|
Standalone net sales (including other operating income) of Hindustan
Petroleum Corporation has increased 6.14% to Rs 1,14,556.87 crore. Operating profit margin has declined from
4.45% to 4.19%, leading to 0.11% rise in operating profit to Rs 4,803.76 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 25.64% to 28.61%. Purchase of finished goods cost fell from
65.33% to 62.31%. Employee cost
increased from 0.73% to 0.77%. Other
expenses rose from 3.94% to 4.16%.
Average GRMs (Gross of export duty) for the period Jan-Mar 2024 were US$
6.95 per barrel (US$ 14.01 per barrel during the corresponding period of
previous year). The reduction in GRMs is in line with the trend of
international product cracks.
HPCL Refineries processed the highest ever crude thru-put of 22.33 MMT
during the Year operating at 103.3% of the installed capacity, registering an
increase of 17% over crude thru-put of 19.09 MMT processed during FY 2022-23.
Visakh refinery has recorded the highest-ever crude thru-put of 12.69 MMT
during the year, with diesel production of 5.7 MMT surpassing the previous
highest diesel production by more than 30%.
On the marketing front, HPCL achieved the highest-ever total sales volume
of 46.82 MMT (including exports) during FY 2023-24 registering a growth of 7.8%
as against 43.45 MMT during the previous year. The company also achieved market
share gain of 0.47% amongst PSU Oil Marketing companies.
Other income fell 26.41% to Rs 853.63 crore. PBIDT fell 5.05% to Rs 5657.39 crore. Provision for interest up 40.47% to Rs 734.01
crore. Loan funds declined from Rs
68,005.10 crore as of 31 March 2023 to Rs 64,119.53 crore as of 31 March
2024. Inventories rose to Rs 33,966.46
crore as of 31 March 2024 from Rs 29,343.95 crore as of 31 March 2023. Sundry debtors were higher at Rs 9,321.13
crore as of 31 March 2024 compared to Rs 6,817.19 crore as of 31 March
2023. Cash and bank balance declined
from Rs 538.57 crore as of 31 March 2023 to Rs 352.35 crore as of 31 March
2024. Investments rose to Rs 25,678.07
crore as of 31 March 2024 from Rs 21,210.71 crore as of 31 March 2023 .
PBDT fell 9.43% to Rs 4923.38 crore.
Provision for depreciation rose 54.32% to Rs 1611.32 crore. Fixed assets increased to Rs 94,362.18 crore
as of 31 March 2024 from Rs 89,270.39 crore as of 31 March 2023. Intangible assets increased from Rs 1,071.02
crore to Rs 1,115.35 crore.
Profit before tax down 24.59% to Rs 3,312.06 crore. Provision for tax was expense of Rs 469.31
crore, compared to Rs 1169.22 crore.
Effective tax rate was 14.17% compared to 26.62%.
Profit after tax fell 11.79% to Rs 2,842.75 crore.
Equity capital stood at Rs 1,418.94 crore as of 31 March 2024 to Rs
1,418.94 crore as of 31 March 2023. Per
share face Value remained same at Rs 10.00.
Promoters’ stake was 54.90% as of 31 March 2024 compared to 54.90% as of 31
March 2023.
Full year results
analysis
Net sales (including other operating income) of Hindustan Petroleum
Corporation has declined 1.56% to Rs 4,33,524.88 crore. Operating profit margin (OPM) has turned from
negative 1.71% to positive 5.73%, Operating profit for the quarter stood at Rs
24,839.01 crore compared to loss of Rs 7,522.23 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 28.05% to 29.07%. Purchase of finished goods cost fell from
68.90% to 60.35%. Employee cost
increased from 0.67% to 0.78%. Other
expenses rose from 4.09% to 4.10%.
The Average GRMs (Gross of export duty) for the FY 2023-24 were US$ 9.08
per barrel (US$ 12.09 per barrel during the previous financial year).
Other income up 15.13% to Rs 2382.15 crore.
PBIDT stood at Rs 27,221.16 crore compared to loss of Rs 5453.09
crore. Provision for interest up 18% to
Rs 2515.67 crore. Loan funds declined
from Rs 68,005.10 crore as of 31 March 2023 to Rs 64,119.53 crore as of 31
March 2024. Inventories rose to Rs
33,966.46 crore as of 31 March 2024 from Rs 29,343.95 crore as of 31 March
2023. Sundry debtors were higher at Rs
9,321.13 crore as of 31 March 2024 compared to Rs 6,817.19 crore as of 31 March
2023. Cash and bank balance declined
from Rs 538.57 crore as of 31 March 2023 to Rs 352.35 crore as of 31 March
2024. Investments rose to Rs 25,678.07
crore as of 31 March 2024 from Rs 21,210.71 crore as of 31 March 2023 .
PBDT stood at Rs 24,705.49 crore compared to loss of Rs 7584.94 crore. Provision for depreciation rose 28.23% to Rs
5552.36 crore. Fixed assets increased to
Rs 94,362.18 crore as of 31 March 2024 from Rs 89,270.39 crore as of 31 March
2023. Intangible assets increased from
Rs 1,071.02 crore to Rs 1,115.35 crore.
Profit before tax reported profit of Rs 19,153.13 crore compared to loss of
Rs 11,914.91 crore. Provision for tax
was debit of Rs 4459.3 crore, compared to credit of Rs 2940.88 crore. Effective tax rate was 23.28% compared to
24.68%.
Profit after tax reported profit of Rs 14,693.83 crore compared to loss of
Rs 8,974.03 crore.
Equity capital stood at Rs 1,418.94 crore as of 31 March 2024 to Rs
1,418.94 crore as of 31 March 2023. Per
share face Value remained same at Rs 10.00.
