Hindustan Petroleum (BOM:500104)

The Economic Times  Apr 6  Comment 
This will be the third LPG plant in the state. Currently, Hindustan Petroleum Corporation Ltd (HPCL) has only two LPG plants in Bihar at Patna and Purnia with a bottling capacity of 50,000 cylinders per day.
The Economic Times  Mar 6  Comment 
Sell Hindustan Petroleum Corporation Ltd. at a price target of Rs 363.5 and a stop loss at Rs 372.5 from entry point.
The Hindu Business Line  Feb 9  Comment 
Hindustan Petroleum Corporation Ltd has reported a ₹1,950-crore net profit for the third quarter of the financial year 2017-2018. This is 23 per cent higher than the ₹1,590-crore net profit in the
The Hindu Business Line  Feb 9  Comment 
The Economic Times  Feb 5  Comment 
Sell Hindustan Petroleum Corporation Ltd. at a price target of Rs 355.0 and a stop loss at Rs 385 from entry point.
The Economic Times  Jan 31  Comment 
In a regulatory filing, ONGC said it bought 77.88 crore shares in Hindustan Petroleum Corp Ltd (HPCL) for Rs 473.97 per share.
The Economic Times  Jan 30  Comment 
In the Nifty50 index, Hindustan Petroleum Corporation, Bharat Petroleum Corporation were among the top gainers.
The Economic Times  Jan 29  Comment 
Sell Hindustan Petroleum Corporation Ltd. at a price target of Rs 375.0 and a stop loss at Rs 396 from entry point.
The Hindu Business Line  Jan 22  Comment 
Shares of state-owned Oil and Natural Gas Corp (ONGC) today surged over 6 per cent on the bourses, as the company has got the consent for acquiring 51.11 per stake Hindustan Petroleum Corporation Ltd...
The Hindu Business Line  Jan 20  Comment 
Oil and Natural Gas Corporation Limited (ONGC) has decided to acquire 51.11 per cent shareholding of fellow public sector undertaking, Hindustan Petroleum Corporation Limted. A company statement sa...
The Times of India  Jan 17  Comment 
The government is expected to close the current financial year with record disinvestment receipts of over Rs 90,000 crore on the back of its stake sale in Hindustan Petroleum to ONGC. The mop-up will be almost twice the earlier record of over Rs...

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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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