Bharat Petroleum (BPCL) Q4 90/91 earnings summary

Executive summary

• FY1990-91 profit after tax rose to Rs.129.95 crore from Rs.122.57 crore; sales turnover reached Rs.7,362.66 crore versus Rs.6,057.72 crore.

• Operations balanced constrained petroleum availability with national distribution priorities; refining throughput reached 116% of installed capacity, while marketing sales volume grew 1.9% to 10.38 MMT.

Financial highlights

• Profit before tax was Rs.215.55 crore versus Rs.166.57 crore; profit after tax was Rs.129.95 crore versus Rs.122.57 crore.

• Profit before depreciation, interest and tax was Rs.349.36 crore versus Rs.300.99 crore; tax provision rose to Rs.85.60 crore from Rs.44.00 crore.

• Contribution to the exchequer through taxes and duties was Rs.1,246 crore versus Rs.1,051 crore.

• Net worth increased to Rs.664 crore from Rs.546.2 crore; accumulated reserves and surplus were Rs.614.01 crore at year-end.

Outlook and guidance

• A catalytic cracking unit conversion was expected to improve distillate yields and save about Rs.35 crore annually through lower imports; completion was in progress.

• Refinery digital controls were scheduled for completion in 1992-93, and advanced process controls for the distillation and fluid catalytic cracking units in 1991-92.

• A proposed 6 MMTPA grassroots refinery in eastern or central India was intended to address anticipated petroleum-product deficits from the Ninth Plan period onward.

• A 20% dividend on paid-up capital was recommended, requiring Rs.10 crore.