Promoters’ stake was 54.90% as of 31 March 2024 ,compared to 54.90% as of
31 March 2023 .
Cash flow from operating activities has turned positive Rs 23,920.04 crore
for year ended March 2024 from negative Rs 3,359.49 crore for year ended March
2023. Cash flow used in acquiring fixed
assets during the year ended March 2024 stood at Rs 9,716.72 crore, compared to
Rs 8,990.04 crore during the year ended March 2023.
The Board of Directors has recommended issue of bonus shares in the ratio
1:2 i.e., one new bonus equity share of Rs 10 each for every two existing
equity shares of Rs 10 each fully paid up, subject to the approval of members
of the company.
The Board of Directors has recommended a final dividend of Rs 16.50 per
equity share having face value of Rs 10 (pre-bonus), which translates into
final dividend of Rs 11.00 per equity share having face value of Rs 10
(post-bonus) for FY 2023-24, subject to approval by the members of the company
in the Annual General Meeting. This final dividend is in addition to the
interim dividend (pre-bonus) paid for the FY 2023-24 at Rs 15 per equity share
having face value of Rs 10.
Update on ongoing
Projects
To strengthen its Refining & Marketing Infrastructure, HPCL has
invested ? 14,342 crore during the year (including equity investment in its
JVCs and subsidiaries).
Visakh Refinery Modernization Project was dedicated to the Nation by
Hon`ble Prime Minister of India in March 2024. The Refinery is currently
operating at enhanced capacity of 13.7 MMTPA at higher yields with the commissioning
of various process units.
The construction of all Process units of the ongoing 9 MMTPA integrated
grassroot refinery cum petrochemical project at Barmer, Rajasthan (HRRL) is in
progress. As on date the total commitment made is ? 69,368 and a capital
expenditure of ? 45,479 crores has been made as of 31st March, 2024. The key
process units viz. Diesel Hydrotreating (DHDT) and Hydrogen Generation Unit
(HGU) are under pre-commissioning. Mechanical completion of Cooling Tower-1,
Raw Water Treatment Plant, Compressed Air & Cryogenic Nitrogen Plant was
achieved during the Jan-Mar 2024 quarter. The physical progress for the other
key process units CDU/VDU, DCU, PFCCU & VGO-HDT is more than 90% and
progress in all other packages & units is being accelerated with average
daily manpower deployment of 25,000 at site.
HPRGEL, our wholly owned subsidiary handling the renewable and green energy
portfolio has commenced supplies of Renewable energy from its newly
commissioned 5 MW Solar Power Project at Jhansi (Uttar Pradesh). The 6 MW solar
project at Panipat (Haryana) has been mechanically completed and supplies are
expected to commence shortly.
The international consultant appointed for our Lubricant business
transformation strategy has submitted their draft recommendations including
value creation initiatives and further requisite steps have been initiated by
the company.
To cater to the demand for LPG in the region, 120 TMTPA capacity new LPG
bottling plant at Varanasi (Uttar Pradesh) was commissioned during the quarter
Jan-Mar 2024.
With the commissioning of 428 Retail Outlets during the quarter Jan-Mar
2024, HPCL achieved the milestone of 22,000+ Retail Outlets, and the total
number of outlets now stand at 22,022 as of 31st March 2024.
During this period, 17 new LPG distributorships were added taking the total
LPG distributorships to 6,349 as of 31st March 2024.
The scrip is currently trading at Rs 501
|
Hindustan Petroleum Corporation :
Standalone Results
|
|
Particulars
|
2403
(03)
|
2303
(03)
|
Var.(%)
|
2403
(12)
|
2303
(12)
|
Var.(%)
|
|
Net
Sales
|
1,14,556.87
|
1,07,927.83
|
6
|
4,33,524.88
|
4,40,402.99
|
-2
|
|
OPM
(%)
|
4.2
|
4.5
|
|
5.73
|
-1.7
|
|
|
OP
|
4,803.76
|
4,798.55
|
0
|
24,839.01
|
-7,522.23
|
LP
|
|
Other
Inc.
|
853.63
|
1,160.00
|
-26
|
2,382.15
|
2,069.14
|
15
|
|
PBIDT
|
5,657.39
|
5,958.55
|
-5
|
27,221.16
|
-5,453.09
|
LP
|
|
Interest
|
734.01
|
522.55
|
40
|
2515.67
|
2131.85
|
18
|
|
PBDT
|
4,923.38
|
5,436.00
|
-9
|
24,705.49
|
-7,584.94
|
LP
|
|
Depreciation
|
1611.32
|
1044.16
|
54
|
5552.36
|
4329.97
|
28
|
|
PBT
|
3,312.06
|
4,391.84
|
-25
|
19153.13
|
-11914.91
|
LP
|
|
PBT
before EO
|
3312.06
|
4391.84
|
-25
|
19153.13
|
-11914.91
|
LP
|
|
EO
Income
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT
after EO
|
3312.06
|
4391.84
|
-25
|
19153.13
|
-11914.91
|
LP
|
|
Taxation
|
469.31
|
1169.22
|
-60
|
4459.3
|
-2940.88
|
PL
|
|
PAT
|
2842.75
|
3222.62
|
-12
|
14693.83
|
-8974.03
|
LP
|
|
EPS
(Rs)*
|
#
|
#
|
|
103.6
|
-63.3
|
|
|
Notes
|
|
*
EPS is on current equity of Rs 1,418.55 crore, Face value of Rs 10, Excluding
extraordinary items.
|
|
#
EPS is not annualised
|
|
bps
: Basis points
|
|
EO
: Extraordinary items
|
|
Figures
in Rs crore
|
|
Source:
Capitaline Corporate Database
|
|