Bharat Petroleum Corporation Ltd

About

Bharat Petroleum Corporation is a public sector company which is engaged in the business of refining of crude oil and marketing of petroleum products.[1]

Key Points

Refineries Capacity
Total Capacity - 35.3 MMTPA
Refinery Locations:
Mumbai - 12 MMTPA
Kochi - 15.5 MMTPA
Bina, Madhya Pradesh - 7.8 MMTPA[1]
It possess 14-15% of country's total refining capacity.[2]

Expansion - The company undertook major expansion projects in the past. It expanded Kochi Plant's capacity from 9.5 MMTPA to 15.5 MMTPA in FY18. It also expanded Bina (M.P) plant's capacity from 6 MMTPA to 7.8 MMTPA in FY19.[3]

See full details
  • Market Cap 89,981 Cr.
  • Current Price 415
  • High / Low 503 / 325
  • Stock P/E 7.76
  • Book Value 248
  • Dividend Yield 10.6 %
  • ROCE 18.0 %
  • ROE 27.8 %
  • Face Value 10.0

Pros

  • Stock is providing a good dividend yield of 10.61%.
  • Company has been maintaining a healthy dividend payout of 85.47%

Cons

  • The company has delivered a poor sales growth of 4.15% over past five years.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.9402.27 Cr.

Peer comparison

Sector: Refineries Industry: Refineries

Loading peers table ...

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
72,466 79,699 74,256 76,325 64,290 74,959 68,998 37,999 49,409 66,075 76,680 70,946
69,187 78,214 68,496 73,344 61,441 71,857 69,578 33,739 44,215 61,347 70,379 67,821
Operating Profit 3,279 1,485 5,760 2,982 2,849 3,102 -580 4,260 5,193 4,727 6,301 3,125
OPM % 5% 2% 8% 4% 4% 4% -1% 11% 11% 7% 8% 4%
Other Income 576 798 580 937 726 1,003 -646 585 -14 249 7,188 1,979
Interest 489 459 401 566 756 626 689 691 108 345 579 582
Depreciation 834 804 977 977 1,017 1,045 1,043 1,073 1,065 1,073 1,124 1,150
Profit before tax 2,533 1,019 4,962 2,375 1,801 2,434 -2,959 3,081 4,007 3,559 11,786 3,372
Tax % 36% 31% 37% 24% 9% 16% 39% 29% 35% 47% 10% 15%
Net Profit 1,463 523 2,912 1,624 1,503 1,776 -1,847 2,035 2,263 1,565 10,301 2,873
EPS in Rs 6.75 2.41 13.42 7.49 6.93 8.19 -8.52 9.38 10.43 7.22 47.49 13.24

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
123,194 153,765 212,140 242,181 264,421 242,598 187,815 201,251 235,895 298,226 284,572 230,163 263,110
120,001 149,115 207,178 235,472 255,007 232,818 174,844 187,468 220,578 283,113 275,597 209,170 243,763
Operating Profit 3,194 4,650 4,961 6,709 9,414 9,780 12,971 13,783 15,317 15,112 8,975 20,993 19,346
OPM % 3% 3% 2% 3% 4% 4% 7% 7% 6% 5% 3% 9% 7%
Other Income 2,148 1,336 1,308 1,492 1,344 2,117 1,913 2,721 2,927 2,975 1,393 7,497 9,402
Interest 1,125 1,266 2,259 2,518 1,982 1,180 680 696 1,186 1,764 2,637 1,723 1,615
Depreciation 1,445 1,891 2,411 2,463 2,611 3,027 2,072 2,108 2,885 3,418 4,080 4,334 4,411
Profit before tax 2,772 2,829 1,599 3,220 6,166 7,690 12,132 13,700 14,174 12,905 3,652 22,432 22,723
Tax % 38% 38% 47% 40% 34% 34% 33% 31% 31% 34% -0% 23%
Net Profit 1,632 1,635 781 1,881 3,911 4,807 8,089 8,721 9,009 7,802 3,055 16,165 17,002
EPS in Rs 7.53 7.54 3.60 8.67 18.03 22.16 37.29 40.20 41.53 35.97 14.08 74.52 78.38
Dividend Payout % 34% 35% 55% 42% 31% 34% 25% 49% 46% 48% 106% 102%
Compounded Sales Growth
10 Years:4%
5 Years:4%
3 Years:-1%
TTM:7%
Compounded Profit Growth
10 Years:22%
5 Years:9%
3 Years:12%
TTM:234%
Stock Price CAGR
10 Years:14%
5 Years:0%
3 Years:4%
1 Year:10%
Return on Equity
10 Years:22%
5 Years:23%
3 Years:20%
Last Year:28%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
362 362 362 723 723 723 656 1,311 1,967 1,967 1,967 2,093
Reserves 13,781 14,989 15,518 16,052 18,703 21,825 27,138 30,033 35,108 37,255 35,022 51,634
Borrowings 26,692 25,038 30,153 33,157 33,152 25,492 23,388 35,725 37,659 44,839 65,476 54,532
20,944 26,402 31,781 29,696 35,882 38,281 35,241 42,017 45,621 52,866 48,395 52,729
Total Liabilities 61,779 66,791 77,814 79,628 88,460 86,322 86,422 109,086 120,356 136,926 150,860 160,988
17,135 19,658 24,988 24,721 27,580 29,109 25,358 33,684 45,539 49,315 60,175 64,098
CWIP 7,822 8,209 4,534 7,463 9,372 15,787 17,459 16,834 9,875 13,654 17,757 17,140
Investments 11,932 9,089 7,891 7,470 6,985 7,712 9,401 21,327 23,725 24,907 27,029 26,768
24,890 29,835 40,401 39,974 44,523 33,714 34,203 37,241 41,217 49,050 45,900 52,982
Total Assets 61,779 66,791 77,814 79,628 88,460 86,322 86,422 109,086 120,356 136,926 150,860 160,988

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-224 3,676 1,907 5,926 9,588 20,742 11,119 9,041 11,068 10,157 7,881 23,554
-576 -453 -2,276 -3,604 -6,881 -10,536 -9,233 -15,274 -7,066 -10,451 -11,135 -2,573
955 -177 -4,379 -846 -3,736 -9,792 -1,332 4,804 -4,218 207 3,583 -13,981
Net Cash Flow 155 3,047 -4,748 1,476 -1,029 414 555 -1,429 -215 -87 329 7,000

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 8 6 9 7 6 4 4 9 8 8 7 12
Inventory Days 46 48 40 33 35 29 34 45 41 32 32 52
Days Payable 30 24 25 15 20 22 19 24 27 25 19 32
Cash Conversion Cycle 24 31 24 25 22 12 19 30 21 16 20 33
Working Capital Days 16 9 15 14 10 -10 -13 -8 -5 -0 -2 -14
ROCE % 10% 11% 9% 12% 16% 18% 26% 24% 22% 18% 9% 18%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
53.93 53.93 53.29 53.29 53.29 52.98 52.98 52.98 52.98 52.98 52.98 52.98
16.92 14.58 15.64 15.30 14.58 14.07 12.28 11.95 11.98 11.56 12.42 12.63
13.73 15.92 15.32 15.58 17.96 18.47 19.61 20.48 20.57 20.07 23.31 22.36
0.86 0.86 0.86 0.86 0.86 0.86 0.86 0.86 0.86 0.86 0.86 0.86
14.55 14.71 14.88 14.96 13.30 13.63 14.27 13.73 13.61 12.53 8.43 10.86
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.00 2.00 0.32

Documents