Bharat Petroleum Corporation Ltd. benchmarking: Perfomance to industry peers

Financial

	BPCL	Indian Oil Corp.	HPCL
Operational Metrics
Infrastructure
Pipeline Length	3537.0 Km	20005.0 Km	n/a
Transmission Capacity - Crude Oil	29.0 MMTPA	129.92 MMTPA	n/a
Capacity Utilization - Crude Oil Pipelines	124.77 %	66.7 %	n/a
Oil Refining
Capacity Utilization - Refinery	103.81 %	97.74 %	106.96 %
Manufacturing Capacity - Refinery	35.3 MMTPA	80.75 MMTPA	24.5 MMTPA
Gross Refining Margin (GRM)	10.66 $/BL	4.51 $/BL	8.82 $/BL
Nelson Complexity Index	10.22	12.2	17.0
Financials
5 yr Average ROE	21.71 %	15.04 %	14.26 %
5yr average Equity Multiplier	3.1	3.07	4.0
5yr Average Asset Turnover Ratio	2.01	1.45	2.26
5yr Avg Net Profit Margin	3.97 %	3.69 %	2.06 %
Price to Book	1.62	1.16	1.68
P/E	7.18	9.18	6.84
5yr Avg Cash Conversion Cycle	10.65 Days	23.5 Days	9.87 Days
Inventory Days	29.42 Days	48.81 Days	28.39 Days
Days Receivable	6.45 Days	6.88 Days	8.18 Days
Days Payable	26.57 Days	33.06 Days	24.24 Days
5yr Average Interest Coverage Ratio	7.39	5.86	7.0
5yr Avg ROCE	17.66 %	14.6 %	10.86 %
5yr Avg Operating Profit Margin	6.54 %	7.44 %	3.54 %
5 yr average Debt to Equity	0.87	0.87	1.38
5yr CAGR Net Profit	-3.77 %	-8.87 %	-8.78 %
5yr Average Return on Assets	7.36 %	4.94 %	4.12 %
Shareholdings
Promoter Holding	52.98 %	51.5 %	54.9 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	0.0	0.0	0.0
Change in Mutual Fund Holding (3 Yrs)	1.74 %	1.32 %	6.18 %

Business

	BPCL	Indian Oil Corp.	HPCL
Product Wise Break-Up	Product Wise Break-Up High Speed Diesel (HSD) 45.13 Liquified Petroleum Gas ( LPG ) 18.84 Motor Spirit (MS) 18.58 refining 0 Crude Oil 0 Aviation Turbine Fuel (ATF ) 0 Liquified Petroleum Gas ( LPG ) 0 Superior Kerosene Oil ( SKO ) 0 High Speed Diesel ( HSD ) 0 Motor Spirit ( MS ) 0 Others 17.45	Product Wise Break-Up High Speed Diesel (HSD) 44.48 Crude Oil 0 refining 0 Motor Spirit (MS) 0 High Speed Diesel (HSD) 0 Liquified Petroleum Gas ( LPG ) 10.6 Motor Spirit (MS) 23.1 Aviation Turbine Fuel (ATF ) 4.9 Superior Kerosene Oil ( SKO ) 0 Others 16.92	Product Wise Break-Up High Speed Diesel ( HSD ) 0 Crude Oil 0 refining 0 Motor Spirit (MS) 26.0 High Speed Diesel (HSD) 47.0 Liquified Petroleum Gas ( LPG ) 0 Motor Spirit ( MS ) 0 Aviation Turbine Fuel (ATF ) 0 Superior Kerosene Oil ( SKO ) 0 Others 27.0
Segment Break-Up	Segment Break-Up Downstream Petroleum 99.97 Exploration and Production 0.03 GAS 0 Petrochemicals 0 Petroleum Products 0 Downstream 0	Segment Break-Up Petrochemicals 3.03 Petroleum Products 91.25 Exploration and Production 0 GAS 5.28 Downstream Petroleum 0 Downstream 0 Others 0.44	Segment Break-Up Petrochemicals 0 Petroleum Products 0 Exploration and Production 0 GAS 0 Downstream Petroleum 0 Downstream 100.0
Location Wise Break-Up	Location Wise Break-Up India 98.77 Rest of the World 0 Others 1.23	Location Wise Break-Up Rest of the World 5.17 India 94.83	Location Wise Break-Up Rest of the World 2.32 India 97.68
Operating Profit Break-Up	Operating Profit Break-Up Downstream 98.23 Exploration & Production of Hydrocarbons 1.77 GAS 0 Petroleum Products 0 Petchem 0 Pipelines 0 Refining & Marketing 0	Operating Profit Break-Up Refining & Marketing 0 0 Petroleum Products 94.93 Pipelines 0 GAS 1.87 Downstream 0 Petchem 1.3 Others 1.9	Operating Profit Break-Up Refining & Marketing 0 0 Petroleum Products 0 Pipelines 0 GAS 0 Downstream 100.0 Petchem 0
Asset Break-Up - Segment Wise	Asset Break-Up - Segment Wise India 82.02 Others 17.98	-	Asset Break-Up - Segment Wise India 100.0
Asset Break-Up	Asset Break-Up Downstream 75.42 Exploration & Production of Hydrocarbons 12.67 Petrochemicals 0 Petroleum Products 0 Others 11.91	Asset Break-Up Petrochemicals 7.92 Downstream 0 Petroleum Products 71.07 0 Others 21.01	Asset Break-Up Petrochemicals 0 Downstream 100.0 Petroleum Products 0 0

Bharat Petroleum Corporation Ltd.

Bharat Petroleum Corporation Ltd.

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