Bharat Petroleum Corporation Ltd

Bharat Petroleum Corporation is engaged in the business of refining of crude oil and marketing of petroleum products. It has refineries at Mumbai and Kochi, LPG bottling plants and Lube blending plants at various locations. The Corporations marketing infrastructure includes vast network of Installations, Depots, Retail Outlets, Aviation Fuelling Stations and LPG distributors.

Pros:
Stock is providing a good dividend yield of 4.81%.
Company has a good return on equity (ROE) track record: 3 Years ROE 26.93%
Company has been maintaining a healthy dividend payout of 44.66%
Cons:
The company has delivered a poor growth of -0.32% over past five years.

Peer Comparison Sector: Refineries // Industry: Refineries

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
46,939 44,693 53,543 57,036 57,134 53,331 60,623 65,253 71,697 72,292 79,209 73,990
43,019 43,311 50,226 54,824 55,901 49,798 57,416 61,507 67,822 69,872 78,431 69,185
Operating Profit 3,919 1,381 3,316 2,212 1,233 3,533 3,207 3,746 3,875 2,419 778 4,805
OPM % 8% 3% 6% 4% 2% 7% 5% 6% 5% 3% 1% 6%
Other Income 365 1,022 551 662 649 795 709 833 548 538 927 1,058
Interest 111 102 135 148 179 235 200 220 302 328 337 353
Depreciation 431 452 484 524 589 641 677 742 739 757 778 915
Profit before tax 3,742 1,849 3,249 2,203 1,114 3,453 3,038 3,618 3,382 1,873 590 4,595
Tax % 30% 29% 30% 16% 33% 32% 29% 26% 32% 35% 16% 32%
Net Profit 2,620 1,305 2,272 1,842 745 2,357 2,144 2,689 2,293 1,219 495 3,125
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
96,557 110,208 134,063 121,765 151,639 211,973 240,116 260,075 238,087 188,405 202,211 236,313 297,188
93,062 107,362 130,840 119,170 147,899 208,042 233,830 251,932 229,772 177,259 191,345 224,564 285,311
Operating Profit 3,494 2,846 3,223 2,595 3,740 3,931 6,286 8,143 8,315 11,146 10,866 11,749 11,877
OPM % 4% 3% 2% 2% 2% 2% 3% 3% 3% 6% 5% 5% 4%
Other Income 709 1,521 1,022 2,023 1,427 1,638 1,501 1,412 2,200 1,655 2,564 2,931 3,070
Interest 533 672 2,166 1,011 1,117 1,800 1,825 1,359 583 565 496 833 1,319
Depreciation 904 1,098 1,076 1,242 1,655 1,885 1,926 2,247 2,516 1,845 1,891 2,648 3,189
Profit before tax 2,767 2,596 1,003 2,365 2,395 1,884 4,036 5,949 7,416 10,391 11,043 11,198 10,440
Tax % 35% 39% 27% 35% 35% 30% 35% 32% 31% 32% 27% 29%
Net Profit 1,805 1,581 736 1,538 1,547 1,311 2,643 4,061 5,085 7,056 8,039 7,919 7,132
EPS in Rs 7.90 7.24 3.25 6.75 6.80 5.78 11.60 17.81 22.08 34.85 36.66 38.13
Dividend Payout % 32% 9% 34% 33% 33% 30% 30% 30% 32% 29% 53% 52%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:7.93%
5 Years:-0.32%
3 Years:-0.25%
TTM:25.75%
Compounded Profit Growth
10 Years:17.78%
5 Years:23.65%
3 Years:16.18%
TTM:-10.12%
Return on Equity
10 Years:21.09%
5 Years:25.87%
3 Years:26.93%
Last Year:24.61%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
362 362 362 362 362 362 723 723 723 656 1,311 1,967 1,967
Reserves 9,912 11,315 11,767 12,725 13,696 14,552 15,911 18,736 21,744 26,667 28,881 32,642 34,771
Borrowings 10,829 15,022 21,171 22,195 18,960 22,994 23,839 20,322 13,098 15,857 23,159 23,351 27,209
12,955 16,366 14,694 19,035 23,911 28,604 27,332 33,561 35,349 32,879 40,111 44,112 51,680
Total Liabilities 34,057 43,065 47,994 54,317 56,929 66,512 67,805 73,341 70,914 76,060 93,463 102,071 115,627
10,981 11,969 11,966 13,669 15,999 16,612 16,690 19,040 20,315 23,207 31,437 42,978 46,851
CWIP 852 767 2,037 2,518 972 1,119 2,420 3,065 7,666 12,664 11,623 4,408 6,703
Investments 8,295 10,318 18,078 13,501 12,037 10,917 12,103 11,847 12,391 12,811 14,601 15,821 15,992
13,929 20,011 15,912 24,628 27,920 37,863 36,592 39,390 30,543 27,377 35,802 38,865 46,082
Total Assets 34,057 43,065 47,994 54,317 56,929 66,512 67,805 73,341 70,914 76,060 93,463 102,071 115,627

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
4,647 417 6,212 -1,515 3,082 926 5,480 8,404 18,183 10,179 7,897 8,975
-5,900 -3,554 -9,909 1,538 1,750 -891 -2,387 -4,286 -7,909 -7,975 -10,130 -4,750
-324 -198 -2,285 652 -1,817 -4,713 -1,743 -6,244 -9,121 -1,840 567 -4,204
Net Cash Flow -1,577 -3,335 -5,982 675 3,015 -4,678 1,350 -2,126 1,153 364 -1,666 21

Ratios Standalone / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 17% 13% 12% 10% 11% 11% 15% 18% 21% 28% 24% 22%
Debtor Days 6 5 4 8 6 11 6 6 4 4 9 8
Inventory Turnover 10.91 11.44 15.38 12.92 11.07 13.53 14.71 14.54 14.20 13.34 12.04 11.62