12 August 2017
1QFY18 Results Update | Sector: Oil & Gas
BPCL
Neutral
BSE SENSEX
31,214
S&P CNX
9,711
CMP: INR484
TP: INR515(+6%)
Motilal Oswal values your support in the
Asiamoney Brokers Poll 2017 for India
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Adjusted EBITDA above estimate; GRM at USD4.9/bbl
BPCL’s reported EBITDA of INR12b (-70% YoY, -45% QoQ) was lower than our
estimate of INR19b due to product inventory loss of INR7.3b during the
quarter. EBITDA adjusted for product inventory loss stood at INR19.5b,
ahead of our estimate. Reported GRM (inclusive of crude inventory
gain/loss) stood at USD4.9/bbl. The company reported forex gain of
INR292m v/s gain of INR332m in 4QFY17 and loss of INR1.7b in 1QFY17.
Reported PAT stood at INR7.4b (est. of INR11.6b; -72% YoY; -60% QoQ),
partly benefiting from higher other income of INR6.6b (est. of INR5.5b;
+231% YoY, -1% QoQ).
GRM at USD4.9/bbl
was lower than our estimate of USD5.5/bbl. GRM was
USD6/bbl in 4QFY17 and USD6.1/bbl in 1QFY17.
Domestic sales volume grew 3% YoY
(+8% QoQ) to 10mmt in 1QFY18.
Throughput in 1QFY18 was 6.4mmt v/s 6.0mmt in 4QFY17 and 6.2mmt in
1QFY17.
Valuation and view
We value BPCL based on SOTP-based fair value of INR515/share, which
includes INR343/share for its core business and INR171/share for
investments. The stock trades at 11.7x FY19E EPS of INR41.3 and 2.3x FY19E
BV. E&P still accounts for INR92 in our valuation, which has a risk potential
because of ongoing delays in completion of FID at Mozambique and
production in Brazil. Maintain
Neutral.
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
BPCL IN
655.6
483.8 / 7.2
770 / 450
-2/-2/31
1730
45.1
2019E
2275.1
135.6
81.3
41.3
-14.5
206.9
21.4
11.7
11.7
2.3
Financials & Valuations (INR b)
2017
2018E
Y/E Mar
Sales
2012.5 2117.9
EBITDA
135.1
112.5
Adj. PAT
95.1
67.5
EPS (INR)
48.3
34.3
EPS Gr.%
97.8
-16.6
BV/Sh.INR
156.7
179.6
RoE (%)
32.4
20.4
RoCE (%)
16.2
10.9
P/E (x)
10.0
14.1
P/BV (x)
3.1
2.7
Estimate change
TP change
Rating change
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Swarnendu Bhushan
– Research Analyst
(Swarnendu.Bhushan@MotilalOswal.com); +91 22 6129 1529
Abhinil Dahiwale
– Research Analyst
(Abhinil.Dahiwale@motilaloswal.com); +91 22 3980 4309

