Bharat Petroleum (BPCL) Q4 93/94 earnings summary

Executive summary

• FY1993-94 gross sales turnover reached Rs.114,474.12 million, up 12.5% YoY; petroleum and petrochemical sales volume rose 6.1% to 12.10 MMT.

• Net profit was Rs.2,153.83 million, up 26.6% YoY; prior-year claims received from the Oil Coordination Committee materially contributed to results.

Financial highlights

• Profit before tax was Rs.3,623.83 million versus Rs.2,920.69 million in FY1992-93; profit after tax was Rs.2,153.83 million versus Rs.1,700.69 million.

• Earnings per share rose to Rs.43.08 from Rs.34.01; proposed dividend was 33%, absorbing Rs.165 million.

• Exchequer contribution from taxes and duties was Rs.24,916.06 million, versus Rs.22,292.11 million in the prior year.

• Internal cash generation increased to Rs.3,375.51 million from Rs.2,967.81 million; net worth reached Rs.11,520.50 million.

Outlook and guidance

• The CCU reactor/regenerator modification was estimated at Rs.326 million, with completion targeted for April/May 1995; the MTBE lead-free gasoline project was estimated at Rs.327 million, due November 1995.

• Three LPG bottling plants at Calcutta, Madras and Meerut were planned for commissioning by March 1996; each was estimated to cost Rs.320 million.

• FY1994-95 plans included continued Naphtha exports through IOC and exploration of Benzene exports and other international trade opportunities.

• Proposed pipelines, terminals and tankage projects depended on Government approvals; the Bombay-Manmad pipeline was estimated at Rs.3,982 million and Cochin-Karur at Rs.4,938 million.