Hindustan Petroleum Corporation Ltd

About

Hindustan Petroleum Corporation Ltd is mainly engaged in the business of refining of crude oil and marketing of petroleum products, production of hydrocarbons as well as providing services for management of E&P Blocks.[1]

Key Points

Refineries Capacity
Total Capacity- ~21.5 MMTPA
Refinery Locations :
Mumbai - 7.5 MMTPA
Visakhapatnam - 8.3 MMTPA
Bathinda - 5.65 MMTPA*

*Co. owns 50% stake in a refinery located in Bathinda, Punjab with a capacity of 11.3 MMTPA.[1]

See full details
  • Market Cap 38,982 Cr.
  • Current Price 275
  • High / Low 312 / 163
  • Stock P/E 3.74
  • Book Value 268
  • Dividend Yield 8.28 %
  • ROCE 19.4 %
  • ROE 31.0 %
  • Face Value 10.0

Pros

  • Stock is trading at 1.02 times its book value
  • Stock is providing a good dividend yield of 8.28%.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 22.32%
  • Company has been maintaining a healthy dividend payout of 41.18%
  • Promoter holding has increased by 1.40% over last quarter.

Cons

  • The company has delivered a poor sales growth of 5.57% over past five years.
  • Company might be capitalizing the interest cost

Peer comparison

Sector: Refineries Industry: Refineries

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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
67,580 72,188 68,039 71,060 60,957 70,820 66,255 37,782 51,832 68,729 74,905 72,491
65,445 71,267 62,748 69,403 58,819 68,807 67,125 33,979 48,224 65,432 70,168 69,298
Operating Profit 2,135 921 5,292 1,656 2,139 2,013 -870 3,803 3,608 3,297 4,737 3,194
OPM % 3% 1% 8% 2% 4% 3% -1% 10% 7% 5% 6% 4%
Other Income 319 624 825 696 292 555 -598 533 1,386 899 522 647
Interest 214 164 203 221 300 267 351 334 272 132 225 259
Depreciation 755 757 847 829 825 881 834 883 883 894 965 927
Profit before tax 1,485 625 5,067 1,301 1,305 1,420 -2,653 3,120 3,838 3,170 4,070 2,655
Tax % 34% 39% 34% 33% 42% 28% 99% 28% 22% 25% 25% 25%
Net Profit 979 384 3,340 877 762 1,027 -28 2,253 2,976 2,374 3,061 2,004
EPS in Rs 6.42 2.52 21.92 5.76 5.00 6.74 -0.18 14.78 19.53 15.84 21.02 14.13

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
111,128 138,742 185,284 216,355 234,237 216,648 177,910 187,493 219,510 275,491 269,092 233,248 267,958
108,307 134,674 180,951 212,740 228,875 211,916 169,575 176,607 208,732 263,963 263,887 217,194 253,122
Operating Profit 2,821 4,068 4,333 3,614 5,363 4,733 8,335 10,886 10,778 11,527 5,204 16,055 14,836
OPM % 3% 3% 2% 2% 2% 2% 5% 6% 5% 4% 2% 7% 6%
Other Income 1,782 961 937 1,405 1,366 1,836 1,970 3,697 2,785 2,383 679 2,731 3,454
Interest 932 919 2,481 1,773 2,393 1,841 723 609 618 786 1,139 963 889
Depreciation 1,251 1,498 1,922 2,365 3,011 2,497 2,846 2,776 2,834 3,085 3,370 3,625 3,669
Profit before tax 2,421 2,612 867 882 1,325 2,231 6,735 11,197 10,110 10,039 1,374 14,197 13,732
Tax % 39% 35% 80% 43% 19% 33% 31% 26% 29% 33% -92% 25%
Net Profit 1,477 1,704 175 501 1,080 1,499 4,675 8,236 7,218 6,691 2,639 10,663 10,414
EPS in Rs 9.69 11.18 1.15 3.29 7.09 9.84 30.68 54.05 47.37 43.91 17.32 73.24 70.52
Dividend Payout % 28% 28% 165% 57% 49% 55% 25% 37% 36% 36% 56% 31%
Compounded Sales Growth
10 Years:5%
5 Years:6%
3 Years:2%
TTM:14%
Compounded Profit Growth
10 Years:20%
5 Years:18%
3 Years:14%
TTM:108%
Stock Price CAGR
10 Years:13%
5 Years:-1%
3 Years:3%
1 Year:54%
Return on Equity
10 Years:22%
5 Years:27%
3 Years:22%
Last Year:31%

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
339 339 339 339 339 339 339 1,016 1,524 1,524 1,524 1,452
Reserves 11,799 12,941 12,769 13,020 13,660 13,585 16,325 20,055 24,008 28,876 29,456 36,628
Borrowings 24,336 31,124 40,169 45,737 47,995 36,916 22,160 22,130 21,952 28,192 44,001 43,709
20,491 25,513 32,302 33,181 35,002 34,905 30,729 37,127 42,197 48,762 41,935 52,377
Total Liabilities 56,965 69,918 85,579 92,276 96,996 85,745 69,553 80,329 89,681 107,354 116,918 134,166
16,244 19,617 31,858 35,736 38,966 45,425 33,678 36,876 38,695 41,642 48,952 50,912
CWIP 8,917 12,168 6,127 6,565 6,157 3,950 1,914 1,867 4,011 9,519 17,170 25,336
Investments 9,617 8,104 6,958 6,428 5,691 6,113 9,185 11,773 12,882 14,297 14,396 15,093
22,188 30,029 40,636 43,547 46,183 30,257 24,776 29,811 34,094 41,896 36,400 42,825
Total Assets 56,965 69,918 85,579 92,276 96,996 85,745 69,553 80,329 89,681 107,354 116,918 134,166

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
4,692 825 517 1,715 7,007 19,410 6,651 10,254 11,037 8,554 5,469 17,829
-4,963 -6,153 -7,133 -5,255 -5,152 -5,667 -4,272 -5,304 -7,398 -11,382 -14,168 -12,279
-21 4,744 6,831 2,577 -1,256 -14,699 -3,674 -4,239 -4,423 2,598 8,452 -4,709
Net Cash Flow -291 -584 215 -962 600 -956 -1,295 712 -784 -230 -247 841

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 9 9 8 9 10 7 8 8 9 8 5 11
Inventory Days 48 50 49 38 42 29 31 42 35 30 29 52
Days Payable 33 31 33 26 25 23 22 28 30 25 17 32
Cash Conversion Cycle 23 28 24 21 27 13 17 21 15 12 17 31
Working Capital Days 10 26 31 31 29 6 13 -6 -8 -4 -6 -13
ROCE % 10% 9% 7% 4% 6% 7% 17% 29% 24% 20% 5% 19%

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
51.11 51.11 51.11 51.11 51.11 51.11 51.11 51.11 51.11 51.57 53.50 54.90
20.17 19.15 18.60 19.64 18.32 19.16 17.72 16.07 15.49 15.92 16.33 17.84
16.54 17.64 17.09 17.22 21.48 20.80 21.66 23.61 22.29 20.81 18.92 16.28
12.18 12.10 13.20 12.02 9.09 8.93 9.51 9.21 11.11 11.71 11.25 10.98

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