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HPCL: Higher subsidies boost bottomline

Jun 4, 2012

Hindustan Petroleum Corporation Limited (HPCL) has announced the fourth quarter results for financial year 2011-2012 (4QFY12). For the quarter, the company has reported a 31.5% year on year (YoY) growth in sales and more than fourfold increase in the bottomline on a YoY basis. For full year (FY12), the topline registered a growth of 33.4% YoY while bottomline declined by 40.8% YoY. Here is our analysis of the results.

Performance summary
  • For the quarter, sales were up 31.5% YoY. For FY12, topline registered a growth of 33.4% YoY.
  • The operating profits for the quarter were up 150.7% YoY, with margins at 10.5% (up from 5.5% in 4QFY11). For FY12, the operating profits grew by 16.2% YoY with margins at 2.3% (down 34 basis points YoY).
  • The net profits for the quarter registered a growth of 312.6% YoY,with margins at 8.8%, versus 2.8% in 4QFY11.For full year, the net profits declined by 40.8% YoY, with margins at 0.5%, down 64 basis points (YoY).
  • The gross refining margins (GRMs) for FY12 stood at US$ 2.89 per barrel, down from US$5.3 per barrel last year.
  • The crude thruput for the quarter stood at 3.96 Million Tonnes (MMT), down 8.3% YoY, down 2.9% on a Quarter on Quarter (QoQ) basis.
  • The total market sales (inclusive of exports) for the quarter stood at 7.73 MMT, up 7.1% YoY, up 2.5% QoQ.
  • For FY12, the crude thruput and total market sales stood at 16.19 MMT (up 9.8% YoY) and 29.48 MMT (up 9.1% YoY) respectively.
  • The company Board has recommended a final dividend of Rs 8.5 per share.

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