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Bharat Petroleum (BOM:500547) |
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WIKI ANALYSIS
Bharat Petroleum Corporation Limited (BPCL) is the second largest oil refining and marketing company in India. It had a market share of 23% amongst the public sector oil companies in FY09 with 19.5 MMTPA (million tonnes per annum) of installed refining capacity. The company has a network of 8,402 retail outlets, 2,117 LPG distributors and 27 m LPG customers. Its subsidiary, Numaligarh Refinery has a capacity of 3 MMTPA. The company’s wholly owned subsidiary Bharat PetroResources engages in exploration and production, with participating interest in the area between East Timor and Australia. BPCL also has a stake in Petronet CCK (49%), Petronet LNG (12.5%), Indraprastha Gas (22.5%), Central UP Gas (22.5%), Maharashtra Natural Gas (22.5%) and Sabarmati Gas (25%).
During FY09, the gross refining margin for BPCL was US$ 4.48 per barrel for its Mumbai refinery and US$ 6.27 per barrel for its Kochi Refinery. On the volumes front, the market sales for BPCL during FY09 stood at 27.16 m tonnes. BPCL’s under recovery on diesel, petrol, PDS kerosene and domestic LPG was compensated by the upstream oil companies and government bonds during the period. Accordingly, a discount of Rs 76 bn was received for the purchase of crude oil, kerosene and LPG from ONGC and GAIL. Moreover, the company accounted for Rs 162 bn of oil bonds for FY09.
While volume off take is likely to remain robust going forward, the company’s financial performance will depend on crude oil prices, rupee-dollar exchange rates, interest costs and most importantly, government regulations of product prices.
| Financial Snapshot | ||||||
|
(Rs m) | 4QFY08 | 4QFY09 | Change | FY08 | FY09 | Change |
|---|---|---|---|---|---|---|
| Net sales | 325,786 | 265,253 | (18.60%) | 1,105,468 | 1,353,315 | 22.40% |
| Expenditure | 317,186 | 223,519 | (29.50%) | 1,074,182 | 1,325,004 | 23.40% |
| Operating profit (EBDITA) | 8,600 | 41,734 | 385.30% | 31,286 | 28,311 | (9.50%) |
| EBDITA margin (%) | 2.60% | 15.70% | 2.80% | 2.10% | ||
| Other income | 1,343 | 5,901 | 339.40% | 12,394 | 14,150 | 14.20% |
| Interest | 2,156 | 6,149 | 185.20% | 6,725 | 21,664 | 222.10% |
| Depreciation | 3,319 | 2,631 | (20.70%) | 10,982 | 10,755 | (2.10%) |
| Profit before tax | 4,468 | 38,854 | 769.60% | 25,973 | 10,041 | (61.30%) |
| Tax | 3,884 | 2,574 | 10,167 | 2,682 | (73.60%) | |
| Profit after tax/(loss) | 584 | 36,280 | 15,806 | 7,359 | (53.40%) | |
| Net profit margin (%) | 0.20% | 13.70% | 1.40% | 0.50% | ||
| No. of shares (m) | 362 | |||||
| Diluted earnings per share (Rs) | 20 | |||||
| Price to earnings ratio (x) | 20 | |||||
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Indian Oil Corporation Limited (NSE:IOC)
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