of the world's fastest-growing economies. consumption in Europe fell by 7%, reaching its lowest level
since 1994. This decline was compounded by the rapid
Energy Scenario expansion of renewables and an increased availability of
nuclear power weighing on natural gas demand in both
Global energy consumption grew by 2% y-o-y in 2023 amid
Europe and mature markets in Asia.
high energy prices and extreme weather events, which forced
many countries to revert to fossil fuels, impacting the green India, the most populous country in the world and a fast-
energy transition. The global annual growth in electricity growing economy has seen its energy demand increase
demand in 2023 has been slightly eased to 2.5% due to rapidly as the country continues to urbanize and the
reduced consumption in advanced economies. manufacturing sector develops. The growing demand is met
through various energy sources, with coal set to remain the
Global coal usage likely reached an unsurpassed high largest source of energy supply. India’s coal demand remains
in 2023, by about 1.6% in 2023, due to strong demand in strong, increasing by 9.8% in 2023.
emerging and developing countries such as India and
China. The consumption growth in India and China in 2023 The country's oil demand continued to grow in 2023, reaching
was underpinned by rising electricity demand and weak approximately 5.4 million b/d due to robust growth in
petroleum product consumption. India's natural gas demand
hydropower output.
rose to about 63 billion cubic meters in 2023 with growth
Globally, oil demand increased to pre-pandemic levels in primarily driven by the petrochemical, power generation,
2023 by about 2.5 million b/d, recording 100.2 million b/d refinery and industrial sectors. Liquefied Natural Gas (LNG)
in 2023, recovering from the lows during COVID-19 period. imports rose by 9% in the year to 31 billion cubic meters,
The growth in oil demand is supported by ongoing global with the Country’s import dependency at ~44% of its natural
economic growth, especially in the recovery of tourism, air gas consumption.
travel and mobility.
International Crude Oil market
The global gas demand remains mostly flat, grew by an Crude oil prices exhibited lesser volatility during the year
estimated 0.02% in 2023 as growth in China, North America than in the previous year's crude prices. The benchmark
and gas-rich countries in Africa and the Middle East was crude prices averaged US$ 83.1 per barrel during the year,
partially offset by declines in other regions. Natural gas is against the backdrop of geopolitical activities stemming
a fuel of immense importance globally. Recent dialogue on from various regions. The benchmark crude prices ranged
energy security has largely focused on its comparatively between US$ 74.7 per barrel in June 2023 and peaked
lower pollution levels relative to other fossil fuels. The COP28 at US$ 94.0 per barrel in September 2023. The voluntary
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reduction of crude oil production by OPEC and its allies market's optimism, contributing to a further rally in prices in
supported the crude oil prices throughout the year and September 2023.
increased global spare crude oil production capacity. The
surplus crude oil production capacity served as a buffer In Q3 2023-24, the price of Brent crude oil started on a
against price fluctuation, contributing to an optimistic outlook downward trajectory, averaging at US$ 84.0 per barrel.
amidst continued geopolitical conflicts. October 2023 saw a temporary rise in the monthly average
to US$ 91.0 per barrel, followed by a decline to US$ 83.2
Dated Brent Crude Oil Price (US$ per barrel) per barrel in November 2023. December 2023 marked the
130.0 lowest of the quarter, with the average price plummeting to
120.0 US$ 77.9 per barrel.
110.0 The Israel-Palestine conflict added a risk premium in crude

Price ($/bbl)
100.0 oil prices and hence prices stayed above US$ 90 per barrel in
90.0 October 2023, only the second time it happened in 2023-24.
Afterward, prices fell because of lower demand and a rise in
80.0
crude oil supplies from countries like the US, Canada, Guyana,
70.0
and Brazil. This led to a build-up of crude oil inventory, putting
60.0
pressure on oil prices. By early December 2023, crude prices
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
hit a six-month low due to reduced geopolitical tensions.
2021-22 2022-23 2023-24 The price of oil was also affected by uncertainty about
whether OPEC+ would keep reducing oil production in 2024.
The quarter-wise trends are as under:
However, towards the end of December 2023, prices went up
Crude oil prices exhibited fluctuations during Q1 2023-24. In again because OPEC+ decided to make even bigger cuts to
April 2023, the monthly average price at US$ 84.9 per barrel, oil production.
supported by OPEC and its allied nations agreeing to reduce
Crude prices recovered in Q4 2023-24, ascent gradually
crude oil production. However, prices declined steadily in
to an average crude price of US$ 83.2 per barrel driven by
May 2023 to a monthly average of US$ 75.6 per barrel and
favourable market dynamics. In January 2024, the price of
further dropped to US$ 74.7 per barrel in June 2023.
Crude oil averaged US$ 80.3 per barrel, an uptick from the
The drop in prices during May 2023 was influenced by US$ 77.9 per barrel recorded in December 2023. Subsequent
global macroeconomic conditions and an increase in the months saw a continued upward trajectory, reaching US$
US Federal Reserve's interest rate to a 23-year high of 5% 83.9 per barrel in February 2024 and US$ 85.5 per barrel
to 5.25%. Additionally, concerns about a global financial in March 2024.
contagion due to US bank failures, starting with Silicon Valley
Bank, contributed to the pressure on crude prices. In June Crude Oil Prices for FY 2023-24 (US$ per barrel)
2023, Saudi Arabia announced a voluntary cut of 1 million
barrels per day to its crude oil production. This decision 88.0 2.00
helped set a positive tone for prices to potentially rise in the 86.0 1.75
following quarter. 84.0 1.50
82.0 1.25
In Q2 2023-24, crude oil prices saw a steady rise, reaching an
80.0 1.00
average of US$ 86.8 per barrel, the highest for the year. This
upward trend continued throughout the three months, with 78.0 0.75
July monthly average at US$ 80.1 per barrel, August at US$ 76.0 0.50
86.2 per barrel, and September hitting the highest monthly 74.0 0.25
average of US$ 94.0 per barrel. 72.0 0.00
Q1 Q2 Q3 Q4
The market found support from strong economic factors
in the US, signalling a positive outlook and the potential Dated Brent Dubai Brent-Dubai Differential (Right Axis)
for interest rate cuts by the Federal Reserve. Additionally,

robust GDP growth in China for Q1 2023-24, boosted A pivotal factor contributing to this upward trend was the
expectations for increased oil demand from the nation in disruption in maritime activities in the Red Sea shipping
2023. Geopolitical tensions also played a role in supporting
channels, alongside a notable decrease in cargo movement
prices. Specifically, disruption in crude loadings in the Black
through the Suez Canal. The concerns regarding geopolitical
Sea during August 2023 influenced oil prices. Furthermore,
Saudi Arabia and Russia’s decision to extend their voluntary stability in the Middle East subsequently exerted a risk
crude oil production cuts until the end of 2023 added to the premium on crude prices, taking crude prices to higher
169
levels. In March 2024, the OPEC+ group announced an quarter average margins in 2021-22. This decline was primarily
extension of their voluntary production cuts until the end of driven by lower margins for Gasoil and Naphtha during the
2024. This decision helped to boost crude prices significantly, period. Lower petrochemical demand in Q1 2023-24 resulted
as it signifies anticipation of tightening oil supply, thereby in weaker Naphtha margins, as it serves as a crucial feedstock
facilitating a reduction in global oil inventories. The anticipated for steam crackers, which in turn yield various petrochemical
prospective reduction of interest rates by the US Federal derivatives. Gasoline margins remained settled at US$ 12.1
Reserve during the fourth quarter of 2023 and the first per barrel due to heightened demand in Asia and lower
quarter of 2024, also contributed to support crude oil prices. inventories in the US. However, Gasoil margins recorded a
16-month low of US$ 15.3 per barrel in April 2023 due to
Indian Crude Oil Basket increased supply from Asian refineries post-turnaround
The average price of the Indian crude oil basket stood at US$ season and subdued economic conditions in Europe.
82.5 per barrel during 2023-24. In April 2023, the OPEC+ Furthermore, expectations of elevated supplies from Kuwait's
producer group announced a reduction in their crude oil Al-Zour refinery contributed to a notable decline in margins
production, which lifted sour crude prices in comparison for Very Low Sulphur Fuel Oil during Q1 2023-24. Conversely,
to sweet crudes. This resulted in the Indian crude basket High Sulphur Fuel Oil 180CST margins improved to US$ -8.7
prices settling at US$ 74.9 per barrel in June 2023. Overall, per barrel from US$ -16.3 per barrel in Q4 2022-23, driven by
demand from independent refiners in China for feedstock in
in Q1 2023-24, the Indian crude basket price averaged US$
their secondary refining units.
77.9 per barrel.
During Q2 2023-24, Singapore refinery margins surged to
During Q2 2023-24, prices rose to US$ 86.8 per barrel, aided
their highest level of the year, reaching US$ 9.5 per barrel.
by tighter supplies as Saudi Arabia and Russia extended their
The improvement in margins during the quarter was driven
voluntary crude oil production cuts. The majority of these
by stronger middle distillate and fuel oil margins. Singapore
voluntary crude oil production cuts were made by sour (high
Gasoil margins averaged US$ 28.8 per barrel, the highest
Sulphur) crude oil producing countries, leading to higher
for the year, with the peak monthly average of US$ 32.9 per
prices for sour crudes than sweet (low Sulphur) crudes in July
barrel recorded in August 2023. This strength was primarily
and August 2023.
attributed to unplanned refinery outages across Asia, Europe,
In Q3 2023-24, Indian basket crude oil prices fell, averaging and America during the summer, caused by heat waves that
US$ 83.7 per barrel. This decline was attributed to the disrupted refinery operations and reduced fuel supplies.
reduction in global crude oil benchmarks, challenging global Additionally, delays in the Chinese government's release
macroeconomic conditions, and concerns about oil demand of export quotas for refined products further constrained
growth for the year. Prices saw a slight rebound towards the exports from the nation which supported Gasoil margins.
end of the quarter due to renewed geopolitical concerns in Jet Fuel margins also saw support from the recovery in
international travel demand. Singapore refinery margins
the Red Sea shipping lanes.
reached their highest monthly average of US$ 12.6 per barrel,
During Q4 2023-24, prices continued to rise consecutively for driven by a surge in High Sulphur Fuel Oil margins, which
all three months, settling at US$ 81.8 per barrel. This increase reached a 16-month high of US$-1.3 per barrel. This increase
was driven by curtailed supplies resulting from the extension was influenced by OPEC+ members extending production
of crude oil production cuts by the OPEC+ group. Additionally, cuts, resulting in a reduction in High Sulphur heavy crude
sustained geopolitical disruptions and the associated risk of production and boosting HSFO margins. Furthermore,
a widespread escalation also contributed to keeping Indian seasonal demand from power and utility firms contributed to
crude oil basket prices elevated during the quarter. the rise in HSFO margins. Gasoline margins remained robust
at US$ 13.2 per barrel, supported by strong seasonal travel
Benchmark refining margins demand in the US and Europe. However, Naphtha margins
Refinery margins moderated in 2023-24, following a plummeted to US$-17.9 per barrel due to market oversupply
period of unprecedented highs in 2022-23. The Singapore and poor downstream petrochemical product margins,
leading to reduced demand for Naphtha as a feedstock.
benchmark refinery margin averaged US$ 6.6 per barrel
for 2023-24. Despite geopolitical uncertainties and conflicts In October 2023, Singapore refinery margins saw a sharp
throughout the year, coupled with volatile refinery margins, decline to a 5-month low of US$ 3.9 per barrel. This drop
product margins failed to attain the levels observed in the was attributed to refineries returning to operation after
preceding year. maintenance during the end of October and November
2023, which increased fuel supplies and pressured margins.
The quarter-wise trends are as under:
Gasoline margins also fell to a 12-month low of US$ 4.0 per
During Q1 2023-24, Singapore refining margins settled at barrel in October 2023 due to reduced margins in the US and
US$ 4.0 per barrel, marking the lowest since the second Europe from decreased demand after the summer driving
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Annual
72nd Report
season. However, Naphtha margins improved significantly in Q3 2023-24 to US$ 13.3 per barrel in the last quarter.
during the quarter, reaching US$ -5.0 per barrel in December The rise in Gasoline margins was primarily due to a series
2023 compared to US$ -19.5 per barrel in October 2023. of unexpected shutdowns in Asian refineries, including
This improvement was driven by supply constraints in Petronas’ PIC refinery in Malaysia (RAPID), Thaioil’s Sriracha
the Asian region caused by the rerouting of Russian and refinery in Thailand, and other refineries in Japan and
European Naphtha flows to Asia due to maritime disruptions Australia. Additionally, strong driving demand in the USA and
in the Red Sea. limited supplies resulting from refinery shutdowns caused by
a winter storm further boosted margins. Escalating tensions
During Q3 2023-24, gasoil margins traded lower due to in the Red Sea, following an attack on maritime vessels, led
higher supplies in Asia. This increase in supply resulted from to a significant rerouting of traffic away from the Suez Canal
the Chinese government allowing state refiners to convert to the Cape of Good Hope in Africa. This increased voyage
3 million metric tons of export quotas for Very Low Sulphur times for most clean products by around 15 days and led to
Fuel Oil (VLSFO) into clean fuels in December 2023, which a surge in clean tanker freight rates in all regions. As a result,
supported higher diesel exports. refined product prices strengthened, improving margins for
all products. In Q4 of 2023-24, Naphtha margins improved
Jet fuel margins saw a smaller decrease in Q3, as they were from US$-10.3 per barrel in Q3 2023-24 to US$-5.0 per
supported by strong travel demand during the festive period barrel. The unplanned refinery outages due to the conflict
in Asia (October 2023) and year-end holidays in Western between Russia and Ukraine resulted increase in Naphtha
nations. Margins for High Sulphur Fuel Oil improved during Margins as Russia is a major exporter of Naphtha to Asia.
the quarter, settling at US$-8.5 per barrel in December 2023 Margins for High Sulphur Fuel Oil also improved quarter-
compared to US$-13.5 per barrel in October 2023. This on-quarter, averaging at US$ -9.7 per barrel in Q4 2023-24
improvement was attributed to shipping disruptions in the compared to US$ -11.0 per barrel in Q3 2023-24. Margins
Red Sea, which resulted in longer voyages and increased for Gasoil declined during the quarter, falling from US$ 25.6
expectations of higher demand for bunker fuel to cover the per barrel in February 2024 to a 9-month low of US$ 19.7
additional miles travelled. per barrel. This decline was attributed to a build-up of Gasoil
inventories in the Asian region, as the economics for moving
During Q4 2023-24, Singapore refinery margins rebounded, the product to Western markets became unfavourable due
averaging US$ 7.3 per barrel compared to US$ 5.5 per to higher clean tanker freight rates caused by disruptions in
barrel in the previous quarter. This improvement was mainly the Suez Canal, leading vessels to use longer routes via the
driven by a rise in Gasoline margins from US$ 7.6 per barrel Cape of Good Hope.
Singapore Refined Product Margins against Dubai crude

FY 2023-24 (US$ per barrel)
30.0
25.0
20.0
15.0
10.0
5.0
0.0
-5.0
-10.0
-15.0
-20.0
Naphtha Margin Petrol Margin Diesel Margin High Sulphur
Fuel Oil Margin
Q1 Q2 Q3 Q4
171
Consumption of Petroleum Products With 6.5 MMT volume in 2023-24, consumption of FO/
LSHS exhibited a decline. The degrowth is attributed to FO
The consumption of petroleum products in India witnessed
a robust growth of 5% in 2023-24, with a volume of 234 substitution with lower-emission fuels like natural gas. Lubes
million metric tons (MMT), up from the previous year's & grease consumption registered a growth of 9.4% and
volume of 223 MMT. reached a 4 MMT level in 2023-24. Consumption of Superior
Kerosene Oil (SKO) continued to decline, with a 2.1% decline
Major petroleum products, namely Diesel (HSD), Petrol (MS), over the previous year. SKO is primarily consumed by low-
LPG and Jet Fuel (ATF) recorded resolute growth during income households and distributed through the Public
2023-24. During the year, petrol consumption reached a Distribution System (PDS). Nearly seventeen states/Union
decadal high of 37 MMT, up 6.4% from the previous year's Territories have voluntarily surrendered the PDS kerosene
consumption. The increase in vehicle ownership, economic quota, resulting in a decline in consumption.
momentum at an accelerated pace, festivities, and buoyant
vehicle sales lifted the demand for petrol during the year. Outlook
The global economy demonstrated remarkable resilience in
Diesel accounted for approximately 38% of the country's
2023 on the back of global disinflation and steady growth
total petroleum product consumption. During the year,
in economic activities. Economies around the world are
diesel consumption totalled 90 MMT, a 4.3% increase over
performing better than expected, providing a strong bedrock
the previous year. The growth in the overall economy and
for the year ahead. Inflation is expected to come down
agricultural activities, the revival of the hospitality industry,
significantly worldwide. The projected growth of the world
and momentum in industrial & mining activities propelled the
economy is expected to remain at 3.2% in 2024 and 2025
growth in diesel consumption.
and is anticipated to persist at the same rate as in 2023.
In 2023-24, LPG, the country's primary cooking fuel, accounted
The projections indicate that the Indian economy will grow at
for about 13% of petroleum product consumption. LPG
7.2% in real terms for the financial year 2024-25, continuing
consumption experienced 4.1% growth over the past year,
to be the strongest in terms of growth among major world
reaching the 30 MMT mark. The residential demand for LPG,
economies. The growth is to be bolstered by robust agricultural
which forms the bulk of LPG demand, increased due to the
performance, government-driven capital expenditure, above-
Pradhan Mantri Ujjwala Yojana extended scheme (PMUY 2.0)
trend capacity utilization in manufacturing, double-digit credit
and various state schemes. The product has consistently
growth, and healthier corporate and bank balance sheets.
grown over time, with a CAGR of 6% in ten years.
However, external factors like slowing global growth, the drag
During the year, ATF consumption recorded a volume of over from exports and geopolitical risks, and climate shocks may
8 MMT, representing a double-digit growth of 11.8% over the weigh heavily on the outlook.
previous year. The growth in ATF consumption is attributed
to an increase in tourism, improved airport infrastructure, The global energy landscape is witnessing a paradigm shift
an upsurge in international passengers traveling to the due to the rise in electrification, changes in the mobility
country, and so on. sector, and the increasing share of renewables in the energy
mix. India surpassed China to become the world’s most
Bitumen demand grew by 9.5%, reaching a volume of 9 populous country in 2023, with a population of over 1.42
MMT, mainly due to road construction activities. National billion. As the fastest-growing economy in the world, aided
highway construction in 2023-24 recorded around 12,300 by benign demographics, India is projected to witness an
km, compared to ~10,300 km in 2022-23, contributing to the exponential increase in total energy consumption. Between
major growth in bitumen sales. 2022 and 2050, India is poised to see the world's largest
growth in energy demand.
Naphtha, a building block of petrochemicals, accounts for
6% of total petroleum product demand. Over the past year, World oil demand is projected to increase by about 1.2 million
consumption of Naphtha increased by 13.9%, reaching b/d y-o-y in 2024. Most of the liquid fuel demand is expected
14 MMT. The demand for the product as feedstock in the from non-OECD Asia, primarily led by China and India’s fuel
country's petrochemical units is responsible for the double- consumption. Global oil production is also expected to grow
digit growth. The pet coke consumption surged by 10.8% to at a slower pace in 2024.
20 MMT during the year due to increased feedstock demand
from select industries like chemical, carbide, gasification, The oil demand in India is set to increase and contribute
etc. Light Diesel Oil (LDO) consumption registered a growth significantly to India’s energy mix, with demand expected
of 7.8% with a volume of 0.8 MMT over the previous year's to reach 5.6 million b/d in 2024. Propelled by urbanization,
volumes due to an increase in LDO consumption in the power industrialization, and the emergence of a wealthier middle-
sector and the substitution of FO, which has been banned in class keen on mobility and tourism, India is expected to exhibit
many parts of the country. the largest global oil demand growth between 2024 and 2030.
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Annual
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India’s oil demand is expected to post an increase of almost Globally, there is an increasing focus on energy transition,
1.2 million b/d by 2030. India's ambitious goal of expanding driven by the need to address climate change, advancements
road connectivity, manufacturing, and construction activities in clean energy technologies, concerns about energy security,
and meet international climate commitments. Given India’s
is expected to support economic growth and further drive oil
unique position as a rapidly developing economy with
consumption in India.
significant dependency on fossil fuels, there will be a need for
a just, orderly, and equitable transition to a low-carbon future.
Natural gas demand in India is expected to increase by 6%
This entails ensuring both the accessibility and affordability
in 2024, mainly supported by higher gas use in industry
of energy while progressing towards more environmentally
(including the fertilizer sector) and stronger gas burn in the friendly solutions. There is ample opportunity within the
power sector amid the development of its national pipeline India’s energy transition for traditional and greener energy
grid and city gas infrastructure. sources to coexist harmoniously.
B. FINANCIAL PERFORMANCE
The Corporation has reported stellar financial performance with a standalone Profit After Tax (PAT) of H 14,694 Crore for 2023-24
compared to a Net loss of H 8,974 Crore during the previous year.
Rating as of Outlook as of
Instrument Rating Agency Remark
22 nd
July, 2024 22nd July, 2024
International Long-Term Rating / USD Moody’s Baa3 Stable At par with India’s sovereign rating
Bond rating
International Long-Term Rating / USD Fitch BBB- Stable At par with India’s sovereign rating
Bond rating
Long Term Debt CRISIL AAA Stable Highest rating grade by CRISIL
Long Term Debt India Ratings AAA Stable Highest rating grade by India
Ratings
Long Term Debt ICRA AAA Stable Highest rating grade by ICRA
Gross Sales Asset Monetisation

Gross sales of the Corporation (inclusive of excise duty) in In line with Ministry approved Asset Monetisation plan
the financial year 2023-24 was H 4,59,815 Crore as compared through securitization of future cash flows from retail outlets
to H 4,64,684 Crore in the financial year 2022-23. The total (Securitization of receivables) for 2023-24, HPCL completed the
sale of products for 2023-24 was 46.82 MMT as against 43.45 monetisation plan and mobilised funds amount of H 1453.50
MMT for 2022-23. Crore through securitization of future cash flows of retail outlet
during 2023-24.
Profit before Tax
Depreciation and Amortization
The Corporation has reported a Profit before Tax (PBT) of H 19,153
Crore in 2023-24 as compared to loss before tax of H 11,915 Depreciation for 2023-24 was H 5,552 Crore as against H 4,330
Crore in 2022-23. Crore for 2022-23.
Provision for Taxation Borrowings

Income tax expenditures of H 4,459 Crore have been reported The total Borrowings of the Corporation were H 60,254 Crore
for 2023-24, as against income tax expenses of H (2,941) as of 31st March, 2024, compared to H 64,517 Crore as of
Crore for 2022-23. 31st March, 2023. Long-term borrowings were through Non-
Convertible Debentures (NCDs), Foreign Currency bonds,
Profit after Tax
Loans from foreign banks, Oil Industry Development Board
The Corporation reported Profit After Tax (PAT) of H 14,694 (OIDB) and term loans from banks. Short-term borrowings
Crore during 2023-24 as compared to net loss after tax of during the year were mainly through short-term Rupee loans
H 8,974 Crore during 2022-23. from banks, Collateralized Borrowing and Lending Obligations
173
(CBLO)/ Tri-partite Repo System (TREPS) and a Revolving line Key Financial Ratios
of Credit. The long-term debt-to-equity ratio stands at 1.06
Key financial ratios for the Corporation are provided as follows:
as of 31st March, 2024 as against 1.80 as of 31st March, 2023
and on an overall borrowing basis (long-term and short-term)
Ratio Description 2023-24 2022-23
the debt-to-equity ratio stands at 1.47 as on 31st March, 2024
as against 2.33 as on 31st March, 2023 Debtors Turnover Ratio (times) 56.98 70.68
Inventory Turnover Ratio 14.53 14.37
Capital Assets (times)
Interest Service Coverage Ratio 6.92 (1.45)
Net fixed assets (including capital work in progress) increased (Times)
to H 95,501 Crore as of 31st March, 2024 from H 90,392 Crore Current Ratio 0.61 0.59
as of 31st March, 2023. Long-term Debt Equity Ratio 1.06 1.80
Investments
C. STRATEGY
Investments as of 31st March, 2024 were H 25,678 Crore as
compared to H 21,211 Crore as of 31st March, 2023. The five-year strategy roadmap to 2025-26, christened the
‘T25 Strategy’, is currently being implemented. The ‘T25
Gross Refining Margins (GRMs) strategy’ serves as a roadmap that guides the organization’s
overall direction and actions, enabling it to achieve its
The Gross Refining Margin (Gross of Export Cess) for HPCL
objectives efficiently while navigating challenges and seizing
averaged US$ 9.08 per barrel for 2023-24, as against US$
opportunities in the ever-changing business environment.
12.09 per barrel for 2022-23.
The T25 Strategy aims at creating value and delivering growth
The Mumbai Refinery's Gross Refining Margin (Gross of
responsibly by strengthening existing businesses, leveraging
Export Cess) averaged US$10.35 per barrel for 2023-24, as
new growth engines such as petrochemicals and natural
against US$14.82 per barrel for 2022-23.
gas, and seizing green and emerging opportunities with a
The Gross Refining Margin of Visakh Refinery (Gross of Export focus on technology and innovation. Special emphasis on
Cess) averaged US$ 8.12 per barrel for 2023-24, as against Environmental, Social, and Governance (ESG) parameters
US$ 9.20 per barrel for 2022-23. and building strategic partnerships will provide a competitive
edge to the organization in the changing business landscape.
Earnings per Share (EPS)
The organization is on track with implementing various
Earnings per share for 2023-24 are H 103.58 compared to initiatives as envisaged in the strategic roadmap. The capacity
negative H 63.26 for 2022-23. of the Visakh and Mumbai refineries has been expanded,
alongside the expansion of supply & distribution network to
Bonus Share
ensure the evacuation of the products from the refineries.
The Corporation, after the approval of the Board of Directors On the customer touch point side, HPCL has the country’s
in their meeting dated 9th May, 2024 and pursuant to the second-largest retail outlet network. HPCL participates in the
approval of shareholders through postal ballot, has issued entire value chain of the natural gas business by setting up
bonus shares in the ratio of 1:2 i.e., one bonus equity share an LNG import and regasification terminal through a 100%
of H 10 each for every two existing equity shares of H 10 subsidiary, participating in natural gas pipelines through
each fully paid up. joint ventures, and expanding its presence in the CGD
business. The commissioning of the newly built LNG import
Dividend terminal by a 100% subsidiary of HPCL will ensure greater
availability of natural gas to meet market demands. Large-
The Board of Directors, after taking into account the Financial
scale investments are underway to build petrochemical
Results of the Corporation, has recommended a final dividend
manufacturing capacities through the joint venture route.
of H 16.50 per equity share having a face value of H 10 each
Leveraging the ‘HP DURAPOL’ brand, the presence in
(pre-Bonus), which translates into a final dividend of H 11.00
petrochemical marketing has been further expanded. A
per equity share (post-Bonus) for the financial year 2023-24.
separate Strategic Business Unit (SBU) has been formed to
During the year, the Board, in its meeting dated 25th January, have enhanced focus & effective operations for handling
2024 declared Interim dividend of H 15 per equity share. the petrochemicals.
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Annual
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HPCL is seizing green and emerging opportunities by D. INTEGRATED MARGIN MANAGEMENT

expanding footprints in advanced/alternative fuels. To expand
The Integrated Margin Management (IMM) group operates
footprints in green and alternate fuels, a wholly-owned
to enhance Net Corporate Realization (NCR) by planning and
subsidiary for green businesses named ‘HP Renewable and
optimizing end-to-end supply chain logistics from crude oil
Green Energy Limited’ has been incorporated in 2023-24.
to customers and aligning various strategic business units to
Expansion in renewables is being done on an aggressive scale
through the solarization of retail outlets, enhanced usage a common corporate goal. IMM continued its efforts during
of renewable power to meet the operational requirements 2023-24 to drive HPCL’s planning operations to enhance net
of refineries, setting up of infrastructure for power import corporate realization.
at both refineries, etc. In biofuels, the operations of the
IMM capitalized on margin improvement opportunities by
first Compressed Bio Gas (CBG) plant set up at Budaun in
optimally planning the processing of crude grades, new
Uttar Pradesh have been stabilized. The 2G ethanol plant at
crudes, and opportunity crudes, all of which are available at
Bathinda (Punjab) is in an advanced stage of completion. For
competitive rates at both HPCL refineries. With meticulous
alternative fuels and energy storage, new avenues of value
creation in the electric vehicle (EV) ecosystem, including planning and constraint resolution, HPCL refineries achieved
battery swapping and energy storage solutions, are being the highest-ever crude throughput of 22.33 MMT during the
explored in collaboration with various technology start- year. Overall value realization was enhanced with a focus
ups, OEMs, etc. The vast network of HPCL retail outlets is on increased production, sales of higher-value products,
being leveraged while foraying into emerging opportunities, improvement in demand forecast accuracy, and introduction
including non-fuel and adjacent business opportunities. of new niche products such as 500 N LVI, De-aromatized
solvents, Bunker FO 220 CST, etc. Through meticulous
HPCL continues to adopt new technologies for the digital planning, IMM enabled the highest-ever cross-country
transformation of business on the back of a curated digital pipeline throughput, thereby enhancing asset utilization.
strategy. The transformation is driven by the need to adapt
to the digital age, stay competitive, and meet the evolving The IMM group drives various margin improvement ideas
expectations of customers and stakeholders. To achieve generated across the Corporation through a structured
greater business flexibility, higher digital agility, and enhanced Initiative Management Office (IMO) known as ‘Idea Junction,’
efficiencies, modernization project of the existing ERP system which tracks the execution of these ideas and key focus
has been completed. The Company continued its emphasis areas. During 2023–24, Idea Junction crossed the milestone
on innovation for improvement in offerings, enhancement of receiving 26,000 ideas with a cumulative employee
in productivity, and the introduction of new products. The participation rate of 68%. The group ran monthly theme-
‘HP Green R&D Centre’s strength is being leveraged to based idea campaigns and conducted idea workshops
provide advanced technical support to various strategic
to enhance employee participation and tap into hidden
business units and for the conceptualization, development,
potential across all SBUs.
and commercialization of products and technologies in
emerging areas.
E. REFINING PERFORMANCE
HPCL recognizes that businesses cannot thrive in isolation
Crude Oil Imports
from environmental and social challenges. The Company
continues to integrate sustainability into its core business HPCL imported 17.89 MMT of crude oil in 2023-24, compared
strategies for long-term success and social well-being. to 14.97 MMT during 2022-23, and procured 4.42 MMT of
HPCL is committed to conducting business responsibly, crude oil from indigenous sources. Out of the total crude
preserving the environment, and contributing to sustainable import of 17.89 MMT, 13.02 MMT was high sulphur crude
development. Towards this objective, HPCL declared its plans oil and 4.87 MMT was low sulphur crude oil. The Free on
to achieve net-zero emissions in Scope 1 and 2 by 2040. To Board (FOB) cost of imported crude oil amounted to US$
accelerate its energy transformation and net-zero journey, 10,532 million (H 87,317 Crore) in 2023-24 as compared to
an ‘Energy Transition Cell’ has been established, which is US$ 10,274 million (H 82,979 Crore) in 2022-23. The average
dedicated to working towards achieving the Company’s Net- cost of crude oil imported in 2023-24 stood at US$ 79.35 per
Zero goals. The key levers for achieving Net Zero have been barrel, as compared to US$ 92.94 per barrel in 2022-23. The
identified as enhancing energy efficiencies in its operations, average exchange rate was H 82.91 per USD in 2023-24 as
using renewable power in refineries, replacing hydrogen compared to H 80.77 per USD in the previous year.
requirements with green hydrogen, reducing flare gas
emissions, etc. Towards emission intensity reduction, the Refining
Company is expanding its presence in various business areas During 2023-24, HPCL refineries in Mumbai and Visakh
such as renewable energy and storage, biogas, biofuels, recorded superior performance. Refineries achieved
petrochemicals, green hydrogen, etc. exceptional operational performance and the highest-
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ever crude throughput of 22.33 million metric tons (MMT) to adjust its production mix according to market demand
because of proactive planning, effective risk management, or other factors.
and the implementation of technology-driven solutions.
Pre-commissioning activities have begun in three units as the
The Visakhapatnam refinery achieved its highest-ever crude
project nears completion.
throughput of 12.69 MMT. Mumbai refinery processed 9.64
MMT of crude oil, demonstrating excellent performance.
F. MARKETING PERFORMANCE
Robust refinery reliability and standardized operating
HPCL achieved the highest-ever sales volume of 46.82 MMT
processes contributed to the highest-ever volumes of
during 2023-24, with a growth rate of 7.8% over historical
MS, HSD, LPG, and LOBS produced during the year. HPCL
levels. Transportation fuels saw robust growth in 2023-24,
refineries surpassed their design capacity and registered an
driven by heightened economic activity in the agriculture
average capacity utilization of 103.3%, notwithstanding the and manufacturing sectors and a surge in holiday travel and
turnarounds in both Mumbai and Visakhapatnam refineries. auto sales. HPCL continued to meet customer and market
demands and ensure the availability of petroleum products
Refineries exhibited adaptability as HPCL embraced new
across its network. The performance details for various
opportunity crudes and processed seven new grades of crude
market business lines are as follows:
for the first time. After signing an agreement with ISPRL, Visakh
Refinery began using ISPRL’s new crude storage (Cavern Retail
A) capacity (300 TMT) for HPCL refinery consumption. This
In 2023-24, HPCL achieved its highest-ever sales volume
initiative aims to benefit freight economics by accommodating of 28.79 MMT, securing a gain in market share in Total
higher-capacity cargo while also helping to meet challenges Motor Fuels (TMF) sales within the industry. During
arising from unfavourable weather conditions, leading to the 2023-24, HPCL commissioned 836 new retail outlets, taking
non-berthing of vessels at the HPCL’s SPM. the total retail outlets to 22,022, positioning the Company
as the nation’s second-largest retail network owner. The
During the year, five new grades were added to the
retail network expansion continued to bolster growth by
Company’s crude basket, which now includes 157 grades meeting growing demand, improving accessibility, ensuring
from various regions, such as West Africa, Middle East, North customer convenience, and contributing to the country’s
America, South America, the Mediterranean, North Sea, Far economic development.
East, Russia and India.
During the year, CNG facilities were provided at 303 retail
HPCL continues to modernize and expand its refining outlets, taking the total number of retail outlets with CNG
capabilities to meet the country’s growing energy demand. facilities to 1,690 as of 31st March, 2024. This ensures the
Visakh Refinery Modernization Project (VRMP) was dedicated availability of alternate fuels and offers more choices to
to the nation by the Hon’ble Prime Minister of India in March customers. Electric Vehicle (EV) charging facilities, including
2024. With a cost of over H 26,000 Crore, VRMP is the biggest battery swapping stations, were added to 1,773 outlets
investment in the oil sector on the East Coast. It stands as during the year, bringing the total to 3,603 retail outlets with
a testament to HPCL’s commitment to enhancing product EV charging facilities as of 31st March, 2024. This provides
availability and contributing significantly to the region’s customers convenience and wider options for alternate fuels.
energy security.
The flagship loyalty program of HPCL, ‘Drive Track Plus,’
continues to maintain its momentum for customer retention
Effective energy utilization and energy conservation remain
and growth in the commercial vehicle segment, offering a
priorities for refineries in light of improved operational
combination of control, convenience, security, and attractive
efficiencies and a reduction in carbon footprints. HPCL
rewards to fleet owners and drivers. Onboarding major
refineries implemented twenty-two energy conservation
OEMs of commercial vehicles, aggregators, NBFCs, large
schemes during the year, leading to an annual energy savings
fleet transporters, fleet owners, etc. on the ‘Drive Track Plus’
of approximately 1,32,136 SRFT in 2023–24.
platform helped to garner additional volumes during the year.
To further enhance product sufficiency, HPCL is setting up Wayside amenities play an important role in enhancing road
a new 9 MMTPA Greenfield Refinery and Petrochemical users’ travel experience by providing necessary services
Complex at Pachpadra in Balotra District of Rajasthan and amenities along their route. Fuel stations are integral
through a joint venture company, HPCL Rajasthan Refinery to the functionality and convenience of wayside amenities,
Limited (HRRL). The facility will be India’s first integrated catering to the needs of travellers. To enhance the customer
grass-roots refinery and petrochemical complex. It will have experience, HPCL is actively participating in setting up wayside
a petrochemical intensity of 26% and have the flexibility amenities. HPCL has secured 24 sites for setting up wayside
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amenities through successful bids in 2023-24, taking the total the largest LPG cavern in Mangalore, with a capacity of 80
number of sites to 49. Five number of wayside amenities TMT, and the project is nearing completion.
have been commissioned during 2023-24, which continued
to play a critical role in enhancing esteemed customers’ travel Safety remains a key objective of HPCL in operations.
experience by ensuring safety and security and fostering During the year, several health and safety campaigns
community engagement along highways and major roads. were undertaken, including 976 Sadak Suraksha Camps,
HPCL’s expansion into wayside amenities helped it gain covering both technical and behavioural aspects for LPG
market share in the highly competitive highway segment in transporters and crew.
retail fuel marketing.
Lubricants
The Company further expanded its footprints in non-fuel The Indian lubricant market is one of the fastest-growing
retailing during the year by adding 367 branded retail stores, in the world and the third-largest in terms of consumption.
‘HaPpy Shop,’ at its retail outlets, taking the cumulative Estimates place the total demand for finished lubricants at
number to 427. The goal is to provide customers with a range about 3030 TMT, with process oils accounting for about one-
of high-quality daily-use products at their convenience, with a third of this demand.
modern retail experience.
During 2023-24, HPCL recorded an overall sales volume of
As part of the Corporation’s commitment to transitioning to 652 TMT lubricants and exported more than 4 TMT lubricants
a low-carbon economy, 7,143 retail outlets installed solar across 13 countries. HPCL increased its market reach
panels during the year, bringing the total number of solar- through its 100% subsidiary company, HPCL Middle East FZO,
powered retail outlets to 17,618 outlets, or 80% of total retail and achieved its highest-ever sales to countries in the Middle
outlets of HPCL. East and Africa. Diesel Exhaust Fluid (DEF) sales continued
on a growth path for the third year in a row, recording the
LPG highest-ever sales of more than 31 TMT during the year, sold
‘HP Gas,’ HPCL’s LPG brand, is one of the most preferred primarily through the wide network of HPCL’s retail outlets.
brands among domestic and non-domestic LPG customers
and serves over 9.6 Crore customers. During 2023-24, HPCL Through synergies, HPCL continues to forge partnerships
achieved the highest-ever LPG sales of 8.56 MMT, registering to leverage HPCL’s market leadership and add value by
a year-on-year growth of 5.5%. providing a broader, premium product offering to Indian
consumers. In this direction, HPCL entered into a long-term
HPCL enrolled over 28 lakh new customers during the year, trademark licensing agreement with Chevron Corporation to
including 18 lakh customers under the flagship scheme license, produce, distribute, and market Chevron’s lubricant
‘Pradhan Mantri Ujjwala Yojna (PMUY 2.0)’. During 2023-24, products under the Caltex brand in India. During the year,
HPCL commissioned 66 new domestic LPG distributors, HPCL launched flagship products under the Caltex brand.
bringing the total number of domestic LPG distributors In the highly competitive automotive aftermarket segment,
to 6,349. HPCL commissioned 27 new non-domestic LPG HPCL sells Caltex products as complementary offerings to its
distributors in 2023-24, bringing the total number to 347 existing product portfolio.
non-domestic LPG distributors.
HPCL continued to strongly emphasize Original Equipment
The Corporation maintained its leadership position in the Manufacturers (OEMs) and its core sector customers.
Free Trade LPG (FTL) segment in 5-kg packages to meet the The business continues to benefit immensely from the
niche requirements of customers, especially small vendors close interactions between OEMs and HPCL’s R&D teams
and young professionals. During the year, the Corporation with stakeholders acknowledging HPCL’s strengths and
sold over 7.3 million ‘APPU’ cylinders in 5 kg package sizes, capabilities. HPCL continued its engagements with customers
securing a market share of over 42.3% in this competitive throughout the year to enhance customer loyalty and get
segment. HPCL is leveraging the existing channel to enhance valuable customer insights. During the year, HPCL conducted
its offerings and began marketing of the package drinking over 900 customer-connect activities.
water brand ‘HP PAANI’ through the LPG marketing channel,
a shift from its previous exclusive marketing through HPCL The Corporation remains the country’s largest producer
retail outlets. of base oils, capable of producing Group I, Group II, and
Group III base oils. HPCL is effectively leveraging base oil’s
HPCL continued its focus on augmenting the bottling production capacities in terms of flexibility in manufacturing
capacities and LPG storage at locations to meet the growing a wide range of products at lube blending plants. HPCL made
LPG demand. During the year, HPCL commissioned two significant progress in improving operational efficiencies at
LPG plants, each with a capacity of 120 TMTPA, in Abu Road, lube blending plants through infrastructure augmentation,
Rajasthan, and Varanasi, Uttar Pradesh. HPCL is setting up automation, and various other innovative solutions. The
marketing network has expanded its geographical reach by
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adding 77 new channel partners in India, South Asia, and To sustain growth in all product lines, a special focus has been
Southeast Asia. maintained on retaining existing businesses and soliciting
new customers in the MSME sector. HPCL continues to look
The digital transformation of loyalty programs started beyond traditional products, foraying into various niche and
giving benefits towards improved customer engagement specialty product segments. The key strengths of the HPCL
and experience. Social media promotions were continued
Green R&D Centre in developing high-quality products are
throughout the year to get customer feedback and plan
being leveraged in this direction.
targeted advertising options, which helped to ensure
enhanced visibility and social proofing. During the year, the To expand its geographical reach, HPCL continued to export
number of users exceeded a million. products such as furnace oil, bitumen, hexane, JBO, and MTO
to Nepal, Bhutan, and other countries. HSFO (High Sulphur
HPCL continued innovating and proactively developing new
Furnace Oil) bunkering for scrubber-fitted vessels has begun
products for government and private sector customers. Close
at major ports.
interactions with the Army, Air Force, and other agencies
enabled the launch of nine new products on the market. With HPCL’s infrastructure remains its key strength in delivering
its fully equipped laboratories in India, HPCL’s Quality Control products efficiently and at competitive prices to customers.
department enabled it to maintain high standards of quality During the year, HPCL commissioned the LDO rake unloading
across its entire product portfolio. facility at Mangalore (Karnataka) and the Black Oil rake
unloading facility at Kandla (Gujarat). HPCL transported a
Direct Sales (Industrial & Consumer Sales)
record 160 TMT of bitumen coastally using vessels to achieve
HPCL’s Industrial and Consumer (I&C) business line handles economies of scale and efficient product distribution to
the B2B sales of fuels, bitumen, naphtha, solvents, and demand centres.
other bulk products utilized by various sectors, including
manufacturing, mining, construction, power plants, and Aviation
shipping, serving both private and government entities. HPCL supplies Aviation Turbine Fuel (ATF) to both domestic
Furthermore, this business unit manages product exports. and international airline customers. ‘HP Aviation’ has a
country-wide network of aviation fuelling stations known as
During 2023-24, HPCL’s I&C business line recorded overall
Aviation Service Facilities (ASF). ‘HP Aviation’s fuelling service
sales of 5.39 MMT. The strategy of maximizing volumes in
meets the stringent international regulations for handling
three focus products helped HPCL cross 1 MMT sales volume
ATF. During 2023-24, HPCL achieved ATF sales volume of 878
in diesel (HSD), furnace oil (FO), and bitumen individually.
Hexane achieved its highest-ever sales of 27.24 TMT during TMT with a growth of 26.8% over historical.
the year, while LSHS-P (Low Sulphur Heavy Stock Premium)
During the year, HPCL’s Aviation fuel network was further
made deeper inroads with a recorded 65.5% growth.
strengthened with the commissioning of new ASFs at
Large and strategic key accounts play a pivotal role in the Maharishi Valmiki International Airport, Ayodhya (UP).
growth of the I&C business. HPCL supplies bulk diesel to Currently, HP Aviation operates 55 ASFs across the country to
various public and private entities, including Indian Railways, meet customer fuel requirements. To strengthen HPCL’s ATF
State Transport Undertakings (STUs), Defence Units, Major distribution network, additional ATF tankage facilities were
Road Construction Companies, and Industrial Consumers. commissioned at the existing Akola and Srinagar POL depots.
HPCL also caters to the fuel requirements of Army and
The aviation service facilities and services meet stringent
Paramilitary Forces such as BSF, ITBP, SSB, CRPF, and Border
international regulations in addition to the various rules and
Roads Organization (BRO) by delivering products to their
regulations stipulated by various agencies and regulatory
remote locations.
bodies in India. HP Aviation operates a single point contact
HPCL is committed to strengthening its relationships with key service branded as ‘HP Aviation Hub,’ which is accessible
accounts through various customer-centric initiatives. HPCL round the clock to all non-scheduled customers, enhancing
is leveraging the Customer Relationship Management (CRM) customer experience and fulfilling promise of on-time
tool to respond to customer leads more quickly and efficiently, delivery of the fuel.
enhancing customer experience. HPCL strengthened its long-
Petrochemicals
standing relationship with Indian Railways by implementing
the Total Fuel Management System (TFM) at five Railway HPCL forayed into the petrochemical business through the
Consumer Depots (RCD) during the year. The Total Fuel marketing of polymers with the launch of the polymer brand
Management System (TFM) effectively uses technology to ‘HP Durapol’ in 2022. ‘HP Durapol’ which covers various
manage the entire chain of fuel management, which includes grades of HDPE (high-density polyethylene), LLDPE (linear
receiving products in bulk tanks, storing, safekeeping, fuelling low-density polyethylene), and PP (polypropylene), caters
locomotives, and inventory management. to various segments such as food packaging, agriculture,
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textiles, households, fertilizers, etc. HPCL is in the process of Industrial PNG supply has been provided to 22 industrial
setting up a 9 MMTPA refinery and Petrochemical complex customers in the Barhi Industrial Area in Jind-Sonipat GA. In
in Rajasthan with 2.4 MMTPA of petrochemical production addition, HPCL, on a standalone basis, is operating a network
capacity. HPCL anticipates a unique opportunity to establish of one mother station and 18 daughter booster stations in
itself as a leading polymer brand in the market through the and around the city of Ahmedabad.
pre-marketing of polymers prior to the commissioning of
refinery and petrochemical complex. In addition to retail sales through HPCL’s City Gas Distribution
network, the Company is also expanding its customer base
During 2023-24, HPCL sold 45.60 TMT polymers and to large industrial units, including fertilizer plants, refineries,
expanded its presence in the states of Maharashtra, Gujarat, petchem plants, and CGD companies.
and Madhya Pradesh by adding about 550 customers.
HPCL is foraying into LNG retailing in a country to promote
Natural Gas energy diversification, environmental sustainability,
The Government of India aims to increase the share of and improved energy access. During the year, first LNG
natural gas in India’s energy mix from 6.2% to 15% by 2030. dispensing facility was commissioned at the HPCL retail
The Indian government has taken various policy measures outlet at Oran in Sabarkantha District, Gujarat, and sales have
to increase natural gas consumption in this direction. HPCL already commenced.
is aiming to establish itself as a significant participant in the
While building the infrastructure for natural gas marketing
entire natural gas value chain. HPCL is participating in various
in the country, various contracts are also being secured for
levels of the gas value chain, viz., import of LNG, construction
sourcing natural gas. HPCL has signed a long-term gas supply
of a regasification terminal, acquiring stakes in cross-country
contract with ultra-deep-water fields in the KG Basin and
pipeline networks, establishment of City Gas Distribution
other indigenous sources.
(CGD) networks, construction of LNG retail outlets, and
enhancing presence in marketing of natural gas bulk market. Supplies, Operations & Distribution
HPCL LNG Limited, a 100% subsidiary of HPCL, is constructing The Supply, Operations, and Distribution (SOD) SBU ensures
a 5 MMTPA LNG Regasification Terminal at Chhara Port (Gir efficient distribution and marketing of petroleum products
Somnath District) in Gujarat for import and regasification across India by utilizing its strong infrastructure of 78
purposes. The terminal has been mechanically completed terminals and depots. The SBU focuses on delivering high-
and is scheduled to be commissioned in 2024-25. quality products within a specified time frame at an optimal
cost. The control and monitoring systems at SOD supply
To build natural gas transportation in the country, HPCL is locations have led to enhanced safety, inventory optimization,
participating in the development of three cross-country and effective working capital management.
natural gas pipelines, i.e., the Mehsana-Bathinda pipeline, the
Bathinda-Gurdaspur pipeline, and the Mallavaram-Bhilwara- An all-time high throughput of 59.38 MMT was achieved
Bhopal-Vijaipur pipeline, through joint venture companies in 2023-24 with a robust growth of 3.5% against
GSPL India Gasnet Limited (GIGL) and GSPL India Transco historical, ensuring uninterrupted product availability
Limited (GITL). throughout the country.
HPCL is actively participating in the establishment of CGD HPCL maintains a strong emphasis on environmental
networks, both on its own and through various joint ventures. preservation. To prevent the release of volatile organic
Along with its four joint venture companies, HPCL has the compounds (VOC) into the atmosphere and comply with
authorization to set up and operate CGD networks in 25 regulations, vapor recovery systems (VRS) were commissioned
Geographical Areas (GAs) in 14 States. During the 12th round at 3 POL locations during the year, taking the total number to
of PNGRB bidding, HPCL, on a standalone basis, secured the 46 locations as of 31st March, 2024.
authorization for setting up the CGD network in the Sikkim
Geographical Area, while its JV, HP OIL Limited, secured the HPCL has constantly leveraged technology and digitization to
authorization in the Nagaland Geographical Area. ensure safe operations. Simulation-based defensive driver
training was imparted to tank truck crew through customized
During the year, HPCL commissioned 119 new CNG stations driving scenarios on rough weather and difficult terrain
in the GAs authorized to HPCL, bringing the total number towards safety training.
of CNG stations in HPCL-authorized GAs to 328. In the
CGD pipeline network, 2,636 inch-kilometer steel pipelines To continuously improve and establish credibility with
and 1107-kilometer MDPE (medium-density polyethylene) consumers and other business partners, HPCL is committed
pipelines were added, and 28,721 new PNG connections were to implementing quality and standardized processes across
released during the year. Domestic PNG supply is available in the value chain. In this direction, HPCL has completed
Jind-Sonipat and all the GAs in Uttar Pradesh / Uttarakhand. ISO certification at 46 locations for energy management
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(ISO 50001:2018), 27 locations for water efficiency (ISO infrastructure during 2023-24. The commissioning of the
46001:2019), 27 locations for occupational health and Indore depot after the revamp project and the hexane
safety (ISO 45001:2018), 32 locations for environmental handling facility at the Sitarganj depot in 2023-24 have helped
management (ISO 14001:2015), and 25 locations for quality enhance HPCL’s POL infrastructure.
management (ISO 9001:2015).
Pipelines G. RESEARCH AND DEVELOPMENT

HPCL has placed special emphasis on acquiring a high level The establishment of the Hindustan Petroleum Green
of competency in executing pipeline projects and managing Research and Development Centre (HPGRDC) aims to
pipeline operations work effectively to optimize cost and develop solutions for both existing and new business areas
enhance efficiencies. HPCL is currently operating a petroleum across all business units. The research centre is provided
product pipeline network of 5,134 km with a mainline with state-of-the-art infrastructure facilities, including energy-
capacity of 35.2 MMTPA. During 2023-24, highest-ever efficient green buildings with a built-up area of 6 lakh square
pipeline throughput of 25.82 MMT was recorded, with year- feet on a sprawling campus of 170 acres. HPGRDC has 20
over-year growth of 11.1%. state-of-the-art laboratories for advancing knowledge and
fostering innovation in various emerging areas of business.
During the year, a 215-kilometer-long Barmer-Palanpur
Pipeline Project with a capacity of 6 MMTPA was mechanically HPGRDC continued innovation to develop solutions for
completed. To further expand the pipeline network and existing and new business areas. HPGRDC successfully
capacities for enhanced logistic efficiencies and associated developed and launched over 36 new products, including
environmental benefits, two pipeline projects are under refinery solutions, corrosion solutions, and lube formulations.
execution with an estimated investment of about H 1,400
In 2023-24, HPGRDC crossed 500 patent filings and granted
Crore, namely the Bathinda-Sangrur Pipeline and the Haldia-
over 200 patents cumulatively. During the year, HPGRDC filed
Panagarh Pipeline. These projects will increase HPCL’s
104 patents, bringing the cumulative number of Indian and
mainline capacity to 42.65 MMTPA and network length to
international patent applications to 547. HPGRDC received
5,638 kilometers, thus significantly strengthening HPCL’s
51 patents this year, bringing the total number of granted
position in oil and gas market. HPCL has entered into an
patents to 210.
MoU with BPCL, IOCL, GAIL, and ONGC to efficiently manage
crossing permissions of oil and gas pipelines among the PSUs. HPGRDC continued to form collaborations to acquire
advanced scientific knowledge, foster innovation, and
HPCL has also teamed up with IOCL and BPCL to develop
create shared value. During the year, HPGRDC signed seven
India’s longest LPG pipeline (2,805 km) from Kandla to
MoUs with various national and international organizations
Gorakhpur through a joint venture route.
and institutes aimed at improving collaboration and
Energy efficiency and cost optimization have been key focus business development. These collaborations will result
areas for pipeline operations. With sustained efforts towards in developing, commercializing, and licensing various
efficiency and conservation, the Specific Energy Consumption technologies and projects.
in pipeline operations has been significantly reduced during
the year. On the back of various cost optimization initiatives H. CENTRAL PROCUREMENT
implemented during the year, HPCL’s performance on
The Central Procurement Organization (CPO) at HPCL has
the Solomon Global Benchmarking of Manageable Non-
enhanced standardization, competitiveness, efficiency, and
Volume Expenditure (MNVE) ranked in the top 6th percentile
transparency. It also ensures policy compliance in handling
worldwide. In terms of maintenance, HPCL has implemented
procurement for various SBUs on a centralized basis. The
a 100% paperless Integrated Management System (IMS)
CPO ensures the adoption of various government directives
using Linear Asset Management (LAM), which has yielded
and policies to strengthen the MSMEs’ ecosystem and
various benefits such as environmental sustainability, cost
promote the indigenization of products and services. It has
savings, improved efficiency, and data accuracy.
also contributed to effective vendor management. HPCL, out
Engineering and Projects of the total procurement of H 10359.60 Crore, has procured
goods and services worth H 4271.80 Crore from MSEs during
The engineering and projects division of HPCL is executing
2023-24. Out of the same H 224 Crore has been procured
projects that will improve the Company’s infrastructure. These
from SC/ST MSEs and H 259.98 Crore from Women MSE.
include building new terminals and depots and augmentation
of existing facilities with new facilities/infrastructure such as The CPO has actively driven various initiatives undertaken
tanks, loading bays, product handling facilities, etc. HPCL by the Government of India to strengthen the country’s
strengthened its supply chain by adding 2.36 TKL of storage ecosystem for MSEs. The Government of India has mandated
capacity and eight tank truck loading bays to its marketing and enhanced the procurement of goods and services
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through GeM (Government e-Marketplace) in 2023-24. HPCL, with HPCL’s user-facing applications significantly reduces the
along with its JVs/subsidiaries HPCL Biofuel Limited, HRRL, barrier to the general public’s ability to avail services.
HPLNG and Prize Petroleum, have procured goods through
GeM for H 3730.59 Crore against the GeM procurement plan User education and training were conducted during the
of H 2521.85 Crore for the year 2023-24. year to enhance awareness about cyber threats. To enhance
awareness of cyber security, phishing simulation exercises
The platform discounted vendor invoices of H 361 Crore due were conducted to test the organization’s ability to recognize
to the concerted efforts to onboard MSE vendors under and respond to a phishing attack.
TReDS (Trade Receivable Discounting System).
HPCL has identified and implemented an Information Security
Management System (ISMS) that includes cyber security as
I. QUALITY ASSURANCE well as physical and logical security controls for risk mitigation
In line with the directive of the Ministry of Petroleum & Natural to protect the organization from business harm caused by
Gas (MoP&NG), HPCL has a dedicated Quality Assurance (QA) information security issues or cyber crises. The Company
cell with officers posted in all the zones, and its functioning has designated a ‘Chief Information Security Officer’ (CISO)
is independent of refining and marketing functions. The QA with suitable oversight mechanisms to ensure a structured
cell carries out surprise inspections covering retail outlets, mechanism in accordance with best information security
kerosene (PDS) resellers, LPG distributorships, and LPG system practices.
plants in compliance with the Marketing Discipline Guidelines
(MDG) & HQO directives. During the year, various cyber security enhancement
initiatives were undertaken to fortify the security of users
During 2023-24, the Quality Assurance (QA) cell carried and end-user devices. New infrastructure and services were
out inspections at 3,965 retail outlets, 12 kerosene (PDS) established during the year to safeguard end users and their
resellers, 751 LPG distributorships, and 18 LPG bottling devices against known and unknown threats in real-time.
plants & Depots. The establishment of robust QA systems
has enabled HPCL to set high customer service benchmarks The corporate data centres of HPCL underwent an ISO
for supply locations & channel partners and helped provide certification upgrade to the ISO 27001:2022 standard
high-quality products and services to customers. from ISO 27001:2013, thus ensuring compliance with the
latest industry standards. HPCL’s data centre is the first
J. INFORMATION TECHNOLOGY & DIGITAL INITIATIVES among oil PSUs to be rated ‘Platinum’ by the Indian Green
Building Council.
HPCL continues to leverage information technology for
business agility, efficiency, and integrity. Riding the wave of ERP Modernization
emerging technologies, all user-facing systems are becoming The HPCL’s ERP modernization project was envisaged to
increasingly inclusive. empower and adapt to the changing business landscapes,
driving operational excellence and stay competitive. The
HPCL has embraced FOSS (Free and Open-Source Software)
ERP modernization project, aimed at building a robust
technologies to meet the changing requirements of service
digital foundation in HPCL. The project was implemented in
delivery, improve agility, and reduce costs. The year saw the
2023-24 and full deployment approach was undertaken,
migration of a significant set of commercial databases to FOSS.
wherein the entire ERP system was configured prior to going
HPCL is integrating Natural Language Processing (NLP) live. The goal was to implement the entire ERP system and
with in-house-developed applications, in order to make any supporting applications all at once, including migrating
consuming of services easier and more universal. Combined data and sunsetting the old systems right after going live. The
with machine learning and artificial intelligence, services major benefit of this approach was the completion of all the
are becoming even more inclusive, responsive, and easy to processes in one phase so that all the functionalities were in
use for everyone. use immediately.
HPCL has also taken action to integrate user-facing Digital Initiatives

applications into ‘Bhashini’, a free utility and tools application HPCL is currently implementing ‘Project Parikalp,’ its digital
that helps Indian citizens translate content into different transformation program. As part of the roadmap, the
Indian languages. The ‘Bhashini’ application enables Indian Company continues leveraging major digital technologies
citizens to effectively communicate with others who do not such as artificial intelligence and machine learning,
know their language, thereby reducing the language barrier augmented and virtual reality, IoT, robotics, generative AI,
in India. HPCL’s initiative to integrate the ‘Bhashini’ application etc., across various business spheres.
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As part of the digital transformation program, an enterprise K. HEALTH, SAFETY & ENVIRONMENT
data repository and analytics platform were established in
HPCL is committed to ensuring the best health, safety, and
2023-24. The platform functions as a centralized system,
environment (HSE) and sustainability practices across all
storing, managing, and analysing the large volumes of data
spheres of business activities to achieve the highest standards
the organization generates. It serves as a foundation for
in the area of HSE and sustainability. The Company has a
various data-driven initiatives within the enterprise, such
robust sustainability development (SD) framework covering
as business intelligence, data mining, predictive analytics,
ESG aspects of its operations, a transparent reporting
machine learning, etc., helping in making informed decisions.
system, and continual improvement. HPCL has been making
Additionally, HPCL implemented a predictive analytics- continuous improvements in HSE management systems
& procedures by adopting new technologies, upgrading
based solution to monitor the real-time performance of
infrastructure, benchmarking existing practices, and regular
select equipment in refineries and marketing locations.
surveillance audits. HPCL’s ESG performance is benchmarked
Further ‘Robotic Process Automation’ (RPA) projects were
with national and international peers. In 2023-24, HPCL
also implemented in select business functions, which
achieved significant improvements within the S&P Global
helped automate repetitive and rule-based tasks, leading
ESG score, rising from 42 to 51. The development serves as
to increased efficiency and productivity. HPCL developed a
a testament to the successful integration of environmental
Process Anomaly Detection System (PADS) for its refineries,
excellence, transparency, ethical behaviour, and corporate
which provides alerts on anomalies in time, based on process
social responsibility into its business operations.
parameter changes over a period of time, contributing to
operational excellence in refineries. AI/ML-based property Health
prediction models have been developed to provide real-
The occupational health and well-being of all employees is
time information for optimizing product yields. Mumbai
a key priority for the Corporation. HPCL undertakes various
refinery deployed virtual safety training modules using
initiatives regularly to ensure preventive and curative health
virtual reality technology, making it easier for the employees
services for employees and all stakeholders. All employees
to acquire specialized safety skills and enhance safety
undergo regular periodic medical examinations (PME) for
performance of workforce.
preventive health measures, and qualified doctors analyse
HPCL aimed to enhance digital experiences and simplify the results to provide targeted interventions. Designated
payments. HPCL is providing Plug-in UPI Peer-to-Merchant physicians are provided at major locations, and smaller
(P2M) payments as a payment option in HP Pay for fuel, locations have tie-ups with local hospitals to ensure the best
LPG, lubricants and non-fuel purchases and increased accessibility of health services. HPCL organizes several health
convenience for customers. This collaborative effort aims education programs, awareness sessions, and diagnostic
to offer customers seamless payment options across camps for employees, their families, and other stakeholders.
various services including fuel, LPG, lubricants, and non-fuel HPCL regularly conducts sports activities and marathons to
purchases, thereby significantly increasing convenience and enhance physical strength, reduce stress, and foster social
accessibility. Furthermore, HP Pay now encompasses an array engagement. ‘Paramarsh,’ an employee assistance program,
of self-service LPG Suvidha amenities, along with additional offers virtual mental health counselling services to employees
customer conveniences and retail purchasing opportunities, and their families to promote mental health. Under the aegis
ensuring a comprehensive and streamlined user experience. of the ‘Prerna’ initiative, HPCL conducts health campaigns for
In addition, HPCL has implemented AI-based Video Analytics all the contract workers, tank truck crew, and LPG delivery
solutions across all supply locations and LPG plants, to staff at various locations.
ensure safety measures and ensure adherence to standard
Safety
operating practices, thereby fortifying its commitment to
safety and operational excellence. HPCL operates with the core value of safeguarding its
employees and other stakeholders’ safety and well-being.
HPCL has taken various initiatives to create an enabling At every level, HPCL encourages stakeholder participation in
culture and environment to facilitate the ongoing digital safety aspects beyond compliance and seeks opportunities
transformation program. Digital maturity assessments, for improvement. All stakeholders receive the necessary
digital conferences, digital workforce engagements, periodic knowledge and skills to ensure safety in all aspects of
quizzes, customized learning and development programs, operations. Safety training on occupational health and safety
etc. are a few examples. These efforts aim to encourage the risk to human resources at all locations/plants/units for
efficient use of digital technologies in HPCL and enhance existing and new appointee workforce (regular employees)
digital skills and capabilities. were provided for 10,579 hours against the target of 5,000
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hours for the year 2023-24. The Company’s well-established Sustainable Development
HSE management systems help to manage process safety,
HPCL is committed to work in tandem with nature and
personal safety, and environmental risks, as well as drive
delivering happiness through safety, sustainable growth,
performance improvements. Risk management systems
and community engagement. HPCL’s ESG performance is
are in place to identify potential risks and take protective
benchmarked with national and international peers. HPCL’s
measures to minimize incidents. HSE competency framework
refineries and major marketing locations have established
and assurance program for operating personnel by third-
robust environmental management systems. With a focus on
party National Safety Council was conducted during the year.
sustainability, refineries and marketing locations are focused
A suitable oversight mechanism is in place to review the
on the implementation of sustainability, leading to energy
potential risks and uncertainties.
efficiency, water conservation, rainwater harvesting, reuse
Environment and recycling of effluents, monitoring and mitigation of GHG
emissions, etc.
HPCL’s golden jubilee celebration has been themed
around environmental and biodiversity protection. Various The Corporation has undertaken a comprehensive rating
environmental activities, such as increasing the green belt, assessment of its marketing locations by the Confederation
rainwater harvesting, enhancing biodiversity, etc., have been of Indian Industry (CII) based on various sustainability
taken up as part of the theme, ‘Panchatattvon Ka Maharatna’ parameters. As of 31st March, 2024, 35 locations were certified
which focuses on the five elements: earth, water, fire, with ‘Greenco Rating.’ HPCL actively participated in the
air, and ether. ‘Mission LiFE’ movement to bring individual behaviours to the
forefront of the global climate action narrative and meet the
Major HPCL installations have adopted environmental
objectives of the country’s sustainable development agenda.
management systems to ensure continuous improvement
in environmental protection. HPCL also conducts HSSE HPCL continued to sign the United Nations Global Compact
audits at various locations to ensure compliance with (UNGC) and submitted its annual communication on
applicable environmental laws and regulations. To ensure progress, reaffirming its support for the UNGC’s 10 principles.
environmental protection, state-of-the-art effluent treatment HPCL’s sustainability report also discloses the alignment of its
plants for treating and recycling effluent water are available initiatives with the UNGC, SDGs, and NDCs. HPCL discloses
at major locations. As part of the refinery expansion project, its sustainability performance in its annual sustainability
the Visakh refinery established a state-of-the-art integrated reports based on Global Reporting Initiative (GRI) standards.
effluent treatment plant. Major installations have adopted The sustainability reports can be accessed at https://
best-in-class technologies like volatile organic compound hindustanpetroleum.com/pages/sustainability.
(VOC) monitoring and the Leak Detection and Repair (LDAR)
program to monitor and control fugitive emissions. Various Renewable Energy
supply locations and retail outlets have installed Vapour HPCL is actively harnessing renewable energy sources to
Recovery Systems (VRS). The latest technologies continuously reduce carbon footprints and electricity costs across the
monitor gaseous emissions to the environment and ambient value chain and is continuously expanding its wind and solar
air quality, including real-time data transfer to regulatory power generation capacities. During 2023-24, HPCL installed
agencies in major locations. Online monitoring of emissions a captive solar power capacity of 22.9 MWp across various
and air quality has a system of alerts in place for monitoring locations, bringing the total solar power capacity to 107.3
and rectifying deviations. Hazardous waste treatment and MWp as of 31st March, 2024.
disposal systems are available at various locations that are
in line with industry best practices. The Corporation regularly HPCL has also set up a wind power capacity of 100.90 MW,
conducts environment awareness programs to foster which generated about 18.45 Crore kWh of electricity during
sustainability across all aspects of its operations. Environment 2023-24, resulting in emission mitigation of 151.3 thousand
awareness programs for encouraging rainwater harvesting, metric tons of carbon dioxide equivalent. These wind power
reforestation, and biodiversity are regularly conducted in projects sell the generated electricity to the Discom of
the Corporation to promote sustainability in all facets of Rajasthan, as well as to captive locations for the Mundra-
the business. HPCL is actively implementing the action plan Delhi Pipeline & LPG Plants in Rajasthan and the Mumbai-
for ‘Mission LiFE.’ Under the mission, HPCL locations are Pune-Solapur Pipeline in Maharashtra.
undertaking several programs to spread awareness and
nudge individuals to undertake simple acts in their daily lives To give impetus to HPCL’s green energy plans, HPRGE
that can significantly contribute to improving sustainability (HPCL Renewable & Green Energy Limited), a wholly-owned
practices. HPCL has provided training on environmental subsidiary, has been created which will manage the new
management and sustainability initiatives to a significant portfolio of green energy businesses such as biofuels,
number of its officers. renewables, green hydrogen, carbon offsets, green mobility,
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and alternative energy businesses. HPCL Renewable & Green and adherence to internal and external value norms. HPCL
Energy Limited (HPRGE) was incorporated on 19th January, has implemented a robust grievance redressal mechanism.
2024, under the Companies Act, 2013 (18 of 2013) as a HPCL has complied with the provisions in the Companies Act,
company limited by shares. 2013 (or SEBI (LODR) regulations in case of listed entities) on
Corporate Governance such as (i) Composition of Board of
Bio Fuels Directors (ii) Board Committees (Audit Committee etc.) (iii)
The Government of India, through the National Policy Holding Board Meetings (iv) Related Party Transaction (v)
on Biofuels-2018, aims to increase the use of biofuels in Disclosures and Transparency.
the transportation sector for energy security and climate
change mitigation. In line with the policy, HPCL continues Internal Control Processes
to emphasize environmental protection, sustainability The Corporation has an independent Internal Audit
measures, and reductions in greenhouse gas (GHG) department. The department consists of professionally
emissions through the promotion of biofuels. During 2023- qualified officers from finance and technical functions,
24, HPCL achieved ethanol blending of 12% by blending 156 supplementing the internal control processes through
Crore litres of ethanol in Motor Spirit (MS). an extensive audit program. Internal audits are carried
out across all spheres of business. HPCL’s operations are
HPCL had set up a compressed biogas (CBG) plant of 14.2
reviewed to review the implementation of business processes
TPD capacity in Budaun, (Uttar Pradesh), using rice straw as
and controls. Internal audits are carried out according to the
feedstock. The commercial sale of CBG commenced in 2023-
annual audit program approved by the Audit Committee of
24. Additionally, construction is underway for a Phosphate
the Board, and significant audit observations are periodically
Rich Organic Manure (PROM) plant, which will convert organic
reviewed by the Audit Committee of the Board.
manure to PROM for better economic returns. The CBG
produced by the plant was sold through HPCL’s retail outlets. Risk Management
The year also saw the completion of a 100 TPD processing
capacity, Compressed Biogas (CBG) plant in Pathmeda In the Corporation’s pursuit to maintain a customer-centric
(Rajasthan) under the CSR scheme. HPCL has initiated business approach and grow stakeholders’ value, HPCL
discussions and MoUs with various agencies to expand the is committed to proactively managing the emerging risks
CBG portfolio, while the identification of land and feasibility impacting its strategic business objectives and performance.
studies are in progress. Businesses at HPCL are synchronizing with enterprise risk
management (ERM) processes to facilitate the achievement
HPCL is building a second-generation ethanol biorefinery in of their business strategies and provide guidance for daily
Bathinda (Punjab), with a production capacity of 100 kilolitres operations. An optimized mix of bottom-up and top-down
per day of biomass ethanol. The project is in an advanced approaches has been deployed to gather risk insights covering
stage of completion. Strategic Business Units (SBUs), functions and projects. To
empower risk-enabled decision-making, risk considerations
Furthermore, HPCL is actively participating in the Government
are embedded into the rhythm of the business, including the
of India’s SATAT (Sustainable Alternative Towards Affordable
strategic business planning process, so that risk-informed
Transportation) initiative to promote Compressed Bio Gas
initiatives and programs are part of day-to-day operations.
(CBG). HPCL had invited expressions of interest (EOI) from
With leading global best practices, technology remains at
potential investors and entrepreneurs to set up CBG plants
the forefront of supporting enterprise risk management
and offer CBG to HPCL for marketing through the retail
processes, optimizing risk exposures and automating risk
network. During 2023-24, under the SATAT scheme, HPCL
reporting across the organization. The digital IT platform
commissioned five CBG plants with a total capacity of 26.1
provides an enterprise-wide view of risks and mitigation
TPD, bringing the total to nine plants with a total capacity
plans by monitoring key parameters, enabling continuous
of 54.65 TPD. During 2023-24, HPCL sold 338.6 MT of CBG
risk insights. This allows gathering insights on proactive risk-
through HPCL’s retail outlets, compared to historical CBG
health triggers and reduces performance variability through
sales of 77.3 MT, representing 338% growth.
prompt action rather than having a detective or reactionary
approach to risks.
L. GOVERNANCE
The Risk Management Committee (RMC) spearheads the
Corporate Governance
Corporation’s overall risk management initiative, cultivating
A separate segment on corporate governance forms part of a culture of risk awareness and accountability throughout
the annual report. However, it would be relevant to point the organization. The RMC ensures a comprehensive risk
out here that the Corporation is giving utmost importance management framework within the Corporation. This
to compliance with corporate governance requirements, includes identifying risks across various areas such as
including regulations, transparent management processes, financial, operational, sectoral, ESG, and cyber risks. The
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RMC also oversees the implementation of measures for Global Compact

