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 5.00%.
Company has good consistent profit growth of 35.34% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 29.11%
Company has been maintaining a healthy dividend payout of 39.95%
Cons:
Promoter's stake has decreased
The company has delivered a poor growth of -0.54% over past five years.

Peer Comparison Sector: Refineries // Industry: Refineries

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Operating Profit
OPM %
Other Income
Interest
Depreciation
Profit before tax
Tax %
Net Profit

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

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
97,189 110,744 135,239 123,194 153,765 212,140 242,181 264,421 242,598 187,815 201,251 235,770
92,788 107,174 131,392 120,001 149,115 207,221 235,316 255,007 232,818 174,844 187,468 220,561
Operating Profit 4,401 3,569 3,847 3,194 4,650 4,918 6,865 9,414 9,780 12,971 13,783 15,209
OPM % 5% 3% 3% 3% 3% 2% 3% 4% 4% 7% 7% 6%
Other Income 645 1,457 952 2,148 1,336 1,351 1,337 1,344 2,117 1,913 2,721 3,035
Interest 576 715 2,404 1,125 1,266 2,259 2,518 1,982 1,180 680 696 1,186
Depreciation 1,102 1,292 1,262 1,445 1,891 2,411 2,463 2,611 3,027 2,072 2,108 2,885
Profit before tax 3,369 3,019 1,133 2,772 2,829 1,599 3,220 6,166 7,690 12,132 13,700 14,174
Tax % 30% 37% 36% 38% 38% 47% 40% 34% 34% 33% 31% 31%
Net Profit 2,145 1,770 634 1,632 1,635 781 1,881 3,911 4,807 8,089 8,721 9,009
EPS in Rs 9.31 7.99 2.67 7.08 7.11 3.26 7.96 17.03 20.53 39.83 39.83 42.91
Dividend Payout % 30% 11% 47% 34% 35% 55% 42% 31% 34% 25% 49% 46%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:7.85%
5 Years:-0.54%
3 Years:-0.95%
TTM:17.15%
Compounded Profit Growth
10 Years:17.91%
5 Years:35.34%
3 Years:23.39%
TTM:3.28%
Return on Equity
10 Years:20.75%
5 Years:27.05%
3 Years:29.11%
Last Year:26.41%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
362 362 362 362 362 362 723 723 723 656 1,311 1,967
Reserves 11,009 12,545 12,950 13,781 14,989 15,518 16,052 18,703 21,825 27,138 30,033 35,108
Borrowings 11,367 16,066 24,239 26,692 25,038 30,153 33,157 33,152 25,492 23,388 35,725 37,659
15,037 18,977 17,233 22,074 27,534 32,779 30,885 37,607 40,243 36,534 43,504 47,680
Total Liabilities 37,774 47,950 54,783 62,909 67,923 78,812 80,817 90,186 88,284 87,715 110,574 122,415
13,451 14,355 14,692 17,135 19,658 24,988 24,721 27,580 29,109 25,358 33,684 45,539
CWIP 1,277 2,441 6,173 7,822 8,209 4,534 7,463 9,372 15,787 17,459 16,834 9,875
Investments 7,233 9,281 16,400 11,932 9,089 7,891 7,470 6,985 7,712 9,401 21,327 23,725
15,813 21,872 17,519 26,020 30,967 41,399 41,163 46,249 35,675 35,497 38,729 43,275
Total Assets 37,774 47,950 54,783 62,909 67,923 78,812 80,817 90,186 88,284 87,715 110,574 122,415

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
5,722 1,333 7,018 -224 3,676 1,907 5,926 9,588 20,742 11,119 9,041 11,068
-5,851 -5,026 -12,817 -576 -453 -2,276 -3,604 -6,881 -10,536 -9,233 -15,274 -7,066
-639 233 86 955 -177 -4,379 -846 -3,736 -9,792 -1,332 4,804 -4,017
Net Cash Flow -768 -3,460 -5,713 155 3,047 -4,748 1,476 -1,029 414 555 -1,429 -14

Ratios Consolidated Figures in Rs. Crores / View Standalone

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 % 19% 14% 12% 10% 11% 9% 12% 16% 18% 26% 24% 22%
Debtor Days 6 6 4 8 6 9 7 6 4 4 9 8
Inventory Turnover 10.00 10.52 13.95 11.21 9.51 10.79 11.78 12.24 11.96 11.72 11.23 10.78