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HPCL: Is the worst behind?

Jun 1, 2004

HPCL, the oil marketing PSU, has announced its 4QFY04 and FY04 results. While the topline has grown by a decent 5% YoY during 4QFY04, the bottomline has dipped by 17% YoY as compared to the corresponding period last fiscal. For the full year, the topline has grown by 6% while the bottomline has shown an improvement of 24%. Operating margins for the year have improved by 60 basis points.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net sales 136,968 144,831 5.7% 484,592 512,001 5.7%
Other income 938 1,475 57.2% 3,488 3,794 8.8%
Expenditure 126,209 136,180 7.9% 456,689 479,368 5.0%
Operating profit (EBDITA) 10,760 8,651 -19.6% 27,903 32,633 17.0%
Operating profit margin (%) 7.9% 6.0%   5.8% 6.4%  
Interest 281 163 -42.1% 1,530 557 -63.6%
Depreciation 1,562 1,631 4.4% 5,743 6,066 5.6%
Profit before tax 9,855 8,332 -15.5% 24,118 29,804 23.6%
Tax 3,514 3,062 -12.9% 8,744 10,765 23.1%
Profit after tax/(loss) 6,341 5,270 -16.9% 15,374 19,039 23.8%
Net profit margin (%) 4.6% 3.6%   3.2% 3.7%  
No. of shares (m) 338.8 338.9   338.8 338.9  
Diluted earnings per share (Rs)* 74.9 62.2   45.4 56.2  
P/E ratio (x)         5.3  
(* annualised)            

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