risk mitigation, including systems and processes for internal
HPCL is also a member of the Global Compact Society of
control of identified risks and business continuity plans.
India, a unit of the UN Global Compact, the largest voluntary
The RMC regularly reviews risk registers and risk profiles to corporate initiative in the world. It offers a unique platform
identify emerging risks and monitor the progress of mitigation to engage companies in responsible business behaviour
measures. It advises business units and corporate functions through the principles of Human Rights, Labour Standards,
on risk initiatives and monitors emerging issues. The RMC Environmental norms and Ethical practices. All these areas
also provides regular updates to the Board, promoting receive constant attention from the management to ensure
transparency and accountability in risk governance. continuous compliance.
Integrity Pact
M. HUMAN RESOURCE MANAGEMENT
HPCL signed an MoU with Transparency International and
HPCL recognizes the pivotal role of its human capital
implemented the Integrity Pact, effective on 1st September,
in delivering accelerated performance and fostering
2007. The Integrity Pact is an integral part of the procurement
organizational growth. Human resource initiatives prioritize
process for all tenders above H 1 Crore. The Corporation has
in cultivating a supportive work environment, that promotes
complied with the Integrity Pact (IP) to enhance ethics and
transparency in contract awarding. continual Engagement, Empowerment and Excellence among
its personnel in their respective roles. Aligned with HPCL’s
Right to Information (RTI) vision and strategic direction, the emphasis is on deploying an
HPCL is a Public Authority under the RTI Act 2005 and complies agile, innovative and resilient work culture by forging robust
with all the requirements of the Right to Information Act connections between Core Values, Strategic Objectives,
2005. HPCL receives and handles RTI requests through the Technology, Operational Frameworks and Human Resources.
RTI online portal at www.rtionline.gov.in, which is the unified
Talent Acquisition and Management
RTI portal of the Government of India. Regional Managers/
Head of Departments across the country, representing HPCL employs robust and transparent procedures to
different Functions have been appointed as Central Public attract, evaluate, and acquire potential employees who
Information Officers (CPIOs) and Senior Management as the align with HPCL’s core long-term objectives. During the year,
First Appellate Authorities (FAAs) to handle the RTI requests/ HPCL has brought in several improvements in its talent
First Appeals received from Indian Citizens. The statutory acquisition policy and processes including the deployment
provisions of the RTI Act 2005 are duly complied with, of long-term strategic workforce planning, entering into
including related proactive disclosures. MoU for multi-year Computer Based Testing Examinations
for various talents and disciplines, aiming at enhancing
Vigilance cost-effectiveness and reducing lead time, across various
The vigilance mechanism in HPCL is based on the guidelines domains. HPCL on-boarded 299 executives across various
from the Central Vigilance Commission (CVC) on vigilance domains such as Engineering, Finance, Research &
management in public sector enterprises and instructions Development and Human Resources etc.
issued from time to time by the Department of Personnel
and Training (DoPT) as well as the administrative ministry i.e., During the year, HPCL has made concerted efforts to broaden
Ministry of Petroleum & Natural Gas (MoP&NG). Vigilance outreach to prospective candidates. HPCL is leveraging short
complaints are handled as per the complaint handling video clips to articulate the Company’s value proposition
policies stipulated in the Vigilance Manual of CVC. across diverse social media channels. Additionally, HPCL has
taken various initiatives in the areas of campus connects
Under preventive vigilance, various activities are conducted and industry-academia interfaces to strengthen ties with
by HPCL including surprise and regular inspections, study educational institutions.
of systems & procedures, and regular interaction with
employees, stakeholders & public at large. Based on the Capability Building
learnings from cases and review of systems and procedures, The capability building department focused on delivering
the vigilance department provides input to management efficient and equitable learning interventions to employees by
for systemic improvements to enhance transparency and leveraging technology and utilizing diverse learning methods
control. In addition, the Vigilance department also undertakes to create enriching learning experiences. During 2023-24, the
initiatives for creating public awareness by conducting active department imparted over 59,440 training man-days through
interactive sessions in schools & colleges, promoting ethical various modes.
values & sharing case studies with employees through the in-
house Vigilance publication ‘Jagaran’ and observing Vigilance To achieve the intended objectives, various initiatives
Awareness Week every year. were undertaken.
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‘HP Possible 2.0’ is an exclusive, 11-month in-house senior sales profiling sessions, network management, real estate
leadership development program designed to nurture management, processing various sales data, training on
leadership competencies in future leaders. The program was managerial development needs, and cutting-edge managerial
successfully executed, with 52 senior leaders participating. and techno-behavioural skills.
The ‘HP Possible Mentorship Program’ (HPPM), a structured
mentorship program initiative aligned with ‘HP Possible,’ was Tie-ups with Academic Institutes
also introduced for the same cohort group that guided 156 HPCL entered into MoU with CoE/Premier Institutes (IIM
select mentees on diverse business projects. Ahmedabad, IIM Udaipur, IIIT Hyderabad, NIBM Pune, IIM
Calcutta, IIM Bangalore, IIM Amritsar, IIM Nagpur, IIM Raipur,
‘HP NAVA’ is an in-house leadership development program for XLRI, IIM Sirmaur, IIT Bombay, IIT Kharagpur and UPES) to
mid-level managers across all streams and functions of HPCL. promote industry-academia collaboration.
It was launched for the first time in April 2023 and executed
successfully, with 120 mid-level managers participating. To enhance the technical competencies of the refinery
Curriculums were designed for each identified competency. officers, an impartation of a full-time M. Tech. program
The program was delivered by 8 Centre of Excellence (CoE) in Chemical Engineering at IIT Bombay was continued by
Institutes (IIM’s, XLRI), including 24 training man-days learning nominating 3 officers in the academic batch of 2023-25. 14
experience per participant. Officers enrolled for PhD program in external category by
RGIPT (Rajiv Gandhi Institute of Petroleum Technology) in
‘HP YUVA’ a focused in-house leadership developmental various domains.
program designed to nurture junior management officers
within the organization and facilitate seamless progress into Performance Management
critical middle management roles was launched during the
HPCL has implemented a robust performance management
year. The program is conceptualized and designed to consider
mechanism to effectively oversee employee performance
emerging scenarios and technological advancements in the
and aspirations. Clear process flows, regular reviews and
energy sector, aiming to equip junior management officers
constructive feedback mechanisms ensure transparency and
with requisite behavioural and organizational skill sets.
reinforce the effectiveness of the performance management
HPCL collaborated with the National Safety Council (NSC) to system. Initiatives such as ‘Effective Performance
develop a customized certification program, the ‘NSC HPCL Dialogue’ were implemented during the year to enhance
Safety Certification Program, ‘ curated specifically for field employee performance.
officers of HPCL. The initiative involved conducting around
The performance management department has cultivated a
20 structured instructional-led programs and 13 structured
culture in which individuals and teams assume responsibility
webinars covering all participants. The program would
for continuously developing business processes and their
culminate with an all India online testing and certification for
skills. HPCL’s robust performance evaluation framework is
the target group of officers.
grounded in the Balanced Scorecard Methodology, enabling
HPCL collaborated with Coursera, a global online platform, objective assessment, career advancement, and individual
to provide access to over 5,000 online courses and degrees development. This system aligns employees’ efforts with
from leading universities and companies. These courses are organizational objectives.
available on HPCL’s CBMS (Capability Building Management
Reward & Recognition
System) platform, allowing HPCL officers to conveniently
enhance their skills and knowledge. ‘HP Outstanding Achievers Recognition’ has been instituted
to recognize the outstanding achievements of officers
HPCL collaborated with skillsoft, a pioneer in e-learning in the junior management category. The recognition is
platforms, for the skillsoft Leadership Development Program intended to identify and recognize officers who have lived
(SLDP), a collaborative effort between skillsoft and MIT and displayed HP FIRST values, displayed extraordinary
Sloan Management Review. The institute’s management commitment, delivered extraordinary performance, and
programs focus on entrepreneurship, innovation, and achieved outstanding results during the year, in line with the
experiential learning. Corporation’s business interests. During 2023-24, 52 officers
were recognized as ‘Outstanding Achievers 2023.’
HPCL is committed to developing the capabilities of its
employees across all levels of management in various With the objective of encouraging and rewarding employees
who have taken risks to achieve higher organizational results,
SBUs. Focused interventions such as ‘Prerna’, ‘Prerana
‘HP Aparajit’ recognition was implemented. The award
Realtics’, ‘Shreshtha’, Daksh’, and ‘Lakshya’ help to upskill
felicitates brave officers who could not achieve the intended
the functional and behavioural competencies of employees
target despite all their efforts. During 2023-24, 9 officers were
were continued. These interventions focus on understanding recognized as ‘HP Aparajit 2023’ under the individual and
oneself, understanding the role, dealer management, team categories.
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The ‘HP Gaurav’ recognizes outstanding efforts, sustained ‘Manodarpan’ is a longitudinal study aimed at enhancing
excellence in work, commitment, adherence to safety emotional and psychological well-being among HPCL
measures, and adherence to high standards of conduct in the employees. In collaboration with the National Institute
discharge of duties amongst the non-executive category of of Mental Health & Neuro Sciences (NIMHANS), HPCL
employees. During 2023-24, 90 employees were recognized partnered to administer the work-stress questionnaire, a
with the ‘HP Gaurav’ recognition. scientifically developed and validated tool. This questionnaire
seeks to gather insights into employees’ experiences with
Industrial Harmony work-related stress over the preceding six months.
HPCL takes pride in having cordial and productive
‘HP Unplugged’ is a platform, designed to bring to the
relationships with employee unions. Effective grievance
forefront the incredible stories and talents that inspire the
management systems, fairness, and an emphasis on
employees to the core. While celebrating Women’s Day, a
transparency have aligned unions and employees with the
special Women’s Day series was meticulously curated to
Corporation’s vision. Constructive meetings were regularly
showcase interviews with eight prominent HPCL women
conducted with unions to ensure employees’ participation in
leaders who offered insights and inspiration.
the decision-making process.
A 24x7 Employee Assistance Programme (EAP), ‘Paramarsh’
Harmonious industrial relations have been sustained
is being continued during the year to provide counselling
through continual and proactive engagement with the unions
services to employees, their spouses, and dependent children.
representing the workmen across the Corporation.
An Employee Health Engagement & Wellness vertical was
The Corporation’s Human Rights Policy has been formulated
created to nurture a healthy work environment and enhance
and hosted on the HPCL website. As a model employer, the
employees’ physical, emotional, mental, and social well-being.
Corporation has suitably enhanced ex-gratia compensation
The initiative aims to empower employees to align their
to the dependents of contract workers in case of the contract individual purpose with organizational objectives by cultivating
worker’s death due to industrial accidents during the course personalized connections through tailored programs.
of duty within the Corporation’s premises.
A Health Index was curated for all employees, utilizing data
Employee Engagement Initiatives from Periodical Medical Examinations. This composite index
Employee engagement initiatives are conducted to create is derived from the values of 10 key health parameters, with
an emotionally and psychologically safe work environment scores categorized into three ranges: normal, borderline and
across locations. Various programs/activities were conducted risky. It also offers an overall trend for each parameter to
during the year to achieve this objective. assess improvements or deteriorations in health. The Health
Index is accessible through the HP Fitness App and MyHPCL
‘Reboot@35+’ was undertaken for officers in the age group of Mini App, displaying the individual’s overall Health Index and
35 to 50 years and focused on self-development in personal, each parameter value.
professional, family, and social domains with mindfulness
as its core theme. Under the aegis of ‘Reboot@35+’, ‘Wellness Carnival-You Matter’ is a one-of-a-kind wellness
Walkathons/ Marathons, a National Painting Competition, a carnival focused on building happiness and conscious living.
National Photography Competition, and the ‘Hum Fit Toh HP Over 500 employees and their families participated, and the
Fit’ Challenge for employees and families were conducted in carnival featured experience zones, focusing on activating
addition to other engagement activities. the mind, heart, body and soul.
HP Sampark, HPCL’s employee volunteer program, has HPCL Celebrates 50 Years: A Commitment to All
been created to channel the HP Family’s volunteering spirit, Under the overarching theme of ‘Panchatattvon Ka
contribute time and skill, and nurture inclusiveness, societal Maharatna,’ commemorating HPCL’s Golden Jubilee, the
good, and community health. With HP Sampark volunteers’ Company has undertaken a series of initiatives aimed at
support, the program has touched over 3 lakh lives since its enhancing the welfare of its diverse stakeholders, including
inception. During 2023-24, employee contributions helped customers, employees, superannuated employees, business
around 51,800 people in the community. associates, and society at large.
‘Yuvantage’ is a youth engagement initiative of HPCL aimed One prominent initiative HPCL launched under the theme
at the holistic development of young officers by enhancing of ‘Earth’ is a commitment to plant 5,00,000 trees during the
their managerial, behavioural, and technical competencies. Golden Jubilee year, commenced on 15th July, 2023. During
During the year, various programs such as ‘Spark,’ ‘Corporate 2023-24, HPCL has already planted over 280,000 trees and
Ranneeti,’ ‘Foundation Day Activities,’ ‘Anand’ and hobby club distributed numerous seeds through its extensive network of
activities were organized under the Yuvantage platform. retail outlets, fostering a green revolution. Notable innovative
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activities under the ‘Earth’ element include establishing PRCC also conceptualized, designed, and installed various
farmer assistance centres in villages to provide expertise on exhibitions at the international and national levels, notably
modern farming techniques, rehabilitating Right-of-Use areas at ADIPEC 2023, held in Abu Dhabi, and India Energy Week,
cleared during pipeline laying, and recognizing long-standing held in Goa, attracting thousands of visitors. It spearheaded
retail outlets and employees through celebratory programs. the creation ‘HP Unplugged,’ generating significant employee
and public engagement. These achievements, along with
Under the element of ‘Fire,’ HPCL conducted various safety
consistent social media engagement, internal communication
clinics in rural areas to promote fire safety and the safe
efforts, and strategic advertisements and sponsorships,
usage of LPG. Specialized programs were tailored for Kargil
demonstrate the PRCC’s commitment to amplifying HPCL’s
veterans, defence personnel, and individuals with disabilities.
voice, increasing employee engagement and strengthening
Flagship initiatives related to the ‘Water’ element showcased the brand HPCL.
HPCL’s efforts in water conservation and reuse, including
Prevention of Sexual Harassment at Workplace (POSH)
the cleaning of water bodies and the execution of rainwater
harvesting projects nationwide. Additionally, HPCL To inculcate appropriate workplace behaviour and promote
collaborated with Coast Guards and NGOs to conduct beach gender sensitization, a number of online POSH workshops
cleaning drives and deployed underwater structures as were organized across the Corporation during the year.
artificial reefs for coral transplantation in Goa, addressing
challenges such as coral bleaching and habitat degradation. SC/ST/OBC/PwD Welfare Programs
HPCL strictly adheres to the Presidential Directives along
Under the ‘Wind’ element, HPCL donated 858 spirometers
with guidelines issued by the Government of India for
to government hospitals and clinics across the country,
reservation in services of persons falling under the category
enhancing medical infrastructure for respiratory health.
of SCs/STs/OBCs/PwD/EWS. HPCL also continued to support
Furthermore, initiatives such as installing EV charging
the efforts of the HP SC/ST Employees Welfare Association
facilities, introducing E20 fuel at Retail Outlets nationwide,
(HP SEWA) and HPCL OBC Employees Welfare Association
and Pan-India quiz competitions were undertaken as part of
in furthering the growth and development of its members
the ‘Wind’ element.
and in undertaking efforts for the wider development of
Under the ‘Ether’ element, numerous activities focused on underprivileged sections of society.
employee wellness and engagement with superannuated
A host of engagement activities are undertaken throughout
employees, channel partners, dealers, and distributors. A
the year to support diversity and promote inclusive growth.
standout event was the ‘Golden Reunion’ held across multiple
Each year, special learning initiatives are undertaken for the
cities, which provided more than 2,000 retired employees
growth and development of SC/ST/OBC employees.
with an opportunity to reconnect and stay informed about
recent developments within the Company. In compliance with the provisions of The Rights of Persons
with Disabilities Act, 2016, the Equal Opportunity Policy is
HPCL has constructed a special retail outlet in Goa called the
framed and displayed in the Employee Portal to promote a
‘Panchatattva’ Outlet, which showcases all five elements.
workplace culture, to safeguard the rights of persons with
Corporate Communication disabilities to be treated with dignity, respect and equal terms
and conditions of employment.
Public Relations & Corporate Communications (PRCC)
department is an interface between the Company & Public
Promotion of Sports Activities
at large. It plays a pivotal role in crafting and disseminating
the Company’s narrative. The department ensures clear, HPCL plays a significant role in promoting sports and
consistent messaging that aligns with the Company’s regularly hosts and participates in various tournaments for
business goals and objectives. By leveraging various internal the Petroleum Sports Promotion Board (PSPB) and the All-
and external communication channels, the department India Public Sector Sports Promotion Board (AIPSSPB).
fosters trust strengthens HPCL’s reputation, and generates
HPCL has organized various internal sports events, such
positive societal impact – all while supporting the Company’s
as Cricket, Table Tennis, and Football coaching camps for
strategic objectives.
children of Mumbai-based employees. HPCL also organized
During 2023-24, the PRCC department coordinated the All India Inter Unit Sports & Games Tournament in Pune, All
successful organization of inaugurations and foundation India Inter Unit Cricket Tournament and 18th All India Annual
stone laying ceremonies for various HPCL infrastructure Sports Meet in Mumbai. On behalf of PSPB and AIPSSPB, HPCL
projects. These events showcased HPCL’s commitment to conducted the All India Public Sector Carrom Tournament
national infrastructure projects and helped promote the in Mumbai and the 33rd PSPB Inter Unit Chess Tournament
Company’s brand. in Bhubaneswar.
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Official Language Implementation medical devices and equipment for strengthening public
healthcare delivery systems at primary healthcare centres,
The usage of Hindi has been ensured in the Corporation by
community healthcare centres, and district hospitals, as
motivating the employees through persuasion, incentives
well as meeting grassroots healthcare requirements in local
and harmony. Hindi is being promoted by utilizing various
and remote areas.
facilities available in the field of Information & Technology
including Video Conferencing. To promote the linguistic During the year, HPCL supported the educational, therapeutic,
talent of the employees, awareness about Hindi is created in and skill training needs of Children with Special Needs (CwSN)
the offices through online Hindi Competition, Hindi Fortnight, under Project ‘ADAPT’ to enhance the children’s quality of life.
Official Language Conferences and Hindi Workshops, etc.
Under Project ‘Nanhi Kali,’ adolescent girls, mostly first-
During 2023-24, the Corporation was conferred with generation learners, were provided with remedial classes,
‘Rajbhasha Keerti Puraskar – Second Prize’ for the material kits, a sports curriculum, training, and counselling
implementation of the Official Language for the year 2022-23 sessions on personal hygiene and career development.
by the Ministry of Home Affairs. This award is given for the best
performance in the field of Official Language Implementation HPCL distributed scholarships to students from various
(OLI) amongst all PSUs. socioeconomically disadvantaged sections like SC, ST, OBC,
and PwD across the country, giving support to students in
The Corporation has also overseen the coordination of the their education from school level to professional courses.
Town Official Language Implementation Committee (TOLIC) HPCL also provisioned basic facilities like school furniture
for Mumbai-based Public Sector Undertakings (PSUs) items, teaching aids, water coolers, etc., and the construction
since 1983, guiding 61 PSUs in Mumbai regarding Official of classrooms along with the setting up of smart classes in
Language Implementation. HPCL has conducted various various government schools for the benefit of students
programs aimed at training officials from different PSUs. in rural areas.
These programs include sessions on Hindi translation and
the promotion of Hindi and regional languages. HPCL strengthened its collaboration with the Indian Army
for Project ‘Super-50’ in Jammu, Kashmir, and Ladakh. Under
the project, aspiring students were provided mentoring
N. CORPORATE SOCIAL RESPONSIBILITY (CSR)
and coaching for the Medical and Engineering streams. The
HPCL has consistently aimed to be a model of excellence and project supports the Indian Army’s ‘Sadbhavana’ initiative
act as a driving force for transformation in all its pursuits, in ‘Winning Hearts and Minds’ of the local population. The
whether in fostering business prosperity or fulfilling its year saw the commencement of a similar residential Project
societal responsibilities. HPCL has consistently upheld the ‘Super-50’ for aspiring SC and ST students in the Raigad
belief in creating shared value and ‘Delivering Happiness’ district of Maharashtra.
through a range of initiatives that have positively impacted
millions of lives. To provide basic healthcare facilities in remote rural
areas, Mobile Medical Vans were operated under ‘Project
HPCL implemented more than 80 CSR projects under the Dhanwantari’ to provide diagnosis, treatment and health
annual common theme ‘Health and Nutrition,’ as notified awareness at the doorsteps of less privileged people.
by the Department of Public Enterprises, Government of
India. HPCL has spent H 111.94 Crore was spent towards CSR Under Project ‘Dil without Bill,’ HPCL extended support for
expenditure, out of which H 69.66 Crore towards ‘Health and conducting heart surgeries for beneficiaries from the lower
Nutrition’ and H 16.14 Crore was spent in Aspirational Districts socioeconomic section, with a special focus on children.
during the year.
HPCL supported Skill Development Institutes (SDI),
HPCL implemented various activities under the focus areas of conceptualized by the Government of India and
Child Care, Education, Health Care, Skill Development, Sports, operationalized by Oil & Gas CPSEs, focus on imparting skills
Environment & Community Development, and Contribution to in industry-oriented trades to improve the employability
Incubators or R&D projects in the fields of science, technology, of weaker sections of society. SDI Visakhapatnam is being
engineering and medicine, funded by the Central Government managed by the Corporation with the support of other
or State Government or Public Sector Undertaking or any Oil & Gas CPSEs.
agency of the Central Government or State Government; and
Contributions to public-funded Universities. HPCL participated in and undertook various activities during
Swachhta Pakhwada Campaign in 2023-24. The campaign
During the year, HPCL achieved the completion of the CBG saw outreach and participation of more than 21 Lakh
Plant at Pathmeda, Rajasthan as part of the CSR program. stakeholders from across the country. Various awareness
Other projects under the theme include the provision of generation activities like administration of the Cleanliness
189
Pledge, providing Hygiene Kits, distribution of seed balls, and South Asia LPG Company Private Limited (SALPG)
Sapling Plantation were undertaken by installations and office
SALPG is a joint venture between HPCL and Total Energies
locations to promote a green environment in the society. Marketing Holdings India, with equity holdings of 50% each.
SALPG owns and operates an underground LPG cavern
HPCL also provided scholarship assistance to promising
with 60 TMT capacity and associated receiving and dispatch
athletes and sportspersons from underprivileged
facilities at Visakhapatnam.
backgrounds. HPCL contributed to the Armed Forces Flag
Day Fund instituted by the Kendriya Sainik Board, Ministry During 2023-24, SALPG achieved a throughput of 1.17 MMT,
of Defence, Govt. of India, for the care, support, welfare, total revenue of H 126.44 Crore, and PAT of H 54.38 Crore.
and rehabilitation schemes for Ex-Servicemen (ESM) and
their dependents. SALPG has been continuously paying dividends for the last 14
years. SALPG paid an interim dividend of 45% for 2023-24.
O. JOINT VENTURE COMPANIES AND SUBSIDIARIES Prize Petroleum Company Limited (PPCL)
HPCL also conducts business through Subsidiaries and Joint Prize Petroleum Company Limited (PPCL) is a wholly-owned
Venture Companies in various areas, including oil refining and subsidiary of HPCL. PPCL is the upstream arm of HPCL and
petrochemicals, value-added bituminous products, Marketing is in the business of exploration and production (E&P) of
of POL products, POL pipelines, Natural Gas pipelines, hydrocarbons, providing services for the management of E&P
LPG pipeline, City Gas Distribution (CGD), LPG cavern, LNG blocks. PPCL has a wholly owned subsidiary, namely Prize
terminal, Aviation fuel farm facilities, Biofuels and Green Petroleum International Pte Limited (PPIPL), incorporated in
energy. The brief about the performance of Joint Ventures Singapore. PPIPL has participation interests of 11.25% and
and Subsidiaries during the year 2023-24 is given below: 9.75% in two E&P blocks [T/L1 and T/18P (retention leases
T/RL4 & T/RL5 and Production License TL5) respectively]
HPCL-Mittal Energy Limited (HMEL) in Australia. During 2023-24, PPIPL achieved its share of
HPCL-Mittal Energy Limited (HMEL) is a joint venture between production of 95,108 BoE (Barrels of Oil Equivalent) from the
HPCL and Mittal Energy Investments Pte. Limited, Singapore, Yolla producing field (T/L1).
with an equity holding of 48.99% each.
During 2023-24, PPCL recorded a total revenue of H 41.35
HMEL is a leading integrated refining and petrochemical Crore on a consolidated basis.
company in India, with operations that span crude oil refining,
petrochemical production and marketing. It owns and
Hindustan Colas Private Limited (HINCOL)
operates 11.3 MMTPA Guru Gobind Singh Refinery (‘GGSR’) HINCOL is a joint venture of HPCL and Colas S.A., France, with
at Bathinda, Punjab, which produces refined petroleum an equity shareholding of 50% each. HINCOL manufactures
products. During 2023-24, the Company successfully initiated and markets bitumen derivatives, which are widely used in
commercial operations of its new petrochemical facility, the road/airfield construction in India. In addition to bitumen
Guru Gobind Singh Polymer Addition Project (‘GGSPAP’), derivatives, it also carries out niche road maintenance
situated within the existing GGSR premises. GGSPAP activities like micro surfacing and slurry sealing. HINCOL
features a state-of-the-art cracker with a capacity of 1.2 owns and operates ten Bitumen Emulsion and Modified
MMTPA, expandable to 1.5 MMTPA, enabling the utilization Bitumen plants located across the country and two
of low-value refinery gases, Naphtha and Kerosene. HMEL Bitumen storage terminals at Haldia and New Mangalore
now has a combined capacity of 2.2 MMTPA of polymers, Port. All HINCOL facilities comply with the requirements of
which includes world-class grades of HDPE, LLDPE, PP-HP, international standards such as ISO 9001:2015, 14001:2015
PP-RCP and PP-ICP. and 45001:2018. The R&D Centre and Quality Control
Laboratories are certified by the National Accreditation Board
During 2023-24, the Company achieved a crude throughput for Testing & Calibration Laboratories (NABL) for mechanical
of 12.65 MMT. Consolidated total revenue of H 91,565.5 Crore testing under ISO/IEC 17025:2005.
and PAT of H 1,843.5 Crore have been achieved during the
year. HMEL paid an interim dividend of 8% for 2023-24. During 2023-24, HINCOL recorded a sale of 329 TMT and
achieved the highest-ever micro-surfacing area paving with
The Company’s commitment to safety, health, and over 12 lakh sqm. HINCOL recorded a consolidated total
environmental sustainability remains unwavering. It has revenue of H 1,548.34 Crore, and PAT was H 129.85 Crore.
ongoing initiatives and ESG integration efforts, such as
execution of a 300 KLPD, 1G grain-based bioethanol plant at HINCOL has been paying dividends for the last 24 years.
Bathinda and installation of solar rooftop at GGSR. HINCOL paid an interim dividend of 500% for 2023-24.
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HPCL Rajasthan Refinery Limited (HRRL) HPCL’s foray into the manufacturing of ethanol for blending
in Petrol. HBL has two integrated sugar-ethanol-cogeneration
HRRL is a joint venture of HPCL and the Government of
Rajasthan, with HPCL participating with 74% equity and the plants in the Sugauli and Lauriya districts of Bihar.
Government of Rajasthan with 26% equity. HRRL is setting up
During 2023-24, HBL recorded a total revenue of H 389.97
a 9 MMTPA greenfield refinery and petrochemical complex in
Crore and cane crushing of 822.40 TMT. HBL achieved the
the state of Rajasthan. The capacity includes 2.4 MMTPA of
highest-ever sugar production of 75,784 MT, the highest-ever
petrochemicals of various grades.
ethanol production of 16,471 KL, and power generation of
The project is progressing well on-site. Construction of various 43,598 MWh during 2023-24. HBL also achieved its highest-
pre- project activities required for commencement of project ever domestic sales of sugar of 67,613 MT during 2023-24.
as boundary wall, roads, drainage, Site office etc. have been 1,937 MT of sugar was exported to Zambia, Sudan and Nepal
completed. 100% of major purchase orders and contracts during 2023-24. HBL also achieved its highest-ever ethanol
are in place for executing and completing the project, and sales of 18,979 KL during 2023-24.
the construction of various process units and packages is
During 2023-24, HBL achieved 81.8% production of medium-
in progress. Fabrication and laying of the raw water pipeline
grade sugar out of total sugar production, which helps in
have been completed, and works on the crude pipeline are
higher realisation. HBL became the first sugar mill in Bihar to
in progress. Fabrication has been completed for all eight
trade/sell power through the IEX platform.
long lead items, and installation has also been completed for
seven items at the site. The expansion of its distillation and allied facilities to produce
ethanol out of grains and farm feed is in progress.
Mangalore Refinery and Petrochemicals Limited
(MRPL) Petronet MHB Limited (PMHBL)
MRPL is a joint venture of HPCL and ONGC, with ONGC PMHBL is a joint venture of HPCL and ONGC, with equal
holding 71.63% of equity, HPCL holding 16.96% of equity, and equity holdings of 50% each. PMHBL owns and operates
the balance equity held by the public. MRPL is a Schedule
a multiproduct petroleum pipeline to transport the MRPL
‘A’ Miniratna, Central Public Sector Enterprise (CPSE), and
refinery’s petroleum products to various parts of Karnataka.
operates a 15 MMTPA refinery at Mangaluru in Karnataka.
During 2023-24, PMHBL achieved the highest-ever throughput
During 2023-24, MRPL achieved a crude throughput of 16.53
of 4.05 MMT and reported a total revenue of H 185.68 Crore
MMT. This translates to a refinery capacity utilization of
and a PAT of H 96.26 Crore.
110%. MRPL is augmenting its Grid Power Infrastructure to
enable the import of a significant amount of grid power from PMHBL’s Integrated Management System (IMS) is certified for
renewable energy sources in the future. Quality Management Systems ISO-9001:2015, Environmental
Management Systems ISO–14001:2015, OHSMS ISO–-
MRPL recorded consolidated total revenue of H 1,05,414.86
18001:2018, and Energy Management Systems ISO-50001-
Crore and PAT of H 3,597.05 Crore. MRPL paid an interim
2018. The Company deployed various updated technologies
dividend of 10% and recommended a final dividend of
and solutions for its operations as per international standards.
20% for 2023-24.
PMHBL paid an interim dividend of 16.35% for 2023-24.
Ratnagiri Refinery and Petrochemical Limited
(RRPCL) Bhagyanagar Gas Limited (BGL)
RRPCL is a joint venture company promoted by IOCL, BPCL Bhagyanagar Gas Limited (BGL) is a joint venture of HPCL and
and HPCL with equity participation in the ratio of 50:25:25. GAIL with equal equity holdings of 48.73% each.
RRPCL has planned to set up an integrated refinery cum
petrochemical complex on the west coast of Maharashtra. BGL has a CGD network comprising 2,478 km of MDPE
Saudi Aramco and ADNOC have also signed an MoU to pipeline and 183 km of steel pipeline and has provided
partner with RRPCL to jointly execute the project along with 3,16,046 domestic connections. BGL also operates 137 CNG
IOCL, BPCL and HPCL. stations in the cities of Hyderabad, Vijayawada, and Kakinada
in the states of Andhra Pradesh and Telangana.
The pre-project activities are in progress.
During 2023-24, BGL has achieved sales volumes of 54,396
HPCL Biofuels Limited (HBL)
MT of CNG and 302.80 Lakh Standard Cubic Meters (SCM) of
HBL is a wholly owned subsidiary Company of HPCL. HBL PNG. BGL has recorded a total revenue of H 572.97 Crore and
was promoted as a backward integration initiative to enable PAT of H 38.08 Crore during the year.
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Aavantika Gas Limited (AGL) commissioned in 2019-20. During 2023-24, the Company
transported 702 MMSCM of gas and earned H 111.58
Aavantika Gas Limited (AGL) is a joint venture of HPCL and
Crore in revenue.
GAIL with equal equity holdings of 49.99% each.
Godavari Gas Private Limited (GGPL)
AGL has a CGD network comprising 3,042 km of MDPE
pipeline and 111 km of steel pipeline and has provided Godavari Gas Private Limited (GGPL) is a joint venture between
1,59,039 domestic connections. AGL also operates 116 CNG Andhra Pradesh Gas Distribution Corporation Limited
stations in the cities of Indore, Ujjain, Pithampur and Gwalior (APGDC) and HPCL with equity stakes in the ratio of 74:26.
in the state of Madhya Pradesh.
GGPL has been formed to develop and operate a CGD
During 2023-24, AGL has achieved sales volumes of 47,437 network in the East Godavari and West Godavari districts of
MT of CNG and 653.10 Lakh SCM of PNG. During the year, Andhra Pradesh. GGPL has a CGD network comprising 642
AGL sold 15.8 Lakh SCM of CBG. AGL has also reported a km of MDPE pipeline and 111.2 km of steel pipeline and
total revenue of H 725.65 Crore and PAT of H 75.83 Crore has provided 1,00,907 domestic connections. GGPL also
during the year. operates 33 CNG stations and 1 MS/HSD retail outlet (HPCL
Dealership) in the East Godavari and West Godavari districts
AGL recommended a final dividend of 8.50% for 2023-24. (Andhra Pradesh).
GSPL India Gasnet Limited (GIGL) During 2023-24, GGPL achieved sales volumes of 3,853 MT of
GSPL India Gasnet Limited (GIGL) is a joint venture of Gujarat CNG, 29.74 lakh SCM of PNG and 674 KL of MS & HSD. GGPL
State Petronet Limited (GSPL), Indian Oil Corporation Limited recorded a total revenue of H 50.01 Crore during the year.
(IOCL), Bharat Petroleum Corporation Limited (BPCL), and
HPOIL Gas Private Limited (HOGPL)
HPCL. HPCL has an 11% equity participation in the Company
and the balance of equity is held by GSPL (52%), IOCL (26%), HPOIL Gas Private Limited (HOGPL) is a joint venture
and BPCL (11%). between HPCL and OIL India Limited (OIL), each with 50%
equity shareholdings.
GIGL has been authorized to lay two cross-country gas
pipelines: the Mehsana-Bathinda Pipeline (MBPL) and the HOGPL has been formed to develop and operate CGD
Bathinda-Jammu-Srinagar Pipeline (BJSPL). PNGRB has networks in the geographical areas of Ambala-Kurukshetra
approved the foreclosure of BJSPL at Gurdaspur, which will districts in the state of Haryana and Kolhapur district in the
now be the Bathinda-Gurdaspur Pipeline (BGPL). state of Maharashtra. HOGPL has a CGD network comprising
1131 km of MDPE pipeline and 187 km of steel pipeline and
The initial sections of the projects, viz., Barmer-Pali Pipeline, has provided 40,696 domestic connections. HOGPL also
Palanpur-Pali Pipeline and Jalandhar-Amritsar Pipeline, are operates 2 City Gate Stations and 49 CNG stations in the
in operation from 2018-19 onwards. GIGL has successfully geographical areas of Ambala-Kurukshetra districts (Haryana)
commissioned all sections of the MBPL-Phase II Project and Kolhapur district (Maharashtra). HOGPL received an
except Section V. During 2023-24, the Company transported authorization letter for the Nagaland Geographical Area (GA)
about 2,109.18 MMSCM of gas and recorded a total revenue project in PNGRB’s 12th Bidding round.
of H 379.63 Crore.
During 2023-24, HOGPL achieved a sales volume of 19,693
GSPL India Transco Limited (GITL) MT of CNG, registering a growth of 37% over the previous
GSPL India Transco Limited (GITL) is a joint venture of GSPL, year. HOGPL also achieved a sales volume of 52.95 lakh
IOCL, BPCL, and HPCL. HPCL has an 11% equity participation SCM in PNG, registering a growth of 234% over the previous
in the Company and the balance of equity is held by GSPL year. During the year, the Company recorded CBG sales
(52%), IOCL (26%), and BPCL (11%). of 17.52 MT. HOGPL set a new record in the CGD industry
with 1,000 flame conversions of PNG in 24 Hours in rural
GITL has been authorized to lay a 1,881 km pipeline from panchayat, Morewadi.
Mallavaram to Bhilwara. The initial section of the project,
from Pipeline Infrastructure Limited’s (erstwhile Reliance) HOGPL recorded total revenue of H 202.41 Crore and PAT of
interconnection point at Kunchanapalli to Ramagundam H 9.67 Crore during the year.
Fertilisers & Chemicals Limited’s plant at Ramagundam, was
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HPCL LNG Limited (HPLNG) IHB Limited (IHBL)

HPCL LNG Limited (HPLNG) became a 100% subsidiary of IHB Limited (IHBL) is a joint venture Company promoted by
HPCL on 30th March, 2021, subsequent to the acquisition of IOCL, BPCL, and HPCL. Its equity participation is 50:25:25.
50% stake from SP Ports Private Limited (SPPPL).
IHBL was incorporated to construct, operate and manage the
The Company has been formed to build and operate a 5 ~ 2,800 km long Kandla-Gorakhpur LPG Pipeline, the longest
MMTPA greenfield LNG regasification terminal at Chhara LPG pipeline in the world, for meeting the LPG demand of
Port in the Gir Somnath district of Gujarat. Major facilities at the bottling plants enroute to the pipeline in Gujarat, Madhya
the LNG terminal include marine facilities for the berthing Pradesh and Uttar Pradesh. The project has now reached an
and unloading of LNG carriers, storage tanks, regasification advanced stage of completion.
facilities and associated utilities.
HPCL Renewable & Green Energy Limited (HPRGE)
The terminal’s mechanical completion was achieved in
March 2023. Most pre-commissioning activities have been HPCL Renewable & Green Energy Ltd (HPRGE) was
completed, and all approvals for the terminal’s commissioning incorporated on 19th January, 2024 as a wholly owned
were received in 2023-24. subsidiary of HPCL for managing the portfolio of green
energy businesses such as biofuels, renewables, green
Mumbai Aviation Fuel Farm Facility Private hydrogen, carbon offsets, green mobility and alternative
Limited (MAFFFL) energy businesses.
Mumbai Aviation Fuel Farm Facility Private Limited (MAFFFL) is HPRGE is setting up solar power plants at Jhansi in Uttar
a Joint Venture of Mumbai International Airport Limited (MIAL),
Pradesh (5 MW) and Panipat in Haryana (6 MW), while
IOCL, BPCL, and HPCL, with equity holdings of 25% each.
further opportunities in the green energy business are
The Company has constructed and commissioned a new being explored through various initiatives. The Company
Integrated Fuel Farm (IFF) facility on an open-access basis commenced renewable energy supply to HINCOL under the
and is now engaged in the operation and maintenance of Renewable Energy Service Company Model (RESCO Model)
the aviation fuel farm facilities, including providing Into-plane for the HINCOL Plant at Jhansi in March 2024.
services at Chhatrapati Shivaji Maharaj International Airport
(CSMIA), Mumbai.
P. AWARDS RECEIVED
MAFFFL achieved a throughput of 16.25 lakh KL during 2023- During 2023-24, HPCL was conferred with several awards
24, registering a growth of 34% over the previous year. The and recognitions at various forums. The following is the list of
Company has registered a total revenue of H 154.55 Crore awards received by HPCL during the year:
and PAT of H 63.41 Crore during 2023-24. MAFFFL paid an
interim dividend of 20% for 2023-24. 1. ‘SCOPE Awards’ by Standing Conference of Public
Enterprises (SCOPE) under the categories:
HPCL Middle East FZCO (HMEF)
i. ‘SCOPE Eminence Award’ for ‘Human Resource
HPCL Middle East FZCO (HMEF), a wholly owned subsidiary
of HPCL, markets lubricants and other petroleum products Management’ and for ‘Digital Transformation’
across various Middle East and Africa markets. The Company
ii. ‘SCOPE Meritorious Award’ for ‘Effective
is registered under the Dubai Airport Free Zone Authority
Implementation of the RTI Act’
(DAFZA) and has a trade license for trading in lubricants &
greases, petrochemicals and refined oil products. 2. ‘Innovation Awards for 2022-23’ by the Ministry
of Petroleum & Natural Gas (MoP&NG) under
HMEF has registered a sale of 1,551 MT of value-added
the categories:
lubricants, recording a growth of 27% over the previous year.
The Company also sold 1,000 MT of refined oil products and
i. ‘Best Indigenously Developed Technology’ for
thus registering a total volume of 2,551 MT with a total revenue
development and commercialization of Indigenous
of H 13.37 million AED (H 30.16 Crore) and PAT of 1,52,372 AED
PSA PLC technology
(H 0.34 Crore). The supply of 1,000 MT of refined oil products
to the National Centre for Polar & Ocean Research for the ii. ‘Best Innovation in R&D Institute’ for HP-HCNG
Antarctic expedition marks a significant step and the first of Technology (technology for carbon-negative
its kind since the formation of HMEF, supporting the nation’s Production of Hydrogen Enriched CNG)
scientific research and exploration endeavours.
193
3. ‘Rajbhasha Keerti Puraskar’ (Second Prize) for 13. ‘Express Logistics and Supply Chain Leadership Awards’
‘Implementation of Official Language’ 2022-23 by the by B2B Kamikaze under the categories (i) ‘Supply Chain
Ministry of Home Affairs, Government of India (GoI) Talent Development’ (ii) ‘Best-In-Class Supply Chain
Diversity’ award and (iii) ‘Best Use of Analytics in Demand
4. ‘National Energy Conservation Award 2023’ (2nd Planning & Forecasting Practice’
Position) to Mumbai Refinery by Ministry of Power,
Government of India (GoI) 14. ‘Best Education Support Initiative of the Year 2024-PSU’
to ‘Project ADAPT’ by India Social Impact Awards
5. ‘Product Innovator of the Year 2023’ for the development
of FCC catalyst additive (HP- Bottom Cracking Additive) 15. ‘National Legal Excellence Award 2023’ to HR Legal
to HP Green R&D Centre team in the ‘Chemical Cell, ER department under the category of ‘In-House
Category’ by the Ministry of Chemicals & Fertilizers, Legal Team of the Year (Energy and Resources)’ by the
Department of Chemicals & Petrochemicals (DCPC) and Associated Chambers of Commerce and Industry of
Federation of Indian Chambers of Commerce & Industry India (ASSOCHAM)
(FICCI) Awards 2023
16. ‘SAP ACE Award’ for Project Aarohan-ERP Modernization
6. ‘Best Use of Technology in Loyalty Program’ award Project under the category ‘The Disruptor- Best Supply
for DriveTrack Plus program at 4th Annual Digital Chain Transformation’ by M/s INDUS
Transformation Summit and Awards, 2023
17. ‘Golden Peacock Innovative Product/Service’
7. ‘Corporate Governance’ and ‘CSR & Sustainability’ award for ‘HP-Bioremedia: A bio-additive for
awards at the 13th PSE Conclave and Excellence Awards enhanced bioremediation of oily sludge’ by Institute
2023 by the Indian Chamber of Commerce (ICC) of Directors 2024
8. ‘CII Digital Transformation (DX) Awards’ 2023 18. ‘Excellence in Automation for Corporate’ award at
by Confederation of Indian Industry (CII) under Society for Technology Management (STEM) Summit
the categories: & Awards 2023
i. ‘Most Innovative Best Practice’ in ‘Smart LPG 19. ‘CSR Health Impact awards’ by the Integrated Health &
Cylinder Delivery System’ and ‘Robotic Inspection Wellbeing Council (IHW Council) in the categories (i) CSR
of In-service Tank System’ Health System Strengthening Project (Silver Award) and
(ii) CSR Covid Relief Project-Large (Silver Award) and (iii)
ii. ‘Innovative Best Practices’ in ‘HPCL’s Digital CSR Swachha Bharat Project (Bronze Award)
Experience Centre’ and ‘Augmented & Virtual
Reality-based Training Simulation’ 20. ‘15th Exceed Occupational Health Safety and Security
Award’ to Mumbai Refinery in the category ‘Refinery of
9. ‘10th PSU Awards’ under the categories (i) Investment the Year’ by Sustainable Development Foundation, a
in Start-up and (ii) HR Excellence (Overall) by unit of ‘Ek Kaam Desh ke Naam’
Governance Now
21. ‘National Legal Excellence’ award, instituted by
10. ‘Global Marketing Excellence Awards’ by World Marketing Associated Chambers of Commerce and Industry of
Congress under the categories – (i) ‘Emerging Brand of India (ASSOCHAM) 2023
the Year’ for poWer95 and (ii) ‘Best Experiential Marketing
Campaign’ for Consumer Outreach Program (COP) 22. ‘GreenCo Champion’ award for implementing the
GreenCo Rating system in various marketing locations
11. ‘10th Greentech Awards 2023’ for outstanding by the Confederation of Indian Industry (CII)
achievement under the following categories by
Greentech Foundation (i) Occupational Health & Safety 23. ‘Asian Customer Engagement Forum (ACEF) Global
(ii) Environmental Excellence (iii) Quality Improvement Awards 2023’ for excellence in Digital Transformation by
(iv) Fire and Safety Skilling (v) Learning & Development Asian Leaders Summit & Awards
and (vi) Safety Excellence
24. ‘Global Training & Development Leadership’ award to
12. ‘APEX India Foundation Awards 2023’ under the SDI Visakhapatnam at Asia HRD Congress Awards 2024
categories ‘Occupational Health & Safety’ to 5 Depot/
Terminal/ Refinery/Pipelines by APEX India Foundation 25. ‘Mahatma Award 2023’ under the categories (i)
‘Sustainable and Responsible Business Practices’ for
Corporate Sustainability Practices and (ii) Corporate
Social Responsibility Excellence’ for CSR Practices
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Annual
72nd Report
26. ‘Best Product Launch / Marketing Campaign’ award for 30. ‘CPO Awards 2023’ in the categories (i) ‘Excellence
HP RACER Gen 6 at ‘Lubricants & Fuels Conference: in Procurement Transformation’ and (ii) ‘Excellence
Shaping Sustainable Strategies’ by M/s. Rosefield Energy in Procurement Innovation’ award at the 8th Annual
Tech Private Limited. Institute of Supply Management (ISM) India Conference
& CPO (Central Procurement Office) awards
27. ‘National CII SCALE Award’ conferred with ‘Excellent
Position’ under the category ‘Energy Power Generation
and Distribution’ at the 10th National CII Supply Chain Q. CAUTIONARY STATEMENT
and Logistics Excellence (SCALE) Awards 2023 Matters covered in the Management Discussion and Analysis
report describing the Corporation’s objective, projections,
28. ‘Best Innovation in Research & Development
estimates, and expectations may be ‘forward-looking
Institute’ for ‘HP-HCNG Technology’ at CHT
statements’ within the meaning of applicable securities laws
Innovation Awards 2022-23
and regulations. The actual performance could vary from
29. ‘PRSI National Awards’ by the Public Relations Society those projected or implied. Important or unforeseen factors
of India under the categories (i) House Journal-English that could make a difference to the Corporation’s operations
(ii) Best Public Awareness Programme (iii) Best PSU include economic conditions, demand/supply and price
Implementing RTI (iv) Best Use of Social Media in conditions in the domestic and international market, changes
Corporate Campaign and (v) Special Prestige Publication in regulations and other incidental factors.
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Revised Independent Auditors’ Report

TO THE MEMBERS OF
the Indian Accounting Standards prescribed under section

Revised Report on the Audit of the Standalone
133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015 as amended (“Ind AS”) and accounting
Being a Government Company, the Comptroller & Auditor principles generally accepted in India, of the state of affairs
General of India has carried out supplementary audit of of the Company as at March 31, 2024 and its profit, total
financial statements of Hindustan Petroleum Corporation comprehensive income, changes in equity and its cash flows
Limited (‘the Company’) pursuant to provisions of Section 143 for the year ended on that date.
(6) of the Companies Act, 2013. The Comptroller & Auditor
General has issued provisional comments on Independent Basis for Opinion
Auditor’s Report. On considering the comments, we are We conducted our audit of the standalone financial statements
hereby issuing revised Independent Auditors’ Report on in accordance with the Standards on Auditing (“SAs”) specified
Standalone Financial Statements, while making changes under section 143(10) of the Act. Our responsibilities under
only in clause (ii)(a) and clause (vii)(b) of Annexure I to the those Standards are further described in the “Auditors’
Independent Auditors’ Report, and accordingly we are Responsibilities for the Audit of the Standalone Financial
replacing our original report which was issued on May 9, Statements” section of our report. We are independent of
2024. There is no other change in our report including in the Company in accordance with the Code of Ethics issued
financial figures and our opinion. by the Institute of Chartered Accountants of India (“ICAI”)
together with the ethical requirements that are relevant to
Opinion
our audit of the standalone financial statements under the
We have audited the accompanying standalone financial provisions of the Act and the Rules made thereunder, and we
statements of Hindustan Petroleum Corporation have fulfilled our other ethical responsibilities in accordance
Limited (“the Company”), which comprise the Balance Sheet with these requirements and the ICAI’s Code of Ethics. We
as at March 31, 2024, the Statement of Profit and Loss believe that the audit evidence we have obtained is sufficient
(including Other Comprehensive Income), the Statement and appropriate to provide a basis for our opinion on the
of Changes in Equity and the Statement of Cash Flows for standalone financial statements.
the year then ended and notes to the standalone financial
statements, including material accounting policy information Key Audit Matters
and other explanatory information in which are included the Key audit matters are those matters that, in our professional
standalone financial statements of the Visakh Refinery for judgment, were of most significance in our audit of the
the year ended on that date, audited by the branch auditor, standalone financial statements of the current period. These
located at Visakhapatnam (hereinafter referred to as the matters were addressed in the context of our audit of the
“standalone financial statements”). standalone financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate
In our opinion and to the best of our information and
opinion on these matters. We have determined, taking into
according to the explanations given to us, the aforesaid
consideration audit report issued by the branch auditors,
standalone financial statements give the information
the matters described below to be the key audit matters to
required by the Companies Act, 2013 (“the Act”) in the manner
be communicated in our report:
so required and give a true and fair view in conformity with
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Annual
72nd Report
Financial Statements Independent Auditors’ Report 2023-24
Sr.
Key Audit Matters Auditors’ Response
No.
1 Integrity of data and financial reporting on How the Key Audit matter was addressed
transition to SAP
During the year the Company has migrated to Enterprise Our audit approach / procedures included the following:
Resource Planning (“ERP”) viz., System Applications and Performing extensive testing and reconciliation procedures to ensure
Products in Data Processing (“SAP”) from ERP JD Edwards that all data migrated to the SAP system are accurate and complete;
(“JDE”) with effect from July 1, 2023 onwards. With regard
Evaluating the effectiveness of controls implemented for data
to above, key matters involved included the following:
integrity and to prevent misrepresentation during the transition
Accuracy and Completeness of Data Migration;
ensuring the accuracy and reliability of financial reports generated
Integrity of financial reporting during transition; from the SAP system;
Effectiveness of controls within SAP system;
Assessing the design and implementation of controls within the
Taking into consideration significance of the matter, this SAP system, including access controls, segregation of duties, and
has been determined as key audit matter. transaction monitoring to determine their effectiveness in mitigating
risks related to data security, fraud and errors;
Placing reliance on the exercise conducted by the management with

the help of consultant to check the data migration process covering
above matters, design of internal controls, and its operating
effectiveness including the IT systems and control.
2 Property, plant and equipment and capital work How the Key Audit matter was addressed
in progress
The Company has, during the year, executed various Our audit approach / procedures included the following:
projects and is also in the process of executing various
Understanding and evaluating the system of internal control
projects like expansion of refinery, installation of bio-
processes over the projects and those included in capital work in
refinery and other new plants, depots, LPG bottling
progress, with reference to identification and testing of key controls;
plants, terminals, pipelines, etc. Since these projects
take a substantial period of time to get ready for Reviewing Board minutes relating to approvals of the projects and
intended use. Due to the materiality of the amounts changes in estimates thereof;
capitalized and included in Capital Work in Progress,
Assessing the progress of the project and the intention and ability
in the context of the Balance Sheet of the Company,
of the management to bring the asset to its state of intended use;
this is considered to be a key area having significant
effect on the overall audit strategy and allocation of Understanding, evaluating and testing the design and operating
resources in planning and completion of our audit; effectiveness of key controls relating to capitalisation of various
costs incurred;
With regard to above capital projects, management
has identified specific expenditure including employee Testing, on sample basis, the direct and indirect costs capitalised,
costs and other overheads relating to each of the with the underlying supporting documents to ascertain nature
assets in the above capital projects and has applied of costs and basis for allocation, where applicable, and evaluated
judgement to assess if the costs incurred in relation to whether they meet the recognition criteria provided in the Indian
these assets meet the recognition criteria of Property, Accounting Standard (Ind AS) 16, Property, Plant and Equipment;
Plant and Equipment in accordance with Ind AS 16;
Ensuring adequacy of disclosures in the standalone
financial statements;
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Sr.
No.
There are areas where management judgements Reviewing the judgements made by the management including the
impact the carrying value of the property, plant and nature of underlying costs capitalized, determination of realizable
equipment, intangible assets and their respective value of the assets retired from active use, the appropriateness of
depreciation/amortization rates. These include the useful lives applied in the calculation of depreciation/amortization,
decision to capitalise or expense costs, the annual the useful lives of assets prescribed in Schedule II to the Act and the
asset life review, the timeliness of the capitalisation useful lives of certain assets as per the technical assessment of the
of assets and the use of management assumptions management. We have found that the management has regularly
and estimates for the determination or the reviewed aforesaid judgments and there are no material changes.
measurement and recognition criteria for assets
retired from active use;

This has been determined as a key audit matter
due to the significance of the capital expenditure
during the year as compared to the existing block
of Property, Plant and Equipment, the risk that the
elements of costs that are eligible for capitalisation
are not appropriately capitalised in accordance with
the recognition criteria provided in Ind AS 16 and the
complex nature of the project.
3 Evaluation of uncertain indirect tax positions How the Key Audit matter was addressed
The Company has material uncertain indirect tax Our audit approach / procedures included the following:
positions including matters under dispute which involves
Evaluating and testing the appropriateness of the design and the
significant judgments and estimates to determine the
operating effectiveness of the management’s controls over the tax
possible outcome of these disputes. The Company has
litigation matters;
disputes pending at various levels of tax authorities over
the past several years. (Refer Note No.- 53 and para (vii) Reviewing the management’s underlying assumptions in estimating
(b) - Annexure I of this report). the tax provision based on the possible outcome of the disputes,
legal precedence and other rulings in evaluating management’s
Because of the judgement required, the area determined
position on these uncertain tax positions;
to be a key audit matter
Relying upon the management judgements, industry level
deliberations and estimates for possible outflow and opinion
of internal experts of the Company in relation to such
disputed tax positions.
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Annual
72nd Report
Information Other than the Financial Statements The Board of Directors are also responsible for overseeing the
and Auditors’ Report thereon Company’s financial reporting process.
The Company’s management and the Board of Directors is

responsible for the preparation of the other information. The other Auditors’ Responsibilities for the Audit of the
information comprises the information included in the Directors’ Standalone Financial Statements
Report including Annexures to the Directors’ Report, Corporate Our objectives are to obtain reasonable assurance about whether
Governance Report, Management Discussion and Analysis Report the standalone financial statements as a whole are free from
and Business Responsibility and Sustainability Report, but does material misstatement, whether due to fraud or error, and to
not include the standalone financial statements and our auditors’ issue an auditors’ report that includes our opinion. Reasonable
report thereon. The other information as above is expected to be assurance is a high level of assurance, but is not a guarantee that
made available to us after the date of this auditors’ report. an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise
Our opinion on the standalone financial statements does not
from fraud or error and are considered material if, individually or
cover the other information and we will not express any form of
in the aggregate, they could reasonably be expected to influence
assurance conclusion thereon.
the economic decisions of users taken on the basis of these
In connection with our audit of the standalone financial statements, standalone financial statements.
our responsibility is to read the other information identified above
As part of an audit in accordance with SAs, we exercise professional
when it becomes available and, in doing so, consider whether the
judgment and maintain professional skepticism throughout the
other information is materially inconsistent with the standalone
audit. We also:
financial statements, or our knowledge obtained during the course
of our audit or otherwise appears to be materially misstated. Identify and assess the risks of material misstatement of the
standalone financial statements, whether due to fraud or
When we read the other information, if we conclude that there is
error, design and perform audit procedures responsive to
a material misstatement therein, we are required to communicate
those risks, and obtain audit evidence that is sufficient and
the matter to those charged with governance.
appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is
Responsibilities of Management and those Charged higher than for one resulting from error, as fraud may involve
with Governance for the Standalone Financial collusion, forgery, intentional omissions, misrepresentations,
Statements or the override of internal control.
The Company’s management and the Board of Directors is responsible Obtain an understanding of internal control relevant to the
for the matters stated in section 134(5) of the Act with respect to audit in order to design audit procedures that are appropriate
the preparation of these standalone financial statements that give in the circumstances. Under section 143(3)(i) of the Act, we are
a true and fair view of the financial position, financial performance, also responsible for expressing our opinion on whether the
changes in equity and cash flows of the Company in accordance Company has adequate internal financial controls system in
with the accounting principles generally accepted in India including place and the operating effectiveness of such controls.
the Indian Accounting Standards specified under section 133 of
the Act. This responsibility also includes maintenance of adequate Evaluate the appropriateness of accounting policies used
accounting records in accordance with the provisions of the Act for and the reasonableness of accounting estimates and related
safeguarding the assets of the Company and for preventing and disclosures made by the management.
detecting frauds and other irregularities; selection and application Conclude on the appropriateness of management’s use of the
of appropriate accounting policies; making judgments and estimates going concern basis of accounting and, based on the audit
that are reasonable and prudent; and design, implementation and evidence obtained, whether a material uncertainty exists
maintenance of adequate internal financial controls, that were related to events or conditions that may cast significant doubt
operating effectively for ensuring the accuracy and completeness of on the Company’s ability to continue as a going concern. If we
the accounting records, relevant to the preparation and presentation conclude that a material uncertainty exists, we are required to
of the standalone financial statements that give a true and fair view and draw attention in our auditors’ report to the related disclosures
are free from material misstatement, whether due to fraud or error. in the standalone financial statements or, if such disclosures
In preparing the standalone financial statements, management are inadequate, to modify our opinion. Our conclusions are
and the Board of Directors are responsible for assessing the based on the audit evidence obtained up to the date of our
Company’s ability to continue as a going concern, disclosing, as auditors’ report. However, future events or conditions may
applicable, matters related to going concern and using the going cause the Company to cease to continue as a going concern.
concern basis of accounting unless management either intends to
Evaluate the overall presentation, structure and content of the
liquidate the Company or to cease operations, or has no realistic
standalone financial statements, including the disclosures, and
alternative but to do so.
199
whether the standalone financial statements represent the Our opinion is not modified in respect of these matters.
underlying transactions and events in a manner that achieves
fair presentation.
Report on Other Legal and Regulatory
We communicate with those charged with governance regarding, Requirements
among other matters, the planned scope and timing of the audit 1. As required by the Companies (Auditor’s Report) Order, 2020
and significant audit findings, including any significant deficiencies (“the Order”) issued by the Central Government of India in
in internal control that we identify during our audit. terms of Section 143(11) of the Act, we give in “Annexure I”
a statement on the matters specified in paragraphs 3 and 4
We also provide those charged with governance with a statement
of the Order, to the extent applicable.
that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships 2. As required under section 143(5) of the Act, based on our
and other matters that may reasonably be thought to bear on our audit as aforesaid, we give in the Annexure II, a report
independence, and where applicable, related safeguards. on the directions including additional directions issued by
the Comptroller and Auditor General of India, action taken
From the matters communicated with those charged with
thereon and its impact on the accounts and standalone
governance, we determine those matters that were of most
financial statements of the company.
significance in the audit of the standalone financial statements
of the current period and are therefore the key audit matters. 3. As required by Section 143 (3) of the Act, we report that:
We describe these matters in our auditors’ report unless law or
regulation precludes public disclosure about the matter or when, a) We have sought and obtained all the information and
in extremely rare circumstances, we determine that a matter explanations which to the best of our knowledge and belief
should not be communicated in our report because the adverse were necessary for the purposes of our audit;
consequences of doing so would reasonably be expected to
b) In our opinion, proper books of account as required by law
outweigh the public interest benefits of such communication.
have been kept by the Company so far as it appears from our
examination of those books and proper returns adequate for
Other Matters the purposes of our audit have been received from branch
a) We did not audit the financial statements and other financial not visited by us;
information of Visakh Refinery which is considered as a
c) The report dated April 22, 2024, on the accounts of the Visakh
branch whose financial statements reflect total assets of
Refinery of the Company, issued under section 143(8) of the
H 43,739.49 crore as at March 31, 2024 and total revenues
Act by the Branch Auditors upon their audit of the books of
of H 84,254.60 crore, net profit before tax of H 1,705.43 crore
accounts of Visakh Refinery has been forwarded to us and
and total comprehensive income of H 1,683.58 crore for
have been properly dealt with by us in preparing our report
year ended March 31, 2024, as considered in the branch’s
in the manner considered necessary by us;
standalone financial statements. The financial statements of
the Visakh Refinery of the Company have been audited by d) The Balance Sheet, the Statement of Profit and Loss including
the Branch Auditors of the Company. The Branch Auditors’ Other Comprehensive Income, Statement of Changes in
report dated April 22, 2024, has been furnished to us and our Equity and the Statement of Cash Flows dealt with by this
opinion in so far as it relates to the amounts and disclosures Report are in agreement with the books of account;
included in respect of this branch, is based solely on the
report of such branch auditor. e) In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
b) We refer to Note No. 50 in respect of 17 unincorporated standalone financial statements comply with the Indian
Joint Operations involved in exploration activities, of which Accounting Standards specified under section 133 of the Act
majority are under relinquishment. The standalone financial read with Companies (Indian Accounting Standard) Rules,
statements include Company's proportionate share in Assets 2015 as amended;
and Liabilities as on March 31, 2024, amounting to H 3.08 crore
and H 6.35 crore respectively and Income and Expenditure for f) As per notification no. G.S.R 463(E) dated June 5, 2015,
the year ended March 31, 2024, H 35.14 crore and H 2.34 crore the Government Companies are exempted from the
respectively which have been included based on unaudited provisions of section 164(2) of the Act, accordingly, we are
financial information. Our opinion in respect thereof is solely not required to report whether any of the directors of the
based on the management certified information. Company is disqualified in terms of provisions contained in
the said section;
We have placed reliance on technical/commercial
evaluation by the management in respect of categorization g) With respect to the adequacy of the internal financial controls
of wells, allocation of cost incurred on them, liability for with reference to standalone financial statements of the
decommissioning costs, liability for NELP and nominated Company and the operating effectiveness of such controls,
blocks for under performance against agreed Minimum refer to our separate Report in “Annexure III”;
Work Programme.
200
Annual
72nd Report
h) With respect to the other matters to be included in the guarantee, security or the like on behalf of the
Auditors’ Report in accordance with the requirements of Ultimate Beneficiaries;
section 197(16) of the Act, as amended we report that:
(b) The Management has represented, that, to the best
As per Notification number G.S.R. 463 (E) dated June 5, 2015 of its knowledge and belief, no funds have been
issued by Ministry of Corporate Affairs, section 197 of the Act received by the Company from any person or entity,
regarding remuneration to directors is not applicable to the including foreign entity (“Funding Parties”), with
Government Company; and hence we are not required to the understanding, whether recorded in writing
report as to whether the remuneration paid by the Company or otherwise, that the Company shall, whether,
to its directors during the year is in accordance with the directly or indirectly, lend or invest in other persons
provisions of section 197 of the Act; or entities identified in any manner whatsoever
by or on behalf of the Funding Party (“Ultimate
i) With respect to the other matters to be included in the Beneficiaries”) or provide any guarantee, security or
Auditors’ Report in accordance with Rule 11 of the Companies the like on behalf of the Ultimate Beneficiaries; and
(Audit and Auditors) Rules, 2014, as amended, in our opinion
and to the best of our information and according to the (c) Based on such audit procedures that have
explanations given to us: been considered reasonable and appropriate
in the circumstances, nothing has come to our
i. The Company has disclosed the impact of pending notice that has caused us to believe that the
litigations on its financial position in its standalone representations under sub-clause (i) and (ii) of Rule
financial statements (Refer Note No.53 of the standalone 11(e), as provided under (a) and (b) above, contain
financial statements); any material misstatement.
ii. The Company has made provision, as required under v. (a) The interim dividend paid by the Company during
the applicable law or accounting standards, for material the year is in accordance with section 123 of the
foreseeable losses, if any, on long-term contracts Act to the extent it applies to payment of dividend;
including derivative contracts (Refer Note No. 54 to the
standalone financial statements); (b) As stated in note no. 48 to the financial statements,
the Board of Directors of the Company have
iii. There has been no delay in transferring amounts, proposed final dividend for the year which is subject
required to be transferred, to the Investor Education to the approval of the members at the ensuing
and Protection Fund by the Company; Annual General Meeting. The dividend declared is
in accordance with section 123 of the Act to the
iv. (a) The Management has represented that, to the
extent it applies to declaration of dividend.
best of its knowledge and belief, no funds have
been advanced or loaned or invested (either from vi. Based on our examination which included test checks,
borrowed funds or share premium or any other the Company has used accounting software for
sources or kind of funds) by the Company to or maintaining its books of account which has a feature
in any other person or entity, including foreign of recording audit trail (edit log) facility and the same
entity (“Intermediaries”), with the understanding, has operated throughout the year for all relevant
whether recorded in writing or otherwise, that the transactions recorded in the software. Further, during
Intermediary shall, whether, directly or indirectly the course of our audit we did not come across any
lend or invest in other persons or entities identified instance of audit trail feature being tampered with
in any manner whatsoever by or on behalf of the and the same has been preserved as per statutory
Company (“Ultimate Beneficiaries”) or provide any requirements of record retention.
For C N K & Associates LLP For J Singh & Associates

Chartered Accountants Chartered Accountants
FRN: 101961W/W-100036 FRN: 110266W
sd/- sd/-
Vijay Mehta J Singh
Partner Partner
Membership No.: 106533 Membership No.: 042023
UDIN: 24106533BKCEOH3448 UDIN: 24042023BKEXWH5417
Place: Mumbai
Dated: July 10, 2024
201
Annexure I to the Independent Auditors’ Report

(Referred to in paragraph 1 under “Report on Other Legal and Regulatory Requirements” of our report of even date to the
Members of Hindustan Petroleum Corporation Limited (the “Company”))
We have updated the Annexure mentioned in the Independent For the purpose of above reporting, registered
Auditors’ Report to the members of Hindustan Petroleum sale deed / transfer deed / conveyance deed and other
Corporation Limited (“the Company”) on the Standalone Financial substantive evidences such as allotment letters, Court
Statements for the year ended March 31, 2024, (original report orders, noting in municipal / revenue records, property
dated May 9, 2024), based on provisional comments issued by the tax receipts etc. conveying title to the Company over
Comptroller & Auditor General of India on Independent Auditor’s the property has been taken into consideration by the
Report. Except for our comments in clause (ii)(a) and clause (vii)(b), management and relied upon by us.
there has been no other change in our report including financial
Further there are certain leasehold immovable
figures and our opinion.
properties under the continuous possession, control
According to the information and explanations provided to us by and use of the company, the lease agreements of
the Company and the books of accounts and records examined by which have expired. These have not been recognized as
us in the normal course of audit, we state that: right of use assets;
(i) In respect of the Company’s Property, Plant and Equipment (d) The Company has not revalued any of its Property,
and Intangible Assets: Plant and Equipment (including right- of-use assets) and
intangible assets during the year;
(a) (A) The Company has maintained proper
records showing full particulars, including (e) As disclosed in Note No.72.5 of the standalone
quantitative details and situation of Property, financial statements, the Company does not have any
Plant and Equipment; proceedings initiated or pending for holding any benami
property under the Benami Transactions (Prohibition)
(B) The Company has maintained proper records
Act, 1988 and rules made thereunder;
showing full particulars of intangible assets;
(ii) (a) The Management has conducted physical verification of
(b) The Company has a program of physical verification of
inventory except goods-in-transit and stock lying with
Property, Plant and Equipment other than LPG cylinders
third parties at reasonable intervals. In our opinion,
and pressure regulators with customers and capital
considering the size of the Company, the coverage of
stores lying with the contractors so to cover all the
such verification is reasonable and the procedures are
assets once in every three years which, in our opinion,
adequate. As per the information and explanations given
is reasonable having regard to the size of the Company
to us, no discrepancies of 10% or more in the aggregate
and the nature of its business. Pursuant to the program,
for each class of inventory were noticed on the said
certain Property, Plant and Equipment were due for
physical verification carried out by the Management;
verification during the year and were physically verified
by the Management during the year and no material (b) As disclosed in Note No. 72.1 of the standalone financial
discrepancies were noticed on such verification and statements and based on our examination of the
have been properly dealt with in the books of account; relevant documents, the Company has working capital
limits sanctioned from banks or financial institutions
(c) Based on our examination, we report that title deeds of
exceeding H5 crore during the year and the quarterly
all immovable properties (other than properties where
returns / statements filed by the Company are materially
the company is the lessee and the lease agreements are
in agreement with the books of accounts except in
duly executed in favour of the lessee), disclosed in the
respect of quarter ended March 31, 2024 where such
financial statements included under Property, Plant and
quarterly return is yet to be filed;
Equipment are held in the name of the Company as at
the balance sheet date other than as disclosed in Note (iii) During the year, the Company has made investments in,
No.3(16) of the standalone financial statements. granted loans, secured or unsecured, to companies, firms,
Limited Liability Partnerships and other parties during the
year, in respect of which:
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Annual
72nd Report
(a) The Company has provided loans to entities including of repayment except loan given to a joint venture
employees of the Company, during the year, the details amounting to H 500 crore for which terms are stipulated
of which are as under: in note no.69;
(H in crore)
(iv) The Company has complied with the provisions of section 185
Particulars Loans
and 186 of the Act, with respect to the loans, investments,
Aggregate amount of loan granted
guarantees and security to the extent applicable;
/provided during the year
Subsidiaries, Joint Ventures and 500.00 (v) The Company has not accepted any deposits from the
Associates public, within the meaning of sections 73 to 76 of the Act
Others 184.16 and the rules framed there under. We are informed by the
Balance outstanding as at the Management that no order has been passed by the Company
Balance Sheet date in respect of Law Board or National Company Law Tribunal or Reserve
above cases Bank of India or any court or any other tribunal in this regard;
Subsidiaries, Joint Ventures and 500.00
Associates (vi) We have broadly reviewed the books of account maintained
Others 178.35 by the Company pursuant to the Rules made by the Central
Government for the maintenance of cost records under
section 148 of the Act in respect of Company’s products to
(b) In our opinion, the investments made and the terms
which the said rules are applicable and are of the opinion
and conditions of the grant of loans during the year are,
that prima facie, the prescribed accounts and records have
prima facie, not prejudicial to the Company’s interest;
been made and maintained. We, however, have not made a
(c) In respect of loans granted by the Company except for detailed examination of the records with a view to determine
loans granted under Pradhan Mantri Ujjwala Yojana whether they are accurate or complete;
(PMUY) scheme and loan given to a joint venture
(vii) (a) On the basis of our examination of records and
amounting to H 500 crore for which terms are stipulated
according to the information and explanations given
in note no.69, the schedule of repayment of principal
to us, the Company has generally been regular in
and payment of interest has been stipulated and
depositing undisputed statutory dues, including
the repayments of principal amounts and receipts of
Goods and Services tax, Provident Fund, Employees’
interest have generally been regular as per stipulation;
State Insurance, Income Tax, Sales Tax, Service Tax,
(d) In respect of loans granted by the Company except duty of Custom, duty of Excise, Value Added Tax, Cess
PMUY loans, there is no overdue amount for more than and any other statutory dues applicable to it with the
ninety days as at the balance sheet date; appropriate authorities.
(e) There are no loans falling due within year has been There were no undisputed amounts payable in respect
renewed or extended or fresh loans granted to settle of Goods and Service tax, Provident Fund, Employees’
the overdues of existing loans given to the same parties; State Insurance, Income Tax, Sales Tax, Service Tax, duty
of Custom, duty of Excise, Value Added Tax, Cess and
(f) During the year, the Company has not granted any loans any other statutory dues in arrears as at March 31, 2024
or advances in the nature of loans either repayable for a period of more than six months from the date they
on demand or without specifying any terms or period became payable;
203
(b) On the basis of our examination of records and according to the information and explanations given to us, the particulars of
statutory dues that have not been deposited on account of any dispute are as under:
(H in crore)
Period
Amount Amount* Net
Name of the to which Forum where dispute is
Nature of Dues (in dispute) Deposited Amount
Statute amount pending
(1) (2) (1-2 = 3)
relates
Central Excise Excise Duty 4.46 0.06 4.40 2000-2018 Appellate Authority
Act,1944 3,468.63 37.76 3,430.87 1996-2020 Customs, Excise and
Service Tax Appellate
Tribunal
48.43 0.14 48.29 1994-2014 High Court
Sales Tax/VAT/ Sales Tax/Entry 1,247.59 5.96 1,241.63 1994-2021 Appellate Authority
GST Legislations Tax/CST/ 3,467.78 111.11 3,356.67 1990-2017 Sales Tax Appellate
Tribunal
VAT/
1,324.86 13.72 1,311.14 1985-2018 High Court
GST
1,426.18 0.35 1,425.83 2003-2011 Supreme Court
Finance Act, 1994 Service Tax 30.91 0.65 30.26 2002-2018 Customs, Excise and
(Service Tax) Service Tax Appellate
Tribunal
0.95 - 0.95 2004-2006 High Court
18.19 - 18.19 2004-2012 Supreme Court
Income Tax Act, Income Tax 151.90 2.34 149.56 2015-2016 Commissioner of Income
1961 370.48 2.17 368.31 2017-2018 Tax (Appeals)
116.67 - 116.67 2020-2021
Customs Act, Customs Duty 6.65 0.03 6.62 2005-2020 Customs, Excise and
1962 Service Tax Appellate
Tribunal
* Amount deposited under protest: H Nil Crore.
(viii) As disclosed in Note No. 72.10 of the standalone financial company; in-kind share application money of H 66.67
statements, there are no transactions which are not recorded crore to a wholly-owned subsidiary and allotment of
in the books of account and have been surrendered or shares by a joint venture company against H 15.50 crore
disclosed as income during the year in the tax assessments paid to it in last year) during the year out of common
under the Income Tax Act, 1961; pool of funds and for which no specific borrowings
had been taken.
(ix) On the basis of our examination of records and according to
the information and explanations given to us: (f) The company has not raised loans during the year on
the pledge of securities held in its subsidiaries, joint
(a) The Company has not defaulted in repayment of loans ventures or associate companies;
or other borrowings or in the payment of interest
thereon to any lender; (x) (a) The Company has not raised money by way of initial
public offer or further public offer (including debt
(b) As disclosed in Note No.72.6 of the standalone financial instruments) during the year and hence reporting
statements, the Company is not declared willful defaulter under clause 3(x)(a) of the Order is not applicable
by any bank or financial institution or other lender; to the Company;
(c) On an examination of records of the Company, we (b) The Company has not made any preferential allotment or
report that the funds of terms loans have been utilized private placement of shares or convertible debentures
for the purpose for which loans were obtained; (fully, partially or optionally) during the year and hence
the reporting under clause 3(x)(b) of the Order is not
(d) On an overall examination of the financial statements of
applicable to the Company;
the Company, funds raised on short- term basis have,
prima facie, not been used during the year for long-term (xi) (a) There are no instances of fraud by the Company or on
purposes by the Company; the Company, noticed or reported during the year except
suspected irregularity detected by the management
(e) The Company has made investments amounting to
of approximately H 5.82 crore involving employees,
H 3,512.08 crore into wholly owned subsidiaries, joint
transporters and contractors of the Company for which
ventures and associates (excluding conversion of
the management has taken appropriate steps, and the
receivables of H 3.10 crore into equity for a joint venture
matter is under investigation;
204
Annual
72nd Report
(b) No report under sub-section (12) of section 143 of the accordingly reporting under clause 3(xvi)(d) of the Order
Act has been filed in Form ADT-4 as prescribed under is not applicable to the Company;
rule 13 of Companies (Audit and Auditors) Rules, 2014
with the Central Government, during the year and up to (xvii) The Company has not incurred cash losses during the financial
the date of this report; year. The Company has incurred cash losses of H 5,517.81
crore during the immediately preceding financial year;
(c) We have taken into consideration the whistle blower
complaints received by the Company during the year (xviii) There has been no resignation of the statutory auditors of
(and up to the date of this report), while determining the Company during the year;
the nature, timing and extent of our audit procedures;
(xix) On the basis of the financial ratios, ageing and expected dates
(xii) The Company is not a Nidhi Company and hence of realisation of financial assets and payment of financial
reporting under clause 3(xii) of the Order is not applicable liabilities, other information accompanying the financial
to the Company; statements and our knowledge of the Board of Directors and
Management plans and based on our examination of the
(xiii) As per notification no. G.S.R 463(E) dated June 5, 2015, the evidence supporting the assumptions, nothing has come to
Government Companies are exempted from the provisions of our attention, which causes us to believe that any material
section 188 of the Act in respect of contracts or arrangements uncertainty exists as on the date of the audit report indicating
entered into between the Government Companies. In our that Company is not capable of meeting its liabilities existing
opinion, the Company is in compliance with Section 177 and at the date of balance sheet as and when they fall due within
188 of the Act, with respect to applicable transactions with the a period of one year from the balance sheet date.
related parties and the details of related party transactions
have been disclosed in the standalone financial statements We, however, state that this is not an assurance as to the
as required by the applicable accounting standards; future viability of the Company. We further state that our
reporting is based on the facts up to the date of the audit
(xiv) (a) In our opinion the Company has an adequate internal report and we neither give any guarantee nor any assurance
audit system commensurate with the size and the that all liabilities falling due within a period of one year from
nature of its business; the balance sheet date, will get discharged by the Company
as and when they fall due;
(b) We have considered, internal audit reports for the year
under audit, issued to the Company during the year and (xx) (a) There are no unspent amounts towards Corporate
till date, in determining the nature, timing and extent of Social Responsibility (CSR) other than ongoing projects,
our audit procedures; requiring a transfer to a Fund specified in Schedule
VII to the Companies Act in compliance with second
(xv) The Company has not entered into any non-cash transactions proviso to sub-section (5) of Section 135 of the said Act.
with its Directors or persons connected with directors and Accordingly, reporting under clause 3(xx)(a) of the Order
hence provisions of section 192 of the Act are not applicable; is not applicable for the year;
(xvi) (a) In our opinion, the Company is not required to be (b) There are no remaining unspent amount under section
registered under section 45-IA of the Reserve Bank of 135(5) of the Act in respect of ongoing projects which is
India Act, 1934. Hence, reporting under clause 3(xvi)(a), required to be transferred to a Special Account within a
(b) and (c) of the Order is not applicable to the Company; period of 30 days from the end of the financial year in
compliance with the provision of section 135(6) of the
(b) In our opinion, there is no core investment company
Act. Accordingly, reporting under clause 3(xx)(b) of the
within the Group (as defined in the Core Investment
Order is not applicable for the year.
Companies (Reserve Bank) Directions, 2016) and

FRN: 101961W/W-100036 FRN: 110266W
sd/- sd/-
Vijay Mehta J Singh
Partner Partner
Place: Mumbai
205
Annexure II to the Independent Auditors’ Report

(Referred to in paragraph 2 under “Report on Other Legal and Regulatory Requirements” of our report of even date)
Based on the verification of records of Hindustan Petroleum Corporation Limited (the “Company”) and based on information and
explanations given to us, we give below a report on the directions including additional directions issued by the Comptroller and Auditor
General of India (C&AG”) in terms of the section 143(5) of the Act:
Sr.
Directions under section 143(5) of the Act Auditors’ Comment
No.
1. Whether the Company has system in place to The Company had an Enterprise Resource Planning (ERP) system viz. JD
process all the accounting transactions through Edwards (JDE) upto June 30, 2023. The Company has migrated to ERP
IT system? If yes, the implications of processing viz. System Applications and Products in Data Processing (“SAP”) from
of accounting transactions outside IT system July 1,2023 onwards. There are other applications including workflow
on the integrity of the accounts along with the applications and portals to address specific requirements. Most of these
financial implications, if any, may be stated. applications/modules have real time integration with JDE/SAP system for
smooth accounting / recording of transactions. As a part of our general
review of IT controls, we have carried out the review of major controls
in existence in the applications with regard to integrity of data flowing
to JDE/SAP. Basis our sample verification, nothing significant has come
to our attention that causes us to believe that there are material gaps
pertaining to IT controls;
Further, we have also relied on the exercise conducted by the

management to check the design of internal controls, and its operating
effectiveness including the IT systems and control;
Further management has conducted the system audit through an

external agency which has not reported any significant gaps;
Apart from above there are few other accounting processes being
undertaken through work sheets like inventory valuation, interest
calculation of treasury funding activities, matching of open credits in
the case of trade accounts receivables, matching of suppliers accounts,
ageing of capital work in progress, wherein sufficient controls for data
integrity have been observed in our review of general IT controls. There
is however a need of automation of such processes to ensure complete
data integrity.
2. Whether there is any restructuring of an existing There are no such instances have been noticed during the financial year
loan or cases of waiver/write off of debts/loans/ 2023-24.
interest etc. made by a lender to the company due
to the company’s inability to repay the loan? If yes,
the financial impact may be stated Whether such
cases are properly accounted for?
206
Annual
72nd Report
Sr.
Directions under section 143(5) of the Act Auditors’ Comment
No.
3. Whether funds (grants/subsidy etc.) received/ As per the information and explanations furnished to us, the funds received /
receivable for specific schemes from Central/ receivable by the company for specific schemes from Central/State agencies to
State Government of its agencies were properly the extent these are recorded in the books of accounts and records produced
accounted for/utilized as per its term and before us, were properly accounted. We are informed that in the case of
conditions? List the cases of deviation. schemes of Central Government i.e. PMUY, DBTL, other subsidies etc. claims
for reimbursements duly certified by Chartered Accountants are filed with
Petroleum Planning and Analysis Cell (“PPAC”) for reimbursement and hence
these are not considered as Grants and no utilization certificates are filed.
In the case of certain state specific schemes, utilization certificates are
furnished by the Company separately to the respective agencies. During
the course of our test checks of the records available at Head Office of the
Company in respect of such claims for reimbursement recorded in the books
which are approved by PPAC, nothing has come to our notice that causes us to
believe that there has been any violation of terms and conditions in relation to
these claims. The separate audit of these claims filed with PPAC is carried out
by separate firms of Chartered Accountants.

