Bharat Petroleum (BPCL) Q4 84/85 earnings summary

Executive summary

• FY1984-85 sales of products reached Rs 21,276.50 lakh, up from Rs 18,710.57 lakh; market participation rose to 18.4% from 17.5%.

• Profit before tax increased to Rs 2,080.31 lakh from Rs 1,915.50 lakh, while profit after tax declined to Rs 1,380.31 lakh from Rs 1,565.50 lakh.

• Refinery throughput reached 5.45 million tonnes, and expanded capacity of 6 million tonnes per annum came into operation near year-end.

Financial highlights

• Gross profit before depreciation, interest and tax was Rs 6,010.54 lakh, versus Rs 5,274.97 lakh in FY1983-84.

• Depreciation rose to Rs 5,334.69 lakh from Rs 4,237.91 lakh; net interest was Rs 1,885.12 lakh versus Rs 1,331.81 lakh.

• Prior-years’ net income was Rs 1,404.46 lakh, versus Rs 878.44 lakh; tax provision was Rs 700 lakh, versus Rs 350 lakh.

• Internal cash generation was Rs 64.99 crore, compared with Rs 58.51 crore in the prior year.

Outlook and guidance

• Expanded refining facilities are designed to process indigenous and Middle East crude blends at sustained capacity of 6 million tonnes annually and upgrade heavy ends to higher-value distillates.

• The expanded facilities are expected to save about Rs 60 crore in annual foreign-exchange outgo.

• LPG Phase III plans additional marketing capacity and 15.5 lakh new domestic customers, with staged completion by March 1988; revised estimates await Government approval.

• Energy projects were expected to save fuel after completion, including 26,660 tonnes annually from CDU schemes, 6,690 tonnes from the HVU furnace and 5,910 tonnes from the CO Boiler.