Bharat Petroleum Corporation Ltd. benchmarking: Performance 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)	13.5 $/BL	12.59 $/BL	8.83 $/BL
Nelson Complexity Index	10.22	12.2	17.0
Financials
5 yr Average ROE	21.71 %	15.04 %	18.58 %
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	1.33	0.99	1.38
P/E	5.07	5.44	5.11
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)	-1.42 %	0.27 %	2.15 %

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 refining 0 Motor Spirit (MS) 0 Motor Spirit (MS) 23.1 Superior Kerosene Oil ( SKO ) 0 Crude Oil 0 High Speed Diesel (HSD) 0 High Speed Diesel (HSD) 44.48 Liquified Petroleum Gas ( LPG ) 10.6 Aviation Turbine Fuel (ATF ) 4.9 Others 16.92	Product Wise Break-Up refining 0 Motor Spirit (MS) 26.0 Motor Spirit ( MS ) 0 Superior Kerosene Oil ( SKO ) 0 Crude Oil 0 High Speed Diesel (HSD) 47.0 High Speed Diesel ( HSD ) 0 Liquified Petroleum Gas ( LPG ) 0 Aviation Turbine Fuel (ATF ) 0 Others 27.0
Segment Break-Up	Segment Break-Up Downstream Petroleum 99.98 Exploration and Production 0.02 GAS 0 Petrochemicals 0 Petroleum Products 0 Downstream 0	Segment Break-Up Petrochemicals 2.87 Downstream Petroleum 0 GAS 4.84 Downstream 0 Exploration and Production 0 Petroleum Products 91.66 Others 0.63	Segment Break-Up Petrochemicals 0 Downstream Petroleum 0 GAS 0 Downstream 99.91 Exploration and Production 0 Petroleum Products 0 Others 0.09
Location Wise Break-Up	Location Wise Break-Up India 98.77 Rest of the World 0 Others 1.23	Location Wise Break-Up India 94.83 Rest of the World 5.17	Location Wise Break-Up India 97.68 Rest of the World 2.32
Operating Profit Break-Up	Operating Profit Break-Up Downstream 100.0 0 GAS 0 Petroleum Products 0 Petchem 0 Pipelines 0 Refining & Marketing 0	Operating Profit Break-Up 0 GAS 1.06 Pipelines 0 Downstream 0 Petchem 3.15 Refining & Marketing 0 Petroleum Products 95.79	Operating Profit Break-Up 0 GAS 0 Pipelines 0 Downstream 100.0 Petchem 0 Refining & Marketing 0 Petroleum Products 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 75.03 Exploration & Production of Hydrocarbons 13.42 Petrochemicals 0 Petroleum Products 0 Others 11.55	Asset Break-Up Petrochemicals 8.26 0 Petroleum Products 70.76 Downstream 0 Others 20.98	Asset Break-Up Petrochemicals 0 0 Petroleum Products 0 Downstream 96.98 Others 3.02

Bharat Petroleum Corporation Ltd.

Bharat Petroleum Corporation Ltd.

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