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GAIL

Mar-17 Mar-16 Mar-15 Mar-14

12 mths 12 mths 12 mths 12 mths

EQUITIES AND LIABILITIES


SHAREHOLDER'S FUNDS
Equity Share Capital 1,691.30 1,268.48 1,268.48 1,268.48
Total Share Capital 1,691.30 1,268.48 1,268.48 1,268.48
Reserves and Surplus 36,458.07 29,316.39 27,851.04 25,803.85
Total Reserves and Surplus 36,458.07 29,316.39 27,851.04 25,803.85
Total Shareholders Funds 38,149.37 30,584.87 29,119.52 27,072.33
NON-CURRENT LIABILITIES
Long Term Borrowings 3,004.55 5,781.28 7,814.49 9,526.09
Deferred Tax Liabilities [Net] 4,655.91 4,047.08 3,308.65 2,566.37
Other Long Term Liabilities 1,272.84 1,081.23 2,079.41 771.17
Long Term Provisions 812.60 617.53 578.92 404.04
Total Non-Current Liabilities 9,745.90 11,527.12 13,781.47 13,267.67
CURRENT LIABILITIES
Short Term Borrowings 0.00 0.00 233.80 0.00
Trade Payables 2,716.01 2,861.60 3,320.48 3,974.83
Other Current Liabilities 4,957.97 7,030.74 5,361.09 4,047.54
Short Term Provisions 700.74 989.93 1,076.87 1,448.96
Total Current Liabilities 8,374.72 10,882.27 9,992.24 9,471.33
Total Capital And Liabilities 56,269.99 52,994.26 52,893.23 49,811.33
ASSETS
NON-CURRENT ASSETS
Tangible Assets 27,762.80 28,015.24 27,015.75 20,728.02
Intangible Assets 743.39 731.24 743.94 748.61
Capital Work-In-Progress 3,585.20 3,402.79 4,360.02 9,727.85
Intangible Assets Under Development 218.19 0.00 0.00 0.00
Fixed Assets 32,309.58 32,149.27 32,119.71 31,204.48
Non-Current Investments 9,509.64 4,534.33 4,322.36 4,103.00
Long Term Loans And Advances 1,722.87 4,439.28 3,445.87 2,535.12
Other Non-Current Assets 3,583.39 1,115.54 2,409.95 718.41
Total Non-Current Assets 47,125.48 42,238.42 42,297.89 38,561.01
CURRENT ASSETS
Current Investments 0.00 12.35 0.00 0.00
Inventories 1,698.38 1,744.85 2,081.05 2,254.76
Trade Receivables 2,724.54 2,727.61 3,094.52 2,811.99
Cash And Cash Equivalents 1,341.85 1,793.87 1,141.64 2,650.98
Short Term Loans And Advances 752.83 3,278.59 3,511.70 3,514.36
OtherCurrentAssets 2,626.91 1,198.57 766.43 18.23
Total Current Assets 9,144.51 10,755.84 10,595.34 11,250.32
Total Assets 56,269.99 52,994.26 52,893.23 49,811.33
Mar-13 Mar-12

12 mths

1,268.48 1,268.48
1,268.48 1,268.48
22,959.32 20,356.00
22,959.32 20,356.00
24,227.80 21,624.48

8,140.78 4,889.35
2,300.06 1,768.64
685.07 277.98
359.58 337.77
11,485.49 7,273.74

223.74
3,103.76 2,509.93
4,208.12 3,654.79
1,435.28 4,021.74
8,970.90 10,186.46
44,684.19 39,084.68

18,987.55 15,561.28
719.90 296.34
8,977.82 7,942.45
0.00
28,685.27 23,800.07
3,680.05 3,548.93
2,591.49 1,995.58
673.19 272.11
35,630.00 29,616.69
29,616.69
38.95 0.00
1,535.33 1,419.74
2,551.34 1,904.48
2,357.94 931.33
2,555.86 5,211.22
14.77 1.22
9,054.19 9,467.99
44,684.19 39,084.68
profit and loss