BPCL
Exhibit 1: BPCL’s 1QFY18 earnings snapshot (INRm)
1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 YoY (%) QoQ(%)
Key Operating Metrics
Brent (USD/bbl)
Fx rate (INR/USD)
Marketing volume (mmt)
GRM (USD/bbl)
Reuters Singapore GRM (USD/bbl)
Refinery thr' put (mmt)
Financial Summary (INRm)
Net Sales
Reported EBITDA
Marketing inventory gain
Net under recovery
Other adjustments (loss)
Recurring EBITDA
Depreciation
EBIT
Interest
Other Income
PBT
Income Tax
Tax rate (%)
PAT
PAT margin (%)
EPS
62.1
63.5
9.3
8.6
8.0
6.1
50.0
64.9
9.1
3.9
6.3
6.0
43.4
65.9
9.7
7.7
7.8
5.9
34.4
67.5
10.3
6.3
7.8
6.2
46.0
66.9
10.1
6.1
5.0
6.2
45.7
67.0
9.6
3.1
5.1
6.4
50.2
67.4
10.5
5.9
6.7
6.8
54.1
67.2
10.1
6.0
6.4
6.0
50.2
64.4
10.5
4.9
6.4
6.4
9%
-4%
5%
-20%
28%
4%
22%
-70%
-7%
-4%
5%
-19%
0%
7%
0%
-45%
520,205 462,223 464,492 435,545 468,902 446,464 535,427 570,365 571,258
38,590 15,871 25,931 35,981 40,855 13,670 34,652 22,123 12,250
2,040
(7,410) (8,420) (9,910)
12,830
(3,630)
6,650
4,022
(7,314)
0
0
463
(463)
0
0
0
0
0
0
0
0
0
0
0
0
4,900
0
36,550 23,281 34,814 45,428 28,025 17,300
(5,401) (4,213) (4,535) (4,296) (4,315) (4,524)
32,658
9,346 20,391 29,405 34,877
9,290
(1,170) (1,086)
(990) (2,405) (1,111) (1,024)
3,296
6,943
3,088
4,435
3,649 10,223
34,785 15,204 22,488 31,434 37,415 18,489
(11,178) (4,859) (7,037) (10,274) (11,210) (5,437)
32.1% 32.0% 31.3% 32.7% 30.0% 29.4%
23,607 10,345 15,452 21,160 26,205 13,052
4.5%
2.2%
3.3%
4.9%
5.6%
2.9%
12.0
5.3
7.9
10.8
13.3
6.6
28,002
(4,836)
28,329
(1,349)
5,511
32,491
(9,771)
30.1%
22,719
4.2%
11.6
23,001
(5,238)
16,884
(1,475)
6,624
22,033
(3,616)
16.4%
18,417
3.2%
9.4
19,565
(5,892)
6,358
(1,789)
6,566
11,136
(3,690)
33.1%
7,446
1.3%
3.8
-30%
37%
-82%
61%
80%
-70%
-67%
-72%
-72%
-15%
12%
-62%
21%
-1%
-49%
2%
-60%
-60%
Source: Company, MOSL
Exhibit 2: With nil subsidy now, PAT reflecting operational performance versus volatility seen earlier (INR b)
PAT
Net (under)/over recovery
Source: Company, MOSL
12 August 2017
2

BPCL
Exhibit 3: BPCL’s marketing volume trend: +5% YoY/QoQ (mmt)
Product Sales (mmt)
8.5
8.0
9.0
9.1
9.2
8.7
9.3
9.3
9.3
8.9
9.5
9.4
9.4
8.8
9.3
9.2
9.3
9.1
9.7
10.3 10.1
9.6
10.5 10.1 10.5
Source: Company, MOSL
Exhibit 4: BPCL’s GRM trend – (USD/bbl)
8.6
9.1
7.9
7.6
6.6
6.4
4.8
2.2
0.7
2.7
3.3
2.6
9.1
6.7
6.0
4.1
4.7
3.4
1.8
1.5
1.5
BPCL GRM
9.0
6.5
6.2
4.3
6.6
4.7
8.1
5.5
6.3
Singapore GRM
8.6
8.6
6.3
7.8
7.7
6.3
5.0
3.9
3.1
7.8
6.1
6.76.4
5.1
5.9
6.0
4.9
6.4
7.9
8.0
Source: Company, MOSL
Exhibit 5: BPCL refinery-wise throughput trend: +3.5% YoY and +6.6% QoQ (mmt)
Refinery thr'put (mmt)
Mumbai
Kochi
Total
6.8
6.0
6.4
6.1 6.0 5.9 5.9
6.1 5.8 6.1 6.1 6.0 5.9 6.2 6.2 6.4
6.1
6.0
5.6
5.6
5.6 5.8 5.6
5.4
5.2
3.0
2.7 2.6 2.6 2.8 2.2 2.6
3.3
2.7 2.2 2.8
2.8 2.4 2.7 2.7 2.7 2.5 2.7 2.7 2.8
3.3
2.7
1.9 2.5
2.5
3.3 3.1 3.5 3.4 3.3 3.2 3.4 3.2 3.0 3.3 3.4 3.3 2.9 3.3 3.4 3.4 3.4 3.2 3.4 3.5 3.5 3.6 3.8 2.7 3.1
Source: Company, MOSL
12 August 2017
3

