Bharat Petroleum (BPCL) Q4 87/88 earnings summary

Executive summary

• FY 1987-88 sales turnover was Rs. 405,001.80 lakhs; profit after tax rose to Rs. 7,604.42 lakhs from Rs. 6,032.32 lakhs.

• Refinery throughput reached a record 6.56 million tonnes, while refined-product output rose to 6.69 million tonnes from 5.56 million tonnes.

• Net worth increased by Rs. 100.79 crores to Rs. 334.88 crores at 31 March 1988.

Financial highlights

• Sales turnover: Rs. 405,001.80 lakhs vs Rs. 352,905.70 lakhs; increase was attributed mainly to higher quantities sold.

• Profit before tax was Rs. 9,304.42 lakhs, including Rs. 870.58 lakhs of net prior-year income; profit after tax was Rs. 7,604.42 lakhs vs Rs. 6,032.32 lakhs.

• Profit before depreciation was Rs. 14,780.25 lakhs vs Rs. 15,020.64 lakhs; depreciation was Rs. 6,346.41 lakhs vs Rs. 8,155.98 lakhs.

• Taxes and duties contributed to the Exchequer totaled Rs. 818.1 crores, compared with Rs. 683.4 crores in the prior year.

Outlook and guidance

• Captive power plant was expected to be commissioned in Q4 1988; CO boiler project targeted completion by October 1988, with estimated fuel savings of 5,912 tonnes annually.

• Six LPG Phase III bottling plants were complete; six remaining plants were scheduled for completion in stages by December 1988, adding 250,000 TPA of bottling capacity.

• Additional product tankage of 5.73 lakh kl, estimated at Rs. 143.7 crores, was scheduled for staged completion by March 1991.

• Proposed growth projects included a 6 MMTA Central India refinery and petrochemical complexes; proposals were submitted to Government for consideration.