Bharat Petroleum Corporation Ltd.

Financial

	BPCL	Indian Oil Corp.	HPCL
Operational Metrics
Oil Refining Sector
Gross Refining Margin (GRM)	12.4 $/BL	9.23 $/BL	6.89 $/BL
Capacity Utilization - Refinery	115.2 %	101.66 %	110.18 %
Nelson Complexity Index	10.22	12.2	17.0
Manufacturing Capacity - Refinery	35.3 MMTPA	80.55 MMTPA	17.8 MMTPA
Pipelines
Transmission Capacity - Crude Oil	21.35 MMTPA	119.2 MMTPA	n/a
Pipeline Length	2599.0 Km	17564.0 Km	n/a
Capacity Utilization - Crude Oil Pipelines	95.3 %	94.0 %	n/a
Financials
5 yr Average ROE	17.03 %	11.93 %	10.9 %
5yr average Equity Multiplier	3.56	3.32	3.91
5yr Average Asset Turnover Ratio	1.97	1.42	2.32
5yr Avg Net Profit Margin	2.91 %	2.87 %	1.7 %
Price to Book	1.74	1.27	1.51
P/E	4.91	5.6	4.41
5yr Avg Cash Conversion Cycle	10.16 Days	25.03 Days	9.5 Days
Inventory Days	27.04 Days	46.47 Days	27.56 Days
Days Receivable	5.62 Days	6.58 Days	5.15 Days
Days Payable	25.0 Days	32.27 Days	23.3 Days
5yr Average Interest Coverage Ratio	6.39	4.88	7.66
5yr Avg ROCE	12.66 %	12.43 %	9.19 %
5yr Avg Operating Profit Margin	5.74 %	7.22 %	3.55 %
5 yr average Debt to Equity	1.18	1.02	1.32
5yr CAGR Net Profit	-22.86 %	-10.84 %	n/a
5yr Average Return on Assets	5.03 %	3.69 %	3.37 %
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	1.4 %
Change in Mutual Fund Holding (3 Yrs)	-7.24 %	-2.32 %	0.77 %

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 Aviation Turbine Fuel (ATF ) 5.16 Liquified Petroleum Gas ( LPG ) 12.94 refining 0 Crude Oil 0 Superior Kerosene Oil ( SKO ) 0.41 Motor Spirit (MS) 20.78 High Speed Diesel (HSD) 46.03 Motor Spirit (MS) 0 High Speed Diesel (HSD) 0 Others 14.68	Product Wise Break-Up Aviation Turbine Fuel (ATF ) 0 Liquified Petroleum Gas ( LPG ) 0 refining 0 Crude Oil 0 Superior Kerosene Oil ( SKO ) 0 Motor Spirit ( MS ) 0 High Speed Diesel ( HSD ) 0 Motor Spirit (MS) 26.0 High Speed Diesel (HSD) 47.0 Others 27.0
Segment Break-Up	Segment Break-Up Downstream Petroleum 99.98 Exploration and Production 0.02 Petrochemicals 0 Petroleum Products 0 Downstream 0	Segment Break-Up Exploration and Production 0 Petroleum Products 92.33 Downstream Petroleum 0 Petrochemicals 3.02 Downstream 0 Others 4.65	Segment Break-Up Exploration and Production 0 Petroleum Products 0 Downstream Petroleum 0 Petrochemicals 0 Downstream 99.87 Others 0.13
Location Wise Break-Up	Location Wise Break-Up India 100.0 Rest of the World 0	Location Wise Break-Up Rest of the World 5.31 India 94.69	Location Wise Break-Up Rest of the World 1.08 India 98.92
Operating Profit Break-Up	Operating Profit Break-Up Downstream 100.0 0 Petroleum Products 0 Petchem 0 Pipelines 0 Refining & Marketing 0	Operating Profit Break-Up Refining & Marketing 0 Petroleum Products 95.3 Pipelines 0 Petchem 0 0 Downstream 0 Others 4.7	Operating Profit Break-Up Refining & Marketing 0 Petroleum Products 0 Pipelines 0 Petchem 0 0 Downstream 100.0
Asset Break-Up - Segment Wise	Asset Break-Up - Segment Wise India 79.97 Others 20.03	Asset Break-Up - Segment Wise India 93.35 Others 6.65	Asset Break-Up - Segment Wise India 98.92 Others 1.08
Asset Break-Up	Asset Break-Up Downstream 79.28 Exploration & Production of Hydrocarbons 13.04 Petrochemicals 0 Petroleum Products 0 Others 7.68	Asset Break-Up 0 Petroleum Products 71.82 Petrochemicals 7.29 Downstream 0 Others 20.89	Asset Break-Up 0 Petroleum Products 0 Petrochemicals 0 Downstream 97.0 Others 3.0

Bharat Petroleum Corporation Ltd.

Bharat Petroleum Corporation Ltd.

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