A cursory look at HOEC's balance sheet will show a whole lot of red ink splashed all over it.
Losses were at an incredible Rs 1221 crore on revenues of mere Rs 47.9 crore.
8This was on account of an impairment load of a massive Rs 1163 crore resulting from a re-estimation of reserves in PY field where production has shut down and because the PY-3 and CB-OS-1 fields were uneconomical to develop because of the crash in crude prices.
8But the silver lining comes from the fact that the Italian oil major ENI, which has a 47.18% stake in HOEC, has waived off the loan of Rs 960 crore, which was transferred to capital reserves in FY15.
The Q1 2015-16 figures are now looking better with a profit of just 50 lacs on a revenue base of 10.06 crore.
8The advantage is that the company has a debit free balance sheet where operating revenues are now meeting opex and it has got a BBB+ rating from ICRA for a Rs 100 crore long term debt propsal.
8The working capital position as of now is a positive Rs 130 crore.
For more details visit indianpetroplus.com
Losses were at an incredible Rs 1221 crore on revenues of mere Rs 47.9 crore.
8This was on account of an impairment load of a massive Rs 1163 crore resulting from a re-estimation of reserves in PY field where production has shut down and because the PY-3 and CB-OS-1 fields were uneconomical to develop because of the crash in crude prices.
8But the silver lining comes from the fact that the Italian oil major ENI, which has a 47.18% stake in HOEC, has waived off the loan of Rs 960 crore, which was transferred to capital reserves in FY15.
The Q1 2015-16 figures are now looking better with a profit of just 50 lacs on a revenue base of 10.06 crore.
8The advantage is that the company has a debit free balance sheet where operating revenues are now meeting opex and it has got a BBB+ rating from ICRA for a Rs 100 crore long term debt propsal.
8The working capital position as of now is a positive Rs 130 crore.
For more details visit indianpetroplus.com
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