FRN: 101961W/W-100036 FRN: 110266W
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Vijay Mehta J Singh
Partner Partner
Place: Mumbai
207
Annexure III to the Independent Auditors’ Report

(Referred to in paragraph 3(g) under “Report on Other Legal and Regulatory Requirements” of our report of even date)
Report on the Internal Financial Controls with operating effectiveness. Our audit of internal financial controls
reference to Standalone Financial Statements with reference to standalone financial statements included
under clause (i) of sub-section 3 of section 143 of obtaining an understanding of internal financial controls over
the Companies Act, 2013 (“the Act”) financial reporting, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating
We have audited the internal financial controls with reference
effectiveness of internal control based on the assessed risk. The
to standalone financial statements of Hindustan Petroleum
procedures selected depend on the auditors’ judgement, including
Corporation Limited (“the Company”) as of March 31, 2024 in
the assessment of the risks of material misstatement of the
conjunction with our audit of the standalone financial statements
standalone financial statements, whether due to fraud or error.
of the Company for the year ended on that date.
We believe that the audit evidence we have obtained, is sufficient
Management’s Responsibility for Internal Financial and appropriate to provide a basis for our opinion on the
Controls Company’s internal financial controls with reference to standalone
financial statements.
The Board of Directors of the Company is responsible for
establishing and maintaining internal financial controls based on
the internal control over financial reporting criteria established Meaning of Internal Financial Controls over
by the Company considering the essential components of Financial Reporting
internal control stated in the Guidance Note on Audit of Internal A company's internal financial control over financial reporting is
Financial Controls Over Financial Reporting (“the Guidance Note”) a process designed to provide reasonable assurance regarding
issued by the Institute of Chartered Accountants of India (“the the reliability of financial reporting and the preparation of financial
ICAI”). These responsibilities include the design, implementation statements for external purposes in accordance with generally
and maintenance of adequate internal financial controls with accepted accounting principles. A company's internal financial
reference to standalone financial statements of the Company that control over financial reporting includes those policies and
were operating effectively for ensuring the orderly and efficient procedures that (1) pertain to the maintenance of records that,
conduct of its business, including adherence to company’s policies, in reasonable detail, accurately and fairly reflect the transactions
the safeguarding of its assets, the prevention and detection and dispositions of the assets of the company; (2) provide
of frauds and errors, the accuracy and completeness of the reasonable assurance that transactions are recorded as necessary
accounting records, and the timely preparation of reliable financial to permit preparation of financial statements in accordance with
information, as required under the Act. generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance
Auditors’ Responsibility with authorisations of management and directors of the company;
and (3) provide reasonable assurance regarding prevention or
Our responsibility is to express an opinion on the Company's
timely detection of unauthorised acquisition, use, or disposition
internal financial controls with reference to standalone financial
of the company's assets that could have a material effect on the
statements of the Company based on our audit. We conducted
our audit in accordance with the Guidance Note issued by the ICAI
and the Standards on Auditing prescribed under Section 143(10)
of the Act, to the extent applicable to an audit of internal financial Inherent Limitations of Internal Financial Controls
controls. Those Standards and the Guidance Note require that Over Financial Reporting
we comply with ethical requirements and plan and perform the Because of the inherent limitations of internal financial controls over
audit to obtain reasonable assurance about whether adequate financial reporting, including the possibility of collusion or improper
internal financial controls with reference to standalone financial management override of controls, material misstatements due to
statements were established and maintained and if such controls error or fraud may occur and not be detected. Also, projections
operated effectively in all material respects. of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal
Our audit involves performing procedures to obtain audit
financial control over financial reporting may become inadequate
evidence about the adequacy of the internal financial controls
because of changes in conditions, or that the degree of compliance
with reference to standalone financial statements and their
with the policies or procedures may deteriorate.
208
Annual
72nd Report
Opinion Other Matter

In our opinion, to the best of our information and according to Our aforesaid report under section 143(3)(i) of the Act on the
the explanations given to us, the Company has, in all material adequacy and operating effectiveness of the Internal Financial
respects, an adequate internal financial controls with reference Controls with reference to Financial Statements in so far as it
to standalone financial statements and such internal financial relates to branch office of the Company viz. Visakh Refinery audited
controls with reference to standalone financial statements were by the branch auditor, appointed under section 143(8) of the Act
operating effectively as at March 31, 2024, based on the criteria is based on the report dated April 22, 2024 of the branch auditor
for internal financial control over financial reporting established which has been sent to us and has been properly dealt with in
by the Company considering the essential components of internal preparing this report in the manner considered necessary by us.
control stated in the Guidance Note. Our opinion is not modified in respect of this matter.

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Vijay Mehta J Singh
Partner Partner
Place: Mumbai
209
Balance Sheet as on 31st March, 2024
(H / Crore)
Notes 31.03.2024 31.03.2023
ASSETS
(1) Non-Current Assets
(a) Property, Plant and Equipment 3 77,712.95 66,761.22
(b) Capital Work-in-Progress 4 16,649.23 22,509.17
(c) Intangible Assets 5 1,085.81 777.38
(d) Intangible Assets Under Development 5A 29.54 293.64
(e) Financial Assets
(i) Investment in Subsidiaries, Joint Ventures and Associates 6 18,791.87 15,331.29
(ii) Other Investments 7 1,703.50 710.53
(iii) Loans 8 1,201.41 977.81
(iv) Other Financial Assets 9 295.44 192.36
(f) Other Non-Current Assets 10 3,828.65 3,287.15
Total Non-Current Assets 1,21,298.40 1,10,840.55
(2) Current Assets
(a) Inventories 11 33,966.46 29,343.95
(b) Financial Assets
(i) Investments 12 5,182.70 5,168.89
(ii) Trade Receivables 13 9,321.13 6,817.19
(iii) Cash and Cash Equivalents 14 159.07 384.93
(iv) Bank Balances other than cash and cash equivalents 15 193.28 153.64
(v) Loans 16 107.94 160.74
(vi) Other Financial Assets 17 2,588.59 1,057.42
(c) Other Current Assets 18 942.02 1,088.81
52,461.19 44,175.57
Assets classified as held for Sale/Disposal 23.39 50.49
Total Current Assets 52,484.58 44,226.06
Total Assets 1,73,782.98 1,55,066.61
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital 19 1,418.94 1,418.94
(b) Other Equity 20 39,610.83 26,294.49
Total Equity 41,029.77 27,713.43
Liabilities
(1) Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings 21 35,505.44 46,402.99
(ia) Lease Liabilities 3,630.32 3,156.41
(ii) Other Financial Liabilities 22 0.32 0.30
(b) Provisions 23 82.50 43.83
(c) Deferred Tax Liabilities (Net) 45 6,989.91 3,011.00
(d) Other Non-Current Liabilities 24 806.42 706.18
Total Non-Current Liabilities 47,014.91 53,320.71
(2) Current Liabilities
(i) Borrowings 25 24,748.25 18,114.23
(ia) Lease Liabilities 235.52 331.47
(ii) Trade Payables: 26
Outstanding dues of micro enterprises and small enterprises 52 782.97 464.54
Outstanding dues of creditors other than micro and small enterprises 26,419.39 22,387.82
(iii) Other Financial Liabilities 27 23,278.84 23,892.27
(b) Other Current Liabilities 28 6,795.76 6,142.48
(c) Provisions 29 3,385.01 2,653.50
(d) Current Tax Liabilities (Net) 30 92.56 46.16
Total Current Liabilities 85,738.30 74,032.47
Total Equity and Liabilities 1,73,782.98 1,55,066.61
Material Accounting Policy Information 1&2
Material Accounting Policy Information and Notes forming Part of Accounts are integral part of the Financial Statements
FOR AND ON BEHALF OF THE BOARD

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Pushp Kumar Joshi
DIN - 05323634 As per our report of even date
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Rajneesh Narang For CNK & Associates LLP For J Singh & Associates
Director - Finance Chartered Accountants Chartered Accountants
DIN - 08188549 FRN - 101961W/W-100036 FRN - 110266W
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V Murali Vijay Mehta J Singh
Company Secretary Partner Partner
Membership No. 106533 Membership No. 042023
Place : New Delhi

Date : May 09, 2024
210
Annual
72nd Report
Financial Statements Statement of Profit and Loss 2023-24
Statement of Profit and Loss for the year ended 31st March, 2024
(H / Crore)
Notes 2023-24 2022-23
Income
Revenue From Operations
Sale of Products (including Excise Duty) 31 4,59,815.32 4,64,683.79
Other Operating Revenue 32 1,822.19 1,508.56
4,61,637.51 4,66,192.35
Other Income 33 2,382.15 2,069.14
Total Income 4,64,019.66 4,68,261.49
Expenses
Cost of Materials Consumed 34 1,26,816.04 1,23,144.68
Purchases of Stock-in-Trade 2,63,293.25 3,02,430.45
Changes in Inventories of Finished Goods, Stock-in -Trade and Work-in-Progress 35 (2,716.21) 1,443.64
Excise Duty 28,112.63 25,789.36
Employee Benefits Expense 36 3,422.39 2,962.81
Finance Costs 37 2,515.67 2,131.85
Depreciation, Amortization and Impairment Expense 3&5 5,552.36 4,329.97
Other Expenses 38 17,870.40 17,943.64
Total Expenses 4,44,866.53 4,80,176.40
Profit/(Loss) Before exceptional items and Tax 19,153.13 (11,914.91)
Exceptional Items - Income/(Expenses) - -
Profit/(Loss) Before Tax 19,153.13 (11,914.91)
Tax expense 45
Current tax 814.36 -
Deferred tax 3,910.30 (2,894.77)
Short / (Excess) provision of tax of earlier years 45(e) (265.36) (46.11)
Total Tax Expenses 4,459.30 (2,940.88)
Profit/(Loss) for the year 14,693.83 (8,974.03)
Other Comprehensive Income
Items that will not be reclassified to profit or loss:
Fair value changes on Equity Instruments through other comprehensive income 932.53 35.45
- Income tax relating to above (67.31) -
Re-measurements of the defined benefit plans (152.45) (241.51)
- Income tax relating to above 38.37 60.78
Items that will be reclassified to profit or loss:
Effective Portion of Gains/(loss) in Cash Flow Hedges 2.92 4.01
Income tax relating to items that will be reclassified to profit or loss (0.73) (1.01)
Other Comprehensive Income for the year (net of tax) 753.33 (142.28)
Total Comprehensive Income/(Loss) for the year (net of tax) 15,447.16 (9,116.31)
Basic and Diluted Earnings per Equity Share (H) 46 103.58 (63.26)

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Pushp Kumar Joshi
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Place : New Delhi

Date : May 09, 2024
211
Statement of Changes in Equity for the year ended 31st March, 2024
A. Statement of Changes in Equity

No. of Shares (J / Crore)
Balance as on 31 March, 2022
st
1,41,85,48,345 1,418.94
Changes in Equity Share Capital due to prior period errors - -
Restated Balance as on 31st March, 2022 1,41,85,48,345 1,418.94
Changes in Equity Share Capital during the period - -
Balance as on 31st March, 2023 1,41,85,48,345 1,418.94
B. Other Equity (H / Crore)
Reserves & Surplus
Cash Flow Equity
Capital Debenture Total Other
Retained Hedge instruments
Redemption Redemption Equity
Earnings Reserve through OCI
Reserve Reserve
Balance as on 31st March, 2022 105.27 625.00 36,590.51 (138.67) 75.99 37,258.10
Profit/(Loss) for the year - - (8,974.03) - - (8,974.03)
Other Comprehensive income (OCI) for the year (net of tax)* - - (180.73) 3.00 35.45 (142.28)
Final Dividend for 2021-22 (H 14.00 per share) - - (1,985.97) - - (1,985.97)
Reclassification to Statement of Profit and Loss - - - 138.67 - 138.67
Balance as on 31st March, 2023 105.27 625.00 25,449.78 3.00 111.44 26,294.49
Profit/(Loss) for the year - - 14,693.83 - - 14,693.83
Other Comprehensive income (OCI) for the year (net of tax)* - - (114.08) 2.19 865.22 753.33
Interim Dividend for 2023-24 (H 15.00 per share) (refer note 48) - - (2,127.82) - - (2,127.82)
Reclassification to Statement of Profit and Loss - - - (3.00) - (3.00)
Balance as on 31st March, 2024 105.27 625.00 37,901.71 2.19 976.66 39,610.83
*Amount of other comprehensive income for the year (net of tax) shown under retained earnings is on account of remeasurement of Defined Benefit plans.
Notes:
Capital Redemption Reserve : Pursuant to buy-back of shares, this reserve is created under Companies Act, 2013 for an amount equivalent to nominal
value of the shares bought back. Utilisation of this reserve is governed under the provisions of Companies Act, 2013.
Debenture Redemption Reserve : The reserve is created on Non-Convertible Debentures (totalling to H 2,500 Crore) issued till 15th August 2019 under
Companies Act, 2013.
Retained Earnings : The balance represents accumulated retained profits and available for distribution to shareholders.
Cash flow Hedge Reserve: Represents the cumulative effective portion of gains or losses arising on changes in fair value of designated hedging instruments
entered into for cash flow hedges. The cumulative gain or loss on such changes are recognised through Other Comprehensive Income (OCI) and accumulated
under this reserve. Such gains or losses will be reclassified to statement of profit and loss in the period in which the hedged item occurs/affects statement
of profit and loss or on termination, if any.
Equity instruments through OCI : The Corporation has chosen to recognise the subsequent changes in the fair value of certain investments in equity
instrument through other comprehensive income. These changes are accumulated within 'Equity instruments through OCI'.

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Pushp Kumar Joshi
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DIN - 08188549 FRN - 101961W/W-100036 FRN - 110266W
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Place : New Delhi

Date : May 09, 2024
212
Annual
72nd Report
Financial Statements Cash Flow Statement 2023-24
Cash Flow Statement for the year ended 31st March, 2024
(H / Crore)
2023-24 2022-23
A. Cash Flow From Operating Activities
Adjustments for:
Depreciation, Amortization and Impairment Expense 5,552.36 4,329.97
(Profit)/Loss on sale/write off of property, plant and equipment, Capital work-in-progress, Assets classified (41.70) 14.91
held for sale/disposal
Impairment of Non-current Investments 47.29 27.00
Fair value (Gains)/Loss on Investments carried at FVTPL (72.09) 183.76
Finance Costs 2,515.67 2,131.85
Foreign Currency Transaction and Translation (net) 200.14 1,164.06
Net Provision/(Reversal) for Doubtful Debts, Loans & Receivables 103.42 223.32
Bad Debts/Loans/Receivables written off 296.54 5.09
Interest Income on current Investments (365.23) (366.18)
Dividend Income (508.14) (654.67)
Other Non-Cash items (includes PMUY Remeasurment, Loss allowance on Corporate Guarantee etc.) 6.71 270.07
Operating Profit before Changes in Assets & Liabilities {Sub Total - (i)} 26,888.10 (4,585.73)
Change in Assets and Liabilities :
Decrease / (Increase) in Trade Receivables (2,581.86) (577.81)
Decrease / (Increase) in Loans and Other Assets (2,156.54) (172.71)
Decrease / (Increase) in Inventories (4,627.34) 6,001.46
(Decrease) / Increase in Trade and Other Payables 6,681.18 (3,864.93)
Sub Total - (ii) (2,684.56) 1,386.01
Cash Generated from Operations (i) + (ii) 24,203.54 (3,199.72)
Less : Direct Taxes paid (Net) 283.50 159.77
Net Cash Flow generated from/ (used in) Operating Activities (A) 23,920.04 (3,359.49)
B. Cash Flow From Investing Activities
Purchase of Property, Plant and Equipment (including Capital Work in Progress / excluding interest capitalised) (9,716.72) (8,990.04)
Capital Grants Received - 164.90
Sale of Property, Plant and Equipment 125.41 102.38
Purchase of Investments in Subsidiaries, Asscosiates and Joint Ventures (Including share application money (3,512.08) (3,230.32)
pending allotment/Advance towards Equity)
Purchase of Other Long Term Investments (Including share application money pending allotment/Advance (2.20) (0.30)
towards Equity)
Loans to related parties (500.00) -
Repayment towards loan taken by step-down subsidiary (Refer Note 60) (678.63) -
Interest Received 364.09 365.94
Dividend Received 508.14 654.67
Net Cash Flow generated from / (used in) Investing Activities (B) (13,411.99) (10,932.77)
C. Cash Flow From Financing Activities
Proceeds from Long term borrowings 9,433.00 21,167.37
Repayment of Long term borrowings and leasing liabilities (16,043.22) (7,961.64)
Proceeds / (repayment) of Short term borrowings (3,221.32) 7,367.51
Finance Cost paid (3,848.23) (3,110.13)
Dividend paid (2,130.51) (1,985.71)
Net Cash Flow generated from / (used in) Financing Activities ( C ) (15,810.28) 15,477.40
Net Increase / (Decrease) in Cash and Cash Equivalents (A + B + C) (5,302.23) 1,185.14
Cash and cash equivalents at the beginning of the year (915.31) (2,100.45)
Cash and cash equivalents at the end of the year (6,217.54) (915.31)
Details of cash and cash equivalents at the end of the year:
Cash and cash equivalents as on 31.03.2024 31.03.2023
Balances with Banks:
- on current accounts 150.99 378.84
Cheques Awaiting Deposit 0.07 -
Cash on hand 8.01 6.09
Less : Cash Credits (6,376.61) (1,300.24)

sd/-
Pushp Kumar Joshi
sd/-
DIN - 08188549 FRN - 101961W/W-100036 FRN - 110266W
sd/- sd/- sd/-

Place : New Delhi

Date : May 09, 2024
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Notes to the Financial Statements for the year ended 31st March, 2024
1. Corporate Information
Hindustan Petroleum Corporation Limited referred to as “HPCL” or “the Corporation” was incorporated on 5th July, 1952. HPCL is a
Government of India Enterprise listed on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited, with
Oil and Natural Gas Corporation Limited (“ONGC” or “the Holding Company”) holding 54.90% as of March 31, 2024 (54.90% as of
March 31, 2023). The Corporation is engaged, primarily in the business of refining of crude oil and marketing of petroleum products.
The Corporation has, among others, refineries at Mumbai and Vishakhapatnam, LPG bottling plants and Lube blending plants. The
Corporation’s marketing infrastructure includes vast network of Installations, Depots, Aviation Service Stations, Retail Outlets and
LPG distributors.
Authorization of financial statements

The Financial Statements were authorized for issue in accordance with a resolution of the Board of Directors on May 09, 2024
(refer Note 63).
1.1. Basis for preparation:

The Financial Statements are prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the
Companies Act, 2013 (“Act”) read with Companies (Indian Accounting Standards) Rules, 2015; and other relevant provisions of the Act
and Rules thereunder, as amended from time to time;
The Financial Statements are prepared under historical cost convention basis, except for certain assets and liabilities
measured at fair value;
The Corporation’s presentation currency and functional currency is Indian Rupees (H). All figures appearing in the Financial Statements
are rounded off to the nearest crore (H Crore), except where otherwise stated. Where the figure in Rupees is less than H 50,000/- (fifty
thousand), the same is presented in Financial Statements as ‘0.00’ (Zero).
1.2. Use of Judgement and Estimates

The preparation of the Financial Statements requires management to make judgements, estimates and assumptions that affect
the reported amounts of revenue, expenses, assets, liabilities and the accompanying disclosures along with contingent liabilities.
Uncertainty about these assumptions and estimates could result in outcomes that require material adjustments to the carrying
amount of assets or liabilities affecting the financial statements of future periods. The Corporation continually evaluates these
estimates and assumptions based on the most recently available information;
In particular, information about significant areas of estimates and judgements in applying accounting policies that have the most
significant effect on the amounts recognized in the financial statements are as below:
Financial instruments (including Fair Valuation of Level 3 Financial Instruments);
Estimates of useful lives and residual value of Property, Plant and Equipment, and intangible assets;
Valuation of inventories;
Measurement of recoverable amounts of cash-generating units;
Measurement of Defined Benefit Obligation, key actuarial assumptions;
Provisions and Contingencies;
Evaluation of recoverability of deferred tax assets; and
Impairment testing
Revisions to accounting estimates are recognized prospectively in the Financial Statements in the period in which the estimates are
revised and in any future periods affected.
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Financial Statements Notes to the Financial Statements 2023-24
2. Material Accounting Policy Information

2.1. Property, Plant and Equipment
2.1.1. Freehold lands are carried at cost. All other items of Property, Plant and Equipment are stated at cost, net of accumulated
depreciation and accumulated impairment losses, if any;
2.1.2. Technical know-how / licence fee relating to plants / facilities are capitalized as part of cost of the underlying asset;
2.1.3. Spare parts which are meeting the requirement of Property, Plant and Equipment are capitalized as Property, Plant and
Equipment in case the unit value of the spare part is above the threshold limit (*). In other cases, the spare parts are inventorised
on procurement and charged to Statement of Profit and Loss on consumption;
2.1.4. Gas distribution systems are treated as commissioned when supply of gas reaches to the individual points.
2.1.5. An item of Property, Plant and Equipment and any significant part initially recognised separately as part of Property, Plant and
Equipment is de-recognised upon disposal; or when no future economic benefits are expected from its use or disposal; or when
the Property, Plant and Equipment has been re-classified as ready for disposal. Any gain or loss arising on de-recognition of the
asset is included in the Statement of Profit and Loss when the asset is de-recognised;
2.1.6. The residual values and useful lives of Property, Plant and Equipment are reviewed during each financial year and changes, if
any, are accounted for as change in accounting estimates on a prospective basis;
2.1.7. The Corporation has chosen the carrying value of Property, Plant and Equipment existing as per previous GAAP as on date of
transition to Ind AS i.e. 1st April, 2015 as deemed cost.
2.2. Depreciation / amortization

2.2.1. Depreciation on Property, Plant and Equipment is provided on straight line method. In accordance with requirements prescribed
under Schedule II of Companies Act, 2013, the Corporation has assessed the estimated useful lives of its Property, Plant and
Equipment, and has adopted the useful lives and residual value as prescribed in Schedule II, except for the following:
a) Useful Life (Basis internal technical assessment):
Plant and Machinery relating to Retail Outlets (other than Storage Tanks, Dispensing Units and related equipment) 15 years
Dispensing Units 10 years
Cavern Structure 60 years
LPG cylinders & regulators (excluding cylinders held for sale) 15 years
CNG Compressors 10 years
CNG Cascades and SS tubing in CNG Stations 20 years
Assets provided to Employees under Furniture Policy 3 to 6 years
b) In case of assets covered under specific arrangements e.g. agreements entered into with Railways Consumer Depots,
useful life as per agreement or Schedule II to the Act, whichever is lower, is considered.
c) In case, the useful life of an item of Property, Plant and Equipment is provided separately under an Act/Regulation
which is at variance with the useful life provided in Schedule II to the Companies Act 2013, the lower of useful life as
provided is considered.
d) Residual Value (Basis historical data):
LPG cylinder and pressure regulator 25% of original cost

Catalyst with noble metal content 90% of original cost of noble metal content
2.2.2. The Corporation identifies and depreciates significant components of the main asset (which have different useful lives as
compared to the main asset) based on the individual useful life of those components. Useful life for such components is
assessed by considering historical experience, internal technical inputs and any other relevant factor;
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2.2.3. Items of Property, Plant and Equipment costing not more than the threshold limit (*) are depreciated at 100 percent in the year
of acquisition except LPG Cylinders and Pressure Regulators (excluding cylinders held for sale) which are depreciated over a
useful life of 15 years based on the technical assessment;
2.2.4. Depreciation on spare parts specific to an item of Property, Plant and Equipment is based on life of the related Property, Plant and
Equipment. In other cases, the spare parts are depreciated over their estimated useful life based on the technical assessment;
2.2.5. Depreciation / amortization is charged on additions / deletions on pro-rata monthly basis including the month of addition / deletion.
2.3. Intangible assets

2.3.1. Intangible assets are carried at cost net of accumulated amortization and accumulated impairment losses, if any.
2.3.2. Assets, where entire output generated is committed to be sold to a public service entity (including Government body) for almost
the entire useful life of the asset, are classified as intangible assets as per the requirements of Ind AS and are amortised (after
retaining the residual value, if applicable) over their useful life.
2.3.3. The useful lives of intangible assets are assessed as either finite or indefinite.
2.3.4. Intangible assets with finite lives are amortised on straight line basis over their useful life and tested for impairment annually at
the Cash Generating Unit (CGU) level.
2.3.5. Intangible assets with indefinite useful lives, such as ‘right of way’ which is perpetual and absolute in nature, are not amortised,
but are tested for impairment annually at the CGU level.
2.3.6. Technical know-how / license fee relating to production process and process design are recognized as Intangible Assets.
2.3.7. Estimated lives of intangible assets (acquired) are as follows:
Software: 2 to 4 years
Technical know-how/license fees: 2 to 25 years
Right to use – wind mills: 22 years
2.3.8. The Corporation has chosen the carrying value of Intangible Assets existing as per previous GAAP as on date of transition to Ind
AS i.e., 1st April 2015 as deemed cost.
2.4. Capital Work in Progress / Intangible Assets under Development

Expenditure, including eligible borrowing cost, net of income earned, during the construction/development period of Property,
Plant and Equipment, and Intangible Assets respectively is included under capital work-in-progress or intangible assets under
development, as the case be, and the same is attributed to the respective assets when they are ready for intended use.
2.5. Borrowing Cost

2.5.1 Borrowing costs directly attributable to the acquisition or construction of a qualifying asset are capitalised as part of the cost of
the asset till the month in which the asset is ready for intended use. Capitalisation of borrowing costs is suspended when active
development on the qualifying assets is interrupted except when temporary and charged to the Statement of Profit and Loss
during such periods. All other borrowing costs are expensed in the period in which they are incurred;
2.5.2. Borrowing cost, if any, incurred on General Borrowings used for projects is capitalised at the rate computed on
weighted average basis.
2.6. Non-current assets held for sale

2.6.1. Non-current assets are classified as held for sale if their carrying amounts will be recovered through a sale transaction rather
than through continuing use. This condition is regarded as met, only when the sale is highly probable and the asset is available
for immediate sale in its present condition subject only to terms that are usual and customary for sale of such assets;
2.6.2. Non-current assets classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell;
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2.7. Leases
2.7.1 As Lessee
At the commencement of the lease, the Corporation recognises right-of-use asset and lease liability, with an exception of
short-term leases or lease of low-value underlying assets. The right-of-use asset is measured at cost, less any accumulated
depreciation and impairment loss, if any, and adjusted for any remeasurement of lease liabilities.
The lease liability is measured at Present Value of the lease payments to be made during the course of the lease by using
incremental borrowing rate that prevail at the beginning of each reporting period for a similar tenure (such as, AAA Corporate
Bond rates for varying tenures of 5, 10 & 15 years) for all of the contracts executed in that period. After the commencement
date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made.
The Corporation has elected not to separate non-lease components in a contract and account as one unified lease contract
covering all underlying assets by using the practical expedient prescribed in the Standard.
2.7.2 As Lessor
Rental income from operating lease is recognised on a straight-line basis over the term of the relevant lease except where
another systematic basis is more representative of the time pattern of the benefit derived from the asset given on lease.
2.8. Impairment of Non-Financial Assets

Non-financial assets other than inventories, deferred tax assets, and non-current assets classified as held for sale are reviewed
at each Balance Sheet date to determine whether there is any indication of impairment;
During annual impairment testing, the Corporation estimates the asset’s recoverable amount. The recoverable amount is the
higher of the asset’s or Cash-Generating Unit’s (CGU) fair value less costs of disposal and its value in use. Recoverable amount is
determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from
other assets or groups of assets;
The impairment testing is based on detailed budget and forecast which is prepared separately for each of the CGUs to which
the individual assets are allocated and generally covers a period of 15 years. To estimate cash flow projections beyond periods
covered by the most recent budgets/forecasts, the Company extrapolates cash flow projections in the budget using a steady
growth rate for the subsequent years, unless a higher rate can be justified.
An impairment loss is recognised whenever the carrying amount of asset or assets of cash generating unit (CGU) exceeds their
recoverable amount.
2.9. Inventories
2.9.1. Valuation of inventories (including in transit) of different categories is as under: -
a) Crude oil is valued at the lower of cost [on First in First Out (FIFO) basis] and net realisable value. Crude oil is not written
down below cost except in cases where their prices have declined subsequently and it is estimated that the cost of the
finished goods will exceed their net realisable value;
b) Raw materials other than ‘a)’ above are valued at the lower of cost (on weighted average basis) and net realisable value;
c) Stock-in process is valued at the lower of raw material cost plus cost of conversion and net realisable value;
d) Empty packages are valued at weighted average cost;
e) Stores and spares which do not meet the recognition criteria under Property, Plant and Equipment are valued at weighted
average cost. Surplus, obsolete and slow moving stores and spares, if any, are valued at the lower of cost and net realizable
value. Surplus items, when transferred from completed projects are valued at cost / estimated value, pending periodic
assessment / ascertainment of condition. Stores and Spares in transit are valued at cost;
f) Finished products other than Lubricants and petrochemicals are valued at the lower of cost (on FIFO basis month-wise)
and net realisable value;
217
g) Finished products (lubricants and petrochemicals) are valued at the lower of cost (on weighted average basis) and net
realisable value;
2.9.2. Customs duty on Raw materials/Finished goods lying in bonded warehouse are provided for at the applicable rates except
where liability to pay duty is transferred to consignee;
2.9.3. Excise duty on finished stocks lying at manufacturing locations is provided for at the assessable value applicable at each of the
locations based on applicable duty;
2.9.4. The net realisable value of finished goods and stock in trade are final selling prices for sales to oil marketing companies and
depot prices applicable to the locations. For the purpose of inventory valuation, the proportion of sales to oil marketing
companies and consumer sales are determined on location wise and product wise sales of subsequent period.
2.10. Revenue recognition

2.10.1. Sale of goods
Revenue is recognised at transaction price when:
a) the Corporation satisfies a performance obligation by transferring control of a promised goods / services to a customer; and
b) it is probable that the Corporation will collect the consideration to which it will be entitled to in exchange for the goods or
services that will be transferred to the customer.
The transaction price is the amount of consideration to which the Corporation expects to be entitled in exchange for transferring
promised goods or services to a customer including excise duties, as applicable and is measured at the consideration received
or receivable, net of returns, taxes or duties collected on behalf of the government and trade discounts or rebates, as applicable;
Transaction price is allocated on each performance obligation and is recognised as and when the particular performance
obligation is satisfied either at a point in time or over a period of time;
Revenue is allocated between Loyalty Programs and other components of the sale. The amount allocated to the Loyalty Program
is deferred, and is recognised as Revenue when the Corporation has fulfilled its obligation to supply the products under the
terms of the Program or when it is no longer probable that the points under the Program will be redeemed.
Claims, including subsidy on Liquified Petroleum Gas (LPG) and Superior Kerosene Oil (SKO), from Government of India, are booked
on in-principle acceptance thereof on the basis of available instructions / clarifications, subject to final adjustments as stipulated.
2.10.2 Interest income is recognised taking into account the amount outstanding and the applicable effective interest rate;
2.10.3 Dividend is recognised when right to receive the payment is established;
2.10.4 Income from sale of scrap is accounted for on realization.
2.11. Accounting / classification of expenditure and income

2.11.1. Income / expenditure in aggregate pertaining to prior year(s) above the threshold limit (*) are corrected retrospectively;
2.11.2. Prepaid expenses upto threshold limit (*) in each case, are charged to revenue as and when incurred;
2.11.3. Insurance claims are accounted on acceptance basis;
2.11.4. All other claims / entitlements are accounted on the merits of each case.
2.12. Employee benefits

2.12.1. Short-term employee benefit
Short term employee benefits are recognized as an expense at undiscounted amount in the Statement of Profit & Loss of the
year in which the related services are rendered by the employees.
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2.12.2. Post-employment benefits

Defined Contribution Plans
Obligations for contributions to defined contribution plans are expensed in the Statement of Profit & Loss of the year in which
the related services are rendered by the employees.
Defined Benefit Plans

Post-employment benefits and Other Long Term Employee Benefits
The Corporation operates defined benefit plans for gratuity, pension, post-retirement medical benefits, ex-gratia and
resettlement allowance. The obligation towards such defined benefits is determined on actuarial valuation by independent
actuaries at the year-end by using Projected Unit Credit method;
The Corporation’s contribution to the Provident Fund is remitted to a separate Trust established for this purpose based on a
fixed percentage of the eligible employee’s salary and charged to the Statement of Profit and Loss.
Liability towards other long term employee benefits (leave encashment and death benefits) are determined on actuarial
valuation by independent actuaries using Projected Unit Credit method;
Re-measurement of the net defined benefit liability, which comprises of actuarial gains and losses, the return on plan assets
(excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised in Other Comprehensive Income.
Re-measurements gains and losses in respect of other long-term benefits are recognized in the Statement of Profit and Loss in
the period in which they arise;
Prepaid contributions are recognized as an asset to the extent that a cash refund or a set-off in future payments is available.
2.13. Foreign currency transactions

2.13.1. Monetary items
Transactions in foreign currencies are initially recorded at the respective exchange rates prevailing at the date of transaction;
Monetary assets and liabilities denominated in foreign currencies are translated at spot rates of exchange at the reporting date;
Exchange differences arising on settlement or translation of monetary items are recognised in Statement of Profit and Loss
either as ‘Exchange Rate Variation’ or as ‘Finance Costs’ (to the extent regarded as an adjustment to borrowing costs), as
the case maybe.
2.13.2. Non–Monetary items

Non-monetary items, other than those measured at fair value, denominated in foreign currency, are valued at the exchange
rate prevailing on the date of transaction.
2.14. Investment in Subsidiary, associates and joint ventures

Investments in equity shares of Subsidiaries, Joint Ventures & Associates are recorded at cost and reviewed for impairment in
case of any indication;
The Corporation has chosen the carrying value of the investment in Subsidiaries, associates and joint ventures existing as per
previous GAAP as on date of transition to Ind AS i.e. 1st April 2015 as deemed cost.
2.15. Government Grants

2.15.1. Government grants are recognized where there is reasonable assurance that the grant will be received and all attached
conditions will be complied with;
2.15.2. When the grant relates to an expense item, it is recognized in Statement of Profit and Loss on a systematic basis over the
periods that the related costs, for which it is intended to compensate, are expensed;
2.15.3. When the grant relates to property, plant and equipment, the cost of property, plant and equipment is shown at gross value
and grant thereon is treated as liability (deferred income) and are credited to statement of profit and loss on a systematic basis
over the useful life of the asset.
219
2.16. Exploration and Production expenditure

“Successful Efforts Method” of accounting is followed for Oil & Gas exploration and production activities, as stated below:
2.16.1. Cost of surveys, studies, carrying and retaining undeveloped properties is expensed out in the year of incurrence;
2.16.2. Cost of acquisition, drilling and development is treated as Capital Work-in-Progress when incurred, and the same is capitalised
when the well is ready to commence commercial production. Depletion is calculated and charged as Depreciation using the
Unit of Production method;
2.16.3. Accumulated costs on exploratory wells in progress are expensed out in the year in which these are determined to be dry or
are of no further use, as the case may be;
2.16.4. The proportionate share in the assets, liabilities, income and expenditure of joint operations are accounted as per the
participating interest in such joint operations.
2.17. Provisions and contingent liabilities

2.17.1. Provisions are recognized when there is a present obligation as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the
amount of the obligation;
2.17.2. Contingent liabilities are not recognized in the financial statements but are disclosed unless the possibility of an outflow of
economic resources is considered remote;
2.17.3. Contingent liabilities and Capital Commitments disclosed are in respect of items which in each case are above the
threshold limit (*);
2.17.4. Contingent Liabilities are considered only when show-cause notice is converted into demand.
2.18. Fair value measurement

2.18.1. Fair value is the price that would be received/ paid to sell an asset or to transfer a liability, as the case may be, in an orderly
transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous
market to which the Corporation has access at that date. The fair value of a liability also reflects its non-performance risk;
2.18.2. While measuring the fair value of an asset or liability, the Corporation uses observable market data as far as possible. Fair values
are categorised into different levels in a fair value hierarchy based on the inputs used in the relevant valuation technique.
Financial Instruments
2.19. Financial Assets
2.19.1. Initial recognition and measurement
All financial assets (not measured subsequently at fair value through profit or loss) are recognised initially at fair value plus
transaction costs that are attributable to the acquisition of the financial asset. However, trade receivables that do not contain a
significant financing component are measured at transaction price.
2.19.2. Subsequent measurement

Subsequent measurement is determined with reference to the classification of the respective financial assets. The Corporation
classifies financial assets (other than equity instruments) as under:
(a) subsequently measured at amortised cost;

(b) fair value through other comprehensive income (FVOCI); or
(c) fair value through profit or loss (FVTPL)
on the basis of its business model for managing the financial assets and the contractual cash flow characteristics of the
financial asset.
Amortised cost
A ‘debt instrument’ is measured at the amortised cost if both the following conditions are met. The asset is held within a
business model whose objective is:
To hold assets for collecting contractual cash flows, and
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Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest
(SPPI) on the principal amount outstanding.
After initial recognition, such financial assets are subsequently measured at amortised cost using the Effective Interest Rate (EIR)
method and such amortization is recognised in the Statement of Profit and Loss.
Debt instruments at Fair value through profit and loss (FVTPL)
Fair value through profit and loss is a residual category for measurement of debt instruments.
After initial measurement, any fair value changes including any interest income, impairment loss and other net gains and losses
are recognised in the Statement of Profit and Loss.
Equity investments
All equity investments in scope of Ind-AS 109 (except investments in Subsidiaries, Joint Ventures, and Associates) are measured
at fair value. Equity instruments which are held for trading are classified as at FVTPL. For all other equity instruments, the
Corporation decides to classify the same either as at FVOCI or FVTPL. The Corporation makes such election on an instrument-
by-instrument basis. The classification is made on initial recognition and is irrevocable;
For equity instruments classified as FVOCI, all fair value changes on the instrument, excluding dividends, are recognized in other
comprehensive income (OCI);
Equity instruments included within the FVTPL category are measured at fair value, with all fair value changes being recognized
in the Statement of Profit and Loss.
2.19.3. Impairment of financial assets
In accordance with Ind-AS 109, the Corporation applies Expected Credit Loss (“ECL”) model for measurement and recognition
of impairment loss on the financial assets measured at amortised cost;
Loss allowances on trade receivables are measured following the ‘simplified approach’ at an amount equal to the lifetime ECL
at each reporting date.
2.20. Financial Liabilities

All financial liabilities (not measured subsequently at fair value through profit or loss) are recognised initially at fair value net of
transaction costs that are directly attributable to the respective financial liabilities.
The Corporation classifies all financial liabilities as subsequently measured at amortised cost by using the Effective Interest Rate
Method (“EIR”) and such amortisation is recognised in the Statement of Profit and Loss.
2.20.3. Derecognition
A Financial Liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
2.21. Financial guarantees

Financial guarantee contracts are recognised initially at fair value. Subsequently on each reporting date, the liability is measured
at the higher of the amount of loss allowance determined as per impairment requirements of Ind AS 109 and the fair value
initially recognised less cumulative amortisation.
2.22. Derivative financial instruments

The Corporation uses derivative financial instruments, such as forward contracts, interest rate swaps to mitigate its foreign
currency risk, interest risk and commodity price risk arising out of highly probable forecast transactions and are presented in
Financial Statements, either as Financial Assets or Financial liabilities as the case may be.
2.22.1. Derivatives Contracts designated as hedging instruments
Wherever Hedge Accounting is undertaken, the derivative financial instruments are recognized at fair value with due assessment
to effectiveness of the hedge instrument.
By following Cash Flow Hedges, the effective portion of changes in the fair value is recognized in Other Comprehensive Income
(OCI) and accumulated under Cash Flow Hedge Reserve within Other Equity, whereas the ineffective portion, if any, is recognized
immediately in the Statement of Profit and Loss. The effective portion, previously recognized in OCI and accumulated as Cash
221
Flow Hedge Reserve is reclassified to the Statement of Profit and Loss in the subsequent period, during which, the hedged
expected future cash flows affect profit or loss and presented in the same line item to which the underlying is accounted.
Further, in case of previously recognized forecasted transaction, upon the knowledge of its non-occurrence, the effective
portion of cumulative gain or loss is forthwith recognized by transferring from Cash Flow Hedge Reserve to the Statement of
Profit and Loss.
If the amount accumulated in Cash Flow Hedge Reserve is a loss and Corporation expects that all or a portion of that loss
will not be recovered in one or more future period, the Corporation immediately reclassifies the amount that is not expected
to be recovered into profit or loss as a reclassification adjustment. The hedge accounting is discontinued when the hedging
instrument expires or is sold, terminated or no longer qualifies for hedge accounting.
2.22.2. Derivatives Contracts not designated as hedging instruments

The derivative financial instruments are accounted at fair value through Profit or Loss and presented under Other Income or
Other Expenses, as the case may be.
2.23. Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet, if there is a currently
enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets
and settle the liabilities simultaneously.
2.24. Taxes on Income

2.24.1. Provision for current tax is made in accordance with the provisions of the Income Tax Act, 1961;
2.24.2. Deferred tax liability/asset on account of temporary difference is recognised using tax rates and tax laws enacted or substantively
enacted as at the Balance Sheet date;
2.24.3. Deferred tax assets are recognised and carried forward for all deductible temporary differences only to the extent that it is
probable that taxable profit will be available in future against which the deductible temporary difference can be utilized;
2.24.4. The carrying amount of deferred tax assets/Liabilities is reviewed at each Balance Sheet date.
2.25. Earnings per share

2.25.1. Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by
the weighted average number of equity shares outstanding during the period;
2.25.2. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity
shareholders and the weighted average number of shares outstanding during the period are adjusted for the effect of all
dilutive potential equity shares.
2.26. Cash and Cash equivalents

Cash and cash equivalents includes cash on hand, balances with banks, other short-term, highly liquid investments with original
maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant
risk of changes in value.
2.27. Cash Flows

Cash flows are reported using the indirect method, whereby net profit before tax is adjusted for the effects of transactions
of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or
expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities are
segregated. For the purpose of the Statement of Cash Flows, cash and cash equivalent consist of cash, as defined above, net of
outstanding bank overdrafts as they are considered an integral part of the Corporation’s cash management.
2.28. Dividend
The Company recognises a liability to make cash distributions to equity holders of the Corporation when the distribution is
authorised and the distribution is no longer at the discretion of the Corporation. As per the corporate laws in India, a distribution
is authorised when it is approved by the shareholders. A corresponding amount is recognised directly in other equity.
(*) Threshold limit, referred to above, for various items is stated as part of Financial Statements.
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3. Property, Plant and Equipment

(H/ Crore)
Right Railway
Furniture Roads
Land - of Use Plant & Transport Office Siding & E&P
Particulars Buildings & and Total
Freehold Assets Equipment Equipment Equipment Rolling Assets
Fixtures Culverts
# Stock
Gross Block
As on 01.04.2023 1,322.01 4,983.50 9,163.45 63,991.86 424.61 193.53 5,188.26 4,855.13 638.02 5.77 90,766.14
Additions 125.32 581.18 888.32 13,424.67 128.01 22.72 720.85 550.97 2.85 - 16,444.89
Deductions/ Reclassifications (0.17) 27.41 135.01 26.38 1.99 93.35 (44.16) (0.49) 4.68 - 244.00
As on 31.03.2024 1,447.50 5,537.27 9,916.76 77,390.15 550.63 122.90 5,953.27 5,406.59 636.19 5.77 1,06,967.03
Depreciation/ Amortisation
As on 01.04.2023 - 740.87 1,368.84 15,670.21 176.67 108.02 2,937.53 2,765.57 234.33 2.45 24,004.49
For the period - 382.11 281.58 3,654.22 60.74 12.91 632.81 398.98 42.27 0.47 5,466.09
Deductions/ Reclassifications - 52.24 10.05 74.39 8.23 45.87 6.90 16.62 2.63 - 216.93
As on 31.03.2024 - 1,070.74 1,640.37 19,250.04 229.18 75.06 3,563.44 3,147.93 273.97 2.92 29,253.65
Impairment (refer Note 56)
As on 01.04.2023 - 0.43 - - - - - - - - 0.43
For the period - - - - - - - - - - -
Deductions/ Reclassifications - - - - - - - - - - -
As on 31.03.2024 - 0.43 - - - - - - - - 0.43
Net Block as on 01.04.2023 1,322.01 4,242.20 7,794.61 48,321.65 247.94 85.51 2,250.73 2,089.56 403.69 3.32 66,761.22
Net Block as on 31.03.2024 1,447.50 4,466.10 8,276.39 58,140.11 321.45 47.84 2,389.83 2,258.66 362.22 2.85 77,712.95
# refer note 42
Notes
1. Includes assets of gross block H 0.007 Crore (31.03.2023: H 0.007 Crore) of erstwhile Kosan Gas Company that have not been
handed over to the Corporation. Though Kosan Gas Company was to give up their claim, in view of the tenancy right sought by
third party, the matter is under litigation.
2. Includes Gross Block of H 1,103.36 Crore (31.03.2023: H 1,092.04 Crore) towards Land, Building, Plant & Equipment, Furniture
& Fixtures, Transport equipments, Office/lab Equipments, Roads & Culverts, Pipelines, Railway Sidings, etc. representing
Corporation’s share of Assets, jointly owned with other Companies.
3. Includes Gross Block of H 10.93 Crore (31.03.2023: H 10.93 Crore) towards Roads & Culverts, Transformers & Transmission lines,
Railway Sidings & Rolling Stock for which though ownership does not vest with the Corporation, operational control over such
assets is exercised. These assets are amortized as per useful life specified in Schedule II of Companies Act, 2013.
4. a) Includes following assets used for distribution of PDS Kerosene under Jana Kalyan Pariyojana against which financial
assistance had been provided by Oil Industry Development Board:
Gross Block (J/Crore)

Description
31.03.2024 31.03.2023
Roads & culverts 0.05 0.05
Buildings 1.09 1.33
Plant & Equipment 0.93 1.09
Office Equipment 0.00 0.00
Total 2.07 2.47
b) Includes following assets held under PAHAL (DBTL) scheme against which financial assistance had been provided by
Ministry of Petroleum & Natural Gas, Government of India.
Gross Block (J/Crore)

Description
31.03.2024 31.03.2023
Computer Software 7.49 7.49
Computers/ End use devices 5.65 5.65
Automation, Servers & Networks 2.04 1.55
Total 15.19 14.70
223
5. Assets held for sale consists of items such as plant and equipment, office equipment, transport equipment, buildings, furnitures
& fixtures and roads & culverts which have been identified for disposal due to replacement/ obsolescence of assets which
happens in the normal course of business. These assets are expected to be disposed off within the next twelve months.
On account of classification of these assets as ‘Asset held for sale’, a loss of H 6.42 Crore (2022-23: H 54.80 Crore) has been
recognised in the Statement of Profit and Loss.
6. Includes Right of Use Assets having Gross Block H 115.63 Crore (31.03.2023: H 103.75 Crore) for land acquired on lease-cum-
sale basis from Karnataka Industrial Area Development Board (KIADB), that has not been amortized over the period of lease in
view of freehold title that would vest upon fulfilment of certain terms and conditions, as per allotment letter.
7. Includes adjustment to Cost of Assets pursuant to exchange differences arising on long term foreign currency monetary items,
which, in accordance with Para 7AA of Ind AS 21 read with Para D13AA of Ind AS 101, are capitalized and depreciated over the
balance useful life of the assets.
8. The Corporation has considered pipeline assets laid within the boundary limit of its premises as integral part of Tanks / Other
Plant and Machinery and have been depreciating such assets based on the useful life of associated Plant & Equipment, in line
with the Schedule II of the Companies Act, 2013.
9. Includes an increase in depreciation by H 135.41 Crore (2022-23 : H Nil Crore) on account of a change in accounting estimate
regarding the useful life of Dispensing Unit from 15 years to 10 years, implemented during FY 2023-24 based on assessment
carried out by the Management.
regarding the useful life of Assets provided to employees, implemented during FY 2023-24 based on Corporation’s
Furniture Policy.
regarding the residual value of certain pipelines including Cross Country Pipelines from 5% to 0%, implemented during FY 2023-
24 based on assessment carried out by the Management.
12. Includes depreciation of H Nil Crore (2022-23: H 9.05 Crore) on account of determining the useful life of assets at lower of life as
per specific agreements pertaining to Railway Consumer Depots or Schedule II of the Companies Act, 2013.
13. During the year, in respect of LPG consumers who have been inactive for 15 years and the useful life of equipment they are
holding is also over, the equipment value (First Cost: H 1.35 Crore, 2022-23: H 97.11 Crore) along with the LPG consumer deposit
(H 2.28 Crore, 2022-23: H 127.88 Crore) has been de-recognized in the books of account.
14. The process of capitalization in respect of Property, Plant and Equipment including accounting of Capital Work-in-Progress is
under continuous review and updation, wherever required, and is being carried out on a regular basis
15. In the nature of business carried out by the Corporation, there are certain leasehold immovable properties, which are under its
continuous possession, control and use over the period, the lease agreement of which have expired. Pending renewal of such
leases, these have not been recognised as Right of Use Assets.
16. Title deeds of Immovable Properties not held in name of the Corporation (Other than properties where the Corporation is the
lessee and the lease agreements are duly executed in favour of the Corporation):
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As on 31st March, 2024

Whether title deed
Gross Title
holder is a promoter,
Description Carrying Deeds Property held Reason for not being
Relevant Item in the Balance director or relative
of Item of Value held in since which held in the name of the
Sheet of promoter director
Property (J / the name date Corporation
or employee of
Crore) of
promoter/director
Property, Plant and Equipment Land 0.00 Not No 01-01-1964 Title document in the name
available of the Corporation could
Property, Plant and Equipment Land 0.00 Not No 01-03-1999 not be traced, though
available possession and control is
enjoyed.
Property, Plant and Equipment Land 0.00 Not No 01-03-1998
available
available
available
available
As on 31st March, 2023

Whether title deed
Gross Title
holder is a promoter,
Description Carrying Deeds Property held Reason for not being
Relevant Item in the Balance director or relative
of Item of Value held since which held in the name of the
Sheet of promoter director
Property (H / in the date Corporation
or employee of
Crore) name of
promoter/director
Property, Plant and Equipment Land 0.00 Not No 01-01-1964 Title document in the name
available of the Corporation could
Property, Plant and Equipment Land 0.00 Not No 01-03-1999 not be traced, though
available possession and control is
enjoyed.
available
available
available
available
For the purpose of this disclosure, other substantive evidences such as allotment letters, Court orders, noting in municipal /
revenue records, property tax receipts etc. conveying title to the Corporation over the property has been taken into consideration.
4. Capital Work-in-Progress (CWIP)

(H / Crore)
31.03.2024 31.03.2023
Unallocated Capital Expenditure and Materials at Site 13,231.05 19,275.18
Capital Stores lying with Contractors 557.60 85.45
Capital goods in transit 4.98 243.58
A 13,793.63 19,604.21
Construction period expenses pending apportionment (Net of recovery):
Opening balance 2,904.96 2,583.20
Add: Expenditure during the year
Establishment charges including Salaries and Wages 137.07 150.65
Interest 1,411.16 1,628.26
4,453.19 4,362.11
Less: Allocated to assets capitalised during the year 1,597.59 1,457.15
Closing balance pending allocation B 2,855.60 2,904.96
A+B 16,649.23 22,509.17
4.1. Refer Note 21.2 & 24.1a.
225
4.2. Capital Work-in-Progress ageing schedule

(H / Crore)
31.03.2024 31.03.2023
Projects in progress
Less than 1 year 6,095.93 6,807.74
1 to 2 years 4,380.37 6,222.56
2 to 3 years 3,845.34 4,673.61
More than 3 years 2,321.51 4,799.28
Projects temporarily suspended
Less than 1 year 0.10 -
1 to 2 years - -
2 to 3 years - -
More than 3 years 5.98 5.98
16,649.23 22,509.17
Note: Ageing is determined by following the premise that the earliest expenditure qualifies foremost in the sequencing of
capitalization.
4.3. Capital Work-in Progress completion schedule, whose completion is overdue or has exceeded its cost
compared to its original plan as on 31st March, 2024
(H / Crore)
To be completed in
CWIP Less than More than
1 to 2 years 2 to 3 years
1 year 3 years
Visakh Refinery Modernization project 9,960.96 - - -
2G Biorefinery at Bathinda 928.74 - - -
LPG Cavern at Mangalore 420.77
Residual Upgradation Facility Pitch Loading Gantry 290.91 - - -
Sea water reverse osmosis-II with low level pump house 189.96 - - -
facilities
Augmentation of Raipur IRD 175.57 - - -
Office Premises at Delhi 140.37 - - -
CB-220 KV Grid supply facility 135.01 - - -
Vijayawada Dharmapuri Pipeline 41.64 - - -
Other Projects* 871.82 0.12 4.25 -
Aggregate of various projects 6.08 - - -
* Covering project cost > H 100 Crore subject to open CWIP as of 31.03.2024 < J 25 Crore and others involving project cost ≤ H 100 Crore.
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Capital Work-in Progress completion schedule, whose completion is overdue or has exceeded its cost compared
to its original plan as on 31st March, 2023
(H / Crore)
To be completed in
1 year 3 years
Barmer Palanpur Pipeline 552.55 - - -
LPG Cavern at Mangalore 243.89 - - -
Sulphur forming unit in Sulphur Recovery Unit 174.99 - - -
Hassan Cherlapalli Pipeline 139.62 - - -
Sea water reverse osmosis-II with low level pump house facilities 137.98 - - -
Vacuum Pressure Swing Adsorption in Sulphur Recovery Unit 121.50 - - -
Two Crude tanks 112.02 - - -
New LPG Plant at Varanasi - 63.68 - -
Other Projects* 855.54 1.24 - -
Aggregate of various projects 5.71 0.28 - -
* Covering project cost > H 100 Crore subject to open CWIP as of 31.03.2023 < H 25 Crore and others involving project cost ≤ H 100 Crore.
5. Intangible Assets
(H / Crore)
Right of Technical/ Wind
Particulars Software Total
Way Process Licenses Energy
Gross Block
As on 01.04.2023 629.55 134.10 166.36 193.29 1,123.30
Additions (2.89) 97.55 315.74 - 410.40
Deductions/ Reclassifications 4.01 - 4.20 - 8.21
As on 31.03.2024 622.65 231.65 477.90 193.29 1,525.49
As on 01.04.2023 7.26 85.79 127.50 81.52 302.07
For the period (3.02) 26.39 68.85 6.34 98.56
As on 31.03.2024 3.63 112.18 192.16 87.86 395.83
As on 01.04.2023 - - - 43.85 43.85
For the period - - - - -
Deductions/ Reclassifications - - - - -
As on 31.03.2024 - - - 43.85 43.85
Net Block as on 01.04.2023 622.29 48.31 38.86 67.92 777.38
Net Block as on 31.03.2024 619.02 119.47 285.74 61.58 1,085.81
Notes:
1. Includes Gross Block of H 88.79 Crore (31.03.2023: H 75.73 Crore) towards Right of Way representing Corporation’s share of
Assets, jointly owned with other Companies.
2. The Corporation has entered into service concession arrangements with entities that supply electricity (referred to as “The
Regulator”) in order to construct, own, operate, and maintain a wind energy-based electric power generating station (referred
to as the “Plant”). Pursuant to the agreement, the Corporation will operate and maintain the Plant, and will sell the electricity
generated to the Regulator for a period covering the substantial useful life of the Plant, which may be renewed for a further
227
period upon mutual agreement between the parties. During the concession period, the Corporation is responsible for providing
any maintenance services required. In turn, the Corporation has the right to charge an agreed rate as set forth in the service
concession arrangement. The value of the Plant’s construction has been recognized as an Asset, which is amortized over the
useful life of the asset.
5A. Intangible Assets under development (IAUD)

(H / Crore)
31.03.2024 31.03.2023
Opening balance 293.64 208.57
Expenditure on Intangible assets 94.78 34.02
Interest 7.75 13.44
408.87 293.64
Less: Capitalised during the year 379.33 -
Closing balance 29.54 293.64
5A.1. Intangible Assets under development ageing schedule
(H / Crore)
31.03.2024 31.03.2023
Less than 1 year 0.95 85.07
1 to 2 years 0.82 78.91
2 to 3 years 1.00 74.09
Less than 1 year - -
1 to 2 years - -
2 to 3 years - -
More than 3 years - -
29.54 293.64
5A.2.
Intangible Assets under development completion schedule, whose completion is overdue or has exceeded its cost
(H / Crore)
IAUD Less than 1 to 2 2 to 3 More than

1 Year Years Years 3 Years
Projects in Progress
Process Licenses for Visakh Refinery Modernization project 29.49 - - -
Projects temporarily Suspended - - - -
Intangible Assets under development completion schedule, whose completion is overdue or has exceeded its
cost compared to its original plan as on 31st March, 2023
(H / Crore)
To be completed in
IAUD Less than 1 to 2 2 to More than
1 Year Years 3 Years 3 Years
ERP Modernization Project 198.32 - - -
Process Licenses for Visakh Refinery Modernization project 95.31 - - -
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6. Investment in Subsidiaries, Joint Ventures and Associates

(H / Crore)
31.03.2024 31.03.2023
Investments in Equity Instruments
Subsidiaries (at cost)
Un - Quoted
HPCL - Biofuels Limited
1,25,12,42,371 (31.03.2023: 1,21,46,22,371) Equity Shares of H 10 each fully paid up 1,021.23 984.61
Less : Provision for Impairment (refer Note 57 ) 572.16 572.16
Prize Petroleum Company Limited
24,50,00,000 (31.03.2023: 24,50,00,000) Equity Shares of H 10 each fully paid up 251.27 250.76
(refer Note 6.1)
Less : Provision for Impairment (refer Note 58) 251.27 203.98
HPCL Middle East FZCO
4,330 (31.03.2023: 4,330) Shares of AED 1,000 each fully paid up 8.33 8.33
HPCL LNG Limited
1,25,70,00,000 (31.03.2023: 1,25,70,00,000) Equity Shares of H 10 each fully 1,397.07 1,397.07
paid up
HPCL Renewable & Green Energy Limited
50,00,000 (31.03.2023: Nil) Equity Shares of H 10 each fully paid up (refer Note 6.2) 5.00 -
Associates (at cost)
Quoted
Un - Quoted
GSPL India Transco Limited
Less : Provision for Impairment (refer Note 59 ) 14.00 14.00
GSPL India Gasnet Limited
Joint Ventures (at cost)
Un - Quoted
HPCL Rajasthan Refinery Limited (refer Note 6.3)
10,63,01,37,000 (31.03.2023: 7,22,61,37,000) Equity Shares of H 10 each fully paid up 10,630.14 7,226.14
HPCL-Mittal Energy Limited (refer Note 6.3)
Hindustan Colas Private Limited
47,25,000 (31.03.2023: 47,25,000) Equity Shares of H 10 each fully paid up 4.73 4.73
Petronet India Limited (refer Note 6.4)
1,60,00,000 (31.03.2023: 1,60,00,000) Equity Shares of H 0.10 each fully paid up 0.16 0.16
Petronet MHB Limited (refer Note 6.5)
South Asia LPG Company Private Limited
Bhagyanagar Gas Limited
Aavantika Gas Limited
Mumbai Aviation Fuel Farm Facility Private Limited
Godavari Gas Private Limited
Ratnagiri Refinery and Petrochemicals Limited
5,00,00,000 (31.03.2023: 5,00,00,000) Equity shares of H 10 each fully paid up 50.00 50.00
229
(H / Crore)
31.03.2024 31.03.2023
HPOIL Gas Private Limited
IHB Limited
18,791.87 15,331.29
Disclosures towards Cost / Market Value / Impairment
a Aggregate amount of Quoted Investments (Market Value) 6,494.29 1,561.54
b Aggregate amount of Quoted Investments (Cost) 471.68 471.68
c Aggregate amount of Unquoted Investments (Cost) 19,157.62 15,649.75
d Aggregate amount of Provision for impairment 837.43 790.14
6.1. Increase of H 0.51 Crore (2022-23: H 0.90 Crore) in the carrying amount is pursuant to accounting of corporate guarantee commission,
which is in accordance with Ind AS 109.
6.2. A wholly-owned subsidiary, ‘HPCL Renewable & Green Energy Limited’ was incorporated on January 19, 2024, for consolidating the
existing green business of the Corporation under one umbrella and expanding further into Green and Renewable Energy business.
6.3. As per the guidelines issued by Department of Public Enterprises (DPE), Ministry of Finance, in February 2010, the Board of Directors
of Maharatna Central Public Sector Enterprises (CPSEs) can invest in joint ventures and wholly owned subsidiaries subject to an overall
ceiling of 30% of the net worth of the CPSE. The Corporation has requested Ministry of Petroleum & Natural Gas (MOP&NG) to confirm
its understanding that for calculating this ceiling limit, the amount of investments specifically approved by Government of India [viz.
investment in HPCL Mittal Energy Limited (HMEL) and HPCL Rajasthan Refinery Limited (HRRL)] are to be excluded. The Corporation
has calculated the limit of 30% investment in joint ventures and wholly owned subsidiaries, by excluding these investments.
6.4. Petronet India Limited is in the process of voluntary winding up w.e.f. August 30, 2018.
6.5. The Corporation has acquired 19,960 (Nos.) Equity Shares in Petronet MHB Limited from IL&FS Financial Services Limited, pursuant
to a Share Purchase Agreement entered into during the year. With this acquisition, Corporation’s holding in Petronet MHB Limited
has increased from 49.996% as on March 31, 2023 to 50.00% as on March 31, 2024.
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7. Other Investments
(H / Crore)
31.03.2024 31.03.2023
Investment in equity instruments carried at fair value through other
comprehensive income
Quoted
Oil India Limited (refer Note 7.1a)
2,67,50,550 (31.03.2023: 2,67,50,550) Equity Shares of H 10 each fully paid up 1,605.70 673.18
Scooters India Limited (refer Note 7.1b)
Nil (31.03.2023: 10,000) Equity Shares of H 10 each fully paid up - 0.03
Investment in equity instruments carried at fair value through Profit or Loss
Un - Quoted
Voltrez Tech Private Limited (refer Note 7.2) 1.75 0.80
1,353 (31.03.2023: 1,353) Equity shares of H 10 each fully paid up .
Woodlands Multispecialty Hospital Limited of face value of H 0.21 lakhs
2,110 (31.03.2023: 2,110) Equity shares of H 10 each fully paid up 0.00 0.00
Shushrusha Citizen Co-operative Hospital Limited of the face value of H 0.10 lakhs
100 (31.03.2023: 100) Equity Shares of H 100 each fully paid up 0.00 0.00
Total Investments in Equity Instruments 1,607.45 674.01
Investments in Preference Shares carried at fair value through profit or Loss
Others
Un - Quoted
Compulsorily convertible preference shares in 23 (31.03.2023:21) 96.05 36.52
Start-Up Companies (refer Note 7.2)
Total Investments in Preference Shares 96.05 36.52
1,703.50 710.53
7.1a. The Corporation intends to hold this Investment for long term strategic purposes, and accordingly, designated it at fair value through
Other Comprehensive Income. There was no disposal of this strategic investment during the financial year.
7.1b. During the current year, ‘Scooters India Limited’ has come out with a ‘Letter of Offer for voluntary delisting of Equity Shares to public
shareholders’ (Offer). Corporation has opted to tender its shares under the said Offer, and accordingly, has accounted it as ‘Asset
classified as held for Sale/Disposal’.
7.2. The value of investment in certain start-ups have been fair valued with corresponding recognition of fair value gain of H 58.28
Crore (2022-23: H 18.87 Crore), considering the information available about deals/funding that have taken place subsequent to our
investment in such start-ups. In other cases, considering that the start-ups are in the stage of their development and are mostly in
traction and refinement stages, the carrying value of such start-ups is considered as a reasonable approximation of their fair value.
(H / Crore)
31.03.2024 31.03.2023
a Aggregate amount of Quoted Investments (Market Value) 1,605.70 673.21
c Aggregate amount of Unquoted Investments (Cost) 20.65 18.45
d Aggregate amount of Provision for impairment - -
231
8. Loans
(H / Crore)
31.03.2024 31.03.2023
Secured
Employee loans and advances and Interest thereon, considered good 446.46 398.45
Unsecured
Loans to related parties, considered good (refer Note 44 and 69) 500.00 -
Other Loans
Loan Receivables - considered good (refer Note 8.1) 399.19 592.95
Loan Receivables which have significant increase in credit risk (refer Note 8.1) 127.27 5.51
Loan Receivables – credit impaired (refer Note 8.1) 3.37 2.24
Less: Loss allowance (refer Note 8.2) 274.88 21.34
1,201.41 977.81
8.1. Includes loan given to Pradhan Mantri Ujjwala Yojana (PMUY) consumers H 440.45 Crore (31.03.2023: H 506.65 Crore)
(refer Note 61).
8.2. Towards loan given to Pradhan Mantri Ujjwala Yojana (PMUY) consumers (refer Note 61).
9. Other Financial Assets

(H / Crore)
31.03.2024 31.03.2023
Security Deposits 200.73 168.49
Share application money pending allotment 90.00 15.50
Bank Deposit with more than 12 months maturity (refer Note 9.1) 1.88 7.33
Lease Receivables 0.94 1.04
Other Financial Assets 1.89 -
295.44 192.36
9.1. Earmarked with various authorities.
10. Other Non-Current Assets

(H / Crore)
31.03.2024 31.03.2023
Balances with Excise, Customs, etc. (refer Note 10.1) 620.18 501.36
Less: Provision for doubtful claims (refer Note 10.1) 81.23 81.23
Deposits 228.00 243.14
Advance Tax (net of provisions) 2,383.42 2,044.19
Capital advances 190.69 92.00
Advance to Employee's Benefit Trusts (Net) (refer Note 67) - 0.42
Prepaid employee cost 227.34 176.99
Prepaid Lease Rentals 0.57 0.30
Other Prepaid Expenses 259.68 309.98
3,828.65 3,287.15
10.1. Includes an amount of H 81.23 Crore (31.03.2023: H 81.23 Crore) carried as receivable towards Customs Duty refund claims, filed
relating to the periods 1992-97. As per the assessment made by the Management, these claims are legally tenable, however,
considering the efflux of time, an amount of H 81.23 Crore (31.03.2023: H 81.23 Crore) is provided for. Management is continuing to
pursue the matter with Authorities for early settlement of these claims.
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11. Inventories
(H / Crore)
31.03.2024 31.03.2023
Raw materials (Including in transit 31.03.2024: H 1,769.91 Crore; 31.03.2023: H 908.52 Crore) 6,788.17 5,216.21
Work-in-progress 2,433.30 1,900.56
Finished goods (Including in transit 31.03.2024: H 285.74 Crore; 31.03.2023 : H 175.56 Crore) 11,248.11 8,931.77
Stock-in-trade (Including in transit 31.03.2024: H 1,603.33 Crore; 31.03.2023: H 1,983.49 Crore) 12,505.40 12,638.27
Stores and spares (Including in transit 31.03.2024: H 6.73 Crore; 31.03.2023 : H 1.09 Crore) 938.77 643.74
Less : Provision for Stores and Spares 25.21 47.01
Packages 77.92 60.41
33,966.46 29,343.95
11.1. The write-down, net of reversals, if any, of Inventories to net realisable value during the financial year amounted to H 546.28 Crore
(2022-23: H 138.95 Crore). The write downs and reversal are included in cost of materials consumed, changes in Inventories of
finished goods, stock-in-trade and work-in-progress.
11.2. Inventories of the Corporation are hypothecated in favour of banks on pari passu basis as a security for availment of Cash Credit facility.
12. Investments
(H / Crore)
31.03.2024 31.03.2023
Investments carried at fair value through Profit or Loss
Quoted - Government Securities
6.90% Oil Marketing Companies' GOI Special Bonds, 2026 17,36,36,000 (31.03.2023: 1,720.04 1,713.47
17,36,36,000) Bonds of H 100 each face value (refer Note 12.1)
8.00% Oil Marketing Companies' GOI Special Bonds, 2026 24,41,000 (31.03.2023: 24.68 24.79
24,41,000) Bonds of H 100 each face value
8.20% Oil Marketing Companies' GOI Special Bonds, 2024 1,23,49,000 (31.03.2023: 123.96 124.97
6.35% Oil Marketing Companies' GOI Special Bonds, 2024 18,32,33,000 (31.03.2023: 1,818.82 1,802.74
7.59% Government of India, G - Sec Bonds, 2026 1,85,00,000 (31.03.2023: 186.55 186.94
5,182.70 5,168.89
12.1. Bonds having face value of H 3,840 Crore (31.03.2023: H 3,363 Crore) comprising 7.59 % G - Sec Bonds of H 185 Crore (31.03.2023: H
183 Crore), 7.72 % G - Sec Bonds of H 800 Crore (31.03.2023: H 800 Crore), 8.33 % G - Sec Bonds of H 150 Crore (31.03.2023: H 180
Crore), 8.15 % G - Sec Bonds of H 255 Crore (31.03.2023: H 200 Crore), 6.35% Oil Bonds 2024 of H 1,500 Crore (31.03.2023 : H 500
Crore), 8.20% Oil Bonds 2024 of H 100 Crore (31.03.2023 :H Nil Crore) and 6.90% Oil Bonds 2026 of H 850 Crore (31.03.2023 : H 1,500
Crore), have been either pledged with Clearing Corporation of India Limited (CCIL) against Triparty Repo Dealing System loan or given
as collateral against borrowings through CROMS segment of Clearing Corporation of India Limited.
233
(H / Crore)
31.03.2024 31.03.2023
b Aggregate amount of Quoted Investments (Cost) 5,267.26 5,267.26
c Aggregate amount of Unquoted Investments (Cost) - -
13. Trade Receivables

