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BPCL: Oil prices takes its toll - Views on News from Equitymaster
 
 
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  • Jan 27, 2001

    BPCL: Oil prices takes its toll

    Bharat Petroleum Corporation Ltd. (BPCL) has posted a strong topline growth of 27.3%. The increase in turnover was driven largely by increased realisations due to the hike in fuel prices announced by the Government towards the end of the previous quarter.

    (Rs m) 3QFY00 3QFY01 Change
    Sales 91,433 116,377 27.3%
    Other Income 306 583 90.5%
    Expenditure 87,506 113,464 29.7%
    Operating Profit (EBDIT) 3,927 2,913 -25.8%
    Operating Profit Margin (%) 4.3% 2.5%  
    Interest 532 675 26.9%
    Depreciation 1,930 1,495 -22.5%
    Profit before Tax 1,771 1,326 -25.1%
    Tax 361 190 -47.4%
    Profit after Tax/(Loss) 1,410 1,136 -19.4%
    Net profit margin (%) 1.5% 1.0%  
    No. of Shares (eoy) 150 300  
    Diluted Earnings per share* 18.8 15.1  
    P/E Ratio   10.0  
    *(annualised)      

    Throughput in the current quarter was down due to planned shutdown. However, sales for the nine month period ended December '00 is up due to the marketing of Chennai Petroleum's products to other oil companies.

    The OPM of the company has declined sharply by 180 basis points resulting in a drop in operating profits. The decline in OPM is due to the surge in crude oil prices over the past nine months. Crude prices increased from $10 / barrel in 3QFY00 to $30 / barrel in 3QFY01.

    The bottomline has been impacted further as working capital requirements have increased due to the rise in product prices. Also, the dues of the company could be blocked in the oil pool account, which is in deficit. Consequently, the company may have resorted to short term borrowings to bridge the working capital requirement.

    At Rs 151 the company is trading on 10x 3QFY01 annualised earnings. However, on 9 months annualised earnings the company trades on a multiple of 5.5x.

     

     

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