BPCL
Exhibit 6: BPCL under recovery quarterly trend (INRb)
Net Under/ (over)recovery
79.6
34.0
33.632.3
30.8
(0.1)
(0.1)
(0.5)
(2.9)
(13.1) (7.4)
(14.0)
(18.3)
9.3 13.8 3.3
5.5
5.5 2.1
5.0 0.0
(29.4)
0.0 0.0 0.5
0.0 0.0 0.0 0.0 0.0
(36.4)
(36.5)
(56.7)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
Source: Company, MOSL
Valuation and view
We expect oil prices to rise from here, which would also increase fuel and loss,
and have a negative impact on refining margins for the company.
Kochi performance in FY18 could be sub-optimal because of ongoing integration
of IREP.
We value BPCL based on SOTP-based fair value of INR515/share, which includes
INR343/share for its core business and INR171/share for investments. The stock
trades at 11.7x FY19E EPS of INR41.3 and 2.3x FY19E BV. Maintain
Neutral.
Exhibit 7: Valuation
Valuation
Refining
Marketing
Pipeline
Others
Total
Net debt
Oil bonds
Net debt excluding oil bonds
Valuation of standalone
Stake in IGL (INR)
Stake in Petronet (INR)
Stake in Oil India (INR)
Stake in Numaligarh (INR)
Stake in Bina (INR)
Others (INR)
BM-C-30 (INR)
BM-SEAL-11 (INR)
Rovuma Basin (INR)
Total value (INR)
EBITDA (INR m)
58,736
56,643
9,464
0
EV/EBITDA (x)
5.5
8
7.5
5
Value (INR m)
323,048
453,143
70,979
0
847,170
212,205
40,088
172,117
343
14
21
2
17
1
26
2
34
56
515
Source: Company, MOSL
12 August 2017
4

BPCL
Exhibit 8: BPCL – Key Assumptions
Y End: March 31
Exchange Rate (INR/USD)
Crude cost (USD/bbl)
Domestic Market Sales (MMT)
YoY (%)
GRM (USD/bbl)
Singapore GRM (USD/bbl)
Prem/(disc) (USD/bbl)
Refinery throughput (MMT)
YoY (%)
Marketing Margin (INR/ltr)
Blended gross marketing margin excld inventory
2013
54
110
33
7%
5.0
7.9
(3)
23.2
1%
3.0
2014
61
108
34
2%
4.3
5.6
(1)
23.4
1%
3.7
2015
61
86
34
1%
3.6
6.4
(3)
23.4
0%
5.3
2016
65
48
37
6%
6.6
7.5
(1)
24.1
3%
4.4
2017
67
49
38
3%
5.3
5.8
(1)
25.4
5%
3.7
2018E
66
50
40
5%
5.8
5.7
0
27.1
7%
3.4
2019E
67
55
41
4%
6.1
5.4
1
28.9
7%
3.4
2020E
68
55
43
4%
6.1
5.4
1
28.9
0%
3.5
Source: Company, MOSL
12 August 2017
5

BPCL
Story in charts
Exhibit 9: Refining throughput of BPCL
Refinery Throughput (mmt)
27.1
28.9
28.9
8.0
6.0
4.0
2.0
-
2013
2014
2015
2016
2017
2018E 2019E 2020E
Source: Company, MOSL
2013
2014
2015
2016
2017 2018E 2019E 2020E
Source: Company, MOSL
Exhibit 10: GRM trend of BPCL
BPCL GRM (USD/bbl)
Reuters Singapore GRM (US$/bbl)
23.2
23.4
23.4
24.1
25.4
Exhibit 11: Marketing sales volume
Marketing sales volume (mmt)
YoY (%)
Exhibit 12: Pipeline throughput
Pipeline Throughput (mmt)
YoY (%)
1
1
1
0
0
0
2013 2014 2015 2016 2017 2018E 2019E 2020E
Source: Company, MOSL
50
40
30
20
10
0
2013 2014 2015 2016 2017 2018E2019E2020E
6
4
2
0
(2)
Source: Company, MOSL
14
12
10
8
6
4
2
0
Exhibit 13: Return rations
RoE
30
25
20
15
10
5
0
2013
2014
2015
2016
2017 2018E 2019E 2020E
Source: Company, MOSL
ROCE
Exhibit 14: Debt and interest burden
Net debt (INRm)
250,000
200,000
150,000
100,000
50,000
0
2013 2014 2015 2016 2017 2018E 2019E 2020E
Source: Company, MOSL
Interest
12 August 2017
6

