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BPCL: Higher refining margins boost bottomline - Views on News from Equitymaster

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BPCL: Higher refining margins boost bottomline
May 31, 2011

BPCL as announced the fourth quarter results for financial year 2010-2011 (4QFY11).The company has reported a 21% YoY growth in topline and 33% YoY growth in the bottomline respectively. Here is our analysis of the results.

Performance summary
  • Topline rises by 21% YoY during the quarter. For the full year, top line grew by 24% YoY.
  • Operating profits soar 45% YoY during the quarter. For full year, the operating profits were up 42% YoY. The EBITDA margins increased by 0.6% (YoY) and 0.3% (YoY) respectively.
  • Other income declined by 13% YoY during the quarter. For the full year, it was down 22% YoY.
  • Interest costs rose 53% YoY during the quarter. For the full year, the costs were up 9% YoY.
  • PAT increased by 33% YoY during the quarter while registering a net profit margin of 2.1% (versus 1.9% in 4QFY10). For the full year, the net profits were almost at the same level as last year, registering a margin decline of 0.2% (YoY)
  • The company received a crude thruput of 5.58 MMT during the quarter, down 1.9% YoY. For full year, the standalone thruput came at 21.78 MMT (up 6.7% YoY) while consolidated thruput came at 24.03 MMT (up 4.3% YoY)
  • The company achieved market sales of 7.76 MMT for the quarter (up 6.3% YoY). The standalone and consolidated sales volume for the full year stood at 29.27 MMT(up 4.9% YoY) and 29.58 MMT (up 4.7% YoY) respectively
  • The company received a subsidy of Rs 94.2 bn from the government and Rs 69.7 bn from the upstream firms.
  • The company managed to average gross refining margins (GRMs) of US$ 4.47 per barrel for full year (versus US$ 2.97 per barrel).
  • The board of the company has recommended a dividend of Rs 14 per share. At a current stock price of Rs 625, it implies a dividend yield of 2.2%.

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