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HPCL: Losses up threefold - Views on News from Equitymaster

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HPCL: Losses up threefold
Aug 13, 2012

Hindustan Petroleum Corporation Ltd. (HPCL) has announced the first quarter results for financial year 2012-2013 (1QFY12). For the quarter, the company has reported 9.0% year on year (YoY) growth in sales and a loss at the bottomline level. Here is our analysis of the results.

Performance summary
  • For the quarter, sales were up 9.0% YoY.
  • The company incurred losses at operating income level due to losses on the sale of petroleum products (fixed price regime).As compared to 1QFY12, the losses surged by more than three times (YoY) during the quarter. The loss margins for the quarter stood at 19.0%, as compared to a loss margin of 6.3% in 1QFY12.
  • The company incurred losses at net income level on account of losses incurred on sale of petroleum products. During the quarter, the net losses were up by 3 times (YoY) as compared to losses in 1QFY12. The net loss margin for the quarter stood at 20.8% as compared to a loss margin of 7.5% in 1QFY12.
  • The gross refining margins (GRMs) for the quarter stood at US$ 2.05 per barrel, up from US$ 1.09 per barrel in 1QFY12, down from US$ 3.61 per barrel in the previous quarter (4QFY12).
  • The crude thruput for the quarter stood at 3.58 Million Tonnes (MMT), down 9.8 % YoY, down 9.6 % on a Quarter on Quarter (QoQ) basis.
  • The total market sales (inclusive of exports) for the quarter stood at 7.66 MMT, up 5.4% YoY, down 0.9% QoQ.

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