Despite 48% growth in topline for HPCL, net stagnates - Views on News from Equitymaster

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  • Jan 28, 2000 - Despite 48% growth in topline for HPCL, net stagnates

Despite 48% growth in topline for HPCL, net stagnates

Jan 28, 2000

The net margin for HPCL has fallen during the quarter ended December 1999. This, despite a 48% jump in topline. The company's operating expenditure has jumped 52.6% indicating pressure on the operating margins. The reasons for this are not far to seek. While the crude prices have more than doubled to $ 27 per barrel the product prices have not been increased proportionately. Further the government has now ordered refineries to produce at least 9% kerosene which would only add to the pressure on the bottomline. Further during the quarter the company has changed the method of depreciation on the LPG cylinders. In the current quarter the company has provided for 16.21% depreciation as against the 100% depreciation earlier. This has increased the pre–tax profit by Rs.82.9 million. Further the company has provided for another Rs 260 million as salary arrears (this includes Rs.120 million for the current quarter) after a pay revsion.

(Rs m) 3QFY2000 3QFY1999 Change
Net Sales 92,727.9 62,270.4 48.9%
Other Income 207.7 313.8 -33.8%
Expenditure 88,898.4 58,237.2 52.6%
Interest 327.9 248.3 32.1%
Depreciation 1,089.8 962.2 13.3%
Profit before Tax 2,619.5 3,136.5 -16.5%
Tax 410.0 940.7 -56.4%
Profit after Tax/(Loss) 2,209.5 2,195.8 0.6%
Net profit margin (%) 2.4% 3.5%  

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