BHARAT PETROLUM CORPORATION LIMITED

B. HARIKA 2202048 PDGM -A

About the company

 Bharat Petroleum Corporation Limited (BPCL) is a major Indian state-owned oil and
gas company. It operates in the downstream segment of the petroleum industry,
involved in refining, marketing, and distributing petroleum products. Established in
1952, BPCL has since grown to become one of the largest players in India's oil and gas
sector.

 BPCL is primarily engaged in refining crude oil to produce a range of products

including petrol, diesel, liquefied petroleum gas (LPG), aviation turbine fuel (ATF),
and more. The company also operates a vast network of retail outlets across India,
selling these products to consumers.

 Beyond its refining and marketing operations, BPCL also has interests in
petrochemicals and exploration of oil and gas reserves. Over the years, BPCL has
evolved into a prominent player in India's energy landscape, contributing significantly
to the country's energy security and economic growth.

Company’s financial position

March 31, March 31, March 31, March 31, March 31,
2022 2021 2020 2019 2018
Gross Profit 211 112 97 59 89

Gross Profit Margin 10% 8% 7% 5% 9%

PAT Margin 8% 5% 3% 2% 6%

Capital employed 529 339 284 238 213

Return on Capital Employed (ROCE)

ROI 28% 17% 13% 8% 22%

Return on Asset (ROA) 15% 8% 6% 3% 10%

 Return on Equiy (ROE) 37% 20% 16% 10% 24%

Asset Turnover Ratio 2.57 2.10 2.27 2.33

Avg Total Asset 861.92 670.14 593.25 532.17

Interest Coverage Ratio

Price to Earnings Ratio (PE) 15.42 11.72 6.94 35.91 24.28

CMP 317.75 90.5 33.45 81.15 155.85

Inventory Turnover Ratio

Current Ratio 1.61 1.37 1.24 1.10 1.24

After Looking At Various Ratios And Analyzing Ratios Of Gross Profit, Net Profit, ROA,ROE
Asset Turn Over ratio, PE Ratio, ROI
The Company Is Performing Well financially, Fundamentals Are very Strong.

BPCL

PARAMETERS/YEAR FY 13- FY 14- FY 15- FY 16- FY 17- FY 18- FY 19- FY 20- FY 21- FY 22-
14 15 16 17 18 19 20 21 22 23
No of observations 251 243 246 248 246 248 245 249 248 249
Average daily 0.00162 0.00118 - 0.00369 0.00499 - - 0.00446 0.00587 0.00210
returns 9 0.00082 3 7 0.00221 0.00284 2 5 2
Average daily risks 0.0449 0.04089 0.04211 0.03894 0.02884 0.02845 0.03834 0.03245 0.04000 0.02956
8 3 4 9 6 1 4 5 4
Annual Returns 0.40728 0.28550 - 0.91580 1.22936 -0.5479 - 1.11103 1.45697 0.52328
7 1 0.22518 7 7 0.69694 5 4 7
Annual Risk 0.71134 0.63754 0.66051 0.61329 0.45248 0.44811 0.60013 0.51211 0.62999 0.46651
9 6 5 5 8 2 6 7 4
Skewness 2.03002 2.08892 1.40769 1.33657 1.26993 0.06167 - 1.18014 0.90268 0.75870
7 1 5 4 5 7 0.00757 6 5 7
Kurtosis 6.69117 6.44988 6.66904 5.72599 4.62981 1.52390 2.15351 4.42508 2.28817 1.58426
8 1 1 9 2 9 3 3 8 8

Sensex
PARAMETERS/YEA FY 13-14 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23
R
No of observations 251 243 246 248 246 248 245 249 248 249
Average daily 0.00074 0.00094 -0.00034 0.00065 0.00045 0.00067 -0.00095 0.00219 0.00072 7.23E-05
returns 5 5 9 5 3 1 9
Average daily risks 0.01101 0.00869 0.01075 0.00771 0.00628 0.00764 0.01743 0.01456 0.01006 0.00933
5 3 5 1 6 8 5 7 8 4
Annual Returns 0.18632 0.22875 -0.08396 0.16334 0.11195 0.15273 -0.23355 0.54555 0.18067 0.01799
2 4 7 9 5 5 7 6
Annual Risk 0.17451 0.13550 0.16869 0.12143 0.09859 0.12043 0.27290 0.22986 0.15855 0.14729
2 8 1 1 8 7 3 8 2
Skewness -0.11512 -0.0507 -0.71564 -0.0695 -0.31341 -0.24865 -2.04444 0.39650 -0.80312 0.07137
7 4
 Kurtosis 1.37173 1.02064 3.43186 0.96978 0.49023 0.49680 17.7227 6.42006 2.64782 0.52680
7 3 2 8 8 8 4 9 3 6