BPCL
Exhibit 15: EBITDA growth and margins
EBITDA YoY (%)
50
40
30
20
10
0
(10)
(20)
2013 2014 2015 2016 2017 2018E 2019E 2020E
Source: Company, MOSL
EBITDA Margins (%)
7.0
6.0
5.0
4.0
3.0
2.0
1.0
-
120
100
80
60
40
20
0
(20)
(40)
2013 2014 2015 2016 2017 2018E 2019E 2020E
Source: Company, MOSL
Exhibit 16: PAT growth and margins
PAT YoY (%)
PAT Margins (%)
5.0
4.0
3.0
2.0
1.0
-
Exhibit 17: P/E valuation
35
27
19
11
4.2
3
9.8
9.7
PE (x)
Peak(x)
Avg(x)
Min(x)
23.5
Source: Company, MOSL
12 August 2017
7

BPCL
Financials and Valuations
Consolidated - Income Statement
Y/E March
Total Income from Operations
Change (%)
RM & Other Expenses
Finished Gds Purchase
Other Oper. Expenses
Total Expenditure
% of Sales
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
PBT bef. EO Exp.
EO Items
PBT after EO Exp.
Total Tax
Tax Rate (%)
Minority Interest
Reported PAT
Adjusted PAT
Change (%)
Margin (%)
FY13
2,421,810
14.2
1,191,085
1,023,115
140,888
2,355,088
97.2
66,722
2.8
24,627
42,095
25,183
15,290
32,202
0
32,202
12,841
39.9
553
18,808
18,808
140.9
0.8
FY14
2,644,066
9.2
1,320,642
1,070,857
158,977
2,550,477
96.5
93,590
3.5
26,109
67,480
19,821
13,998
61,657
0
61,657
21,127
34.3
1,423
39,107
39,107
107.9
1.5
FY15
2,424,188
-8.3
1,153,180
938,728
236,301
2,328,209
96.0
95,978
4.0
30,267
65,712
11,805
22,998
76,905
0
76,905
26,085
33.9
2,754
48,066
48,066
22.9
2.0
FY16
1,878,146
-22.5
688,343
902,403
158,029
1,748,775
93.1
129,371
6.9
20,719
108,652
6,805
15,958
117,806
0
117,806
40,427
34.3
3,510
80,889
80,889
68.3
4.3
FY17
2,012,507
7.2
692,798
1,021,312
163,272
1,877,382
93.3
135,125
6.7
21,076
114,048
6,964
20,478
127,562
0
127,562
41,926
32.9
9,434
95,070
95,070
17.5
4.7
FY18E
2,117,927
5.2
792,660
1,048,174
164,560
2,005,394
94.7
112,534
5.3
23,941
88,592
9,139
21,273
100,726
0
100,726
33,240
33.0
0
67,487
67,487
-29.0
3.2
(INR Million)
FY19E
2,275,111
7.4
898,322
1,077,351
163,847
2,139,520
94.0
135,591
6.0
23,483
112,109
10,473
19,649
121,284
0
121,284
40,024
33.0
0
81,261
81,261
20.4
3.6
FY20E
2,344,961
3.1
912,544
1,123,197
169,432
2,205,172
94.0
139,788
6.0
25,325
114,463
11,286
21,909
125,086
0
125,086
41,278
33.0
0
83,808
83,808
3.1
3.6
Consolidated - Balance Sheet
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Minority Interest
Total Loans
Deferred Tax Liabilities
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Goodwill on Consolidation
Capital WIP
Total Investments
Curr. Assets, Loans&Adv.
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability & Prov.
Account Payables
Provisions
Net Current Assets
Appl. of Funds
E: MOSL Estimates
12 August 2017
FY13
7,231
160,525
167,755
10,766
328,604
16,059
523,184
442,435
199,773
242,663
4,576
74,607
74,698
399,112
199,567
43,551
28,498
127,497
272,473
240,795
31,678
126,639
523,184
FY14
7,231
187,032
194,263
11,469
327,985
12,511
546,228
500,437
224,772
275,665
0
93,717
69,853
448,233
231,695
45,437
23,113
147,988
341,241
299,307
41,934
106,992
546,228
FY15
7,231
218,254
225,485
12,998
210,177
13,468
462,128
544,607
253,658
290,950
145
157,873
77,118
336,979
174,000
29,484
34,463
99,033
400,937
344,770
56,166
-63,958
462,128
FY16
6,556
271,377
277,933
16,783
211,216
30,720
536,652
565,537
276,276
289,261
0
174,589
58,334
342,032
146,437
22,169
42,024
131,403
327,566
301,517
26,049
14,467
536,652
FY17
13,113
295,085
308,198
19,582
314,729
40,548
683,057
788,315
301,860
486,455
0
168,339
63,655
372,413
211,968
48,038
18,845
93,562
407,805
382,095
25,710
-35,392
683,057
FY18E
19,669
333,592
353,261
15,866
370,000
25,241
764,367
888,315
337,392
550,923
0
169,930
77,363
387,712
219,599
49,130
25,421
93,562
421,561
395,851
25,710
-33,848
764,367
(INR Million)
FY19E
19,669
387,271
406,939
15,866
380,000
25,241
828,046
988,315
374,925
613,390
0
183,980
77,363
401,349
234,286
52,776
20,724
93,562
448,036
422,327
25,710
-46,687
828,046
FY20E
19,669
445,348
465,016
15,866
390,000
25,241
896,123
1,048,315
415,657
632,658
0
239,387
77,363
407,711
241,476
54,397
18,276
93,562
460,996
435,286
25,710
-53,285
896,123
8

