Bharat Petroleum (BPCL) Q4 89/90 earnings summary

Executive summary

• FY1989-90 delivered record crude processing and refined-product output, higher sales and market share, and net profit of Rs. 122.57 crore.

• Paid-up equity rose to Rs. 50 crore after a bonus issue; directors recommended a 20% dividend, absorbing Rs. 10 crore.

Financial highlights

• Sales turnover was Rs. 4,88,168.63 lakh versus Rs. 4,34,868.65 lakh in FY1988-89; total income was Rs. 4,92,355.67 lakh.

• Profit before tax was Rs. 16,657.02 lakh versus Rs. 13,009.49 lakh; profit after tax was Rs. 12,257.02 lakh versus Rs. 10,909.49 lakh.

• Gross profit before depreciation, interest and tax reached Rs. 30,099 lakh versus Rs. 24,243 lakh; depreciation was Rs. 10,294.42 lakh and interest Rs. 3,147.16 lakh.

• Taxes and duties contributed to the exchequer totaled Rs. 1,051.44 crore versus Rs. 938.37 crore in FY1988-89.

Outlook and guidance

• Advanced process controls for the distillation unit and FCCU were expected to be completed in 1990-91 to improve operating efficiency.

• Planned expansion includes 70,000 MTPA normal paraffin extraction, ~24,800 MTPA MTBE production, a proposed 6 MMT/year Central India refinery, and expanded LPG import facilities.

• A new Cochin oil terminal with 1.54 lakh KL storage was under construction, scheduled for August 1991; LPG Phase III was scheduled for staged completion by September 1990.