Hindustan Petroleum Corporation (HINDPETRO) Q4 99/00 earnings summary

Executive summary

• FY 1999-2000 sales turnover reached Rs. 34,368.03 crore and net profit Rs. 1,057.41 crore; crude throughput was 10.55 MMT and market sales 17.50 MMT.

• Performance earned an expected “Excellent” MOU rating for the ninth consecutive year; proposed dividend was 110%, including 80% interim.

Financial highlights

• Turnover rose 32.21% YoY to Rs. 34,368.03 crore; profit after tax increased 17.33% to Rs. 1,057.41 crore.

• PBT was Rs. 1,273.57 crore versus Rs. 1,280.56 crore; tax provision fell to Rs. 216.16 crore from Rs. 379.30 crore.

• Internal resources generated were Rs. 1,036.44 crore; contribution to the exchequer was Rs. 8,732.24 crore.

• Net sales excluding excise duty and pool payments were Rs. 28,192.87 crore; PAT was up Rs. 156 crore, primarily due to lower tax provision.

Outlook and guidance

• Planned investment of Rs. 8,156 crore during the IX Plan targeted refinery modernisation and expansion, product quality, pipelines, marketing infrastructure and JVs.

• Priorities included the 9 MMT Punjab refinery, 500 MW Visakh power plant, 60,000-tonne LPG cavern storage, enterprise-wide systems and stabilising Marketing SBUs.

• Refinery margins were expected to improve; marketing was expected to remain affected by imports and surplus product availability.