BPCL
Financials and Valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
FCF per share
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Leverage Ratio (x)
Current Ratio
Interest Cover Ratio
Net Debt/Equity
FY13
9.6
22.1
85.3
4.4
53.8
FY14
19.9
33.2
98.8
17.0
100.0
FY15
24.4
39.8
114.6
8.3
40.0
FY16
41.1
51.7
141.3
11.4
32.5
FY17
48.3
59.1
156.7
21.7
52.4
10.0
8.2
3.1
0.6
9.2
4.5
-37.7
32.4
16.2
22.1
2.6
2.9
38
9
69
0.9
16.4
0.8
FY18E
34.3
46.5
179.6
9.7
33.2
14.1
10.4
2.7
0.6
11.5
2.0
-11.5
20.4
10.9
12.8
2.4
2.8
38
8
68
0.9
9.7
0.8
FY19E
41.3
53.3
206.9
12.0
33.9
11.7
9.1
2.3
0.6
9.7
2.5
6.6
21.4
11.7
14.5
2.3
2.7
38
8
68
0.9
10.7
0.7
FY20E
42.6
55.5
236.4
11.2
30.7
11.4
8.7
2.0
0.6
9.5
2.3
6.8
19.2
11.1
13.9
2.2
2.6
38
8
68
0.9
10.1
0.6
0.9
-12.0
11.5
7.2
7.3
5.5
4.6
30
7
36
1.5
1.7
1.3
3.5
15.0
21.6
10.5
12.6
5.3
4.8
32
6
41
1.3
3.4
1.2
1.7
79.1
22.9
12.2
15.7
4.5
5.2
26
4
52
0.8
5.6
0.4
2.4
5.4
32.1
17.7
31.4
3.3
3.5
28
4
59
1.0
16.0
0.4
Consolidated - Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Depreciation
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
Others
CF from Operating incl EO
(Inc)/Dec in FA
Free Cash Flow
(Pur)/Sale of Investments
CF from Investments
Issue of Shares
Inc/(Dec) in Debt
Dividend Paid
Others
CF from Fin. Activity
Inc/Dec of Cash
Opening Balance
Closing Balance
FY13
32,203
24,627
-12,841
-15,790
28,198
-591
27,607
-51,249
-23,642
4,208
-47,041
0
44,788
-10,119
0
34,669
15,235
13,263
28,498
FY14
61,657
26,109
-21,127
14,262
80,901
22,252
103,153
-73,645
29,508
4,845
-68,800
0
-618
-39,119
0
-39,738
-5,385
28,498
23,113
FY15
76,905
30,267
-26,085
182,299
263,386
2,101
265,487
-109,852
155,635
-7,265
-117,117
0
-117,808
-19,212
0
-137,021
11,349
23,113
34,462
FY16
117,806
20,719
-40,427
-70,863
27,234
18,922
46,155
-35,602
10,554
22,294
-13,308
0
1,039
-26,326
0
-25,286
7,561
34,462
42,023
FY17
127,562
21,076
-41,926
26,680
133,393
9,828
143,221
-217,340
-74,119
-2,714
-220,054
0
103,513
-49,858
0
53,655
-23,178
42,023
18,845
FY18E
100,726
23,941
-33,240
5,032
96,460
-15,308
81,153
-103,709
-22,556
-3,716
-107,424
0
55,271
-22,423
0
32,847
6,576
18,845
25,421
FY19E
121,284
23,483
-40,024
8,142
112,885
0
112,885
-100,000
12,885
0
-100,000
0
10,000
-27,582
0
-17,582
-4,697
25,421
20,724
(INR Million)
FY20E
125,086
25,325
-41,278
4,150
113,283
0
113,283
-100,000
13,283
0
-100,000
0
10,000
-25,731
0
-15,731
-2,448
20,724
18,276
12 August 2017
9