Mar-17 Mar-16

12 mths 12 mths
INCOME
Revenue From Operations [Gross] 48,788.75 52,088.98
Less: Excise/Sevice Tax/Other Levies 734.14 474.71
Revenue From Operations [Net] 48,054.61 51,614.27
Other Operating Revenues 94.24 299.88
Total Operating Revenues 48,148.85 51,914.15
Other Income 1,176.27 857.70
Total Revenue 49,325.12 52,771.85
EXPENSES
Cost Of Materials Consumed 3,151.24 3,335.16
Purchase Of Stock-In Trade 33,199.67 38,447.97
Changes In Inventories Of FG,WIP And Stock-In Trade 42.29 411.55
Employee Benefit Expenses 1,257.53 996.06
Finance Costs 479.36 640.04
Depreciation And Amortisation Expenses 1,396.78 1,313.09
Other Expenses 4,088.70 4,455.18
Total Expenses 43,615.57 49,599.05
Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax 5,709.55 3,172.80
Exceptional Items -298.73 0.00
Profit/Loss Before Tax 5,410.82 3,172.80
Tax Expenses-Continued Operations
Current Tax 1,319.52 685.77
Less: MAT Credit Entitlement 0.00 595.78
Deferred Tax 573.38 738.43
Tax For Earlier Years 15.01 45.48
Total Tax Expenses 1,907.91 873.9
Profit/Loss After Tax And Before ExtraOrdinary Items 3,502.91 2,298.90
Profit/Loss From Continuing Operations 3,502.91 2,298.90
Profit/Loss For The Period 3,502.91 2,298.90
profit and loss

Mar-15 Mar-14 Mar-13 Mar-12

12 mths 12 mths 12 mths 12 mths

57,291.97 58,012.06 48,005.27 40,821.79


722.52 766.96 672.60 541.05
56,569.45 57,245.10 47,332.67 40,280.74
172.53 262.83 190.02 117.21
56,741.98 57,507.93 47,522.69 40,397.95
860.86 898.52 764.51 431.88
57,602.84 58,406.45 48,287.20 40,829.83

4,813.16 4,843.43 2,968.68 2,494.10


40,348.33 41,234.42 33,396.89 28,440.46
232.17 -626.86 -56.98 -497.75
906.40 847.73 785.45 607.48
361.30 366.19 195.02 116.46
974.26 1,176.15 980.94 790.71
5,745.72 4,508.02 3,959.43 3,538.36
53,381.34 52,349.08 42,229.43 35,489.82
4,221.50 6,057.37 6,057.77 5,340.01
62.86 344.95 0.00
4,284.36 6,402.32 6,057.77 5,340.01

836.91 1,807.74 1,537.44 1,428.47


357.07 0.00 0.00
787.35 266.31 531.42 135.40
-22.00 -47.00 -33.29 122.30
1,245.19 2,027.05 2,035.57 1,686.17
3,039.17 4,375.27 4,022.20 3,653.84
3,039.17 4,375.27 4,022.20 3,653.84
3,039.17 4,375.27 4,022.20 3,653.84
Cash Flow of Hindustan Petroleum Corporation
------------------- in Rs. Cr. -------------------
Mar-17 Mar-16 Mar-15

12 mths 12 mths 12 mths

Net Profit/Loss Before Extraordinary Items And Tax 5,410.82 3,172.80 4,284.36
Net CashFlow From Operating Activities 5,629.30 4,834.93 2,499.32
Net Cash Used In Investing Activities -698.43 -1,011.33 -1,019.68
Net Cash Used From Financing Activities -4,788.31 -3,171.38 -2,988.98
Net Inc/Dec In Cash And Cash Equivalents 142.56 652.22 -1,509.34
Cash And Cash Equivalents Begin of Year 309.32 1,141.64 2,650.98
Cash And Cash Equivalents End Of Year 451.88 1,793.86 1,141.64
Mar-14 Mar-13

12 mths 12 mths

6,402.32 6,057.77
4,472.89 5,033.41
-3,231.73 -5,472.15
-948.12 1,865.35
293.04 1,426.61
2,357.94 931.33
2,650.98 2,357.94
Total Current Liabilities
Total Current AssetsRetained Earworking capitalOperating profit sales
8,374.72 9,144.51 769.79 5,410.82 48,054.61
10,882.27 10,755.84 -126.43 3,172.80 51,614.27
9,992.24 10,595.34 603.10 4,284.36 56,569.45
9,471.33 11,250.32 19,158 1,778.99 6,402.32 57,245.10
8,970.90 9,054.19 17,558 83.29 6,057.77 47,332.67
10,186.46 9,467.99 5,340.01 40,280.74

