Hindustan Petroleum (BOM:500104)

QUOTE AND NEWS
The Economic Times  Sep 12  Comment 
Sell Hindustan Petroleum Corporation Ltd. at a price target of Rs 1180.0 and a stop loss at Rs 1240.0 from entry point
Reuters  Sep 9  Comment 
India's third biggest crude oil refiner, Hindustan Petroleum Corp (HPCL), plans to expand its refining capacity to more than 60 million tonnes annually, or about 1.2 million barrels of oil per day by 2030, according to a senior company official.
The Economic Times  Aug 26  Comment 
CLSA has raised EPS estimates for the company by 2-6 per cent, incorporating an increasing value for Bhatinda to 1-time price/book value from 0.75x earlier.
The Economic Times  Aug 24  Comment 
Sell Hindustan Petroleum Corporation Ltd. at a price target of Rs 1050.0 and a stop loss at Rs 1205.0 from entry point
The Economic Times  Aug 23  Comment 
Sell Hindustan Petroleum Corporation Ltd. at a price target of Rs 1100.0 and a stop loss at Rs 1220.0 from entry point
The Hindu Business Line  Aug 19  Comment 
PSUs — NTPC, Hindustan Petroleum Corporation and Hindustan Copper — will announce their April-June quarterly numbers on Monday. Others such as Allcargo Logistics, Himachal Futuristic Communicatio...
The Economic Times  Aug 16  Comment 
Sell Hindustan Petroleum Corporation Ltd. at a price target of Rs 1100.0 and a stop loss at Rs 1255.0 from entry point
The Economic Times  Aug 16  Comment 
Buy Hindustan Petroleum Corporation Ltd. at a price target of Rs 1225.0 and a stop loss at Rs 1160.0 from entry point
The Economic Times  Aug 10  Comment 
Sell Hindustan Petroleum Corporation Ltd. at a price target of Rs 1200.0 and a stop loss at Rs 1315.0 from entry point
The Economic Times  Aug 8  Comment 
The stock was among the top contributors to the Nifty50 index, which was up 0.3 per cent. It was also the top gainer on the S&P BSE Energy index.





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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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