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| India Infoline Research Team / 11:19 , Jul 28, 2010 |
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CMP Rs331, Target Rs327, Downside 1.2%
- Net sales jump 310% on rising crude oil production from Rajasthan field, but sales lower than estimates
- Realization for Rajasthan crude continues to be at10-15% discount to Brent much in line with company’s guidance
- OPM jumps 1,252bps yoy on account of benefits of operating leverage
- Net profit much lower than estimates on account of depreciation and interest pertaining to pipeline, which commenced operations in June 2010
- Downgrade to Market Performer on back of a sharp run-up in stock price
Result table
| (Rs m) |
Q1 FY11 |
Q1 FY10 |
% yoy |
Q4 FY10 |
% qoq |
| Net sales |
8,406 |
2,050 |
310.1 |
6,928 |
21.3 |
| Inc/(dec) in stock |
670 |
155 |
332.2 |
(700) |
(195.7) |
| Personnel costs |
(189) |
(215) |
(12.1) |
(268) |
(29.5) |
| Operating expense |
(2,188) |
(440) |
397.2 |
(1,843) |
18.7 |
| Admin expense |
(227) |
(228) |
(0.4) |
(439) |
(48.2) |
| Operating profit |
6,472 |
1,321 |
389.8 |
3,678 |
75.9 |
| OPM (%) |
77.0 |
64.5 |
1252 bps |
53.1 |
2390 bps |
| Depreciation |
(1,660) |
(413) |
301.5 |
(382) |
334.9 |
| Exploration w/off |
(322) |
(309) |
4.1 |
(1,219) |
(73.6) |
| Interest |
(493) |
(7) |
6,647.9 |
(19) |
2,520.2 |
| Other income |
281 |
1,290 |
(78.2) |
879 |
(68.1) |
| Extra ordinary items |
(413) |
(1,637) |
(74.8) |
- |
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| PBT |
3,866 |
244 |
1,482.0 |
2,938 |
31.6 |
| Tax |
(1,052) |
210 |
(601.0) |
(486) |
116.5 |
| Effective tax rate (%) |
27.2 |
(85.9) |
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16.5 |
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| Adjusted PAT |
2,814 |
454 |
519.3 |
2,452 |
14.8 |
| Adj. PAT margin (%) |
33.5 |
22.2 |
1131 bps |
35.4 |
-191 bps |
| Ann. EPS (Rs) |
1.2 |
0.2 |
519.1 |
1.0 |
14.7 | Source: Company, India Infoline Research
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