X1=(C.A-C.L)/T.A x2=R.E/T.A X3=EBIT/T.A X4=B.V of Equity/T.L X5=Sales/T.A


2017 0.0136802939 0.0467389 0.087639255 0.0059126116 0.8540006849
2016 -0.0023857301 0.0320789 0.047793101 0.0078834511 0.9739596326
2015 0.0114022154 0.0451476 0.074169416 0.0078834511 1.0695026566
2014 0.0357145653 0.3846053 0.12117986 0.0078834511 1.1492385367
2013 0.0018639702 0.3929376 0.131204124 0.0078834511 1.0592710755
Total Liabilities Net Worth
Equity Share Capital
No. of ShareTotal assets EBIT B.V Finance cost
56,269.99 56,269.99 1,691.30 169.13 56,269.99 4,931.46 332.7026 479.36
52,994.26 52,994.26 1,268.48 126.848 52,994.26 2,532.76 417.7777 640.04
52,893.23 52,893.23 1,268.48 126.848 52,893.23 3,923.06 416.9812 361.30
49,811.33 49,811.33 1,268.48 126.848 49,811.33 6,036.13 392.6852 366.19
44,684.19 44,684.19 1,268.48 126.848 44,684.19 5,862.75 352.2656 195.02
39,084.68 39,084.68 1,268.48 126.848 39,084.68 5,223.55 308.1222 116.46

z= 0.717X1 + 0.847X2 + 3.107X3 + 0.420X4 + 0.998X5


1.1764678032
1.1492762251
1.3475344448
1.878124941
1.8022694403
Activity Ratio

Mar-17 Mar-16 Mar-15 Mar-14 Mar-13


Inventories 1,698.38 1,744.85 2,081.05 2,254.76 1,535.33
cost of goods sold 36,740.82 42,427.26 45,641.84 45,703.98 36,547.32
purchases 36,694.35 42,091.06 45,468.13 46,423.41 36,662.91
avg inventory 1,721.62 1,912.95 2,167.91 1,895.05 1,477.54

Inventory Turnover 21.3409037 22.17896965 21.0534318 24.1176225 24.7353328


avg inventory in days 17.1033057 16.4570314 17.336841 15.1341617 14.7562195

Revenue From Operations 48,054.61 51,614.27 56,569.45 57,245.10 47,332.67


Trade Receivables 2,724.54 2,727.61 3,094.52 2,811.99 2,551.34
avg trade receivables 2726.075 2911.065 2953.255 2681.665 2227.91

Receivables turnover 17.6277652 17.73037359 19.1549494 21.3468498 21.2453241


Avg reveivables in days 20.7059713 20.58614265 19.0551274 17.0985416 17.180251

Account payable 2,716.01 2,861.60 3,320.48 3,974.83 3,103.76


avg trade payable 2,788.81 3,091.04 3,647.66 3,539.30 2,806.85

Payable turnover ratio 13.1577324 13.61711916 12.4650303 13.1165698 13.0619646


avg payable in days 27.7403422 26.80449483 29.2819185 27.8273973 27.9437291

Length of of operating cycle 37.809277 37.04317405 36.3919684 32.2327034 31.9364704


Length of Cash cycle 10.0689348 10.23867922 7.11004996 4.40530603 3.99274135

Revenue From Operations 48,054.61 51,614.27 56,569.45 57,245.10 47,332.67


Total Non-Current Assets 47,125.48 42,238.42 42,297.89 38,561.01 35,630.00
Avg non current assests 44681.95 42268.155 40429.45 37095.505 32623.345

Fixed assest turnover ratio 1.07548149 1.221114809 1.39921394 1.54318158 1.45088341

Total Assets 56,269.99 52,994.26 52,893.23 49,811.33 44,684.19


Avg Total Assests 28134.995 26497.13 26446.615 24905.665 22342.095

Total Assests turnover Ratio 1.70800137 1.947919265 2.13900531 2.29847707 2.11854215