PARAMETERS/YEA FY 13-14 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23
R
Slope 0.64532 1.56727 1.56320 0.54212 1.10597 0.98561 0.69343 0.65252 1.77889 0.82907
6 5 8 3 1 3 7 9 3

PARAMETERS/YEAR FY 13- FY 14- FY 15- FY 16- FY 17- FY 18- FY 19- FY 20- FY 21- FY 22-
14 15 16 17 18 19 20 21 22 23
Expected return on Rm 0.0007 0.0009 - 0.0006 0.0004 0.0006 - 0.0021 0.0007 7.23E-
market 45 45 0.0003 59 55 73 0.0009 91 29 05
4 5
Risk free rate Rf 0.0812 0.078 0.0775 0.077 0.075 0.0675 0.0675 0.0675 0.0675 0.065
Risk free premium (Rm - - - - - - - - - -
-Rf) 0.0804 0.0770 0.0778 0.0763 0.0745 0.0668 0.0684 0.0653 0.0667 0.0649
55 55 41 41 45 27 53 09 71 28
Beta β 0.6453 1.5672 1.5632 0.5421 1.1059 0.9856 0.6934 0.6525 1.7788 0.8290
26 75 08 23 71 13 37 2 99 73

PARAMETERS/YEAR FY 13-14 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23
Expected return on Rm 0.000745 0.000945 -0.00034 0.000659 0.000455 0.000673 -0.00095 0.002191 0.000729 7.23E-05
market
Risk free rate Rf 0.0812 0.078 0.0775 0.077 0.075 0.0675 0.0675 0.0675 0.0675 0.065
Risk free premium (Rm- - - - - - - - - - -
Rf) 0.080455 0.077055 0.077841 0.076341 0.074545 0.066827 0.068453 0.065309 0.066771 0.064928
Beta β 0.645326 1.567275 1.563208 0.542123 1.105971 0.985613 0.693437 0.65252 1.778899 0.829073

- - 7.23E-
0.000745 0.000945 0.00034 0.000659 0.000455 0.000673 0.00095 0.002191 0.000729 05
CAPM=Rf+β(Rm-Rf)
3% -4% -4% 4% -1% 0% 2% 2% -5% 1%
 PARAMETERS/YEAR FY 13-14 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23

Expected return Rm 0.000745 0.000945 -0.00034 0.000659 0.000455 0.000673 -0.00095 0.002191 0.000729 7.23E-05
on market
Risk free rate Rf 0.0812 0.078 0.0775 0.077 0.075 0.0675 0.0675 0.0675 0.0675 0.065

Risk free (Rm- - - - - - - - - - -

premium Rf) 0.080455 0.077055 0.077841 0.076341 0.074545 0.066827 0.068453 0.065309 0.066771 0.064928
Beta β 0.645326 1.567275 1.563208 0.542123 1.105971 0.985613 0.693437 0.65252 1.778899 0.829073

CAPM 0.02928 -0.04277 -0.04418 0.035614 -0.00744 0.001634 0.020032 0.024885 -0.05128 0.01117

FY 13- FY 14- FY 15- FY 16- FY 17- FY 18- FY 19- FY 20- FY 21- FY 22-
VALUES/YEAR 14 15 16 17 18 19 20 21 22 23

Rm 0.07% 0.09% -0.03% 0.07% 0.05% 0.07% -0.10% 0.22% 0.07% 0.01%
- - - -
CAPM in % 2.928% 4.277% 4.418% 3.561% 0.744% 0.163% 2.003% 2.488% 5.128% 1.117%

CAPM v/s Market Risk

4.00% 2.928% 3.561%

2.00% 2.003% 2.488%
Axis Title

0.00% 0.07% 0.09% 0.163%

-0.03%0.07% 0.05%-0.744% 1.117%
0.07% -0.10% 0.22%
-2.00% FY 13- FY 14- FY 15- FY 16- 0.07% 0.01%
14 FY 17- FY 18- Rm
-4.00% 15 16-4.277%
17-4.418% FY 19- FY 20-
FY 21-
18 19 FY 22-
20 21
-6.00% 22 23
-5.128%
Axis Title

Axis Title

Rm CAPM in %