Hindustan Petroleum (BOM:500104)

QUOTE AND NEWS
The Economic Times  Feb 15  Comment 
Sell Hindustan Petroleum Corporation Ltd. at a price target of Rs 524 and a stop loss at Rs 547 from entry point
The Hindu Business Line  Feb 14  Comment 
Hindustan Petroleum Corporation Ltd (HPCL) recorded net profit of Rs 1,590 crore for the period October-December, 2016 against a PAT of Rs 1,041 crore for the corresponding period of previous financi...
The Hindu Business Line  Feb 14  Comment 
HPCL shares posted their biggest drop in two months.State-run Hindustan Petroleum Corp’s shares fell as much as 3.5 per cent to Rs 558.05, their biggest intraday percentage drop since December 15, 201...
The Economic Times  Jan 27  Comment 
State-run Hindustan Petroleum Corporation will launch 'poWer 99' fuel in Bengaluru on a pilot basis. This will be extended to other metros and rest of the country in the coming weeks.
Reuters  Jan 16  Comment 
State-run Hindustan Petroleum Corp will restart a 36,000 barrels per day crude unit at its Vizag refinery in 2-3 days, its chairman M. K. Surana said on Monday.
The Economic Times  Dec 30  Comment 
Buy Hindustan Petroleum Corporation Ltd. at a price target of Rs 455 and a stop loss at Rs 418 from entry point
The Economic Times  Dec 27  Comment 
Buy Hindustan Petroleum Corporation Ltd. at a price target of Rs 426 and a stopl oss at Rs 410 from entry point
The Economic Times  Dec 13  Comment 
Hindustan Petroleum Corp chairman Mukesh Surana said the spike in international oil price would require oil companies to raise fuel rates but he didn’t say by how much.
The Economic Times  Dec 8  Comment 
Sell Hindustan Petroleum Corporation Ltd. at a price target of Rs 410 and a stop loss at Rs 452 from entry point
The Economic Times  Dec 7  Comment 
Sell Hindustan Petroleum Corporation Ltd. at a price target of Rs 410 and a stop loss at Rs 452 from entry point





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HPCL

Hindustan Petroleum Corporation Limited (HPCL) is the third largest oil refining and marketing company in India. Apart from the 13 MMTPA (million tonnes per annum) of refining capacity, it has strong retail presence with over 8,500 retail outlets spread across the country. Further, the company has nearly 27 m customers in the fast growing LPG business. The company has stakes in HPCL-Mittal Energy (49%), MRPL (17%), Bhagyanagar Gas (25%) and Aavantika Gas (25%).


During FY09, HPCL’s average gross refining margin was US$ 3.97 per barrel as compared to US$ 6.54 per barrel during FY08. During the year, Mumbai refinery achieved crude throughput of 6.65 m tonnes, while the Visakh refinery achieved a crude throughput of 9.16 m tonnes. In terms of volumes, market sales were 25.39 million metric tonnes during FY09. The company’s refining margin during the fiscal was lower on account of the decline in the global crude oil prices, which resulted in inventory losses. The company faced under recoveries on product prices, which could not be fully passed on to the consumers. Upstream oil companies, i.e. ONGC and GAIL partially compensated for the under recoveries by providing discounts amounting to Rs 71.8 bn, while the Government of India issued oil bonds to the tune of Rs 146.9 bn.


While volume off take is likely to remain robust going forward, the company’s financial performance will depend on crude oil prices, rupee-dollar exchange rates, interest costs and most importantly, government regulations of product prices.


Financial performance: A snapshot

(Rs m)

4QFY08 4QFY09 Change FY08 FY09 Change
Net sales 314,706 253,637 (19.40%) 1,047,038 1,251,379 19.50%
Expenditure 312,538 197,168 (36.90%) 1,031,498 1,218,818 18.20%
Operating profit (EBDITA) 2,168 56,470 15,540 32,561 109.50%
EBDITA margin (%) 0.70% 22.30% 1.50% 2.60%
Other income 3,177 2,167 (31.80%) 11,980 5,202 (56.60%)
Interest 3,009 3,779 25.60% 7,925 20,828 162.80%
Depreciation 2,532 2,545 0.50% 8,508 9,813 15.30%
Profit before tax (196) 52,313 11,087 7,122 (35.80%)
Tax (4,041) 1,273 (262) 1,373
Profit after tax/(loss) 3,845 51,040 11,349 5,750 (49.30%)
Net profit margin (%) 1.20% 20.10% 1.10% 0.50%
No. of shares (m) 339
Diluted earnings per share (Rs) 17
Price to earnings ratio (x) 18


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