Net CashFlow From Operating Activities 5,629.30 4,834.93 2,499.32 4,472.89 5,033.41
Total Current Liabilities 56,269.99 52,994.26 52,893.23 49,811.33 44,684.19

Cash Flow From Operation Ratio 0.10004089 0.091234975 0.04725217 0.08979664 0.11264409
Mar-12
1,419.74

40,280.74
1,904.48

2,509.93

40,280.74
29,616.69

39,084.68

39,084.68
LIQUIDITY RATIO

Current Assests 9,144.51 10,755.84 10,595.34 11,250.32 9,054.19 9,467.99


Current Liabilities 8,374.72 10,882.27 9,992.24 9,471.33 8,970.90 10,186.46

Current Ratio 1.0919183 0.988382 1.0603568 1.187828953 1.00928446 0.92946814

Cash And Cash Equivalents1,341.85 1,793.87 1,141.64 2,650.98 2,357.94 931.33


Trade Receivables 2,724.54 2,727.61 3,094.52 2,811.99 2,551.34 1,904.48
Current Liabilities 9,144.51 10,755.84 10,595.34 11,250.32 9,054.19 9,467.99

Quick Ratio 0.44468102 0.4203744 0.3998135 0.485583521 0.54221084 0.29951553


Solvency Ratio
Equity Share Capital 1,691.30 1,268.48 1,268.48 1,268.48 1,268.48 1,268.48
Long Term Borrowings 3,004.55 5,781.28 7,814.49 9,526.09 8,140.78 4,889.35

Debt-Equity Ratio 1.776474 4.557644 6.160515 7.5098464304 6.417744072 3.854495144

EBIT 4,931.46 2,532.76 3,923.06 6,036.13 5,862.75 5,223.55


Interest 479.36 640.04 361.30 366.19 195.02 116.46

Interest Coverage Ratio 10.28759 3.95719 10.85818 16.4836014091 30.0623013 44.85273914

Trade Payables 2,716.01 2,861.60 3,320.48 3,974.83 3,103.76 2,509.93


Short Term Borrowings 0.00 0.00 233.80 0.00 223.74 99.81
Long Term Borrowings 3,004.55 5,781.28 7,814.49 9,526.09 8,140.78 4,889.35
Total Debt 3,004.55 5,781.28 8,048.29 9,526.09 8,364.52 4,989.16
Total debt including payables 5,720.56 8,642.88 11,368.77 13,500.92 11,468.28 7,499.09
Total Capital 38,149.37 30,584.87 29,119.52 27,072.33 24,227.80 21,624.48
Profitibitlity Ratio

Profit/Loss For The Period 3,502.91 2,298.90 3,039.17 4,375.27 4,022.20


Revenue From Operations [Net] 48,788.75 52,088.98 57,291.97 58,012.06 48,005.27

Net Profit Ratio 0.0717974943 0.0441341 0.05304705 0.0754200075 0.0837866343

EBIT 4,931.46 2,532.76 3,923.06 6,036.13 5,862.75


Total Debt 4,931.46 2,532.76 3,923.06 6,036.13 5,862.75
Equity Share Capital 1,691.30 1,268.48 1,268.48 1,268.48 1,268.48
avg(debt + Equity) 3311.38 1900.62 2595.77 3652.305 3565.615

Return on Total Capital 1.4892461753 1.33259673 1.51132805 1.6526905612 1.6442465045

Total Shareholders Funds 38,149.37 30,584.87 29,119.52 27,072.33 24,227.80

ROE 9.1820913425 7.51646157 10.4368822 16.161409084 16.601589909

Avg Total Assests 28134.995 26497.13 26446.615 24905.665 22342.095

ROA 0.1752785099 0.0955862 0.14833883 0.2423597202 0.2624082477

EPS 20.71 18.12 23.96 34.49 31.71


3,653.84
40,821.79

5,223.55
5,223.55
1,268.48

21,624.48

21712.1205
Dupont Analysis

PAT Sales Assests Equity EBIT


3,502.91 48,054.61 56,269.99 1,691.30 4,931.46
2,298.90 51,614.27 52,994.26 1,268.48 2,532.76
3,039.17 56,569.45 52,893.23 1,268.48 3,923.06
4,375.27 57,245.10 49,811.33 1,268.48 6,036.13
4022.2 47,332.67 44,684.19 1,268.48 5,862.75
3653.84 40,280.74 39,084.68 1,268.48 5,223.55

