MDRF

					                                                                                            Regd off: 536, Anna Salai, Teynampet, Chennai - 600 018
CHENNAI PETROLEUM CORPORATION LIMITED                                                       E-Mail:    sld@cpcl.co.in
                                                                                            Web site: www.cpcl.co.in
                                                                                            Telephone: (044) 2434 9542 Fax: (044) 2434 1753
ENERGY SOURCES                                                           GOVERNMENT         Tr agent: Karvy Computershare, Plot 17-24, Vithalrao Nagar, Madhapur, Hyd. - 81
Chairman: S. Behuria                                                           SEC: M. Sankaranarayanan                                AUD: M. Thomas & Co.
Yr of Inc   B. Code       BL. Code    F.V.         Price        % ch 1-m       % ch 12-m      P/E       P/CF           Yield         Mkt cap               Vol.             ISIN
 1965   500110             MRL:IN     10           203.3          14.1           -22.6         NM          NM           0.0          30,273.4              128.5       INE178A01016
SHAREHOLDING                                                     FX Transaction (FY09)                             ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 51.9%               Exports (fob)          Rs m        0
Foreign collaborators      : 15.4%               Imports (cif)          Rs m 250,184                (Rs)
Indian inst/Mut Fund       : 14.5%               Fx inflow              Rs m        0         500
FIIs/GDR                   :  5.2%               Fx outflow             Rs m 251,126                                                                        DAILY
Free float                 : 13.1%               Net fx                 Rs m -251,126
Shareholders               : 65,562
                                                                                              400                                                           100 DMA

                           No. of months                  12            12            12
                             Year ending            31/03/07      31/03/08      31/03/09      300
EQUITY SHARE DATA
High                                  Rs                274             490          404
Low                                   Rs                143             175            78     200
Sales per share                       Rs            1,658.4         1,881.6      2,146.5
Earnings per share                    Rs               38.0            75.4        -26.7
Cash flow per share                   Rs               54.2            92.3          -9.4
                                                                                              100
Dividends per share                   Rs              12.00           17.00         0.00
Dividend yield (eoy)                  %                 5.8             5.1           0.0
                                                                                                 0
Book value per share                  Rs              177.1           232.7        206.0
Shares outstanding (eoy)              m             148.91           148.91       148.91         Aug-06            Jun-07            Feb-08            Nov-08               Aug-09
Bonus/Rights/Conversions                                   -               -            -
Price / Sales ratio                   x                  0.1             0.2          0.1                               No. of months                 12            12            12
Avg P/E ratio                         x                  5.5             4.4         -9.0                                 Year ending           31/03/07      31/03/08      31/03/09
                                                                                             CASH FLOW
P/CF ratio (eoy)                      x                  3.8             3.6       -25.6
Price / Book Value ratio              x                  1.2             1.4          1.2    From Operations                         Rs   m      14,280             1,163     18,244
Dividend payout                       %                31.6            22.5           0.0    From Investments                        Rs   m      -2,223            -3,260     -4,085
Avg Mkt Cap                           Rs m           31,048          49,513       35,887     From Financial Activity                 Rs   m     -12,549             2,129    -14,210
No. of employees                      `000                 2               2            2    Net Cashflow                            Rs   m        -492                32        -50
Total wages/salary                    Rs m            1,486           1,426        1,929
Avg. sales/employee                   Rs Th       149,574.8       166,282.5    191,745.1                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th           900.1           846.3      1,157.2                                           2QFY09    3QFY09           4QFY09         1QFY10
Avg. net profit/employee              Rs Th         3,424.0         6,664.7     -2,383.3     Net sales                   Rs    m   102,833     56,175          48,100         56,604
                                                                                             Gross profit                Rs    m       -533   -18,012           5,196          4,672
INCOME DATA                                                                                  Gross profit margin         %              -0.5    -32.1            10.8             8.3
Net Sales                             Rs     m      246,948        280,186       319,639     Net profit                  Rs    m     -1,027   -12,699           2,720          3,042
