Hindustan Petroleum Corporation Ltd. benchmarking: Performance to industry peers

Financial

	HPCL	BPCL	MRPL
Operational Metrics
Oil Refining
Gross Refining Margin (GRM)	8.83 $/BL	13.5 $/BL	3.88 $/BL
Nelson Complexity Index	17.0	10.22	10.0
Manufacturing Capacity - Refinery	24.5 MMTPA	35.3 MMTPA	15.0 MMTPA
Capacity Utilization - Refinery	106.96 %	103.81 %	107.7 %
Financials
5 yr Average ROE	18.58 %	21.71 %	19.09 %
5yr average Equity Multiplier	4.0	3.1	4.59
5yr Average Asset Turnover Ratio	2.26	2.01	2.12
5yr Avg Net Profit Margin	2.06 %	3.97 %	1.67 %
Price to Book	1.38	1.33	1.9
P/E	5.11	5.07	14.04
5yr Avg Cash Conversion Cycle	9.87 Days	10.65 Days	12.45 Days
Inventory Days	28.39 Days	29.42 Days	31.24 Days
Days Receivable	8.18 Days	6.45 Days	12.31 Days
Days Payable	24.24 Days	26.57 Days	34.11 Days
5yr Average Interest Coverage Ratio	7.0	7.39	2.9
5yr Avg ROCE	10.86 %	17.66 %	14.65 %
5yr Avg Operating Profit Margin	3.54 %	6.54 %	5.16 %
5 yr average Debt to Equity	1.38	0.87	2.43
5yr CAGR Net Profit	-8.78 %	-3.77 %	n/a
5yr Average Return on Assets	4.12 %	7.36 %	4.44 %
Shareholdings
Promoter Holding	54.9 %	52.98 %	88.58 %
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)	2.15 %	-1.42 %	0.22 %

	HPCL	BPCL	MRPL
Product Wise Break-Up	Product Wise Break-Up High Speed Diesel (HSD) 47.0 Motor Spirit (MS) 26.0 Liquified Petroleum Gas ( LPG ) 16.0 refining 0 Crude Oil 0 High speed Diesel (HSD) 0 Others 11.0	Product Wise Break-Up High speed Diesel (HSD) 0 refining 0 Motor Spirit (MS) 18.58 Crude Oil 0 High Speed Diesel (HSD) 45.13 Liquified Petroleum Gas ( LPG ) 0 Others 36.29	Product Wise Break-Up High Speed Diesel (HSD) 55.96 refining 0 Motor Spirit (MS) 25.12 Crude Oil 0 High Speed Diesel (HSD) 0 Liquified Petroleum Gas ( LPG ) 0 Others 18.92
Segment Break-Up	Segment Break-Up Downstream 99.91 Exploration and Production 0 Downstream Petroleum 0 Others 0.09	Segment Break-Up Downstream Petroleum 99.98 Downstream 0 Exploration and Production 0.02	-
Location Wise Break-Up	Location Wise Break-Up India 97.68 Rest of the World 2.32	Location Wise Break-Up India 98.77 Rest of the World 0 Others 1.23	Location Wise Break-Up India 58.78 Rest of the World 41.22
Operating Profit Break-Up	Operating Profit Break-Up Downstream 100.0 0	Operating Profit Break-Up 0 Downstream 100.0	-
Asset Break-Up - Segment Wise	Asset Break-Up - Segment Wise India 100.0	Asset Break-Up - Segment Wise India 82.02 Others 17.98	-
Asset Break-Up	Asset Break-Up Downstream 96.98 0 Others 3.02	Asset Break-Up Exploration & Production of Hydrocarbons 13.42 Downstream 75.03 Others 11.55	-