Bharat Petroleum (BPCL) Q4 88/89 earnings summary

Executive summary

• Sales turnover rose to Rs. 434,868.65 lakhs from Rs. 405,001.80 lakhs; profit after tax increased to Rs. 10,909.49 lakhs from Rs. 7,604.42 lakhs.

• Refining stayed on target for throughput, product yield and fuel/loss despite a major refinery fire; marketing sales reached 9.33 million tonnes.

Financial highlights

• Profit before depreciation was Rs. 22,062.11 lakhs vs. Rs. 14,780.25 lakhs; depreciation was Rs. 7,890.64 lakhs vs. Rs. 6,346.41 lakhs.

• Profit before tax, including prior-year income/expenses, was Rs. 13,009.49 lakhs vs. Rs. 9,304.42 lakhs; tax provision was Rs. 2,100 lakhs vs. Rs. 1,700 lakhs.

• Excluding prior-year items, current-year profit before tax was Rs. 14,171.47 lakhs vs. Rs. 8,433.84 lakhs; prior-year net expense was Rs. 1,161.98 lakhs.

• The directors proposed a 20% dividend on paid-up capital of Rs. 2,785.34 lakhs, absorbing Rs. 557.07 lakhs.

• Contributions to the Exchequer were Rs. 932.05 crores vs. Rs. 818.06 crores.

Outlook and guidance

• The C3 stream separation project for supply to IPCL's Maharashtra Gas Cracker Complex was expected to finish by June 1989; effluent upgrades were expected by September 1989.

• SBP/Hexane solvent facilities were scheduled for completion by August 1989; the Irumpanam oil terminal was scheduled for August 1991.

• Planned projects included aromatics extraction, Haldia/Budge Budge and Cochin/Coimbatore product pipelines, and a 6 MMTPA Central India refinery.