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Hindustan Oil Exploration recorded a 218% jump in its topline to Rs 80.02 crore for the quarter ended March 2010 compared to corresponding previous year quarter while the bottomline of the company was up 20% to Rs 20.49 crore. The company has not declared the results for the quarter ended March 2010 and the same have been calculated. For FY'10 consolidated sales was up 58% to Rs 155.72 crore while PAT was down 20% to Rs 44.03 crore.
Production was shut down in the PY-3 Field since July 5, 2009 due to failure of the offshore mooring facility / carrier arm of export hose. Hardy Exploration & Production (India) Inc, the Operator of PY-3 field has notified the completion of repair of the mooring facility / carrier arm and recommencement of production on January 24, 2010. Further, operator has advised that charter hire charges for Floating production Unit (FPU) and Floating Storage and Offloading unit (FSO) are not payable for the repair period.
The company has commenced the production of Natural Gas and Condensate from PY-1 Field on November 27, 2009 and sale of condensate on January 27, 2010.The Natural Gas from PY-1 Field is supplied to GAIL (India). Pursuant to the Production Sharing Contract for PY-1 Field, Chennai Petroleum Corporation (CPCL), is designated as the Government nominee for purchasing the Condensate.
The Joint Venture Partners of Block CB-ON-7 have Inter-alia agreed with Indian Oil Corporation (IOC), the buyer of Crude Oil from the said Block, for the final price of Crude oil sold. The said price revision is applicable with retrospective effect from the commencement of the first sale to IOC since October 2005 from the said Block. Net Sales / Income from Operations for the year ended March 31, 2010 includes an amount of Rs. 12.58 crore towards the said price revision.
Quarterly Results
For the quarter ended March 2010, HOEC reported 218% rise in sales to Rs 80.02 crore as against Rs 25.18 crore in the quarter ended March 2009. The operating profit margins of the company fell 2170 bps to 71.6% leading 144% rise in operating profits growth to Rs 57.27 crore. Other income of the company fell 4% to Rs 10.19 crore leading the PBIDT rise 98% to Rs 67.46 crore. Interest costs fell 46% to Rs 3.29 crore while depreciation jumped 499% to Rs 31.90 crore. The resultant PBT increased 42% to Rs 32.27 crore. Considering taxes PAT rose 20% to Rs 20.49 crore.
Year ended results
For year ended March 2010 HOEC reported 58% rise in its consolidated net sales to Rs 155.72 crore compared to corresponding previous year period. The operating profit margins rose significantly by 2940 bps to 70.4% resulting 171% rise in operating profit to Rs 109.65 crore. Other income was 69% lower at Rs 14.38 crore. Interest costs decreased 22% to Rs 8.07 crore and depreciation rose 298% to Rs 47.24 crore. As a result PBT rose 6% to Rs 68.72 crore. Considering taxes PAT fell 20% to Rs 44.03 crore.
The scrip is currently trading at Rs 187.
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