(H / Crore)
31.03.2024 31.03.2023
Unsecured
Considered good 9,522.95 6,945.50
Credit impaired 89.88 127.32
9,612.83 7,072.82
9,321.13 6,817.19
13.1. Includes H 89.88 Crore (31.03.2023 : H 127.32 Crore) on trade receivables of H 89.88 Crore (31.03.2023 : H 127.32 Crore) for which the
credit risk has been assessed on an individual basis.
13.2. Trade Receivables ageing schedule
(H / Crore)
31.03.2024 31.03.2023
Undisputed Disputed Undisputed Disputed
(i) Considered good
- Unbilled 17.73 - 10.20 -
- Not Due 5,694.14 5.66 2,686.83 4.25
- Less than 6 months 3,490.51 16.45 3,875.11 15.43
- 6 months to 1 year 71.96 19.75 116.20 21.22
- 1 to 2 years 37.69 35.02 60.56 43.69
- 2 to 3 years 16.49 37.64 21.40 36.54
- More than 3 years 7.93 71.98 10.03 44.04
(ii) Which have significant increase in credit risk
- Unbilled - - - -
- Not Due - - - -
- Less than 6 months - - - -
- 6 months to 1 year - - - -
- 1 to 2 years - - - -
- 2 to 3 years - - - -
- More than 3 years - - - -
(iii) Credit impaired
- Unbilled - - - -
- Not Due - - - -
- 1 to 2 years 0.05 - 1.55 0.01
- 2 to 3 years 0.63 - 0.60 0.56
- More than 3 years 44.32 44.88 77.29 47.31
9,381.45 231.38 6,859.77 213.05
234
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14. Cash and Cash Equivalents

(H / Crore)
31.03.2024 31.03.2023
Balances with Scheduled Banks: 150.99 378.84
- on Current Accounts 0.07 -
Cheques on Hand 8.01 6.09
Cash on Hand 159.07 384.93
15. Bank Balances other than cash and cash equivalents

(H / Crore)
31.03.2024 31.03.2023
Earmarked balances with banks for unpaid dividend 20.88 23.57
Earmarked balances with banks towards FAME subsidy (refer Note 24.1.b) 133.70 127.40
Earmarked balances with banks for Unspent CSR 29.36 -
Fixed Deposits with 3 - 12 months maturity (refer Note 15.1) 9.34 2.67
193.28 153.64
16. Loans
(H / Crore)
31.03.2024 31.03.2023
Secured
Unsecured
Other Loans
107.94 160.74
16.1. Includes loan given to Pradhan Mantri Ujjwala Yojana (PMUY) consumers H 82.03 Crore (31.03.2023: H 87.06 Crore) (refer Note 61).
16.2. Includes Provision towards loan given to Pradhan Mantri Ujjwala Yojana (PMUY) consumers: H 51.19 Crore (31.03.2023: H 3.67 Crore)
(refer Note 61).
235

(H / Crore)
31.03.2024 31.03.2023
Amounts recoverable under subsidy schemes 18.32 13.00
Less: Loss allowance 10.47 10.47
Interest accrued on Investments 90.33 89.20
Derivative Assets 2.92 4.01
Delayed payment charges receivable from customers 387.95 189.81
Less : Loss allowance 126.40 115.88
Receivables from Government of India
- Pradhan Mantri Ujjwala Yojana (PMUY) & Direct Benefit Transfer of LPG (DBTL) 817.81 438.72
Receivables from Government of India towards Grant 12.13 -
Balance with Life Insurance Corporation of India towards Employee Leave Encashment 984.89 409.64
Other Receivables (refer Note 17.1 & 60) 1,203.92 398.21
Less: Loss allowance (refer Note 17.1 & 60) 792.81 358.82
2,588.59 1,057.42
17.1. Includes an amount of H Nil Crore (31.03.2023: H 91.58 Crore) towards balance claim pending for settlement from the Government
of India in respect of free LPG Cylinders issued to beneficiaries under Pradhan Mantri Garib Kalyan Yojana on which a provision of
H Nil Crore (31.03.2023 : H 91.58 Crore) is carried in the books.
18. Other Current Assets

(H / Crore)
31.03.2024 31.03.2023
Advances other than Capital Advances 88.69 109.87
Balances with Excise, Customs, etc. 644.25 605.94
Other Current Assets 13.21 65.57
942.02 1,088.81
19. Equity Share capital

(H / Crore)
31.03.2024 31.03.2023
A. Authorised:
2,49,92,50,000 (31.03.2023: 2,49,92,50,000) Equity Shares of H 10/- each 2,499.25 2,499.25
75,000 (31.03.2023: 75,000) Cumulative Redeemable Preference Shares of H 100/- each 0.75 0.75
2,500.00 2,500.00
B. Issued & Subscribed:
C. Fully Paid up:
D. Shares Forfeited:
7,02,750 (31.03.2023: 7,02,750) Shares Forfeited (money received) 0.39 0.39
1,418.94 1,418.94
E. Reconciliation of number of equity shares Number of Shares

31.03.2024 31.03.2023
Outstanding at the beginning of the year 1,41,85,48,345 1,41,85,48,345
Outstanding at the end of the year 1,41,85,48,345 1,41,85,48,345
236
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F. Rights and Restrictions on Equity / preference Shares

The Corporation has only one class of Equity Shares having a face value of H 10/- per share which are issued and subscribed.
Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of the
winding up, the holders of equity shares will be entitled to receive the remaining assets in proportion to the number of equity
shares held by the shareholders and the amount paid up thereon.
The Corporation also has 75,000 6% cumulative Redeemable Non-convertible Preference Shares of H 100 /- each as a part of
the Authorised Capital, which were issued earlier by the erstwhile ESSO Standard Refining Co. of India Limited (ESRC). Presently
the said Preference Shares stand redeemed.
G. Details of shares held by each shareholder, holding more than 5% shares
31.03.2024
Name of shareholders
% Holding No. of Shares
Oil and Natural Gas Corporation Limited 54.90 77,88,45,375
(H / Crore)
31.03.2023
H. In the period of five years immediately preceding 31st March, 2024
The Board, at its meeting held on November 04, 2020 approved the buyback of fully paid-up equity shares of the face value of
H 10/- from the open market through stock exchange mechanism for an aggregate amount not exceeding H 2,500 Crore
(“Maximum Buyback Size”) and at a price not exceeding H 250 per Equity Share, payable in cash. The shares buy-back
program, which commenced on November 17, 2020 had concluded on May 14, 2021. During the buy-back period, a total of
10,52,74,280/- shares, representing 6.91% of paid up Share Capital (prior to commencement of buy-back) having a face value
of H 105,27,42,800/- had been bought back and extinguished.
I. Details of shares held by promoters as at
31.03.2024
Name of Promoter % Change
% of total
No. of Shares during the year
Shares
(No. of Shares)
Oil and Natural Gas Corporation Limited 77,88,45,375 54.90 -
Total 77,88,45,375 54.90 -
31.03.2023
Name of Promoter % Change
% of total
Shares
(No. of Shares)
Total 77,88,45,375 54.90
237
20. Other Equity

(H / Crore)
31.03.2024 31.03.2023
Capital Redemption Reserve (i) 105.27 105.27
Debenture Redemption Reserve (ii) 625.00 625.00
Equity Instruments through Other Comprehensive Income (iii) 976.66 111.44
Cash Flow Hedge Reserve (iv) 2.19 3.00
Retained Earnings (v) 37,901.71 25,449.78
39,610.83 26,294.49
(i) Capital Redemption Reserve
Opening Balance 105.27 105.27
105.27 105.27
(ii) Debenture Redemption Reserve
Opening Balance (refer Note 20.1) 625.00 625.00
625.00 625.00
20.1: The reserve is created on Non-Convertible Debentures (totalling to H 2,500
Crore) issued till 15th August 2019 under Companies Act, 2013.
(iii) Equity Instruments through Other Comprehensive Income

Add : Additions during the period 865.22 35.45
976.66 111.44
(iv) Cash Flow Hedge Reserve
Opening Balance 3.00 (138.67)
Add : Effective Portion of Gains/(loss) in Cash Flow Hedges 2.19 3.00
Less : Reclassification to Statement of Profit and Loss 3.00 (138.67)
2.19 3.00
(v) Retained Earnings
Opening Balance 25,449.78 36,590.51
Add : Profit/(Loss) for the year 14,693.83 (8,974.03)
Less : Profit appropriated towards Final/Interim Dividend (refer Note 48) 2,127.82 1,985.97
Less : Remeasurement (Gain)/Loss on Defined Benefit Plans 114.08 180.73
37,901.71 25,449.78
39,610.83 26,294.49
238
Annual
72nd Report
21. Borrowings
(H / Crore)
31.03.2024 31.03.2023
Bonds and Debentures (refer Note 21.1)
Un - secured
Foreign Currency Bonds 4,164.13 4,100.98
8.00% Non-Convertible Debentures 500.00 499.93
7.00% Non-Convertible Debentures 1,999.98 1,999.92
6.38% Non-Convertible Debentures - 600.00
4.79% Non-Convertible Debentures - 1,999.98
7.12% Non-convertible Debentures 1,799.90 1,799.83
7.54% Non-convertible Debentures 749.93 749.92
Term loans
Secured
Oil Industry Development Board (refer Note 21.2) 50.00 75.00
From Banks (refer Note 21.3) 1,453.50 -
Un - secured
From Banks
Syndicated loans repayable in foreign currency (refer Note 21.4) 13,311.54 15,128.48
Others (refer Note 21.5) 7,875.00 11,100.00
43,602.98 49,752.96
Less: Current Maturities of Long Term Borrowings 8,097.54 3,349.97
35,505.44 46,402.99
21.1. Bonds and Debentures

Particulars of Bond/Debenture Coupon Rate of Interest Date of Maturity/Redemption
7.54% Non-Convertible Debentures 7.54% p.a. payable Annually 15th April 2033
7.74% Non-Convertible Debentures 7.74% p.a. payable Annually 02nd March 2028
7.64% Non-Convertible Debentures 7.64% p.a. payable Annually 04th November 2027
USD 500 million bonds 4.00% p.a. payable Half Yearly 12th July 2027
6.09% Non-Convertible Debentures 6.09% p.a. payable Annually 26th February 2027
7.12% Non-Convertible Debentures 7.12% p.a. payable Annually 30th July 2025
7.00% Non-Convertible Debentures 7.00% p.a. payable Annually 14th August 2024
4.79% Non-Convertible Debentures 4.79% p.a. payable Annually 23rd October 2023
Of the above amount H 2,499.97 Crore (31.03.2023: H 2,599.97 Crore) is repayable within one year and the same has been included
in ‘Current Maturities of Long Term Borrowings’ under Note 25.
239
21.2. Term Loans from Oil Industry Development Board
H in Crore Range of Interest Rate as on

Repayable during
31.03.2024 31.03.2023 31.03.2024 31.03.2023
2023-24 - 25.00 - 5.68%
2024-25 25.00 25.00 5.68% 5.68%
2025-26 25.00 25.00 5.68% 5.68%
Total 50.00 75.00
The loan outstanding has been secured with first charge on the facilities of Vishakh Refinery Modernisation Project. Of the loan
amount, H 25.00 Crore (31.03.2023: H 25.00 Crore) is repayable within one year and the same has been included in ‘Current Maturities
of Long Term Borrowings’ under Note 25.
21.3.Term Loans from Banks
J in Crore Range of Interest Rate as on

Repayable during
31.03.2024 31.03.2023 31.03.2024 31.03.2023
2024-25 410.02
2025-26 442.04 Floating rate of
2026-27 476.58 NA interest linked to NA
2027-28 124.86 Repo Rate
Total 1,453.50
a) An amount of H 1,453.50 Crore was raised during the current financial year (2022-23 : H Nil Crore) under Asset Monetization
Program through securitisation of ‘Service Station License Fee’ (SSLF), which is recovered from Dealers towards usage of
Corporation’s assets at Retail Outlets. The Corporation has created the first charge on Escrow Bank Account opened for
depositing the total pay-outs and monies lying therein, as security towards the said loan. This loan is for a tenor of 3 years 3
months and is repayable in 39 monthly pay-outs, with the first month of repayment being April 2024.
b) Of this loan amount, H 410.02 Crore (31.03.2023: H Nil Crore) is repayable within one year and the same has been included in
‘Current Maturities of Long Term Borrowings’ under Note 25.
21.4. Syndicated term loans repayable in foreign currency
USD Million J in Crore

Repayable during
31.03.2024 31.03.2023 31.03.2024 31.03.2023
2024-25 550.00 800.00 4,587.55 6,574.00
2025-26 300.00 300.00 2,502.30 2,465.25
2026-27 450.00 450.00 3,753.45 3,697.88
2027-28 300.00 300.00 2,502.30 2,465.25
Total 1,600.00 1,850.00 13,345.60 15,202.38
The Corporation has availed Syndicated Loans from foreign Banks at fixed rate or 3 months floating Term SOFR plus spread (spread
range: 90 to 112 basis point per annum). These loans are taken for a period up to 5 years. Of the total loan outstanding as on March
31, 2023, loans aggregating to USD 750 Million (2022-23 : USD 500 Million) have been refinanced through fresh External Commercial
Borrowings (ECB’s) and loan amounting to USD 250 Million (2022-23 : Nil) has been prepaid during the current Financial Year. Of the
loan amount, H 4,587.55 Crore (31.03.2023: H Nil Crore) is repayable within one year and has been included in ‘Current Maturities of
Long Term Borrowings’ under Note 25.
240
Annual
72nd Report
21.5.Other term loans

Repayable during
31.03.2024 31.03.2023 31.03.2024 31.03.2023
2024-25 575.00 575.00 Floating rate of interest linked to
interest linked to 3M T-Bill (H 2500
2025-26 5,500.00 8,300.00 3M T-Bill (H 1500 Crore), 1M T-Bill
2026-27 1,800.00 1,500.00 Crore) & 1M T-Bill (H 8300 Crore) &
Total 7,875.00 11,100.00 (H 6375 Crore) Bank’s overnight
MCLR (H 300 Crore)
a) These loans are taken for a period up to 4 years. Of the total Rupee Term loans outstanding as on March 31, 2023, loan
aggregating to H 1,500 Crore (2022-23 : Nil Crore) have been refinanced through fresh Rupee Term loan during the current
financial year.
b) Of the loan amount, H 575.00 Crore (31.03.2023: H 725.00 Crore) is repayable within one year and the same has been included
22. Other Financial Liabilities

(H / Crore)
31.03.2024 31.03.2023
Other liabilities 0.32 0.30
0.32 0.30
23. Provisions
(H / Crore)
31.03.2024 31.03.2023
Provision for employee benefits 82.50 43.83
82.50 43.83
24. Other Non-Current Liabilities

(H / Crore)
31.03.2024 31.03.2023
Capital Grants (refer Note 24.1) 307.86 228.05
806.42 706.18
24.1. a. Includes H 36.50 Crore (31.03.2023: H 37.12 Crore ) towards non-current portion of unamortised Capital Grant, out of total
Grant of H 37.50 Crore received from GOI, on completion of first milestone against approved financial assistance for viability
gap funding (VGF) of H 150 Crore for setting up commercial scale 2G Ethanol refinery at Bhatinda, Punjab under PM-JIVAN Yojna.
Of the total unamortised capital grant, H 1.00 Crore (31.03.2023: H 0.38 Crore) towards current portion is included in Note 28.
The capital grant has been secured with first charge on the facilities of 2G ethanol refinery project.
b. Includes H 134.32 Crore (31.03.2023: H 124.06 Crore) towards non-current portion of unamortised Capital Grant, out of total
Grant of H 127.40 Crore received and H 12.13 Crore receivable from GOI (Out of approved grant of H 199.33 Crore) towards FAME
India scheme phase II for installation and commissioning of 1891 EV charging stations across India. Of the total unamortised
Capital Grant, H 5.21 Crore (31.03.2023: H 3.34 Crore) towards current portion is included in Note 28.
c. Includes non-current unamortised portion of H 136.69 Crore (31.03.2023: H 66.40 Crore) towards the impact of duty deferment
under Manufacturing and Other Operations in Warehouse Regulations, 2019 scheme, which is treated as Capital Grant from
GOI in accordance with Ind AS-20 “Accounting for Government Grants and Disclosure of Government Assistance”. Of the total
unamortised Capital Grant, H 0.55 Crore (31.03.2023: H 0.33 Crore) towards current portion is included in Note 28.
241
25. Borrowings
(H / Crore)
31.03.2024 31.03.2023
Loans repayable on demand
Secured
from banks
Cash Credit (refer Note 11.2) 6,376.61 1,300.24
from other parties
Triparty Repo Dealing System Loan (refer Note 12.1) 154.97 -
Clearcorp Repo Order Matching System (refer Note 12.1) 3,721.74 3,038.57
Un - Secured
from banks
Clean Loans 1,500.48 6,901.31
Short term loans 4,896.91 3,524.14
Current maturities of Long term borrowings (refer Note 25.1) 8,097.54 3,349.97
24,748.25 18,114.23
25.1. Includes borrowings repayable within one year: Loan from Oil Industry and Development Board H 25.00 Crore (31.03.2023: H 25.00
Crore); Secured term loans from Banks H 410.02 Crore (31.03.2023 : H Nil Crore); Syndicated term loans repayable in foreign currency
H 4,587.55 Crore (31.03.2023: H Nil Crore); Other term loans from Banks H 575.00 Crore (31.03.2023: H 725.00 Crore) and Non
Convertible Debentures H 2,499.97 Crore (31.03.2023: H 2,599.97 Crore).
26. Trade Payables

(H / Crore)
31.03.2024 31.03.2023
(i) MSME
Unbilled 185.26 - 131.22 -
Not Due 594.42 - 332.66 0.01
Less than 1 year 3.17 - 0.50 0.06
1 to 2 years - 0.04 - 0.09
2 to 3 years - 0.08 - -
More than 3 years - - - -
(ii) Others
Unbilled 7,843.47 - 3,806.97 -
Not Due 18,516.55 7.41 18,533.87 0.07
Less than 1 year 47.42 0.40 29.38 1.71
1 to 2 years 0.09 0.66 2.71 1.84
2 to 3 years - 0.60 0.08 1.69
More than 3 years - 2.79 - 9.50
27,190.38 11.98 22,837.39 14.97
242
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(H / Crore)
31.03.2024 31.03.2023
Interest accrued but not due on loans 697.91 781.24
Unpaid Dividend (refer Note 27.1) 20.88 23.57
Derivative liability - 1.57
Margin money taken on Derivatives 9.84 -
Deposits from Dealers /Consumers/Suppliers (refer Note 27.2) 18,333.57 17,541.31
Liability towards Capital Expenditure:
Outstanding dues of micro enterprises and small enterprises (refer Note 52) 706.71 834.56
Other Financial Deposits 16.23 13.17
Other liabilities (refer Note 60) 1,309.29 1,831.87
23,278.84 23,892.27
27.1. Dues as at the end of the year for credit to Investor Education and Protection Fund is H Nil Crore (31.03.2023: H Nil Crore).
27.2. a) Includes deposits received towards Rajiv Gandhi Gramin LPG Vitrak Yojana H 241.89 Crore (31.03.2023: H 241.89 Crore)and
Prime Minister Ujjavala Yojana of H 3,842.67 Crore (31.03.2023: H 3,575.36 Crore).These deposits have been either made by
Government of India or created out of CSR fund.
b) The liability is classified as current in accordance with Ind AS 1 as it is payable on demand. Considering past trends, it is expected
that the payment towards this liability in the next 12 months would be insignificant.
c) Refer note 3.13
28. Other Current Liabilities

(H / Crore)
31.03.2024 31.03.2023
Revenue received in Advance 1,366.81 1,261.40
Revenue Grants (refer Note 28.1) 0.54 -
Statutory Payables 5,220.80 4,666.06
Other Liabilities 200.79 210.90
6,795.76 6,142.48
28.1. Received from Centre for High Technology for development and Scale-up of Indigenous Next Generation Solid Oxide Fuel Cell (SOFC)
Technology and Demonstration of Process Line (10 kW) for Prototype Production.
29. Provisions
(H / Crore)
31.03.2024 31.03.2023
Provision for Employee Benefits 1,735.69 1,256.13
Provisions for probable obligations (refer Note 54) 1,649.32 1,397.37
3,385.01 2,653.50
30. Current Tax Liabilities (Net)

(H / Crore)
31.03.2024 31.03.2023
Provision for tax (net of advance tax) (refer Note 45) 92.56 46.16
92.56 46.16
243
31. Gross Sale of Products

(H / Crore)
2023-24 2022-23
Sale of Products 4,59,775.02 4,58,981.78
Recovery under Subsidy Schemes 40.30 85.01
Grant from GoI - 5,617.00
4,59,815.32 4,64,683.79
31.1. Net of discount of H 3,438.66 Crore (2022-23: H 3,260.92 Crore).
31.2. Subsidy on PDS Kerosene from State Governments amounting to H 40.30 Crore (2022-23: H 85.01 Crore).
31.3. One time grant of H Nil Crore (2022-23: H 5,617 Crore) received from Government of India to compensate under-recoveries incurred
on sale of domestic LPG.
31.4. MoPNG, vide letter dated 30.04.2020, had conveyed, inter alia, to Oil Marketing Companies (OMCs) that in case Market Determined
Price (MDP) is less than the Effective Cost to Consumer (ECC), OMCs will retain the difference in a separate buffer account for future
adjustment. As on March 31, 2024, the Corporation has a negative buffer of H 98.70 Crore (31.03.2023 : H 989.73 Crore). In absence
of authorisation from GOI, receivable and revenue to the extent of negative buffer has not been recognised. Negative buffer balance
as on 31.03.2023 has been recognized as a part of ‘Revenue from Operations’ upon adjustment against positive buffer generated
during the current year.
31.5. Disaggregation of revenue as required under Ind AS 115:
(H / Crore)
2023-24 2022-23
Exports 8,926.15 5,002.58
Other than export 4,50,889.17 4,59,681.21
4,59,815.32 4,64,683.79
32. Other Operating Revenues

(H / Crore)
2023-24 2022-23
Rent Recoveries 958.91 938.23
Miscellaneous Operating Income 863.28 570.33
1,822.19 1,508.56
244
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33. Other Income

(H / Crore)
2023-24 2022-23
Interest Income on Financial Assets carried at amortized cost:
On Deposits 0.95 0.53
On Staff Loans 48.62 32.70
On Customers' Accounts 547.57 248.53
Interest on Current Investments carried at fair value through Profit or Loss 365.23 366.18
Interest on other Financial Assets carried at amortized cost 143.74 143.45
Interest on Others 117.41 65.68
1,223.52 857.07
Dividend Income from Joint Venture/ Associate Companies 461.33 602.51
Dividend Income from non-current equity instruments at FVOCI 46.81 52.16
Fair value gain on Investments carried at FVTPL 72.09 -
Profit on Sale including write off of Property Plant & Equipment's / Capital Work in 41.70 -
Progress/ Assets classified as held for Sale/Disposal (net)
Miscellaneous Income 536.70 557.40
1,158.63 1,212.07
2,382.15 2,069.14
34. Cost of Materials Consumed

(H / Crore)
2023-24 2022-23
Cost of Raw Materials Consumed 1,26,424.33 1,22,736.23
Packages Consumed 391.71 408.45
1,26,816.04 1,23,144.68
35. Changes in Inventories of Finished Goods, Stock-in -Trade and Work-in-Progress (Increase)/ Decrease
(H / Crore)
2023-24 2022-23
(A) Closing Stock:
Work-in-Progress 2,433.30 1,900.56
Finished Goods 11,248.11 8,931.77
Stock-in-Trade 12,505.40 12,638.27
26,186.81 23,470.60
(B) Opening Stock:
Work-in-Progress 1,900.56 2,151.64
Finished Goods 8,931.77 9,560.27
Stock-in-Trade 12,638.27 13,202.33
23,470.60 24,914.24
(B-A) (2,716.21) 1,443.64
245
36. Employee Benefits Expense

(H / Crore)
2023-24 2022-23
Salaries, Wages, Bonus, etc. 2,594.16 2,074.17
Contribution to Provident Fund (refer Note 67) 179.91 172.59
Pension, Gratuity and Other Employee Benefits 217.14 306.29
Employee Welfare Expenses 431.18 409.76
3,422.39 2,962.81
37. Finance costs

(H / Crore)
2023-24 2022-23
Interest (refer Note 37.1) 2,376.99 1,977.82
Exchange differences regarded as an adjustment to borrowing costs 107.79 149.50
Other borrowing costs 30.89 4.53
2,515.67 2,131.85
37.1. Includes interest u/s 234B / 234C of Income Tax Act, 1961 for an amount H 5.85 Crore (2022-23: H 4.58 Crore).
38. Other Expenses

(H / Crore)
2023-24 2022-23
Transportation Expenses 8,767.04 8,131.84
Consumption of Stores, Spares and Chemicals 387.65 351.42
Power and Fuel 4,909.58 5,403.38
Less : Consumption of fuel out of own production 4,528.43 5,348.38
Power and fuel consumed (net) 381.15 55.00
Repairs and Maintenance - Buildings 84.25 95.74
Repairs and Maintenance - Plant and Machinery 1,416.06 1,292.85
Repairs and Maintenance - Other Assets 498.25 468.30
Insurance 308.65 329.09
Rates and Taxes 141.28 127.80
Irrecoverable Taxes and Other Levies 844.97 794.12
Rent 388.44 396.48
Travelling and Conveyance 285.95 261.09
Electricity and Water 1,298.06 983.20
Corporate Social Responsibility (CSR) Expenses (refer Note 51) 64.22 154.85
Fair value Loss on Investments carried at FVTPL - 183.76
Impairment of Non - Current Investments (refer Note 58) 47.29 27.00
Loss allowance on Doubtful debts/Receivables/loans net of reversal of H 972.29 Crore 103.42 223.32
(2022-23: H 0.99 Crore) (refer Note 60)
Loss on Sale including write off of Property Plant & Equipment's / Capital Work in - 14.91
Progress/ Assets classified as held for Sale/Disposal (net)
Bad Debts / Receivables written off 296.54 5.09
Security Charges 311.84 298.29
Advertisement and Publicity (refer Note 38.1) 375.64 420.76
Consultancy and Technical Services 126.15 75.31
Loss on Foreign Currency Transaction and Translation (net) 257.72 1,808.68
Exploration cost 1.87 3.72
Payments to the auditors for:
- Audit Fees 0.84 0.84
- Other Services 0.72 0.52
- Reimbursement of expenses 0.06 0.05
Sundry Expenses and Charges (Not otherwise classified) (refer Note 60) 1,482.34 1,439.61
17,870.40 17,943.64
38.1. Includes H 252.59 Crore (2022-23: H 302.28 Crore) incurred towards implementation of PMUY-2 Scheme, an initiative of Government
of India, to further the consumption of LPG, which targeted releasing of free LPG connections by Oil Marketing Companies.
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39. Fair Value Measurements

39.A. Classification of Financial Assets and Financial Liabilities
The following table shows the carrying amounts of Financial Assets and Financial Liabilities which are classified as Fair value through
Profit or Loss (FVTPL), Fair Value through Other Comprehensive Income (FVTOCI) and Amortised Cost:
(H / Crore)
31.03.2024 31.03.2023
Amortised Amortised
FVTPL FVTOCI FVTPL FVTOCI
Cost Cost
Financial assets
Investments
- Investment in Equity Instruments* 1.75 1,605.70 - 0.80 673.21 -
- Investment in Preference Shares 96.05 - - 36.52 - -
- Investment in Debt Instruments 5,182.70 - - 5,168.89 - -
Loans
- Employee Loans - - 506.17 - - 460.09
- Other Loans - - 803.18 - - 678.46
Trade receivables - - 9,321.13 - - 6,817.19
Cash and cash equivalents - - 159.07 - - 384.93
Bank balances other than cash & cash equivalents - - 193.28 - - 153.64
Other Financial Assets
- Derivative Assets (for hedging) - 2.92 - - 4.01 -
- Amounts recoverable under subsidy schemes - - 7.85 - - 2.53
- Others - - 2,873.26 - - 1,243.24
Total 5,280.50 1,608.62 13,863.94 5,206.21 677.22 9,740.08
Financial liabilities
Borrowings
- Foreign Currency Bonds - - 4,164.13 - - 4,100.98
- Non Convertible Debentures - - 16,748.81 - - 19,348.50
- Oil Industry Development Board - - 50.00 - - 75.00
- Syndicated Loans from Foreign Banks
- Fixed rate loan - - 2,488.83 - - 2,445.08
- Variable rate loan - - 10,822.71 - - 12,683.40
- Loan from Indian Banks - - 9,328.50 - - 11,100.00
- Cash Credit - - 6,376.61 - - 1,300.24
- Short term loans from banks - - 4,896.91 - - 3,524.14
- Clean Loans - - 1,500.48 - - 6,901.31
- Triparty Repo Dealing System Loan - - 154.97 - - -
- Clearcorp Repo Order Matching System - - 3,721.74 - - 3,038.57
Lease Liabilities - - 3,865.84 - - 3,487.88
Trade Payables - - 27,202.36 - - 22,852.36
Other Financial Liabilities
- Deposits from Consumers - - 18,333.57 - - 17,541.31
- Derivative liabilities (for hedging) - - - - 1.57 -
- Liability towards Capital Expenditure - - 2,891.12 - - 3,699.54
- Others - - 2,054.47 - - 2,650.15
Total - - 1,14,601.05 - 1.57 1,14,748.46
* Equity instruments classified as FVTOCI are designated as such upon initial recognition.
247
39.B
Fair value hierarchy
This section explains the judgements and estimates made in determining the fair value of the Financial Assets and Financial
Liabilities that are recognised and measured at fair value and amortised cost. To provide an indication about the reliability of
the inputs used in determining fair value, Corporation has classified its Financial Assets and Financial Liabilities into the three
levels prescribed under the Indian accounting standard. It does not include fair value information for financial assets and financial
liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
(H / Crore)
31.03.2024 31.03.2023
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Financial assets
Investments
- Investment in Equity Instruments 1,605.70 - 1.75 673.21 - 0.80
- Investment in Preference Shares - - 96.05 - - 36.52
Loans
- Employee Loans - 506.17 - - 460.09 -
- Other Loans - - 522.48 - - 593.71
Total 6,788.40 509.09 620.28 5,842.10 464.10 631.03
Borrowings
- Foreign Currency Bonds 3,983.42 - - 3,895.02 - -
- Non Convertible Debentures - 17,727.74 - - 20,012.30 -
- Oil Industry Development Board Loan - 49.26 - - 73.28 -
- Syndicated Loan from Foreign Banks - - - - - -
- Fixed rate loan - 2,325.49 - - 2,238.43 -
- Derivative Liabilities (for hedging) - - - - 1.57 -
- Others (refer Note 60) - - - - - 649.18
Total 3,983.42 20,102.49 - 3,895.02 22,325.58 649.18
39.C. Valuation techniques used to determine Fair Value
Type Valuation technique

Derivative instruments - forward exchange contracts Forward pricing: The fair value is determined using quoted forward
exchange rates at the reporting date.
Derivative instruments - commodity derivatives Fair value of commodity derivative contracts is estimated by determining
the difference between the contractual price and the current forward
price for the residual maturity of the contract.
Derivative instruments - interest rate swap Discounted cash flows i.e. Present value of expected receipt/payment.
Non-current financial assets and liabilities measured at Discounted cash flows. The valuation model considers the present value
amortised cost of expected receipt/payment discounted using appropriate discounting
rates.
40. Financial risk management

40.A. Risk management framework
The Corporation has established an Enterprise Risk Management (ERM) framework under the Corporation’s Enterprise Risk
Management Charter and Policy, which is embedded at the forefront of business strategies and focuses on the stronger, deeper
and trust-based relationship with the stakeholders. This framework provides necessary support to the business to navigate through
the evolving risk landscape through dynamic risk management approach that embraces disruption and enhances resiliency
and builds trust.
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The Corporation is regularly reviewing the identified and emerging risks and taking appropriate risk mitigation measures.
The Risk Management Committee (RMC), receives regular insights on risk exposures faced by the Corporation, thereby enabling it
to provide inputs on prompt actions to be taken as well as monitor the actions taken. The Board is also updated regularly on the
risk assessment and mitigation procedures.
Technology has been enabled to support the ERM processes with a focus on optimizing risk exposures and automation of risk
reporting across the organization.
40.B. Corporation has identified financial risk and categorised them in three parts Viz. (i) Credit Risk, (ii) Liquidity
Risk & (iii) Market Risk. Details regarding sources of risk in each such category and how Corporation manages
the risk is explained in following notes:
40.B.1 - Credit risk
Credit risk is the risk of financial loss to the Corporation if a customer or counterparty to a financial instrument fails to meet
their contractual obligations. The risk arises principally from the Corporation’s Receivables from Customers and so also from
Investment Securities. The risk is managed through credit approval, establishing credit limits and continuous monitoring of
the creditworthiness of Customers to whom the Corporation extends credit terms in the normal course of business.
The maximum exposure to credit risk in case of all the financial instruments covered below is restricted to their respective
carrying amount.
Note: Refer Note 61 regarding loans given to consumers under Pradhan Mantri Ujjwala Yojna (PMUY).
Trade receivables
The Corporation’s exposure to credit risk is influenced mainly by the individual characteristics of each customer.
The Corporation assesses impairment of Trade Receivable/Other Receivables both individually and/or grouping large
numbers of Customers, homogenously and recognizes a loss allowance towards doubtful debts by estimating its expected
losses. In this regard, an allowance matrix is used to measure the expected credit losses on trade receivables that are
considered good. The following table provides information about the exposure to credit risk and loss allowance (including
expected credit loss provision) on such trade receivables:
(H / Crore)
31.03.2024 31.03.2023
Past due Gross Weighed Gross Weighed
Loss Loss
carrying average carrying average
allowance allowance
amount loss rate amount loss rate
0-90 days 8,930.54 0.09% 7.61 6,572.57 0.07% 4.31
91–360 days 243.58 15.68% 38.19 192.07 5.67% 10.89
More than 360 days 438.71 56.05% 245.90 308.18 78.02% 240.43
9,612.83 291.70 7,072.82 255.63
The movement in loss allowance on trade receivables and loans given to PMUY Consumers is as follows:
(H / Crore)
Particulars Trade Receivables Loans
Balance as on 01.04.2022 172.29 118.70
Add : Loss allowance recognised 93.38 -
Less : Loss allowance reversed 4.98 93.69
Less : Amounts written off 5.06 -
Balance as on 31.03.2023 255.63 25.01
Add : Loss allowance recognised 77.92 301.06
Less : Loss allowance reversed - -
Balance as on 31.03.2024 291.70 326.07
249
The amounts written off relates to customers who have defaulted payments and are not expected to pay their outstanding balances,
mainly due to economic circumstances.
Cash and Cash Equivalents

The Corporation held cash and cash equivalents of H 159.07 Crore as on 31.03.2024 (31.03.2023 : H 384.93 Crore). The cash and
cash equivalents (other than cash on hand) are held with scheduled banks. The Corporation invests its surplus funds for short
duration in fixed deposit with banks, Government of India T-bills, Tri Party Repo System (TREPS), Clearcorp Repo Order Matching
System (CROMS) and debt schemes of Mutual Funds, all of which carry no mark to market risks as the Corporation is exposed only
to low credit risk.
Derivatives
The forex and interest rate derivatives are entered into with banks having an investment grade rating. Commodity derivatives are
entered with reputed Counterparties in the OTC (Over-the-Counter) Market. The exposure to counter-parties are closely monitored
and kept within the approved limits.
Investment in Debt Securities

Investment are made in government securities or bonds which do not carry any credit risk, being sovereign in nature.
40.B.2. Liquidity risk

Liquidity risk is the risk that the Corporation will not be able to meet its financial obligations as they become due. Corporation
has a strong focus on effective management of its liquidity to ensure that all business and financial commitments are met on
time. The Corporation has adequate borrowing limits in place duly approved by its Shareholders and Board. Corporation’s
sources of liquidity includes operating cash flows, cash and cash equivalents, fund and non-fund based credit lines from banks
and liquid investment portfolio. Corporation ensures that there is minimal concentration risk by diversifying its portfolio across
instruments and counterparties. Cash and fund flow management is monitored daily in order to have smooth and continuous
business operations.
(i) Financing arrangements

The Corporation has adequate fund and non-fund based lines from various banks. The Corporation has sufficient borrowing
limits in place duly approved by its Shareholders and Board. Domestic and international credit rating from reputed credit rating
agencies enables access of funds both from domestic as well as international market. Corporation’s diversified source of funds
and cash flow enables it to maintain requisite capital structure discipline. Corporation diversifies its capital structure with a mix
of instruments and financing products across varying maturities and currencies. The financing products include syndicated
loans, foreign currency bonds, bank term loans, TREPS loan, CROMS loan, commercial paper, non-convertible debentures,
buyer’s credit loan, clean loan etc. Corporation taps domestic as well as foreign debt markets from time to time to ensure
appropriate funding mix and diversification across geographies.
(ii) Maturities of financial liabilities

The amounts disclosed in the table below are the contractual undiscounted cash flow:
(H / Crore)
Contractual cash flows
31.03.2024 31.03.2023
Upto 1 more than Upto 1 more than
1-3 years 1-3 years
year 3 years year 3 years
Non-derivative financial liabilities
Borrowings and interest thereon 27,526.92 23,032.96 18,917.19 21,207.60 26,505.01 29,140.42
Trade payables 27,202.36 - - 22,852.36 - -
Other financial liabilities 22,580.93 - 0.32 22,460.28 - 0.30
Financial guarantee contracts (refer Note 60) - - - 649.18
Total 77,310.21 23,032.96 18,917.51 67,169.42 26,505.01 29,140.72
Derivative financial liabilities
Commodity contracts (net settled) - - - - - -
Forward exchange contracts (Net) - - - 1.57 - -
Total - - - 1.57 - -
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Annual
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40.B.3. Market Risk - Market Risk is further categorised in (i) Currency risk, (ii) Interest rate risk, (iii) Commodity risk & (iv
Price risk
40.B.3.1. Currency risk
The Corporation is exposed to currency risk, primarily on account of its repayment obligations of loans taken in foreign
currency and imports, to be paid in foreign currency. The exposure is mainly denominated in U.S.Dollar. The Corporation
has a Forex Risk Management Cell (FRMC) which actively review the forex and interest rate exposures. The Corporation uses
generic derivative contracts to mitigate the risk of changes in foreign currency exchange rates in line with Corporation’s forex
risk management policy. The Corporation does not use derivative financial instruments for trading or speculative purposes.
Exposure to currency risk - The currency profile of financial assets and financial liabilities is as below:
(H / Crore)
31.03.2024 31.03.2023
Exposure in Exposure in
Other Foreign Other Foreign
INR USD (INR INR USD
Currencies Currencies
terms) (INR terms)
(INR terms)* (INR terms)*
Financial assets
Non-current 1,703.50 - - 710.53 - -
investments
Current investments 5,182.70 - - 5,168.89 - -
Long-term loans 1,201.41 - - 977.81 - -
Short-term loans 107.94 - - 160.74 - -
Trade receivables 8,445.31 875.82 - 5,675.58 1,141.61 -
Cash and cash 159.07 - - 384.93 - -
equivalents
Bank balances other 193.28 - - 153.64 - -
than cash & cash
equivalents
Other non current 295.44 - - 192.36 - -
financial assets
Other current financial 2,556.51 32.08 - 1,052.86 4.56 -
assets
Exposure for assets 19,845.16 907.90 - 14,477.34 1,146.17 -
-A
Long term borrowings 26,127.31 17,475.67 - 30,523.50 19,229.46 -
including current
maturities
Non current lease 3,630.32 - - 3,156.41 - -
liabilities
Short term borrowings 11,926.98 4,723.73 - 11,240.12 3,524.14
Current lease liabilities 235.52 - - 331.47 - -
Trade Payables 17,156.44 7,552.00 2,493.93 13,642.26 9,192.15 17.95
Other non current 0.32 - - 0.30 - -
financial liabilities
Other current financial 22,982.87 294.63 1.34 22,983.77 899.21 9.29
liabilities
82,059.76 30,046.03 2,495.27 81,877.83 32,844.96 27.24
Less: Foreign currency - - - - 896.41 -
forward exchange
contracts
Exposure for 82,059.76 30,046.04 2,495.27 81,877.83 31,948.55 27.24
liabilities - B
Net exposure (62,214.59) (29,138.14) (2,495.27) (67,400.49) (30,802.38) (27.24)
(Assets - Liabilities)
(A - B)
*Exposure of other foreign currencies in Trade Payables, include exposure in AED Currency in INR Terms, for H 2,484.73 Crore [AED 1 = H 22.72]
(31.03.2023 : H 10.22 Crore, [AED 1 = H 22.39]).
251
The following exchange rates have been applied during the year:
INR 31.03.2024 31.03.2023

USD 1 83.41 82.18
Sensitivity analysis:
The table below shows sensitivity of open forex exposure of the Corporation to USD/INR currency movement. The impact
of exposure to a currency movement in the range of 1% (+/-) change, increase denoting appreciation in USD Vs. INR & vice
versa is explained through the said Table. The indicative 1% movement is directional and does not reflect management’s
forecast on currency movement.
Impact on profit or (loss) due to 1% increase / Decrease in

currency (H/Crore)
Effect in INR
Increase Increase Decrease Decrease
31.03.2024 31.03.2023
1% movement 1% 1%
USD (291.38) 291.38 (308.02) 308.02
40.B.3.2 Interest rate risk

The Corporation has long-term foreign currency syndicated loans with floating rate of interest, which exposes the
Corporation to cash flow interest rate risk. The borrowings at floating rate are denominated in USD. The Corporation
manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps. Under this, the Corporation agrees
with other Parties to exchange at specified intervals (i.e. quarterly), the difference between fixed contract rates and floating
rate interest amounts calculated by referring to the agreed notional principal amounts. The Corporation monitors the
interest rate movement and manages the interest rate risk, based on the Corporation’s Forex Risk Management Policy. The
Corporation also has a Forex Risk Management Cell (FRMC) that actively reviews the forex and interest rate exposures. The
Corporation does not use derivative financial instruments for trading or speculative purposes.
In March 2021, the Financial Conduct Authority (FCA), UK has confirmed that all LIBOR settings will either cease to be
provided by any administrator or no longer be a representative in the following manner:
Immediately after December 31, 2021, in the case of all Sterling, Euro, Swiss franc and Japanese yen settings, and the
1-week and 2-month US dollar settings; and
Immediately after June 30, 2023, in the case of the remaining USD settings.
The Corporation has no exposure in the form of External Commercial Borrowings, linked to 3-Month LIBOR as at 31.03.2024
(31.03.2023: USD 750 Million). The outstanding loan as at 31.03.2023 aggregating to USD 750 Million have been refinanced
and migrated to 3-month Term SOFR i.e., Alternative Reference Rate at a favourable spread during the current financial year.
The Corporation’s borrowings which are contracted at fixed rate are carried at amortised cost. These are not affected due
to interest rate risk as defined in Ind AS 107 as neither the carrying amount nor the future cash flows will fluctuate in the
event of a change in market interest rates.
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Annual
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Interest rate risk exposure

The Corporation’s interest rate risk arises mainly from borrowings. The profile of the Corporation’s interest-bearing financial
instruments at period end is as follows:
(H / Crore)
Carrying amount
31.03.2024 31.03.2023
Fixed-rate instruments
Financial assets 5,193.92 5,178.89
Financial liabilities 35,378.75 37,209.68
Variable-rate instruments
Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 25 basis points in interest rates at Reporting Date would have impacted profit or loss
[increased / (decreased)] by the amounts shown below. The indicative 25 basis point (0.25%) movement is directional
and does not reflect management forecast on interest rate movement. This analysis assumes that all other variables, in
particular, foreign currency exchange rate remaining constant.
Impact on Profit or (loss) (In J Crore)

25 bp 25 bp 25 bp 25 bp
increase decrease increase decrease
31.03.2024 31.03.2023
Floating rate borrowings (52.79) 52.79 (63.84) 63.84
Cash flow sensitivity (52.79) 52.79 (63.84) 63.84
40.B.3.3. Commodity Risk

The Corporation’s Profitability is exposed to the risk of fluctuation in prices of Crude Oil and Petroleum products in
international markets. The Corporation monitors and reduces the impact of the volatility in International Oil prices based
on approved Oil Price Risk Management Policy by entering into derivative contracts in the OTC market. The Corporation
also has Oil Price Risk Management Committee (OPRMC) which actively reviews and monitors risk management principles,
policies and risk management activities.
Category-wise quantitative break-up of Commodity derivative contracts entered into by the Corporation which are
Outstanding as at Balance Sheet date is given below:
Quantity (in Mn Barrels)

31.03.2024 31.03.2023
Crude/Product Swaps 4.95 0.35
The sensitivity to a reasonable possible change of 10% in the price of outstanding Commodity derivative/paper contracts
as on Balance Sheet date would increase/decrease the profit or loss by amounts shown below. This 10% movement is
directional and does not reflect any forecast of price movement.
Effect on Profit before Tax (In J Crore)

10% 10% 10% 10%
Increase Decrease Increase Decrease
31.03.2024 31.03.2023
Commodity Derivative Contracts 194.96 - (1.05) 1.05
253
40.B.3.4. Price risk

The Corporation’s exposure to equity investment has price risk. Such investments are designated at fair value through
Other Comprehensive Income, as these investments are held for long-term strategic purposes.
Sensitivity
The table below summarises the impact of increase/decrease in price:

5% Increase 5% Decrease 5% Increase 5% Decrease
31.03.2024 31.03.2023
Equity Investment in Oil India Limited 80.29 (80.29) 33.66 (33.66)
40.B.3.5 Derivatives & Hedging

The Corporation enters into derivative contracts for hedging purpose, to mitigate the commodity price risk on Highly probable
forecast transactions and Currency Risk. The Corporation has applied Hedge Accounting on commodity derivative transactions
and foreign exchange forward derivatives as per Ind AS 109 (Financial Instruments). Consequent to this a Mark to Market
Debit / (Credit) amounting to H (2.92) Crore (2022-23: H (4.01) Crore) has been accounted in Other Comprehensive Income
which will be recycled to Statement of Profit and Loss in subsequent period on settlement of respective contracts.
All these hedges are accounted for as Cash Flow Hedges.
Hedge Effectiveness
The Corporation has established a hedge ratio of 1:1 for the hedging relationship as the underlying risk of the commodity
derivative contracts are identical to the hedged risk component. Hedge item and the hedging instruments have economic
relationship as the terms of the commodity derivative contracts match with the terms of hedge items. Considering the
economic relationship and characteristics of the hedging instrument being aligned to the hedged item, the fair value changes
in the hedging instrument reasonably approximates the fair value changes in the hedged Item (in absolute amounts).
Source of Hedge Ineffectiveness

The Corporation has identified the following sources of hedge ineffectiveness w.r.t commodity derivative contracts which
are not expected to be material as at date:
a. Counterparty Credit Risk impacting the fair value of the hedge instrument and hedge item.
b. Difference in the timing of the cash flows of the hedged items and the hedge instruments.
c. Different indexes used to hedge risk of the hedged item.
d. Changes to forecasted amounts of cash flows of hedged items and hedging instruments.
In case of foreign currency risk, the main source of hedge ineffectiveness is the effect of the counterparty and the
Corporation’s own credit risk on the fair value of the hedge contracts, which is not reflected in the fair value of the hedged
items. The effect of this is not expected to be material.
Disclosures of effects of Cash Flow Hedge Accounting

The Corporation has applied Hedge Accounting prospectively for the highly probable forecast transactions and
foreign exchange forwards as stated above. Consequently, disclosure is made only for the transactions designated for
Hedge Accounting.
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The Corporation is holding the following derivative contracts
Maturities
As at March 31, 2024 Less than 1-3 3-6 6-12 More than
Total
1 Month Months Months Months 12 Months
Commodity Forward Contracts
Nominal Volume (Quantity in Mn Barrels) 0.65 1.30 1.50 1.50 - 4.95
Nominal amount (H /Crore) 104.73 209.46 271.02 271.02 - 856.23
Foreign Exchange Forward Contracts - Loans
Nominal amount (USD in Million) - - - - - -
Nominal amount (H /Crore) - - - - - -
Average Forward Rate (H) - - - - - -
Foreign Exchange Forward Contracts - Crude/
product liabilities
Maturities
As at March 31, 2023 Less than 1-3 3-6 6-12 More than
Total
Nominal Volume (Quantity in Mn Barrels) 0.10 0.10 0.15 - - 0.35
Nominal amount (H /Crore) 8.64 0.75 1.10 - - 10.49
Nominal amount (USD in Million) 60.00 - - - - 60.00
Nominal amount (H /Crore) 493.58 - - - - 493.58
Average Forward Rate (H) 82.2638 - - - - 82.2638
product liabilities
The Impact of Hedging Instruments in Balance sheet is as under:
(H / Crore)
Foreign Exchange Forward
Commodity forward Foreign Currency forward
Contracts - Crude/product
contract- Margin Hedging contract - Loans
liabilities
31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023
Nominal Amount 856.23 10.49 - 493.58 - 404.14
Carrying Amount 2.92 4.01 - (0.57) - (1.00)
Line item in Balance
sheet that include Hedge Other Financial Assets/ (Other Financial Liabilities)
Instrument
255
The Impact of Cash flow Hedge in the statement of Profit and Loss and Other comprehensive Income (OCI):
(H / Crore)
Highly Probable Forecast Transaction
31.03.2024 31.03.2023
Hedging Gain / (Loss) recognised in OCI* 2.92 4.01
Income Tax on Above (0.73) (1.01)
Net amount recognised in Cash Flow Hedge Reserve 2.19 3.00
Amount reclassified from Cash Flow Hedge Reserve to statement of 4.01 (185.31)
profit and loss
Income Tax on Above (1.01) 46.64
Line item in the Statement of Profit and Loss that includes the reclassification
Revenue/Purchases
adjustment
*The Corporation expects that the amount of Loss recognised in cash flow hedge reserve through Other comprehensive income (OCI) will be
recovered in future period through gains in underlying transactions.
40.C.1. Offsetting
The following table presents the recognised financial instruments that are offsetted and other similar agreements that are
not offsetted, as at 31.03.2024 and 31.03.2023. The column ‘net amount’ shows the impact on the Corporation’s Balance
Sheet if all offset rights are exercised.
(H / Crore)
Related amounts not
Effect of offsetting on the Balance Sheet
offsetted
Gross amounts Net amounts Amounts not
Net
Gross offsetted in the presented in Offsetted
Amount
amounts (A) Balance Sheet the Balance (D) (Other
(E) (C-D)
(B) Sheet (C) (A-B) than (B))
As on Mar 31, 2024
Financial assets
Trade Receivables 12,258.94 (2,937.81) 9,321.13 - 9,321.13
Trade Payables 30,140.17 (2,937.81) 27,202.36 - 27,202.36
Other Current Financial Liabilities 23,278.84 - 23,278.84 - 23,278.84
As on Mar 31, 2023
Financial assets
Trade Payables 25,718.38 (2,866.02) 22,852.36 - 22,852.36
41. Revenue from Contracts with Customers

The revenue is recognised only upon satisfaction of performance obligation and whenever there are remaining performance
obligations, the same is recognised as revenue, a) in case of amount received in advance from a Customer, when the product
is delivered to the Customer, b) in case of loyalty points earned by Customer, when such points are redeemed / expire. Such
remaining obligations, termed as Contract Liability under the IND-AS 115 ‘Revenue Recognition’ at period end together with Trade
Receivable is as under:
(H / Crore)
31.03.2024 31.03.2023
Trade Receivables 9,321.13 6,817.19
Liabilities under contractual obligation 1,366.81 1,261.40
During the financial year, the Corporation recognized revenue of H 1,044.13 Crore (2022-23: H 1,708.91 Crore) arising from opening
unearned revenue.
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42. Leases
The Corporation enters into lease arrangements for underlying assets such as land, office premises, staff quarters. Upon 1st time
adoption of Ind AS 116 in financial year 2019-20, the Corporation had chosen modified retrospective approach with exercising of
options to use certain practical expedients. ‘Lease Liability’ and ‘Right-of-use Assets’, wherever the term of lease is in excess of 12
months have been appropriately disclosed, unless the underlying Asset is of low value.
A. Maturity analysis of lease liabilities

(H / Crore)
31.03.2024 31.03.2023
Less than one year 492.32 341.62
Between one and three years 920.40 536.73
More than three years 6,092.33 6,279.88
7,505.05 7,158.23
B. Other Disclosures
(H / Crore)
31.03.2024 31.03.2023
a) Expense relating to short-term leases 1,369.40 1,240.43
b) Expense relating to leases of low-value assets * 13.42 6.22
c) Expense relating to variable lease payments not included in the measurement of 6,164.16 5,982.97
lease liabilities
d) income from sub-leasing of 'right-of-use' 63.20 61.72
e) Interest expense on lease liabilities 307.11 284.17
f) Total cash outflow for leases 453.58 383.03
* Lease of items such as Personal Computers, Laptops, Printers, Photocopiers, Scanners etc., small items of furniture & fixtures and Other Office Equipment
including Digital devices and Point of Sales Machines provided at customer touch points are treated as low-value leases under Ind-AS 116, Leases.
C. The following are the carrying values of Right-of-use (“ROU”) assets

(H / Crore)
Class of Underlying Asset
Particulars Plant &
Land Buildings Total
Equipment
Gross Block
As on 01.04.2023 4,836.78 101.16 45.56 4,983.50
Additions 461.83 119.35 - 581.18
Deductions/ Reclassifications 16.99 10.42 - 27.41
As on 31.03.2024 5,281.62 210.09 45.56 5,537.27
As on 01.04.2023 699.25 38.58 3.04 740.87
For the year 318.59 54.41 9.11 382.11
As on 31.03.2024 989.31 69.28 12.15 1,070.74
Impairment
As on 01.04.2023 0.43 - - 0.43
For the year - - - -
Deductions/ Reclassifications - - - -
As on 31.03.2024 0.43 - - 0.43
Net Block as on 01.04.2023 4,137.10 62.58 42.52 4,242.20
Net Block as on 31.03.2024 4,291.88 140.81 33.41 4,466.10
257
43. Related Party Disclosure

A. Name of the Related Party and the nature of the relationship
1.
Holding Company, Subsidiaries, Jointly controlled entities and Associates (Government related entities, except
otherwise mentioned):
(a) Holding Company
i. Oil & Natural Gas Corporation Limited
(b) Subsidiaries
i. HPCL Biofuels Limited
ii. Prize Petroleum Company Limited (PPCL)
iii. Prize Petroleum International Pte. Ltd. (a wholly owned subsidiary of PPCL)
iv. HPCL Middle East FZCO
v. HPCL LNG Limited (Formerly known as HPCL Shapoorji Energy Private Limited)
vi. HPCL Renewable & Green Energy Limited (refer Note 6.2)
(c) Jointly controlled entities

i. HPCL Rajasthan Refinery Limited (refer Note 49)
ii. Bhagyanagar Gas Limited
iii. Petronet MHB Limited
iv. Mumbai Aviation Fuel Farm Facility Private Limited
v. Godavari Gas Private Limited
vi. Aavantika Gas Limited
vii. Ratnagiri Refinery & Petrochemicals Limited
viii. Ujjwala plus foundation (refer Note 49)
ix. HPOIL Gas Private Limited
x. IHB Limited
(d) Jointly controlled entities (Other than Government related entities)

i. HPCL-Mittal Energy Limited
ii. Hindustan Colas Private Limited
iii. South Asia LPG Company Private Limited
iv. Petronet India Limited (in process of voluntary winding up w.e.f. 30th August 2018)
(e) Associates
i. GSPL India Gasnet Limited
ii. GSPL India Transco Limited
iii. Mangalore Refinery and Petrochemicals Limited
2. Key Management Personnel

i. Shri Pushp Kumar Joshi, Chairman and Managing Director (from 08th May 2022)
Director - Human Resources (up to 07th May 2022)
ii. Shri Rajneesh Narang, Director – Finance & Chief Finance Officer (CFO)
iii. Shri S Bharathan, Director - Refineries (from 01st October, 2022)
iv. Shri Amit Garg, Director - Marketing (from 27th December, 2022)
v. Shri K S Shetty, Director – Human Resources (From 1st May 2023)
vi. Shri Mukesh Kumar Surana, Chairman and Managing Director (up to 30th April 2022)
vii. Shri Vinod S. Shenoy, Director - Refineries (up to 30th September 2022)
viii. Shri V. Murali, Company Secretary (CS)
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3. Independent Directors
i. Smt. Vimla Pradhan
ii. Shri Bechan Lal
iii. Shri Vivekananda Biswal
iv. Shri Ramdarshan Singh Pal
v. Dr. Nagaraja Bhalki
vi. Shri Narendiran K S (from 15th March 2023)
vii. Shri G. Rajendran Pillai (up to 14th July 2022)
4. Government Nominee Directors

i. Smt. Sujata Sharma (from 27th December 2022)
ii. Shri Pankaj Kumar (from 22nd June 2022)
iii. Shri Sunil Kumar (up to 27th December 2022)
5. Post-Employment Benefit Plans
i. Hindustan Petroleum Corp Limited Provident Fund
ii. Hindustan Petroleum Corpn Ltd Employees Post Retirement Med Benefit Fund
iii. Hindustan Petroleum Corp Ltd Employees Group Gratuity Assurance Scheme
iv. Hindustan Petroleum Corpn Ltd Employees Superannuation Benefit Fund Scheme
Note: The disclosure requirements in respect of transactions with ‘Government related entities’ are exempted under Ind AS 24.
Related Party Disclosures for the Parties named in 1(d) above are furnished as under:
B. Details of transactions with related parties

(H / Crore)
No Nature of Transactions 2023-24 2022-23
(i) Sale of goods
HPCL-Mittal Energy Limited 263.65 98.59
Hindustan Colas Private Limited 982.74 1,066.27
South Asia LPG Company Private Limited 0.12 0.23
1,246.51 1,165.09
(ii) Purchase of goods
HPCL-Mittal Energy Limited 61,040.18 72,196.61
Hindustan Colas Private Limited 486.60 467.79
61,526.78 72,664.40
(iii) Dividend income
373.67 562.18
(iv) Services provided (Manpower Supply Service)
4.11 3.20
(v) Lease rental income
2.98 2.89
(vi) Other Income (Services provided)
130.45 48.91
(vii) Others Expenses (Services availed)
259
(H / Crore)
No Nature of Transactions 2023-24 2022-23
79.46 103.29
Note: The above figures do not include taxes.
(H / Crore)
No Nature of Transactions 31.03.2024 31.03.2023
(viii) Receivables
42.16 80.55
(ix) Payables
3,989.68 3,902.78
(x) Transactions with Post Employment Benefit Plans managed through separate trust during the year ended
31st March, 2024
(H / Crore)
Outstanding
Post-Employment Contribution
Name of the Trust Others* (Receivable)
Benefit Plan by Employer
/ Payable
Hindustan Petroleum Corp Limited Provident Fund Provident Fund 168.97 (38.09) 14.19
Hindustan Petroleum Corpn Ltd Employees Post Post Retirement 180.96 - 105.14
Retirement Med Benefit Fund Medical Benefit
Hindustan Petroleum Corp Ltd Employees Group Gratuity 27.54 - 27.54
Gratuity Assurance Scheme
Hindustan Petroleum Corpn Ltd Employees Superannuation 100.13 7.67 7.55
Superannuation Benefit Fund Scheme benefit
Transactions with Post Employment Benefit Plans managed through separate trust during the year ended
31st March, 2023
(H / Crore)
Outstanding
Name of the Trust Others* (Receivable)
/ Payable
Hindustan Petroleum Corp Limited Provident Fund Provident Fund 166.71 (35.64) (0.41)
Hindustan Petroleum Corp Ltd Employees Group Gratuity 69.48 0.06 69.45
* Includes partial return of advance by PF Trust, credit towards LIC policy charges, payment to the death beneficiaries reimbursed through the Trust.
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C. Transactions with other Government-Controlled Entities

The Corporation is a Government related entity, engaged in the business of refining of crude oil and marketing of petroleum products.
The Corporation also deals on regular basis with entities directly or indirectly controlled by the Central / State Governments through
its Government authorities, agencies, affiliations and other organizations (collectively referred as “Government related entities”).
Apart from transactions with Corporation’s group Companies, the Corporation has transactions with other Government related
entities, including but not limited to the followings:
sale and purchase of products; rendering and receiving services;

leasing of assets; depositing and borrowing money; and
use of public utilities
These transactions are conducted in the ordinary course of the Corporation’s business on terms comparable to those with other
entities that are not Government related.
D. Remuneration paid to Key Management Personnel (KMP)*

(H / Crore)
No Description 2023-24 2022-23
(i) Short-term Employee Benefits 4.16 3.59
(ii) Post-Employment Benefits 0.44 0.72
(iii) Other long-term employee Benefits 0.29 0.94
4.89 5.25
* Remuneration to KMP has been considered from / to the date from which they became / ceased to be KMP.
E. Amount due from Key Management Personnel

(H / Crore)
No Description 31.03.2024 31.03.2023
(i) Shri Rajneesh Narang 0.90 -
(ii) Shri S Bharathan 0.08 0.09
(iii) Shri Amit Garg 0.15 -
(iv) Shri K. S. Shetty 0.69 NA
(v) Shri V. Murali 0.16 0.17
1.98 0.26
F (i). Sitting Fee paid to Non-Executive Directors during the year ended 31st March, 2024
(H / Crore)
Smt. Shri Shri Shri Dr. Shri
Details of Meeting Vimla Bechan Vivekananda Ramdarshan Nagaraja Narendiran
Pradhan Lal Biswal Singh Pal Bhalki KS
Board 0.05 0.05 0.05 0.05 0.05 0.05
Audit Committee - 0.02 0.02 0.02 - -
Stakeholders Relationship Committee - - 0.00 - 0.00 -
Nomination & Remuneration Committee 0.00 - - 0.00 0.00 0.00
CSR & Sustainability Development Committee 0.02 0.02 - 0.02 - -
Independent Directors Meeting 0.00 0.00 0.00 0.00 0.00 0.00
Risk Management Committee 0.01 0.01 - - - 0.00
Departmental Promotion Committee - - - 0.00 - -
Total Sitting Fees 0.08 0.10 0.09 0.10 0.07 0.07
261
F (ii). Sitting Fee paid to Non-Executive Directors during the year ended 31st March, 2023
(H / Crore)
Shri
Smt. Shri Shri Shri Dr. Shri
G.
Details of Meeting Vimla Bechan Vivekananda Ramdarshan Nagaraja Narendiran
Rajendran
Pradhan Lal Biswal Singh Pal Bhalki KS
Pillai
Board 0.02 0.05 0.05 0.05 0.05 0.05 0.00
Audit Committee 0.01 - 0.02 0.02 0.02 - -
Stakeholders Relationship Committee 0.00 - - 0.00 - 0.01 -
Nomination & Remuneration Committee 0.00 0.00 - - 0.00 - -
CSR & Sustainability Development Committee 0.01 0.02 0.01 - 0.02 - -
Investment Committee 0.01 - - 0.02 - 0.02 -
Independent Directors Meeting - 0.00 0.00 0.00 0.00 0.00 -
Risk Management Committee 0.00 0.00 0.01 - - - -
Total Sitting Fees 0.05 0.08 0.09 0.10 0.09 0.08 0.00
44. Disclosure as required by Regulation 34(3) and 53(f) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015
(H / Crore)
Maximum amount outstanding
Balance as on
No Particulars during the year
31.03.2024 31.03.2023 2023-24 2022-23
(a) Loans and advances in the nature of loans to
subsidiary Companies (by name and amount):
Inter Corporate Loan to HPCL Rajasthan 500.00 - 500.00 -
Refinery Limited (refer Note 49 and 69)
Inter Corporate Loan to HPCL Biofuels Limited - - - 225.00
(refer Note 57)
(b) Loans and advances in the nature of loans to - - - -
joint ventures (by name and amount)
(c) Loans and advances in the nature of loans - - - -
to firms/ companies in which directors are
interested
(d) Investment by the loanee in the shares of - - - -
HPCL and its subsidiary company, when the
Company has made a loan or advance in the
nature of loan
45. Tax expense

(a) Amount recognised in Statement of Profit and Loss
(H / Crore)
2023-24 2022-23
Current tax expense
Current year 814.36 -
Short / (Excess) provision of tax of earlier years (refer Note 45(e)) (266.93) 13.26
Deferred tax expense
Origination and reversal of temporary differences 3,910.30 (2,894.77)
Short / (Excess) provision of tax of earlier years (refer Note 45(e)) 1.57 (59.37)
Tax expense recognised 4,459.30 (2,940.88)
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(b) Amount recognised in Other Comprehensive Income

(H / Crore)
2023-24 2022-23
Tax expense/ Tax expense/
Before tax Net of tax Before tax Net of tax
(benefit) (benefit)
Items that will not be
reclassified to profit or loss:
Re-measurement of the defined (152.45) (38.37) (114.08) (241.51) (60.78) (180.73)
benefit plans
Fair value changes on Equity 932.53 67.31 865.22 35.45 - 35.45
Instruments
Items that will be reclassified
to profit or loss:
Effective Portion of Gains/(loss) in 2.92 0.73 2.19 4.01 1.01 3.00
a Cash Flow Hedge
(c) Reconciliation of effective tax rate

(H / Crore)
31.03.2024 31.03.2023
% (J / Crore) % (J / Crore)
Profit before tax 19,153.13 (11,914.91)
Tax as per Corporate Tax Rate 25.168% 4,820.46 25.168% (2,998.74)
Tax effect of:
Expenses not deductible for tax purposes (net) 0.127% 24.36 (0.863%) 102.82
Income for which Deduction/ Exemption available (0.668%) (127.89) 0.000% -
Interest expense u/s 234B/C not deductible for tax purposes 0.008% 1.47 (0.010%) 1.15
Adjustments recognised in current year in relation to the current (1.385%) (265.36) 0.387% (46.11)
tax of prior years
Others 0.033% 6.26 0.000% -
Income Tax Expense 23.282% 4,459.30 24.682% (2,940.88)
(d) Movement in deferred tax balances

(H / Crore)
Net balance Recognised in Net balance
01.04.2023 profit or loss OCI 31.03.2024
Deferred tax Asset

Provision for Employee Benefits 175.66 18.52 - 194.18
Provision for Doubtful Debts & Receivables 258.34 25.92 - 284.26
Disallowance u/s 43B 42.14 43.02 - 85.16
Loss Carry Forward 1,780.38 (1,780.38) - -
Current investments 24.76 (3.47) - 21.29
Others 296.12 (5.68) 0.27 290.71
2,577.40 (1,702.07) 0.27 875.60
Deferred Tax Liabilities
Property, plant and equipment 5,588.40 2,203.55 - 7,791.95
Deferred Income - 6.25 67.31 73.56
5,588.40 2,209.80 67.31 7,865.51
Deferred Tax (assets) / Liabilities 3,011.00 3,911.87 67.04 6,989.91
263
(H / Crore)
01.04.2022 profit or loss OCI 31.03.2023
Deferred tax Asset

Disallowance u/s 43B 49.72 (7.58) - 42.14
Loss Carry Forward - 1,719.60 60.78 1,780.38
Current investments (26.24) 51.00 - 24.76
Others 327.54 16.23 (47.65) 296.12
714.33 1,849.94 13.13 2,577.40
Property, plant and equipment 6,692.60 (1,104.20) - 5,588.40
6,692.60 (1,104.20) - 5,588.40
Deferred Tax (assets) / Liabilities 5,978.27 (2,954.14) (13.13) 3,011.00
(e) Short or (excess) provision for tax of earlier years: Excess provision reversed during the year ended 31.03.2024 for (H 265.36 Crore)
[2022-23: (H 46.11 Crore)], includes reversal of provision and interest towards current tax of (H 266.93 Crore) [2022-23 : additional
provision of H 13.26 Crore] and additional provision towards deferred tax of H 1.57 Crore [2022-23: reversal of provision of (H 59.37
Crore)] with respect to updated tax position on account of income tax orders.
46. Earnings per share (EPS)

Basic EPS is derived by way of dividing the profit / (Loss) for the year attributable to equity holders by the weighted average number
of Equity shares outstanding during the year, whereas Diluted EPS factors the effects of all dilutive potential ordinary shares.
(H / Crore)
2023-24 2022-23
Profit / (Loss) attributable to equity holders for basic and diluted earnings per share (A) 14,693.83 (8,974.03)
Weighted average number of shares for basic and diluted earnings per shares (B) 1,41,85,48,345 1,41,85,48,345
Basic and Diluted Earnings per Equity Share (J) (A/B) 103.58 (63.26)
47. Capital management

The Corporation’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to
sustain future development of the business. Management monitors the return on capital as well as the level of dividends to
ordinary shareholders. The Corporation’s debt to equity ratio, used for monitoring capital management is 1.47 (31.03.2023: 2.33)
(refer Note 71).
48. Dividends
(H / Crore)
2023-24 2022-23
(i) Dividends paid during the year
Final dividend per fully paid share for the year ended 31.03.2023: H Nil (31.03.2022: H 14) - 1,985.97
Interim dividend per fully paid share for the year ended 31.03.2024: H 15 (31.03.2023: H Nil) 2,127.82 -
(ii) Dividends to be paid, not recognised at the end of the reporting period
The Board have recommended a final dividend of H 16.50 per fully paid equity share 2,340.60 -
(31.03.2023: H Nil), subject to the approval of shareholders in the ensuing annual
general meeting.
Note : The Board of Directors recommended issuance of bonus equity shares in the ratio of one equity share of H 10/- each for
every two equity shares of H 10/- each held, subject to approval by the members of the Corporation. The Board of Directors also
recommended the final dividend of H 16.50/- (pre-bonus) per equity share having face value of H 10/-, which translates into final
dividend of H 11/- (post-bonus) per equity share having face value of H 10/-, for FY 2023-24, subject to approval by the members of
the Corporation.
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49. In compliance of Ind AS-27 ‘Separate Financial Statements’, the required information is as under
(H / Crore)
Percentage of ownership
Country of Nature of interest as on
Name of Company
Incorporation Investments
31.03.2024 31.03.2023
HPCL - Biofuels Limited India Subsidiary 100.00 100.00

Prize Petroleum Company Limited India Subsidiary 100.00 100.00
HPCL Middle East FZCO Dubai Subsidiary 100.00 100.00
HPCL LNG Limited (Formerly known as HPCL Shapoorji Energy Private Limited) India Subsidiary 100.00 100.00
(Converted into a Public Limited company effective September 10, 2021)
HPCL Renewable & Green Energy Limited (refer Note 6.2) India Subsidiary 100.00 NA
HPCL Rajasthan Refinery Limited# India Joint Venture 74.00 74.00
Hindustan Colas Private Limited India Joint Venture 50.00 50.00
South Asia LPG Company Private Limited India Joint Venture 50.00 50.00
HPCL-Mittal Energy Limited India Joint Venture 48.99 48.99
Aavantika Gas Limited India Joint Venture 49.99 49.99
Petronet MHB Limited (refer Note 6.5) India Joint Venture 50.00 50.00
Godavari Gas Private Limited India Joint Venture 26.00 26.00
Mumbai Aviation Fuel Farm Facility Private Limited India Joint Venture 25.00 25.00
Bhagyanagar Gas Limited* India Joint Venture 48.73 48.73
Petronet India Limited India Joint Venture 16.00 16.00
Ratnagiri Refinery & Petrochemicals Limited India Joint Venture 25.00 25.00
HPOIL Gas Private Limited India Joint Venture 50.00 50.00
IHB Limited (Converted into a Public Limited company effective April 06, 2021) India Joint Venture 25.00 25.00
Mangalore Refinery and Petrochemicals Limited India Associate 16.96 16.96
GSPL India Transco Limited India Associate 11.00 11.00
GSPL India Gasnet Limited India Associate 11.00 11.00
*As of 31st March 2014, Bhagyanagar Gas Limited (BGL) had a paid up equity capital of H 5 lakhs, in which HPCL and GAIL were holding 24.99% each and the
balance 50.02% of shares were held by Kakinada Seaports Ltd (KSPL) on warehousing basis. In addition, HPCL and GAIL had paid H 22.49 Crore each as Advance
against Equity / Share application money (totaling to H 44.98 Crore). On 20th August 2014, BGL allotted 2,24,87,500 shares on preferential basis to each of HPCL
and GAIL towards the money paid earlier. Accordingly, the Corporation’s shareholding in BGL had increased to 48.73%. KSPL challenged this in the Company
Law Board (CLB), Chennai Bench which dismissed it on 14th September 2014. Against this, KSPL moved the High Court, Telangana, which did not stay the
dismissal order of CLB. Pending adjudication of the appeal by KSPL before the High Court, the shareholding was considered at 24.99% till 31st March 2020.
However, taking all the facts into consideration, including receipt of dividend on the entire stake of 48.73% during financial year 2020-21 and the Articles of
Associations of BGL, the shareholding is being considered as at 48.73%, effective financial year 2020-21.
#HPCL Rajasthan Refinery Limited (HRRL), is a subsidiary of the Corporation as per Section 2(87) of the Companies Act, 2013. However, being a jointly
controlled entity of the Corporation and Govt. of Rajasthan, HRRL is considered as ‘Joint Venture’ of the Corporation, for the purpose of preparation of Financial
Statements, pursuant to the requirements of Indian Accounting Standards.
Ujjwala Plus Foundation, a joint venture of Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum
Corporation Limited (HPCL) was incorporated on 21st July 2017 as a not for profit Private Company, Limited by Guarantee (Without Share Capital) under Section
8 of the Companies Act, 2013. The Board in its meeting held on 18th July 2023 has accorded approval for the closure of Ujjwala Plus Foundation.
265
50. The Corporation has entered into production sharing Oil & Gas exploration contracts in India in
consortium with other body corporates except for one block (Cluster-7) which is a service contract.
The details are as under
Participating Interest of HPCL in %

Name of the Block
31.03.2024 31.03.2023
In India
Under NELP IV
KK- DWN-2002/2 20.00 20.00
KK- DWN-2002/3 20.00 20.00
CB- ONN-2002/3 15.00 15.00
Under NELP V
AA-ONN-2003/3 15.00 15.00
Under NELP VI
CY-DWN-2004/1 10.00 10.00
CY-DWN-2004/2 10.00 10.00
CY-DWN-2004/3 10.00 10.00
CY-DWN-2004/4 10.00 10.00
CY-PR-DWN-2004/1 10.00 10.00
CY-PR-DWN-2004/2 10.00 10.00
KG-DWN-2004/6 10.00 10.00
MB-OSN-2004/1 20.00 20.00
MB-OSN-2004/2 20.00 20.00
RJ-ONN-2004/1 22.22 22.22
RJ-ONN-2004/3 15.00 15.00
Under NELP IX
MB-OSN-2010/2 30.00 30.00
Cluster - 7 60.00 60.00
(i) The block CB-ONN-2002/3 was awarded under NELP IV bidding round and the production sharing contract was signed on
06.02.2004. The exploration Minimum Work Program has been completed. Production from SE#3/4 wells of the Block is in
progress, which had started during FY 2017-18. The share of the assets, liabilities, income and expenditure is considered based
on the Audited financials for the FY 2022-23 and the information received for FY 2023-24.
(ii) In respect of Cluster – 7, which is terminated and the matter is under litigation (refer Note 53.1). The remaining blocks are in
the process of relinquishment/ under relinquishment and the share of the assets, liabilities, income and expenditure, if any, is
considered based on information received towards these blocks.
51. During the financial year 2023-24, Corporation has spent H 75.91 Crore (2022-23: J 96.11 Crore) towards
Corporate Social Responsibility (CSR) as against the approved amount to be spent to the tune of
J 64.22 Crore (2022-23: J 154.85 Crore)
(H / Crore)
No Head of Expenses 2023-24 2022-23
1 Promoting Education 24.78 25.27
2 Promoting Health Care 20.26 16.52
3 Empowerment of Socially and Economically Backward groups 0.06 0.08
4 Promotion of Nationally recognized and Para-Olympic Sports 0.53 0.41
5 Imparting Employment by Enhancing Vocation Skills 21.28 21.25
6 Swachh Bharat Abhiyaan 1.80 12.42
7 Environment Sustainability 2.13 0.79
8 Rural Development 1.09 10.23
9 Others 3.98 9.14
75.91 96.11
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Amount spent during the financial year 2023-24 on

(H / Crore)
Yet to be
No Details In cash Total
paid in cash
(i) Construction/Acquisition of assets controlled by the Corporation - - -
(ii) Purpose other than (i) above 65.90 10.01 75.91
Amount spent during the financial year 2022-23 on

(H / Crore)
Yet to be
No Details In cash Total
paid in cash
(i) Construction/Acquisition of assets controlled by the Corporation - - -
Details of unspent CSR amount under section 135(6) of the Companies Act 2013 pursuant to ongoing projects
(H / Crore)
Particulars 2023-24 2022-23
Opening Balance
- With Company - -
- in separate CSR Unspent A/c - -
Amount transferred to CSR Unspent A/c during the year 58.74 9.51
Amount spent during the year 36.03 9.51
Amount Spent from
- Company's bank A/c - -
- CSR Unspent A/c 36.03 9.51
Closing Balance
- With Company - -
- in separate CSR Unspent A/c* 22.71 -
Excess / Short amount spent

(H / Crore)
Gross amount required to be spent by the Corporation during the year 64.22 154.85
Amount set off from excess spent during previous year - -
Surplus arising out of CSR projects - -
64.22 154.85
Amount available for set off from preceeding year - -
Amount allocated for expenditure during the year 75.91 154.85
Amount available for set off in succeeding years 11.69 -
Amount of shortfall for the year (Provision) - 58.74
Amount of cumulative shortfall at the end of the year - 58.74
* In compliance with statutory provisions, H 58.74 Crore had been transferred to UCSRA (Unspent CSR Account) on April 28, 2023 and is being spent in accordance
with the applicable CSR Rules. An amount of H 36.03 Crore has been utilized during the FY 2023-24 and balance amount of H 22.71 Crore shall be utilized in the
subsequent financial years in line with the approvals and applicable CSR Rules.
267
52. To the extent Micro and Small Enterprises have been identified, the outstanding balance, including
interest thereon, if any, as at balance sheet date is disclosed on which Auditors have relied upon
(H / Crore)
31.03.2024 31.03.2023
Liability Liability
Particulars towards Trade towards Trade
Capital Ex Payables Capital Ex Payables
penditure penditure
(a) the principal amount and the interest due thereon remaining unpaid to
any supplier at the end of each accounting year:
- Principal 706.71 782.97 834.56 464.54
- Interest - - - -
(b) the amount of interest paid by the buyer in terms of section 16 of the
Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006),
along with the amount of the payment made to the supplier beyond the
appointed day during each accounting year:
- Principal - - - -
- Interest - - - -
(c) the amount of interest due and payable for the period of delay in making - - - -
payment (which has been paid but beyond the appointed day during the
year) but without adding the interest specified under the Micro, Small and
Medium Enterprises Development Act, 2006
(d) the amount of interest accrued and remaining unpaid at the end of each - - - -
accounting year
(e) the amount of further interest remaining due and payable even in the - - - -
succeeding years, until such date when the interest dues above are
actually paid to the small enterprise, for the purpose of disallowance of a
deductible expenditure under section 23 of the Micro, Small and Medium
Enterprises Development Act, 2006.
53. Contingent Liabilities and Commitments*

(H / Crore)
I. Contingent Liabilities 31.03.2024 31.03.2023
A. Disputed demands / claims subject to appeals / representations filed by
the Corporation
i. Sales Tax/Octroi 1,100.47 1,529.04
ii. Excise/Customs 168.28 171.21
iii. Land Rentals & License Fees 198.30 299.82
iv. Employee Benefits/Demands (to the extent quantifiable) 59.37 70.39
v. Others 108.59 186.44
1,635.01 2,256.90
B. Disputed demands / claims subject to appeals / representations filed
against the Corporation
i. Sales Tax/Octroi 0.77 0.77
ii. Excise / customs - 2.83
iii. Employee Benefits/Demands (to the extent quantifiable) 107.98 106.08
iv. Claims against the Corporation not acknowledged as Debts (refer note 53.1) 486.32 548.16
v. Others 302.48 215.44
897.55 873.28
* Contingent Liabilities considered as ‘remote’ as per Ind AS 37 are not included.
(H / Crore)
31.03.2024 31.03.2023
II. Guarantees given to Others 1,008.29 986.79
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Note # 53.1
The Corporation with a Participating Interest(PI) of 60% along with Prize Petroleum Company Limited (PPCL), having a PI of 10% and
M3nergy Sdn. Bhd (M/s M3nergy) having a PI of 30% were awarded service contract in March, 2006 for development of ONGC’s
offshore marginal oilfields of cluster-7. PPCL was the executing contractor. Parties provided necessary Bank Guarantees to ONGC.
Since M/s M3nergy could not meet their contractual obligations, the contract was terminated by ONGC and Bank guarantees were
forfeited. HPCL and PPCL demanded the refund of monies forfeited towards encashment of Bank Guarantee along with other claims
from M/s M3nergy. A counter claim of USD 36.51 Million was made by M3nergy on termination of such service contract. The matter
was referred to Arbitration.
The Arbitral Tribunal passed 3 Awards (09.01.2014, 27.09.2017, 15.06.2018 respectively), all were in favour of the Corporation and
PPCL. These Orders were to the effect that M3nergy had committed breach of the contract and hence their counter claims were
disallowed and that the Corporation and PPCL are entitled for damages with interest and costs of arbitration to be borne by M3nergy.
All the 3 Awards were challenged by M/s M3nergy before the Bombay High Court. However, there was no stay granted by Bombay
High Court, hence, HPCL/ PPCL filed applications for (a) Mareva Injunction and (b) Enforcement of the Award before the Courts in
Malaysia since M/s M3nergy is located in Malaysia.
By Orders dated 10.01.2019 the Hon’ble Bombay High Court set aside all three Arbitration Awards. As the Awards were set aside (on
the basis of which the enforcement application was filed by HPCL), on 28.02.2019 the Malaysian High Court at Kuala Lumpur allowed
the application of M/s M3nergy to set aside the enforcement order with liberty to file fresh proceedings, if HPCL/ PPCL succeed
later. Meanwhile, HPCL and PPCL have filed Appeals against the setting aside order (of Single Judge Bombay High Court) before the
Division Bench of the Bombay High Court. After hearing arguments of parties, on 16.10.2019, the Hon’ble Bombay High Court set
aside the Single Judge’s Order and remanded all the 3 matters back to the Single Judge of the High Court, to decide the matter afresh
on merits. This Order was challenged by M/s M3nergy before the Supreme Court by filing Special Leave Petition (SLP) which, after
brief arguments, was dismissed as withdrawn (by M/s M3nergy) on 31.01.2020. As a result, the Single Judge of Bombay High Court
will hear the matter afresh on merits. Further, during April 2024, Corporation has filed for execution of the arbitral awards against
M3nergy before the Courts in Malaysia.
As a result, the Corporation’s share of the awarded amount which is approximately H 420.74 Crore towards loss of profit /damages /
costs and interest thereon has not been recognized on a conservative basis. Further, the claim raised by M/s M3nergy to the extent
of Corporation’s share i.e. approximately H 261.03 Crore @ Exchange rate of 1 USD = H 83.4100 (31.03.2023: H 257.15 Crore @
Exchange rate of 1 USD = H 82.1750), being considered remote is also not recognized.
Note # 53.2. Refer Note 60.

