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 33,994 Cr.
  • Current Price 234
  • High / Low 259 / 163
  • Stock P/E 3.96
  • Book Value 239
  • Dividend Yield 4.18 %
  • ROCE 5.23 %
  • ROE 11.1 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.98 times its book value
  • Company has a good return on equity (ROE) track record: 3 Years ROE 21.19%
  • Company has been maintaining a healthy dividend payout of 42.81%
  • Promoter holding has increased by 1.93% over last quarter.

Cons

  • The company has delivered a poor sales growth of 4.43% 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

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
67,676 67,580 72,188 68,039 71,060 60,957 70,820 66,255 37,782 51,832 68,729
64,476 65,445 71,267 62,748 69,403 58,819 68,807 67,125 33,979 48,224 65,432
Operating Profit 3,200 2,135 921 5,292 1,656 2,139 2,013 -870 3,803 3,608 3,297
OPM % 5% 3% 1% 8% 2% 4% 3% -1% 10% 7% 5%
Other Income 594 319 624 825 696 292 555 -598 533 1,386 899
Interest 205 214 164 203 221 300 267 351 334 272 132
Depreciation 726 755 757 847 829 825 881 834 883 883 894
Profit before tax 2,863 1,485 625 5,067 1,301 1,305 1,420 -2,653 3,120 3,838 3,170
Tax % 31% 34% 39% 34% 33% 42% 28% 99% 28% 22% 25%
Net Profit 1,988 979 384 3,340 877 762 1,027 -28 2,253 2,976 2,374
EPS in Rs 13.05 6.42 2.52 21.92 5.76 5.00 6.74 -0.18 14.78 19.53 15.84

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
129,243 111,128 138,742 185,284 216,355 234,237 216,648 177,910 187,493 219,510 275,491 269,092 224,598
126,053 108,307 134,675 180,951 212,789 228,911 211,944 169,575 176,613 208,732 263,963 263,907 214,760
Operating Profit 3,190 2,821 4,068 4,333 3,566 5,326 4,704 8,335 10,880 10,778 11,527 5,184 9,838
OPM % 2% 3% 3% 2% 2% 2% 2% 5% 6% 5% 4% 2% 4%
Other Income 1,000 1,782 961 937 1,454 1,403 1,865 1,970 3,703 2,785 2,383 699 2,220
Interest 2,112 932 919 2,481 1,773 2,393 1,841 723 609 618 786 1,139 1,089
Depreciation 1,066 1,251 1,498 1,922 2,365 3,011 2,497 2,846 2,776 2,834 3,085 3,370 3,495
Profit before tax 1,012 2,421 2,612 867 882 1,325 2,231 6,735 11,197 10,110 10,039 1,374 7,474
Tax % 25% 39% 35% 80% 43% 19% 33% 31% 26% 29% 33% -92%
Net Profit 757 1,477 1,704 175 501 1,080 1,499 4,675 8,236 7,218 6,691 2,639 7,575
EPS in Rs 4.97 9.69 11.18 1.15 3.29 7.09 9.84 30.68 54.05 47.37 43.91 17.32 49.97
Dividend Payout % 23% 28% 28% 165% 57% 49% 55% 25% 37% 36% 36% 56%
Compounded Sales Growth
10 Years:9%
5 Years:4%
3 Years:13%
TTM:-17%
Compounded Profit Growth
10 Years:9%
5 Years:18%
3 Years:-25%
TTM:43%
Stock Price CAGR
10 Years:11%
5 Years:4%
3 Years:-9%
1 Year:11%
Return on Equity
10 Years:19%
5 Years:26%
3 Years:21%
Last Year:11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 10,802 11,799 12,941 12,769 13,020 13,660 13,585 16,325 20,055 24,008 28,876 29,456 33,306
Borrowings 24,061 24,336 31,124 40,169 45,737 47,995 36,916 22,160 22,130 21,952 28,192 44,001 30,495
14,158 20,491 25,513 32,302 33,181 35,002 34,905 30,729 37,127 42,197 48,762 41,932 55,519
Total Liabilities 49,361 56,965 69,918 85,579 92,276 96,996 85,745 69,553 80,329 89,681 107,354 116,914 120,844
12,662 16,244 19,617 31,858 35,736 38,966 45,425 33,678 36,876 38,695 41,642 48,952 48,622
CWIP 6,455 8,917 12,168 6,127 6,565 6,157 3,950 1,914 1,867 4,011 9,519 17,170 19,850
Investments 12,827 9,617 8,104 6,958 6,428 5,691 6,113 9,185 11,773 12,882 14,297 14,396 14,699
17,417 22,188 30,029 40,636 43,547 46,183 30,257 24,776 29,811 34,094 41,896 36,397 37,673
Total Assets 49,361 56,965 69,918 85,579 92,276 96,996 85,745 69,553 80,329 89,681 107,354 116,914 120,844

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
6,177 4,692 825 517 1,715 7,007 19,410 6,651 10,254 11,037 8,554 5,469
-9,709 -4,963 -6,153 -7,133 -5,255 -5,152 -5,667 -4,272 -5,304 -7,398 -11,382 -14,168
4,220 -21 4,744 6,831 2,577 -1,256 -14,699 -3,674 -4,239 -4,423 2,598 8,452
Net Cash Flow 688 -291 -584 215 -962 600 -956 -1,295 712 -784 -230 -247

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 % 10% 10% 9% 7% 4% 6% 7% 17% 29% 24% 20% 5%
Debtor Days 7 9 9 8 9 10 7 8 8 9 8 5
Inventory Turnover 11.04 9.10 8.38 8.56 9.22 9.50 9.77 10.74 10.27 10.49 12.76 12.46

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
51.11 51.11 51.11 51.11 51.11 51.11 51.11 51.11 51.11 51.11 51.57 53.50
21.22 20.17 19.15 18.60 19.64 18.32 19.16 17.72 16.07 15.49 15.92 16.33
15.37 16.54 17.64 17.09 17.22 21.48 20.80 21.66 23.61 22.29 20.81 18.92
12.30 12.18 12.10 13.20 12.02 9.09 8.93 9.51 9.21 11.11 11.71 11.25

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