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HPCL: Leaning on subsidies - Views on News from Equitymaster
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HPCL: Leaning on subsidies
May 29, 2013

Hindustan Petroleum Corporation Ltd(HPCL) has announced the results for the fourth quarter ending March 2013 and financial year 2012-2013 (FY13). For the quarter, the company has reported 13.8% 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 13.8% YoY. For FY13, sales grew by 15.9% YoY.
  • The company booked operating profits growth of 54.0% YoY for the quarter with operating profit margins standing at 14.5% (10.7% in 4QFY12). For FY13, the operating profits were up 4.7% YoY, with EBIDTA margin at 2.1%, marginally lower than 2.3% in FY12.
  • HPCL booked net profits worth Rs 77 bn during the quarter, up 65.8% YoY with net profit margins standing at 12.9% (as compared to net profit margins of 8.8% in 4QFY12). For FY13, the bottomline declined marginally by 0.7% YoY, with net profit margins at 0.4% as compared to 0.5% in FY12.
  • The crude thruput for the quarter stood at 4.32 million tonnes (mmt) as compared to 3.96 mmt in 4QFY12. For FY13, the crude thruput stood at 15.78 mmt, down from 16.19 mmt due to planned shutdown by two units.
  • For FY13, HPCL has accounted budgetary support of Rs 248.3 bn (as compared to Rs 183 bn in FY12) from Government of India against under recoveries on sale of sensitive petroleum products.
  • The discount from upstream companies stood at around Rs 111.9 bn in FY13 (as compared to a support of around Rs 121 bn in FY12) on purchase of crude oil, domestic LPG and PDS kerosene.
  • The total under recoveries for FY13 stood at Rs 362 bn of which HPCL absorbed just 0.6%
  • The Board has recommended a dividend of Rs 8.5 per share for FY13.

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