(H / Crore)
III. Commitments 31.03.2024 31.03.2023
Estimated amounts of contracts remaining to be executed on capital account not 7,254.74 9,543.88
provided for (net of advances)
53.2. Corporation has entered into a long term product off take agreement with M/s HPCL- Mittal Energy Limited (HMEL), its joint venture
company, for purchase of petroleum products produced by the refinery. This agreement has a take or pay clause and the Corporation
is committed to purchase the said petroleum products over the tenure of the agreement.
53.3. In respect of certain Joint Venture/Associate Companies, the Corporation and other joint venture partners have committed among
others, that they would jointly hold at least 51% of share capital of such Joint Venture/Associate till the repayment of certain bank
loans / bonds for which letters of comfort have been issued in certain cases. Expected future outflow of resources emanating out
of approved plans on investment in Subsidiaries/Joint Ventures/Associates are not part of ‘Capital Commitments’ unless investment
calls are made as at period end.
53.4. Ministry of Environment, Forest and Climate Change (MoEFCC), GoI, had stipulated vide letter dated 31/01/2017 that at least 2.5% of
the total cost of Mumbai Refinery Expansion Project (MREP) shall be earmarked towards Enterprise Social Commitment (ESR) based
on Public Hearing issues, which works out to H 134.5 Crore. Corporation has undertaken various activities in line with the discussions
held during the Public Hearing / meetings of Expert Appraisal Committee (EAC) of MoEFCC, and an aggregate amount of around
H 7 Crore incurred on such activities has been duly accounted for in the books of account as on 31/03/2024.
269
IV. Corporation’s Share in aggregate of Contingent Liabilities of Jointly Controlled Operations (refer Note 50)
(H / Crore)
Jointly controlled Operations 31.03.2024 31.03.2023
Contingent Liabilities 261.03 257.15
54. In compliance of Ind AS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’, the requisite
information with respect to movement in balance is as under
(H / Crore)
Opening Balance Closing Balance
Particulars Additions Utilization Reversals
as on 01.04.2023 as on 31.03.2024
Excise 3.47 - - - 3.47
Sales Tax/Octroi/Entry Tax 317.78 207.10 34.61 101.17 389.10
Others 1,076.12 228.01 31.13 16.25 1,256.75
Total 1,397.37 435.11 65.74 117.42 1,649.32
(H / Crore)
Opening Balance Closing Balance
Particulars Additions Utilization Reversals
as on 01.04.2022 as on 31.03.2023
Excise 3.47 - - - 3.47
Others 925.95 252.71 86.56 15.98 1,076.12
Total 1,306.25 262.25 105.15 65.98 1,397.37
Note: The above provisions are made based on estimates and expected timing of outflows is not ascertainable at this stage.
55. (a) Inter-Oil Company transactions are reconciled on a continuous basis. However, year end balances (including trade payables /
trade receivables) are subject to confirmation/reconciliation which is not likely to have a material impact.
(b) Customer’s accounts are reconciled on an ongoing basis and such reconciliation is not likely to have a material impact on the
outstanding or classification of the accounts.
56. Impairment assessment as per the requirements of Ind AS 36 ‘Impairment of Assets’ has been carried out at period end for all
Cash-Generating Units (CGUs) by comparing their value-in-use (calculated based on certain assumptions, on which auditors have
relied upon) with the carrying value of assets under respective CGUs. Based on such assessment, no impairment loss for CGUs is
warranted for the current financial year. For financial year 2022-23, an impairment loss of H 44.28 Crore was recognized towards
windmills assets situated at Akal (Rajasthan).
57. On the reporting date, the Corporation has an equity investment of H 1,021.23 Crore (31.03.2023: H 984.61 Crore) in its wholly owned
subsidiary, HPCL Biofuels Limited (HBL). Of this, an amount of H 572.16 Crore has been impaired as on 31.03.2024 (31.03.2023:
H 572.16 Crore). Considering the Government policy in promoting ethanol blended petrol (subsidiary is engaged in production
of ethanol) and business plans for the subsidiary, the current level of impairment is considered appropriate in the opinion of
the Management.
58. The Corporation has an equity investment of H 251.27 Crore (31.03.2023: H 250.76 Crore) in its wholly owned subsidiary, Prize
Petroleum Company Limited. In line with impairment testing carried out as per the provisions of Ind AS 36, impairment loss of H
47.29 Crore (2022-23 : H 27.00 Crore) was provided for, resulting in carrying value of the investment at H Nil Crore (31.03.2023:
H 46.78 Crore).
59. The Corporation has an equity investment of H 66.77 Crore in its Associate, GSPC India Transco Limited. The total amount of
impairment towards the carrying value of the investment stands at H 14.00 Crore (31.03.2023: H 14.00 Crore) which was provided in
financial year 2021-22. The said impairment is in line with the requirement of Ind AS 36 and is based on the financial performance of
the entity. In the opinion of the Management, the current level of impairment is appropriate.
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60. Prize Petroleum Company Ltd. (PPCL), a wholly-owned subsidiary, is the upstream arm of the Corporation in the business of
Exploration & Production (E&P) of hydrocarbons and management of E&P blocks. PPCL has a wholly-owned subsidiary, Prize
Petroleum International Pte Ltd. (PPIPL), which was incorporated in Singapore, as a part of Corporation's upstream strategy to have
a balanced portfolio of E&P assets to serve the relatable business interest of the Corporation and commercial expediency. Towards
this, a loan of US $86 Million was availed by PPIPL during the financial year 2016-17, for which a Corporate Guarantee (CG) was
provided by the Corporation. The carrying value of the obligation towards the said CG (on loan outstanding of US $79 Million) was
re-measured under the provisions of Ind AS 109 and an amount of H 21.80 Crore (2022-23: H 300.18 Crore) is provided for during the
year and accounted under ‘Other Expenses’.
The said loan outstanding was due for repayment during the current year. In view of inability of PPIPL/PPCL to discharge its obligations,
the same was directly settled by the Corporation pursuant to CG given, by making payment of H 678.63 Crore [which includes interest
due on maturity] to the lenders/agent. Consequently, the carrying value of obligation for H 678.63 Crore (31.03.2023 : H 649.18 Crore)
has been reversed and accounted for under ‘Other Expenses’. Towards this, receivable of H 678.63 Crore (31.03.2023 : H Nil Crore)
from PPIPL has been recognised on one hand, and simultaneously accounted for in ‘Other Expenses’ on the other hand.
During April 2024, a tripartite Sale and Purchase Agreement (SPA) was entered into amongst PPIPL (Seller), Beach Energy (Operations)
Limited (Buyer), and the Corporation (Seller Guarantor) to divest Seller’s Participating Interest in E&P Assets located in Australia w.e.f.
1st July 2023, with inter-period adjustments. Under the SPA, a total consideration of AUD 16.6 Million (~H 90 Crore), plus applicable
taxes, is payable to the Buyer [comprising of an upfront payment of AUD 11.3 Million (~H 61 Crore) and deferred payment of AUD
5.3 Million (~H 29 Crore) which is contingent upon certain decisions to be taken by the Buyer in future], duly guaranteed by the
Corporation towards Seller’s performance under the SPA. Further, to facilitate the discharge of obligations by PPIPL, Corporation has
infused fresh equity share capital of H 17 Crore into PPCL during April 2024.
61. The Pradhan Mantri Ujjwala Yojana (PMUY) was launched in 2016 to provide LPG connections to women from below-poverty-line
(BPL) households. The beneficiary is given an option to avail loan from the respective OMCs to meet the cost of the stove and first fill.
This loan is to be recovered from the subsidy payable to the consumer on purchase of the refill cylinder. The loan has been provided
to 1.76 Crore PMUY consumers for an amount aggregating to H 2,960.24 Crore (31.03.2023: H 2,960.48 Crore), and of this, H 1,427.43
Crore (31.03.2023: H 1,565.39 Crore) is outstanding at period end. The Loan is classified as ‘subsequently measured at amortized
cost’ in the financial statements. The carrying value of loan outstanding as at Balance Sheet date is re-measured based on revised
estimates of future cash flows. Such re-measurement has resulted in change in gross carrying amount of outstanding loan, net of
interest unwinding, by H -66.73 Crore (FY 2022-23: H -81.57 Crore) during the year. Considering the cumulative re-measurement
loss, net of interest unwinding, amounting to H 376.66 Crore (31.03.2023: H 443.39 Crore) and accounting of Deferred Expense
amounting to H 528.29 Crore (net balance after amortisation as of 31.03.2024 is H 287.27 Crore), the outstanding loan at period
end is carried in the books at H 522.48 Crore (31.03.2023: H 593.71 Crore). Further, considering the consumption pattern of refills,
level of subsidies and consequential impact on repayment of the loan, by following the principles of prudence and conservatism,
a cumulative provision of H 326.07 Crore (31.03.2023: H 25.01 Crore) net of reversal, if any, is estimated and recognized in books.
The additional provision during the year amounted to H 301.07 Crore (FY 2022-23: H -93.69 Crore) that arose primarily due to active
customers turning inactive. The expected credit loss estimate is reasonable.
62. The Corporation implements various schemes of Government of India, such as PMUY, Direct Benefit Transfer scheme, wherein the
amount is either received in advance or reimbursed subsequently. As of 31.03.2024, reimbursements amounting to H 21.13 Crore
(31.03.2023: H 189.88 Crore) are pending for a period beyond 6 months for which provision of H Nil Crore (31.03.2023: H 159.12
Crore) is carried out in the books.
63. The Company’s Board has 6 Independent Directors, which was sufficient to comply with the requirements of Regulation 17(1)(b) of
SEBI LODR, 2015, which provides that “where the listed entity does not have a regular non-executive chairperson, at least half of
the board of directors to comprise of independent directors”. Effective 1st May 2023, with the appointment of 1 non-independent
Director on the Board, the Company is required to have one more Independent Director to continue to comply with the requirements
of aforesaid regulation. This appointment is awaited from the Administrative Ministry. The Company has also approached the
Administrative Ministry for appointment of requisite number of Independent Directors on its Board from time to time.
(H / Crore)
64. 2023-24 2022-23
Interest on borrowings capitalized (weighted average cost of borrowing rate used for 1,418.91 1,641.70
capitalization of general borrowing is 6.74% (2022-23: 6.17%).
271
65. The Corporation has presented segment information in its Consolidated Financial Statements. Accordingly, in terms of provisions of
Indian Accounting Standard on Segment Reporting (Ind AS 108) no disclosure related to the segment are presented in the Standalone
Financial Statements.
66. Threshold limits adopted in respect of financial statements is given below
Unit of Threshold
Threshold item
Measurement Limit
Capitalization of spare parts meeting the definition of property plant and equipment. H Lakhs 15.00
Depreciation at 100% in the year of acquisition except LPG cylinders and pressure regulators. H 10,000.00
Income / expenditure pertaining to prior year (s) H Crore 175.00
Prepaid expenses H Lakhs 7.50
Disclosure of contingent liabilities H Lakhs 5.00
Disclosure of capital commitments H Lakhs 5.00
Refundable Non-current Financial Deposits not yielding Interest excluded from fair-valuation. H Lakhs 50.00
Deposits such as those placed with Utility Entities are charged to revenue in the year of payment H 10,000.00
67. Employee benefit obligations

A. Defined Contribution Plan
Superannuation Fund
The Corporation has Superannuation - Defined Contribution Scheme (DCS) maintained by ‘Superannuation Benefit Fund Scheme
(SBFS) Trust’ wherein Employer makes a monthly contribution of a certain percentage of ‘Basic Salary & Dearness Allowance(DA)’,
out of 30%, earmarked for various Superannuation benefits. This is in accordance with Department of Public Enterprises (DPE)
guidelines. These contributions are credited to individual Employee’s Account maintained either with Life Insurance Corporation
of India (LIC) or an optional National Pension Scheme (NPS) Account. For the financial year 2023-24, the Corporation has made an
overall contribution of H 190.57 Crore (2022-23 : H 207.91 Crore) towards Superannuation - DCS [including H 90.44 Crore (2022-23
: H 84.65 Crore) to NPS] by charging it to the statement of Profit and Loss.
Employee Pension Scheme(EPS-95)

During the year, Corporation has recognised H 7.92 Crore (2022-23: H 8.19 Crore) as contribution to Employee Pension Scheme (EPS-
95) in the Statement of Profit and Loss.
B. Defined Benefit Plan

Provident Fund
Provident Fund is administered through a separate Trust, established for this purpose in accordance with The Employee Provident
Fund and Miscellaneous Provisions Act, 1952. The Corporation’s contribution to the Provident Fund is remitted to this trust based on
a fixed percentage of the eligible employee’s salary and charged to Statement of Profit and Loss. During the year, the Corporation has
recognized H 168.97 Crore (2022-23: H 166.71 Crore) as Employer’s contribution to Provident Fund in the Statement of Profit and Loss.
Shortfall, if any, in matching the Government specified minimum rate of return, will be made good by the Corporation and charged
to Statement of Profit and Loss. During the year, the fund has been able to match the Government specified minimum rate of return.
The present value of benefit obligation at period end is H 5,295.62 Crore (31.03.2023: H 5,142.99 Crore). The fair value of the plan
assets of Provident Fund Trust at the period end is H 5,269.40 Crore (31.03.2023: H 5,162.93 Crore) resulting in shortfall of H 26.22
Crore (31.03.2023: H Nil Crores) which has been accounted through Other Comprehensive Income.
During the year, an additional provision of H 2.93 Crore has been created against liability towards losses on defaulted investments.
The initial provision was created in FY 2019-20.
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C. The amounts recognised in the Balance Sheet and the movements in the net defined benefit obligation over the year are as follows:
(H / Crore)
Provident Resettle
Gratuity PRMBS Pension Ex - Gratia
S# Particulars Fund* ment Allowance
Funded Funded Funded Non-Funded Non-Funded Non-Funded
1 Present value of projected benefit
obligation
Present value of Benefit Obligation at 5041.42 811.43 1,360.98 13.27 20.90 15.97
the beginning of the period 4,897.34 803.53 1,031.98 14.68 25.48 10.07
Opening Balance Adjustment 10.64 - - - - -
0.12 - - - - -
Interest Cost 400.93 60.86 102.48 0.98 1.53 1.20
388.71 58.09 76.37 1.02 1.71 0.73
Current Service Cost 168.97 13.06 67.65 - - 4.02
166.71 12.13 58.54 - - 2.27
Employee Contribution 273.78 - - - - -
295.29 - - - - -
Liability Transferred In 3.64 - - - - -
4.22 - - - - -
Liability Transferred Out (8.14) - - - - -
(5.59) - - - - -
Past Service Cost - - - - - -
- 80.64 - - - -
Benefit paid (763.04) (113.64) (75.83) (2.36) (4.89) (11.29)
(705.38) (137.96) (66.54) (2.50) (5.41) (4.18)
Actuarial (gains)/ losses on obligations - - - - - -
- due to change in demographic - - - - - -
assumptions
Actuarial (gains)/ losses on obligations - 14.22 62.35 0.06 (0.06) 0.35
- due to change in financial - (14.06) 156.17 (0.18) (0.38) (0.27)
assumptions
Actuarial (gains)/ losses on obligations - (2.99) 55.43 (0.05) 0.03 9.21
- due to experience - 9.06 104.46 0.25 (0.50) 7.35
Present value of Benefit Obligation 5,128.20 782.92 1,573.07 11.90 17.50 19.46
at the end of the period 5,041.42 811.43 1,360.98 13.27 20.90 15.97
2 Changes in fair value of plan assets
Fair value of Plan Assets at the 5,086.01 741.97 1,280.02 NA NA NA
beginning of the period 4,969.60 821.90 1,176.06 NA NA NA
Interest income 400.93 55.65 96.39 NA NA NA
388.71 59.42 87.03 NA NA NA
Contributions by the employer 168.97 69.45 80.96 NA NA NA
166.71 0.02 (3.09) NA NA NA
Contributions by the employee 273.78 - 2.30 NA NA NA
295.29 - 7.44 NA NA NA
Transfer from Other Company 3.64 - - NA NA NA
4.22 - - NA NA NA
(Transfer to Other Company) (8.14) - - NA NA NA
(5.59) - - NA NA NA
Benefit paid (763.04) (113.64) - NA NA NA
(705.38) (137.96) - NA NA NA
Return on plan assets, excluding (5.20) 1.94 8.26 NA NA NA
interest income (27.55) (1.41) 12.58 NA NA NA
Fair value of Plan Assets at the 5,156.95 755.38 1,467.93 NA NA NA
end of the period 5,086.01 741.97 1,280.02 NA NA NA
273
(H / Crore)
Provident Resettle
S# Particulars Fund* ment Allowance
Funded Funded Funded Non-Funded Non-Funded Non-Funded
3 Included in Statement of
Profit and Loss
Current Service Cost 168.97 13.06 67.65 - - 4.02
166.71 12.13 58.54 - - 2.27
Past Service Cost - - - - - -
- 80.64 - - - -
Net interest cost 400.93 5.21 6.10 0.98 1.53 1.20
388.71 (1.33) (10.66) 1.02 1.71 0.73
(Interest Income) (400.93) - - - - -
(388.71) - - - - -
Contributions by the employee - - (2.30) - - -
- - (7.44) - - -
Total amount recognised in 168.97 18.27 71.44 0.98 1.53 5.22
Statement of Profit and Loss 166.71 91.44 40.44 1.02 1.71 3.00
4 Remeasurements
Return on plan assets, excluding - (1.94) (8.26)
interest income - 1.41 (12.58) - - -
(Gain)/loss from change in - - - - - -
demographic assumptions - - - - - -
(Gain)/loss from change in financial - 14.22 62.35 0.06 (0.06) 0.35
assumptions - (14.06) 156.17 (0.18) (0.38) (0.27)
Experience (gains)/losses - (2.99) 55.43 (0.05) 0.03 9.21
- 9.06 104.46 0.25 (0.50) 7.35
Change in asset ceiling, excluding - - - - - -
amounts included in interest expense - - - - - -
Total amount recognised in other - 9.28 109.52 0.01 (0.03) 9.56
comprehensive income - (3.59) 248.05 0.07 (0.88) 7.08
D. Amount recognised in the Balance Sheet

(H / Crore)
Provident Resettlement
Particulars Gratuity PRMBS Pension Ex - Gratia
Fund* Allowance
Present value of benefit obligation as on 5,128.20 782.92 1,573.07 11.90 17.50 19.46
31.03.2024
Fair value of plan assets as on 31.03.2024 5,156.95 755.38 1,467.93 - - -
Net Liability / (Asset) not recognised in (28.75) - - - - -
Balance Sheet
Net Liability / (Asset) recognised in Balance - 27.54 105.14 11.90 17.50 19.46
Sheet
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(H / Crore)
Particulars Gratuity PRMBS Pension Ex - Gratia
Fund* Allowance
Present value of benefit obligation as on 5,041.42 811.43 1,360.98 13.27 20.90 15.97
31.03.2023
Fair value of plan assets as on 31.03.2023 5,086.01 741.97 1,280.02 - - -
Net Liability / (Asset) not recognised in (44.59) - - - - -
Balance Sheet
Net Liability / (Asset) recognised in Balance - 69.46 80.96 13.27 20.90 15.97
Sheet
* Represents movement in obligation and assets value as per PF Trust books.
Pursuant to paragraph 57 of Ind AS 19, accounting by an entity for defined benefit plans, inter-alia, involves determining the amount
of the net defined benefit liability (asset) which shall be adjusted for any effect of limiting a net defined benefit asset to the asset
ceiling prescribed in paragraph 64. As per Para 64 of Ind AS 19, in case of surplus in a defined benefit plan, an entity shall measure
the net defined benefit asset at the lower of actual surplus or the value of the assets ceiling determined using the discount rate.
The asset ceiling is the present value of any economic benefits available in the form of refunds from the plan or reductions in future
contributions to the plan. Further, paragraph 65 provides that a net defined benefit asset may arise where a defined benefit plan has
been overfunded or where actuarial gains have arisen.
As per the provisions of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, the Company has no right to the
benefits either in the form of refund from the plan or lower future contribution to the plan towards the net surplus of H 28.75 crore
(31.03.2023: H 44.59 crore) determined through actuarial valuation. Accordingly, Company has not recognised the surplus as an
asset, and the remeasurement loss /gains in ‘Other Comprehensive Income’, as these pertain to the Provident Fund Trust and not
to the Company.
E. Plan assets
(H / Crore)
31.03.2024 31.03.2023
Particulars Provident Provident
Gratuity PRMBS Gratuity PRMBS
Fund Fund
Plan assets comprise of the following:
Gratuity - Investment with Insurance companies PF/ PRMB 5,156.95 755.38 1,467.93 5,086.01 741.97 1,280.02
- Self managed Investments
5,156.95 755.38 1,467.93 5,086.01 741.97 1,280.02
Details of the investment pattern for the above mentioned funded obligations are as under:
31.03.2024 31.03.2023
Particulars Provident Provident
Fund Fund
Government Securities (Central & State) 54.37% - 51.94% 55.10% - 51.65%
Investment in Debentures / Securities 37.78% - 29.70% 38.98% - 33.88%
Investment in Equity / Mutual Funds 3.25% - 9.05% 2.82% - 5.21%
Insurance Managed Funds - 100% - - 100% -
Others Assets 4.60% - 9.31% 3.10% - 9.26%
275
F. Significant estimates (actuarial assumptions and sensitivity)

(i) The significant actuarial assumptions were as follows
31.03.2024 Gratuity PRMBS Pension Ex - Gratia
Fund Allowance
Expected Return on Plan Assets 7.22% 7.22% 7.24% NA NA NA
Rate of Discounting 7.22% 7.22% 7.24% 7.21% 7.18% 7.22%
Rate of Salary Increase 7.00% 7.00% 7.00% NA NA 7.00%
Medical Cost Inflation NA NA 4.00% NA NA NA
Rate of Employee Turnover 2.00% 2.00% 2.00% NA NA 2.00%
Mortality Rate During Employment Indian Assured Lives Mortality (2012-14) Urban
Mortality Rate After Employment Indian Individual AMT (2012-15)
Fund Allowance
(ii) Sensitivity analysis
(H / Crore)
Resettle-ment
Allowance
Delta effect of +1% Change in Rate of Discounting (48.13) (198.15) (0.40) (0.40) (1.17)
Delta effect of -1% Change in Rate of Discounting 56.18 252.86 0.43 0.43 1.37
Delta effect of +1% Change in Future Benefit cost inflation - 253.07 - - -
Delta effect of -1% Change in Future Benefit cost inflation - (199.24) - - -
Delta effect of +1% Change in Rate of Salary Increase 9.61 - - - -
Delta effect of -1% Change in Rate of Salary Increase (11.57) - - - -
Delta effect of +1% Change in Rate of Employee Turnover 19.37 - - - (1.29)
Delta effect of -1% Change in Rate of Employee Turnover (22.26) - - - 1.51
(H / Crore)
Resettlement
Allowance
276
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G. The expected maturity analysis of undiscounted benefits is as follows

(H / Crore)
Less than 1 1-2 3-5 6 - 10 year
year year year & above
31.03.2024
Gratuity 113.29 70.83 286.00 1078.91
PRMBS 67.51 73.99 261.48 433.28
Pension 1.91 1.88 5.42 8.10
Ex - Gratia 3.75 3.66 10.36 14.71
Resettlement Allowance 3.19 1.75 7.32 26.61
Total 189.65 152.10 570.59 1,561.60
(H / Crore)
Less than 1 1 -2 3 -5 6 -10 year
year year year & above
31.03.2023
Gratuity 117.61 72.17 301.93 1,111.50
PRMBS 59.35 65.23 232.52 392.03
Pension 2.10 2.06 5.93 8.77
Ex - Gratia 4.06 3.96 11.22 16.00
Total 185.65 144.79 558.00 1,549.28
H. Notes
I. Gratuity : Each employee rendering continuous service of 5 Years or more is entitled to receive gratuity amount equal to
15/26 of the eligible salary for every completed years of service subject to maximum of H 0.20 crore at the time of separation
from the Corporation. Besides the ceiling, gratuity increases by 25% whenever IDA rises by 50%. The long term employee
benefit of Gratuity is administered through a Trust, established under The Payment of Gratuity Act, 1972. The Board of Trustees
comprises of representatives from the Employer who are also plan participants in accordance with the plans regulation. The
liability towards gratuity is funded with Life Insurance Companies.
II. Pension : The employees covered by the Pension Plan of the Corporation are entitled to receive monthly pension for life.
However, none of the current serving employees are covered under Pension Plan of the Corporation.
III. Post Retirement Medical Benefit (PRMBS) : Post Retirement Benefit medical scheme provides medical benefit to retired
employees and eligible dependent family members. This long term employee benefit is administered through a Trust. The
liability towards Post-Retirement Medical Benefit for employees is ascertained, yearly, based on the actuarial valuation and
funded to the Trust.
IV. Ex-gratia : The ex-employees of Corporation are covered under the Scheme, entitling to get ex-gratia, determined based on
their salary grade at the time of their superannuation. The benefit is paid to eligible employees till their survival, and thereafter
till the survival of their spouse. However, none of the current serving employees are covered under this Plan.
V. Resettlement Allowance : Upon superannuation from the services of the Corporation, there are employees who permanently
settle down at a place other than the location of the last posting. Such employees are provided with resettlement allowance as
per policy of the Corporation.
VI. Others : The expected return on plan assets is based on market expectation over the entire life of the related obligation. The
actuarial assumption with regard to future salary escalation takes into consideration, the factors such as inflation, seniority,
promotion, demand & supply in the employment market.
VII. Figures in italics represent last year figures.
277
68. As on 31.03.2024, the Corporation has no inventory of Non-Solar Renewable Energy Certificates (RECs) (31.03.2023: 3,275 Units),
available for sale after earmarking a requisite quantity already for captive consumption.Traded in Indian Energy Exchange Ltd., the
revenue from RECs is recognized as and when the same are sold.
69. As on 31.03.2024, there are no loans or advances in the nature of loans granted to promoters, directors, KMPs and the related
parties either severally or jointly with any other person that are repayable on demand (or, without specifying any terms or period
of repayment). Further, during the current year, Corporation has entered into an agreement with HPCL Rajasthan Refinery Limited
(HRRL), to provide an interest bearing subordinated loan for a sum of H 3,000 Crore to meet HRRL’s project expenditure [Govt. of
India’s approval is awaited for equity infusion into HRRL by the Corporation, beyond the currently approved limit]. Towards this, as
of 31.03.2024, a loan of H 500 Crore has been disbursed to HRRL, which would be repayable by way of issue of equivalent amount of
Equity Shares to the Corporation. Following are the further details:
Amount Outstanding % of Total Loans and

Type of Borrower (J /Crore) Advances
31.03.2024 31.03.2023 31.03.2024 31.03.2023
Related Party 500.00 - 30.35% -
70. Relationship with Struck Off Companies

(H / Crore)
Nature of Balance O/s as on Relationship,
Name
transaction 31.03.2024 31.03.2023 if any
Unicon Fincap Private Limited Payable 0.02 0.01 None
Naku Tanti Escapades Private Limited Payable 0.00 0.00 None
Goyals Constructions Investments Private Limited Payable 0.00 0.00 None
Redhill Iron & Steel Private Limited Payable 0.00 0.00 None
Farishta International Private Limited Payable 0.01 0.01 None
Elgin Enterprises Private Limited Payable - 0.00 None
Kothari Intergroup Limited Payable 0.00 0.00 None
Home Trade Limited Payable 0.01 0.01 None
Devi Nine Tradings Private Limited Payable 0.00 0.00 None
Airborne Aero Services Private Limited Payable 0.00 0.00 None
First Office Solutions India Private Limited Payable 0.00 0.00 None
Decentrik Technologies Private Limited Receivable 0.00 0.00 None
Burn Standard Co Ltd Payable 0.08 0.08 None
Redrix Petrochemicals Private Limited Payable - 0.01 None
Hindustan Auto Components Private Limited Payable - 0.00 None
Wmmp Tech Private Limited Payable - 0.00 None
Synod Bioscience Private Limited Payable 0.01 0.01 None
Pragati Enterprises Private Limited Receivable 0.01 0.01 None
K G N Traders Private Limited Receivable 0.00 0.00 None
Eco E Waste Recyclers India Private Limited Receivable 0.00 0.00 None
Continental Earthmovers Pvt Ltd Payable 0.01 0.00 None
Continental Earthmovers H Pvt.Ltd Payable 0.00 - None
Parishram Builders Pvt Ltd Payable 0.02 0.02 None
Chandra Prakash Singh Const Pvt Ltd Payable 0.10 - None
278
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72nd Report
71. Financial Ratios
Ratio 31.03.2024 31.03.2023 Variance (%) Reason for Variance

(a) Current Ratio (Times) 0.61 0.60 1.67%
(Current Assets / Current Liabilities)
(b) Debt-Equity Ratio (Times) 1.47 2.33 (36.91%) Due to improved profitability of the
Borrowings (Long Term + Short Term) / Equity Corporation during the current financial
year, there has been increase in equity
base and reduction in borrowings. This
has resulted in improved Debt-Equity
Ratio as of 31.03.2024 as compared to
31.03.2023.
(c) Debt service coverage Ratio (Times) 1.14 (0.21) (642.86%) Due to improved profitability of the
(Profit after tax + Finance cost + Corporation during the current financial
Depreciation) / (Finance cost + Principal year, there has been improvement
Repayment (Long term borrowing and Lease in debt service coverage ratio, which
Liabilities)) was partly offsetted by increase in
repayment of borrowings over previous
year.
(d) Return on Equity Ratio (%) 42.75% (27.03%) (258.13%) The improvement in return on equity
(Profit after tax / Average Equity) ratio, is mainly due to improved
profitability of the Corporation during
the year.
(e) Inventory Turnover Ratio (Times) 14.53 14.37 1.11%
(Sale of Products / Average Inventory)
(f) Trade Receivables Turnover Ratio (Times) 56.98 70.68 (19.38%)
(Sale of Products / Average Trade
Receivables)
(g) Trade Payables Turnover Ratio (Times) 16.38 17.80 (8.01%)
(Purchases of Stock in trade, Raw Materials &
Packages + Other Expenses / Average Trade
Payables)
(h) Net Capital Turnover Ratio (Times) (14.57) (18.29) (20.37%)
(Sale of Products / Average Working Capital)
(i) Net Profit Ratio (%) 3.18% (1.92%) (265.35%) Primarily, due to improved margins
(Profit after Tax / Revenue from Operations) during the year. Previous year was
adversely impacted due to losses
incurred pursuant to suppressed
margins on certain petroleum products.
(j) Return on Capital Employed (%) 21.29% (10.69%) (299.26%) Primarily, due to improved profitability
(Profit before exceptional item, interest and during the current year. Further, there
tax / Average Capital Employed) has been decrease in borrowings due to
Average Capital Employed = Net Worth + repayments made during the year.
Total Debt + Deferred Tax Liability"
(k) Return on Investment (%)
((Closing Balance + Interest + Dividend -
opening balance +/- Cash Flows during
the Period - Loan Conversion) / Average
Investments)
- Investment in Subsidiaries, Associates 2.44% 4.23% (42.28%) Reduction in dividend receipts as well as
and Joint Ventures increased investments in Subsidiaries,
Associates and Joint Ventures during
the year, has impacted the return on
investment.
279
Ratio 31.03.2024 31.03.2023 Variance (%) Reason for Variance

- Investment in Government Securities 7.32% 3.10% 135.99% Decrease in Yield Rates in the market
has resulted in MTM gains during the
current year.
- Other Investments 85.96% 15.59% 451.57% Primarily due to significant MTM gains
during the current year on these
investments.
72. Other Disclosures

72.1. The Quarterly returns / statements of the first 3 quarters of the current financial year with respect to current assets (Inventories)
filed with banks / financial institutions for the financial year 2023-24 are in agreement with the books of accounts. The return for
the 4th quarter, being price sensitive information, will be filed after declaration of annual results.
72.2. Compliance with number of layers of companies as per Clause 87 of Section 2 of the Companies Act, 2013 read with Companies
(Restriction on number of Layers) Rules, 2017 is not applicable for Government Companies.
72.3. There have not been any revaluation of Property, Plant & Equipment and Intangible Assets.
72.4. The borrowings from banks and financial institutions were used for the purpose for which it was taken.
72.5. There are no proceedings initiated or pending for holding any benami property under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and rules made thereunder.
72.6. No Bank or financial institution or other lender has declared the Corporation as willful defaulter.
72.7 There are no Charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory / stipulated period.
72.8. There are no pending applications with any authority for a scheme of arrangement in terms of sections 230 to 237 of the
72.9. To the best of knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”)
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall directly or indirectly lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the Corporation (Ultimate Beneficiaries) or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
To the best of knowledge and belief, no funds have been received from any person or entity, including foreign entity (“Funding
Parties”), with the understanding, whether recorded in writing or otherwise, to directly or indirectly, lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiary”) or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries
72.10. There are no unrecorded transactions, which have been surrendered or disclosed as Income during the year in the tax assessments
under the Income tax act, 1961.
72.11. There are no trading entered into or investments made in Crypto Currency or Virtual Currency during the year.
73. Previous periods figures are regrouped wherever necessary.
280
Annual
72nd Report
C&AG’s Comments 2023-24
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6)(b) OF THE
COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS OF HINDUSTAN PETROLEUM CORPORATION
LIMITED FOR THE YEAR ENDED 31 MARCH 2024
The preparation of financial statements of Hindustan Petroleum Corporation Limited for the year ended 31 March 2024
in accordance with the financial reporting framework prescribed under the Companies Act, 2013 is the responsibility of the
management of the company. The statutory auditors appointed by the Comptroller and Auditor General of India under
section 139(5) are responsible for expressing opinion on the financial statements under section 143 of the Act based on
independent audit in accordance with the standards on auditing prescribed under section 143(10) of the Act. This is stated
to have been done by them vide their Revised Audit Report dated 10 July 2024 which supersedes their earlier Audit Report
dated 09 May 2024.
I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit of the financial
statements of Hindustan Petroleum Corporation Limited for the year ended 31 March 2024 under section 143(6)(a) of the Act.
This supplementary audit has been carried out independently without access to the working papers of the statutory auditors
and is limited primarily to inquiries of the statutory auditors and company personnel and a selective examination of some of
the accounting records.
In view of the revision made in the statutory auditors’ report, to give effect to some of my audit observations raised
during supplementary audit, I have no further comments to offer upon or supplement to the statutory auditors’ report under
section 143(6)(b) of the Act.
For and on behalf of the

Comptroller & Auditor General of India
sd/-
Place: Mumbai Sandip Roy
Date: 16 July 2024 Director General of Commercial Audit, Mumbai
281
Revised Independent Auditors’ Report

TO THE MEMBERS OF
Revised Report on the Audit of the Consolidated the manner so required and give a true and fair view in conformity
Financial Statements with the Indian Accounting Standards prescribed under section 133
of the Act read with the Companies (Indian Accounting Standards)
Being a Government Company, the Comptroller & Auditor General
Rules, 2015 as amended (“Ind AS”) and accounting principles
of India has carried out supplementary audit of financial statements
generally accepted in India, of the consolidated state of affairs
of Hindustan Petroleum Corporation Limited (‘the Company’)
of the Group, of its associates and joint ventures as at March 31,
pursuant to provisions of Section 143 (6) of the Companies Act,
2024, of its consolidated profit, consolidated total comprehensive
2013. The Comptroller & Auditor General has issued provisional
income, consolidated changes in equity and consolidated cash
comments on Independent Auditor’s Report. On considering the
flows for the year ended on that date.
comments, we are hereby issuing revised Independent Auditors’
Report on Consolidated Financial Statements, while making Basis for Opinion
changes only in clause (ii)(a) and clause (vii)(b) of Annexure I to the
We conducted our audit in accordance with the Standards on
Independent Auditors’ Report on Standalone Financial Statements,
Auditing (“SAs”) specified under section 143(10) of the Act. Our
and accordingly we are replacing our original report which was
responsibilities under those Standards are further described in
issued on May 9, 2024. There is no other change in our report
the “Auditors’ Responsibilities for the Audit of the Consolidated
including in financial figures and our opinion.
Financial Statements” section of our report. We are independent of
Opinion the Group, its associates and joint ventures in accordance with the
Code of Ethics issued by the Institute of Chartered Accountants
We have audited the accompanying Consolidated Financial
of India (“ICAI”) together with the ethical requirements that are
Statements of Hindustan Petroleum Corporation Limited
relevant to our audit of the consolidated financial statements
(“the Holding Company”) and its subsidiaries (the Holding
under the provisions of the Act and the rules made thereunder, and
Company and subsidiaries together referred to as “the Group”),
we have fulfilled our other ethical responsibilities in accordance
its associates and joint ventures, which comprise the consolidated
with these requirements. We believe that the audit evidence we
Balance Sheet as at March 31, 2024, the consolidated Statement
have obtained is sufficient and appropriate to provide a basis
of Profit and Loss (including Other Comprehensive Income), the
for our opinion.
consolidated Statement of Changes in Equity and the consolidated
Statement of Cash Flows for the year then ended and notes to the Key Audit Matters
Consolidated Financial Statements, including material accounting
Key audit matters are those matters that, in our professional
policy information and other explanatory information (hereinafter
judgment, were of most significance in our audit of the consolidated
referred to as “the consolidated financial statements”).
financial statements of the current period. These matters were
In our opinion and to the best of our information and according addressed in the context of our audit of the consolidated financial
to the explanations given to us and based on the consideration of statements as a whole, and in forming our opinion thereon, and
reports of other auditors on separate financial statements and on we do not provide a separate opinion on these matters. We have
the other financial information of the subsidiaries, associates and determined, taking into consideration audit report issued by us on
joint ventures, the aforesaid consolidated financial statements give the standalone financial statements of the holding company and
the information required by the Companies Act, 2013 (‘the Act’) in audit reports issued by other auditors of the subsidiaries, associates
and joint ventures not audited by us, the matters described below
to be the key audit matters to be communicated in our report:
282
Annual
72nd Report
Sr.
No.
1 Integrity of data and financial reporting on transition How the Key Audit matter was addressed
to SAP
During the year the Holding Company has migrated to Our audit approach / procedures included the following:
Enterprise Resource Planning (“ERP”) viz., System Applications Performing extensive testing and reconciliation procedures
and Products in Data Processing (“SAP”) from ERP JD Edwards to ensure that all data migrated to the SAP system are
(“JDE”) with effect from July 1, 2023, onwards. With regard to accurate and complete;
above, key matters involved included the following:
Evaluating the effectiveness of controls implemented for
Accuracy and Completeness of Data Migration; data integrity and to prevent misrepresentation during the
Integrity of financial reporting during transition; transition ensuring the accuracy and reliability of financial
Effectiveness of controls within SAP system; reports generated from the SAP system;
Taking into consideration significance of the matter, this has Assessing the design and implementation of controls within the
been determined as key audit matter. SAP system, including access controls, segregation of duties,
and transaction monitoring to determine their effectiveness in
mitigating risks related to data security, fraud and errors;
Placing reliance on the exercise conducted by the management
with the help of consultant to check the data migration process
covering above matters, design of internal controls, and its
operating effectiveness including the IT systems and control.
2 Property, plant and equipment and capital work in How the Key Audit matter was addressed
progress
The Holding Company has, during the year, executed Our audit approach / procedures included the following:
various projects and is also in the process of executing Understanding and evaluating the system of internal control
various projects like expansion of refinery, installation of processes over the projects and those included in capital
bio-refinery and other new plants, depots, LPG bottling work in progress, with reference to identification and testing
plants, terminals, pipelines, etc. Since these projects take of key controls;
a substantial period of time to get ready for intended
Reviewing Board minutes relating to approvals of the projects
use. Due to the materiality of the amounts capitalized
and changes in estimates thereof;
and included in Capital Work in Progress, in the context
of the Balance Sheet of the Company, this is considered Assessing the progress of the project and the intention and
to be a key area having significant effect on the overall ability of the management to bring the asset to its state
audit strategy and allocation of resources in planning and of intended use;
completion of our audit; Understanding, evaluating and testing the design and
With regard to above capital projects, management has operating effectiveness of key controls relating to capitalisation
identified specific expenditure including employee costs of various costs incurred;
and other overheads relating to each of the assets in the Testing, on sample basis, the direct and indirect costs
above capital projects and has applied judgement to assess capitalised, with the underlying supporting documents to
if the costs incurred in relation to these assets meet the ascertain nature of costs and basis for allocation, where
recognition criteria of Property, Plant and Equipment in applicable, and evaluated whether they meet the recognition
accordance with Ind AS 16; criteria provided in the Indian Accounting Standard (Ind AS) 16,
There are areas where management judgements impact Property, Plant and Equipment;
the carrying value of the property, plant and equipment, Ensuring adequacy of disclosures in the standalone
intangible assets and their respective depreciation/ financial statements;
amortization rates. These include the decision to capitalise Reviewing the judgements made by the management including
or expense costs, the annual asset life review, the timeliness the nature of underlying costs capitalized, determination
of the capitalisation of assets and the use of management of realizable value of the assets retired from active use, the
assumptions and estimates for the determination or the appropriateness of useful lives applied in the calculation of
measurement and recognition criteria for assets retired depreciation/amortization, the useful lives of assets prescribed
from active use; in Schedule II to the Act and the useful lives of certain assets
This has been determined as a key audit matter due to as per the technical assessment of the management. We have
the significance of the capital expenditure during the year found that the management has regularly reviewed aforesaid
as compared to the existing block of Property, Plant and judgments and there are no material changes.
Equipment, the risk that the elements of costs that are
eligible for capitalisation are not appropriately capitalised
in accordance with the recognition criteria provided in Ind
AS 16 and the complex nature of the project.
283
Sr.
No.
3 Evaluation of uncertain indirect tax positions How the Key Audit matter was addressed
The Holding Company has material uncertain indirect tax Our audit approach / procedures included the following:
positions including matters under dispute which involves
significant judgments and estimates to determine the possible Evaluating and testing the appropriateness of the design and
outcome of these disputes. The Company has disputes pending the operating effectiveness of the management’s controls over
at various levels of tax authorities over the past several years. the tax litigation matters;
(Refer Note No.- 53).
Reviewing the management’s underlying assumptions in
Because of the judgement required, the area determined to be estimating the tax provision based on the possible outcome of
a key audit matter. the disputes, legal precedence and other rulings in evaluating
management’s position on these uncertain tax positions;
Relying upon the management judgements, industry level

deliberations and estimates for possible outflow and opinion
of internal experts of the Company in relation to such
disputed tax positions.
Information Other than the Consolidated Financial consolidated financial position, consolidated financial performance,
Statements and Auditors’ Report thereon consolidated changes in equity and consolidated cash flows of the
Group and of its associates and joint ventures in accordance with
The Holding Company’s management and the Board of Directors
the accounting principles generally accepted in India including
is responsible for preparation of the other information. The other
the Indian Accounting Standards specified under section 133
information comprises the information included in the Directors’
of the Act. The respective Board of Directors of the companies
Report including Annexures to the Directors’ Report, Corporate
included in the Group and of its associates and joint ventures are
Governance Report, Management Discussion and Analysis Report
responsible for maintenance of adequate accounting records in
and Business Responsibility and Sustainability Report but does not
accordance with the provisions of the Act for safeguarding the
include the consolidated financial statements and our auditors’
assets of the Group and its associates and joint ventures and for
report thereon. The other information as above is expected to be
preventing and detecting frauds and other irregularities; selection
made available to us after the date of this auditors’ report.
and application of appropriate accounting policies; making
Our opinion on the consolidated financial statements does not judgments and estimates that are reasonable and prudent; and
cover the other information and we will not express any form of the design, implementation and maintenance of adequate internal
assurance conclusion thereon. financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to
In connection with our audit of the consolidated financial the preparation and presentation of the financial statements that
statements, our responsibility is to read the other information give a true and fair view and are free from material misstatement,
identified above when it becomes available and, in doing so, whether due to fraud or error, which have been used for the
consider whether the other information is materially inconsistent purpose of preparation of the consolidated financial statements
with the consolidated financial statements, or our knowledge by the Directors of the Holding Company, as aforesaid.
obtained during the course of our audit or otherwise appears to
be materially misstated. In preparing the consolidated financial statements, the respective
management and Board of Directors of the companies included in
When we read the other information, if we conclude that there is the Group and of its associates and joint ventures are responsible
a material misstatement therein, we are required to communicate for assessing the ability of the respective entities to continue as a
the matter to those charged with governance. going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless
Responsibilities of Management and Those the respective Board of Directors either intend to liquidate their
Charged with Governance for the Consolidated respective entities or to cease operations, or have no realistic
Financial Statements alternative but to do so.
The Holding Company’s management and the Board of Directors The respective Board of Directors of the companies included in the
is responsible for preparation and presentation of these Group and of its associates and joint ventures are also responsible
consolidated financial statements in terms of the requirements for overseeing the financial reporting process of the Group and of
of the Companies Act,2013 that give a true and fair view of the its associates and joint ventures.
284
Annual
72nd Report
Auditors’ Responsibilities for the Audit of the Evaluate the overall presentation, structure and content of the
Consolidated Financial Statements consolidated financial statements, including the disclosures,
and whether the consolidated financial statements represent
Our objectives are to obtain reasonable assurance about whether
the underlying transactions and events in a manner that
the consolidated financial statements as a whole are free from
achieves fair presentation.
material misstatement, whether due to fraud or error, and to
issue an auditors’ report that includes our opinion. Reasonable Obtain sufficient appropriate audit evidence regarding the
assurance is a high level of assurance, but is not a guarantee that financial information of the entities within the Group and
an audit conducted in accordance with SAs will always detect a its associates and joint ventures to express an opinion on
material misstatement when it exists. Misstatements can arise the consolidated financial statements. We are responsible
from fraud or error and are considered material if, individually or for the direction, supervision and performance of the
in the aggregate, they could reasonably be expected to influence audit of financial information of such entities included in
the economic decisions of users taken on the basis of these the consolidated financial statements of which we are the
consolidated financial statements. independent auditors. For the other entities included in the
consolidated financial statements, which have been audited
As part of an audit in accordance with SAs, we exercise professional
by other auditors, such other auditors remain responsible
judgment and maintain professional skepticism throughout the
for the direction, supervision and performance of the audits
audit. We also:
carried out by them. We remain solely responsible for
Identify and assess the risks of material misstatement of the our audit opinion.
consolidated financial statements, whether due to fraud or
We communicate with those charged with governance of the
error, design and perform audit procedures responsive to
Holding Company regarding, among other matters, the planned
those risks, and obtain audit evidence that is sufficient and
scope and timing of the audit and significant audit findings,
appropriate to provide a basis for our opinion. The risk of
including any significant deficiencies in internal control that we
not detecting a material misstatement resulting from fraud is
identify during our audit.
higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, We also provide those charged with governance of the Holding
or the override of internal control. Company with a statement that we have complied with
relevant ethical requirements regarding independence, and to
Obtain an understanding of internal financial control relevant
communicate with them all relationships and other matters that
to the audit in order to design audit procedures that are
may reasonably be thought to bear on our independence, and
appropriate in the circumstances. Under section 143(3)(i) of
where applicable, related safeguards.
the Act, we are also responsible for expressing our opinion on
whether the Holding Company and its subsidiary companies From the matters communicated with those charged with
and its associates and joint ventures which are companies governance, we determine those matters that were of most
incorporated in India, have adequate internal financial significance in the audit of the consolidated financial statements
controls system in place and the operating effectiveness of the current period and are therefore the key audit matters.
of such controls. We describe these matters in our auditors’ report unless law or
regulation precludes public disclosure about the matter or when,
Evaluate the appropriateness of accounting policies used
in extremely rare circumstances, we determine that a matter
and the reasonableness of accounting estimates and related
should not be communicated in our report because the adverse
disclosures made by the management.
consequences of doing so would reasonably be expected to
Conclude on the appropriateness of management’s use of outweigh the public interest benefits of such communication.
the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty Other Matters
exists related to events or conditions that may cast significant
(a) We did not audit the financial statements and other financial
doubt on the ability of the Group and its associates and joint
information of Visakh Refinery which is considered as a
ventures to continue as a going concern. If we conclude
branch and included in the standalone financial statements
that a material uncertainty exists, we are required to draw
of the Holding Company, whose financial statements reflect
attention in our auditors’ report to the related disclosures in
total assets of H 43,739.49 crore as at March 31, 2024 and
the consolidated financial statements or, if such disclosures
total revenues of H 84,254.60 crore, net profit before tax
are inadequate, to modify our opinion. Our conclusions are
of H 1,705.43 crore and total comprehensive income of
based on the audit evidence obtained up to the date of our
H 1,683.58 crore for the year ended March 31, 2024, as
auditors’ report. However, future events or conditions may
considered in the Standalone Financial Statements of the
cause the Group and its associates and joint ventures to
Holding Company. The financial statements of the Visakh
cease to continue as a going concern.
Refinery have been audited by the Branch Auditor of the
285
Holding Company. The Branch Auditors’ report dated April us. These financial statements and other financial information
22, 2024, has been furnished to us and our opinion on the are unaudited and have been certified and furnished to us
standalone financial statements of the Holding Company in by the management. Our opinion, in so far as it relates to
so far as it relates to the amounts and disclosures included in the amounts and disclosures included in respect of theses
respect of this branch, is based solely on the report of such subsidiaries and joint venture and our report in terms of sub-
branch auditor. section (3) of section 143 of the Companies Act, 2013 in so
far as it relates to the aforesaid subsidiaries and joint venture
(b) We did not audit the financial statements and other financial is based solely on such unaudited financial statements and
information of 3 subsidiaries included in the consolidated other unaudited financial information which have been
financial statements, whose financial statements reflect certified and furnished to us by the Management. In our
total assets of H 4,764.00 crore as at March 31, 2024 and opinion and according to the information and explanations
total revenues of H 420.13 crore, total comprehensive loss given to us by the Management, these financial statements /
(net) of H 18.46 crore and net cash inflow of H 16.00 crores financial information are not material to the Group.
for the year ended on March 31,2024, as considered in the
consolidated financial statements. The consolidated financial (d) We refer to Note no. 50 in respect of 17 unincorporated
statements also include the Group’s share of net profit after Joint Operations involved in exploration activities, of which
tax of H 1,684.98 crore for the year ended March 31, 2024, majority are under relinquishment. The standalone financial
as considered in the consolidated financial statements, in statements of the Holding Company include Holding
respect of 3 associates and 11 joint ventures, whose financial Company’s proportionate share in Assets and Liabilities as on
statements have not been audited by us. These financial March 31, 2024, amounting to H 3.08 crore and H 6.35 crore,
statements have been audited by other auditors whose and Income and Expenditure for the year ended March 31,
reports have been furnished to us by the management and 2024, H 35.14 crore and H 2.34 crore respectively, of these joint
our opinion on the Consolidated Financial Statements, in so operations which have been included based on unaudited
far as it relates to the amounts and disclosures included in financial information. Our opinion in respect thereof is solely
respect of these subsidiaries, joint ventures and associates, based on the management certified Information.
and our report in terms of section 143(3) of the Act, insofar
as it relates to the aforesaid subsidiaries, joint ventures and We have placed reliance on technical/commercial
associates is based solely on the reports of the other auditors. evaluation by the management in respect of categorization
of wells, allocation of cost incurred on them, liability for
One of the subsidiaries is located outside India whose financial decommissioning costs, liability for NELP and nominated
statements and other financial information have been blocks for under performance against agreed Minimum
prepared in accordance with accounting principles generally Work Programme.
accepted in their country and which have been audited by
other auditor under generally accepted auditing standards (e) The financial statements/financial information of 1 joint
applicable in their country. The Subsidiary’s management venture company under the process of liquidation is not
has converted the financial statements of subsidiary located included in the consolidated financial statements. In our
outside India from accounting principles generally accepted opinion and according to the information and explanations
in their country to accounting principles generally accepted given to us by the Management, this financial statements /
in India and certified by their auditors. Our opinion in so far financial information is not material to the Group.
as it relates to the balances and affairs of such subsidiary
Our opinion is not modified in respect of these matters.
located outside India is based on the report of other auditor
and the conversion adjustments prepared by the Subsidiary
management and certified by their auditors. Report on Other Legal and Regulatory
Requirements
(c) We did not audit the financial statements and other financial
1. As required by section 143(3) of the Act, based on our audit
information of 2 subsidiaries included in the consolidated
and on the consideration of report of the other auditors
financial statements, whose financial statements reflect
on separate financial statements and the other financial
total assets of H 248.84 crore as at March 31, 2024 and total
information of subsidiaries, associates and joint ventures,
revenues of H 41.38 crore, total comprehensive loss (net) of
as noted in the ‘other matters’ paragraph, we report, to the
H 70.93 crore and net cash outflow of H 28.78 crores for the year
extent applicable, that:
ended on March 31,2024, as considered in the consolidated
financial statements. The consolidated financial statements (a) We have sought and obtained all the information and
also include the Group’s share of net loss after tax of H 1.57 explanations which to the best of our knowledge and
crores for the year ended March 31, 2024, as considered in belief were necessary for the purposes of our audit
the consolidated financial statements, in respect of 1 joint of the aforesaid consolidated financial statements.
venture, whose financial statements have not been audited by However we have not received responses to Group Audit
286
Annual
72nd Report
Instructions from the auditors of 5 entities comprising On the basis of the reports of the auditors of subsidiary
of subsidiaries, associates and joint ventures; companies comprise in the Group and associates
and joint venture companies other than Government
(b) In our opinion, proper books of account as required by Companies to the extent incorporated in India, the
law relating to preparation of the aforesaid consolidated remuneration paid by these Companies to their
financial statements have been kept so far as it appears directors during the year is in accordance with the
from our examination of those books; provisions of section 197 of the Act.
(c) The Consolidated Balance Sheet, the Consolidated (h) With respect to the other matters to be included
Statement of Profit and Loss (including Other in the Auditors’ Report in accordance with Rule 11
Comprehensive Income), Consolidated Statement of of the Companies (Audit and Auditors) Rules, 2014,
Changes in Equity and the Consolidated Statement of as amended, in our opinion and to the best of our
Cash Flows dealt with by this Report are in agreement information and according to the explanations given
with the relevant books of account maintained for to us and based on the consideration of reports of
the purpose of preparation of the consolidated other auditors on separate Financial Statements as
financial statements; also the other financial information of the subsidiaries,
associates and joint ventures, as noted in the ‘Other
(d) In our opinion and to the best of our information
matters’ paragraph:
and according to the explanations given to us, the
aforesaid consolidated financial statements comply i. The consolidated financial statements disclose the
with the Indian Accounting Standards specified under impact of pending litigations on the consolidated
section 133 of the Act read with the Companies (Indian financial position of the Group, its associates
Accounting Standard) Rules, 2015, as amended; and joint ventures (Refer Note No. 53 to the
consolidated financial statements);
(e) As per Notification number G.S.R. 463(E) dated June 5,
2015 issued by Ministry of Corporate Affairs, section ii. Provision has been made in the consolidated
164(2) of the Act regarding the disqualifications of financial statements, as required under the
Directors is not applicable to the Holding Company, applicable law or accounting standards, for material
since it is a Government Company. foreseeable losses, if any, on long- term contracts
including derivative contracts (Refer Note No. 55 to
On the basis of the reports of the auditors of
the consolidated financial statements);
subsidiary companies and associate and joint venture
companies other than Government Companies to the iii. There has been no delay in transferring amounts
extent incorporated in India, none of the directors of required to be transferred to the Investor
subsidiary companies and associate and joint venture Education and Protection Fund by the Holding
companies other than Government Companies to the Company and its subsidiary companies, associates
extent incorporated in India is disqualified as on March and joint ventures incorporated in India;
31, 2024 from being appointed as a director in terms of
section 164 (2) of the Act; iv. (a) The respective managements of the Holding
Company and that of its subsidiaries,
(f) With respect to the adequacy of the internal financial associates and joint ventures which are
controls with reference to financial statements and the companies incorporated in India whose
operating effectiveness of such controls, refer to our financial statements have been audited under
separate Report in “Annexure I” which is based on the the Act have represented to us and the other
auditors’ reports of the Holding Company and auditors’ auditors of such subsidiaries, associates and
reports of its subsidiaries, associate and joint venture joint ventures respectively that, to the best
companies incorporated in India. of their knowledge and belief, no funds have
been advanced or loaned or invested (either
(g) With respect to the other matters to be included in the
from borrowed funds or share premium or
Auditors’ Report in accordance with the requirements of
any other sources or kind of funds) by the
section 197(16) of the Act, as amended, we report that:
Holding Company or any of such subsidiaries,
As per Notification number G.S.R. 463 (E) dated June 5, associates or joint ventures to or in any other
2015 issued by Ministry of Corporate Affairs, Section person or entity, including foreign entity
197 of the Act regarding remuneration to directors is (“Intermediaries”), with the understanding,
not applicable to the Holding Company, since it is a whether recorded in writing or otherwise,
Government Company. that the Intermediary shall, directly or
indirectly lend or invest in other persons or
287
entities identified in any manner whatsoever in accordance with section 123 of the Act to the
by or on behalf of the holding Company or extent it applies to payment of dividend.
any of such subsidiaries associates or joint
ventures (“Ultimate Beneficiaries”) or provide The Board of Directors of Holding Company, a joint
any guarantee, security or the like on behalf venture company and an associate company have
of the Ultimate Beneficiaries; proposed final dividend for the year which is subject
to the approval of the members at the ensuing
(b) The respective managements of the Holding Annual General Meeting. The dividend declared is
Company and that of its subsidiaries, in accordance with section 123 of the Act to the
associates and joint ventures which are extent it applies to declaration of dividend;
companies incorporated in India whose
financial statements have been audited under vi. Based on our examination which included test
the Act have represented to us and the other checks, and that performed by the respective
auditors of such subsidiaries, associates and auditors of the subsidiaries, associates and joint
joint ventures respectively that, to the best ventures which are Companies incorporated
of their knowledge and belief no funds have in India whose financial statements have been
been received by the Holding Company or audited under the Act, the Holding Company,
any of such subsidiaries, associates and joint subsidiaries, associates and joint ventures have
ventures from any person or entity, including used accounting software for maintaining its books
foreign entity (“Funding Parties”), with the of account which has a feature of recording audit
understanding, whether recorded in writing trail (edit log) facility and the same has operated
or otherwise, that the Company or any of such throughout the year for all relevant transactions
subsidiaries shall, directly or indirectly, lend or recorded in the software. Further, during the
invest in other persons or entities identified course of our audit we did not come across any
in any manner whatsoever by or on behalf of instance of audit trail feature being tampered with
the Funding Party (“Ultimate Beneficiaries”) or and the same has been preserved as per statutory
provide any guarantee, security or the like on requirements of record retention except in respect
behalf of the Ultimate Beneficiaries; of two joint ventures (JV) where their auditors have
stated as mentioned below:
(c) Based on such audit procedures that have
been considered reasonable and appropriate a. “Based on our examination, the company,
in the circumstances performed by us on has used an accounting software for
the Holding Company and performed by maintaining its books of account which has
the other auditors in respect of subsidiaries, a feature of recording audit trail (edit log)
associate and joint venture which are facility except that no audit trail feature was
companies incorporated in India whose enabled at the database level in respect of
financial statements have been audited under the software (DB2 version) to log any direct
the Act, nothing has come to our or other data changes. Further, the audit trail facility
auditors’ notice that has caused us or other has been operated throughout the year for
auditors to believe that the representations all relevant transactions recorded in the
under sub-clause (i) and (ii) of Rule 11(e), as accounting software, except for the software
provided under (a) and (b) above, contain any at the data base level as stated above, in
material misstatement; respect of which the audit trail facility has not
operated throughout the year for all relevant
v. As stated in Note No. 46 to the consolidated transactions recorded in this accounting
financial statements and on the basis of the reports software as it was not enabled. Further,
of the auditors of subsidiaries, associates and joint during the course of our audit we did not
ventures that are companies incorporated in India: come across any instance of audit trail
feature being tampered with”; and
The final dividend paid by 2 joint venture
companies during the year in respect of the same b. “Based on our examination which included
declared for the previous year is in accordance test checks, the Holding company along
with section 123 of the Act to the extent it applies with its subsidiaries which are companies
to payment of dividend. The interim dividend incorporated in India whose Ind AS financial
declared and paid by the Holding Company, 5 joint statements have been audited under the
venture companies and 1 associate company is Act, the Holding company along with its
288
Annual
72nd Report
subsidiaries used accounting software (SAP that audit trail feature is not enabled at the
ECC 6.0 EHP7) for maintaining its books of application underlying database in some of
account which has a feature of recording the matters as more particularly described
audit trail (edit log) facility and the same has in company’s note 34 to Consolidated Ind
operated throughout the year for all relevant AS financial statements. No instance of audit
transactions recorded in the software except trail feature being tampered with was noted
in respect of accounting software”.
2. With respect to the matters specified in paragraphs 3(xxi) and 4 of the Companies (Auditor’s Report) Order, 2020 (the “Order”/
“CARO”) issued by the Central Government in terms of section 143(11) of the Act, to be included in the Auditors’ report, according to
the information and explanations given to us and based on the CARO report issued by us for the Holding Company and based on
CARO reports issued by other auditors in respect of subsidiary, associate and joint venture companies audited by them respectively
and included in the consolidated financial statements, to which reporting under CARO is applicable, we report that there are no
qualifications or adverse remarks in these CARO reports except following:
Sr. Holding Company/Subsidiary/ Clause number of

Name of the Company CIN
No. Associate/Joint Venture the CARO report
1 Hindustan Petroleum Corporation L23201MH1952GOI008858 Holding Company 3(xi)(a)
Limited
2 South Asia LPG Company Private U11101AP1999PTC032851 Joint Venture 3(xx)(a)
Limited

FRN: 101961W/W-100036 FRN: 110266W
sd/- sd/-
Vijay Mehta J Singh
Partner Partner
UDIN: 24106533BKCEOI1251 UDIN: 24042023BKEXWI9513
Place: Mumbai
289
Annexure I to the Independent Auditors’ Report

(Referred to in paragraph 1(f) under “Report on Other Legal and Regulatory Requirements” of our report of even date)
Report on the Internal Financial Controls with Those Standards and the Guidance Note require that we comply
reference to Consolidated Financial Statements with ethical requirements and plan and perform the audit to obtain
under clause (i) of sub-section 3 of section 143 of reasonable assurance about whether adequate internal financial
the Companies Act, 2013 (“the Act”) controls with reference to consolidated financial statements
was established and maintained and if such controls operated
We have audited the internal financial controls with reference
effectively in all material respects.
to consolidated financial statements of Hindustan Petroleum
Corporation Limited (hereinafter referred to as “Holding Our audit involves performing procedures to obtain audit
Company”) and its subsidiary, associate and joint venture evidence about the adequacy of the internal financial controls
companies incorporated in India, as at March 31, 2024 in with reference to consolidated financial statements and their
conjunction with our audit of the consolidated financial statements operating effectiveness. Our audit of internal financial controls
of the Holding Company as at and for the year ended on that date. with reference to consolidated financial statements included
obtaining an understanding of internal financial controls with
Management’s Responsibility for Internal Financial reference to consolidated financial statements, assessing the
Controls risk that a material weakness exists and testing and evaluating
the design and operating effectiveness of internal control based
The respective Board of Directors of the Holding Company and
on the assessed risk. The procedures selected depend on the
its subsidiary, associate and joint venture companies incorporated
auditors’ judgment, including the assessment of the risks of
in India are responsible for establishing and maintaining internal
material misstatement of the consolidated financial statements,
financial controls with reference to consolidated financial
whether due to fraud or error.
statements based on criteria established by the respective
Company considering the essential components of internal We believe that the audit evidence we have obtained and the
controls stated in the Guidance Note on Audit of Internal audit evidence obtained by other auditors in terms of their
Financial Controls over Financial Reporting (“the Guidance Note”) reports referred to in the Other Matter paragraph below is
issued by the Institute of Chartered Accountants of India (‘ICAI’). sufficient and appropriate to provide a basis for our opinion on
These responsibilities include the design, implementation and the internal financial controls with reference to consolidated
maintenance of adequate internal financial controls that were financial statements.
operating effectively for ensuring the orderly and efficient conduct
of its business, including adherence to respective Company’s
policies, the safeguarding of its assets, the prevention and
Meaning of Internal Financial Controls with
detection of frauds and errors, the accuracy and completeness
reference to Consolidated Financial Statements
of the accounting records, and the timely preparation of reliable A company’s internal financial controls over financial reporting is
financial information, as required under the Act. a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally
Auditors’ Responsibility
accepted accounting principles. A company’s internal financial
Our responsibility is to express an opinion on the internal financial control with reference to financial statements includes those
controls with reference to consolidated financial statements of the policies and procedures that (1) pertain to the maintenance of
Holding Company and its subsidiary, associate and joint venture records that, in reasonable detail, accurately and fairly reflect
companies incorporated in India based on audit conducted the transactions and dispositions of the assets of the company;
by us in respect of Holding Company and based on the audit (2) provide reasonable assurance that transactions are recorded
conducted by other auditors in respect of subsidiary, associate as necessary to permit preparation of financial statements in
and joint venture companies respectively. We conducted our accordance with generally accepted accounting principles, and that
audit in accordance with the Guidance Note on Audit of Internal receipts and expenditures of the company are being made only in
Financial Controls Over Financial Reporting (the “Guidance Note”) accordance with authorizations of management and directors of
and the Standards on Auditing specified under Section 143(10) of the company; and; (3) provide reasonable assurance regarding
the Act, to the extent applicable to an audit of internal financial prevention or timely detection of unauthorized acquisition, use,
controls with reference to consolidated financial statements, both or disposition of the company’s assets that could have a material
issued by the ICAI. effect on the financial statements.
290
Annual
72nd Report
Inherent Limitations of Internal Financial and such internal financial controls with reference to the
Controls with reference to consolidated financial Consolidated Financial Statements were operating effectively as
statements at March 31, 2024, based on the internal control over financial
reporting criteria established by the Holding Company, its
Because of the inherent limitations of internal financial controls over
subsidiaries, its associates and joint ventures considering the
financial reporting, including the possibility of collusion or improper
essential components of internal control stated in the Guidance
management override of controls, material misstatements due to
Note on Audit of Internal Financial Controls Over Financial
error or fraud may occur and not be detected.
Reporting issued by the ICAI.
Also, projections of any evaluation of the internal financial controls
with reference to consolidated financial statements to future Other Matter
periods are subject to the risk that the internal financial control
Our aforesaid report under section 143(3)(i) of the Act on the
with reference to consolidated financial statements may become
adequacy and operating effectiveness of the Internal Financial
inadequate because of changes in conditions, or that the degree
Controls with reference to Consolidated Financial Statements
of compliance with the policies or procedures may deteriorate.
in so far as it relates to 2 subsidiaries, 3 associates, and 11 joint
ventures, which are companies incorporated in India, is based
Opinion on the corresponding reports of the auditors of such companies
In our opinion, to the best of our information and according to incorporated in India. Further, the Company has 1 subsidiary
the explanations given to us and based on the consideration of which is incorporated outside India and 1 joint venture which is
reports of other auditors, the Holding Company, its subsidiaries, its in process of winding up, where Internal Financial Controls with
associates and joint ventures, which are companies incorporated reference to Financial Statements are not applicable.
in India, have, in all material respects, adequate internal financial
Our opinion is not modified in respect of this matter.
controls with reference to the Consolidated Financial Statements

