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HINDUSTAN PETROLEUM CORPORATION

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 1,016.27 339.01 339.01 339.01
Total Share Capital 1,016.27 339.01 339.01 339.01
Reserves and Surplus 19,331.14 18,017.09 15,683.08 14,673.15
Total Reserves and Surplus 19,331.14 18,017.09 15,683.08 14,673.15
Total Shareholders Funds 20,347.41 18,356.10 16,022.09 15,012.16
NON-CURRENT LIABILITIES
Long Term Borrowings 6,278.15 10,633.48 14,855.83 15,554.88
Deferred Tax Liabilities [Net] 5,895.59 4,810.46 4,103.60 3,908.43
Other Long Term Liabilities 11,004.94 9,450.58 8,292.35 7,207.70
Long Term Provisions 182.32 431.27 581.47 587.66
Total Non-Current Liabilities 23,361.00 25,325.79 27,833.25 27,258.67
CURRENT LIABILITIES
Short Term Borrowings 10,892.41 3,888.54 2,199.81 16,375.17
Trade Payables 12,658.10 6,587.07 8,935.65 10,651.39
Other Current Liabilities 8,796.49 14,587.91 10,162.32 6,538.72
Short Term Provisions 2,408.50 1,725.52 2,397.52 1,741.98
Total Current Liabilities 34,755.50 26,789.04 23,695.30 35,307.26
Total Capital And Liabilities 78,463.91 70,470.93 67,550.64 77,578.09
ASSETS
NON-CURRENT ASSETS
Tangible Assets 35,711.00 33,211.12 28,852.05 25,797.19
Intangible Assets 420.88 234.65 210.76 115.05
Capital Work-In-Progress 1,810.48 1,876.94 3,474.42 4,585.56
Fixed Assets 37,942.36 35,322.71 32,537.23 30,497.80
Non-Current Investments 5,809.85 6,000.06 5,867.52 5,735.83
Long Term Loans And Advances 457.01 1,573.40 1,429.86 1,461.42
Other Non-Current Assets 1,338.88 86.03 116.55 146.26
Total Non-Current Assets 45,548.10 42,982.20 39,951.16 37,841.31
CURRENT ASSETS
Current Investments 5,108.74 4,994.62 5,373.96 5,124.04
Inventories 18,576.28 12,709.12 12,972.26 18,775.41
Trade Receivables 4,064.21 4,192.66 3,603.05 5,465.95
Cash And Cash Equivalents 33.67 19.69 17.07 34.71
Short Term Loans And Advances 163.21 5,295.52 5,306.52 10,007.90
OtherCurrentAssets 4,969.70 277.12 326.62 328.77
Total Current Assets 32,915.81 27,488.73 27,599.48 39,736.78
Total Assets 78,463.91 70,470.93 67,550.64 77,578.09
ORATION

Mar-13 Mar-12

12 mths

339.01 339.01
339.01 339.01
13,387.39 12,783.51
13,387.39 12,783.51
13,726.40 13,122.52

8,947.18 6,291.37
3,598.35 3,085.28
6,211.19 5,471.27
498.96 436.55
19,255.68 15,284.47

23,511.09 21,187.88
11,036.94 12,561.12
6,914.08 7,406.52
1,800.54 1,547.04
43,262.65 42,702.56
76,244.73 71,109.55

22,441.67 20,735.56
107.03 114.09
5,172.87 4,444.47
27,721.57 25,294.12
8,266.07 7,483.43
1,930.47 1,499.28
95.98 67.46
38,014.09 34,344.29

2,360.86 2,887.07
16,438.70 19,454.53
4,935.04 3,565.16
147.13 226.38
14,070.36 10,151.31
278.55 480.81
38,230.64 36,765.26
76,244.73 71,109.55
profit and loss