Dupont Analysis (PAT/Sales)* (Sales/Assests)* Assest/Equity ROE


Year
2017 0.0728943591 0.8540006849 33.2702595636 2.0711346302
2016 0.044540008 0.9739596326 41.7777655146 1.8123265641
2015 0.053724581 1.0695026566 41.6981190086 2.3959147957
2014 0.0764304718 1.1492385367 39.2685182265 3.4492226917
2013 0.0849772472 1.0592710755 35.2265625 3.1708816852

Five Factor Analysis

Profit/Loss Before Tax 5,410.82 3,172.80 4,284.36 6,402.32


Finance Costs 479.36 640.04 361.30 366.19

Year (EBIT/Sales)* (Sales/Assest)* (PBT/EBIT)* (PAT?PBT)*


2017 0.1026219961 0.8540006849 1.097204479 0.7103190536
2016 0.0490709255 0.9739596326 1.2527045595 0.9076659455
2015 0.0693494457 1.0695026566 1.0920964757 0.774693734
2014 0.10544361 1.1492385367 1.0606663541 0.7248468804
2013 0.1238626513 1.0592710755 1.0332642531 0.6860602959
PBT Net Worth
5,410.82 56,269.99
3,172.80 52,994.26
4,284.36 52,893.23
6,402.32 49,811.33
6,057.77 44,684.19
5,340.01 39,084.68

6,057.77 5,340.01
195.02 116.46

Assest/Networth ROE ROE%


1 0.06830299 6.830299
1 0.054342537 5.4342537
1 0.062750315 6.2750315
1 0.093165585 9.3165585
1 0.093008187 9.3008187
Estimation of ROE

Method One
Mar-17 Mar-16 Mar-15 Mar-14
Profit/Loss For The Period 3502.91 2298.9 3039.17 4375.27
Equity Share Capital 1691.3 1268.48 1268.48 1268.48

ROE 2.0711346302 1.8123265641 2.3959147957


AVG ROE 2.09312533

Method Two

Net Profit Ratio 0.0717974943 0.0441340952 0.05304705 0.0754200075

Sales 48,054.61 51,614.27 56,569.45 57,245.10


Total Assets 56,269.99 52,994.26 52,893.23 49,811.33
Asset Turnover Ratio 0.8540006849 0.9739596326 1.0695026566 1.1492385367

Leverage Ratio 1.7764737184 4.5576437941 6.160514947 7.5098464304

Net Profit Ratio Assest Turnover ratio Leverage Ratio ROE Estimated ROE
0.0717974943 0.8540006849 1.7764737184 0.9007572992 1.7290082304
0.0441340952 0.9739596326 4.5576437941 1.858579174
0.05304705 1.0695026566 6.160514947 2.4276882179

Retained Earnings PAT Retention Ratio Avg


2017 2,630 3,502.91 0.7508043313 0.7586764254
2016 1,700 2,298.90 0.7394841011
2015 2,388 3,039.17 0.7857408437

Estimation of Ke
RF beta rm Rm-rf Beta*(RM-RF)
5 1.14 25 20 22.8

Estimation of g
ROE 1.7290082304
B 8.7481261691
g 15.1255821466

Conceptual Approach
1-B Ke-g P/E
24.1323574645 27.0413235746 0.892425158
Mar-13 Mar-12
4022.2 3653.84
1268.48 1268.48

0.083787

47,332.67 40,280.74
44,684.19 39,084.68
1.059271 1.030602

6.417744 3.854495

Ke
27.8
Time Series Approach

EPS Market price Market price /EPS(Po/E0) Avg Po/Eo


2017 20.71135 287 13.8571387789 9.8737062204
2016 18.12327 145 8.0007655835
2015 23.95915 186 7.7632142986
2014 34.49223 338 9.7993092998

Prospective Approach
Po/E1 Avg Po/E1
2017 15.836 9.0934951803
2016 6.051968
2015 5.392519