BPCL

A Progressive Digital Media business
COMPANY PROFILE
Bharat Petroleum
Corporation Limited
REFERENCE CODE: 7723BFE4-BE04-4129-A4B7-08D5CFCBA466

PUBLICATION DATE: 12 Feb 2016
www.marketline.com
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Bharat Petroleum Corporation Limited

TABLE OF CONTENTS
TABLE OF CONTENTS
Company Overview ........................................................................................................3
Key Facts ......................................................................................................................... 3
Business Description .....................................................................................................4
History ............................................................................................................................. 6
Key Employees .............................................................................................................10
Key Employee Biographies .........................................................................................12
Major Products & Services ..........................................................................................15
Revenue Analysis .........................................................................................................16
SWOT Analysis .............................................................................................................17
Top Competitors ...........................................................................................................23
Company View ..............................................................................................................24
Locations And Subsidaries .........................................................................................26
Financial Overview .......................................................................................................27

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Company Overview
Company Overview
COMPANY OVERVIEW
Bharat Petroleum Corporation Limited (BPCL or 'the company') is engaged in refining, processing, and
distributing petroleum products, and exploration and production of hydrocarbons. It offers petrol, diesel,
kerosene, aviation fuel, liquefied petroleum gas (LPG), compressed natural gas (CNG), and lubricants.
The company primarily operates in India, where it is headquartered in Mumbai, and employed 12,750
people as on March 31, 2015.
The company reported revenues of (Rupee) INR1,886,513.6 million for the fiscal year ended March 2016
(FY2016), a decrease of 22.2% over FY2015. In FY2016, the companys operating margin was 6.7%,
compared to an operating margin of 2.8% in FY2015. In FY2016, the company recorded a net margin of
4.2%, compared to a net margin of 2% in FY2015.
Key Facts
KEY FACTS
Head Office

Bharat Bhavan
4 and 6 Currimbhoy Road
Ballard Estate
IND
Phone
Fax
Web Address
Revenue / turnover (INR Mn)
1,886,513.6
Revenue (USD Mn)
29,459.0
Financial Year End
March
Employees
12,623
Bombay Stock Exchange Ticker
500547

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Business Description
BUSINESS DESCRIPTION
Bharat Petroleum Corporation Limited (BPCL or 'the company') is an India-based oil marketing company
that focuses on refining, processing, and distributing petroleum products. It primarily offers petrol, diesel,
kerosene, aviation fuel, liquefied petroleum gas (LPG), compressed natural gas (CNG), and lubricants. In
FY2015, the aggregate refinery throughput at BPCL's refineries at Mumbai and Kochi, along with its
subsidiary company, Numaligarh Refinery (NRL) and 50% throughput of joint venture company, Bharat
Oman Refineries (BORL) was 29.3 million metric tons (MMT). The company generated market sales of
34.95 MMT during FY2015 and exports of petroleum products stood at 2.2 MMT. The company primarily
operates in India.
BPCL operates through two business segments: downstream petroleum (refinery and marketing of
petroleum products); and exploration and production (E&P) of hydrocarbons.
The company's petroleum products include fuels, gases, lubricants, solvents, and special products. The
company also produces bitumen and sulfur. BPCL produces three categories of industrial fuels, including
marine fuels, black oils, and white oils. The company's marine fuels include the following: high flash high
speed diesel (HFHSD) and furnace oil; black oil which include light diesel oil (LDO); and white oils which
comprise motor spirit (petrol), high speed diesel (HSD), kerosene (SKO), and naphtha. BPCL also offers
various gases, including poly propelene feed stock, natural gas, LPG, and Bharat metal cutting gas.
Under the lubricants division, BPCL offers various kinds of lubricants including automotive engine oils,
agricultural equipment engine oils, earthmoving equipment engine oils, gear oils, transmission oils,
specialty oils, and greases. In the automotive category, the company supplies lubricants with the MAK
brand. BPCL is marketing MAK lubricants across India through its network of 13,000 fuel stations and 591
lubricants distributors spread across the country. During FY2015, the company produced a total of
287,649 million tons (MT) of lubricants and sold 311,000 MT.
BPCL produces bitumen which is used for road construction, surfacing airfield runways and taxi tracks,
hydraulic applications such as canal lining, river bank protection, dam construction, and sea defenses.
The company also manufactures sulfur as a by-product which finds its applications in the manufacturing
of sulfuric acid and in the manufacture of fertilizers.
The company's products under solvent and special products category include mineral turpentine, special
boiling point (SBP) spirits, hexane, benzene, and toluene. The mineral turpentine is used in the
manufacture of surface coatings, like paints, varnished, and lacquers; and in dry cleaning.
BPCL supplies aviation fuel through its network of aviation fueling stations spread across the India. The
company operated 35 aviation service stations in FY2015. The company is also engaged in the LPG
market for homes which involve home delivery of gas cylinders and LPG supplies through pipeline to
mega residential complexes. The company supplies its LPG under the brand Bharatgas. In FY2015, the
company operated 12,809 retail outlets, 50 LPG bottling plants and 4,044 distributors. For the same
period, BPCL had a LPG customer base of 45.8 million. In addition, the company filled a total of 4.3 MMT
of gas in cylinders during FY2015. In addition, BPCL handled approximately 1,205 megatons (TMT) of
gas. Out of this, 314 TMT of gas was supplied to Mumbai Refinery, 76 TMT was supplied to Kochi

