Bharat Petroleum (BPCL) Q4 94/95 earnings summary

Executive summary

• FY1994-95 net profit rose 34% to Rs.2,888.48 million; sales turnover reached Rs.131,910.64 million.

• Sales volume reached 13.2 MMT with 20.2% market share; growth in product demand and customer-service investment supported expansion.

Financial highlights

• Sales turnover was Rs.131,910.64 million vs Rs.114,384.68 million; profit before tax was Rs.4,578.48 million vs Rs.3,623.83 million.

• Gross profit before interest, depreciation and tax rose 40% to Rs.7,619 million; profit after tax increased 34% to Rs.2,888.48 million.

• Internal cash generation rose 49% to Rs.5,032 million; net worth after proposed dividend increased to Rs.13,955 million from Rs.11,521 million.

• Dividend recommended at 33% on expanded paid-up equity capital of Rs.1,500 million, absorbing Rs.495 million; 2:1 bonus shares were issued during the year.

Outlook and guidance

• Customer service and infrastructure expansion were positioned to address competition under liberalisation and growing petroleum demand.

• Energy-conservation projects costing Rs.486 million were expected to save 14,000 Standard Refinery Fuel Tonnes annually.

• Projects in progress included a Bombay-Manmad product pipeline, refinery upgrades and increased LPG bottling capacity; the pipeline was expected to complete by April 1998.

• Planned infrastructure included the Bina refinery and product terminals and pipelines, subject to government approvals.