Hindustan Petroleum (BOM:500104)

QUOTE AND NEWS
The Economic Times  May 9  Comment 
In the first year, state-run Indian Oil, Hindustan Petroleum and Bharat Petroleum are expected to add 3 crore consumers.
The Times of India  Apr 19  Comment 
Hindustan Petroleum Corp plans to invest around $3.8 billion to ramp up its refining capacity by two-thirds. The company aims to raise its capacity to process about 500,000 barrels per day, an official said.
The Hindu Business Line  Apr 1  Comment 
Mukesh Kumar Surana has taken over as Chairman and Managing Director, Hindustan Petroleum Corporation. He took charge after Nishi Vasudeva, the former CMD, retired. A mechanical engineer with a...
The Economic Times  Mar 7  Comment 
HPCL plans to invest Rs 45,000 crore by 2020 in capacity expansion of its Mumbai and Visakhapatnam refineries, along with augmenting of its marketing infrastructure.
The Times of India  Feb 16  Comment 
To begin with, state-run Hindustan Petroleum Corp has placed orders for about 5,000 cylinders with capacities of 2 kg, 5 kg and 10 kg.
The Economic Times  Feb 15  Comment 
To begin with, state-run Hindustan Petroleum Corp has placed orders for about 5,000 cylinders with capacities of 2 kg, 5 kg and 10 kg.
The Economic Times  Feb 12  Comment 
Despite a Rs 1,200 crore inventory loss due to a steep fall in global crude prices, HPCL swung back into black with a Rs 1,042.26 crore profit for the December quarter.
The Hindu Business Line  Feb 12  Comment 
The oil marketing companies Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd reported stellar performance in the December quarter, with net profits significantly higher than in...
The Times of India  Feb 12  Comment 
Hindustan Petroleum Corp Ltd is seeking diesel for import into the country for the first time in many years, at a time when demand for the fuel is rising in the domestic market, industry sources said on Friday. The company last imported diesel in...
Reuters  Jan 22  Comment 
Hindustan Petroleum Corp plans to import crude from Iran this year for the first time since 2012, its refineries head said, which could make it the first company to resume purchases since the lifting of sanctions on Tehran.





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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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