Mar-17 Mar-16

12 mths 12 mths

INCOME
Revenue From Operations [Gross] 213,488.95 197,744.28
Less: Excise/Sevice Tax/Other Levies 26,779.28 18,463.21
Revenue From Operations [Net] 186,709.67 179,281.07
Other Operating Revenues 314.04 290.12
Total Operating Revenues 187,023.71 179,571.19
Other Income 1,514.72 1,138.05
Total Revenue 188,538.43 180,709.24
EXPENSES
Cost Of Materials Consumed 45,137.66 40,523.83
Purchase Of Stock-In Trade 122,731.74 115,948.43
Operating And Direct Expenses 5,331.99 5,675.83
Changes In Inventories Of FG,WIP And Stock-In Trade -4,454.06 1,757.39
Employee Benefit Expenses 2,946.08 2,314.53
Finance Costs 535.65 640.14
Depreciation And Amortisation Expenses 2,535.28 2,659.44
Other Expenses 4,753.25 5,446.04
Total Expenses 179,517.59 174,965.63
Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax 9,020.84 5,743.61
Profit/Loss Before Tax 9,020.84 5,743.61
Tax Expenses-Continued Operations
Current Tax 2,236.24 1,429.93
Less: MAT Credit Entitlement 0.00 0.00
Deferred Tax 628.28 565.78
Tax For Earlier Years -52.48 -120.38
Total Tax Expenses 2,812.04 1,875.33
Profit/Loss After Tax And Before ExtraOrdinary Items 6,208.80 3,868.28
Prior Period Items 0 -5.54
Profit/Loss From Continuing Operations 6,208.80 3,862.74
Profit/Loss For The Period 6,208.80 3,862.74
profit and loss

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

12 mths 12 mths 12 mths 12 mths

217,061.11 232,188.35 215,675.49 188,130.95


10,680.74 9,151.68 9,146.15 9,991.72
206,380.37 223,036.67 206,529.34 178,139.23
245.81 234.66 201.92 196.59
206,626.18 223,271.33 206,731.26 178,335.82
1,168.41 974.45 1,102.36 1,025.59
207,794.59 224,245.78 207,833.62 179,361.41

56,158.44 61,962.49 63,182.61 56,943.23


129,278.36 145,137.95 128,178.60 109,370.73
5,257.28 5,056.48 4,023.36 3,532.55
4,788.80 -547.87 581.91 -1,223.98
2,414.66 2,030.30 2,525.56 1,583.10
706.59 1,336.36 2,019.33 2,224.27
1,978.76 2,201.94 1,983.52 1,712.93
3,062.05 4,394.25 3,977.56 3,998.85
203,644.94 221,571.90 206,472.45 178,141.68
4,149.65 2,673.88 1,361.17 1,219.73
4,149.65 2,673.88 1,361.17 1,219.73

1,015.56 744.17 250.58 396.65


0.00 0.00 61.06 0.00
432.77 117.75 440.95 6.94
-27.47 19.82 -60.62 -95.78
1,420.86 881.74 569.85 307.81
2,728.79 1,792.14 791.32 911.92
4.47 -58.37 113.39 -0.49
2,733.26 1,733.77 904.71 911.43
2,733.26 1,733.77 904.71 911.43
Total Current Liabilities
Total Current AssetsRetained Earworking capitalOperating profit sales
34,755.50 32,915.81 390.6 -1,839.69 9,020.84 186,709.67
26,789.04 27,488.73 370.79 699.69 5,743.61 179,281.07
23,695.30 27,599.48 2456.65 3,904.18 4,149.65 206,380.37
35,307.26 39,736.78 1724.73 4,429.52 2,673.88 223,036.67
43,262.65 38,230.64 1119.7 -5,032.01 1,361.17 206,529.34
42,702.56 36,765.26 1,219.73 178,139.23

