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BPCL: Profit rises more than fourfold - Views on News from Equitymaster

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BPCL: Profit rises more than fourfold

May 29, 2012

Bharat Petroleum Corporation Ltd. (BPCL) has announced its results for the quarter ending March 31, 2012 (4QFY12) and financial year 2011-2012 (FY12). During the quarter, the company has reported a 42.8% year on year (YoY) growth in sales and more than four-fold increase in the bottomline on a YoY basis. For full year, the topline was up 39.8% YoY while bottomline declined by 15.2% YoY. Here is our analysis of the results.

Performance summary
  • For the quarter, sales were up 42.8% YoY. For FY12, topline registered a growth of 39.8% YoY.
  • The operating profits for the quarter were up by around three times (YoY), with margins at 7.9% (up from 3.7% in 4QFY11). For FY12, the company registered a growth of 9.0% YoY in operating profits. The operating profit margins for FY12 stood at 1.8% versus 2.3% last year, down by 51 basis points (bps).
  • During the quarter, the company registered a 324% YoY growth in the bottomline with margins at 6.1% versus 2.1% last year. For FY12, the bottomline declined by 15.2% YoY.
  • The crude thruput during the quarter stood at 6.0 MMT (million metric tons), up 7.5% YoY, but down by 2.1% on a quarter on quarter (QoQ) comparison. The standalone (for Mumbai and Kochi refinery) and consolidated thruput for FY12 stood at 22.91 MMT and 26.72 MMT respectively (up 5.2% YoY and 11.2% YoY respectively).
  • The domestic market sales during the quarter stood at 8.23 MMT, up 6.1% YoY and up 2.4% QoQ. The standalone and consolidated market sales for FY12 stood at 31.14 MMT and 31.48 MMT respectively (up 6.4% YoY each).
  • Of the total debt at Rs 220 bn in FY12, 85-90% is forex denominated .The cost of debt was in the range of 7.8% -8.5%. The oil bonds at the end of the year stood at Rs 70 bn.
  • The board has recommended dividend of Rs. 11.0 per equity share of face value Rs 10.0 each for FY12.Also, the Board has recommended for the approval of Shareholders the issue of Bonus Shares in the ratio of 1:1

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