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HPCL: Oil bonds once again! - Views on News from Equitymaster

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HPCL: Oil bonds once again!
Feb 2, 2007

HPCL, the refining and marketing major, has declared its 3QFY07 and 9mFY07 results. Topline has registered a growth of 21% YoY on the back of robust demand for petroleum products and issue of oil bonds by the government. Improved operating performance is largely a function of oil bonds along with reduced losses on marketing of retail products. Interest on oil bonds led to significant growth in the other income, which registered a whopping growth of 390% YoY for 3QFY07. Additional interest cost was largely offset by the increase in other income during both the periods under consideration.

Financial snapshot…
Particulars 3QFY06 3QFY07 Change 9mFY06 9mFY07 Change
Net sales 182,610 221,502 21.3% 501,280 671,918 34.0%
Expenditure 191,406 219,562 14.7% 513,092 658,123 28.3%
Operating profits(EBDITA) (8,796) 1,940 NA (11,812) 13,794 NA
EBDITA margins(%) -4.8% 0.9%   -2.4% 2.1%  
Other income 504 2,466 389.8% 1,816 4,854 167.3%
Interest expenses 559 1,046 87.3% 1,009 2,625 160.2%
Depreciation 1,751 1,733 -1.0% 5,158 5,176 0.4%
Profit before tax (10,602) 1,627 NA (16,163) 10,847 NA
Tax 176 (2,446) NA (86) 631 NA
Profit after tax (10,778) 4,073 NA (16,078) 10,216 NA
Net profit margins(%) -5.9% 1.8%   -3.2% 1.5%  
No. of shares (m) 339 339   339 339  
Diluted EPS -31.80 12.02   (47.4) 30.1  
Price to earnings ratio*         7.6  

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