Hindustan Oil Exploration recorded a 455% jump in its topline to Rs 83.43 crore for the quarter ended June 2010 compared to corresponding previous year quarter while the bottomline of the company was up 68% to Rs 20.94 crore.
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.
Quarterly Results
For the quarter ended June 2010, HOEC reported 455% rise in sales to Rs 83.43 crore as against Rs 15.02 crore in the quarter ended June 2009. The operating profit margins of the company rose 1990 bps to 80.5% leading 637% rise in operating profits growth to Rs 67.20 crore. Other income of the company fell 93% to Rs 0.91 crore leading the PBIDT rise 201% to Rs 68.11 crore. Interest costs fell 180% to Rs 3.27 crore while depreciation jumped to Rs 33.60 crore from Rs 3.30 crore. The resultant PBT increased 72% to Rs 31.24 crore. Considering taxes PAT rose 68% to Rs 20.94 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.
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