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Chennai Petro: Decent show

May 24, 2004

Chennai Petroleum Corporation (CPCL), IOC's refining subsidiary, announced its 4QFY04 and FY04 results. For the 4QFY04, while the topline has improved by 14%, the bottomline has actually declined by 2% YoY as compared to corresponding period previous fiscal. For the full year, the topline shows a decent growth of 9% while the bottomline has improved by an impressive 32%.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net sales 23,633 27,004 14.3% 80,552 87,435 8.5%
Other income 199 109 -45.1% 404 304 -24.7%
Expenditure 19,657 23,685 20.5% 73,989 80,374 8.6%
Operating profit (EBDITA) 3,976 3,320 -16.5% 6,562 7,061 7.6%
Operating profit margin (%) 16.8% 12.3%   8.1% 8.1%  
Interest 211 109 -48.3% 1,067 468 -56.1%
Depreciation 307 398 29.8% 1,020 1,175 15.1%
Profit before tax 3,657 2,922 -20.1% 4,880 5,723 17.3%
Tax 1,404 717 -48.9% 1,851 1,722 -6.9%
Profit after tax/(loss) 2,253 2,205 -2.2% 3,029 4,001 32.1%
Net profit margin (%) 9.5% 8.2%   3.8% 4.6%  
No. of shares (m) 149.0 149.0   149.0 149.0  
Diluted earnings per share (Rs)* 60.5 59.2   20.3 26.8  
P/E ratio (x)         4.8  
(* annualised)            

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