Bharat Petroleum (BPCL) Q4 91/92 earnings summary

Executive summary

• FY1991-92 sales turnover reached Rs. 8,841.66 crore; profit after tax was Rs. 148.46 crore and net worth Rs. 797.47 crore.

• Crude throughput reached 6.95 MMT at 115.8% capacity utilisation despite a 31-day scheduled turnaround; marketing sales rose 3.2% to 10.71 MMT.

Financial highlights

• Sales turnover increased from Rs. 7,362.66 crore to Rs. 8,841.66 crore; profit before tax was Rs. 255.46 crore versus Rs. 215.55 crore.

• Profit after tax was Rs. 148.46 crore versus Rs. 127.81 crore; gross profit before depreciation, interest and tax was Rs. 403 crore versus Rs. 349 crore.

• Net product sales after industry pool-account settlements were Rs. 5,698.44 crore, compared with Rs. 5,283.06 crore; proposed dividend rose to 30% from 20%.

Outlook and guidance

• Long-range plans through 2004-05 include a 6 MMT grassroots refinery, technology upgrades, new petrochemicals, additional storage, retail infrastructure and a Bombay-Manmad pipeline.

• A 6 MMT Central India refinery project, estimated at Rs. 5,600 crore, awaited Government clearance; commissioning was projected within 48 months of approval.

• Planned projects include additional benzene capacity, LPG bottling plants and tankage, import facilities, lube blending plants, and MTBE production to support low-lead gasoline.