FRN: 101961W/W-100036 FRN: 110266W
sd/- sd/-
Vijay Mehta J Singh
Partner Partner
UDIN: 24106533BKCEOI1251 UDIN: 24042023BKEXWI9513
Place: Mumbai
291
Consolidated Balance Sheet as on 31 st

March, 2024
(H / Crore)
Notes 31.03.2024 31.03.2023
ASSETS
(1) Non-Current Assets
(a) Property, Plant and Equipment 3 78,371.79 67,305.13
(b) Capital Work-in-Progress 4 20,048.26 25,310.74
(c) Goodwill on Consolidation 5 304.92 304.92
(d) Other Intangible Assets 5A 1,085.85 777.41
(e) Intangible Assets Under Development 5B 29.54 296.62
(f) Investment in Joint Ventures and Associates 6 22,654.10 17,809.73
(g) Financial Assets
(i) Other Investments 7 1,703.50 710.53
(ii) Loans 8 1,201.41 977.81
(iii) Other Financial Assets 9 204.24 192.63
(h) Other Non-Current Assets 10 4,329.47 3,677.97
(2) Current Assets
(a) Inventories 11 34,211.46 29,575.00
(b) Financial Assets
(i) Investments 12 5,182.70 5,168.89
(ii) Trade Receivables 13 9,324.09 6,832.38
(iii) Cash and Cash Equivalents 14 279.85 518.48
(iv) Bank Balances other than cash and cash equivalents 15 193.58 153.92
(v) Loans 16 107.97 171.46
(vi) Other Financial Assets 17 2,572.66 1,041.67
(c) Other Current Assets 18 914.09 1,045.30
52,786.40 44,507.10
Assets classified as held for Sale / Disposal 51 65.20 50.49
Total Current Assets 52,851.60 44,557.59
Total Assets 1,82,784.68 1,61,921.08
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital 19 1,418.94 1,418.94
(b) Other Equity 20 45,502.41 30,844.33
Total Equity 46,921.35 32,263.27
Liabilities
(1) Non-Current Liabilities
(i) Borrowings 21 37,943.04 48,171.47
(ia) Lease Liabilities 3,645.15 3,279.97
(ii) Other Financial Liabilities 22 0.32 0.30
(b) Provisions 23 90.60 112.93
(c) Deferred Tax Liabilities (Net) 41 6,932.89 2,927.63
(d) Other Non-Current Liabilities 24 817.49 718.05
Total Non-Current Liabilities 49,429.49 55,210.35
(2) Current Liabilities
(i) Borrowings 25 24,870.08 18,876.83
(ia) Lease Liabilities 225.55 342.75
(ii) Trade Payables: 26
Outstanding dues of micro enterprises and small enterprises 48 785.10 465.15
(iii) Other Financial Liabilities 27 23,651.55 23,460.40
(b) Other Current Liabilities 28 6,817.58 6,154.33
(c) Provisions 29 3,385.32 2,653.76
(d) Current Tax Liabilities (Net) 30 92.56 46.16
Total Current Liabilities 86,342.65 74,447.46
Liabilities directly associated with assets classified as held for sale 51 91.19 -
Total Equity and Liabilities 1,82,784.68 1,61,921.08

sd/-
Pushp Kumar Joshi
sd/-
DIN - 08188549 FRN - 101961W/W-100036 FRN - 110266W
sd/- sd/- sd/-

Place : New Delhi

Date : May 09, 2024
292
Annual
72nd Report
Financial Statements Consolidated Statement of Profit and Loss 2023-24
Consolidated Statement of Profit and Loss for the year ended 31 st

March, 2024
(H / Crore)
Notes 2023-24 2022-23
Income
Revenue From Operations
Sale of Products (Including Excise Duty) 31 4,60,147.32 4,64,989.70
Other Operating Revenue 32 1,821.82 1,508.91
4,61,969.14 4,66,498.61
Other Income 33 1,916.94 1,465.91
Total Income 4,63,886.08 4,67,964.52
Expenses
Cost of Materials Consumed 34 1,26,996.90 1,23,384.36
Purchases of Stock-in-Trade 2,63,318.40 3,02,443.32
Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in- Progress 35 (2,732.49) 1,381.58
Excise Duty 28,112.63 25,789.36
Employee Benefits Expense 36 3,469.74 3,000.67
Finance Costs 37 2,556.00 2,174.11
Depreciation, Amortization and Impairment Expense 3&5A 5,596.43 4,560.15
Other Expenses 38 17,876.18 17,706.40
Total Expenses 4,45,193.79 4,80,439.95
Profit/(Loss) Before share in profit of Joint Ventures and Associates, 18,692.29 (12,475.43)
exceptional Items and Tax
Share in Profit/(Loss) of Joint Ventures and Associates (net of tax) 1,807.98 2,491.51
Profit/(Loss) Before Exceptional Items and Tax 20,500.27 (9,983.92)
Exceptional Items - Income/(Expenses) - -
Tax expense 41
Current tax 814.36 -
Deferred tax 3,936.66 (2,957.58)
Short / (Excess) provision of tax of earlier years 41(e) (265.36) (46.11)
Total Tax Expenses 4,485.66 (3,003.69)
Profit/(Loss) for the year 16,014.61 (6,980.23)
Other Comprehensive Income
Items that will not be reclassified to profit or loss
Re-measurements of the defined benefit plans (152.97) (241.33)
- Income tax relating to above 38.37 60.78
Fair value changes on Equity Instruments through other comprehensive income 932.53 35.44
- Income tax relating to above (67.31) -
Share in Other Comprehensive Income of Joint Ventures and Associates (0.10) (2.87)
750.52 (147.98)
Items that will be reclassified to profit or loss
Effective Portion of Gains/(loss) in a Cash Flow Hedge 2.92 4.01
Share in Other comprehensive Income of Joint Ventures and Associates 31.88 (129.69)
Foreign Currency Translation Reserve (10.50) (38.91)
Income tax relating to items that will be reclassified to profit or loss (0.73) (1.01)
23.57 (165.60)
Other Comprehensive Income for the year (net of tax) 774.09 (313.58)
Total Comprehensive Income/(Loss) for the year (net of tax) 16,788.70 (7,293.81)
Basic and Diluted Earnings per Equity Share (H) 44 112.89 (49.21)

sd/-
Pushp Kumar Joshi
sd/-
DIN - 08188549 FRN - 101961W/W-100036 FRN - 110266W
sd/- sd/- sd/-

Place : New Delhi

Date : May 09, 2024
293
Consolidated Statement of Changes in Equity for the year ended 31 st

March, 2024
A. Statement of Changes in Equity
No. of Shares (J / Crore)

B. Other Equity
(H / Crore)
Reserves & Surplus Foreign
Cash Flow Equity Total
Capital Debenture Currency
Capital General Retained Hedge Instruments Other
Redemption Redemption Translation
Reserve Reserve Earnings Reserve thru OCI Equity
Reserve Reserve Reserve
Balance as on 31st March, 2022 106.83 756.08 0.71 50.10 39,300.16 (251.83) 75.99 (52.77) 39,985.27
Profit / (Loss) for the year - - - - (6,980.23) - - - (6,980.23)
Other Comprehensive income (OCI) - - - - (183.42) (126.69) 35.44 (38.91) (313.58)
for the year (net of tax)*
Final Dividend for 2021-22 - - - - (1,985.97) - - - (1,985.97)
(H 14 per share)
Transfer from Debenture - (30.72) - - 30.72 - - - -
Redemption Reserve
Reclassification to Statement of - - - - - 138.67 - - 138.67
Profit and Loss
Transfers / Additions - - 0.17 - - - - - 0.17
( Net of amortisation )
Profit / (Loss) for the year - - - - 16,014.61 - - - 16,014.61
Other Comprehensive income (OCI) - - - - (114.70) 34.07 865.22 (10.50) 774.09
for the year (net of tax)*
Interim Dividend for 2023-24 - - - - (2,127.82) - - - (2,127.82)
(H 15.00 per share)
Transfer from Debenture - (50.98) - - 50.98 - - - -
Redemption Reserve
Reclassification to Statement of - - - - - (3.00) - - (3.00)
Profit and Loss
Transfers / Additions ( Net of - 0.20 - - - - - 0.20
amortisation )
* Amount of Other comprehensive income for the year (net of tax) shown under retained earnings is on account of remeasurement of Defined Benefit plans.
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Financial Statements Consolidated Statement of Changes in Equity 2023-24
Notes:
Capital Redemption Reserve : Pursuant to buy-back of shares, this reserve is created under Companies Act, 2013 for an amount
equivalent to nominal value of the shares bought back. Utilisation of this reserve is governed under the provisions of Companies Act, 2013.
Debenture Redemption Reserve : The reserve is created on Non-Convertible Debentures under Companies Act, 2013.
Capital Reserve : Created on account of consolidation.
General Reserve : Forms part of the Retained Earnings and available for distribution to shareholders.
Retained Earnings : The balance represents accumulated retained profits and available for distribution to shareholders.
Cash flow Hedge Reserve: Represents the cumulative effective portion of gains or losses arising on changes in fair value of designated
hedging instruments entered into for cash flow hedges. The cumulative gain or loss on such changes are recognised through Other
Comprehensive Income (OCI) and accumulated under this reserve. Such gains or losses will be reclassified to statement of profit and loss
in the period in which the hedged item occurs/affects statement of profit and loss or on termination, if any.
Equity Instruments through OCI : The Group has chosen to recognise the subsequent changes in the fair value of certain investments
in equity instrument through other comprehensive income. These changes are accumulated within 'Equity instruments through OCI’.
Foreign Currency Translation Reserve : Created on account of translation of financial statements of foreign operations of
PPIPL & HMEFZCO.

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Consolidated Cash Flow Statement for the year ended 31 st

March, 2024
(H / Crore)
2023-24 2022-23
A. Cash Flow From Operating Activities

Profit/(Loss) before Tax 20,500.27 (9,983.92)
Adjustments for:
Depreciation, Amortization and Impairment Expense 5,596.43 4,560.15
(Gain)/Loss on sale/write-off of property, plant and equipment, Capital work-in-progress, Assets classified held for sale/ (36.49) 15.38
disposal
Fair value (Gains)/Loss on Investments carried at FVTPL (72.09) 183.76
Finance Costs 2,556.00 2,174.11
Foreign Currency Transaction and Translation (net) 189.66 1,125.13
Net Provision / (Reversal) for Doubtful Debts, Loans & Receivables 93.97 223.54
Bad Debts/Loans/Receivables written off 296.54 5.09
Interest Income on current Investments (368.72) (371.29)
Dividend Income (46.81) (52.16)
Share of Profit from Associate and Joint Venture companies (net of tax) (1,807.98) (2,491.51)
Other Non-Cash items (includes PMUY Remeasurement etc.) 6.43 (13.40)
Operating Profit before Changes in Assets and Liabilities {Sub Total - (i)} 26,907.21 (4,625.12)
Change in Assets and Liabilities :
Decrease / (Increase) in Trade Receivables (2,571.71) (584.20)
Decrease / (Increase) in Loans and Other Assets (1,629.06) (263.23)
Decrease / (Increase) in Inventories (4,640.90) 5,939.51
(Decrease) / Increase in Trade and Other Payables 6,069.83 (3,773.50)
Sub Total - (ii) (2,771.84) 1,318.58
Cash Generated from Operations (i) + (ii) 24,135.37 (3,306.54)
Less : Direct Taxes paid (Net) 283.50 159.77
Net Cash Flow generated from/ (used in) Operating Activities (A) 23,851.87 (3,466.31)
B. Cash Flow From Investing Activities
Purchase of Property, Plant & Equipment (including Capital Work in Progress / excluding interest capitalised) (10,071.24) (9,446.71)
Capital Grants Received - 164.90
Sale of Property, Plant & Equipment 125.46 102.60
Purchase of Investments (Including share application money pending allotment/Advance towards Equity) (3,447.14) (3,227.43)
Purchase of Other Long Term Investments (Including share application money pending allotment/Advance towards Equity) (2.20) (0.30)
Loan to related parties (500.00) -
Interest received 367.75 368.72
Dividend received from Associate and Joint Venture companies 461.33 602.51
Dividend received - others 46.81 52.16
Net Cash Flow generated from / (used in) Investing Activities (B) (13,019.23) (11,383.55)
C. Cash Flow From Financing Activities
Proceeds from Long term borrowings 10,102.12 22,644.78
Repayment of Long term borrowings and leasing liabilities (16,835.74) (7,961.64)
Proceeds / (repayment) of Short term borrowings (3,221.32) 6,567.67
Finance Cost paid (4,069.59) (3,239.93)
Dividend paid (2,130.51) (1,985.71)
Net Cash Flow generated from / (used in) Financing Activities (C) (16,155.04) 16,025.17
Net Increase / (Decrease) in Cash and Cash Equivalents (A + B + C) (5,322.40) 1,175.31
Cash and cash equivalents at the beginning of the year (896.19) (2,071.50)
Details of cash and cash equivalents at the end of the year: 31.03.2024 31.03.2023
Cash and cash equivalents as on
Balances with Banks:
on current accounts 219.02 446.56
Cheques awaiting deposit 0.07 -
Other Bank Balances 52.75 65.83
Less : Cash Credit (6,498.44) (1,414.67)
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Financial Statements Notes to the Consolidated Financial Statements 2023-24
Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024
CORPORATE OVERVIEW
Hindustan Petroleum Corporation Limited referred to as “HPCL” or “the Corporation” was incorporated on 5th July, 1952. HPCL is a
Government of India Enterprise listed on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited, with Oil and
Natural Gas Corporation Limited (“ONGC” or “the Holding Company”) holding 54.90% as of March 31, 2024 (54.90% as of March 31,
2023). The Corporation and its Subsidiaries are (together referred to as “Group”) mainly engaged in the business of refining of crude oil
and marketing of petroleum products, production of hydrocarbons and providing services for management of E&P Blocks, manufacturing
of ethanol, sugar and generation of power, operating Liquefied Natural Gas (LNG) regasification terminal (under construction phase),
green and renewable energy business.
Authorization of Consolidated Financial Statements

The Consolidated Financial Statements were authorized for issuance in accordance with a resolution of the directors on May 09, 2024
(refer Note 57).
1. Basis of preparation:
1.1 The Consolidated Financial Statements (CFS) relates to Hindustan Petroleum Corporation Limited (HPCL), its subsidiary companies
and its interest in Joint Ventures and Associates.
The Consolidated Financial Statements are prepared in accordance with Indian Accounting Standards (Ind AS) notified under
Section 133 of the Companies Act, 2013 (“Act”) read with Companies (Indian Accounting Standards) Rules, 2015; and other relevant
provisions of the Act and Rules thereunder, as amended from time to time.
The Consolidated Financial Statements are prepared under historical cost convention basis, except for certain assets and liabilities
measured at fair value;
The Group’s presentation currency and functional currency is Indian Rupees (H). All figures appearing in the Consolidated Financial
Statements are rounded off to the nearest crore (H Crore), except where otherwise stated. Where the figure in Rupees is less than
H 50,000/- (fifty thousand), the same is presented in Consolidated Financial Statements as ‘0.00’ (Zero).
Use of Judgement and Estimates

The preparation of the Consolidated Financial Statements requires management to make judgements, estimates and assumptions
that affect the reported amounts of revenue, expenses, assets, liabilities and the accompanying disclosures along with contingent
liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require material adjustments to the
carrying amount of assets or liabilities affecting the consolidated financial statements of future periods. The Group continually
evaluates these estimates and assumptions based on the most recently available information;

In particular, information about significant areas of estimates and judgments in applying accounting policies that have the most
significant effect on the amounts recognized in the Consolidated Financial Statements are as below:
Assessment of functional currency;

Financial instruments (including Fair Valuation of Level 3 Financial Instruments);
Estimates of useful lives and residual value of Property, Plant and Equipment, and intangible assets;
Valuation of inventories;
Measurement of recoverable amounts of cash-generating units;
Measurement of Defined Benefit Obligation, key actuarial assumptions;
Provisions and Contingencies;
Evaluation of recoverability of deferred tax assets; and
Impairment testing
Revisions to accounting estimates are recognized prospectively in the Financial Statements in the period in which the estimates
are revised and in any future periods affected.
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1.2 Principles of Consolidation

The Consolidated Financial Statements are prepared using uniform significant accounting policies for the like transactions
and other events in similar circumstances and are presented to the extent possible, in the same manner as HPCL’s separate
The Financial Statements of HPCL and its subsidiaries have been consolidated on a line-by-line basis by adding together the
book values of like items of assets, liabilities, income and expenses, the intra-group balance and intra-group transactions after
eliminating unrealised profits or losses resulting from intra-group transactions.
The financial statements of Joint Ventures and Associates have been consolidated using equity method whereby the investment
is initially recognised at cost and adjusted thereafter for the post-acquisition changes in the investor’s share of the investee’s net
assets. The investor’s profit or loss includes its share of the investee’s profit or loss and the investor’s other comprehensive income
includes its share of the investee’s other comprehensive income after eliminating unrealized profits or losses. In case of some Joint
Ventures and Associates, certain accounting policies are different from that of the Corporation, the impact of which is not expected
to be material.
The figures pertaining to the Subsidiary Companies/Joint Ventures/ Associates have been regrouped / reclassified, wherever
necessary, to conform to the parent company, i.e., HPCL's Financial Statements.
1.3 Companies included in Consolidation

The Consolidated Financial Statements comprise the Audited Financial Statements, except as mentioned otherwise of HPCL, its
Subsidiaries, Joint ventures and Associates for the year ended 31st March 2024, which are as under:
Country of HPCL’s Ownership Interest

Name of the Company
Incorporation 31.03.2024 31.03.2023
(i) Subsidiaries (refer note no. 1.3.1)
HPCL Biofuels Limited (HBL) India 100.00% 100.00%
Prize Petroleum Company Limited (PPCL) India 100.00% 100.00%
(refer note no 1.3.2 & 1.3.8)
HPCL Middle East FZCO (HMEFZCO) Dubai 100.00% 100.00%
HPCL LNG Limited (HPLNG) formerly known as HPCL Shapoorji Energy India 100.00% 100.00%
Private Limited (HSEPL)
[Converted into a Public Limited Company effective 10th September,
2021]
HPCL Renewable & Green Energy Limited (HPGRE) (refer note no. India 100.00% -
1.3.8)
(ii) Joint Ventures
HPCL Rajasthan Refinery Limited (HRRL) (refer note no 1.3.7) India 74.00% 74.00%
HPCL - Mittal Energy Limited (HMEL) (refer note no 1.3.2) India 48.99% 48.99%
Hindustan Colas Private Limited (HINCOL) (refer note no 1.3.2) India 50.00% 50.00%
South Asia LPG Company Private Limited (SALPG) India 50.00% 50.00%
Bhagyanagar Gas Limited (BGL) (refer note no. 1.3.3) India 48.73% 48.73%
Godavari Gas Private Limited (GGPL) (refer note no. 1.3.8) India 26.00% 26.00%
Petronet India Limited (PIL) (refer note no. 1.3.5) India 16.00% 16.00%
Petronet MHB Limited (PMHBL) (refer note no. 1.3.6) India 50.00% 50.00%
Aavantika Gas Limited (AGL) India 49.99% 49.99%
Mumbai Aviation Fuel Farm Facility Private Limited (MAFFFL) India 25.00% 25.00%
Ratnagiri Refinery & Petrochemicals Limited (RRPCL) India 25.00% 25.00%
HPOIL Gas Private Limited (HOGPL) India 50.00% 50.00%
IHB Limited (IHBL) India 25.00% 25.00%
[Converted into a Public Limited Company effective 6th April, 2021]
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Country of HPCL’s Ownership Interest

Name of the Company
Incorporation 31.03.2024 31.03.2023
(iii) Associates
Mangalore Refinery and Petrochemicals Limited (MRPL) India 16.96% 16.96%
(refer note no 1.3.2)
GSPL India Gasnet Limited (GIGL) India 11.00% 11.00%
GSPL India Transco Limited (GITL) India 11.00% 11.00%
1.3.1 The Corporation has five subsidiaries:
a) Prize Petroleum Company Limited together with its subsidiary is engaged in the business of exploration & production of
hydrocarbons and providing services for management of E&P Blocks.
b) HPCL Biofuels Limited is engaged in the business of manufacturing ethanol and sugar from crushing of sugarcane and
generation of power from the bagasse generated in the process.
c) HPCL Middle East FZCO, a Free Zone Company under Dubai Airport Free Zone is engaged in trading in Lubricants & Grease,
Petrochemicals and Refined Oil Products in Middle East and Africa.
d) HPCL LNG Limited (formerly known as HPCL Shapoorji Energy Private Limited) is engaged in the construction of facilities to
operate and maintain a Liquefied Natural Gas (LNG) regasification terminal at Chhara Port in Gir Somnath, District of Gujarat.
e) A wholly-owned subsidiary, 'HPCL Renewable & Green Energy Limited' was incorporated on January 19, 2024, for consolidating
the existing green business of the Corporation under one umbrella and expanding further into Green and Renewable
Energy business.
1.3.2 In the preparation of Consolidated Financial Statements for the Group, the Consolidated Financial Statements of the following
Companies have been considered.:
a) Mangalore Refinery and Petrochemical Limited (MRPL) having one joint venture namely Shell MRPL Aviation Fuels and
Services Limited.
b) Prize Petroleum Company Limited having one wholly owned subsidiary, namely Prize Petroleum International Pte. Ltd.
c) HPCL – Mittal Energy Limited having four wholly owned subsidiaries, (1) HPCL – Mittal Pipelines Limited & three subsidiaries
incorporated during the year, namely: (2) HMEL Organics Private Limited, (3) HMEL Green Energy Private limited, (4) HMEL Retail
Private Limited.
d) Hindustan Colas Private Limited (HINCOL) having one joint venture namely Dust-A-Side Hincol Limited.
1.3.3 As of 31st March 2014, Bhagyanagar Gas Limited (BGL) had a paid up equity capital of H 5 lakhs, in which HPCL and GAIL were holding
24.99% each and the balance 50.02% of shares were held by Kakinada Seaports Ltd (KSPL) on warehousing basis. In addition, HPCL
and GAIL had paid H 22.49 Crore each as Advance against Equity / Share application money (totaling to H 44.98 Crore). On 20th
August 2014, BGL allotted 2,24,87,500 shares on preferential basis to each of HPCL and GAIL towards the money paid earlier.
Accordingly, the Corporation’s shareholding in BGL had increased to 48.73%. KSPL challenged this in the Company Law Board
(CLB), Chennai Bench which dismissed it on 14th September 2014. Against this, KSPL moved the High Court, Telangana, which
did not stay the dismissal order of CLB. Pending adjudication of the appeal by KSPL before the High Court, in the preparation of
Consolidated Financial Statements (CFS), the shareholding was considered at 24.99% till 31st March 2020. However, taking all the
facts into consideration, including receipt of dividend on the entire stake of 48.73% during financial year 2020-21 and the Articles of
Associations of BGL, the shareholding is being considered as at 48.73%, in the preparation of CFS, effective financial year 2020-21.
1.3.4 Ujjwala Plus Foundation, a joint venture of Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and
Hindustan Petroleum Corporation Ltd (HPCL) with fund contribution in the ratio 50%: 25%: 25%, respectively was incorporated on
21st July, 2017 as a not-for-profit Private Company Limited by Guarantee (without Share Capital) under Section 8 of the Companies
Act 2013. Ujjwala Plus Foundation has not been considered for consolidation being a not-for-profit company. The Board in its
meeting held on 18th July 2023 has accorded approval for the closure of Ujjwala Plus Foundation.
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1.3.5 Petronet India Limited (PIL) in which HPCL holds 16% stake is in the process of winding up w.e.f. 30th August 2018. In the absence
of receipt of financial statements of the Company, PIL has not been considered for Group consolidation for FY 2023-24.
1.3.6 The Corporation has acquired 19,960 (Nos.) Equity Shares in Petronet MHB Limited from IL&FS Financial Services Limited, pursuant
to a Share Purchase Agreement entered into during the year. With this acquisition, Corporation's holding in Petronet MHB Limited
has increased from 49.996% as on March 31, 2023 to 50.00% as on March 31, 2024.
1.3.7 HPCL Rajasthan Refinery Limited (HRRL), is a subsidiary of the Corporation as per Section 2(87) of the Companies Act, 2013.
However, being a jointly controlled entity of the Corporation and Govt. of Rajasthan, HRRL is considered as 'Joint Venture' of the
Corporation, for the purpose of preparation of Financial Statements, pursuant to the requirements of Indian Accounting Standards.
1.3.8 For following companies included in consolidation, Unaudited Financial Statements (Management Certified Financials) for the
financial year 2023-24 have been considered.
a) HPCL Renewable & Green Energy Limited

b) Prize Petroleum Company Limited
c) Godavari Gas Private Limited
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2. Material Accounting Policy Information

2.1. Property, Plant and Equipment
2.1.1. Freehold lands are carried at cost. All other items of Property, Plant and Equipment are stated at cost, net of accumulated
depreciation and accumulated impairment losses, if any;
2.1.2. Technical know-how / licence fee relating to plants / facilities are capitalized as part of cost of the underlying asset;
2.1.3. Spare parts which are meeting the requirement of Property, Plant and Equipment are capitalized as Property, Plant and Equipment
in case the unit value of the spare part is above the threshold limit (*). In other cases, the spare parts are inventorised on
procurement and charged to Statement of Profit and Loss on consumption;
2.1.4. Gas distribution systems are treated as commissioned when supply of gas reaches to the individual points.
2.1.5. An item of Property, Plant and Equipment and any significant part initially recognised separately as part of Property, Plant and
Equipment is de-recognised upon disposal; or when no future economic benefits are expected from its use or disposal; or when
the Property, Plant and Equipment has been re-classified as ready for disposal. Any gain or loss arising on de-recognition of the
asset is included in the Statement of Profit and Loss when the asset is de-recognised;
2.1.6. T
he residual values and useful lives of Property, Plant and Equipment are reviewed during each financial year and changes, if any,
are accounted for as change in accounting estimates on a prospective basis;
2.1.7. The Corporation has chosen the carrying value of Property, Plant and Equipment existing as per previous GAAP as on date of
transition to Ind AS i.e. 1st April, 2015 as deemed cost.
2.2. Depreciation / amortization

2.2.1. Depreciation on Property, Plant and Equipment is provided on straight line method. In accordance with requirements prescribed
under Schedule II of Companies Act, 2013, the Corporation has assessed the estimated useful lives of its Property, Plant and
Equipment, and has adopted the useful lives and residual value as prescribed in Schedule II, except for the following:
a) Useful Life (Basis internal technical assessment):
Plant and Machinery relating to Retail Outlets (other than Storage Tanks, Dispensing Units and related equipment) 15 years
Dispensing Units 10 years
Cavern Structure 60 years
LPG cylinders & regulators (excluding cylinders held for sale) 15 years
CNG Compressors 10 years
CNG Cascades and SS tubing in CNG Stations 20 years
Assets provided to Employees under Furniture Policy 3 to 6 years
b) In case of assets covered under specific arrangements e.g. agreements entered into with Railways Consumer Depots, useful life
as per agreement or Schedule II to the Act, whichever is lower, is considered.
c) In case, the useful life of an item of Property, Plant and Equipment is provided separately under an Act/Regulation which is at
variance with the useful life provided in Schedule II to the Companies Act 2013, the lower of useful life as provided is considered.
d) Residual Value (Basis historical data):
LPG cylinder and pressure regulator 25% of original cost

Catalyst with noble metal content 90% of original cost of noble metal content
2.2.2 The Corporation identifies and depreciates significant components of the main asset (which have different useful lives as
compared to the main asset) based on the individual useful life of those components. Useful life for such components is assessed
by considering historical experience, internal technical inputs and any other relevant factor;
2.2.3. Items of Property, Plant and Equipment costing not more than the threshold limit (*) are depreciated at 100 percent in the year of
acquisition except LPG Cylinders and Pressure Regulators (excluding cylinders held for sale) which are depreciated over a useful
life of 15 years based on the technical assessment;
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2.2.4. Depreciation on spare parts specific to an item of Property, Plant and Equipment is based on life of the related Property, Plant and
Equipment. In other cases, the spare parts are depreciated over their estimated useful life based on the technical assessment;
2.2.5. Depreciation / amortization is charged on additions / deletions on pro-rata monthly basis including the month of addition / deletion.
2.3. Intangible assets

2.3.1. Intangible assets are carried at cost net of accumulated amortization and accumulated impairment losses, if any.
2.3.2. Assets, where entire output generated is committed to be sold to a public service entity (including Government body) for almost
the entire useful life of the asset, are classified as intangible assets as per the requirements of Ind AS and are amortised (after
retaining the residual value, if applicable) over their useful life.
2.3.3. The useful lives of intangible assets are assessed as either finite or indefinite.
2.3.4. Intangible assets with finite lives are amortised on straight line basis over their useful life and tested for impairment annually at the
Cash Generating Unit (CGU) level.
2.3.5. Intangible assets with indefinite useful lives, such as ‘right of way’ which is perpetual and absolute in nature, are not amortised, but
are tested for impairment annually at the CGU level.
2.3.6. Technical know-how / license fee relating to production process and process design are recognized as Intangible Assets.
2.3.7. Estimated lives of intangible assets (acquired) are as follows:
Software: 2 to 4 years
Technical know-how/license fees: 2 to 25 years
Right to use – wind mills: 22 years
2.3.8. The Corporation has chosen the carrying value of Intangible Assets existing as per previous GAAP as on date of transition to Ind
AS i.e., 1st April 2015 as deemed cost.
2.4. Capital Work in Progress / Intangible Assets under Development

Expenditure, including eligible borrowing cost, net of income earned, during the construction/development period of Property,
Plant and Equipment, and Intangible Assets respectively is included under capital work-in-progress or intangible assets under
development, as the case be, and the same is attributed to the respective assets when they are ready for intended use.
2.5. Borrowing Cost

2.5.1. Borrowing costs directly attributable to the acquisition or construction of a qualifying asset are capitalised as part of the cost of
the asset till the month in which the asset is ready for intended use. Capitalisation of borrowing costs is suspended when active
development on the qualifying assets is interrupted except when temporary and charged to the Statement of Profit and Loss
during such periods. All other borrowing costs are expensed in the period in which they are incurred;
Borrowing cost, if any, incurred on General Borrowings used for projects is capitalised at the rate computed on
2.5.2.
weighted average basis.
2.6. Non-current assets held for sale

2.6.1. Non-current assets are classified as held for sale if their carrying amounts will be recovered through a sale transaction rather
than through continuing use. This condition is regarded as met, only when the sale is highly probable and the asset is available for
immediate sale in its present condition subject only to terms that are usual and customary for sale of such assets;
2.6.2. Non-current assets classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell;
2.7. Leases
2.7.1 As Lessee
At the commencement of the lease, the Corporation recognises right-of-use asset and lease liability, with an exception of short-
term leases or lease of low-value underlying assets. The right-of-use asset is measured at cost, less any accumulated depreciation
and impairment loss, if any, and adjusted for any remeasurement of lease liabilities.
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The lease liability is measured at Present Value of the lease payments to be made during the course of the lease by using
incremental borrowing rate that prevail at the beginning of each reporting period for a similar tenure (such as, AAA Corporate
Bond rates for varying tenures of 5, 10 & 15 years) for all of the contracts executed in that period. After the commencement date,
the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made.
The Corporation has elected not to separate non-lease components in a contract and account as one unified lease contract
covering all underlying assets by using the practical expedient prescribed in the Standard.
2.7.2 As Lessor
Rental income from operating lease is recognised on a straight-line basis over the term of the relevant lease except where another
systematic basis is more representative of the time pattern of the benefit derived from the asset given on lease.
2.8. Impairment of Non-Financial Assets

Non-financial assets other than inventories, deferred tax assets, and non-current assets classified as held for sale are reviewed at
each Balance Sheet date to determine whether there is any indication of impairment;
During annual impairment testing, the Corporation estimates the asset’s recoverable amount. The recoverable amount is the
higher of the asset’s or Cash-Generating Unit’s (CGU) fair value less costs of disposal and its value in use. Recoverable amount is
determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from
other assets or groups of assets;
The impairment testing is based on detailed budget and forecast which is prepared separately for each of the CGUs to which
the individual assets are allocated and generally covers a period of 15 years. To estimate cash flow projections beyond periods
covered by the most recent budgets/forecasts, the Company extrapolates cash flow projections in the budget using a steady
growth rate for the subsequent years, unless a higher rate can be justified.
An impairment loss is recognised whenever the carrying amount of asset or assets of cash generating unit (CGU) exceeds their
recoverable amount.
2.9. Inventories
2.9.1. Valuation of inventories (including in transit) of different categories is as under: -
a) Crude oil is valued at the lower of cost [on First in First Out (FIFO) basis] and net realisable value. Crude oil is not written down
below cost except in cases where their prices have declined subsequently and it is estimated that the cost of the finished goods
will exceed their net realisable value;
b) Raw materials other than ‘a)’ above are valued at the lower of cost (on weighted average basis) and net realisable value;
c) Stock-in process is valued at the lower of raw material cost plus cost of conversion and net realisable value;
d) Empty packages are valued at weighted average cost;
e) Stores and spares which do not meet the recognition criteria under Property, Plant and Equipment are valued at weighted
average cost. Surplus, obsolete and slow moving stores and spares, if any, are valued at the lower of cost and net realizable value.
Surplus items, when transferred from completed projects are valued at cost / estimated value, pending periodic assessment /
ascertainment of condition. Stores and Spares in transit are valued at cost;
f) Finished products other than Lubricants and petrochemicals are valued at the lower of cost (on FIFO basis month-wise) and net
realisable value;
g) Finished products (lubricants and petrochemicals) are valued at the lower of cost (on weighted average basis) and net
realisable value;
2.9.2. Customs duty on Raw materials/Finished goods lying in bonded warehouse are provided for at the applicable rates except where
liability to pay duty is transferred to consignee;
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2.9.3. Excise duty on finished stocks lying at manufacturing locations is provided for at the assessable value applicable at each of the
locations based on applicable duty;
2.9.4. The net realisable value of finished goods and stock in trade are final selling prices for sales to oil marketing companies and depot
prices applicable to the locations. For the purpose of inventory valuation, the proportion of sales to oil marketing companies and
consumer sales are determined on location wise and product wise sales of subsequent period.
2.10. Revenue recognition

2.10.1. Sale of goods
Revenue is recognised at transaction price when:
a) the Corporation satisfies a performance obligation by transferring control of a promised goods / services to a customer; and
b) it is probable that the Corporation will collect the consideration to which it will be entitled to in exchange for the goods or
services that will be transferred to the customer.
The transaction price is the amount of consideration to which the Corporation expects to be entitled in exchange for transferring
promised goods or services to a customer including excise duties, as applicable and is measured at the consideration received or
receivable, net of returns, taxes or duties collected on behalf of the government and trade discounts or rebates, as applicable;
Transaction price is allocated on each performance obligation and is recognised as and when the particular performance obligation
is satisfied either at a point in time or over a period of time;
Revenue is allocated between Loyalty Programs and other components of the sale. The amount allocated to the Loyalty Program
is deferred, and is recognised as Revenue when the Corporation has fulfilled its obligation to supply the products under the terms
of the Program or when it is no longer probable that the points under the Program will be redeemed.
Claims, including subsidy on Liquified Petroleum Gas (LPG) and Superior Kerosene Oil (SKO), from Government of India, are booked
on in-principle acceptance thereof on the basis of available instructions / clarifications, subject to final adjustments as stipulated.
2.10.2 Interest income is recognised taking into account the amount outstanding and the applicable effective interest rate;
2.10.3 Dividend is recognised when right to receive the payment is established;
2.10.4 Income from sale of scrap is accounted for on realization.
2.11. Accounting / classification of expenditure and income

2.11.1. Income / expenditure in aggregate pertaining to prior year(s) above the threshold limit (*) are corrected retrospectively;
2.11.2. Prepaid expenses upto threshold limit (*) in each case, are charged to revenue as and when incurred;
2.11.3. Insurance claims are accounted on acceptance basis;
2.11.4. All other claims / entitlements are accounted on the merits of each case.
2.12. Employee benefits

2.12.1. Short-term employee benefit
Short term employee benefits are recognized as an expense at undiscounted amount in the Statement of Profit & Loss of the year
in which the related services are rendered by the employees.
2.12.2. Post-employment benefits

Defined Contribution Plans:
Obligations for contributions to defined contribution plans are expensed in the Statement of Profit & Loss of the year in which the
related services are rendered by the employees.
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Defined Benefit Plans:

Post-employment benefits and Other Long Term Employee Benefits
The Corporation operates defined benefit plans for gratuity, pension, post-retirement medical benefits, ex-gratia and resettlement
allowance. The obligation towards such defined benefits is determined on actuarial valuation by independent actuaries at the
year-end by using Projected Unit Credit method;
The Corporation’s contribution to the Provident Fund is remitted to a separate Trust established for this purpose based on a fixed
percentage of the eligible employee’s salary and charged to the Statement of Profit and Loss.
Liability towards other long term employee benefits (leave encashment and death benefits) are determined on actuarial valuation
by independent actuaries using Projected Unit Credit method;
Re-measurement of the net defined benefit liability, which comprises of actuarial gains and losses, the return on plan assets
(excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised in Other Comprehensive Income.
Re-measurements gains and losses in respect of other long-term benefits are recognized in the Statement of Profit and Loss in the
period in which they arise;
Prepaid contributions are recognized as an asset to the extent that a cash refund or a set-off in future payments is available.
2.13. Foreign currency transactions

2.13.1. Monetary items
Transactions in foreign currencies are initially recorded at the respective exchange rates prevailing at the date of transaction;
Monetary assets and liabilities denominated in foreign currencies are translated at spot rates of exchange at the reporting date;
Exchange differences arising on settlement or translation of monetary items are recognised in Statement of Profit and Loss either
as ‘Exchange Rate Variation’ or as ‘Finance Costs’ (to the extent regarded as an adjustment to borrowing costs), as the case maybe.
2.13.2. Non–Monetary items

Non-monetary items, other than those measured at fair value, denominated in foreign currency, are valued at the exchange rate
prevailing on the date of transaction.
2.14. Investment in Subsidiary, Associates and Joint Ventures

Investments in equity shares of Subsidiaries, Joint Ventures & Associates are recorded at cost and reviewed for impairment in case
of any indication;
The Corporation has chosen the carrying value of the investment in Subsidiaries, associates and joint ventures existing as per
previous GAAP as on date of transition to Ind AS i.e. 1st April 2015 as deemed cost.
2.15. Government Grants

2.15.1. Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions
will be complied with;
2.15.2. When the grant relates to an expense item, it is recognized in Statement of Profit and Loss on a systematic basis over the periods
that the related costs, for which it is intended to compensate, are expensed;
2.15.3. When the grant relates to property, plant and equipment, the cost of property, plant and equipment is shown at gross value and
grant thereon is treated as liability (deferred income) and are credited to statement of profit and loss on a systematic basis over
the useful life of the asset.
305
2.16. Exploration and Production expenditure

“Successful Efforts Method” of accounting is followed for Oil & Gas exploration and production activities, as stated below:
2.16.1. Cost of surveys, studies, carrying and retaining undeveloped properties is expensed out in the year of incurrence;
2.16.2. Cost of acquisition, drilling and development is treated as Capital Work-in-Progress when incurred, and the same is capitalised
when the well is ready to commence commercial production. Depletion is calculated and charged as Depreciation using the Unit
of Production method;
2.16.3. Accumulated costs on exploratory wells in progress are expensed out in the year in which these are determined to be dry or are
of no further use, as the case may be;
2.16.4. The proportionate share in the assets, liabilities, income and expenditure of joint operations are accounted as per the participating
interest in such joint operations.
2.17. Provisions and contingent liabilities

2.17.1. Provisions are recognized when there is a present obligation as a result of a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of
the obligation;
2.17.2. Contingent liabilities are not recognized in the financial statements but are disclosed unless the possibility of an outflow of
economic resources is considered remote;
2.17.3. Contingent liabilities and Capital Commitments disclosed are in respect of items which in each case are above the threshold limit (*);
2.17.4. Contingent Liabilities are considered only when show-cause notice is converted into demand.
2.18. Fair value measurement

2.18.1. Fair value is the price that would be received/ paid to sell an asset or to transfer a liability, as the case may be, in an orderly
transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous
market to which the Corporation has access at that date. The fair value of a liability also reflects its non-performance risk;
2.18.2. While measuring the fair value of an asset or liability, the Corporation uses observable market data as far as possible. Fair values
are categorised into different levels in a fair value hierarchy based on the inputs used in the relevant valuation technique.
Financial Instruments
2.19. Financial Assets
All financial assets (not measured subsequently at fair value through profit or loss) are recognised initially at fair value plus
transaction costs that are attributable to the acquisition of the financial asset. However, trade receivables that do not contain a
significant financing component are measured at transaction price.

Subsequent measurement is determined with reference to the classification of the respective financial assets. The Corporation
classifies financial assets (other than equity instruments) as under:
(a) subsequently measured at amortised cost;
(b) fair value through other comprehensive income (FVOCI); or
(c) fair value through profit or loss (FVTPL)
on the basis of its business model for managing the financial assets and the contractual cash flow characteristics of the
financial asset.
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Amortised cost
A 'debt instrument' is measured at the amortised cost if both the following conditions are met. The asset is held within a business
model whose objective is:
To hold assets for collecting contractual cash flows, and
Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI)
on the principal amount outstanding.
After initial recognition, such financial assets are subsequently measured at amortised cost using the Effective Interest Rate (EIR)
method and such amortization is recognised in the Statement of Profit and Loss.
Debt instruments at Fair value through profit and loss (FVTPL)

Fair value through profit and loss is a residual category for measurement of debt instruments.
After initial measurement, any fair value changes including any interest income, impairment loss and other net gains and losses
are recognised in the Statement of Profit and Loss.
Equity investments
All equity investments in scope of Ind-AS 109 (except investments in Subsidiaries, Joint Ventures, and Associates) are measured at
fair value. Equity instruments which are held for trading are classified as at FVTPL. For all other equity instruments, the Corporation
decides to classify the same either as at FVOCI or FVTPL. The Corporation makes such election on an instrument-by-instrument
basis. The classification is made on initial recognition and is irrevocable;
For equity instruments classified as FVOCI, all fair value changes on the instrument, excluding dividends, are recognized in other
comprehensive income (OCI);
Equity instruments included within the FVTPL category are measured at fair value, with all fair value changes being recognized in
the Statement of Profit and Loss.
2.19.3. Impairment of financial assets

In accordance with Ind-AS 109, the Corporation applies Expected Credit Loss (“ECL”) model for measurement and recognition of
impairment loss on the financial assets measured at amortised cost;
Loss allowances on trade receivables are measured following the ‘simplified approach’ at an amount equal to the lifetime ECL at
each reporting date.
2.20. Financial Liabilities

All financial liabilities (not measured subsequently at fair value through profit or loss) are recognised initially at fair value net of
transaction costs that are directly attributable to the respective financial liabilities.

The Corporation classifies all financial liabilities as subsequently measured at amortised cost by using the Effective Interest Rate
Method (“EIR”) and such amortisation is recognised in the Statement of Profit and Loss.
2.20.3. Derecognition
A Financial Liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
2.21. Financial guarantees

Financial guarantee contracts are recognised initially at fair value. Subsequently on each reporting date, the liability is measured at
the higher of the amount of loss allowance determined as per impairment requirements of Ind AS 109 and the fair value initially
recognised less cumulative amortisation.
307
2.22. Derivative financial instruments

The Corporation uses derivative financial instruments, such as forward contracts, interest rate swaps to mitigate its foreign
currency risk, interest risk and commodity price risk arising out of highly probable forecast transactions and are presented in
Financial Statements, either as Financial Assets or Financial liabilities as the case may be.
2.22.1. Derivatives Contracts designated as hedging instruments

Wherever Hedge Accounting is undertaken, the derivative financial instruments are recognized at fair value with due assessment
to effectiveness of the hedge instrument.
By following Cash Flow Hedges, the effective portion of changes in the fair value is recognized in Other Comprehensive Income
(OCI) and accumulated under Cash Flow Hedge Reserve within Other Equity, whereas the ineffective portion, if any, is recognized
immediately in the Statement of Profit and Loss. The effective portion, previously recognized in OCI and accumulated as Cash Flow
Hedge Reserve is reclassified to the Statement of Profit and Loss in the subsequent period, during which, the hedged expected
future cash flows affect profit or loss and presented in the same line item to which the underlying is accounted.
Further, in case of previously recognized forecasted transaction, upon the knowledge of its non-occurrence, the effective portion of
cumulative gain or loss is forthwith recognized by transferring from Cash Flow Hedge Reserve to the Statement of Profit and Loss.
If the amount accumulated in Cash Flow Hedge Reserve is a loss and Corporation expects that all or a portion of that loss will
not be recovered in one or more future period, the Corporation immediately reclassifies the amount that is not expected to be
recovered into profit or loss as a reclassification adjustment. The hedge accounting is discontinued when the hedging instrument
expires or is sold, terminated or no longer qualifies for hedge accounting.
2.22.2. Derivatives Contracts not designated as hedging instruments

The derivative financial instruments are accounted at fair value through Profit or Loss and presented under Other Income or Other
Expenses, as the case may be.
2.23. Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet, if there is a currently
enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets
and settle the liabilities simultaneously.
2.24. Taxes on Income

2.24.1. Provision for current tax is made in accordance with the provisions of the Income Tax Act, 1961;
2.24.2. Deferred tax liability/asset on account of temporary difference is recognised using tax rates and tax laws enacted or substantively
enacted as at the Balance Sheet date;
2.24.3. Deferred tax assets are recognised and carried forward for all deductible temporary differences only to the extent that it is
probable that taxable profit will be available in future against which the deductible temporary difference can be utilized;
2.24.4. The carrying amount of deferred tax assets/Liabilities is reviewed at each Balance Sheet date.
2.25. Earnings per share

2.25.1. Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the period;
2.25.2. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are adjusted for the effect of all dilutive potential equity shares.
2.26. Cash and Cash equivalents

Cash and cash equivalents includes cash on hand, balances with banks, other short-term, highly liquid investments with original
maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant
risk of changes in value.
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2.27. Cash Flows

Cash flows are reported using the indirect method, whereby net profit before tax is adjusted for the effects of transactions of a
non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses
associated with investing or financing cash flows. The cash flows from operating, investing and financing activities are segregated.
For the purpose of the Statement of Cash Flows, cash and cash equivalent consist of cash, as defined above, net of outstanding
bank overdrafts as they are considered an integral part of the Corporation’s cash management.
2.28. Dividend
The Company recognises a liability to make cash distributions to equity holders of the Corporation when the distribution is
authorised and the distribution is no longer at the discretion of the Corporation. As per the corporate laws in India, a distribution
is authorised when it is approved by the shareholders. A corresponding amount is recognised directly in other equity.
2.29. Business combination

The acquisition method of accounting is used to account for business combination by the Group. In this method, acquiree’s
identifiable assets, liabilities and contingent liabilities that meet condition for recognition are recognized at their fair values at
the acquisition date. Non-controlling interest is measured at proportionate share of the recognised amounts of the acquiree's
identifiable net assets.
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the
acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-
date amounts of the identifiable assets acquired and the liabilities assumed.
Any excess of the Group's share of the net fair value of the identifiable assets and liabilities over the sum of the consideration
transferred, the amount of any non-controlling interest in the acquiree, and the fair value of the acquirer's previously held equity
interest in the acquiree (if any) cost of the investment, after reassessment, is recognised directly in equity as capital reserve in
the period in which the investment is acquired. The transaction costs incurred in connection with business combination are
recognised in the consolidated statement of profit and loss.
When a business combination is achieved in stages, the Group’s previously held equity interest in the acquiree is remeasured to
its acquisition-date fair value and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in
the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to
profit or loss where such treatment would be appropriate if that interest were disposed off.
(*) Threshold limit, referred to above, for various items is stated as part of Financial Statements.
309
3. Property, Plant and Equipments

(H / Crore)
Railway
Right- Roads
Land - Plant & Furniture Transport Office Siding & E&P
Particulars of-Use Buildings and Total
Freehold Equipment & Fixtures Equipment Equipment Rolling Assets
Assets # Culverts
Stock
Gross Block
As on 01.04.2023 1,322.22 5,154.84 9,218.48 64,638.39 425.65 193.54 5,189.54 4,855.12 638.01 740.29 92,376.08
Additions 245.46 638.64 897.40 13,506.05 128.54 22.72 722.19 550.97 2.85 31.23 16,746.05
Deductions/ (0.17) 138.81 135.01 40.52 1.99 93.35 (44.16) (0.49) 4.68 15.48 385.02
Reclassifications
As on 31.03.2024 1,567.85 5,654.67 9,980.87 78,103.92 552.20 122.91 5,955.89 5,406.58 636.18 756.04 1,08,737.11
Depreciation/
Amortisation
As on 01.04.2023 - 753.85 1,382.41 15,930.94 177.51 108.03 2,938.08 2,765.57 234.34 404.61 24,695.34
For the year - 384.71 283.29 3,682.24 60.80 12.91 633.21 398.98 42.27 22.15 5,520.56
Deductions/ - 59.99 10.03 79.68 8.24 45.88 6.90 16.62 2.63 - 229.97
Reclassifications
As on 31.03.2024 - 1,078.57 1,655.67 19,533.50 230.07 75.06 3,564.39 3,147.93 273.98 426.76 29,985.93
Impairment (refer
Note 51)
As on 01.04.2023 - 0.43 - 50.96 - - - - - 324.22 375.61
For the year - - - 1.55 - - - - - 2.23 3.78
Deductions/ - - - - - - - - - - -
Reclassifications
As on 31.03.2024 - 0.43 - 52.51 - - - - - 326.45 379.39
Net Block as on 1,322.22 4,400.56 7,836.07 48,656.49 248.14 85.51 2,251.46 2,089.55 403.67 11.46 67,305.13
01.04.2023
Net Block as on 1,567.85 4,575.67 8,325.20 58,517.91 322.13 47.85 2,391.50 2,258.65 362.20 2.83 78,371.79
31.03.2024
# refer Note 43
Notes:
1. Includes assets of gross block H 0.007 Crore (31.03.2023: H 0.007 Crore) of erstwhile Kosan Gas Company that have not been handed
over to the Group. Though Kosan Gas Company was to give up their claim, in view of the tenancy right sought by third party, the
matter is under litigation.
2. Includes Gross Block of H 1,103.36 Crore (31.03.2023: H 1,092.04 Crore) towards Land, Building, Plant & Equipment, Furniture &
Fixtures, Transport equipments, Office/lab Equipments, Roads & Culverts, Pipelines, Railway Sidings, etc. representing Group share
of Assets, jointly owned with other Companies.
3. Includes Gross Block of H 10.93 Crore (31.03.2023: H 10.93 Crore) towards Roads & Culverts, Transformers & Transmission lines,
Railway Sidings & Rolling Stock for which though ownership does not vest with the Group, operational control over such assets is
exercised. These assets are amortized as per useful life specified in Schedule II of Companies Act, 2013.
4. a) Includes following assets used for distribution of PDS Kerosene under Jana Kalyan Pariyojana against which financial assistance
had been provided by Oil Industry Development Board:
(H / Crore)
Gross Block (J / Crore)
Description
31.03.2024 31.03.2023
Roads & culverts 0.05 0.05
Buildings 1.09 1.33
Plant & Equipment 0.93 1.09
Total 2.07 2.47
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b) Includes following assets held under PAHAL (DBTL) scheme against which financial assistance had been provided by Ministry of
Petroleum & Natural Gas, Government of India.
Gross Block (J / Crore)

Description
31.03.2024 31.03.2023
Computer Software 7.49 7.49
Computers/ End use devices 5.65 5.65
Automation, Servers & Networks 2.04 1.55
Total 15.19 14.70
5. Assets held for sale consists of items such as plant and equipment, office equipment, transport equipment, buildings, furnitures &
fixtures and roads & culverts which have been identified for disposal due to replacement/ obsolescence of assets which happens
in the normal course of business. These assets are expected to be disposed off within the next twelve months. On account of
classification of these assets as ‘Asset held for sale’, a loss of H 6.42 Crore (2021-22: H 54.80 Crore) has been recognised in the
Statement of Profit and Loss.
6. Includes Right of Use Assets having Gross Block H 115.63 Crore (31.03.2023: H 103.75 Crore) for land acquired on lease-cum-sale
basis from Karnataka Industrial Area Development Board (KIADB), that has not been amortized over the period of lease in view of
freehold title that would vest upon fulfilment of certain terms and conditions, as per allotment letter.
7. Includes adjustment to Cost of Assets pursuant to exchange differences arising on long term foreign currency monetary items,
which, in accordance with Para 7AA of Ind AS 21 read with Para D13AA of Ind AS 101, are capitalized and depreciated over the
balance useful life of the assets.
8. The Group has considered pipeline assets laid within the boundary limit of its premises as integral part of Tanks / Other Plant
and Machinery and have been depreciating such assets based on the useful life of associated Plant & Equipment, in line with the
Schedule II of the Companies Act, 2013.
regarding the useful life of Dispensing Unit from 15 years to 10 years, implemented during FY 2023-24 based on assessment carried
out by the Management.
10. Includes an increase in depreciation by H 14.07 Crore (2022-23 : H Nil Crore) on account of a change in accounting estimate regarding
the useful life of Assets provided to employees, implemented during FY 2023-24 based on Group's Furniture Policy.
11. Includes an increase in depreciation by H 18.33 Crore (2022-23 : H Nil Crore) on account of a change in accounting estimate regarding
the residual value of certain pipelines including Cross Country Pipelines from 5% to 0%, implemented during FY 2023-24 based on
assessment carried out by the Management.
12. Includes depreciation of H Nil Crore (2022-23: H 9.05 Crore) on account of determining the useful life of assets at lower of life as per
specific agreements pertaining to Railway Consumer Depots or Schedule II of the Companies Act, 2013.
13. During the year, in respect of LPG consumers who have been inactive for 15 years and the useful life of equipment they are holding is
also over, the equipment value (First Cost: H 1.35 Crore, 2022-23: H 97.11 Crore) along with the LPG consumer deposit (H 2.28 Crore,
2022-23: H 127.88 Crore) has been de-recognized in the books of account.
14. The process of capitalization in respect of Property, Plant and Equipment including accounting of Capital Work-in-Progress is under
continuous review and updation, wherever required, and is being carried out on a regular basis.
15. In the nature of business carried out by the Group, there are certain leasehold immovable properties, which are under its continuous
possession, control and use over the period, the lease agreement of which have expired. Pending renewal of such leases, these have
not been recognised as Right of Use Assets.
16. In respect of HPCL LNG Limited, all the property, plant and equipment has been offered as a security for Long term loan at the
balance sheet date, representing a net block of H 133.64 Crore (31.03.2023 : H 103.97 Crore).
311
4. Capital Work-in-Progress (CWIP)
(H / Crore)
31.03.2024 31.03.2023
Unallocated Capital Expenditure and Materials at Site 16,276.52 21,908.62
Capital Stores lying with Contractors 557.60 85.45
Capital goods in transit 4.98 243.58
A 16,839.10 22,237.65
Construction period expenses pending apportionment (Net of recovery):
Opening balance 3,073.09 2,633.09
Establishment charges including Salaries & Wages 144.55 155.98
Interest 1,589.11 1,741.17
4,806.75 4,530.24
Less: Capitalised/Charged to Statement of Profit & Loss during the year 1,597.59 1,457.15
Closing balance pending allocation B 3,209.16 3,073.09
A+B 20,048.26 25,310.74
4.1. Refer Note 21.2, 21.3 & 24.1.a
4.2. Capital Work-in-Progress ageing schedule

(H / Crore)
31.03.2024 31.03.2023
Less than 1 year 6,694.95 7,600.98
1 to 2 years 5,100.39 7,473.11
2 to 3 years 5,165.82 5,273.46
More than 3 years 3,081.02 4,957.21
Less than 1 year 0.10 -
1 to 2 years - -
2 to 3 years - -
20,048.26 25,310.74
Note: Ageing is determined by following the premise that the earliest expenditure qualifies foremost in the sequencing of capitalization.
4.3. Capital Work-in progress completion schedule, whose completion is overdue or has exceeded its cost compared to its
original plan as on 31st March,2024
(H / Crore)
To be completed in
1 year 3 years
Augmentation of Raipur IRD 175.57 - - -
LNG Regasification Terminal [in respect of HPCL LNG Limited] 584.80 2,800.01 - -
Other Projects* 871.82 0.12 4.25 -
Projects temporarily Suspended
Aggregate of various projects 6.08 - - -
*Covering project cost > H 100 Crore subject to open CWIP as of 31.03.2024 < H 25 Crore and others involving project cost ≤ H 100 Crore.
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Capital Work-in progress completion schedule, whose completion is overdue or has exceeded its cost compared
to its original plan as on 31st March,2023
(H / Crore)
To be completed in
1 year 3 years
Barmer Palanpur Pipeline 552.55 - - -
Sulphur forming unit in Sulphur Recovery Unit 174.99 - - -
Hassan Cherlapalli Pipeline 139.62 - - -
Vacuum Pressure Swing Adsorption in Sulphur Recovery Unit 121.50 - - -
Two Crude tanks 112.02 - - -
New LPG Plant at Varanasi - 63.68
LNG Regasification Terminal [in respect of HPCL LNG Limited] 2,800.01 - - -
Other Projects* 855.54 1.24 - -
Projects temporarily Suspended
Aggregate of various projects 5.71 0.28 - -
*Covering project cost > H 100 Crore subject to open CWIP as of 31.03.2023 < H 25 Crore and others involving project cost ≤ 100 Crore.
5. Goodwill on Consolidation
(H / Crore)
31.03.2024 31.03.2023
Cost or deemed cost
Additions during the year - -
Total A 321.62 321.62
Less: Accumulated Impairment
Opening Balance 16.70 -
Additions during the year (refer Note 5.1) - 16.70
Total B 16.70 16.70
Carrying amount of goodwill on consolidation A-B 304.92 304.92
5.1. During financial year 2022-23, Goodwill pertaining to wholly owned subsidiary, Prize Petroleum Company Limited has been impaired
in accordance with Ind AS 36.
313
5A. Intangible Assets

(H / Crore)
Technical /
Particulars Right of Way Software Wind Energy Total
Process Licenses
Gross Block
As on 01.04.2023 629.55 134.10 166.70 193.29 1,123.64
Additions (2.89) 97.55 315.74 - 410.40
As on 31.03.2024 622.65 231.65 478.24 193.29 1,525.83
As on 01.04.2023 7.25 85.79 127.83 81.51 302.38
For the year (3.02) 26.39 68.85 6.34 98.56
As on 31.03.2024 3.62 112.18 192.48 87.85 396.13
As on 01.04.2023 - - - 43.85 43.85
For the year - - - - -
Deductions/ Reclassifications - - - - -
As on 31.03.2024 - - - 43.85 43.85
Net Block as on 01.04.2023 622.30 48.31 38.87 67.93 777.41
Net Block as on 31.03.2024 619.03 119.47 285.76 61.59 1,085.85
Notes:
(1) Includes Gross Block of H 88.79 Crore (31.03.2023: H 75.73 Crore ) towards Right of Way representing Group’s Share of Assets,
jointly owned with other Companies.
(2) In respect of HPCL LNG Limited, all the intangible assets have been offered as a security for Long term loan at the balance sheet
date, representing a net block of H 0.00 Crore (31.03.2023 : H 0.00 Crore).
(3) The Group has entered into service concession arrangements with entities that supply electricity (referred to as "The Regulator")
in order to construct, own, operate, and maintain a wind energy-based electric power generating station (referred to as the
"Plant"). Pursuant to the agreement, the Group will operate and maintain the Plant, and will sell the electricity generated to the
Regulator for a period covering the substantial useful life of the Plant, which may be renewed for a further period upon mutual
agreement between the parties. During the concession period, the Group is responsible for providing any maintenance services
required. In turn, the Group has the right to charge an agreed rate as set forth in the service concession arrangement. The value
of the Plant's construction has been recognized as an Asset, which is amortized over the useful life of the asset.
5B. Intangible Assets under development (IAUD)

(H / Crore)
31.03.2024 31.03.2023
Opening balance 296.62 262.15
Expenditure on Intangible asset 104.20 54.20
Interest 7.75 13.44
Loss / (gain) on foreign currency transactions and translations 0.05 4.51
421.32 371.91
Less: Capitalised/Charged to Statement of Profit & Loss during the year (refer Note 51) 391.78 75.29
Closing balance 29.54 296.62
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5B.1. Intangible Assets under development ageing schedule

(H / Crore)
31.03.2024 31.03.2023
Less than 1 year 0.95 88.05
1 to 2 years 0.82 78.91
2 to 3 years 1.00 74.09
Less than 1 year - -
1 to 2 years - -
2 to 3 years - -
More than 3 years - -
29.54 296.62
5B.2.
Intangible Assets under development completion schedule, whose completion is overdue or has exceeded its cost
(H / Crore)
To be completed in
IAUD Less than More than
1 year 3 years
Process licenses for Visakh Refinery Modernization Project 29.49 - - -
Intangible Assets under development completion schedule, whose completion is overdue or has exceeded its
cost compared to its original plan as on 31st March, 2023
(H / Crore)
To be completed in
IAUD Less than More than
1 year 3 years
ERP Modernization Project 198.32 - - -
Process licenses for Visakh Refinery Modernization Project 95.31 - - -
315
6. Investments in Joint Ventures and Associates

(H / Crore)
31.03.2024 31.03.2023
Investments in Equity Instruments
Associates
Quoted
29,71,53,518 (31.03.2023 : 29,71,53,518) Equity Shares of H 10 each fully paid up 2,210.14 1,653.48
Un - Quoted
GSPL India Transco Limited
GSPL India Gasnet Limited
Joint Ventures
Un - Quoted
HPCL Rajasthan Refinery Limited (refer Note 6.1)
HPCL-Mittal Energy Limited (refer Note 6.1)
3,93,95,55,200 (31.03.2023 : 3,93,95,55,200) Equity Shares of H 10 each fully paid up 7,713.92 6,931.74
Hindustan Colas Private Limited
47,25,000 (31.03.2023 : 47,25,000) Equity Shares of H 10 each fully paid up 291.83 249.23
Petronet India Limited (refer Note 6.2)
1,60,00,000 (31.03.2023 :1,60,00,000) Equity Shares of H 0.10 each fully paid up 0.44 0.44
Petronet MHB Limited (refer Note 1.3.6)
South Asia LPG Company Private Limited
5,00,00,000 ( 31.03.2023 : 5,00,00,000) Equity Shares of H 10 each fully paid up 93.49 116.15
Bhagyanagar Gas Limited
4,36,50,000 (31.03.2023 : 4,36,50,000) Equity Shares of H 10 each fully paid up 216.46 197.91
Aavantika Gas Limited
Mumbai Aviation Fuel Farm Facility Private Limited
5,29,18,750 (31.03.2023 :5,29,18,750) Equity Shares of H 10 each fully paid up 107.74 102.47
Godavari Gas Private Limited
Ratnagiri Refinery & Petrochemical Limited
HPOIL Gas Private Limited
IHB Limited
76,45,00,000 (31.03.2023 : 76,45,00,000) Equity shares of H 10 each fully paid up 760.68 762.71
22,654.10 17,809.73
Disclosure towards Cost / Market Value
c Aggregate amount of Unquoted Investments (Cost) 16,474.72 13,008.98
6.1. As per the guidelines issued by Department of Public Enterprises (DPE), Ministry of Finance, in February 2010, the Board of Directors
of Maharatna Central Public Sector Enterprises (CPSEs) can invest in joint ventures and wholly owned subsidiaries subject to an overall
ceiling of 30% of the net worth of the CPSE. The Corporation has requested Ministry of Petroleum & Natural Gas (MOP&NG) to confirm
its understanding that for calculating this ceiling limit, the amount of investments specifically approved by Government of India [viz.
investment in HPCL Mittal Energy Limited (HMEL) and HPCL Rajasthan Refinery Limited (HRRL)] are to be excluded. The Corporation
has calculated the limit of 30% investment in joint ventures and wholly owned subsidiaries, by excluding these investments.
6.2. Petronet India Limited is in the process of voluntary winding up w.e.f. August 30, 2018.
316
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7. Other Investments
(H / Crore)
31.03.2024 31.03.2023
Investment in equity instruments carried at fair value through other
comprehensive income
Quoted
Oil India Ltd. (refer Note 7.1a)
2,67,50,550 (31.03.2023 : 2,67,50,550) Equity Shares of H 10 each fully paid up 1,605.70 673.18
Scooters India Ltd. (refer Note 7.1b)
Nil (31.03.2023:10,000) Equity Shares of H 10 each fully paid up - 0.03
Investment in equity instruments carried at fair value through profit or loss
Un - Quoted
Voltrez Tech Private Limited (refer Note 7.2) 1.75 0.80
1,353 (31.03.2023: 1,353) Equity shares of H 10 each fully paid up
Woodlands Multispecialty Hospital Limited of face value of H 0.21 lakhs
2,110 (31.03.2023: 2,110) Equity shares of H 10 each fully paid up 0.00 0.00
Shushrusha Citizen Co-operative Hospital Limited of the face value of H 0.10 lakhs
100 (31.03.2023 100) Equity Shares of H 100/- each fully paid up 0.00 0.00
Total Investments in Equity Instruments 1,607.45 674.01
Investments in Preference Shares carried at fair value through profit or loss
Others
Un - Quoted
Compulsorily convertible preference shares in 23 (31.03.2023: 21) Start-Up 96.05 36.52
companies (refer Note 7.2)
Total Investments in Preference Shares 96.05 36.52
1,703.50 710.53
7.1a. The Group intends to hold this Investment for long term strategic purposes, and accordingly, designated it at fair value through Other
Comprehensive Income. There was no disposal of this strategic investment during the financial year.
7.1b. During the current year, 'Scooters India Limited' has come out with a Letter of Offer for voluntary delisting of Equity Shares to public
shareholders’ (Offer). Corporation has opted to tender its shares under the said Offer, and accordingly, has accounted it as 'Asset
classified as held for Sale/Disposal
7.2. The value of investment in certain start-ups have been fair valued with corresponding recognition of fair value gain of H 58.28
Crore (2022-23: H 18.87 Crore), considering the information available about deals/funding that have taken place subsequent to our
investment in such start-ups. In other cases, considering that the start-ups are in the stage of their development and are mostly in
traction and refinement stages, the carrying value of such start-ups is considered as a reasonable approximation of their fair value.
(H / Crore)
31.03.2024 31.03.2023
a Aggregate amount of Quoted Investments (Market Value) 1,605.70 673.21
c Aggregate amount of Unquoted Investments (Cost) 20.65 18.45
d Aggregate amount of Provision for Impairment - -
317
8. Loans
(H / Crore)
31.03.2024 31.03.2023
Secured
Unsecured
Loans to related parties, considered good (refer Note 65) 500.00 -
Other Loans
1,201.41 977.81
8.1. Includes Loan given to Pradhan Mantri Ujjwala Yojana (PMUY) consumers H 440.45 Crore ( 31.03.2023: H 506.65 Crore) (refer Note 56).
8.2. Towards Loan given to Pradhan Mantri Ujjwala Yojana (PMUY) consumers (refer Note 56).

(H / Crore)
31.03.2024 31.03.2023
Security Deposits 200.78 168.75
Share application money pending allotment - 15.50
Bank Deposit with more than 12 months maturity (refer Note 9.1) 1.88 7.33
Lease Receivables 1.14 1.05
Other Financial Assets 0.44 -
204.24 192.63
10. Other Non-Current Assets

(H / Crore)
31.03.2024 31.03.2023
Balances with Excise, Customs, etc. (refer Note 10.1) 1,078.73 876.58
Less: Provision for doubtful claims (refer Note 10.1) 81.23 81.23
Deposits 238.74 243.31
Advance tax (net of provisions) 2,384.41 2,046.46
Capital advances 221.23 105.13
Advance to Employee's Benefit Trust (refer Note 62) - 0.42
Prepaid Employee Cost 227.34 176.99
Prepaid Lease Rental 0.57 0.30
Others Prepaid Expenses 259.68 310.01
4,329.47 3,677.97
10.1. Includes an amount of H 81.23 Crore (31.03.2023: H 81.23 Crore) carried as receivable towards Customs Duty refund claims, filed
relating to the periods 1992-97. As per the assessment made by the Management, these claims are legally tenable, however,
considering the efflux of time, an amount of H 81.23 Crore (31.03.2023: H 81.23 Crore) is provided for. Management is continuing to
pursue the matter with Authorities for early settlement of these claims.
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11. Inventories
(H / Crore)
31.03.2024 31.03.2023
Raw materials (Including in transit 31.03.2024 : H 1,769.91 Crore ; 31.03.2023 : H 908.52 Crore) 6,788.17 5,216.22
Finished goods (Including in transit 31.03.2024 : H 287.30 Crore ; 31.03.2023 : H 175.99 Crore) 11,481.96 9,140.60
Stock-in-trade (Including in transit 31.03.2024 : H 1,603.33 Crore ; 31.03.2023 : H 1,983.49 Crore) 12,505.40 12,638.27
Stores and spares (Including in transit 31.03.2024 : H 6.73 Crore ; 31.03.2023 : H 1.09 Crore ) 945.80 653.09
Less : Provision for Stores and Spares 25.21 47.01
Packages 78.08 60.57
34,211.46 29,575.00
11.1 The write-down, net of reversals, if any, of Inventories to net realisable value during the financial year amounted to H 546.28 Crore
(2022-23: H 138.95 Crore). The write downs and reversal are included in cost of materials consumed, changes in Inventories of
finished goods, stock-in-trade and work-in-progress.
11.2 Inventories are hypothecated in favour of banks on pari passu basis as a security for availment of Cash Credit facility.
12. Investments
(H / Crore)
31.03.2024 31.03.2023
Investments carried at fair value through profit or loss
Quoted - Government Securities
6.90% Oil Marketing Companies' GOI Special Bonds, 2026 1,720.04 1,713.47
17,36,36,000 (31.03.2023:17,36,36,000) Bonds of H 100 each face value (refer Note 12.1)
8.00% Oil Marketing Companies' GOI Special Bonds, 2026 24.68 24.79
24,41,000 (31.03.2023:24,41,000) Bonds of H 100 each face value
8.20% Oil Marketing Companies' GOI Special Bonds, 2024 123.96 124.97
6.35% Oil Marketing Companies' GOI Special Bonds, 2024 1,818.82 1,802.74
7.59% Government of India, G - Sec Bonds, 2026 186.55 186.94
1,85,00,000 ( 31.03.2023: 1,85,00,000) Bonds of H 100 each face value (refer Note 12.1)
8,36,00,000 (31.03.2023: 8,36,00,000) Bonds of H 100 each face value (refer Note 12.1)
5,182.70 5,168.89
12.1. Bonds having face value of H 3,840 Crore (31.03.2023: H 3,363 Crore) comprising 7.59 % G - Sec Bonds of H 185 Crore (31.03.2023:
H 183 Crore), 7.72 % G - Sec Bonds of H 800 Crore (31.03.2023: H 800 Crore), 8.33 % G - Sec Bonds of H 150 Crore (31.03.2023: H 180
Crore), 8.15 % G - Sec Bonds of H 255 Crore (31.03.2023: H 200 Crore), 6.35% Oil Bonds 2024 of H 1,500 Crore (31.03.2023 : H 500
Crore), 8.20% Oil Bonds 2024 of H 100 Crore (31.03.2023 : Nil) and 6.90% Oil Bonds 2026 of H 850 Crore (31.03.2023 : H 1,500 Crore),
have been either pledged with Clearing Corporation of India Limited (CCIL) against Triparty Repo Dealing System loan or given as
collateral against borrowings through CROMS segment of Clearing Corporation of India Limited.
(H / Crore)
31.03.2024 31.03.2023
Disclosure towards Cost / Market Value / Impairment
b Aggregate amount of Quoted Investments (Cost) 5,267.26 5,267.26
c Aggregate amount of Unquoted Investments (Cost) - -
319
13. Trade Receivables

(H / Crore)
31.03.2024 31.03.2023
Unsecured
Considered good 9,525.91 6,960.68
Credit impaired 90.00 127.44
9,615.91 7,088.12
9,324.09 6,832.38
13.1.Includes H 89.88 Crore (31.03.2023 : H 127.32 Crore) on trade recievables of H 89.88 Crore (31.03.2023 : H 127.32 Crore) for which the
credit risk has been assessed on an individual basis.
13.2. Trade Receivables Ageing Schedule

(H / Crore)
31.03.2024 31.03.2023
Particulars
(i) Considered Good
- Unbilled 17.74 - 13.40 -
- Not Due 5,694.13 5.66 2,686.82 4.25
- Less than 6 months 3,493.11 16.45 3,887.02 15.43
- 6 months to 1 year 72.24 19.75 116.20 21.22
- 1 to 2 years 37.69 35.02 60.65 43.69
- 2 to 3 years 16.57 37.64 21.40 36.54
- More than 3 years 7.93 71.98 10.03 44.04
(ii) Significant Increase in Credit Risk
- Unbilled - - - -
- Not Due - - - -
- 1 to 2 years - - - -
- 2 to 3 years - - - -
- More than 3 years
(iii) Credit Impaired
- Unbilled - - - -
- Not Due - - - -
- 1 to 2 years 0.05 - 1.55 0.01
- 2 to 3 years 0.63 - 0.60 0.56
- More than 3 years 44.32 45.00 77.29 47.42
9,384.41 231.50 6,874.96 213.16
14. Cash and Cash Equivalents

(H / Crore)
31.03.2024 31.03.2023
Balances with Scheduled Banks:
- on Current Accounts 219.02 446.56
Cheques on hand 0.07 -
Fixed Deposit with less than 3 months of orignal maturity 52.75 65.83
279.85 518.48
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15. Bank Balances other than cash and cash equivalents

(H / Crore)
31.03.2024 31.03.2023
Earmarked balances with banks for unpaid dividend 20.88 23.57
Earmarked balances with banks for Unspent CSR 29.36 -
Earmarked balances with banks for FAME subsidy (refer Note 24.1.b) 133.70 127.40
Fixed Deposits with 3 - 12 months maturity (refer Note 15.1) 9.64 2.95
193.58 153.92
16. Loans
(H / Crore)
31.03.2024 31.03.2023
Secured
Unsecured
Other Loans
Loans Receivable - considered good (refer Note 16.1) 75.12 112.16
107.97 171.46
16.1. Includes loan given to Pradhan Mantri Ujjwala Yojana (PMUY) consumers H 82.03 Crore ( 31.03.2023: H 87.06 Crore) (refer Note 56).
16.2. Includes Provision towards loan given to Pradhan Mantri Ujjwala Yojana (PMUY) consumers : H 51.19 Crore ( 31.03.2023: H 3.67
Crore) (refer Note 56).

