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CPCL: Then and now

Jun 12, 2006

After having studied Kochi Refineries and MRPL, we now turn our focus to the biggest player in the Southern India, Chennai Petroleum Corporation limited (CPCL). CPCL, which performed excellently in FY05, saw a sudden reversal in its fortunes in FY06.

MRPL: Up and running

May 8, 2006

With the integrated refinery i.e. presence in refining and marketing of petroleum products still bleeding in light of the current pricing policy of the government, standalone refineries have managed to stay afloat. This was on the back of higher refining margins. But even here, forced discounts are an issue. In this background, we take a look at MRPL, the past performance and the future growth prospects.

KRL: Robust realizations…

Jan 24, 2005

Kochi Refineries, a refining subsidiary of the oil refining and marketing major, BPCL, has posted robust 3QFY05 results with a topline growth of over 46% YoY while the bottomline has grown by an impressive 163% YoY on the back of strong other income. The faster rise in profits as compared to the topline growth could be attributed to the increase in gross refining margins (GRMs).

MRPL: From strength to strength

Nov 22, 2004

Mangalore Refineries and Petrochemicals Corporation (MRPL), a standalone refining subsidiary of Oil and Natural Gas Corporation (ONGC), posted robust earnings for 2QFY05 with the topline growth of over 66% YoY while the operating almost doubled from 5% to 9.9% YoY.

CPCL: The good show continues

Nov 16, 2004

Chennai Petroleum Corporation, the standalone-refining subsidiary of IOC, posted robust 2QFY05 earnings with the topline witnessing a jump of nearly 60% YoY while the bottomline surged by over 174% YoY. At the same time, operating margins have shown a major improvement of 390 basis points YoY.

Bongaigaon Refineries: Scripting a new story…

Nov 11, 2004

Bongaigaon Refineries, the standalone-refining subsidiary of IOC, posted robust 2QFY05 earnings with the topline witnessing a jump of 54% YoY while the bottomline surged by over 53% YoY. At the same time, operating profits have shown an impressive growth of nearly 55% YoY.

Kochi Refineries: Riding the wave

Nov 2, 2004

BPCL’s pure refining subsidiary, Kochi Refineries, announced 2QFY05 results last week. The company witnessed robust topline growth of 36% YoY during the quarter while the bottomline jumped by a strong 167% on the back of firm international product prices and higher volumes in the domestic markets.

BRPL: Re’find’ strength

Oct 8, 2004

The past month has witnessed major buying interest in refinery stocks, with three of the top five gainers in the energy sector being the standalone refineries. Post dismantling of the APM, it was felt that standalone refineries could be merged with oil marketing companies, as the standalone model does not stand to benefit. Although the merger happened, there was still an arm’s length distance between the parent and the refineries. One of these is Bongaigaon Refineries and Petrochemicals (BRPL),

Standalone refineries: 1QFY04 review

Sep 4, 2003

Standalone refineries have performed well both on the stock markets as well as financially in the June quarter. Higher crude prices and parental support has been the drivers of growth for these companies. Let us review the consolidated financial performance of BRPL, MRPL, CPCL, KRL in 1QFY04.

BRPL: IOC the key

Aug 28, 2003

Bongaigaon Refinery and petrochemicals Limited, announced its quarterly results reporting a 37% growth in its topline while bottomline increased significantly by 167%. The strong performance of the company has been led mainly by higher capacity utilisation as well as reduction in its operating expenses. Let us analyse the results in detail.

CPCL: Expansion to benefit

Aug 25, 2003

Chennai Petroleum Corporation (CPCL) announced its 1QFY04 results. The company reported a 4% growth in its topline while the bottomline was up by about 11%. Both refining and marketing companies reported better results during 1QFY04 and have been in the investor's radar. CPCL was a no exception.

MRPL: Synergy to benefit

Aug 18, 2003

Mangalore Refineries and Petrochemicals Limited (MRPL) announced its 1QFY04 results. The company reported a 3% increase in topline whereas the losses declined in the first quarter and were at about 860 m.

Kochi Refinery: Bottomline up 218%

Jul 23, 2003

Kochi Refineries, a subsidiary of BPCL announced its quarterly results yesterday. The company reported a 1% increase in sales for the first quarter of FY04 while the bottomline improved by about 218% on a YoY basis. Let us take a detailed look at the results.

Standalone refineries: Good FY03

Jun 9, 2003

Standalone refineries have risen on the bourses in the past month. To put things into perspective, among the major gainers last month were Mangalore Refinery (MRPL - up 90%), Bongaigaon Refinery (BRPL - up 57%), Chennai Petroleum (CPCL - up 20%) and Kochi Refinery (KRL - up 21%). This was on account of better than expected results posted by them. Lets take a look at the consolidated results of the standalone refineries.

MRPL: Promising Prospects

Jun 6, 2003

Mangalore Refineries and Petrochemicals Ltd. (MRPL) had recently announced its results for FY03. While the topline has grown by 50% in FY03, net losses have declined in FY03 by about 16%. Crude prices strengthened in FY03 and as the oil sector was deregulated, refineries were able to sell products at higher prices in line with the strengthening crude prices. This led to a 50% increase in the topline. Refining capacity of MRPL had increased from 3MTPA to 9MTPA in FY00. Increase in net sales is m

Bongaigaon: Powered by IOC potion

May 28, 2003

Bongaigaon Refineries has recently announced its financial results for the year ended FY03. Since then, the company risen consistently on the bourses. In FY03, the company has registered a turnaround on account of the duty concessions granted by the government and the effect of APM dismantling, which happened last year. We analyse the results of the company in detail.

MRPL: ONGC to the rescue

Oct 4, 2002

The share price of Mangalore Refinery & Petrochemicals Ltd. (MRPL), the first joint sector refinery in the country, had been on a decline for two years ending Nov '01. During this period, the scrip fell from Rs 21 to Rs 5 levels. Recently, the company was in focus as Oil & Natural Gas Corporation (ONGC) acquired co-promoter stake from the A.V. Birla group.

Kochi Ref: Planned shutdown kicker

Sep 12, 2002

After five consecutive quarters of YoY decline in sales, Kochi Refineries Ltd. (KRL) posted a sharp turnaround in turnover growth for the quarter ended June '02. Sales in the previous fiscal were impacted by lower offtake and realisation for petroleum products. The refining industry has faced a challenging 24 months with volatile crude oil prices and global & domestic economic downturn.

KRL: Margins make-up

Jun 13, 2002

This is the fifth consecutive quarterly decline in turnover for Kochi Refineries Ltd (KRL). However, the industry has experienced a challenging environment over the same period. In FY02, industry crude throughput grew by 3.8% compared to 20.3% in the previous fiscal. At the topline, for the full year, KRL underperformed industry peer, Chennai Petroleum (CPCL).

Chennai Petro: Takes a beating

Mar 26, 2002

The south India based pure refinery, Chennai Petroleum Corporation Ltd. (CPCL), which was acquired by Indian Oil (IOC) towards the end of the previous fiscal, continues to experience a difficult market environment. Sales of the company have declined in all the three quarters of the fiscal.

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