Chennai Petro: Profits soar… - Views on News from Equitymaster

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Chennai Petro: Profits soar…

Jan 19, 2001

Chennai Petroleum Corporation Ltd. (CPCL), previously known as Madras refineries Ltd., has declared an impressive growth in topline. Under the industry restructuring the company is to be merged with Indian Oil Corporation (IOC).

(Rs m) 3QFY00 3QFY01 Change
Sales 15,213 19,922 31.0%
Other Income 69 110 58.8%
Expenditure 14,570 18,595 27.6%
Operating Profit (EBDIT) 643 1,328 106.3%
Operating Profit Margin (%) 4.2% 6.7%  
Interest 337 360 6.9%
Depreciation 268 224 -16.3%
Profit before Tax 108 853 692.6%
Tax 32 256 699.4%
Profit after Tax/(Loss) 76 597 689.7%
Net profit margin (%) 0.5% 3.0%  
No. of Shares (m) 147.1 149.0  
Diluted Earnings per share* 2.0 16.0  
P/E Ratio   2.0  
*(annualised)      

Operating profits of the company have increased sharply. OPM has risen by 250 basis points. This could be due to the reduction in crude (primary feedstock) prices over the third quarter of FY01. The company also seems to have worked on reducing its operating costs.

Due to improved margins the post tax profits have increased significantly. At Rs 32 the company trades on a multiple of 2.3x 3QFY01 annualised earnings.

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