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HPCL: Subsidy base effect spoils show - Views on News from Equitymaster

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HPCL: Subsidy base effect spoils show
Feb 18, 2013

Hindustan Petroleum Corporation Ltd (HPCL) has announced the third quarter results for financial year 2012-2013 (3QFY12). For the quarter, the company has reported 11.3% year on year (YoY) growth in sales while net profits have witnessed a steep decline of 94.6% YoY. Here is our analysis of the results.

Performance summary
  • For the quarter, sales were up 11.3% YoY. For the first nine months of the year, sales grew by 16.8% YoY.
  • The company booked operating profits worth Rs 10.5 bn, down 71.1% YoY with operating profit margins for the quarter standing at 2.0% (7.6% in 3QFY12).For the first nine months, the operating losses of the company were nearly 3 times of the losses in 9MFY12 with EBIDTA margin at (-)3.1%, as compared to (-)1.2% in 9MFY12.
  • The company booked net profits worth Rs 1.5 bn during the quarter, down 94.6% YoY with net profit margins standing at 0.3% (as compared to net profit margins of 5.7% in 3QFY12) The steep decline in the profits is mainly on account of a bigger base in 3QFY12 as approval for compensation fuel losses incurred in earlier quarters was accounted for during October-December 2011.
  • For the first nine months, the company reported losses of Rs 67.7 bn with net loss margins at 4.6% as compared to loss margins at 2.9% in 9MFY12.

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