For investors of Hindustan Oil Exploration Company (HOEC), it has been a long wait to see the company live up to its potential. HOEC was set up in 1983 by HT Parekh, the man who founded the HDFC group. PY-1 in the Bay of Bengal is a legacy field that HOEC has had in its portfolio for years. In 2022-23, HOEC earned revenues of ₹567 crore and net profit of ₹197 crore, against ₹167 crore and ₹19 crore respectively in the previous year. HOEC has not paid a dividend since 2010 — the ₹1,000 crore investment is all from internal generation, no loans.

Source: The Hindu February 26, 2024 01:09 UTC