Bharat Petroleum Corporation Ltd

Bharat Petroleum Corporation is engaged in the business of refining of crude oil and marketing of petroleum products.(Source : 201903 Annual Report Page No: 189)

Pros:
Stock is providing a good dividend yield of 4.22%.
Company has a good return on equity (ROE) track record: 3 Years ROE 25.10%
Company has been maintaining a healthy dividend payout of 47.54%
Cons:

Peer Comparison Sector: Refineries // Industry: Refineries

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Mar 2019 Jun 2019
71,805 74,367 76,325
67,216 68,496 73,344
Operating Profit 4,589 5,871 2,982
OPM % 6% 8% 4%
Other Income 1,021 469 937
Interest 416 401 566
Depreciation 802 977 977
Profit before tax 4,392 4,962 2,375
Tax % 30% 37% 24%
Net Profit 2,904 2,912 1,624
EPS in Rs 14.76 14.81 8.26
Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
110,744 135,239 123,194 153,765 212,140 242,181 264,421 242,598 187,815 201,251 235,895 298,226
107,174 131,392 120,001 149,115 207,221 235,316 255,007 232,818 174,844 187,468 220,578 283,113
Operating Profit 3,569 3,847 3,194 4,650 4,918 6,865 9,414 9,780 12,971 13,783 15,317 15,112
OPM % 3% 3% 3% 3% 2% 3% 4% 4% 7% 7% 6% 5%
Other Income 1,457 952 2,148 1,336 1,351 1,337 1,344 2,117 1,913 2,721 2,927 2,975
Interest 715 2,404 1,125 1,266 2,259 2,518 1,982 1,180 680 696 1,186 1,764
Depreciation 1,292 1,262 1,445 1,891 2,411 2,463 2,611 3,027 2,072 2,108 2,885 3,418
Profit before tax 3,019 1,133 2,772 2,829 1,599 3,220 6,166 7,690 12,132 13,700 14,174 12,905
Tax % 37% 36% 38% 38% 47% 40% 34% 34% 33% 31% 31% 34%
Net Profit 1,770 634 1,632 1,635 781 1,881 3,911 4,807 8,089 8,721 9,009 7,802
EPS in Rs 7.99 2.67 7.08 7.11 3.26 7.96 17.03 20.53 39.83 39.83 45.80 39.67
Dividend Payout % 11% 47% 34% 35% 55% 42% 31% 34% 25% 49% 46% 48%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:8.23%
5 Years:2.44%
3 Years:16.66%
TTM:26.42%
Compounded Profit Growth
10 Years:24.90%
5 Years:14.66%
3 Years:-1.30%
TTM:-13.65%
Return on Equity
10 Years:21.52%
5 Years:26.00%
3 Years:25.10%
Last Year:20.45%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
362 362 362 362 362 723 723 723 656 1,311 1,967 1,967
Reserves 12,545 12,950 13,781 14,989 15,518 16,052 18,703 21,825 27,138 30,033 35,108 37,255
Borrowings 16,066 24,239 26,692 25,038 30,153 33,157 33,152 25,492 23,388 35,725 37,659 44,839
18,977 17,233 22,074 27,534 32,779 30,885 37,607 40,243 36,534 43,504 47,664 54,625
Total Liabilities 47,950 54,783 62,909 67,923 78,812 80,817 90,186 88,284 87,715 110,574 122,399 138,685
14,355 14,692 17,135 19,658 24,988 24,721 27,580 29,109 25,358 33,684 45,539 49,315
CWIP 2,441 6,173 7,822 8,209 4,534 7,463 9,372 15,787 17,459 16,834 9,875 13,654
Investments 9,281 16,400 11,932 9,089 7,891 7,470 6,985 7,712 9,401 21,327 23,725 24,907
21,872 17,519 26,020 30,967 41,399 41,163 46,249 35,675 35,497 38,729 43,260 50,809
Total Assets 47,950 54,783 62,909 67,923 78,812 80,817 90,186 88,284 87,715 110,574 122,399 138,685

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
1,333 7,018 -224 3,676 1,907 5,926 9,588 20,742 11,119 9,041 11,068 10,157
-5,026 -12,817 -576 -453 -2,276 -3,604 -6,881 -10,536 -9,233 -15,274 -7,066 -10,451
233 86 955 -177 -4,379 -846 -3,736 -9,792 -1,332 4,804 -4,218 207
Net Cash Flow -3,460 -5,713 155 3,047 -4,748 1,476 -1,029 414 555 -1,429 -215 -87

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 14% 12% 10% 11% 9% 12% 16% 18% 26% 24% 22% 18%
Debtor Days 6 4 8 6 9 7 6 4 4 9 8 8
Inventory Turnover 10.52 13.95 11.21 9.51 10.79 11.78 12.24 11.96 11.72 11.23 10.79 13.12