BPCL
Corporate profile
Company description
A Fortune 500 company, BPCL has interests in oil
refining and marketing of petroleum products. It is
the third largest refining company in India with a
capacity of 12mmtpa at its Mumbai facility and
9.5mmtpa at Kochi. BPCL has majority stake (63%)
in Numaligarh Refineries, a 3mmtpa refinery in the
north-east. BPCL has investments in IGL (22.5%) and
Petronet LNG (12.5%). BPCL is a public sector firm in
which the government of India holds 54.93%.
Exhibit 1: Sensex rebased
Source: MOSL/Bloomberg
Exhibit 2: Shareholding pattern (%)
Jun-17
Promoter
DII
FII
Others
54.9
7.9
22.2
15.0
Mar-17
54.9
7.6
22.5
14.9
Jun-16
54.9
8.6
21.9
14.5
Source: Capitaline
Exhibit 3: Top holders
Holder Name
BPCL Trust for Investment in Shares
LIFE INSURANCE CORPORATION OF INDIA
NA
NA
NA
% Holding
9.3
2.0
0.0
0.0
0.0
Source: Capitaline
Note: FII Includes depository receipts
Exhibit 4: Top management
Name
D Rajkumar
P Balasubramanian
S P Gathoo
Ramesh Srinivasan
S V Kulkarni
Designation
Chairman & Managing
Director
Director (Finance)
Director
(Human
Resources)
Director (Marketing)
Company Secretary
Exhibit 5: Directors
Name
P H Kurian
Deepak Bhojwani
Rajesh Mangal
Name
R Ramachandran
Gopal Chandra Nanda
Anant Kumar Singh
*Independent
Source: Capitaline
Exhibit 6: Auditors
Name
ABK & Associates
Bandyopadhyaya Bhaumik & Co
CNK & Associates LLP
Haribhakti & Co LLP
Ragini Chokshi & Co
Type
Cost Auditor
Cost Auditor
Statutory
Statutory
Secretarial Audit
Source: Capitaline
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
FY18
FY19
FY20
MOSL
forecast
34.3
41.3
42.6
Consensus
forecast
41.3
45.6
43.6
Variation (%)
-16.9
-9.5
-2.3
Source: Bloomberg
12 August 2017
10

BPCL
NOTES
12 August 2017
11

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BPCL
Disclosure of Interest Statement
Analyst ownership of the stock
BPCL
No
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Registration details of group entities.: MOSL: NSE (Cash): INB231041238; NSE (F&O): INF231041238; NSE (CD): INE231041238; BSE (Cash): INB011041257; BSE(F&O): INF011041257; BSE(CD); MSE(Cash): INB261041231;
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12 August 2017
12