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HPCL: Uncertain policies remain an overhang
Nov 22, 2012

Hindustan Petroleum Corporation Ltd (HPCL) has announced the second quarter results for financial year 2012-2013 (2QFY12). For the quarter, the company has reported 32.5% year on year (YoY) growth in sales and booked net profits worth Rs 23 bn at the bottomline level (as compared to losses in 2QFY12). Here is our analysis of the results.

Performance summary
  • For the quarter, sales were up 32.5% YoY. For first half of the year, sales grew by 20.2% YoY.
  • The company booked operating profits worth Rs 29 bn (as compared to losses in 2QFY12) with operating profit margins for the quarter standing at 5.9%.For the first half year, the company booked operating losses with operating loss margins at 5.9%, lower than the loss margins of 6.5% in 1HFY12.
  • The company booked net profits worth Rs 23 bn during the quarter with net profit margins standing at 4.7% (as compared to net loss margins of 9% in 2QFY12).For the half year, the company reported losses with net loss margins at 7.4% as compared to loss margins at 8.2% in 1HFY12.
  • The crude throughput for the quarter stood at 3.65 million metric tonnes (MMT), down 12.9% YoY, up 2.0% on a quarter on quarter basis (QoQ). For the half year, the crude throughput stood at 7.23 MMT, down 11.4% YoY.
  • The market sales (including exports) for the quarter stood at 7.18 million metric tonnes (MMT), up 3.5% YoY, down 6.3% on a quarter on quarter basis (QoQ). For the half year, the market sales stood at 14.84 MMT, up 4.4% YoY.
  • The average gross refining margins (GRMs) for the first half year stood at US$ 1.19 per barrel as compared to US$ 1.52 per barrel in 1HFY12.
  • The company has accounted an upstream discount of Rs 57.1 bn for purchase of crude oil, PDS kerosene and domestic LPG.
  • For the first half year, the company has accounted for a subsidy relief (against under recoveries) of Rs 66.7 bn .

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