Kochi Refineries: Refined performance - Views on News from Equitymaster

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Kochi Refineries: Refined performance

Jan 27, 2004

Kochi Refineries, a subsidiary of oil marketing major, BPCL, has posted robust results for the December quarter. The topline of the company has seen a growth of 14% and the bottomline has shown a growth of 306%. Volume growth was accompanied by improvement in refining margins, as a result of which profits rose at a faster rate.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net sales/ Income from Operations 21,086 24,117 14.4% 64,853 68,798 6.1%
Other income 53 31 -41.5% 151 244 61.6%
Expenditure 20,215 22,153 9.6% 60,914 62,771 3.0%
Operating profit (EBDITA) 871 1,964 125.5% 3,939 6,027 53.0%
Operating profit margin (%) 4.1% 8.1%   6.1% 8.8%  
Interest 207 94 -54.6% 658 308 -53.2%
Depreciation 287 288 0.3% 863 875 1.4%
Profit before tax 430 1,613 275.1% 2,569 5,088 98.1%
Tax 160 516 222.5% 915 1,641 79.3%
Profit after tax/(loss) 270 1,097 306.3% 1,654 3,447 108.4%
Net profit margin (%) 1.3% 4.5%   2.6% 5.0%  
No. of shares (m) 138.5 138.5   138.5 138.5  
Diluted earnings per share (Rs)* 7.8 31.7   15.9 33.2  
P/E ratio (x)   5.6     5.4  
(* annualised)            

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