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


-0.0234463207 0.0049781 0.121794721 0.0025517028 2.3795611256
0.0099287749 0.0052616 0.090586998 0.0076834789 2.5440429124
0.0577963436 0.0363675 0.071890363 0.0069964412 3.0551948879
0.0570975645 0.0222322 0.051692946 0.0057081003 2.8749956334
-0.0659981352 0.0146856 0.044337491 0.0053104865 2.7087687241
Total Liabilities Net Worth
Equity Share Capital
No. of Sha Total asset EBIT B.V
78,463.91 20,347.41 1,016.27 101.627 78,463.91 9,556.49 200.2166
70,470.93 18,356.10 339.01 33.901 70,470.93 6,383.75 541.4619
67,550.64 16,022.09 339.01 33.901 67,550.64 4,856.24 472.6141
77,578.09 15,012.16 339.01 33.901 77,578.09 4,010.24 442.8235
76,244.73 13,726.40 339.01 33.901 76,244.73 3,380.50 404.8966
71,109.55 13,122.52 339.01 33.901 71,109.55 3,444.00

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


2.7416953415
2.8352111994
3.347629637
3.0920226364
2.8084562189
Cash Flow of Hindustan Petroleum Corporation
------------------- in Rs. Cr. -------------------
Mar-17 Mar-16 Mar-15 Mar-14

12 mths 12 mths 12 mths 12 mths

Net Profit/Loss Before Extraordinary Items And Tax 9,020.84 5,738.07 4,154.12 2,615.50
Net CashFlow From Operating Activities 9,982.73 6,808.73 17,841.09 7,730.08
Net Cash Used In Investing Activities -5,309.84 -4,365.24 -3,291.33 -3,774.83
Net Cash Used From Financing Activities -4,015.28 -2,444.60 -13,759.01 -4,605.97
Net Inc/Dec In Cash And Cash Equivalents 657.61 -1.11 790.75 -650.72
Cash And Cash Equivalents Begin of Year -2,390.49 9.16 -1,891.41 -1,232.14
Cash And Cash Equivalents End Of Year -1,732.88 8.05 -1,100.66 -1,882.86
Mar-13

12 mths

1,474.56
1,149.56
-3,370.57
1,154.02
-1,066.99
-165.69
-1,232.68
Activity Ratio

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


Inventories 18,576.28 12,709.12 12,972.26 18,775.41 16,438.70
cost of goods sold 162,298.46 157,253.85 191,715.55 205,144.74 194,716.55
purchases 168,165.62 156,990.71 185,912.40 207,481.45 191,700.72
avg inventory 15,642.70 12,840.69 15,873.84 17,607.06 17,946.62

Inventory Turnover 10.3753482 12.24652647 12.0774564 11.6512807 10.8497647


avg inventory in days 35.1795421 29.8043695 30.2215954 31.3270283 33.6412825

Revenue From Operations [Gross] 213,488.95 197,744.28 217,061.11 232,188.35 215,675.49


Trade Receivables 4,064.21 4,192.66 3,603.05 5,465.95 4,935.04
avg trade receivables 4128.435 3897.855 4534.5 5200.495 4250.1

Receivables turnover 51.7118351 50.7315639 47.868808 44.6473557 50.7459801


Avg reveivables in days 7.05834553 7.194731878 7.62500708 8.17517621 7.19268796

Account payable 12,658.10 6,587.07 8,935.65 10,651.39 11,036.94


avg trade payable 9,622.59 7,761.36 9,793.52 10,844.17 11,799.03

Payable turnover ratio 17.4761376 20.22721662 18.9832052 19.1330038 16.2471593


avg payable in days 20.8856217 18.04499387 19.2275222 19.0769836 22.4654657

Length of of operating cycle 42.2378876 36.99910137 37.8466024 39.5022045 40.8339705


Length of Cash cycle 21.3522659 18.9541075 18.6190802 20.4252209 18.3685048

Revenue From Operations 213,488.95 197,744.28 217,061.11 232,188.35 215,675.49


Total Non-Current Assets 45,548.10 42,982.20 39,951.16 37,841.31 38,014.09
Avg non current assests 44265.15 41466.68 38896.235 37927.7 36179.19

Fixed assest turnover ratio 4.82295779 4.7687512 5.58051724 6.1218674 5.9613134

Total Assets 78,463.91 70,470.93 67,550.64 77,578.09 76,244.73


Avg Total Assests 39231.955 35235.465 33775.32 38789.045 38122.365

Total Assests turnover Ratio 5.44171072 5.612080896 6.4266189 5.98592592 5.65745305

