Hindustan Petroleum (BOM:500104)

QUOTE AND NEWS
The Economic Times  Nov 25  Comment 
Buy Hindustan Petroleum Corporation Ltd. at a price target of Rs 492 and a stop loss at Rs 440 from entry point
The Economic Times  Nov 17  Comment 
Buy Hindustan Petroleum Corporation Ltd. at a price target of Rs 480 and a stop loss at Rs 420 from entry point
The Hindu Business Line  Nov 15  Comment 
Backed by higher sales and inventory gains, Hindustan Petroleum Corporation Ltd (HPCL) posted a net profit of ₹701 crore for the quarter ended September 2016. The public sector oil refining and market...
The Economic Times  Nov 15  Comment 
Hindustan Petroleum Corporation Ltd sold about 30% more fuel daily in the past four-five days than what it did on an average day in October, chairman MK Surana said.
The Economic Times  Nov 9  Comment 
All LPG distributors of IndianOil, Bharat Petroleum and Hindustan Petroleum will accept these notes from consumers till midnight of November 11, it added.
The Economic Times  Nov 4  Comment 
Sell Hindustan Petroleum Corporation Ltd. with a target of Rs 400 and a stop loss of Rs 440
The Economic Times  Nov 1  Comment 
Sell Hindustan Petroleum Corporation Ltd. with a target of Rs 446 and a stop loss of Rs 473.6
The Economic Times  Oct 28  Comment 
Buy Hindustan Petroleum Corporation Ltd. with a target of Rs 485 and a stop loss of Rs 455
The Economic Times  Oct 24  Comment 
Buy Hindustan Petroleum Corporation Ltd. with a target of Rs 475 and a stop loss of Rs 430
The Economic Times  Oct 23  Comment 
Currently, public sector retailers Indian Oil, Bharat Petroleum and Hindustan Petroleum control retail LPG market, selling cooking gas in 5-kg, 14.2-kg and 19-kg cylinders.





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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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