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Financial and Operations Update

Financial and Key Operating Metrics
  • Net Revenues of US$4.2bn in FY17, 5.8% decline y-o-y (1)
  • Net Profit of US$461 mn in FY17, 93.7% growth y-o-y
  • Best in class GRMs of USD 15.87 / bbl in FY17
  • Consistent capacity utilization of over 115 % since the past 2 fiscal years
  • Focused on de-leveraging and reducing total debt
  • Comparative figures in FY16 restated as per Ind AS
Recent Developments
  • Implementation of low cost capacity expansion
  • Refinery Turnaround underway
  • Gradual start-up of refinery units under progress

Note: (1) Decline in net revenues due to reduction in base crude oil prices as per global norms

Capacity Utilization and Operating Efficiency

Throughput (MMTPA)

Capacity Utilization (%)

HMEL’s GRM Evolution vs. Singapore Benchmark GRMs(US$ / barrel)

Source: PPAC, Ministry of Petroleum and Natural Gas, Reuters.
Note: 1. Our Refinery units were progressively shut due to fire in VGO unit from June 20, 2014 until they were restarted in Sept 2014, with the last unit opening on Sept 30, 2014. For FY15, our utilization rate excluding shutdown was 98.0%. 2. Affected by inventory valuation impact with steep fall in crude price.

Robust Earnings and Cash Flow Metrics

Revenue from Operations

(US$ mn)

EBITDA

(US$ mn)
EBITDA Margin (%)

Profit After Tax

(US$ mn)
PAT Margin (%)

Net Cash from Operations

(US$ mn)

EBITDA—Capex

(US$ mn)

EBITDA / Finance Cost

(x)

Note: Average exchange rate INR / USD of 60.4962, 61.1471, 65.4611 and 67.0896 for FY14, FY15, FY16 and FY17 respectively.
EBITDA = Revenue from Operations – Total Expenses + Depreciation and Amortization + Finance Costs + Foreign exchange differences (net); EBITDA Margin = EBITDA / Revenue from Operations (incl excise duty). PAT = Profit (loss) for the year; PAT Margin = PAT / Revenue from Operations (including excise duty). Net Cash from Operations = Net Cash from Operating Activities 1. Restated financials.

Leverage Profile

Total Debt

Total Debt / EBITDA

Total Debt / Equity

Note: Average exchange rate INR / USD of 60.4962, 61.1471, 65.4611 and 67.0896 for FY14, FY15, FY16 and FY17 respectively. Exchange rate INR / USD of 64.8390 as at March 31, 2017; Total Debt = Long term borrowings + short term borrowings + current portion of long term borrowings. Net Debt = Total Debt—Cash. Cash = Cash and Cash Equivalents + other bank balances + investments. Equity = Equity share capital + other equity; 1. Restated financials.

Capital Structure Snapshot(31 March 2017)

Figures as of 31 March 2017 (in US$ mn)
Long Term Borrowings 2,602
Short Term Borrowings 316
Current Maturities of Long Term Debt 67
Total Debt 2985
Total Cash and Cash Equivalents 25
Net Debt 2960
Shareholder's Funds 1169

Debt Maturity on Total Debt

(US$ in millions)

Debt Breakup-By Type

(US$ in millions)

Debt Breakup-By Currency

(US$ in millions)

Note: Exchange rate INR / USD of 64.8390 as at March 31, 2017.