Net CashFlow From Operating Activities 9,982.73 6,808.73 17,841.09 7,730.08 1,149.56
Total Current Liabilities 34,755.50 26,789.04 23,695.30 35,307.26 43,262.65

Cash Flow From Operation Ratio 0.28722735 0.25416103 0.75293792 0.21893741 0.02657165
Mar-12
19,454.53

166,617.04

188,130.95
3,565.16

12,561.12

188,130.95
34,344.29

71,109.55

42,702.56
LIQUIDITY RATIO

Current Assests 32,915.81 27,488.73 27,599.48 39,736.78 38,230.64 36,765.26


Current Liabilities 34,755.50 26,789.04 23,695.30 35,307.26 43,262.65 42,702.56

Current Ratio 0.9470677 1.0261185 1.164766 1.1254564 0.883687 0.8609615

Cash And Cash Equivalents 33.67 19.69 17.07 34.71 147.13 226.38
Trade Receivables 4,064.21 4,192.66 3,603.05 5,465.95 4,935.04 3,565.16
Current Liabilities 34,755.50 26,789.04 23,695.30 35,307.26 43,262.65 42,702.56

Quick Ratio 0.1179059 0.1572415 0.152778 0.155794 0.1174725 0.0887895


Solvency Ratio
Equity Share Capital 1,016.27 339.01 339.01 339.01 339.01 339.01
Long Term Borrowings 6,278.15 10,633.48 14,855.83 15,554.88 8,947.18 6,291.37

Debt-Equity Ratio 6.17764 31.36627 43.82121 45.88325 26.39208 18.55807

EBIT 9,556.49 6,383.75 4,856.24 4,010.24 3,380.50 3,444.00


Interest 535.65 640.14 706.59 1,336.36 2,019.33 2,224.27

Interest Coverage Ratio 17.84092 9.972428 6.872783 3.000868 1.67407 1.548373

Trade Payables 12,658.10 6,587.07 8,935.65 10,651.39 11,036.94 12,561.12


Short Term Borrowings 10,892.41 3,888.54 2,199.81 16,375.17 23,511.09 21,187.88
Long Term Borrowings 6,278.15 10,633.48 14,855.83 15,554.88 8,947.18 6,291.37
Total Debt 17,170.56 14,522.02 17,055.64 31,930.05 32,458.27 27,479.25
Total debt including payables 29,828.66 21,109.09 25,991.29 42,581.44 43,495.21 40,040.37
Total Capital 30,844.93 21,448.10 26,330.30 42,920.45 43,834.22 40,379.38
Profitibitlity Ratio

Profit/Loss For The Period 6,208.80 3,862.74 2,733.26 1,733.77 904.71


Revenue From Operations [Net] 186,709.67 179,281.07 206,380.37 223,036.67 206,529.34

Net Profit Ratio 0.0332537677 0.02154572 0.0132438 0.0077734751 0.0043805398

EBIT 9,556.49 6,383.75 4,856.24 4,010.24 3,380.50


Total Debt 17170.56 14522.02 17055.64 31930.05 32458.27
Equity Share Capital 1,016.27 339.01 339.01 339.01 339.01
avg(debt + Equity) 9093.415 7430.515 8697.325 16134.53 16398.64

Return on Total Capital 1.0509242127 0.85912618 0.55836019 0.2485501592 0.2061451437

Total Shareholders Funds 20,347.41 18,356.10 16,022.09 15,012.16 13,726.40

ROE 30.513957305 21.0433589 17.0593225 11.549104193 6.5910216808

Avg Total Assests 39231.955 35235.465 33775.32 38789.045 38122.365

ROA 0.2435894413 0.181174 0.14378073 0.1033858916 0.0886749812

EPS 61.09 113.94 80.62 51.14 26.69


911.43
178,139.23

3,444.00
27479.25
339.01

13,122.52
Dupont Analysis

PAT Sales Assests Equity EBIT


6,208.80 186,709.67 78,463.91 1,016.27 9,556.49
3,868.28 179,281.07 70,470.93 339.01 6,383.75
2,728.79 206,380.37 67,550.64 339.01 4,856.24
1,792.14 223,036.67 77,578.09 339.01 4,010.24
791.32 206,529.34 76,244.73 339.01 3,380.50
911.92 178,139.23 71,109.55 339.01 3,444.00