(H / Crore)
31.03.2024 31.03.2023
Margin Money Deposits 0.04 0.04
Amounts recoverable under subsidy schemes 18.36 13.05
Less: Loss allowance 10.47 10.47
Interest accrued on Investments 90.33 91.53
Derivative Assets 2.92 4.01
Delayed payment charges receivable from customers 387.95 189.81
Less : Loss allowance 126.40 115.88
Receivables from Government of India
- Pradhan Mantri Ujjwala Yojana (PMUY) & Direct Benefit Transfer of LPG (DBTL) 817.81 438.72
Receivables from Government of India towards Grant 12.13 -
Balance with Life Insurance Corporation of India towards Employee Leave Encashment 984.89 409.64
Other Receivables (refer Note 17.1) 494.49 374.71
Less : Loss allowance (refer Note 17.1) 99.39 353.49
2,572.66 1,041.67
17.1 Includes an amount of H Nil Crore (31.03.2023: H 91.58 Crore) towards balance claim pending for settlement from the Government
of India in respect of free LPG Cylinders issued to beneficiaries under Pradhan Mantri Garib Kalyan Yojana on which a provision of
H Nil Crore (31.03.2023 : H 91.58 Crore) is carried in the books.
321
18. Other Current Assets

(H / Crore)
31.03.2024 31.03.2023
Advance other than Capital Advances 46.45 53.83
Balances with Excise, Customs, etc. 656.23 615.31
Other Current Assets 13.23 65.55
914.09 1,045.30
19. Equity Share capital

(H / Crore)
31.03.2024 31.03.2023
A. Authorised:
2,49,92,50,000 (31.03.2023 : 2,49,92,50,000) Equity Shares of H 10/- each 2,499.25 2,499.25
75,000 (31.03.2023: 75,000) Cumulative Redeemable Preference Shares of H 100/- each 0.75 0.75
2,500.00 2,500.00
B. Issued & Subscribed:
C. Fully Paid up:
D. Shares Forfeited:
7,02,750 (31.03.2023: 7,02,750) Shares Forfeited (money received) 0.39 0.39
1,418.94 1,418.94
E. Reconciliation of number of equity shares
Number of Shares
31.03.2024 31.03.2023
Outstanding at the beginning of the year 1,41,85,48,345 1,41,85,48,345
Outstanding at the end of the year 1,41,85,48,345 1,41,85,48,345
F. Rights and Restrictions on Equity / Preference Shares
he Corporation has only one class of Equity Shares having a face value of H 10/- per share which are issued and subscribed. Each
T
Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of
the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of the winding up, the
holders of equity shares will be entitled to receive the remaining assets in proportion to the number of equity shares held by the
shareholders and the amount paid up thereon.
he Corporation also has 75,000 6% cumulative Redeemable Non-convertible Preference Shares of H 100 /- each as a part of the
T
Authorised Capital, which were issued earlier by the erstwhile ESSO Standard Refining Co. of India Limited (ESRC). Presently the
said Preference Shares stand redeemed.
G. Details of share held by each shareholder, holding more than 5% shares
31.03.2024
31.03.2023
322
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H. In the period of five years immediately preceding 31st March, 2024
The Board, at its meeting held on November 04, 2020 approved the buyback of fully paid-up equity shares of the face value of
H 10/- from the open market through stock exchange mechanism for an aggregate amount not exceeding H 2,500 Crore
(“Maximum Buyback Size”) and at a price not exceeding H 250 per Equity Share, payable in cash. The shares buy-back program,
which commenced on November 17, 2020 had concluded on May 14, 2021. During the buy-back period, a total of 10,52,74,280/-
shares, representing 6.91% of paid up Share Capital (prior to commencement of buy-back) having a face value of H 105,27,42,800/-
had been bought back and extinguished.
I. Details of shares held by promoters as at
31.03.2024
Name of the Promoter % Change
% of total
Shares
(No. of Shares)
Total 77,88,45,375 54.90 -
31.03.2023
Name of the Promoter % Change
% of total
Shares
(No. of Shares)
Total 77,88,45,375 54.90 -
323
20. Other Equity
(H / Crore)
31.03.2024 31.03.2023
Capital Redemption Reserve (i) 106.83 106.83
Debenture Redemption Reserve (ii) 674.38 725.36
Capital Reserve (iii) 1.08 0.88
General Reserve (iv) 50.10 50.10
Equity Instruments through Other Comprehensive Income (v) 976.65 111.43
Foreign Currency Translation Reserve (vi) (102.18) (91.68)
Cash Flow Hedge Reserve (vii) (208.78) (239.85)
Retained Earnings (viii) 44,004.33 30,181.26
45,502.41 30,844.33
(i) Capital Redemption Reserve
Add : Transfer from Retained Earnings - -
106.83 106.83
(ii) Debenture Redemption Reserve (refer Note 20.1)
Add: Transfer from Retained Earnings - -
Less: Transfer to Retained Earnings 50.98 30.72
674.38 725.36
20.1:
The reserve is created consequent on Non-Convertible Debentures,
issued under Companies Act, 2013.
(iii) Capital Reserve

Add: Transfer during the year 0.20 0.17
1.08 0.88
(iv) General Reserve
50.10 50.10
(v) Equity Instruments through Other Comprehensive Income
Add : Additions during the year 865.22 35.44
976.65 111.43
(vi) Foreign Currency Translation Reserve
Opening Balance (91.68) (52.77)
Add : Additions during the year (10.50) (38.91)
(102.18) (91.68)
(vii) Cash Flow Hedge Reserve
Opening Balance (239.85) (251.83)
Add : Effective Portion of Gains/(loss) in a Cash Flow Hedge 34.07 (126.69)
Less : Reclassification to Statement of Profit and Loss 3.00 (138.67)
(208.78) (239.85)
(viii) Retained Earnings
Opening Balance 30,181.26 39,300.16
Add : Profit/(Loss) for the year 16,014.61 (6,980.23)
Add : Transfer from Debenture Redemption Reserve 50.98 30.72
Less : Profit appropriated towards Final/Interim Dividend (refer Note 46) 2,127.82 1,985.97
Add : Share in Other comprehensive Income of equity accounted investees (0.10) (2.87)
Less : Remeasurment (Gain)/Loss on Defined Benefit Plans 114.60 180.55
44,004.33 30,181.26
45,502.41 30,844.33
324
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21. Borrowings
(H / Crore)
31.03.2024 31.03.2023
Bonds and Debentures (refer Note 21.1)
Un - secured
Foreign Currency Bonds 4,164.13 4,100.98
8.00% Non-Convertible Debentures 500.00 499.93
6.38% Non-Convertible Debentures - 600.00
4.79% Non-convertible Debentures - 1,999.98
7.54% Non-convertible Debentures 749.93 749.92
Term loans
Secured
Oil Industry Development Board (refer Note 21.2) 50.00 75.00
Banks (refer Note 21.3) 3,891.10 1,768.48
Un - secured
From Banks
Syndicated loans repayable in foreign currency (refer Note 21.4) 13,311.54 15,776.65
Others (refer note 21.5) 7,875.00 11,100.00
46,040.58 52,169.61
Less: Current Maturities of Long Term Borrowings 8,097.54 3,998.14
37,943.04 48,171.47
21.1 Bonds and Debentures
Particulars of Bond/Debenture Coupon Rate of Interest Date of Maturity/Redemption

7.74% Non-Convertible Debentures 7.74% p.a. payable Annually 02nd March 2028
7.64% Non-Convertible Debentures 7.64% p.a. payable Annually 04th November 2027
USD 500 million bonds 4.00% p.a. payable Half Yearly 12th July 2027
6.09% Non-Convertible Debentures 6.09% p.a. payable Annually 26th February 2027
7.12% Non-Convertible Debentures 7.12% p.a. payable Annually 30th July 2025
7.00% Non-Convertible Debentures 7.00% p.a. payable Annually 14th August 2024
4.79% Non-Convertible Debentures 4.79% p.a. payable Annually 23rd October 2023
Of the loan amount H 2,499.97 Crore (31.03.2023: H 2,599.97 Crore) is repayable within one year and the same has been included in
'Current Maturities of Long Term Borrowings' under Note 25.
325
21.2 Term Loans from Oil Industry Development Board

Repayable during
31.03.2024 31.03.2023 31.03.2024 31.03.2023
2023-24 - 25.00 - 5.68%
2024-25 25.00 25.00 5.68% 5.68%
2025-26 25.00 25.00 5.68% 5.68%
Total 50.00 75.00
The loan outstanding has been secured with first charge on the facilities of Vishakh Refinery Modernisation Project. Of the loan
amount, H 25 Crore (31.03.2023: H 25 Crore) is repayable within one year and the same has been included in 'Current Maturities of
Long Term Borrowings' under Note 25.
21.3 Secured Term Loan from Banks

With respect to Loan taken by HPCL LNG Limited
1) The Term loan facility is secured by the first charge over:
(i) all the immovable assets (Including leasehold land);
(ii) all movable assets, movable plant and machinery, machinery spares, tools and accessories both present and future of the
company (including existing plants and all of its present/future assets);
(iii) the intangible assets of the Company (all rights, titles and interests in, to and under all assets (present/future) of the Project);
(iv) all the material project document, clearances and all the right, title, interest, benefits, claims and demands whatsoever of
the borrowing in the insurance contracts / policies / insurance proceeds, licenses, performance bonds, guarantees in, to,
and under all assets of the company or procured by any of its contractors favoring the Company;
(v) the present & future cash flows/revenues/receivables of the Company;
(vi) all the bank accounts of the Company including but not limted to the Trust & Retention Account, its sub accounts and each
of other account required to be created by the Company;
2) The applicable Interest rate for the long term loan is floating rate linked to the prevailing SBI 1-year MCLR with spread of 0.05%,
present effective applicable rate is 8.7% p.a (8.45% p.a. till 4th February 2024).
3) The Loan (Outstanding as of 31.03.2024 : H 2,437.60 Crore, 31.03.2023 : H 1,768.48 Crore) is to be repaid in stepped-up 38
installments over a period of 13 years including morotorium period of 2 years. The quarterly repayment schedule for Long Term
loans is from 01.04.2026 to 30.09.2035.
4) For non-creation of security, penal interest may be charged at 1% of the outstanding loan amount subject to fullfiment of the
terms & conditions as metioned in the Sanctioned Letter.
With respect to Loan taken by HPCL

Repayable during
31.03.2024 31.03.2023 31.03.2024 31.03.2023
2024-25 410.02
2026-27 476.58 NA interest linked to NA
2027-28 124.86 Repo Rate
Total 1,453.50
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Annual
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a) An amount of H 1,453.50 Crore was raised during the current financial year (2022-23 : H Nil Crore) under Asset Monetization
Program through securitisation of 'Service Station License Fee' (SSLF), which is recovered from Dealers towards usage of
Corporation’s assets at Retail Outlets. The Corporation has created the first charge on Escrow Bank Account opened for
depositing the total pay-outs and monies lying therein, as security towards the said loan. This loan is for a tenor of 3 years 3
months and is repayable in 39 monthly pay-outs, with the first month of repayment being April 2024.
b) Of this loan amount, H 410.02 Crore (31.03.2023: H Nil Crore) is repayable within one year and the same has been included in
'Current Maturities of Long Term Borrowings' under Note 25.
21.4 Syndicated term loans repayable in foreign currency

With respect to Loan taken by Hindustan Petroleum Corporation Limited
USD Million J in Crore

Repayable during
31.03.2024 31.03.2023 31.03.2024 31.03.2023
2024-25 550.00 800.00 4,587.55 6,574.00
2025-26 300.00 300.00 2,502.30 2,465.25
2026-27 450.00 450.00 3,753.45 3,697.88
2027-28 300.00 300.00 2,502.30 2,465.25
Total 1,600.00 1,850.00 13,345.60 15,202.38
The Corporation has availed Syndicated Loans from foreign Banks at fixed rate or 3 months floating Term SOFR plus spread (spread
range: 90 to 112 basis point per annum). These loans are taken for a period up to 5 years. Of the total loan outstanding as on March
31, 2023, loans aggregating to USD 750 Million (2022-23 : USD 500 Million) have been refinanced through fresh External Commercial
Borrowings (ECB's) and loan amounting to USD 250 Million (2022-23 : Nil) has been prepaid during the current Financial Year. Of the
loan amount, H 4,587.55 Crore (31.03.2023: H Nil Crore) is repayable within one year and has been included in 'Current Maturities of
Long Term Borrowings' under Note 25.
With respect to Loan taken by Prize Petroleum International Pte Ltd. (PPIPL), a wholly owned subsidiary of Prize Petroleum
Company Limited (PPCL)
PPIPL had availed loan of US $ 86 Million during the financial year 2016-17 [PPCL's equity investment in PPIPL, Singapore, was
pledged in favour of the lender, towards the said loan], against which, as on 31.03.2023, an amount of US $ 79 Million (~H 649 Crore,
included in 'Current Maturities of Long Term Borrowing under Note 25"") was outstanding, which was due for repayment during the
current financial year and has been settled by the Group. (refer Note 51)
This secured bank loan was bearing interest at 1.2% + 6-month LIBOR per annum (2022-2023: 1.2% + 6-month LIBOR per annum),
which ranged from 6.13% to 6.57%.p.a. during current financial year (2022-2023: from 1.38% to 6.13% p.a.).
21.5 Other term loans

Repayable during
31.03.2024 31.03.2023 31.03.2024 31.03.2023
2024-25 575.00 575.00 Floating rate of interest linked
interest linked to 3M T-Bill
2025-26 5,500.00 8,300.00 to 3M T-Bill (H 2500 Crore),
2026-27 1,800.00 1,500.00 (H 1500 Crore) 1M T-Bill (H 8300
Total 7,875.00 11,100.00 & 1M T-Bill Crore) & Bank's
(H 6375 Crore) overnight MCLR
(H 300 Crore)
a) These loans are taken for a period up to 4 years. Of the total Rupee Term loans outstanding as on March 31, 2023, loan
aggregating to H 1,500 Crore (2022-23 : H Nil Crore) have been refinanced through fresh Rupee Term loan during the current
financial year.
b) Of the loan amount, H 575.00 Crore (31.03.2023: H 725.00 Crore) is repayable within one year and the same has been included
327

(H / Crore)
31.03.2024 31.03.2023
0.32 0.30
23. Provisions
(H / Crore)
31.03.2024 31.03.2023
Provision for employee benefits 90.55 50.19
Others (refer Note 55) 0.05 62.74
90.60 112.93
24. Other Non-Current Liabilities

(H / Crore)
31.03.2024 31.03.2023
817.49 718.05
24.1 a. Includes H 36.50 Crore (31.03.2023: H 37.12 Crore ) towards non-current portion of unamortised Capital Grant, out of total
Grant of H 37.50 Crore received from GOI, on completion of first milestone against approved financial assistance for viability
gap funding (VGF) of H 150 Crore for setting up commercial scale 2G Ethanol refinery at Bhatinda, Punjab under PM-JIVAN Yojna.
Of the total unamortised capital grant, H 1.00 Crore (31.03.2023: H 0.38 Crore) towards current portion is included in Note 28.
The capital grant has been secured with first charge on the facilities of 2G ethanol refinery project.
b. Includes H134.32 Crore (31.03.2023: H 124.06 Crore) towards non-current portion of unamortised Capital Grant, out of total
Grant of H 127.40 Crore received and H 12.13 Crore receivable from GOI (Out of approved grant of H 199.33 Crore) towards FAME
India scheme phase II for installation and commissioning of 1891 EV charging stations across India. Of the total unamortised
Capital Grant, H 5.21 Crore (31.03.2023: H 3.34 Crore) towards current portion is included in Note 28.
c. Includes non-current unamortised portion of H 136.69 Crore (31.03.2023: H 66.40 Crore) towards the impact of duty deferment
under Manufacturing and Other Operations in Warehouse Regulations, 2019 scheme, which is treated as Capital Grant from
GOI in accordance with Ind AS-20 “Accounting for Government Grants and Disclosure of Government Assistance”. Of the total
unamortised Capital Grant, H 0.55 Crore (31.03.2023: H 0.33 Crore) towards current portion is included in Note 28.
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25. Borrowings
(H / Crore)
31.03.2024 31.03.2023
Loans repayable on demand
Secured
from banks
Cash Credit (refer Note 11.2) 6,498.44 1,414.67
from other parties
Triparty Repo Dealing System Loan (refer Note 12.1) 154.97 -
Clearcorp Repo Order Matching System (refer Note 12.1) 3,721.74 3,038.57
Un-secured
from banks
Clean Loans 1,500.48 6,901.31
Short term loans 4,896.91 3,524.14
Current maturities of Long term borrowings (refer Note 25.1) 8,097.54 3,998.14
24,870.08 18,876.83
25.1. Includes borrowing repayable within one year: Loan from Oil Industry and Development Board H 25 Crore (31.03.2023: H 25 Crore);
Secured term loans from Banks H 410.02 Crore (31.03.2023 : H Nil Crore); Syndicated term loans repayable in foreign currency
H 4,587.55 Crore (31.03.2023: H Nil Crore); Other term loans from Banks H 575.00 Crore (31.03.2023: H 725 Crore) and Non Convertible
Debentures H 2499.97 Crore (31.03.2023: H 2,599.97 Crore).
26. Trade Payables

(H / Crore)
31.03.2024 31.03.2023
Particulars
(i) MSME
Unbilled 185.26 - 131.27 -
Not Due 594.41 - 332.66 0.01
Less than 1 year 5.28 - 1.06 0.06
1 to 2 years 0.02 0.04 - 0.09
2 to 3 years - 0.08 - -
More than 3 years 0.01 - - -
(ii) Others
Unbilled 7,853.11 - 3,814.83 -
Not Due 18,516.55 7.41 18,533.86 0.07
Less than 1 year 129.94 0.40 80.74 1.71
1 to 2 years 2.73 0.66 3.04 1.84
2 to 3 years 0.08 0.60 0.15 1.69
More than 3 years 0.64 2.79 0.65 9.50
27,288.03 11.98 22,898.26 14.97
329

(H / Crore)
31.03.2024 31.03.2023
Interest accrued but not due on loans 697.91 798.37
Unpaid Dividend (refer Note 27.1) 20.88 23.57
Derivative Liability - 1.57
Deposits from Dealers /Consumers/Suppliers (refer Note 27.2) 18,333.57 17,541.31
Liability towards Capital Expenditures:
Outstanding dues of micro enterprises and small enterprises (refer Note 48) 710.98 845.84
Outstanding dues of creditor other than micro and small enterprises 2,539.73 3,045.71
Other Financial Deposits 19.90 16.73
Margin money taken on Derivatives 9.84 -
Other Liabilities 1,318.74 1,187.30
23,651.55 23,460.40
27.1. Dues as at the end of the year for credit to Investor Education and Protection Fund is H Nil Crore (31.03.2023: H Nil Crore).
27.2. a) Includes deposits received towards Rajiv Gandhi Gramin LPG Vitrak Yojana H 241.89 Crore (31.03.2023: H 241.89 Crore) and
Prime Minister Ujjwala Yojana of H 3842.67 Crore (31.03.2023 H 3,575.36 Crore). These deposits have been either made by
Government of India or created out of CSR fund.
b) The liability is classified as current in accordance with Ind AS 1 as it is payable on demand. Considering past trends, it is expected
that the payment towards this liability in the next 12 months would be insignificant.
c) Refer Note 3.13
28. Other Current Liabilities

(H / Crore)
31.03.2024 31.03.2023
Revenue received in advance 1,367.90 1,261.64
Revenue Grants (refer Note 28.1) 0.54 -
Capital Grant (refer Note 24.1) 7.72 5.02
Statutory Payables 5,240.51 4,676.74
6,817.58 6,154.33
28.1. Received from Centre for High Technology for development and Scale-up of Indigenous Next Generation Solid Oxide Fuel Cell (SOFC)
Technology and Demonstration of Process Line (10 kW) for Prototype Production.
29. Provisions
(H / Crore)
31.03.2024 31.03.2023
Provision for employee benefits 1,736.00 1,256.39
Provisions for probable obligations (refer Note 55) 1,649.32 1,397.37
3,385.32 2,653.76
30. Current Tax Liabilities (Net)

(H / Crore)
31.03.2024 31.03.2023
Provision for tax (net of advance tax) (refer Note 41) 92.56 46.16
92.56 46.16
330
Annual
72nd Report
31. Gross Sale of Products

(H / Crore)
2023-24 2022-23
Sale of Products 4,60,107.02 4,59,287.69
Recovery under Subsidy Schemes 40.30 85.01
Grant from GoI - 5,617.00
4,60,147.32 4,64,989.70
31.1. Net of discount of H 3,438.66 Crore (2022-23: H 3,260.92 Crore).
31.2. Subsidy on PDS Kerosene from State Governments amounting to H 40.30 Crore (2022-23: H 85.01 Crore).
31.3. One time grant of H Nil Crore (2022-23: H 5,617 Crore) received from Government of India to compensate under-recoveries incurred
on sale of domestic LPG.
31.4. MoPNG, vide letter dated 30.04.2020, had conveyed, inter alia, to Oil Marketing Companies (OMCs) that in case Market Determined
Price (MDP) is less than the Effective Cost to Consumer (ECC), OMCs will retain the difference in a separate buffer account for future
adjustment. As on March 31, 2024, the Corporation has a negative buffer of H 98.70 Crore (31.03.2023 : H 989.73 Crore). In absence
of authorisation from GOI, receivable and revenue to the extent of negative buffer has not been recognised. Negative buffer balance
as on 31.03.2023 has been recognized as a part of ‘Revenue from Operations’ upon adjustment against positive buffer generated
during the current year.
31.5.Disaggregation of revenue as required under Ind AS 115:

(H / Crore)
2023-24 2022-23
Exports 8,951.84 5,019.18
Other than export 4,51,195.48 4,59,970.52
4,60,147.32 4,64,989.70
32. Other Operating Revenues

(H / Crore)
2023-24 2022-23
Rent Recoveries 958.54 938.23
Miscellaneous Operating Income 863.28 570.68
1,821.82 1,508.91
33. Other Income

(H / Crore)
2023-24 2022-23
Interest Income on Financial Assets carried at amortized cost:
On Deposits 0.95 0.53
On Staff Loans 48.62 32.70
On Customers' Accounts 547.57 248.53
Interest On Investments carried at fair value through Profit or Loss 368.72 371.29
Interest on Other Financial Assets carried at amortized cost 143.31 135.44
Interest on Others 117.41 65.68
1,226.58 854.17
Dividend Income from non-current equity instruments at FVOCI 46.81 52.16
Fair value gain on Current Investments carried at FVTPL 72.09 -
Profit on Sale/write off of Property Plant & Equipments / Capital Work in Progress/ Assets 36.49 -
classified as held for Sale/Disposal (net)
Miscellaneous Income 534.97 559.58
690.36 611.74
1,916.94 1,465.91
331
34. Cost of Materials Consumed

(H / Crore)
2023-24 2022-23
Cost of Raw Materials Consumed 1,26,601.88 1,22,972.33
Packages Consumed 395.02 412.03
1,26,996.90 1,23,384.36
35. Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress (Increase)/ Decrease
(H / Crore)
2023-24 2022-23
(A) Closing Stock:
Finished Goods 11,481.96 9,140.60
Stock-in-trade 12,505.40 12,638.27
26,424.62 23,692.13
(B) Opening Stock:
Finished Goods 9,140.60 9,708.09
Stock-in-trade 12,638.27 13,202.33
23,692.13 25,073.71
(B-A) (2,732.49) 1,381.58
36. Employee Benefits Expense

(H / Crore)
2023-24 2022-23
Salaries, Wages, Bonus, etc. 2,627.34 2,098.08
Contribution to Provident Fund (refer Note 62) 182.52 175.18
Pension, Gratuity and Other Employee Benefits 227.42 316.33
Employee Welfare Expenses 432.46 411.08
3,469.74 3,000.67
37. Finance costs

(H / Crore)
2023-24 2022-23
Interest (refer Note 37.1)
Exchange differences regarded as an adjustment to borrowing costs 2,408.98 2,011.89
Other borrowing costs 107.79 149.50
39.23 12.72
2,556.00 2,174.11
37.1. Includes interest u/s 234B / 234C of Income Tax Act, 1961 for an amount H 5.85 Crore (2022-23: H 4.58 Crore).
332
Annual
72nd Report
38. Other Expenses

(H / Crore)
2023-24 2022-23
Transportation Expenses 8,770.56 8,133.01
Consumption of Stores, Spares and Chemicals 391.86 357.19
Power and Fuel 4,920.71 5,406.96
Less : Consumption of fuel out of own production 4,528.43 5,348.38
Power and fuel consumed (net) 392.28 58.58
Repairs and Maintenance - Buildings 84.65 96.43
Repairs and Maintenance - Plant and Machinery 1,426.52 1,301.86
Repairs and Maintenance - Other Assets 498.63 468.80
Insurance 318.57 337.63
Rates and Taxes 143.63 128.23
Irrecoverable Taxes and Other Levies 844.97 794.12
Rent 389.96 397.86
Travelling and Conveyance 286.94 262.04
Electricity and Water 1,298.37 983.26
Corporate Social Responsibility (CSR) Expenses (refer Note 52) 64.22 154.85
Fair value Loss on Investments carried at FVTPL - 183.76
Loss allowance on Doubtful debts/Receivables/loans net of reversal H 972.29 Crore 93.97 223.54
(2022-23: H 0.99 Crore)
Bad Debts / Receivables written off 296.54 5.09
Loss on Sale/ write off of Property Plant & Equipments / Capital Work In Progress/ Assets - 15.38
classified as held for Sale/Disposal (net)
Security Charges 314.87 301.21
Advertisement and Publicity (refer Note 38.1) 375.75 420.91
Consultancy and Technical Services 125.52 72.80
Loss on Foreign Currency Transaction and Translation (net) 248.85 1,810.43
Exploration Cost 1.87 3.72
Payments to the auditors for:
- Audit Fees 0.89 0.89
- Other Services 1.07 0.83
- Reimbursement of expenses 0.07 0.05
Sundry Expenses and Charges (Not otherwise classified) 1,505.62 1,193.93
17,876.18 17,706.40
38.1. Includes H 252.59 Crore (2022-23: H 302.28 Crore) incurred towards implementation of PMUY-2 Scheme, an initiative of Government
of India, to further the consumption of LPG, which targeted releasing of free LPG connections by Oil Marketing Companies.
333
39. Fair Value Measurements

39.A.Classification of Financial Assets and Financial Liabilities
The following table shows the carrying amounts of Financial Assets and Financial Liabilities which are classified as Fair value through
Profit or Loss (FVTPL), Fair Value through Other Comprehensive Income (FVTOCI) and Amortised Cost:
(H / Crore)
31.03.2024 31.03.2023
Amortised Amortised
FVTPL FVTOCI FVTPL FVTOCI
cost cost
Financial assets
Investments
- Investment in Equity Instruments* 1.75 1,605.70 - 0.80 673.21 -
- Investment in Preference Shares 96.05 - - 36.52 - -
Loans - - - - -
- Employee Loans - - 506.17 - - 460.09
- Other loans - - 803.21 - - 689.18
Trade receivables - - 9,324.09 - - 6,832.38
Cash and cash equivalents - - 279.85 - - 518.48
Bank balances other than cash & cash equivalents - - 193.58 - - 153.92
- Amounts recoverable under subsidy schemes - - 7.89 - - 2.58
- Others - - 2,766.09 - - 1,227.71
Total 5,280.50 1,608.62 13,880.88 5,206.21 677.22 9,884.34
Borrowings
- Foreign Currency Bonds - - 4,164.13 - - 4,100.98
- Non Convertible Debentures - - 16,748.81 - - 19,348.50
- Oil Industry Development Board - - 50.00 - - 75.00
- Syndicated Loans from Foreign Banks - - - - -
- Fixed rate loan - - 2,488.83 - - 2,445.08
- Variable rate loan - - 10,822.71 - - 13,331.57
- Loan from Indian Banks - - 11,766.10 - - 12,868.48
- Cash Credit - - 6,498.44 - - 1,414.67
- Short term loans from banks - - 4,896.91 - - 3,524.14
- Clean Loans - - 1,500.48 - - 6,901.31
- Triparty Repo Dealing System Loan - - 154.97 - - -
- Clearcorp Repo Order Matching System - - 3,721.74 - - 3,038.57
Lease Liabilities - - 3,870.70 - - 3,622.72
Trade Payables - - 27,300.01 - - 22,913.23
- Deposits from Consumers - - 18,333.57 - - 17,541.31
- Derivative liabilities (for hedging) - - - 1.57 -
- Liability towards Capital Expenditure - - 3,250.71 - - 3,891.55
Others - - 2,067.59 - - 2,026.27
Total - - 1,17,635.70 - 1.57 1,17,043.38
* Equity instruments classified as FVTOCI are designated as such upon initial recognition.
334
Annual
72nd Report
39.B.Fair value hierarchy:

This section explains the judgements and estimates made in determining the fair value of the Financial Assets and Financial Liabilities
that are recognised and measured at fair value and amortised cost. To provide an indication about the reliability of the inputs used
in determining fair value, Group has classified its Financial Assets and Financial Liabilities into the three levels prescribed under the
Indian accounting standard. It does not include fair value information for financial assets and financial liabilities not measured at fair
value if the carrying amount is a reasonable approximation of fair value.
(H / Crore)
31.03.2024 31.03.2023
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Financial assets
Investments
- Investment in Equity Instruments 1,605.70 - 1.75 673.21 - 0.80
- Investment in Preference Shares - - 96.05 - - 36.52
Loans
- Employee Loans - 506.17 - - 460.09 -
- Other Loans - - 522.48 -- - 593.71
Total 6,788.40 509.09 620.28 5,842.10 464.10 631.03
Borrowings
- Foreign Currency Bonds 3,983.42 - - 3,895.02 - -
- Non Convertible Debentures - 17,727.74 - - 20,012.30 -
- Oil Industry Development Board Loan - 49.26 - - 73.28 -
- Syndicated Loan from Foreign Banks - - - - - -
- Fixed rate loan - 2,325.49 - - 2,238.43 -
- Derivative Liabilities (for hedging) - - - - 1.57 -
Total 3,983.42 20,102.49 - 3,895.02 22,325.58 -
39.C.Valuation techniques used to determine Fair Value:
Type Valuation technique

Derivative instruments - forward exchange Forward pricing: The fair value is determined using quoted forward exchange
contracts rates at the reporting date.
Derivative instruments - Commodity derivatives Fair value of commodity derivative contracts is estimated by determining the
difference between the contractual price and the current forward price for
the residual maturity of the contract.
Derivative instruments - interest rate swap Discounted cash flows i.e. Present value of expected receipt/payment.
Non-current financial assets and liabilities Discounted cash flows. The valuation model considers the present value of
measured at amortised cost expected receipt/payment discounted using appropriate discounting rates.
335
40. Financial risk management

40.A.Risk management framework
The Corporation has established an Enterprise Risk Management (ERM) framework under the Enterprise Risk Management
Charter and Policy, which is embedded at the forefront of business strategies and focuses on the stronger, deeper and trust-
based relationship with the stakeholders. This framework provides necessary support to the business to navigate through
the evolving risk landscape through dynamic risk management approach that embraces disruption and enhances resiliency
and builds trust.
The Group is regularly reviewing the identified and emerging risks and taking appropriate risk mitigation measures.
The Risk Management Committee (RMC), receives regular insights on risk exposures being face, thereby enabling it to provide
inputs on prompt actions to be taken as well as monitor the actions taken. The Board is also updated regularly on the risk
assessment and mitigation procedures.
Technology has been enabled to support the ERM processes with a focus on optimizing risk exposures and automation of risk
reporting across the organization.
40.B.Group has identified financial risk and categorised them in three parts viz. (i) Credit Risk, (ii) Liquidity Risk
& (iii) Market Risk (iv) Price Risk. Details regarding sources of risk in each such category and how Group
manages the risk is explained in following notes:
40.B.1 - Credit risk
Credit risk is the risk of financial loss, if a customer or counterparty to a financial instrument fails to meet their
contractual obligations. The risk arises principally from the Receivables from Customers and so also from Investment
Securities. The risk is managed through credit approval, establishing credit limits and continuous monitoring of the
creditworthiness of Customers to whom the Group extends credit terms in the normal course of business.
The maximum exposure to credit risk in case of all the financial instruments covered below is restricted to their
respective carrying amount.
Note: Refer Note 56 regarding loans given to consumers under Pradhan Mantri Ujjwala Yojna (PMUY).
Trade receivables
The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer.
The Group assesses impairment of Trade Receivable/Other Receivables both individually and/or grouping large
numbers of Customers, homogenously and recognizes a loss allowance towards doubtful debts by estimating its
expected losses. In this regard, an allowance matrix is used to measure the expected credit losses on trade receivables
that are considered good. The following table provides information about the exposure to credit risk and loss allowance
(including expected credit loss provision) on such trade receivables:
(H / Crore)
31.03.2024 31.03.2023
Past due Gross Weighed Gross Weighed
Loss Loss
carrying average carrying average
allowance allowance
amount loss rate amount loss rate
0-90 days 8,935.54 0.09% 7.61 6,587.72 0.07% 4.31
91–360 days 241.46 15.82% 38.19 192.02 5.73% 11.00
More than 360 days 438.91 56.05% 246.02 308.38 77.97% 240.43
9,615.91 291.82 7,088.12 255.74
The movement in loss allowance on trade receivables and loans given to PMUY Consumers is as follows:
(H / Crore)
Particulars Trade Receivables Loans
Balance as at 01.04.2022 172.29 118.70
Add : Loss allowance recognised 93.50 -
Less : Loss allowance reversed 4.99 93.69
Profit/(Loss) for the year 5.06 -
Balance as at 31.03.2023 255.74 25.01
Add : Loss allowance recognised 77.93 301.06
Less : Loss allowance reversed - -
Balance as at 31.03.2024 291.82 326.07
336
Annual
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The amounts written off relates to customers who have defaulted payments and are not expected to pay their outstanding
balances, mainly due to economic circumstances.

Cash and cash equivalents
The Group held cash and cash equivalents of H 279.85 Crore as at 31.03.2024 (31.03.2023: H 518.48 Crore).The cash and
cash equivalents (other than cash on hand) are held with Scheduled banks. The Group invests its surplus funds for short
duration in fixed deposit with banks, Government of India T-bills, Tri Party Repo System (TREPS), Clearcorp Repo Order
Matching System (CROMS) and debt schemes of Mutual Funds, all of which carry no mark to market risks as the Group is
exposed only to low credit risk.
Derivatives
The forex and interest rate derivatives are entered into with banks having an investment grade rating. Commodity derivatives
are entered with reputed Counterparties in the OTC (Over-the-Counter) Market. The exposure to counter-parties are closely
monitored and kept within the approved limits.
Investment in debt securities

Investment are made in government securities or bonds which do not carry any credit risk, being sovereign in nature.
40.B.2. Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they become due. Group has a
strong focus on effective management of its liquidity to ensure that all business and financial commitments are met on
time. The Group has adequate borrowing limits in place duly approved by its Shareholders and Board. Group's sources
of liquidity includes operating cash flows, cash and cash equivalents, fund and non-fund based credit lines from banks
and liquid investment portfolio. Group ensures that there is minimal concentration risk by diversifying its portfolio across
instruments and counterparties. Cash and fund flow management is monitored daily in order to have smooth and continuous
business operations.
(i) Financing arrangements

The Group has adequate fund and non-fund based lines from various banks. The Group has sufficient borrowing limits in
place duly approved by its Shareholders and Board. Domestic and international credit rating from reputed credit rating
agencies enables access of funds both from domestic as well as international market. Group’s diversified source of funds
and cash flow enables it to maintain requisite capital structure discipline. Group diversifies its capital structure with
a mix of instruments and financing products across varying maturities and currencies. The financing products include
syndicated loans, foreign currency bonds, bank term loans, TREPS loan, CROMS loan, commercial paper, non-convertible
debentures, buyer’s credit loan, clean loan etc. Group taps domestic as well as foreign debt markets from time to time to
ensure appropriate funding mix and diversification across geographies.
(ii) Maturities of financial liabilities:

The amounts disclosed in the table below are the contractual undiscounted cash flow
(H / Crore)
Contractual cash flows
31.03.2024 31.03.2023
Upto 1 more than Upto 1 more than
1-3 years 1-3 years
year 3 years year 3 years
Non-derivative financial liabilities
Borrowings and interest thereon 27,860.83 23,570.61 22,045.94 22,142.25 26,917.70 31,231.30
Trade payables 27,300.01 - - 22,913.23 - -
Other financial liabilities 22,953.64 - 0.32 22,660.46 - 0.30
Total 78,114.48 23,570.61 22,046.26 67,715.94 26,917.70 31,231.60
Derivative financial liabilities
Commodity contracts (net settled) - - - - - -
Forward exchange contracts (net) - - - 1.57 - -
Total - - - 1.57 - -
337
40.B.3. Market Risk - Market Risk is further categorised in (i) Currency risk, (ii) Interest rate risk & (iii) Commodity risk
40.B.3.1. Currency risk
The Group is exposed to currency risk, primarily on account of its repayment obligations of loans taken in foreign currency
and imports, to be paid in foreign currency. The exposure is mainly denominated in U.S.Dollar. Forex Risk Management
Cell (FRMC) actively review the forex and interest rate exposures. The Group uses generic derivative contracts to mitigate
the risk of changes in foreign currency exchange rates in line with the forex risk management policy. The Group does not
use derivative financial instruments for trading or speculative purposes.
Exposure to currency risk - The currency profile of financial assets and financial liabilities is as below:
(H / Crore)
31.03.2024 31.03.2023
Exposure Exposure
Other Foreign Other Foreign
INR in USD INR in USD
Currencies Currencies
(INR terms) (INR terms)
(INR terms) (INR terms)*
Financial assets
Non-current investments 1,703.50 - - 710.53 - -
Current investments 5,182.70 - - 5,168.89 - -
Long-term loans 1,201.41 - - 977.81 - -
Short-term loans 107.97 - - 171.46 - -
Trade receivables 8,448.27 875.82 - 5,690.77 1,141.61 -
Cash and Cash Equivalents 279.85 - - 518.48 - -
Bank balances other than 193.58 - - 153.92 - -
cash & cash equivalents
Others Non Current Financial 204.24 - - 192.63 - -
Assets
Others Current Financial 2,540.58 32.08 - 1,037.11 4.56 -
Assets
Exposure for assets - A 19,862.10 907.90 - 14,621.60 1,146.17 -
Long term borrowings 28,564.91 17,475.67 - 32,291.98 19,877.63 -
including current maturities
Non current lease liabilities 3,645.15 - 3,279.97 - -
Short term borrowings 12,048.81 4,723.73 - 11,354.55 3,524.14 -
Current lease liabilities 225.55 - 342.75 - -
Trade Payables* 17,254.09 7,552.00 2,493.93 13,703.13 9,192.15 17.95
Other non current financial 0.32 - - 0.30 - -
liabilities
Other current financial 23,355.58 294.63 1.34 23,201.08 250.03 9.29
liabilities
85,094.41 30,046.03 2,495.27 84,173.76 32,843.95 27.24
Less: Foreign currency - - - - 896.41 -
forward exchange contracts
Exposure for liabilities - B 85,094.41 30,046.03 2,495.27 84,173.76 31,947.54 27.24
Net exposure (65,232.31) (29,138.13) (2,495.27) (69,552.16) (30,801.37) (27.24)
(Assets - Liabilities) (A - B)
*Exposure of other foreign currencies in Trade Payables, include exposure in AED Currency in INR Terms, for H 2,484.73 Crore [AED 1 = H 22.72]
(31.03.2023 : H 10.22 Crore, [AED 1 = H 22.39]).
The following exchange rates have been applied during the year:
INR 31.03.2024 31.03.2023

USD 1 83.41 82.18
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Sensitivity analysis
The table below shows sensitivity of open forex exposure of the Group to USD/INR currency movement. The impact of
exposure to a currency movement in the range of 1% (+/-) change, increase denoting appreciation in USD Vs. INR & vice
versa is explained through the said Table. The indicative 1% movement is directional and does not reflect management's
forecast on currency movement.
Impact on profit or (loss) due to 1 % increase / decrease

in currency (J / Crore)
Effect in INR
31.03.2024 31.03.2023
1% movement 1% 1%
USD (291.38) 291.38 (308.01) 308.01
40.B.3.2 Interest rate risk

The Group has long-term foreign currency syndicated loans with floating rate of interest, which exposes the Group to cash
flow interest rate risk. The borrowings at floating rate are denominated in USD. The Group manages its cash flow interest
rate risk by using floating-to-fixed interest rate swaps. Under this, the Group agrees with other Parties to exchange at
specified intervals (i.e. quarterly), the difference between fixed contract rates and floating rate interest amounts calculated
by referring to the agreed notional principal amounts. The Group monitors the interest rate movement and manages the
interest rate risk, based on the Forex Risk Management Policy. The Group also has a Forex Risk Management Cell (FRMC)
that actively reviews the forex and interest rate exposures. The Group does not use derivative financial instruments for
trading or speculative purposes.
In March 2021, the Financial Conduct Authority (FCA), UK has confirmed that all LIBOR settings will either cease to be
provided by any administrator or no longer be a representative in the following manner:
Immediately after December 31, 2021, in the case of all Sterling, Euro, Swiss franc and Japanese yen settings, and the
1-week and 2-month US dollar settings; and
Immediately after June 30, 2023, in the case of the remaining USD settings.
The Corporation has No exposure in the form of External Commercial Borrowings, linked to 3-Month LIBOR as at
31.03.2024 (31.03.2023: USD 750 Million). The outstanding loan as at 31.03.2023 aggregating to USD 750 Million have
been refinanced and migrated to 3-month Term SOFR i.e., Alternative Reference Rate at a favourable spread during the
current financial year.
In respect of Prize Petroleum International Pte. Ltd. :
Outstanding loan amount of USD 79 Million [31.03.2023] (linked to ‘6-month LIBOR’), was due for repayment during the
year, and has been settled.
Borrowings which are contracted at fixed rate are carried at amortised cost. These are not affected due to interest rate risk
as defined in Ind AS 107 as neither the carrying amount nor the future cash flows will fluctuate in the event of a change in
market interest rates.
339
Interest rate risk exposure

The Group’s interest rate risk arises mainly from borrowings. The profile of the Group’s interest-bearing financial instruments
at period end is as follows:
(H / Crore)
Carrying amount
31.03.2024 31.03.2023
Fixed-rate instruments
Variable-rate instruments
Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 25 basis points in interest rates at Reporting Date would have impacted profit or loss
[increased / (decreased)] by the amounts shown below. The indicative 25 basis point (0.25%) movement is directional
and does not reflect management forecast on interest rate movement. This analysis assumes that all other variables, in
particular, foreign currency exchange rate remaining constant.
Impact on Profit or (loss) (J / Crore)

25 bp 25 bp 25 bp 25 bp
increase decrease increase decrease
31.03.2024 31.03.2023
Floating rate borrowings (53.09) 53.09 (65.75) 65.75
Cash flow sensitivity (53.09) 53.09 (65.75) 65.75
40.B.3.3. Commodity Risk

The Group's Profitability is exposed to the risk of fluctuation in prices of Crude Oil and Petroleum products in international
markets. The Group monitors and reduces the impact of the volatility in International Oil prices based on approved
Oil Price Risk Management Policy by entering into derivative contracts in the OTC market. There is a Oil Price Risk
Management Committee (OPRMC) which actively reviews and monitors risk management principles, policies and risk
management activities.
Category-wise quantitative break-up of Commodity derivative contracts entered into by the Group which are Outstanding
as at Balance Sheet date is given below:
Quantity (in Mn Barrels)

31.03.2024 31.03.2023
Crude/Product Swaps 4.95 0.35
The sensitivity to a reasonable possible change of 10% in the price of outstanding Commodity derivative/paper contracts
as on Balance Sheet date would increase/decrease the profit or loss by amounts shown below. This 10% movement is
directional and does not reflect any forecast of price movement.

10% 10% 10% 10%
31.03.2024 31.03.2023
Commodity Derivative Contracts 194.96 - (1.05) 1.05
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40.B.3.4. Price risk

The Group’s exposure to equity investment has price risk. Such investments are designated at fair value through Other
Comprehensive Income, as these investments are held for long-term strategic purposes.
Sensitivity
The table below summarises the impact of increase/decrease in price:
Equity Instruments through OCI (In J Crore)

5% Increase 5% Decrease 5% Increase 5% Decrease
31.03.2024 31.03.2023
Equity Investment in Oil India Limited 80.29 (80.29) 33.66 (33.66)
40.B.3.5. Derivative & Hedging

The Group enters into derivative contracts for hedging purpose, to mitigate the commodity price risk on Highly probable
forecast transactions and Currency Risk. The Group has applied Hedge Accounting on commodity derivative transactions
and foreign exchange forward derivatives as per Ind AS 109 (Financial Instruments). Consequent to this a Mark to Market
Debit / (Credit) amounting to H (2.92) Crore (2022-23: H (4.01) Crore) has been accounted in Other Comprehensive Income
which will be recycled to Statement of Profit and Loss in subsequent period on settlement of respective contracts.
All these hedges are accounted for as Cash Flow Hedges.
Hedge Effectiveness
The Group has established a hedge ratio of 1:1 for the hedging relationship as the underlying risk of the commodity
derivative contracts are identical to the hedged risk component. Hedge item and the hedging instruments have economic
relationship as the terms of the commodity derivative contracts match with the terms of hedge items. Considering the
economic relationship and characteristics of the hedging instrument being aligned to the hedged item, the fair value changes
in the hedging instrument reasonably approximates the fair value changes in the hedged Item (in absolute amounts).
Source of Hedge Ineffectivness
The Group has identified the following sources of hedge ineffectiveness w.r.t commodity derivative contracts which are not
expected to be material as at date:
a. Counterparty Credit Risk impacting the fair value of the hedge instrument and hedge item.
b. Difference in the timing of the cash flows of the hedged items and the hedge instruments.
c. Different indexes used to hedge risk of the hedged item.
d. Changes to forecasted amounts of cash flows of hedged items and hedging instruments.
In case of foreign currency risk, the main source of hedge ineffectiveness is the effect of the counterparty and the Group’s
own credit risk on the fair value of the hedge contracts, which is not reflected in the fair value of the hedged items. The
effect of this is not expected to be material.
Disclosures of effects of Cash Flow Hedge Accounting

The Group has applied Hedge Accounting prospectively for the highly probable forecast transactions and foreign exchange
forwards as stated above. Consequently, disclosure is made only for the transactions designated for Hedge Accounting.
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The Group is holding the following derivative contracts
Maturities
As at 31st March, 2024 Less than 1-3 3-6 6-12 More than
Total
Nominal Volume (Quantity in Mn Barrels) 0.65 1.30 1.50 1.50 - 4.95
Nominal amount (H /Crore) 104.73 209.46 271.02 271.02 - 856.23
product liabilities
Maturities
As at 31st March, 2023 Less than 1-3 3-6 6-12 More than
Total
Nominal Volume (Quantity in Mn Barrels) 0.10 0.10 0.15 - - 0.35
Nominal amount (H /Crore) 8.64 0.75 1.10 - - 10.49
product liabilities
The Impact of Hedging Instruments in Balance sheet is as under:

(H / Crore)
Foreign Exchange Forward
Commodity forward Foreign Currency forward
Contracts - Crude/product
contract- Margin Hedging contract- Loans
liabilities
31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023
Nominal Amount 856.23 10.49 - 493.58 - 404.14
Carrying Amount 2.92 4.01 - (0.57) - (1.00)
Line item in Balance
Other Financial Assets/
sheet that include Hedge
(Other Financial Liabilities)
Instrument
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The Impact of Cash flow Hedge in the statement of Profit and Loss and Other comprehensive Income (OCI)
(H / Crore)
Highly Probable Forcast Transaction
2023-24 2022-23
Hedging Gain / (Loss) recognised in OCI* 2.92 4.01
Income tax on Above (0.73) (1.01)
Net amount recognised in Cash flow Hedge Reserve 2.19 3.00
Amount reclassified from Cash flow hedge reserve to Statement of Profit and Loss 4.01 (185.31)
Income tax on above (1.01) 46.64
Line item in the Statement of Profit and Loss that includes the reclassification
Revenue/Purchases
adjustment
*The Group expects that the amount of Loss recognised in cash flow hedge reserve through Other comprehensive income (OCI) will be recovered in
future period through gains in underlying transactions.
40.C.1 Offsetting
The following table presents the recognised financial instruments that are offsetted and other similar agreements that are
not offsetted, as at 31.03.2024 and 31.03.2023. The column ‘net amount’ shows the impact on the Corporation’s Balance
Sheet if all offset rights are exercised.
(H / Crore)
Related amounts not
Effect of offsetting on the Balance Sheet
offsetted
Net amounts
Gross amounts Amounts not
Gross presented in Net
offsetted in the Offsetted
amounts the Balance Amount
Balance Sheet (D) (Other
(A) Sheet (C) (E) (C-D)
(B) than (B))
(A-B)
31st March, 2024
Financial assets
Trade Payables 30,237.82 (2,937.81) 27,300.01 - 27,300.01
31st March, 2023
Financial assets
Trade Payables 25,779.25 (2,866.02) 22,913.23 - 22,913.23
41. Tax expense

(a) Amount recognised in Statement of Profit and Loss
(H / Crore)
2023-24 2022-23
Current tax expense
Current year 814.36 -
Short / (Excess) provision of tax of earlier years (refer Note 41(e)) (266.93) 13.26
Deferred tax expense
Origination and reversal of temporary differences 3,936.66 (2,957.58)
Short / (Excess) provision of tax of earlier years (refer Note 41(e)) 1.57 (59.37)
Tax expense recognised 4,485.66 (3,003.69)
343
(b) Amount recognised in Other Comprehensive Income

(H / Crore)
2023-24 2022-23
Tax expense/ Tax expense/
Before tax Net of tax Before tax Net of tax
(benefit) (benefit)
Items that will not be
reclassified to profit or loss:
Remeasurements of the defined (152.97) (38.37) (114.60) (241.33) (60.78) (180.55)
benefit plans
Fair value changes on Equity 932.53 67.31 865.22 35.44 - 35.44
Instruments
Items that will be reclassified
to profit or loss:
Effective Portion of Gains/(loss) in 2.92 0.73 2.19 4.01 1.01 3.00
a Cash Flow Hedge
(c) Reconciliation of effective tax rate
31.03.2024 31.03.2023
% (J / Crore) % (J / Crore)
Profit before tax 20,500.27 (9,983.92)
Tax as per Corporate Tax Rate 25.168% 5,159.51 25.168% (2,512.75)
Tax effect of:
Expenses not deductible for tax purposes (net) 0.014% 2.89 (0.250%) 24.92
Income for which Deduction/ Exemption available (0.057%) (11.78) (1.519%) 151.64
Interest expense u/s 234B/C not deductible for tax purposes 0.007% 1.47 (0.012%) 1.15
Share in profit/loss (net of tax) of equity accounted investees (2.220%) (455.03) 6.281% (627.06)
Losses of Subsidiary not available for set-off in Group profit 0.104% 21.34 (0.704%) 70.29
Deferred tax assets on Unrealised profits 0.129% 26.36 0.629% (62.82)
Adjustments recognised in current year in relation to the current (1.294%) (265.36) 0.462% (46.11)
tax of prior years
Others 0.031% 6.26 0.030% (2.95)
Income Tax Expense 21.881% 4,485.66 30.085% (3,003.69)
(d) Movement in deferred tax balances
(H / Crore)
01.04.2023 Profit or Loss OCI 31.03.2024
Deferred tax Asset

Disallowance u/s 43B 42.14 43.02 - 85.16
Loss Carry Forward 1,780.38 (1,780.38) - -
Current investments 24.76 (3.47) - 21.29
Others 357.74 (32.04) 0.27 325.97
2,660.77 (1,728.42) 0.27 932.62
Property, plant and equipment 5,588.40 2,203.55 - 7,791.95
Deferred Income - 6.25 67.31 73.56
5,588.40 2,209.80 67.31 7,865.51
Deferred Tax (assets) / Liabilities 2,927.63 3,938.22 67.04 6,932.89
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(H / Crore)
01.04.2022 Profit or Loss OCI 31.03.2023
Deferred tax Asset

Disallowance u/s 43B 49.72 (7.58) - 42.14
Loss Carry Forward - 1,719.60 60.78 1,780.38
Current investments (26.24) 51.00 24.76
Others 326.35 79.04 (47.65) 357.74
734.89 1,912.75 13.13 2,660.77
Property, plant and equipment 6,692.60 (1,104.20) - 5,588.40
6,692.60 (1,104.20) - 5,588.40
Deferred Tax (assets) / Liabilities 5,957.71 (3,016.95) (13.13) 2,927.63
(e) Short or (excess) provision for tax of earlier years: Excess provision reversed during the year ended 31.03.2024 for (H 265.36 Crore)
[2022-23: (H 46.11 Crore)], includes reversal of provision and interest towards current tax of (H 266.93 Crore) [2022-23 : additional
provision of H 13.26 Crore] and additional provision towards deferred tax of H 1.57 Crore [2022-23: reversal of provision of (H 59.37
Crore)] with respect to updated tax position on account of income tax orders.
42. Revenue from Contracts with Customers

The revenue is recognised only upon satisfaction of performance obligation and whenever there are remaining performance
obligations, the same is recognised as revenue, a) in case of amount received in advance from a Customer, when the product
is delivered to the Customer, b) in case of loyalty points earned by Customer, when such points are redeemed / expire. Such
remaining obligations, termed as Contract Liability under the IND-AS 115 ‘Revenue Recognition’ at period end together with Trade
Receivable is as under:
(H / Crore)
31.03.2024 31.03.2023
Trade Receivables 9,324.09 6,832.38
Liabilities under contractual obligation 1,367.90 1,261.64
43. Leases
The Group enters into lease arrangements for underlying assets such as land, office premises, staff quarters. Upon 1st time adoption
of Ind AS 116 in financial year 2019-20, the Group had chosen modified retrospective approach with exercising of options to use
certain practical expedients. ‘Lease Liability’ and ‘Right-of-use Assets’, wherever the term of lease is in excess of 12 months have been
appropriately disclosed, unless the underlying Asset is of low value.
A. Maturity analysis of lease liabilities

(H / Crore)
31.03.2024 31.03.2023
Less than one year 493.78 350.74
Between one and three years 923.49 556.16
More than three years 6,092.75 6,683.17
7,510.02 7,590.07
345
B. Other Disclosures
(H / Crore)
Particulars 31.03.2024 31.03.2023
a) Expense relating to short-term leases 1,369.53 1,240.50
b) Expense relating to leases of low-value assets* 13.42 6.22
c) Expense relating to variable lease payments not included in the measurement of 6,164.16 5,982.97
lease liabilities
d) income from sub-leasing of 'right-of-use' 63.20 61.72
e) Interest expense on lease liabilities 307.12 284.19
f) Total cash outflow for leases 588.66 390.31
* Lease of items such as Personal Computers, Laptops, Printers, Photocopiers, Scanners etc., small items of furniture & fixtures and Other Office Equipment
including Digital devices and Point of Sales Machines provided at customer touch points are treated as low-value leases under Ind-AS 116, Leases.
C. The following are the carrying values of Right of use ("ROU") assets
(H / Crore)
Class of Underlying Asset
Particulars Plant &
Land Buildings Total
Equipment
Gross Block
As on 01.04.2023 5,007.74 101.54 45.56 5,154.84
Additions 519.16 119.48 - 638.64
As on 31.03.2024 5,398.51 210.60 45.56 5,654.67
As on 01.04.2023 711.95 38.86 3.04 753.85
For the year 321.11 54.49 9.11 384.71
As on 31.03.2024 996.78 69.65 12.15 1,078.57
Impairment
As on 01.04.2023 0.43 - - 0.43
For the year - - - -
Deductions/ Reclassifications - - - -
As on 31.03.2024 0.43 - - 0.43
Net Block as on 31.03.2023 4,295.36 62.68 42.52 4,400.56
Net Block as on 31.03.2024 4,401.30 140.95 33.41 4,575.66
44. Earnings per share (EPS)

Basic EPS is derived by way of dividing the profit / (loss) for the year attributable to equity holders by the weighted average number
of Equity shares outstanding during the year, whereas Diluted EPS factors the effects of all dilutive potential ordinary shares.
(H / Crore)
2023-24 2022-23
Profit / (Loss) attributable to equity holders for basic and diluted earnings per share (A) 16,014.61 (6,980.23)
Weighted average number of shares for basic and diluted earnings per shares (B) 1,41,85,48,345 1,41,85,48,345
Basic and Diluted Earnings per Equity Share (J) (A/B) 112.89 (49.21)
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45. Capital management

The Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future
development of the business. Management monitors the return on capital as well as the level of dividends to ordinary shareholders.
The Group's debt to equity ratio, used for monitoring capital management is as follows:
(H / Crore)
31.03.2024 31.03.2023
Total Debt (excluding Lease Liabilities) (refer note # 21 and 25) 62,813.12 67,048.30
Total Equity (refer Note # 19 and 20) 46,921.35 32,263.27
Debt to Equity ratio 1.34 2.08
46. Dividends
(H / Crore)
2023-24 2022-23
(i) Dividends paid during the year
Final dividend per fully paid share for the year ended 31.03.2023: H Nil (31.03.2022: - 1,985.97
H 14.00)
Interim dividend per fully paid share for the year ended 31.03.2024 :H 15 (31.03.2023 2,127.82 -
H Nil).
(ii) Dividends to be paid, not recognised at the end of the reporting period
The Board have recommended a final dividend of H 16.50 per fully paid equity share 2,340.60 -
(31.03.2023: H Nil), subject to the approval of shareholders in the ensuing annual
general meeting.
Note : The Board of Directors recommended issuance of bonus equity shares in the ratio of one equity share of H 10/- each for every
two equity shares of H 10/- each held, subject to approval by the members of the Corporation. The Board of Directors also
recommended the final dividend of H 16.50/- (pre-bonus) per equity share having face value of H 10/-, which translates into
final dividend of H 11/- (post-bonus) per equity share having face value of H 10/-, for FY 2023-24, subject to approval by the
members of the Corporation.
47. (a) Inter-Oil Company transactions are reconciled on a continuous basis. However, year end balances (Including trade payables /
trade receivables) are subject to confirmation/reconciliation which is not likely to have a material impact.
(b) Customer’s accounts are reconciled on an ongoing basis and such reconciliation is not likely to have a material impact on the
outstanding or classification of the accounts.
347
48. To the extent Micro and Small Enterprises have been identified, the outstanding balance, including
interest thereon, if any, as at balance sheet date is disclosed on which Auditors have relied upon
(H / Crore)
31.03.2024 31.03.2023
Liability Liability
Particulars towards Trade towards Trade
Capital Ex Payables Capital Ex Payables
penditure penditure
(a) the principal amount and the interest due thereon remaining
unpaid to any supplier at the end of each accounting year:
- Principal 710.98 785.10 845.84 465.15
- Interest - - - -
(b) the amount of interest paid by the buyer in terms of section
16 of the Micro, Small and Medium Enterprises Development
Act, 2006 (27 of 2006), along with the amount of the payment
made to the supplier beyond the appointed day during each
accounting year:
- Principal - - - -
- Interest - - - -
(c) the amount of interest due and payable for the period of - - - -
delay in making payment (which has been paid but beyond the
appointed day during the year) but without adding the interest
specified under the Micro, Small and Medium Enterprises
Development Act, 2006
(d) the amount of interest accrued and remaining unpaid at the - - - -
end of each accounting year
(e) the amount of further interest remaining due and payable even - - - -
in the succeeding years, until such date when the interest dues
above are actually paid to the small enterprise, for the purpose
of disallowance of a deductible expenditure under section 23
of the Micro, Small and Medium Enterprises Development Act,
2006.
49. Related Party Disclosure

A. Name of the Related Party and the nature of the relationship
1. Holding Company, Jointly controlled entities and Associates (Government related entities, except otherwise mentioned)
(a) Holding Company
i. Oil & Natural Gas Corporation Limited
(b) Jointly controlled entities

i. HPCL Rajasthan Refinery Limited (refer Note 1.3.7 )
ii. Bhagyanagar Gas Limited
iii. Petronet MHB Limited
iv. Mumbai Aviation Fuel Farm Facility Private Limited
v. Godavari Gas Private Limited
vi. Aavantika Gas Limited
vii. Ratnagiri Refinery & Petrochemicals Limited
viii. Ujjwala plus foundation*
ix. HPOIL Gas Private Limited
x. IHB Limited
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(c) Jointly controlled entities (Other than Government related entities)

i. HPCL-Mittal Energy Limited
ii. Hindustan Colas Private Limited
iii. South Asia LPG Company Private Limited
iv. Petronet India Limited (in process of voluntary winding up w.e.f. 30th August 2018)
(d) Associates
i. GSPL India Gasnet Limited
ii. GSPL India Transco Limited
iii. Mangalore Refinery and Petrochemicals Limited
2. Key Management Personnel

i. Shri Pushp Kumar Joshi, Chairman and Managing Director (from 08th May 2022)
Director - Human Resources (up to 07th May 2022)
ii. Shri Rajneesh Narang, Director – Finance & Chief Finance Officer (CFO)
iii. Shri S Bharathan, Director - Refineries (from 01st October, 2022)
iv. Shri Amit Garg, Director - Marketing (from 27th December, 2022)
v. Shri K S Shetty – Director – Human Resources (From 1st May 2023)
vi. Shri Mukesh Kumar Surana, Chairman and Managing Director (up to 30th April 2022)
vii. Shri Vinod S. Shenoy, Director - Refineries (up to 30th September 2022)
viii. Shri V. Murali, Company Secretary (CS)
3. Independent Directors
i. Smt. Vimla Pradhan
ii. Shri Bechan Lal
iii. Shri Vivekananda Biswal
iv. Shri Ramdarshan Singh Pal
v. Dr. Nagaraja Bhalki
vi. Shri Narendiran K S (from 15th March 2023)
vii. Shri G. Rajendran Pillai (up to 14th July 2022)
4. Government Nominee Directors

i. Smt. Sujata Sharma (from 27th December 2022)
ii. Shri Pankaj Kumar (from 22nd June 2022)
iii. Shri Sunil Kumar (up to 27th December 2022)
5. Post-Employment Benefits Plans

i. Hindustan Petroleum Corp Limited Provident Fund
ii. Hindustan Petroleum Corpn Ltd Employees Post Retirement Med Benefit Fund
iii. Hindustan Petroleum Corp Ltd Employees Group Gratuity Assurance Scheme
iv. Hindustan Petroleum Corpn Ltd Employees Superannuation Benefit Fund Scheme
*Ujjwala Plus Foundation was incorporated as not-for-profit joint venture company under Sec. 8 of Companies Act 2013 during 2017-18. The Board in its
meeting held on 18th July 2023 has accorded approval for the closure of Ujjwala Plus Foundation.
Note: (i) The disclosure requirements in respect of transactions with 'Government related entities', are exempted under
Ind AS 24. Related Party Disclosures for the Parties named in 1(c) above are furnished as under:
349
B. Details of transactions with related parties

(H / Crore)
No. Nature of Transactions 2023-24 2022-23
(i) Sale of goods
Hindustan Colas Private Limited 982.74 1,066.27
1,246.51 1,165.09
(ii) Purchase of goods
61,526.78 72,664.40
(iii) Dividend income
373.67 562.18
(iv) Services provided (Manpower Supply Service)
4.11 3.20
(v) Lease rental income
2.98 2.89
(vi) Other Income (Services provided)
130.45 48.91
(vii) Others Expenses (Services availed)
79.46 103.29
Note: The above figures do not include taxes.
(H / Crore)
No. Nature of Transactions 31.03.2024 31.03.2023
(viii) Receivables
42.16 80.55
(ix) Payables
3,989.68 3,902.78
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(x) Transactions with Post Employment Benefit Plans managed through separate trust during the year
ended March 31, 2024
(H / Crore)
Outstanding
Name of the Trust Others* (Receivable) /
Payable
Hindustan Petroleum Corp Limited Provident Fund Provident Fund 168.97 (38.09) 14.19
Hindustan Petroleum Corp Ltd Employees Group Gratuity 27.54 - 27.54
Transactions with Post Employment Benefit Plans managed through separate trust during the year
ended March 31, 2023
(H / Crore)
Outstanding
Name of the Trust Others* (Receivable) /
Payable
Hindustan Petroleum Corp Limited Provident Fund Provident Fund 166.71 (35.64) (0.41)
Hindustan Petroleum Corp Ltd Employees Group Gratuity 69.48 0.06 69.45
* Includes partial return of advance by PF Trust, credit towards LIC policy charges, payment to the death beneficiaries reimbursed through the Trust.
C. Transactions with other Government-Controlled Entities

The Group is a Government related entity mainly engaged in the business of refining of crude oil and marketing of petroleum products.
The Group also deals on regular basis with entities directly or indirectly controlled by the Central / State Governments through its
Government authorities, agencies, affiliations and other organizations (collectively referred as “Government related entities”).
Apart from transactions with Corporations’ group companies, the Group has transactions with other Government related entities,
including but not limited to the followings:
sale and purchase of products; rendering and receiving services;

leasing of assets; depositing and borrowing money; and
use of public utilities
These transactions are conducted in the ordinary course of the Group’s business on terms comparable to those with other entities
that are not Government related.
D. Remuneration paid to Key Management Personnel (KMP)*
(H / Crore)
Description 2023-24 2022-23
(i) Short - Term Employee Benefits 4.16 3.59
(ii) Post - Employment Benefits 0.44 0.72
(iii) Other long-term employee Benefits 0.29 0.94
4.89 5.25
* Remuneration to KMP has been considered from / to the date from which they became / ceased to be KMP.
351
E. Amount due from Key Management Personnel

(H / Crore)
Description 31.03.2024 31.03.2023
(i) Shri Rajneesh Narang 0.90 -
(ii) Shri S Bharathan 0.08 0.09
(iii) Shri Amit Garg 0.15 -
(iv) Shri K. S. Shetty 0.69 NA
(v) Shri V. Murali 0.16 0.17
1.98 0.26
F(i). Sitting Fee paid to Non-Executive Directors during the year ended March 31, 2024
(H / Crore)
Shri Shri Shri
Smt. Vimla Shri Bechan Dr. Nagaraja
Details of Meeting Vivekananda Ramdarshan Narendiran
Pradhan Lal Bhalki
Biswal Singh Pal KS
Board 0.05 0.05 0.05 0.05 0.05 0.05
Audit Committee - 0.02 0.02 0.02 - -
Stakeholders Relationship - - 0.00 - 0.00 -
Committee
Nomination & Remuneration 0.00 - - 0.00 0.00 0.00
Committee
CSR & Sustainability Development 0.02 0.02 - 0.02 - -
Committee
Independent Directors Meeting 0.00 0.00 0.00 0.00 0.00 0.00
Risk Management Committee 0.01 0.01 - - - 0.00
Departmental Promotion - - - 0.00 - -
Committee
Total Sitting Fees 0.08 0.10 0.09 0.10 0.07 0.07
F(ii). Sitting Fee paid to Non-Executive Directors during the year ended March 31, 2023
(H / Crore)
Shri G. Smt. Shri Shri Shri Shri
Dr. Nagaraja
Details of Meeting Rajendran Vimla Bechan Vivekananda Ramdarshan Narendiran
Bhalki
Pillai Pradhan Lal Biswal Singh Pal KS
Board 0.02 0.05 0.05 0.05 0.05 0.05 0.00
Audit Committee 0.01 - 0.02 0.02 0.02 - -
Stakeholders Relationship 0.00 - - 0.00 - 0.01 -
Committee
Nomination & Remuneration 0.00 0.00 - - 0.00 - -
Committee
CSR & Sustainability 0.01 0.02 0.01 - 0.02 - -
Development Committee
Investment Committee 0.01 - - 0.02 - 0.02 -
Independent Directors - 0.00 0.00 0.00 0.00 0.00 -
Meeting
Risk Management Committee 0.00 0.00 0.01 - - - -
Total Sitting Fees 0.05 0.08 0.09 0.10 0.09 0.08 0.00
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50. The Corporation has entered into production sharing Oil & Gas exploration contracts in India in consortium with other body
corporates except for one block (Cluster-7) which is a service contract. Further, Prize Petroleum Company Limited [PPCL] (including
its subsidiary Prize Petroleum International Pte. Ltd.) also has similar assets, the details are as under:
Participating Interest of Group in %

Name of the Block
31.03.2024 31.03.2023
In respect of HPCL
In India
Under NELP IV
KK- DWN-2002/2 20.00 20.00
KK- DWN-2002/3 20.00 20.00
CB- ONN-2002/3 15.00 15.00
Under NELP V
AA-ONN-2003/3 15.00 15.00
Under NELP VI
CY-DWN-2004/1 10.00 10.00
CY-DWN-2004/2 10.00 10.00
CY-DWN-2004/3 10.00 10.00
CY-DWN-2004/4 10.00 10.00
CY-PR-DWN-2004/1 10.00 10.00
CY-PR-DWN-2004/2 10.00 10.00
KG-DWN-2004/6 10.00 10.00
MB-OSN-2004/1 20.00 20.00
MB-OSN-2004/2 20.00 20.00
RJ-ONN-2004/1 22.22 22.22
RJ-ONN-2004/3 15.00 15.00
Under NELP IX
MB-OSN-2010/2 30.00 30.00
Cluster - 7 60.00 60.00
In respect of PPCL
In India
South Rewa – PSC 10.00 10.00
DGH vide its letter dated 5th February 2018 has communicated that the Block
stands relinquished with effect from 23rd October 2014 subject to the compliance
of Production Sharing Contract (PSC) and relevant rules.
Sanganpur – PSC 50 50
MoP&NG vide its letter dated 2 June 2017 has terminated the PSC.
nd
Hirapur – SC 50 50
Contract was terminated on 25 March 2021, and the field has been handed over
th
to ONGC.
Outside India (refer Note 51)
Yolla Field (Australia) Licence T/L-1 11.25 11.25
Trefoil Field (Australia) Permit T/18P 9.75 9.75
a) In Respect of HPCL
(i) The block CB-ONN-2002/3 was awarded under NELP IV bidding round and the production sharing contract was signed on
06.02.2004. The exploration Minimum Work Program has been completed. Production from SE#3/4 wells of the Block is in
progress, which had started during FY 2017-18. The share of the assets, liabilities, income and expenditure is considered
based on the Audited financials for the FY 2022-23 and the information received for FY 2023-24.
(ii) In respect of Cluster – 7, which is terminated and the matter is under litigation (refer Note 53.1). The remaining blocks are
in the process of relinquishment/ under relinquishment and the share of the assets, liabilities, income and expenditure, if
any, is considered based on information received towards these blocks.
353
b) In Respect of PPCL
1.1 ONGC Onshore Marginal Fields
The Company was awarded Service Contracts dated 28th April, 2004, for development of ONGC’s Hirapur, Khambel and West
Bechraji onshore marginal oil fields.
The Company executed Agreements for development of Hirapur, Khambel and West Bechraji onshore marginal fields with
Valdel Oil and Gas Private Limited (VALDEL) with equal share in the Service Contracts. The Service Contracts in respect of
Khambel and West Bechraji had been terminated in February, 2009 by ONGC.
Hirapur Service contract was terminated on 25th March 2021. The field handed over to ONGC, which includes five wells (P#1,
P#2, P#3, H#1 and H#2) and associated fixed assets. The handing over document was signed on August 17, 2021.Total Assets
of H 11.33 crores (Gross Block) have been written off in the books of PPCL (PPCL share 50%), during the Financial Year 2021-22.
The Company’s share of assets and liabilities as at 31st March 2024 and the Income and expenditure for the year in respect of
above joint venture is as follows:
(H / Crore)
Description 2023-24 2022-23
A. Property, Plant & Equipment (Gross) - -
B. Intangible asset under development - -
C. Other Net Non-Current Assets 0.35 0.35
D. Net Current Assets (*) 4.70 4.70
E. Income - 0.02
F. Expenditure 0.00 0.00
(*) Includes receivable from joint venture amounting to H 4.49 Crore (2022-23: H 4.49 Crore.).
1.2 Sanganpur Field
The Company acquired 50% participating interest in Sanganpur field from M/s Hydrocarbon Development Company Pvt. Ltd.
(HDCPL) effective 1st September, 2004. Accumulated amount prior to acquisition of Sanganpur field amounting H 1.18 Crore
have been included in Sanganpur field Assets. The Company has accounted its proportionate share in the Sanganpur field
based on Unaudited Accounts as at 31st March, 2017.
In FY 2014-15, the operator of the block HDCPL has committed default in the payment to its contractor. The petition was filed
by contractor ETA Star Golding Limited for non-payment of its invoices by HDCPL in their another asset wherein Bombay High
Court vide order dated 14th November, 2014 in Company Petition 550 of 2013 had passed order for appointment of liquidator
for assets and business of HDCPL. However, as per Production Sharing contract (PSC), the ownership of underlying hydrocarbon
lies with GoI, hence Sanganpur field was not attached and operations in the field were continued. Further, MoP&NG vide its
letter dated 2nd June, 2017 has terminated the PSC and all operations in the field were called off. Since the appointment of
official liquidator, the bank account of HDCPL were seized, HDCPL has neither raised any invoice to IOCL for transfer of crude
nor raised any cash call to PPCL for operation in the field. The payment of Royalty and Cess to concerned authorities are also
pending since then.
Said order of Bombay High Court was challenged by HDCPL before its Division Bench and is still pending before the Court. In
the meantime, HDCPL had initiated an arbitration proceeding against MoPNG for termination of PSC. However, PPCL is not a
part of it. Under Section 9 of Arbitration and Conciliation Act, Directorate General of hydrocarbon (DGH) on behalf of MoP&NG
has initiated proceeding for possession of the field.
MoP&NG vide its letter dated 2nd June 2017 has terminated the PSC. Accordingly, Company had created a provision for write-off
of Sanganpur Assets of H 6.65 Crore in FY 2017-18.
The Company’s share of assets, liabilities, Income and Expenditure is H Nil (31.03.2023 : H Nil).
1.3 ONGC Offshore Marginal Fields (Cluster-7)