Other income                          Rs     m          640          1,285           541     Net profit margin           %              -1.0    -22.6              5.7            5.4
Total revenues                        Rs     m      247,588        281,471       320,180
Gross profit                          Rs     m       12,491         20,388        -1,751                                           KEY DATA
Depreciation                          Rs     m        2,419          2,516         2,572     Parameters                          Unit              FY07             FY08       FY09
Interest                              Rs     m        1,883          1,948         2,237     Crude throughput                    MMT                  10              10          10
Profit before tax                     Rs     m        8,829         17,209        -6,019     Gross refining margins              US$/bbl             5.0             8.5         1.2
Minority Interest                     Rs     m             0              0             0    Operating margin                    %                   5.1             7.3         0.5
Prior Period Items                    Rs     m             0              8            88
Extraordinary Inc (Exp)               Rs     m          -20               0             0
Tax                                   Rs     m        3,156          5,987        -1,958
                                                                                                                                    NOTES
Profit after tax                      Rs     m        5,653         11,230        -3,973
Gross profit margin                   %                  5.1            7.3          -0.5    Chennai Petroleum (CPCL) is a 52% subsidiary of Indian Oil. It was originally formed
Effective tax rate                    %                35.7           34.8          32.5     as a joint venture in 1965 between the Government of India, AMOCO and National
                                                                                             Iranian Oil Company having a share holding in the ratio 74%: 13%: 13% respectively.
Net profit margin                     %                  2.3            4.0          -1.2
                                                                                             The company has a total refining capacity of 10.5 MMTPA. CPCL has two refineries
BALANCE SHEET DATA                                                                           located in Tamil Nadu - the first refinery at Chennai with a capacity of 9.5 MMTPA and
                                                                                             the second refinery at Cauvery Basin near Nagapattinam with a capacity of 1.0
Current assets                        Rs m            44,379         61,553       36,690     MMTPA.
Current liabilities                   Rs m            27,665         30,882       22,527
Net working cap to sales              %                   6.8          10.9           4.4    CPCL reported a topline growth of 14% YoY during FY09. It achieved a crude
Current ratio                         x                   1.6            2.0          1.6    throughput of 10.13 m metric tonnes (MMT) during the fiscal, down from 10.27 MMT
Inventory Turnover                    Days                 48            58            28    in FY08. Gross refining margin during FY09 crashed to US$ 1.22 per barrel, down
Debtors Turnover                      Days                15             20           12     from US$ 8.47 per barrel in FY08. CPCL received a discount of Rs. 13 bn from ONGC
Net fixed assets                      Rs m            32,190         33,078       35,765     on crude oil purchased and passed on as discount on products sold to Indian Oil. On
Share capital                         Rs m             1,490          1,490        1,490     the expenditure front, raw material costs increased by 22% in FY09 in absolute terms.
"Free" reserves                       Rs m            24,887         33,155       29,182     Moreover, on a percentage of sales basis, there was an increase by 6%. CPCL
                                                                                             incurred an exchange fluctuation loss of Rs 5.3 bn for FY09 as against an exchange
Net worth                             Rs m            26,377         34,645       30,672
                                                                                             fluctuation gain of Rs 0.9 m for FY08.
Long term debt                        Rs m            11,432          8,046        5,251
Total assets                          Rs m            78,118         96,106       72,818     The company has recovered from the extreme fall in the GRMs in 3QFY09 due to
Interest coverage                     x                   5.7            9.8         -1.7    inventory losses caused by the speedy decline in petroleum product prices
Debt to equity ratio                  x                   0.4            0.2          0.2    internationally. Going forward, its fortunes will depend on the movement in the
Sales to assets ratio                 x                   3.2            2.9          4.4    product cracks which tend to swing to global supply and demand of petroleum
Return on assets                      %                 19.9           30.9          -4.8    products.
Return on equity                      %                 21.4           32.4        -13.0
Return on capital                     %                 28.3           44.9        -10.3
Exports to sales                      %                   0.0            0.0          0.0
Imports to sales                      %                 71.1           71.0         78.3
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posted:11/6/2010
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