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Refining industry: A complete overview- I

Dec 20, 2006

Crude oil is a mixture of scores of chemicals and compounds, primarily hydrocarbons. Crude oil must be broken down into its various components by distillation before these chemicals and compounds can be used as fuels or converted to more valuable products. For converting the basic hydrocarbon, crude, into refined consumer products we require refineries. The refined products are then ultimately sold to end-users. Thus on the basis of this, we classify the oil industry into two segments, first ups

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.

Kochi Refinery: A mixed show

Apr 7, 2006

Considering the current government policy with respect to pricing of petroleum products, the performance of integrated refining players (with marketing presence) has deteriorated significantly. Prospects are also not looking good. In such a scenario, standalone refining majors have many things going in favor of them. Given the high crude prices and strong demand for petroleum products globally, gross refining margins have been favorable. In this article, we take a look at Kochi Refineries, one o

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),

GRMs: How dependable?

Jun 7, 2004

Oil marketing PSUs have posted robust FY04 results. BPCL recorded an 11% topline and 36% bottomline growth, while HPCL's topline grew by 6% and bottomline by 24% during the year. The performance could have been better but for the freeze on prices. The companies' refineries are amongst the best in the country and with future plans of expansion and upgradation, are likely to play a substantial role in growth.

MRPL: Road to recovery

Apr 19, 2004

Refinery stocks have had a dream run on the bourses in FY04 with Kochi Refineries, Chennai Petroleum and MRPL, all witnessing substantial increase in their share prices. This compelled us to look into one of these refineries, which witnessed a miraculous change in fortunes within a year of its referral to BIFR for industrial sickness to posting a net profit after takeover by ONGC.

HPCL: On a strong footing?

Mar 22, 2004

Reliance and Essar Oil's entry into the retail segment of the petroleum sector is a good news for the economy. However, whether they would be successful in cornering a reasonable chunk of the market share remains to be seen, with HPCL, BPCL, IOC and IBP already established players in the business. In this article, we consider the strengths of HPCL and its future growth prospects.

Kochi: Fruits of BPCL’s company

Dec 31, 2003

BPCL subsidiary, Kochi Refineries, posted poor results in 2QFY04. The topline of the company grew by just over 3%, where as the bottomline of the company showed a dip of around 23% YoY. Lower production was largely the reason for the marginal increase in topline. The crude thruput remained on the lower side as compared to same quarter last year (1.87 m tonnes as compared to 1.93 m tonnes).

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.

HPCL: APM effect is fading

Jul 31, 2003

Hindustan Petroleum Corporation (HPCL) announced its first quarter FY04 results yesterday. The company reported a 12% rise in its topline while the bottomline was up by about 35%. Let's take a detailed look at the results.

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: Past time

Jun 16, 2003

The concept of standalone refineries is fading away from Indian oil industry. The government is considering the potential benefits the consolidated structure garners and has done a fair job of consolidation. This has resulted into standalone refineries losing their existence in Indian industry.


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