The Company along with Consortium member, HPCL (PI - 60%) and M/s M3nergy (PI – 30%) was awarded a Contract vide letter
of award dated 31st March, 2006 for the development of ONGC’s offshore marginal Oilfields viz. B -192, B - 45 and WO – 24. The
Service Contract for Cluster-7 was signed on 27th September, 2006 between ONGC and Consortium members. The Company is
the Executing Contractor and its participating interest (PI) is 10%.
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Annual
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The said Service Contract was terminated by ONGC. Subsequently, HPCL/PPCL started arbitration proceedings against M3nergy
which are still in progress, hence the joint bank account has not been closed.
1.4 SR – ONN – 2004 / 1 (South Rewa Block)

The Company along with Consortium member Jaiprakash Associates Limited (PI - 90%) was awarded PSC for the SR-ONN-2004/1
Block vide letter dated 12th February, 2007 of Ministry of Petroleum & Natural Gas (MOP&NG) under NELP – VI round. The
Company is the executing contractor and its PI is 10%. The PSC was signed on 2nd March, 2007.
Consortium has proposed to relinquish the block effective from 23rd October, 2014 and Operating Committee Resolution (OCR)
for relinquishment of the block has been submitted to Directorate General of Hydrocarbon (DGH). DGH vide its letter dated
5th February, 2018 has communicated that the Block stands relinquished with effect from 23rd October 2014 subject to the
compliance of PSC and the P&NG rules.
The South Rewa Block has standing inventory of H 2.97 Crore in which the company has share of 10%. During the FY 2022-23,
the Inventory has been revalued to H 2.97 Crore from H 3.76 Crore, on the basis of Government approved valuer report dated
25th March 2023. The Company is in the process of disposal of the standing inventory which includes Imported and indigenously
purchased items comprising of Stores and Spares.
The Company’s share of assets and liabilities in respect of above joint venture is as follows:
(H / Crore)
A. Property, Plant & Equipment (Gross) 0.00 0.00
B. Intangible asset under development - -
C. Other Net Non-Current Assets 0.01 0.01
D. Net Current Assets (*) 2.96 2.96
E. Expenditure 0.01 0.09
(*) Includes receivables from joint venture amounting to H 2.66 Crore (31.03.2023 : H 2.66 Crore)
2. Estimated Hydrocarbon Proven Reserves as on 31st March, 2024 in the Oil fields as follows
a) International Operations (Yolla Field, Australia – License T/L 1 – Offshore Field)
2023-24 2022-23
Particulars
MM BoE MM BoE
Recoverable Reserves (*) 0.499 0.555
(*) Company share in Reserve.
3. Quantitative Particulars of Petroleum
2023-24 2022-23
Total Dry Crude Production*
BoE BoE
Yolla Field (T/L1) Australia 95,108 1,14,106
Total 95,108 1,14,106
* Company share in Field.
51. Impairment assessment as per the requirements of Ind AS 36 'Impairment of Assets' has been carried out at period end for all
Cash-Generating Units (CGUs) by comparing their value-in-use (calculated based on certain assumptions, on which auditors have
relied upon) with the carrying value of assets under respective CGUs. Based on such assessment, no impairment loss for CGUs is
warranted for the current financial year. For financial year 2022-23, an impairment loss of H 44.28 Crore was recognized towards
windmills assets situated at Akal (Rajasthan).
Prize Petroleum International Pte. Ltd. (PPIPL) carries out impairment testing on assets pertaining to E&P Blocks, basis the inputs
received from Operator, and accordingly an impairment loss of H 3.78 Crore (2022-23 :H 129.24 Crore), has been recognised.
Further, during April 2024, a tripartite Sale and Purchase Agreement (SPA) was entered into amongst PPIPL (Seller), Beach Energy
(Operations) Limited (Buyer), and the Corporation (Seller Guarantor) to divest Seller’s Participating Interest in E&P Assets located in
Australia w.e.f. 1st July 2023, with inter-period adjustments. Under the SPA, a total consideration of AUD 16.6 Million (~H 90 Crore),
355
plus applicable taxes, is payable to the Buyer [comprising of an upfront payment of AUD 11.3 Million (~H 61 Crore) and deferred
payment of AUD 5.3 Million (~H 29 Crore) which is contingent upon certain decisions to be taken by the Buyer in future]. Pursuant to
this, assets amounting to H 41.27 Crore (31.03.2023 : H Nil Crore) and the related liabilities amounting to H 91.19 Crore (31.03.2023 :
H Nil Crore), pertaining to these E&P Blocks have been classified and included under "Assets classified as held for sale/disposal", and
"Liabilities directly associated with assets classified as held for sale" respectively.
52. During the financial year 2023-24, H 75.91 Crore (2022-23: H 96.11 Crore) has been spent towards Corporate Social Responsibility
(CSR) as against the approved amount to be spent to the tune of H 64.22 Crore (2022-23: H 154.85 Crore):
(H / Crore)
Head of Expenses 2023-24 2022-23
1 Promoting Education 24.78 25.27
2 Promoting Health Care 20.26 16.52
3 Empowerment of Socially and Economically Backward groups 0.06 0.08
4 Promotion of Nationally recognized and Para-Olympic Sports 0.53 0.41
5 Imparting Employment by Enhancing Vocation Skills 21.28 21.25
6 Swachh Bharat Abhiyaan 1.80 12.42
7 Environment Sustainability 2.13 0.79
8 Rural Development 1.09 10.23
9 Others 3.98 9.14
75.91 96.11
Amount spent during the financial year 2023-24 on:

(H / Crore)
Yet to be
Details In cash Total
paid in cash
(i) Construction / Acquisition of assets controlled by the Group - - -
Amount spent during the financial year 2022-23 on:

(H / Crore)
Yet to be
Details In cash Total
paid in cash
(i) Construction / Acquisition of assets controlled by the Group - - -
Details of unspent CSR amount under section 135(6) of the Companies Act 2013 pursuant to ongoing projects:
(H / Crore)
Opening Balance
- With Company - -
- in separate CSR Unspent A/c - -
Amount transferred to CSR Unspent A/c during the year 58.74 9.51
Amount Spent from
- Company's bank A/c - -
- CSR Unspent A/c 36.03 9.51
Closing Balance
- With Company - -
- in separate CSR Unspent A/c* 22.71 -
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Annual
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Excess / Short amount spent:

(H / Crore)
Gross amount required to be spent during the year 64.22 154.85
Amount set off from excess spent during previous year - -
Surplus arising out of CSR projects - -
64.22 154.85
Amount available for set off from preceeding year - -
Amount allocated for expenditure during the year 75.91 154.85
Amount available for set off in succeeding years 11.69 -
Amount of shortfall for the year (Provision) - 58.74
Amount of cumulative shortfall at the end of the year - 58.74
*In compliance with statutory provisions, H 58.74 Crore had been transferred to UCSRA (Unspent CSR Account) on April 28, 2023 and is being spent in accordance
with the applicable CSR Rules. An amount of H 36.03 Crore has been utilized during the FY 2023-24 and balance amount of H 22.71 Crore shall be utilized in the
subsequent financial years in line with the approvals and applicable CSR Rules
53. Contingent Liabilities and Commitments*

(H / Crore)
I. Contingent Liabilities 31.03.2024 31.03.2023
A. Disputed demands / claims subject to appeals / representations filed by the
Group
i. Income Tax 31.59 30.09
ii. Sales Tax/Octroi 1,107.67 1,536.11
iii. Excise/Customs 273.91 381.03
iv. Land Rentals & Licence Fees 198.30 299.82
v. Employee Benefits/Demands (to the extent quantifiable) 59.37 70.39
vi. Others 108.96 186.81
1,779.80 2,504.25
B. Disputed demands / claims subject to appeals / representations filed against the
Group
i. Income Tax 3.33 3.25
ii. Sales Tax/Octroi 5.20 4.99
iii. Excise / customs 798.76 656.77
iv. Employee Benefits/Demands (to the extent quantifiable) 107.98 106.08
v. Claims against the Group not acknowledged as Debts (refer Note 53.1) 585.86 727.42
vi. Others 710.87 623.71
2,212.00 2,122.22
* Contingent Liabilities considered as ‘remote’ as per Ind AS 37 are not included.
(H / Crore)
31.03.2024 31.03.2023
II. Guarantees given to others: 1,163.52 1,139.22
(Includes H 1547.69 Crore (31.03.23 : H 1,608.13 Crore) towards share of jointly controlled entities and associates)
(Includes H 304.54 Crore (31.03.23 : H 300.02 Crore) towards share of jointly controlled operations)
357
53.1. The Group with a Participating Interest (PI) of 70% along with M/s M3nergy Sdn. Bhd (M/s M3nergy) (PI-30%) were awarded
service contract in March, 2006 for development of ONGC’s offshore marginal oilfields of cluster-7. PPCL was the executing contractor.
Parties provided necessary Bank Guarantees to ONGC. Since M/s M3nergy could not meet their contractual obligations, the contract
was terminated by ONGC and Bank guarantees were forfeited. The Group demanded the refund of the monies forfeited towards
encashment of Bank Guarantee along with other claims from M/s M3nergy. A counter claim of 42.60 Million USD was made by
M3nergy on termination of such service contract. The matter was referred to Arbitration.
The Arbitral Tribunal passed 3 Awards (09.01.2014, 27.09.2017, 15.06.2018 respectively), all were in favour of the Group. These
Orders were to the effect that M3nergy had committed breach of the contract and hence their counter claims were disallowed
and that the Group is entitled for damages with interest and costs of arbitration to be borne by M3nergy. All the 3 Awards were
challenged by M/s M3nergy before the Bombay High Court. However, there was no stay granted by Bombay High Court, hence, the
Group filed applications for (a) Mareva Injunction and (b) Enforcement of the Award before the Courts in Malaysia since M/s M3nergy
is located in Malaysia.
By Orders dated 10.01.2019 the Hon’ble Bombay High Court set aside all three Arbitration Awards. As the Awards were set aside (on
the basis of which the enforcement application was filed by HPCL), on 28.02.2019 the Malaysian High Court at Kuala Lumpur allowed
the application of M/s M3nergy to set aside the enforcement order with liberty to file fresh proceedings, if the Group succeed later.
Meanwhile, the Group has filed Appeals against the setting aside order (of Single Judge Bombay High Court) before the Division
Bench of the Bombay High Court. After hearing arguments of parties, on 16.10.2019, the Hon’ble Bombay High Court set aside
the Single Judge’s Order and remanded all the 3 matters back to the Single Judge of the High Court, to decide the matter afresh on
merits. This Order was challenged by M/s M3nergy before the Supreme Court by filing Special Leave Petition (SLP) which, after brief
arguments, was dismissed as withdrawn (by M/s M3nergy) on 31.01.2020. As a result, the Single Judge of Bombay High Court will hear
the matter afresh on merits.Further, during April 2024, Group has filed for execution of the arbitral awards against M3nergy before
the Courts in Malaysia.
As a result, Group’s share of the awarded amount which is approximately H 490.87 Crore towards loss of profit/damages/costs and
interest thereon has not been recognized on a conservative basis. Further, the claim raised by M/s M3nergy to the extent of Group's
share i.e. approximately H 304.54 Crore @ Exchange rate of 1 USD = H 83.4100 (31.03.2023 : H 300.02 Crore @ Exchange rate of 1
USD = H 82.1750), being considered remote is also not recognised.
53.2.In respect of PPCL

Company was awarded an Exploration block AA ONN 2010/1 in Tripura under NELP IX in consortium with ABG Energy Ltd (ABG). The
Production Sharing Contract (PSC) was signed with Government of India (GOI) by the consortium on August 30, 2012. Company has
20% Participating Interest (PI) and ABG 80% PI. As per the Joint Bidding agreement, ABG will carry Company during the exploration
phase i.e. Company’s share of 20% expenditure during exploration phase shall be borne by ABG. In case of any discovery, 10% of
Company’s share paid by ABG will be recovered by them out of profit and 10% will be paid by them anyway. As per discussions
before signing of PSC and written confirmation, ABG was to submit back up guarantee to Company so that Company can submit
bank guarantee to GOI for their share of 20%. The value of bank guarantee to be submitted by ABG to Company is USD 1.801 Million.
ABG did not submit bank guarantee of their 80% share by due date to GOI. In addition, since back up guarantee was not submitted
by ABG to Company, Company also could not submit the bank guarantee for their 20% share to GOI.
In view of non-submission of bank guarantee, GOI terminated the PSC vide letter dated 15th October 2013 and imposed liquidated
damages of USD 9.143 Million vide letter dated 6thFeb 2015 as per Article 5.6 of PSC. Company has kept ABG on notice that it is their
responsibility to pay the entire quantum of liquidated damages, including the share of Company. If Company is compelled to pay its
share of liquidated damages by the GOI, and if such payment is made, then company will have to claim this money from ABG.
Company had invoked arbitration against ABG in the matter on 10th October 2016. After appointment of arbitrator on behalf of ABG
by Delhi High Court Order dated 22nd September 2017, three-member tribunal had been constituted. The first sitting of the Arbitral
Tribunal was held at New Delhi on 6th April 2018. Arbitral Tribunal has passed award for an amount of USD 1.80 Million with interest
on 30th October 2019 in favor of PPCL along with costs of proceedings. The award is subject to the condition that on receipt of the
amount by PPCL from ABG, it shall be passed on by PPCL to GOI within a period of three months from the date of receipt of the
amount. Company had issued several demand notices to ABG energy, but all these notices were returned unattended by ABG.
Company has also attempted to identify the assets of ABG so that execution of the award can be filed in the court.
Additionally, on September 14, 2022, PPCL submitted an execution petition application to the High Court of Delhi at New Delhi
under section 151 of CPC. During the hearing on 09.02.2024, the court granted permission to publish the court notice details in a
newspaper, instructing ABG Energy to attend the court proceedings.
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53.3. Ministry of Environment, Forest and Climate Change (MoEFCC), GoI, had stipulated vide letter dated 31/01/2017 that at least 2.5% of
the total cost of Mumbai Refinery Expansion Project (MREP) shall be earmarked towards Enterprise Social Commitment (ESR) based
on Public Hearing issues, which works out to H 134.5 Crore. Corporation has undertaken various activities in line with the discussions
held during the Public Hearing / meetings of Expert Appraisal Committee (EAC) of MoEFCC, and an aggregate amount of around
H 7 Crore incurred on such activities has been duly accounted for in the books of account as on 31/03/2024.
(H / Crore)
III. Commitments 31.03.2024 31.03.2023
Estimated amount of contracts remaining to be executed on Capital Account not 27,308.81 39,348.03
provided for (net of advances)
(Includes H 19,749.23 Crore (31.03.23 : H 29,259.15 Crore) towards share of jointly
controlled entities and associates)
Note: The above are made based on estimates and expected timing of outflows is not ascertainable at this stage.
(H / Crore)
54. 2023-24 2022-23
Interest on borrowings capitalized (weighted average cost of borrowing rate used for 1,596.86 1,754.61
capitalization of general borrowing is 6.74% ( 2022-23 : 6.17%).
55. In compliance of Ind AS 37 'Provisions, Contingent Liabilities and Contingent Assets', the requisite
information with respect to movement in balance is as under
(H / Crore)
Opening Closing
Particulars Balance as Additions Utilization Reversals Balance
on 01.04.23 31.03.24
Excise 3.47 - - 3.47
Others 1,148.59 165.32 31.13 16.25 1,266.53
Net 1,460.11 228.01 65.74 117.42 1,649.37
(H / Crore)
Opening Closing
Particulars Balance as Additions Utilization Reversals Balance
on 01.04.22 31.03.23
Excise 3.47 - - - 3.47
Others 988.13 263.00 86.56 15.98 1,148.59
Net 1,358.70 272.54 105.15 65.98 1,460.11
The above provisions are made based on estimates and expected timing of outflows is not ascertainable at this stage.
56. The Pradhan Mantri Ujjwala Yojana (PMUY) was launched in 2016 to provide LPG connections to women from below-poverty-line
(BPL) households. The beneficiary is given an option to avail loan from the respective OMCs to meet the cost of the stove and first fill.
This loan is to be recovered from the subsidy payable to the consumer on purchase of the refill cylinder. The loan has been provided
to 1.76 Crore PMUY consumers for an amount aggregating to H 2,960.24 Crore (31.03.2023: H 2,960.48 Crore), and of this, H 1,427.43
Crore (31.03.2023: H 1,565.39 Crore) is outstanding at period end. The Loan is classified as ‘subsequently measured at amortized
cost’ in the financial statements. The carrying value of loan outstanding as at Balance Sheet date is re-measured based on revised
estimates of future cash flows. Such re-measurement has resulted in change in gross carrying amount of outstanding loan, net of
interest unwinding, by H -66.73 Crore (FY 2022-23: H -81.57 Crore) during the year. Considering the cumulative re-measurement
loss, net of interest unwinding, amounting to H 376.66 Crore (31.03.2023: H 443.39 Crore) and accounting of Deferred Expense
amounting to H 528.29 Crore (net balance after amortisation as of 31.03.2024 is H 287.27 Crore), the outstanding loan at period
end is carried in the books at H 522.48 Crore (31.03.2023: H 593.71 Crore). Further, considering the consumption pattern of refills,
level of subsidies and consequential impact on repayment of the loan, by following the principles of prudence and conservatism,
a cumulative provision of H 326.07 Crore (31.03.2023: H 25.01 Crore) net of reversal, if any, is estimated and recognized in books.
The additional provision during the year amounted to H 301.07 Crore (FY 2022-23: H -93.69 Crore) that arose primarily due to active
customers turning inactive. The expected credit loss estimate is reasonable.
359
57. The Company’s Board has 6 Independent Directors, which was sufficient to comply with the requirements of Regulation 17(1)(b) of
SEBI LODR, 2015, which provides that “where the listed entity does not have a regular non-executive chairperson, at least half of
the board of directors to comprise of independent directors”. Effective 1st May 2023, with the appointment of 1 non-independent
Director on the Board, the Company is required to have one more Independent Director to continue to comply with the requirements
of aforesaid regulation. This appointment is awaited from the Administrative Ministry. The Company has also approached the
Administrative Ministry for appointment of requisite number of Independent Directors on its Board from time to time.
58. The Corporation implements various schemes of Government of India, such as PMUY, Direct Benefit Transfer scheme, wherein the
amount is either received in advance or reimbursed subsequently. As of 31.03.2024, reimbursements amounting to H 21.13 Crore
(31.03.2023: H 189.88 Crore) are pending for a period beyond 6 months for which provision of H Nil Crore (31.03.2023: H 159.12
Crore) is carried out in the books.
59. Threshold limits adopted in respect of financial statements is given below

Unit of
Threshold item Threshold Limit
Measurement
Capitalization of spare parts meeting the definition of property plant and equipment. H Lakhs 15.00
Depreciation at 100% in the year of acquisition except LPG cylinders and pressure regulators. H 10,000.00
Income / expenditure pertaining to prior year (s) H Crore 175.00
Prepaid expenses H Lakhs 7.50
Disclosure of contingent liabilities H Lakhs 5.00
Disclosure of capital commitments H Lakhs 5.00
Refundable Non-current Financial Deposits not yielding Interest excluded from fair-valuation. H Lakhs 50.00
Deposits such as those placed with Utility Entities are charged to revenue in the year of payment H 10,000.00
360
Annual
72nd Report
60. Segment reporting

A. Basis for segmentation
There are no reportable segments other than downstream petroleum, as per para 13 of Ind AS 108, Operating Segments. Accordingly,
basis of segmentation by the Group is as under:
(i) Downstream Petroleum, engaged in Refining and Marketing of Petroleum products.
(ii) All other segments, engaged in Exploration & Production of hydrocarbons, manufacturing sugar and ethanol etc.
The Company's Chairman, the Chief Operating Decision Maker for the Group, periodically reviews the internal management reports
and evaluates performance/allocates resources based on the analysis of various performance indicators relating to the segments
referred to above.
B. Information about reportable segments

For the year ended 31.03.2024
(H / Crore)
Reportable segments
Particulars Downstream Total Adjustments &
All other Consolidated
Petroleum Segments Eliminations
Revenue
External Customers 4,61,568.10 401.04 4,61,969.14 - 4,61,969.14
Inter-segment 2.98 117.49 120.47 (120.47) -
Total Revenue 4,61,571.08 518.53 4,62,089.61 (120.47) 4,61,969.14
Segment profit / (loss) [EBIT] 20,408.76 (10.85) 20,397.91 (376.20) 20,021.71
Interest Income / (expenses) :
Interest Income 1,226.58
Interest expense (2,556.00)
Profit / (Loss) before tax and share of 18,692.29
profit in equity accounted investees
Share of profit of equity accounted investees 1,807.98
(net of tax)
Profit / (Loss) before tax 20,500.27
Income tax expense (4,485.66)
Profit / (Loss) after Tax 16,014.61
Other Comprehensive Income (net of tax) 774.09
Total Comprehensive Income 16,788.70
Segment assets 1,77,292.51 5,492.17 1,82,784.68 1,82,784.68
Segment liabilities 1,32,689.25 3,174.08 1,35,863.33 1,35,863.33
Other disclosures:
Depreciation, Amortization and 5,526.95 69.81 5,596.76 (0.33) 5,596.43
Impairment Expense
Investment in equity accounted investees 22,654.10
Material non-cash items other than 585.01
depreciation and amortisation
Capital expenditure 11,742.99
361
For the year ended 31.03.2023

(H / Crore)
Reportable segments
Particulars Downstream Total Adjustments &
All other Consolidated
Petroleum Segments Eliminations
Revenue
External Customers 4,66,132.47 366.14 4,66,498.61 - 4,66,498.61
Inter-segment 5.74 51.72 57.46 (57.46) -
Total Revenue 4,66,138.21 417.86 4,66,556.07 (57.46) 4,66,498.61
Segment profit / (loss) [EBIT] (10,612.35) (250.16) (10,862.51) (292.98) (11,155.49)
Interest Income / (expenses) :
Interest Income 854.17
Interest expense (2,174.11)
Profit before tax and share of profit in (12,475.43)
equity accounted investees
Share of profit of equity accounted investees 2,491.51
(net of tax)
Profit / (Loss) before tax (9,983.92)
Income tax expense 3,003.69
Profit / (Loss) after Tax (6,980.23)
Other Comprehensive Income (net of tax) (313.58)
Total Comprehensive Income (7,293.81)
Segment assets 1,57,268.66 4,652.42 1,61,921.08 1,61,921.08
Segment liabilities 1,26,588.73 3,069.08 1,29,657.81 1,29,657.81
Other disclosures :
Depreciation and amortization 4,255.69 304.73 4,560.42 (0.27) 4,560.15
Investment in equity accounted investees 17,809.73
Material non-cash items other than 1,569.79
depreciation and amortisation
Capital expenditure 11,564.30
C. Geographic information
The geographic information analyses the Group's revenue and non-current assets by the country of domicile and other countries. In
presenting the geographical information, segment revenue has been based on the geographic selling location and segment assets
were based on the geographic location of the respective non-current assets.
(H / Crore)
For the year For the year
Geography ended ended
31.03.2024 31.03.2023
(i) Revenue
India 4,53,017.30 4,61,479.43
Other Countries 8,951.84 5,019.18
Total Revenue 4,61,969.14 4,66,498.61
(ii) Non-Current Assets*
India 1,26,823.73 1,15,465.81
Other Countries 0.20 16.71
*non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets and rights arising from insurance contracts
D. Information about major customers

In case of the Group, approximately 12% of the revenues are derived from customers under common control.
362
Annual
72nd Report
61. Summarised financial information for Joint Ventures and Associates

I. Summarised financial information for Joint Ventures and Associates that are material to the reporting entity as
per Ind AS 112*
(H / Crore)
HMEL MRPL
Particulars
31.03.2024 31.03.2023 31.03.2024 31.03.2023
Assets:
Non-Current Assets 52,787.78 52,648.78 22,702.27 23,229.43
Current Assets
Cash and Cash equivalents 1,886.60 2,762.40 9.73 6.80
Other Current Assets (excluding cash and cash equivalents) 14,869.08 13,271.00 12,470.86 11,796.86
Total ( A) 69,543.46 68,682.18 35,182.86 35,033.09
Liabilities:
Non-Current Liabilities
Non-Current Financial Liabilities (excluding Trade / Other 29,955.50 34,805.40 9,123.22 12,623.83
Payables and Provisions)
Other Non-Current Liabilities 5,588.20 4,555.20 658.48 606.66
Current Liabilities
Current Financial Liabilities (excluding Trade / Other 10,174.40 7,984.20 4,375.71 5,070.46
Payables and Provisions)
Other Current Liabilities 8,080.30 7,188.80 7,990.12 6,979.96
Total ( B) 53,798.40 54,533.60 22,147.53 25,280.91
Net Assets included in Financial Statement of Joint Venture 15,745.06 14,148.58 13,035.34 9,752.18
/ Associate
Ownership Interest 48.99% 48.99% 16.96% 16.96%
Carrying amount of Interest in Joint Venture/Associate 7,713.92 6,931.74 2,210.14 1,653.48
Quoted Market Value of Shares N.A. N.A. 6,494.29 1,561.54
* The information provided above is after considering adjustment due to alignment of accounting policies and inter-company eliminations.
(H / Crore)
HMEL MRPL
Other Information:
2023-24 2022-23 2023-24 2022-23
Revenue 91,330.50 96,150.60 1,05,223.28 1,24,736.03
Interest Income 58.71 76.43 14.94 16.65
Interest Expenses 2,813.80 1,310.60 1,113.85 1,285.26
Depreciation 1,823.00 1,105.70 1,257.29 1,186.70
Income tax expenses 616.60 1,175.20 1,925.48 1,600.49
Profit / (Loss) for the year 2,141.70 4,253.95 3,462.22 2,639.83
Other Comprehensive Income (Net of Tax) 67.21 (270.01) (4.99) (1.21)
Total Comprehensive Income for the year 2,208.91 3,983.94 3,457.23 2,638.62
Dividend Received from the material Joint Venture / Associate 300.04 499.93 29.72 -
II. Details of all individually immaterial equity accounted investees

(H / Crore)
Joint Ventures Associates
2023-24 2022-23 2023-24 2022-23
Carrying amount of Investment in equity accounted investees 12,480.59 8,993.09 249.45 231.42
Group's Share of Profit or Loss from Continuing Operations 188.68 (21.47) (16.99) (18.72)
Group's share in other comprehensive income (0.22) 0.06 (0.08) (0.13)
Group's share in Total Comprehensive Income 188.46 (21.41) (17.07) (18.85)
363
62. Employee benefit obligations

A. Defined Contribution Plan
Superannuation Fund
The Corporation has Superannuation - Defined Contribution Scheme (DCS) maintained by ‘Superannuation Benefit Fund Scheme
(SBFS) Trust’ wherein Employer makes a monthly contribution of a certain percentage of ‘Basic Salary & Dearness Allowance(DA)’,
out of 30%, earmarked for various Superannuation benefits. This is in accordance with Department of Public Enterprises (DPE)
guidelines. These contributions are credited to individual Employee’s Account maintained either with Life Insurance Corporation
of India (LIC) or an optional National Pension Scheme (NPS) Account. For the financial year 2023-24, the Corporation has made an
overall contribution of H 190.57 Crore (2022-23 : H 207.91 Crore) towards Superannuation - DCS [including H 90.44 Crore (2022-23
: H 84.65 Crore) to NPS] by charging it to the statement of Profit and Loss.
Employee Pension Scheme(EPS-95)

During the year, Corporation has recognised H 7.92 Crore (2022-23: H 8.19 Crore) as contribution to Employee Pension Scheme
(EPS-95) in the Statement of Profit and Loss.
B. Defined Benefit Plan

Provident Fund
Provident Fund is administered through a separate Trust, established for this purpose in accordance with The Employee Provident
Fund and Miscellaneous Provisions Act, 1952. The Corporation’s contribution to the Provident Fund is remitted to this trust based on
a fixed percentage of the eligible employee’s salary and charged to Statement of Profit and Loss. During the year, the Corporation has
recognized H 168.97 Crore (2022-23: H 166.71 Crore) as Employer’s contribution to Provident Fund in the Statement of Profit and Loss.
Shortfall, if any, in matching the Government specified minimum rate of return, will be made good by the Corporation and charged
to Statement of Profit and Loss. During the year, the fund has been able to match the Government specified minimum rate of return.
The present value of benefit obligation at period end is H 5295.62 Crore (31.03.2023: H 5142.99 Crore). The fair value of the plan
assets of Provident Fund Trust at the period end is H 5269.40 Crore (31.03.2023: H 5162.93 Crore) resulting in shortfall of H 26.22
Crore (31.03.2023: H Nil Crore ) which has been accounted through Other Comprehensive Income.
During the year, an additional provision of H 2.93 Crore has been created against liability towards losses on defaulted investments.
The initial provision was created in FY 2019-20.
C. The amounts recognised in the Balance Sheet and the movements in the net defined benefit obligation over the year are as follows:
(H / Crore)
Provident Resettlement Gratuity
S. Gratuity PRMBS Pension Ex - Gratia
Particulars Fund* Allowance (Subsidiaries)
No
Funded Funded Funded Non-Funded Non-Funded Non-Funded Non-Funded
1 Present value of
projected benefit
obligation
Present value of Benefit 5,041.42 811.43 1,360.98 13.27 20.90 15.97 5.14
Obligation at the beginning 4,897.34 803.53 1,031.98 14.68 25.48 10.07 4.48
of the period
Opening Balance 10.64 - - - - - -
Adjustment 0.12 - - - - - -
Interest Cost 400.93 60.86 102.48 0.98 1.53 1.20 0.27
388.71 58.09 76.37 1.02 1.71 0.73 0.27
Current Service Cost 168.97 13.06 67.65 - - 4.02 0.54
166.71 12.13 58.54 - - 2.27 0.55
Employee Contribution 273.78 - - - - - -
295.29 - - - - - -
Liability Transferred In 3.64 - - - - - -
4.22 - - - - - -
Liability Transferred Out (8.14) - - - - - -
(5.59) - - - - - -
364
Annual
72nd Report
(H / Crore)
No
Past Service Cost - - - - - - -

- 80.64 - - - - -
Benefit paid (763.04) (113.64) (75.83) (2.36) (4.89) (11.29) (0.12)
(705.38) (137.96) (66.54) (2.50) (5.41) (4.18) (0.03)
Actuarial (gains)/ losses - - - -
on obligations - due to - - - 0.00
change in demographic
assumptions
Actuarial (gains)/ losses on - 14.22 62.35 0.06 (0.06) 0.35 0.22
obligations - due to change - (14.06) 156.17 (0.18) (0.38) (0.27) (0.15)
in financial assumptions
Actuarial (gains)/ losses - (2.99) 55.43 (0.05) 0.03 9.21 0.30
on obligations - due to - 9.06 104.46 0.25 (0.50) 7.35 (0.03)
experience
Additions - Business - - - - - - -
Combination (refer note no
1.3.3)
Present value of Benefit 5,128.20 782.92 1,573.07 11.90 17.50 19.46 6.35
Obligation at the end of 5,041.42 811.43 1,360.98 13.27 20.90 15.97 5.08
the period
2 Changes in fair value of
plan assets
Fair value of Plan Assets at 5,086.01 741.97 1,280.02 NA NA NA NA
the beginning of the period 4,969.60 821.90 1,176.06 NA NA NA NA
Interest income 400.93 55.65 96.39 NA NA NA NA
388.71 59.42 87.03 NA NA NA NA
Contributions by the 168.97 69.45 80.96 NA NA NA NA
employer 166.71 0.02 (3.09) NA NA NA NA
Contributions by the 273.78 - 2.30 NA NA NA NA
employee 295.29 - 7.44 NA NA NA NA
Transfer from Other 3.64 - - NA NA NA NA
Company 4.22 - - NA NA NA NA
(Transfer to Other (8.14) - - NA NA NA NA
Company) (5.59) - - NA NA NA NA
Benefit paid (763.04) (113.64) - NA NA NA NA
(705.38) (137.96) - NA NA NA NA
Return on plan assets, (5.20) 1.94 8.26 NA NA NA NA
excluding interest income (27.55) (1.41) 12.58 NA NA NA NA
Fair value of Plan Assets 5,156.95 755.38 1,467.93 NA NA NA NA
at the end of the period 5,086.01 741.97 1,280.02 NA NA NA NA
3 Included in Statement of
Profit and Loss
Current Service Cost 168.97 13.06 67.65 - - 4.02 0.54
166.71 12.13 58.54 - - 2.27 0.55
Past Service Cost - - - - - - -
- 80.64 - - - - -
Net interest cost 400.93 5.21 6.10 0.98 1.53 1.20 0.27
388.71 (1.33) (10.66) 1.02 1.71 0.73 0.27
(Interest Income) (400.93) - - - - - -
(388.71) - - - - - -
Contributions by the - - (2.30) - - - -
employee - - (7.44) - - - -
365
(H / Crore)
No
Total amount recognised 168.97 18.27 71.44 0.98 1.53 5.22 0.81
in Statement of Profit 166.71 91.44 40.44 1.02 1.71 3.00 0.82
and Loss
4 Remeasurements
Return on plan assets, - (1.94) (8.26) - - - -
excluding interest income - 1.41 (12.58) - - - -
(Gain)/loss from change in - - - - - - -
demographic assumptions - - - - - - 0.00
(Gain)/loss from change in - 14.22 62.35 0.06 (0.06) 0.35 0.22
financial assumptions - (14.06) 156.17 (0.18) (0.38) (0.27) (0.15)
Experience (gains)/losses - (2.99) 55.43 (0.05) 0.03 9.21 0.30
- 9.06 104.46 0.25 (0.50) 7.35 (0.03)
Change in asset ceiling, - - - - - - -
excluding amounts included - - - - - - -
in interest expense
Total amount recognised - 9.28 109.52 0.01 (0.03) 9.56 0.52
in other comprehensive - (3.59) 248.05 0.07 (0.88) 7.08 (0.18)
income
D. Amount recognised in the Balance Sheet

(H / Crore)
Fund* Allowance Non - funded
Present value of benefit obligation 5,128.20 782.92 1,573.07 11.90 17.50 19.46 6.35
as on 31.03.2024
Fair value of plan assets as on 5,156.95 755.38 1,467.93 - - - -
31.03.2024
Net Liability / (Asset) not (28.75) - - - - - -
recognised in Balance Sheet
Net Liability / (Asset) recognised - 27.54 105.14 11.90 17.50 19.46 6.35
in Balance Sheet
(H / Crore)
Fund* Allowance Non - funded
Present value of benefit obligation 5,041.42 811.43 1,360.98 13.27 20.90 15.97 5.08
as on 31.03.2023
Fair value of plan assets as on 5,086.01 741.97 1,280.02 - - - -
31.03.2023
Net Liability / (Asset) not (44.59) - - - - - -
recognised in Balance Sheet
Net Liability / (Asset) recognised - 69.46 80.96 13.27 20.90 15.97 5.08
in Balance Sheet
* Represents movement in obligation and assets value as per PF Trust books.
366
Annual
72nd Report
Pursuant to paragraph 57 of Ind AS 19, accounting by an entity for defined benefit plans, inter-alia, involves determining the amount
of the net defined benefit liability (asset) which shall be adjusted for any effect of limiting a net defined benefit asset to the asset
ceiling prescribed in paragraph 64. As per Para 64 of Ind AS 19, in case of surplus in a defined benefit plan, an entity shall measure
the net defined benefit asset at the lower of actual surplus or the value of the assets ceiling determined using the discount rate.
The asset ceiling is the present value of any economic benefits available in the form of refunds from the plan or reductions in future
contributions to the plan. Further, paragraph 65 provides that a net defined benefit asset may arise where a defined benefit plan has
been overfunded or where actuarial gains have arisen.
As per the provisions of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, the Company has no right to the
benefits either in the form of refund from the plan or lower future contribution to the plan towards the net surplus of H 28.75 crore
(31.03.2023: H 44.59 crore) determined through actuarial valuation. Accordingly, Company has not recognised the surplus as an
asset, and the remeasurement loss /gains in ‘Other Comprehensive Income’, as these pertain to the Provident Fund Trust and not
to the Company.
E. Plan assets
(H / Crore)
31.03.2024 31.03.2023
Provident Provident
Fund Fund
Plan assets comprise the following:
Gratuity - Investment with Insurance companies 5,156.95 755.38 1,467.93 5,086.01 741.97 1,280.02
PF/ PRMB - Self managed Investments
5,156.95 755.38 1,467.93 5,086.01 741.97 1,280.02
Details of the investment pattern for the above mentioned funded obligations are as under:
31.03.2024 31.03.2023
Provident Provident
Fund Fund
Government Securities (Central & State) 54.37% - 51.94% 55.10% - 51.65%
Investment in Debentures / Securities 37.78% - 29.70% 38.98% - 33.88%
Investment in Equity / Mutual Funds 3.25% - 9.05% 2.82% - 5.21%
Insurance Managed Funds - 100% - - 100% -
Others Assets 4.60% - 9.31% 3.10% - 9.26%
F. Significant estimates (actuarial assumptions and sensitivity)

(i) The significant acturial assumptions were as follows:
Fund Allowance
367
Fund Allowance
(ii) Sensitivity analysis

(H / Crore)
Resettle-ment
Allowance
(H / Crore)
Resettle-ment
Allowance
G. The expected maturity analysis of undiscounted benefits is as follows

(H / Crore)
Less than 1 6 - 10 year
1 - 2 year 3 - 5 year
year & above
31.03.2024
Gratuity 113.29 70.83 286.00 1078.91
PRMBS 67.51 73.99 261.48 433.28
Pension 1.91 1.88 5.42 8.10
Ex - Gratia 3.75 3.66 10.36 14.71
Total 189.65 152.10 570.59 1,561.60
368
Annual
72nd Report
(H / Crore)
Less than 1 6 -10 year
1 -2 year 3 -5 year
year & above
31.03.2023
Gratuity 117.61 72.17 301.93 1,111.50
PRMBS 59.35 65.23 232.52 392.03
Pension 2.10 2.06 5.93 8.77
Ex - Gratia 4.06 3.96 11.22 16.00
Total 185.65 144.79 558.00 1,549.28
H. Notes
I. Gratuity : Each employee rendering continuous service of 5 Years or more is entitled to receive gratuity amount equal to
15/26 of the eligible salary for every completed years of service subject to maximum of H 0.20 crore at the time of separation
from the Corporation. Besides the ceiling, gratuity increases by 25% whenever IDA rises by 50%. The long term employee
benefit of Gratuity is administered through a Trust, established under The Payment of Gratuity Act, 1972. The Board of Trustees
comprises of representatives from the Employer who are also plan participants in accordance with the plans regulation. The
liability towards gratuity is funded with Life Insurance Companies.
II. Pension : The employees covered by the Pension Plan of the Corporation are entitled to receive monthly pension for life.
However, none of the current serving employees are covered under Pension Plan of the Corporation.
III. Post Retirement Medical Benefit (PRMBS) : Post Retirement Benefit medical scheme provides medical benefit to retired
employees and eligible dependent family members. This long term employee benefit is administered through a Trust. The
liability towards Post-Retirement Medical Benefit for employees is ascertained, yearly, based on the actuarial valuation and
funded to the Trust.
IV. Ex-gratia : The ex-employees of Corporation are covered under the Scheme, entitling to get ex-gratia, determined based on
their salary grade at the time of their superannuation. The benefit is paid to eligible employees till their survival, and thereafter
till the survival of their spouse. However, none of the current serving employees are covered under this Plan.
V. Resettlement Allowance : Upon superannuation from the services of the Corporation, there are employees who permanently
settle down at a place other than the location of the last posting. Such employees are provided with resettlement allowance as
per policy of the Corporation.
VI. Others : The expected return on plan assets is based on market expectation over the entire life of the related obligation. The
actuarial assumption with regard to future salary escalation takes into consideration, the factors such as inflation, seniority,
promotion, demand & supply in the employment market.
VII. Figures in italics represent last year figures.
369
63. Additional Information on Joint Ventures/Associates

In addition to the figures contained in the Notes numbering 3,4, 5A, 5B & 10, that represents Groups’ consolidated Property, Plant
and Equipments(PPE)/ Capital Work-in-Progress/ Intangible Assets/ Intangible Assets Under Development/ Investment Property/
Capital Advance(under Other Non-Current Assets) for the financial year 2023-24, the Holding Company’s consolidated proportionate
share in respect of these Items held in its Joint Ventures and Associates is given as under:
Property, Plant and Equipments

(H / Crore)
Gross Block Depreciation/Amortisation Net Block
As of Deduction/ As of As of For the Deduction/ As of As of As of
Additions
01.04.2023 Reclassifications 31.03.2024 01.04.2023 year Reclassifications 31.03.2024 31.03.2024 01.04.2023
34,644.58 4,466.46 59.11 39,051.93 5,958.18 1,303.64 50.06 7,211.76 31,840.17 28,686.40
Intangible Assets
(H / Crore)
Additions
209.13 23.81 14.54 218.40 77.34 7.92 14.48 70.78 147.63 131.79
Investment Property
(H / Crore)
Additions
1.36 - - 1.36 0.00 0.00 - 0.01 1.36 1.36
(H / Crore)
Particulars 31.03.2024 31.03.2023
Intangible Assets Under Development 4.57 0.65
Capital Work-in-Progress 31,652.22 25,104.75
Capital Advances disclosed under Other Non-Current Assets 1,356.13 633.29
This disclosure is made in a specific context of a reporting requirement conveyed by Department of Public Enterprises (DPE) for
facilitating evaluation of one of the Memorandum of Understanding(MOU) parameters on performance of the Corporation, entered
into with Ministry of Petroleum & Natural Gas (MOP&NG), namely, Capital Expenditure Target of HPCL together with its Subsidiaries/
Joint Ventures/Associate Companies for the financial year 2023-24. Considering that the definition of Group under Ind-AS 110 for
the purpose of consolidation is limited to Holding Company and its Subsidiary Companies only, this additional disclosure is intended
to provide the requisite information extracted from the financial statements of these Companies, to the extent of the Holding
Company's actual shareholding at period end.
64. As on 31.03.2024, the Corporation has no inventory of Non-Solar Renewable Energy Certificates (RECs) (31.03.2023: 3,275 Units),
available for sale after earmarking a requisite quantity already for captive consumption.Traded in Indian Energy Exchange Ltd., the
revenue from RECs is recognized as and when the same are sold.
In respect of HPCL Biofuels Limited : Renewable Energy Certificates (RECs) earned for the captive consumption of power generated
from renewable sources are not valued as stock on hand on the Balance Sheet date, since the cost of obtaining them is negligible
and their realization is not certain. The income from the sale of RECs is accounted as revenue in the year of its sales. The RECs on
hand on 31st March 2024 is 25,905 Units (31.03.2023 : 11,806 Units)
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Annual
72nd Report
65. As on 31.03.2024, there are no loans or advances in the nature of loans granted to promoters, directors, KMPs and the related
parties either severally or jointly with any other person that are repayable on demand (or, without specifying any terms or period
of repayment). Further, during the current year, Corporation has entered into an agreement with HPCL Rajasthan Refinery Limited
(HRRL), to provide an interest bearing subordinated loan for a sum of H 3,000 Crore to meet HRRL's project expenditure [Govt. of
India's approval is awaited for equity infusion into HRRL by the Corporation, beyond the currently approved limit]. Towards this, as
of 31.03.2024, a loan of H 500 Crore has been disbursed to HRRL, which would be repayable by way of issue of equivalent amount of
Equity Shares to the Corporation. Following are the further details:
Amount Outstanding % of Total Loans and

Type of Borrower (J /Crore) Advances
31.03.2024 31.03.2023 31.03.2024 31.03.2023
Related Party 500.00 - 30.35% -
66. Relationship with Struck Off Companies

(H / Crore)
Nature of Balance O/s as on Relationship,
Name of the Struck off Company
Transaction 31.03.2024 31.03.2023 if any
(i) In respect of HPCL
Unicon Fincap Private Limited Payable 0.02 0.01 None
Naku Tanti Escapades Private Limited Payable 0.00 0.00 None
Goyals Constructions Investments Private Limited Payable 0.00 0.00 None
Redhill Iron & Steel Private Limited Payable 0.00 0.00 None
Farishta International Private Limited Payable 0.01 0.01 None
Elgin Enterprises Private Limited Payable - 0.00 None
Kothari Intergroup Limited Payable 0.00 0.00 None
Home Trade Limited Payable 0.01 0.01 None
Devi Nine Tradings Private Limited Payable 0.00 0.00 None
Airborne Aero Services Private Limited Payable 0.00 0.00 None
First Office Solutions India Private Limited Payable 0.00 0.00 None
Decentrik Technologies Private Limited Receivable 0.00 0.00 None
Burn Standard Co Ltd Payable 0.08 0.08 None
Redrix Petrochemicals Private Limited Payable - 0.01 None
Hindustan Auto Components Private Limited Payable - 0.00 None
Wmmp Tech Private Limited Payable - 0.00 None
Synod Bioscience Private Limited Payable 0.01 0.01 None
Pragati Enterprises Private Limited Receivable 0.01 0.01 None
K G N Traders Private Limited Receivable 0.00 0.00 None
Eco E Waste Recyclers India Private Limited Receivable 0.00 0.00 None
Continental Earthmovers Pvt Ltd Payable 0.01 0.00 None
Continental Earthmovers H Pvt.Ltd Payable 0.00 - None
Parishram Builders Pvt Ltd Payable 0.02 0.02 None
Chandra Prakash Singh Const Pvt Ltd Payable 0.10 - None
(ii) In respect of HPCL Biofuels Limited
Sri Venkateswara Global Trading Private Limited Receivable 13.76 13.76 None
67. Other Disclosures

67.1. The Quarterly returns / statements of the first 3 quarters of the current financial year with respect to current assets (Inventories) filed
with banks / financial institutions for the financial year 2023-24 are in agreement with the books of accounts. The return for the 4th
quarter, being price sensitive information, will be filed after declaration of annual results.
67.2. Compliance with number of layers of companies as per Clause 87 of Section 2 of the Companies Act, 2013 read with Companies
(Restriction on number of Layers) Rules, 2017 is not applicable for Government Companies.
67.3. There have not been any revaluation of Property, Plant & Equipment and Intangible Assets.
371
67.4. The borrowings from banks and financial institutions were used for the purpose for which it was taken.
67.5. There are no proceedings initiated or pending for holding any benami property under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and rules made thereunder.
67.6. No Bank or financial institution or other lender has declared the Corporation as willful defaulter.
67.7. There are no pending applications with any authority for a scheme of arrangement in terms of sections 230 to 237 of the
67.8. To the best of knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”)
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the Group (Ultimate Beneficiaries) or to provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
To the best of knowledge and belief, no funds have been received from any person or entity, including foreign entity (“Funding
Parties”), with the understanding, whether recorded in writing or otherwise, to directly or indirectly, lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or to provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.
67.9. There are no unrecorded transactions, which have been surrendered or disclosed as Income during the year in the tax assessments
under the Income tax act, 1961.
67.10. The Group has not entered into trading or investing in Crypto Currency or Virtual Currency during the year.
372
68. Schedule III - Additional Disclosure on Consolidated Financial Statements as on 31.03.2024 is as under
Net Assets, i.e., Total Assets Share in Other Comprehensive Share in Total Comprehensive
Share in Profit or (Loss)
minus Total Liabilities Income Income
As a % of As a % of
Name of the Entity As a % of As a % of Consolidated Consolidated
Amount Amount Amount Amount
Consolidated Consolidated Other Total
(J / Crore) (J / Crore) (J / Crore) (H / Crore)
Net Assets profit or loss Comprehensive comprehensive
Income Income
Hindustan Petroleum Corporation Limited 87.44% 41,029.76 91.75% 14,693.84 97.32% 753.32 92.01% 15,447.16
Subsidiaries
Prize Petroleum Company Limited (1.44%) (674.89) (0.36%) (58.02) (1.37%) (10.57) (0.41%) (68.59)
HPCL Biofuels Limited 0.88% 415.18 (0.05%) (8.00) (0.07%) (0.51) (0.05%) (8.51)
HPCL Middle East FZCO 0.01% 4.83 0.00% 0.34 0.01% 0.07 0.00% 0.41
HPCL LNG Limited (Formerly known as HPCL 2.58% 1,212.80 (0.06%) (10.35) 0.00% - (0.06%) (10.35)
Shapoorji Energy Private Limited)
HPCL Renewable & Green Energy Limited 0.20% 92.66 (0.01%) (2.34) 0.00% - (0.01%) (2.34)
Joint Ventures
Hindustan Colas Private Limited 0.62% 292.28 0.41% 64.93 (0.01%) (0.05) 0.39% 64.88
HPOIL Gas Private Limited 0.22% 102.72 0.03% 4.84 0.00% - 0.03% 4.84
HPCL Rajasthan Refinery Limited 21.94% 10,295.66 (0.16%) (25.25) 0.00% - (0.15%) (25.25)
South Asia LPG Company Private Limited 0.20% 93.49 0.17% 27.19 0.02% 0.15 0.16% 27.34
HPCL - Mittal Energy Limited 16.80% 7,883.94 5.64% 903.19 4.25% 32.93 5.58% 936.12
Petronet MHB Limited 0.63% 294.82 0.30% 48.13 (0.03%) (0.24) 0.29% 47.89
Godavari Gas Private Limited 0.05% 24.09 (0.01%) (1.57) 0.00% - (0.01%) (1.57)
Petronet India Limited 0.00% 0.44 0.00% - 0.00% - 0.00% -
Mumbai Aviation Fuel Farm Facilities Private Limited 0.23% 107.53 0.10% 15.85 0.00% - 0.09% 15.85
373
Aavantika Gas Limited 0.49% 230.00 0.24% 37.91 (0.01%) (0.08) 0.23% 37.83
Bhagyanagar Gas Limited 0.46% 214.36 0.12% 18.56 0.00% 0.00 0.11% 18.56
Ratnagiri Refinery & Petrochemical Limited 0.06% 26.75 (0.01%) (1.23) 0.00% - (0.01%) (1.23)
IHB Limited 1.62% 760.68 (0.01%) (2.03) 0.00% - (0.01%) (2.03)
Associates
Mangalore Refinery and Petrochemicals Limited 4.80% 2,252.05 3.81% 609.88 (0.11%) (0.85) 3.63% 609.03
Notes to the Consolidated Financial Statements
GSPL India Gasnet Limited 0.46% 213.88 (0.10%) (15.32) (0.01%) (0.06) (0.09%) (15.38)
GSPL India Transco Limited 0.08% 35.61 (0.01%) (1.67) 0.00% (0.02) (0.01%) (1.69)
Consolidation Adjustments & Eliminations (38.33%) (17,987.29) (1.78%) (284.27) 0.00% - (1.69%) (284.27)
Total 100.00% 46,921.35 100.00% 16,014.61 100.00% 774.09 100.00% 16,788.70
69. Previous periods figures are regrouped wherever necessary.

sd/-
Pushp Kumar Joshi
sd/-
DIN - 08188549 FRN - 101961W/W-100036 FRN - 110266W
sd/- sd/- sd/-
72nd

Place : New Delhi
Report
Annual
2023-24
Date : May 09, 2024

Form AOC-I
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the Financial Statement of Subsidiaries / Associate Companies / Joint Ventures
Part “A”: Subsidiaries
(H / Crore)
Prize HPCL
HPCL
Petroleum HPCL Middle Renewable & HPCL LNG
Sl. Biofuels
Particulars Company East FZCO Green Energy Limited
No. Limited
Limited# Limited
1 2 3 4 5
1 Date since when subsidiary was acquired 16.10.2009 28.10.1998 11.02.2018 19.01.2024 30.03.2021
2 Reporting currency Rupees (H) Rupees (H) Arab Rupees (H) Rupees (H)
Emirates
Dirham
3 Exchange rate as on the last date of the relevant - - 22.71 - -
Financial year in the case of foreign subsidiaries.
4 Share capital* 1,251.24 245.00 8.33 5.00 1,257.00
5 Reserves & surplus (836.06) (919.89) (3.51) (2.34) (44.20)
6 Total assets 717.25 109.29 13.57 139.55 4,033.18
7 Total Liabilities 302.06 784.18 8.74 46.89 2,820.38
8 Investments - - - - -
9 Turnover 386.07 36.07 29.95 0.00 -
10 Profit before taxation (8.00) (58.02) 0.34 (2.34) (10.35)
11 Provision for taxation - - - - -
12 Profit after taxation (8.00) (58.02) 0.34 (2.34) (10.35)
13 Proposed Dividend - - - - -
14 % of shareholding 100.00% 100.00% 100.00% 100.00% 100.00%
# Figures based on Consolidated Financial Statements of the Company
* Excluding ‘Share application money pending allotment’, if any.
Notes:-
1 Names of subsidiaries which are yet to commence operations:
a) HPCL LNG Limited (Formerly known as HPCL Shapoorji Energy Private Limited) The Company was converted into a Public
Limited Company effective 10th September 2021.
2 Names of subsidiaries which have been liquidated or sold during the year - Nil
sd/-
Pushp Kumar Joshi
DIN - 05323634
sd/-
Rajneesh Narang
Director - Finance
DIN - 08188549
sd/-
V Murali
Company Secretary
Date : May 09, 2024

Place : New Delhi
374
Annual
72nd Report
Financial Details of Subsidiaries / Associate Companies / Joint Ventures 2023-24
Form AOC-I
Part “B”: Associates and Joint Ventures
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures
Part ‘’A”
(H / Crore)
South
Hindustan HPCL-Mittal Asia LPG Petronet HPOIL Gas Godavari
Bhagyanagar Petronet India
Name of Joint Ventures Colas Private Energy Company MHB Private Gas Private
Gas Limited Limited^
Limited# Limited# Private Limited Limited Limited$
Limited
1 Latest audited Balance 31.03.2024 31.03.2024 31.03.2024 31.03.2024 31.03.2024 31.03.2022 31.03.2024 31.03.2023
Sheet date
2 Date on which the 17.07.1995 13.12.2000 16.11.1999 26.05.1997 22.08.2003 26.05.1997 30.11.2018 27.09.2016
Associates or Joint
Ventures was associated or
acquired
3 Shares of Joint Ventures
/ Associate held by the
Company on the year end
Nos. 47,25,000 3,93,95,55,200 5,00,00,000 27,43,53,632 4,36,50,000 1,60,00,000 9,60,00,000 2,90,97,810
Amount of Investment in Joint 4.73 3,939.56 50.00 369.33 128.25 0.16 96.00 29.10
Venture / Associate
Extent of Holding % 50.00% 48.99% 50.00% 50.00% 48.73% 16.00% 50.00% 26.00%
4 Description of how there is Joint Control Joint Control Joint Control Joint Control Joint Control Joint Control Joint Control Joint Control
significant influence
5 Reason why the Joint Consolidated Consolidated Consolidated Consolidated Consolidated Financial Consolidated Consolidated
Venture / Associate is not Statements not
consolidated received for FY
2023-24
6 Networth attributable to 292.28 7,883.94 93.49 294.82 214.36 0.44 102.72 24.09
Shareholding as per latest
audited Balance Sheet*
7 Profit / (Loss) for the year
2023-24*
i. Considered in Consolidation 64.93 903.20 27.19 48.13 18.56 - 4.84 (1.57)
i. Not Considered in - - - - - - - -
Consolidation
* Represents HPCL's share Net worth / 'Profit/(Loss)' in Joint Ventures / Associates.
^ Petronet India Limited is in the process of voluntary winding up w.e.f. August 30,2018.
$ 'Profit / (Loss) for the year 2023-24' is basis Management Certified Financials for the year 2023-24.
sd/-
Pushp Kumar Joshi
DIN - 05323634
sd/-
Rajneesh Narang
Director - Finance
DIN - 08188549
sd/-
V Murali
Company Secretary
Date : May 09, 2024

Place : New Delhi
375
Form AOC-I
Part “B”: Associates and Joint Ventures
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures
Part ''B"
(H / Crore)
Mumbai
Mangalore Aviation Ratnagiri
HPCL Rajasthan GSPL India GSPL India
Aavantika Refinery and Fuel Farm Refinery &
Name of Joint Ventures Refinery Gasnet Transco IHB Limited
Gas Limited Petrochemicals Facilities Petrochemical
Limited @ Limited Limited
Limited# Private Limited
Limited
1 Latest audited Balance Sheet date 31.03.2024 31.03.2024 31.03.2024 31.03.2024 31.03.2024 31.03.2024 31.03.2024 31.03.2024
2 Date on which the Associates or 07.06.2006 07.03.1988 18.09.2013 06.03.2014 13.10.2011 13.10.2011 22.09.2017 09.07.2019
Joint Ventures was associated or
acquired
3 Shares of Joint Ventures /
Associate held by the Company on
the year end
Nos. 2,95,57,038 29,71,53,518 10,63,01,37,000 5,29,18,750 24,32,37,505 6,67,70,000 5,00,00,000 76,45,00,000
Amount of Investment in Joint Venture 50.02 471.68 10,630.14 52.92 243.24 66.77 50.00 764.50
/ Associate
Extent of Holding % 49.99% 16.96% 74.00% 25.00% 11.00% 11.00% 25.00% 25.00%
4 Description of how there is Joint Control Associate Joint Control Joint Control Associate Associate Joint Control Joint Control
significant influence
5 Reason why the Joint Venture / Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated
Associate is not consolidated
6 Networth attributable to 230.00 2,252.05 10,295.66 107.53 213.88 35.61 26.75 760.68
Shareholding as per latest audited
Balance Sheet*
7 Profit / (Loss) for the year 2023-24*
i. Considered in Consolidation 37.91 609.88 (25.25) 15.85 (15.32) (1.67) (1.23) (2.03)
i. Not Considered in Consolidation - - - - - - -

* Represents HPCL's share Net worth / 'Profit/(Loss)' in Joint Ventures / Associates.
@ HPCL Rajasthan Refinery Limited (HRRL), is a subsidiary of the Corporation as per Section 2(87) of the Companies Act, 2013. However, being a jointly controlled entity
of the Corporation and Govt. of Rajasthan, HRRL is considered as 'Joint Venture' of the Corporation, for the purpose of preparation of Financial Statements, pursuant
to the requirements of Indian Accounting Standards.
Ujjwala Plus Foundation was incorporated as not-for-profit joint venture company under Sec. 8 of Companies Act 2013 during 2017-18. The Board in its meeting held on 18th July
2023 has accorded approval for the closure of Ujjwala Plus Foundation.
1 Names of joint ventures or associates which are yet to commence operations.

a) Ratnagiri Refinery & Petrochemicals Limited
b) IHB Limited (The Company was converted into a Public Limited Company effective 06th April 2021)
c) HPCL Rajasthan Refinery Limited
2 Names of joint ventures or associates which have been liquidated or sold during the year - Nil

sd/-
Pushp Kumar Joshi
DIN - 05323634
sd/-
Rajneesh Narang
Director - Finance
DIN - 08188549
sd/-
V Murali
Company Secretary
Date : May 09, 2024

Place : New Delhi
376
Annual
72nd Report
C&AG’s Comments 2023-24
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6)(b) READ
WITH SECTION 129(4) OF THE COMPANIES ACT, 2013 ON THE CONSOLIDATED FINANCIAL STATEMENTS OF
HINDUSTAN PETROLEUM CORPORATION LIMITED FOR THE YEAR ENDED 31 MARCH 2024
The preparation of consolidated financial statements of Hindustan Petroleum Corporation Limited for the year ended
31 March 2024 in accordance with the financial reporting framework prescribed under the Companies Act, 2013 (Act) is
the responsibility of the management of the company. The statutory auditors appointed by the Comptroller and Auditor
General of India under section 139(5) read with section 129(4) of the Act are responsible for expressing opinion on the
financial statements under section 143 read with section 129(4) of the Act based on independent audit in accordance with
the standards on auditing prescribed under section 143(10) of the Act. This is stated to have been done by them vide their
Revised Audit Report dated 10 July 2024 which supersedes their earlier Audit Report dated 09 May 2024.
I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit of the consolidated
financial statements of Hindustan Petroleum Corporation Limited for the year ended 31 March 2024 under section 143(6)
(a) read with section 129(4) of the Act. We conducted a supplementary audit of the financial statements of (Annexure
I) but did not conduct supplementary audit of the financial statements of (Annexure II) for the year ended on that date
Further, section 139(5) and 143(6)(a) of the Act are not applicable to (Annexure III) being private entities/entities
incorporated in foreign countries under the respective laws for appointment of their Statutory Auditor and for
conduct of supplementary audit. Accordingly, Comptroller and Auditor General of India has neither appointed
the Statutory Auditors nor conducted the supplementary audit of these companies. This supplementary audit has
been carried out independently without access to the working papers of the statutory auditors and is limited primarily to
inquiries of the statutory auditors and company personnel and a selective examination of some of the accounting records.
In view of the revision made in the statutory auditor’s report, to give effect to some of my audit observations raised
during supplementary audit, I have no further comments to offer upon or supplement to the statutory auditors’ report under
section 143(6)(b) read with section 129(4) of the Act.
For and on behalf of the

Comptroller & Auditor General of India
sd/-
Place: Mumbai Sandip Roy
Date: 16 July 2024 Director General of Commercial Audit, Mumbai
377
Annexure I
Audit Conducted: [In Progress / Completed]
(A) Subsidiaries
1. HPCL Biofuels Limited (HBL)
2. HPCL LNG Limited (HPLNG)
(B) Joint Ventures
1. Petronet MHB Limited (PMHBL)
2. Mumbai Aviation Fuel Farming Facility Private Limited (MAFFFL)
3. HPCL Rajasthan Refinery Limited (HRRL)
4. HPOIL Gas Private Limited (HOGPL)
5. IHB Limited (IHBL)
6. Bhagyanagar Gas Limited (BGL)
7. Ratnagiri Refinery Petrochemicals Limited (RRPCL)
(C) Associates
1. Mangalore Refinery and Petrochemicals Limited (MRPL)
2. GSPL India Gasnet Limited (GIGL)
3. GSPL India Transco Limited (GITL)
Annexure II
Audit not conducted:
(A) Subsidiaries
1. Prize Petroleum Company Limited (PPCL) – (Statutory audit under progress)
(B) Joint Ventures
1. Aavantika Gas Limited (AGL)
2. Godavari Gas Private Limited (GGPL) – (Statutory audit under progress)
(C) Associates
NIL
Annexure III
Audit not applicable:
(A) Subsidiaries
1. HPCL Middle East FZCO (HMEFZCO)
2. HPCL Renewable & Green Energy Limited (HPRGE)
(B) Joint Ventures
1. HPCL Mittal Energy Limited (HMEL)
2. Hindustan Colas Private Limited (HINCOL)
3. South Asia LPG Co. Private Limited (SALPG)
(C) Associates
NIL
Notes: Ujjwala Plus Foundation (a not for profit organization formed by IOCL, HPCL and BPCL) has not been considered for consolidation
of the HPCL accounts, hence not indicated above.
378
Annual
72nd Report
Human Resource Accounting 2023-24
Human Resource Accounting

The Human Resource is by far the best of the available resource to any Company. The Corporation considers Human dimension as
the key to Organization’s success. Several initiatives for development of Human Resource to meet new challenges in the competitive
business environment have gained momentum. HPCL recognizes the value of Human Resource, as its employees are committed to
achieve excellence in all spheres. The Corporation has a mix of energetic youth and experienced seniors who harmonize the efforts to
achieve the Corporation’s goals.
Over the years, the Corporation has been using ‘Lev & Schwartz’ model to compute the value of Human Resource. Basis this model, the
value of Human Resource, which is immense, is measured at H 41,798 Crore (2022-23: H 34,529 Crore). The following assumptions have
been factored in this computation:–
1. Employees’ compensation is represented by direct & indirect benefits earned by them on Cost to Company basis.
2. Earnings up to the age of superannuation are considered on incremental basis taking the Corporation’s policies into consideration.
Such future earnings are discounted @ 7.22% (2022-23: 7.50%).
Tables showing the Value of Human Resource as of 31/03/2024 by using ‘Lev & Schwartz’ model
Age-bucket Matrix
Age-buckets
Particulars Total
18-30 31-40 41-50 Above 50
No. of Employees 2,014 2,228 1,149 2,763 8,154
Management 1,522 2,043 902 1,301 5,768
Non-Management 492* 185 247 1,462 2,386
Average Age 27.08 35.07 45.03 55.87 41.55
* Includes 9 employees between the age of 18-20 years.
Accounting Human Resource

(H / Crore)
Particulars 2023-24 2022-23#
Value of Human Resource
Management Employees 36,048 29,286
Non-Management Employees 5,750 5,243
Total Human Resource 41,798 34,529
Human Resource vis-à-vis Total Resources
Value of Human Resource 41,798 34,529
Net Operating Assets 65,111 50,678
Investments 25,678 21,211
Total Resources 1,32,587 1,06,418
Employee Cost 3,422 2,963
Profit before Tax (PBT) 19,153 (11,915)
Ratios (in %)
Employee Cost to Human Resource 8.19 8.58
Human Resource to Total Resources 31.53 32.45
PBT to Human Resource 45.82 (34.51)
# Previous year’s figures are regrouped, wherever necessary.
379
Joint Venture Companies as per Ind AS

Sr.
Name of the Company Shareholding as on 31.03.2024 Nature of Operations
No.
1. HPCL-Mittal Energy Limited HPCL 48.993% Refining of crude oil and manufacturing of
Mittal Energy Investment 48.993% petroleum products.
Pte Ltd
Indian Financial 2.014%
Institutions
2. Hindustan Colas Private Limited HPCL 50.00% Manufacture and marketing of Bitumen
Colasie SA 50.00% Emulsions & Modified Bitumen.
3. South Asia LPG Company Private Limited HPCL 50.00% Storage of LPG in underground cavern and
Total Holding India 50.00% associated receiving and dispatch facilities at
Visakhapatnam.
4. Petronet India Limited HPCL 16.00% To act as nodal agency for developing identified
BPCL 16.00% and prioritized petroleum product pipelines
IOCL 18.00% in the country. The company has commenced
Financial / Strategic 50.00% voluntary winding up on 30.08.2018.
Investors
5. Petronet MHB Limited HPCL 50.00% Operation and maintenance of petroleum
ONGC 50.00% product pipeline between Mangalore-Hassan-
Bengaluru.
6. Bhagyanagar Gas Limited HPCL 48.728% City Gas Distribution network in Hyderabad,
GAIL 48.728% Vijayawada and Kakinada in the state of Andhra
Andhra Pradesh 2.490% Pradesh/ Telangana.
Industrial
Infrastructure
Corporation Ltd
Kakinada Seaports 0.054%
Limited
7. Aavantika Gas Limited HPCL 49.993% City Gas Distribution network in Indore, Ujjain,
GAIL 49.993% Pithampur and Gwalior in the state of Madhya
IL&FS Investment 0.014% Pradesh.
Managers Ltd
8. Mumbai Aviation Fuel HPCL 25.00% To design, develop, construct and operate the
Farm Facility Private Limited IOCL 25.00% aviation fuel farm facility at Chhatrapati Shivaji
BPCL 25.00% International Airport, Mumbai
Mumbai 25.00%
International Airport
Limited
9. Godavari Gas Private Limited APGDC 74.00% City Gas Distribution network in East Godavari
HPCL 26.00% and West Godavari Districts of Andhra Pradesh.
10. Ratnagiri Refinery and Petrochemicals IOCL 50.00% To set up a refinery and petrochemical complex
Limited BPCL 25.00% along the west coast of India in the State of
HPCL 25.00% Maharashtra.
11. HPCL Rajasthan Refinery Limited HPCL 74.00% To set up a 9 MMTPA capacity Greenfield refinery
Govt. of Rajasthan 26.00% cum petrochemical complex in the State of
Rajasthan.
12. HPOIL Gas Pvt Limited HPCL 50.00% City Gas Distribution network in Ambala and
OIL 50.00% Kurukshetra in the state of Haryana and Kolhapur
in the state of Maharashtra.
13. IHB Limited IOCL 50.00% To set up cross country Kandla-Gorakhpur LPG
BPCL 25.00% Pipeline.
HPCL 25.00%
380
Annual
72nd Report
Joint Venture Companies 2023-24
Associate Companies as per Ind AS

Sr. Shareholding as on
Name of the Company Nature of Operations
No. 31.03.2024
1. Mangalore Refinery & Petrochemicals ONGC 71.628% Refining of crude oil and manufacturing and marketing of
Limited HPCL 16.955% petroleum products.
Public 11.417%
2. GSPL India Gasnet Limited GSPL 52.000% To design, construct, develop, operate and maintain Natural
HPCL 11.000% Gas Pipelines
IOCL 26.000%
BPCL 11.000%
3. GSPL India Transco Limited GSPL 52.000% To design, construct, develop, operate and maintain Natural
HPCL 11.000% Gas Pipelines
IOCL 26.000%
BPCL 11.000%
Subsidiary Companies as per Ind AS

No. 31.03.2024
1. Prize Petroleum Company Limited HPCL 100% Exploration and Production (E&P) of Hydrocarbons and
services for management of E&P blocks.
2. HPCL Biofuels Limited HPCL 100% Operates two integrated sugar-ethanol-cogen plants at
Sugauli and Lauriya in East Champaran and West Champaran
Districts respectively in the State of Bihar.
3. HPCL Middle East FZCO HPCL 100% Trading in Lubricants & Grease, Petrochemicals and Refined
Oil Products in Middle East and Africa.
4 HPCL LNG Limited HPCL 100% To set up and operate an LNG Re-gasification Terminal at the
greenfield port at Chhara (Gujarat)
5 HPCL Renewable & Green Energy Limited HPCL 100% Foraying into new areas of green energy business and
manage the portfolio of green energy business such as
biofuels, renewables, green hydrogen, carbon offsets, green
mobility, and alternative energy businesses.
Not for Profit Private Company Limited by Guarantee

without Share Capital
No. 31.03.2024*
1. Ujjwala Plus Foundation (Not for profit, IOCL 50% To provide Liquid Petroleum Gas (LPG) connections to the
Section 8 Company) BPCL 25% women from the poor households and economically weaker
HPCL 25% section of the Society not covered under “Pradhan Mantri
Ujwala Yojana” (“PMUY”) of the Govt. of India.
Note:
* Company Limited by Guarantee without share capital- Represents Fund Contribution Ratio.
381
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Annual Report 2024

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Ref.: Co.Secy.

/VM/249/2024 July 27, 2024

Director – Investor Services & Listing,

This is for your information and records.

Very truly yours,

Performance Highlights 04 Notice of Annual General Meeting 84

HPCL at a Glance 06 Performance Profile 104

Chairman’s Message 10 Directors’ Report 110

Leading a Successful Organisation 15 Annexures to Directors' Report 124

Fostering Meaningful Partnerships 31 Corporate Governance Report 148

Risk & Resilience 36 Management Discussion & Analysis Report 167

Assessing ESG Materiality 40

Value Creation Model 42 196-281

Balance Sheet 292

Statement of Profit and Loss 293

Statement of Changes in Equity 294 www.hindustanpetroleum.com

Cash Flow Statement 296

Notes to the Financial Statements 297

Human Resource Accounting 379

Joint Venture Companies 380

J 16,015 Crore J 14,694 Crore J 4,61,638 Crore

46.8 MMT 22.3 MMT 25.8 MMT

J 14,342 Crore 45.6 TMT Visakh Refinery

Net Zero by 2040 J 111.9 Crore 59,440

208 MW 12% 32.3 Lakh+ 12,724

1,690 9.7 TMT 8,154 1,472

~1,200 TKL 1,793 Acres 3.45%

3,603 J 16.14 Crore

*SRFT - Standard Refinery Fuel Tonnage

HPCL has a strong presence in the petroleum refining

F FREE, FRANK & FAIR The HP logo serves as the visual

Fuelling Future with Sustainable Solutions

Light Distillates Middle Distillates Heavy Distillates Other Products

2 22,022 6,349 1,690 5

23.2 MMTPA 1,638 474 78 56

Exclusive Lube Depots (COLD/COD) Product Pipelines

RESEARCH & EXPLORATION JVs AND

Joint Ventures and Subsidiaries

Oil Refining Joint Venture in Natural Gas Infrastructure & Marketing

Oil Supply Infra and Marketing Subsidiaries

Note: Petronet India Limited is under liquidation.

This outstanding performance by HPCL exemplifies the Company’s

The excellent performance of 2023-24 was wide-ranging,

capacity utilisation of 103%. The robust refinery reliability and

HPCL is participating in the entire value chain of the natural

Your Company incorporated a wholly-owned subsidiary named

Your Company is proactively integrating ESG factors into future

The superior performance of your Company is driven by its

Being Accountable and Transparent

WHOLE TIME DIRECTORS

GOVERNMENT NOMINEE DIRECTORS

Shri Vinod Seshan Shri Pankaj Kumar Smt. Sujata Sharma

Smt. Vimla Pradhan Shri Bechan Lal Shri Vivekananda Biswal

Shri Ramdarshan Singh Pal Dr. Nagaraja Bhalki Shri K S Narendiran

Whole Time Directors and Government Nominee Directors

Investment Committee Audit Committee

Stakeholders Nomination &

CSR & Sustainability

Senior Management Team

Shri A K Tiwari Shri Anuj Kumar Jain Shri Subodh Batra