Hindustan Petroleum Corporation Ltd

About [ edit ]

Hindustan Petroleum Corporation is engaged, primarily in the business of refining of crude oil and marketing of petroleum products. The Corporation has, among others, refineries at Mumbai and Vishakhapatnam, LPG bottling plants and Lube blending plants. The Corporations marketing infrastructure includes vast network of Installations, Depots, Aviation Service Stations, Retail Outlets and LPG distributors.(Source : 202003 Annual Report Page No:148)

  • Market Cap 34,347 Cr.
  • Current Price 225
  • High / Low 249 / 150
  • Stock P/E 4.89
  • Book Value 215
  • Dividend Yield 4.33 %
  • ROCE 5.71 %
  • ROE 11.6 %
  • Face Value 10.0

Pros

  • Stock is trading at 1.05 times its book value
  • Company has been maintaining a healthy dividend payout of 45.77%

Cons

  • The company has delivered a poor sales growth of 5.40% over past five years.
  • Tax rate seems low
  • Company might be capitalizing the interest cost

Peer comparison

Sector: Refineries Industry: Refineries

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
57,502 60,810 67,629 67,518 72,107 67,938 70,989 60,868 70,750 66,155 37,721 51,773
54,316 57,887 64,438 65,396 71,189 62,772 69,345 58,548 68,883 66,862 33,367 48,169
Operating Profit 3,186 2,923 3,191 2,122 917 5,166 1,644 2,321 1,867 -707 4,354 3,604
OPM % 6% 5% 5% 3% 1% 8% 2% 4% 3% -1% 12% 7%
Other Income 447 343 306 413 440 523 616 394 402 -579 563 817
Interest 90 178 191 201 147 187 206 286 252 337 322 260
Depreciation 680 725 706 738 739 828 815 812 866 811 866 868
Profit before tax 2,863 2,362 2,599 1,596 470 4,673 1,239 1,617 1,151 -2,434 3,728 3,292
Tax % 32% 26% 34% 32% 47% 36% 35% 35% 35% 101% 25% 25%
Net Profit 1,950 1,748 1,719 1,092 248 2,970 811 1,052 747 27 2,814 2,477
EPS in Rs 12.79 11.47 11.28 7.17 1.62 19.49 5.32 6.91 4.90 0.18 18.47 16.26
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
124,752 107,637 133,672 178,336 206,722 223,352 206,626 177,701 187,091 219,333 275,215 268,766 226,399
121,957 105,043 129,941 174,099 203,068 218,110 201,493 169,706 176,447 208,580 263,812 263,662 217,281
Operating Profit 2,795 2,594 3,731 4,237 3,655 5,242 5,133 7,995 10,644 10,753 11,402 5,105 9,118
OPM % 2% 2% 3% 2% 2% 2% 2% 4% 6% 5% 4% 2% 4%
Other Income 981 1,599 906 919 1,216 912 1,706 1,089 1,448 1,769 1,675 854 1,203
Interest 2,083 904 892 2,224 1,413 1,336 707 654 536 567 726 1,082 1,172
Depreciation 981 1,164 1,407 1,713 1,984 2,202 1,979 2,653 2,535 2,753 3,013 3,304 3,412
Profit before tax 712 2,125 2,338 1,219 1,475 2,616 4,154 5,777 9,021 9,202 9,339 1,573 5,737
Tax % 19% 39% 34% 25% 39% 34% 34% 36% 31% 31% 35% -68%
Net Profit 575 1,301 1,539 911 905 1,734 2,733 3,726 6,209 6,357 6,029 2,637 6,065
EPS in Rs 3.77 8.54 10.10 5.98 5.94 11.38 17.94 24.45 40.75 41.72 39.56 17.31 39.81
Dividend Payout % 31% 31% 31% 32% 32% 30% 30% 31% 49% 41% 40% 56%
Compounded Sales Growth
10 Years:10%
5 Years:5%
3 Years:13%
TTM:-17%
Compounded Profit Growth
10 Years:10%
5 Years:4%
3 Years:-19%
TTM:38%
Stock Price CAGR
10 Years:10%
5 Years:5%
3 Years:-17%
1 Year:-8%
Return on Equity
10 Years:19%
5 Years:23%
3 Years:21%
Last Year:12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
339 339 339 339 339 339 339 339 1,016 1,524 1,524 1,524 1,524
Reserves 10,392 11,219 12,207 12,784 13,387 14,673 15,683 17,631 19,331 22,424 26,651 27,438 31,275
Borrowings 22,756 21,302 25,021 29,831 33,788 32,166 20,335 21,167 21,250 20,991 27,240 43,021 29,795
13,370 18,363 23,194 28,156 28,730 30,815 31,193 30,442 36,882 41,878 48,432 42,035 55,765
Total Liabilities 46,857 51,223 60,761 71,110 76,245 77,993 67,551 69,579 78,479 86,817 103,847 114,019 118,359
11,655 15,307 18,645 20,850 22,549 25,912 29,063 33,108 36,132 37,972 40,979 48,290 47,969
CWIP 5,001 3,888 3,696 4,444 5,173 4,586 3,474 1,853 1,810 3,985 9,496 17,144 19,850
Investments 14,196 11,387 11,335 10,370 10,627 10,860 11,246 10,579 10,919 11,105 11,819 12,512 13,122
16,004 20,642 27,086 35,445 37,896 36,636 23,767 24,040 29,618 33,755 41,553 36,073 37,418
Total Assets 46,857 51,223 60,761 71,110 76,245 77,993 67,551 69,579 78,479 86,817 103,847 114,019 118,359

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
5,841 3,281 1,001 2,226 896 8,808 17,841 6,783 9,983 11,018 8,450 5,453
-8,596 -1,154 -3,382 -2,864 -3,371 -3,779 -3,291 -4,354 -5,310 -7,391 -11,383 -14,166
3,275 -2,310 1,674 1,060 1,409 -5,681 -14,568 -3,719 -4,015 -4,324 2,691 8,478
Net Cash Flow 519 -183 -706 423 -1,066 -653 -18 -1,290 658 -697 -243 -234

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 9% 9% 10% 9% 6% 9% 12% 17% 24% 23% 20% 6%
Debtor Days 7 8 8 7 9 9 6 8 8 9 8 5
Inventory Turnover 11.17 9.17 8.42 9.23 10.77 11.77 11.97 12.04 10.32 10.55 12.90 12.58

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
51.11 51.11 51.11 51.11 51.11 51.11 51.11 51.11 51.11 51.11 51.11 51.57
23.39 21.22 20.17 19.15 18.60 19.64 18.32 19.16 17.72 16.07 15.49 15.92
12.96 15.37 16.54 17.64 17.09 17.22 21.48 20.80 21.66 23.61 22.29 20.81
12.54 12.30 12.18 12.10 13.20 12.02 9.09 8.93 9.51 9.21 11.11 11.71

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