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Cochin Refineries: Margins dip in FY00 - Views on News from Equitymaster
 
 
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  • May 29, 2000

    Cochin Refineries: Margins dip in FY00

    Cochin refinery has reported a 38% growth in top line. The crude throughput during the year reached an all time high of 7.83 mnt against a capacity of 7.5 mnt resulting in a capacity utilisation of 104.4%. Production in the previioous year was 7.7 mnt. This enabled record productionn of diesel, aviation turbine fuel and toluene. The higher turnover can be attributed to an increase in volume.

    (Rs m) FY1999 FY2000 Change
    Sales 41,710 57,750 38.5%
    Profit before Tax 4,960 2,750 -44.6%
    Tax 1,580 400 -74.7%
    Profit after Tax/(Loss) 3,380 2,350 -30.5%
    Net profit margin (%) 8.1% 4.1%  
    Earnings per share 46.94 32.64  

    Despite higher turnover Cochin Refinery recorded a lower profit before and after tax. PBT was down 45% while PAT was down 30%. This was largely due to a sharp increase in raw material prices (crude oil) which were ruled firm through out the year without a corresponding increase in final product prices, resulting in a squeeze in margins.

     

     

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