Hindustan Petroleum Corporation Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018

Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018

1. The Audit Committee has reviewed the above results and the same have been subsequently approved by the Board of Directors In their meeting held on February 5, 2019.

2. Average Gross Refining Margin during the nine months ended December 31, 2018 was US $ 5.17 per bbl as against US $ 7.51 per bbl during the corresponding period of previous year.

3. The Corporation has accounted for Budgetary Support amounting to Rs. 830.57 crore. during April - December, 2018 (April- December, 2017 : Rs. 525.00 crores) towards under recovery on sale of PDS SKO.

4. Other Expenses for the period April - December, 2018 includes Rs. 827.08 Crores towards loss on account of foreign currency transactions and translations. During, April-December, 2017 gain of Rs. 406.64 crores on account of foreign currency transactions and translations was included In Other Income.

5. The Financial Results have been reviewed by the Statutory Auditors as required under regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

6. The Corporation operates in a single segment viz. Downstream petroleum sector.

7. Post Implementation of Goods and Services Tax (GST) w.e.f. July 01,2017, some of the petroleum products have come under the domain of current GST Laws and the balance petroleum products continue to remain under the Excise Laws. Since Excise Duty is included in revenue and GST Is not Included in revenue, the comparable revenues from operations for the relevant periods under consideration are given below : For table, kindly refer Corporate Announcements on

8. The Board at its meeting held on February 5, 2019 declared an Interim dividend of Rs. 6.50 /- per equity share (Face value : Rs. 10/- per equity share).

9. Previous period figures have been regrouped / reclassified, wherever necessary.

J Ramaswamy
Director (Finance)