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


Year
2017 0.0332537677 2.3795611256 77.2077400691 6.109400061
2016 0.0215766227 2.5440429124 207.872717619 11.410518864
2015 0.0132221393 3.0551948879 199.2585469455 8.0492905814
2014 0.0080351809 2.8749956334 228.8371729448 5.2863927318
2013 0.0038315137 2.7087687241 224.9040736261 2.3342084304

Five Factor Analysis

Profit/Loss Before Tax 9,020.84 5,743.61 4,149.65 2,673.88


Finance Costs 535.65 640.14 706.59 1,336.36

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


2017 0.0511836907 2.3795611256 0.9439490859 0.6496946054
2016 0.0356074961 2.5440429124 0.8997235167 0.6059573135
2015 0.0235305325 3.0551948879 0.8544985421 0.5619141558
2014 0.0179801824 2.8749956334 0.6667630865 0.4468909591
2013 0.0163681344 2.7087687241 0.4026534536 0.2340837154
PBT Net Worth
9,020.84 20,347.41
5,743.61 18,356.10
4,149.65 16,022.09
2,673.88 15,012.16
1,361.17 13,726.40
1,219.73 13,122.52

1,361.17 1,219.73
2,019.33 2,224.27

Assest/Networth ROE ROE%


3.8562111836 0.288036221 28.803622
3.8391014431 0.189603591 18.960359
4.216094155 0.145533265 14.553327
5.167683398 0.079597659 7.9597659
5.5546049948 0.023212767 2.3212767
Estimation of ROE

Method One
Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Profit/Loss For The Period 6,208.80 3,862.74 2,733.26 1,733.77 904.71
Equity Share Capital 1,016.27 339.01 339.01 339.01 339.01

ROE 6.109400061 11.3941771629 8.0624760332


Avg ROE 8.5220177524

Method 2

Net Profit Ratio 0.0332537677 0.0215457215 0.0132437983 0.0077734751 0.004381

sales 186709.67 179281.07 206380.37 223036.67 206529.3


Total assets 78463.91 70470.93 67550.64 77578.09 76244.73
Assest Turnover ratio 2.3795611256 2.5440429124 3.0551948879 2.8749956334 2.708769

Leverage Ratio 6.1776398004 31.3662723813 43.8212147134 45.8832482818 26.39208

Net Profit Ratio Assest Turnover ratiLeverage Ratio ROE Estimated ROE
0.0332537677 2.3795611256 6.1776398004 2.8634848979 9.9346632343
0.0215457215 2.5440429124 31.3662723813 11.3106203384
0.0132437983 3.0551948879 43.8212147134 15.6298844665

Retained Earnings PAT Retention Ratio Avg b


2017 390.6 6208.8 0.0629107074 0.3525668861
2016 370.79 3862.74 0.0959914465
2015 2456.65 2733.26 0.8987985044

Estimation of Ke
RF beta rm Rm-rf Beta*(RM-RF) Ke
5 1.12 19.55 14.55 16.296 21.296

Estimation of g
ROE 8.5220177524
B 0.3525668861
g 3.004581262

Conceptual Approach
1-B Ke-g P/E
64.7433113927 20.9434331139 3.091341856
Mar-12
911.43
339.01

178139.2
71109.55
2.505138

18.55807
Time Series Approach

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


2017 61.094 420.3 6.8795625725 5.255253
2016 113.9418 410.4 3.6018397303
2015 80.62476 426.05 5.2843567937
2014 51.14 425.9

Prospective Approach
Po/E1 Avg Po/E1
2017 3.688726 5.7032252715
2016 5.090248
2015 8.330702