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HPCL: The momentum continues

May 26, 2011

HPCL has announced the fourth quarter results for financial year 2010-2011 (4QFY11).The company has reported a 26% YoY growth in sales and a 48% YoY increase in bottom line for the quarter. Here is our analysis of the results.

Performance summary
  • Topline increased by 26% YoY during the quarter. For FY11, the topline registered a growth of 24% YoY.
  • Operating profits surged by 42% YoY during the quarter. For FY11, the operating profits were up 16% YoY.
  • The average gross refining margins for FY11 stood at US$ 5.3 per barrel (versus US$ 2.68 per barrel in FY10), registering a 97.8% YoY increase.
  • Interest costs were up by 37.5% YoY during the quarter. For FY11, the interest costs declined by 2.2% YoY.
  • Bottomline registered an increase of 48% during the quarter. For FY11, the net profits were up 18.3% YoY.
  • The crude thruput for the company came at 4.32 MMT, up 10.5% YoY for the quarter. For FY11, the crude thruput at 14.75 MMT was down 6.4% YoY.
  • The market sales (including exports) for the quarter came at 7.22 MMT, up 10.9% YoY. For FY11, the market sales (including exports) at 27.03MMT were up 2.9% YoY .
  • The pipeline thruput for the quarter came at 3.32 MMT, up 8.9% YoY. For FY11, the pipeline thruput at 12.98 MMT was up 8.6% YoY.
  • The company has recovered government subsidy worth Rs 89,763 m ( up 61.4% YoY) for FY11 . The upstream discount at 66,376 m witnessed a 104.4% YoY increase.
  • On a consolidated basis, the company’s cash balance stood at Rs 7.5 bn as compared to Rs 8.0 bn in FY10
  • The board of directors has recommended a final dividend of Rs 14 per share. This implies a dividend yield of 3.9% at the current stock price.

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