Hindustan Petroleum (BOM:500104)

QUOTE AND NEWS
The Economic Times  Dec 11  Comment 
"Hindustan Petroleum Corporation Ltd is a 'SELL' call with a target of Rs 561 and a stop loss of Rs 587."
The Economic Times  Nov 20  Comment 
HPCL took advantage of the fact that it was a buyer’s market & asked suppliers to price crude oil cargo at a price at a specific date a month later
Reuters  Nov 19  Comment 
Reuters Market Eye - Citigroup upgrades Hindustan Petroleum Corp to "buy" from "neutral". Raises price target to 710 rupees from 513 rupees.
The Economic Times  Nov 13  Comment 
Hindustan Petroleum Corp Ltd (HPCL) today reported more than doubling of its net profit in September quarter on back of subsidy support from the government.
The Hindu Business Line  Nov 11  Comment 
State-owned Hindustan Petroleum Corp Ltd (HPCL) may pick up 8 per cent stake in Petronet LNG Ltd’s Rs 5,000 crore liquefied natural gas (LNG) terminal at Gangavaram in Andhra Pradesh. “HP...
Reuters  Nov 2  Comment 
State-run Hindustan Petroleum Corp expects to resume full operations at its 166,000 barrels per day Vizag refinery in southern India in two to three months, a company source told Reuters on Sunday.
The Hindu Business Line  Oct 13  Comment 
State-owned Hindustan Petroleum Corporation Ltd (HPCL) has temporarily shut its Vishakhapatnam refinery as cyclone Hudhud made landfall on the eastern coast.The company had yesterday shut t...
The Hindu Business Line  Sep 7  Comment 
Hindustan Petroleum, which had last September announced setting up of a refinery at Barmer in Rajasthan, has expressed hope that it will be able to go ahead with the Rs 37,230-crore project as sch...
The Economic Times  Sep 5  Comment 
"Hindustan Petroleum is a 'Buy' call with a target of Rs 500 and a stop loss of Rs 473."
Reuters  Aug 12  Comment 
Reuters Market Eye - Hindustan Petroleum Corp shares fall 1.5 percent. The company's April-June net profit lagged estimates, analysts say.





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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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