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HPCL: Profits up on greater volume

May 30, 2000

HPCL has reported a topline growth of 41%. Its operating profit is up 5% while net profit is up 17%. This increase in net profit maybe due to the increase in sales and decline in tax liability by 43%.

(Rs m) FY99 FY00 Change
Sales 239,640 338,309 41.2%
Other Income 2,800 1,281 -54.3%
Expenditure 224,400 322,311 43.6%
Operating Profit (EBDIT) 15,240 15,998 5.0%
Operating Profit Margin (%) 6.4%4.7% 
Interest 1,189 1,504 26.5%
Depreciation 4,046 3,039 -24.9%
Profit before Tax 12,806 12,736 -0.5%
Tax 3,793 2,162 -43.0%
Profit after Tax/(Loss) 9,013 10,574 17.3%
Net profit margin (%) 3.8%3.1% 
Fully diluted Earnings per share 26.56 31.16  

Although, the profits are up the margin have declined marginally, operating profit and net profit margins are down from 6% to 5% and 4% to 3% respectively. This squeeze on margins is not unique to HPCL as the industry has been adversely affected by increase in crude prices.

The current P/E multiple of HPCL is 5, which is substantially lower than its three year average of 14.

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