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HPCL: Net losses widen on under recoveries - Views on News from Equitymaster

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HPCL: Net losses widen on under recoveries
Nov 4, 2011

HPCL has announced the second quarter results for financial year 2011-2012 (2QFY12). The company has reported a 20.2% year on year (YoY) growth in sales while net loss margins widened to -9.1%( losses up 1.5% QoQ). Here is our analysis of the results.

Performance summary
  • Topline increased by 20.2% YoY during the quarter.
  • The crude throughput came at 4.19 MMT during the quarter versus 3.04 MMT in the corresponding quarter last year and 3.97 MMT during the previous quarter (1QFY12).
  • The market sales (including exports) at 6.94 MMT versus 6.03 MMT in the corresponding quarter last year and 7.27 MMT in the previous quarter.
  • Operating losses surged by 11.7% QoQ during the quarter. The operating loss margin worsened to 7.7% for the quarter versus loss margins at 6.3% in the previous quarter. This was against a positive operating margin of 8.0% in the corresponding quarter last year.
  • At bottomline level, the company registered 9.2% QoQ increase in the net losses with loss margins at 9.1% versus loss margins at 7.5% in the previous quarter. This compared to net profit margins at 6.8% in the corresponding quarter last year.
  • Average gross refining margins (GRMs) for 1HFY12 stood at US$1.52 per barrel versus US$ 3.21 per barrel in the corresponding quarter last year.

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