Hindustan Petroleum (BOM:500104)

QUOTE AND NEWS
The Times of India  Jun 26  Comment 
Originally, ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), signed an MoU to explore buying a stake in Suzunskoye, Tagulskoye and Lodochnoye fields - collectively known as Vankor Cluster. Now,...
Reuters  Jun 14  Comment 
India's top explorer Oil and Natural Gas Corp (ONGC) is keen to acquire the government's stake in oil refiner Hindustan Petroleum Corp (HPCL), the country's oil minister said on Wednesday.
The Economic Times  Jun 9  Comment 
Hindustan Petroleum Corp Ltd (HPCL) operates a 243 km long cross-country pipeline RBPL for transportation of various petroleum products.
The Hindu Business Line  Jun 1  Comment 
Hindustan Petroleum Corporation is seeking shareholders’ nod for issuing one bonus share for every two held. The oil marketing company has proposed an ordinary resolution through postal ballot for ca...
Reuters  May 26  Comment 
REUTERS - State-run oil marketing company Hindustan Petroleum Corp Ltd reported a 31 percent jump in March-quarter net profit on Friday, beating street estimates, as income from operations grew.
The Economic Times  May 23  Comment 
Sell Hindustan Petroleum Corporation Ltd. at a price target of Rs 478.0 and a stop loss at Rs 525.0 from entry point
The Economic Times  May 19  Comment 
Brent crude, which has averaged almost $54 a barrel this year, was trading 0.7 percent higher at $52.85 as of 3:21 p.m. in Singapore.
The Hindu Business Line  May 11  Comment 
HPCL has sought gasoil in an unusual move. According to a tender document, Hindustan Petroleum Corp Ltd is seeking gasoil in an unusual move. The state-owned company is seeking 60,000 tonnes of 4...
The Economic Times  Apr 17  Comment 
Buy Hindustan Petroleum Corporation at a price target of Rs 588 and a stop loss at Rs 545 from entry point
The Economic Times  Apr 10  Comment 
Buy Hindustan Petroleum Corporation Ltd. at a price target of Rs 550 and a stoploss at Rs 523 from entry point





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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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