KEY RATIOS 2002 Summarised Financials (Rs.

Crores) Equity Networth Average Capital Employed NTO EBITDA EBIT PAT* 248 4414 4614 5059 2046 1847 1190 2002 Key Ratios Net Worth Per Share (Rs.) ** Debt Equity Ratio Return on Equity* (%) NTO /Avg.Capital Employed (x) Return on Avg Capital Employed (%) EV/EBITDA (x) Price Earnings Ratio* (x) Earnings Per Share* (Rs.) ** Cash Earnings Per Share* (Rs.) ** EBIT / NTO (%) EBITDA / NTO (%) EBIT / Interest (x) 6.0 0.06:1 29.9 1.1 40.0 8.5 14.5 1.6 2.0 36.5 40.4 27.6 7.2 0.02:1 28.0 1.1 40.2 6.3 11.4 1.8 2.1 35.6 39.6 69.9 8.6 0.02:1 27.1 1.1 38.5 9.2 16.2 2.1 2.5 36.2 40.0 94.5 10.6 0.03:1 25.7 1.0 35.9 10.1 18.2 2.5 2.9 35.5 39.6 64.0 12.1 0.01:1 26.9 1.1 36.4 19.3 32.1 3.0 3.4 33.5 36.9 275.0 13.9 0.02:1 27.7 1.2 38.1 12.5 20.9 3.6 4.3 32.3 35.3 1195.1 16.0 0.02:1 27.7 1.2 38.3 15.0 24.9 4.1 4.8 32.8 36.0 992.7 18.2 0.01:1 25.3 1.1 35.1 12.4 21.4 4.3 5.5 31.0 34.5 264.4 18.4 0.01:1 29.2 1.2 40.9 14.2 24.7 5.3 6.0 33.5 36.8 93.9 20.6 0.01:1 33.2 1.3 46.0 16.9 28.2 6.4 7.3 34.6 37.7 152.0 248 5366 5190 5866 2323 2086 1371 2003 248 6410 6082 6470 2585 2344 1593 2004 249 7896 7568 7639 3028 2716 1837 2005 376 9061 9012 9791 3613 3281 2280 2006 376 10437 10308 12164 4293 3930 2700 2007 377 12058 11964 13948 5015 4576 3120 2008 377 13735 13798 15612 5393 4844 3264 2009 382 14064 14868 18153 6689 6080 4061 2010 774 15953 15906 21168 7972 7316 4988 2011 2003 2004 2005 2006 2007 2008 2009 2010 2011

* Computed before exceptional items ** Previous Year figures has been reworked due to Split of Equity Shares to Re1.00 each and issue of Bonus Shares in the ratio 1:2 and issue of bonus shares in the ratio 1:1 in 2010-11

Note: NTO - Net Turnover EV - Closing Market Capitalisation at BSE + Loan Funds - Cash & Short term Surplus

EBITDA - Earnings before interest, tax, depretiation & amortisation EBIT - Earnings before interest & tax Cash Earning Per Share - (Net Profit +Deferred Tax + Depreciation)/No. of Shares Return on Equity - Net Profit /Average Net Worth Return on Capital Employed - PBIT/Average Capital Employed PE ratio based on year end closing prices

HPCL Liquidity Measurement Ratios 1 Current ratio *Current assets/ Current liabilities 2 Quick ratio (Cash equivalents+ short-term investments+ Accounts receivable)/Current Liabilities (or) (Current assets- Inventory)/ Current Liabilities Profitability Indicator Ratios 1 Profit Margin Analysis i Gross Profit Margin *Gross profit/ Net sales(Revenue)

1.247

0.49

4.1%

ii

Operating Profit Margin *Operating profit(EBIT)/ Net sales(Revenue)

3.0%

iii Net Profit Margin *Net income/ Net sales(Revenue) 2 Return on Equity Net income/ Avg. shareholders equity 3 Return on capital employed Net income/ Capital employed Capital Employed= Avg. debt liabilities+ Avg. shareholders equity Debt Ratios 1 Debt-Equity ratio Total liabilities/ Shareholders equity 2 Capitalization ratio Long-term debt/ (Long term debt+ shareholders equity) 3 Interest coverage ratio EBIT/ Interest Expense 4 Debt service coverage ratio Net operating income/ Total debt service 2.0 1.3%

11.3%

5.2%

0.67

3.35

1.28

Opreating Performance Ratios 1 Fixed Asset Turnover Ratio Revenue/ Property, Plant and Equipment 2 Operating Cycle (Days)= DIO + DSO- DPO DIO= Days Inventory Outstanding 4.06

Avg. inventory of that year/Cost of sales per day DSO= Days Sales Outstanding Avg. accounts receivable/ Net sales per day DPO= Days Payable Outstanding Avg. accounts payable/ Cost of sales per day Cash Flow Indicator Ratios 1 Cash flow coverage ratio Net income+ Depriciation and Amortization/ Total Debt payments 2 Dividend payout ratio Dividends per common share/ Earnings per share

1.63

0.31

Investment Valuation ratios 1 Price/Earnings ratio Market value per share/ Earnings per share 2 Price/ Earnings to growth ratio 3 Price/Book value ratio Stock price per share/Shareholder's equity per share 4 Dividend yield Annual dividend per share/ Stock price share 5 Enterprise value multiple Enterprise Value/ EBITDA

8.88 22.78

0.95

3.5%

2.76

HPCL Earnings per share Growth rate Avg growth rate 2005 37.69 2006 11.97 -68% 0.39% 2007 46.35 287% 2008 33.48 -28% 2009 16.98 -49% 2010 38.43 126%

IOCL

BPCL

1.33

0.51

6.8%

5.6%

3.7%

20.2%

14%

0.88

0.47

12.4

2.81

3.89

14.83

0.29

42.09539 13.00002

7.32

1.479

208.2124

4.2%

3.95