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Refinery for own use requirements and the balance of approximately 815 TMT of gas was sold to various
customers across different sectors like fertilizer, power, and steel, among others. Moreover,
approximately 15 TMT LNG was supplied through tank trucks to customers who are located away from
the pipeline grids.
The company markets its products through its network of retail outlets, gas stations, kerosene dealers,
LPG distributors, and lubricant shops, as well as supplying fuels directly to international and domestic
airlines.
The company's industrial and commercial business unit (I&C SBU) caters to over 8,000 industrial
customers across India which include industries from the public and private sectors, of the core and noncore segments, and various government establishments such as defense, railways, state transport
undertakings, and state electricity boards. During FY2015, the industrial and commercial business
recorded a total sales volume of 3.4 MMT.
BPCL's E&P segment operates through Bharat Petro Resources (BPRL), a wholly-owned subsidiary of
the company. BPRL is engaged in the exploration and production activities of oil and gas. BPRL has
participating interests in 17 exploration blocks, in consortium with other partners. Out of these blocks,
seven blocks are in India and six in Brazil, and one each in Mozambique, Indonesia, Australia and East
Timor. The total area of these 17 blocks (where BPRL/its subsidiaries have PI) is around 24,375 square
kilometers (sq.km), of which approximately 88% is offshore acreage.
Apart from the refining, marketing, exploration, and production activities, the company is also involved in
crude imports. The total crude requirement for BPCL and its companies is over 22 million metric tons per
annum (MMTPA). Of this, approximately 40% is met out of indigenous crude production by Oil and
Natural Gas Corporation (ONGC). The balance requirement is met through imports. The quantum of
crude oil imported during FY2015 stood at 18.1 MMT.

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History
History
HISTORY
Bharat Petroleum Corporation Limited (BPCL or 'the company') history dates back to 1952 when Burmah
Shell Refineries (BSR) was incorporated as a company and also established a refinery in Mahul.
The Government of India acquired 100% equity share holding of BSR in 1976. Later the name of BSR
was changed to Bharat Refineries (BRL) and subsequently to BPCL in 1977.
The company incorporated a joint venture company, Bharat Oman Refineries, in 1994. In the following
year, BPCL signed a memorandum of understanding (MOU) with Bank of Baroda in 1995, to launch the
first co-branded credit card in the country.
Three years later, the company along with Gas Authority of India (GAIL) established a joint venture
company, Indraprastha Gas, for implementing the project for supply of CNG to the household and
automobile sectors in Delhi, India.
McDonald's made an agreement with BPCL to open and run restaurants at selected petrol pumps across
India, in 2000. BPCL launched "Speed 93", its own brand of petrol, in 2003. In the same year, BPCL
entered the LNG market by signing a gas sales purchase agreement with Petronet LNG.
During 2004, BPCL entered into a business to business e-commerce arrangement with IDBI Bank, to
provide an automated payment and purchase process to BPCL's corporate and industrial clients. In the
same year, the company tied up with Tata Consultancy Services to provide medical advisory and
counseling services at Ghar, the highway retailing initiative of BPCL. In the following year, BPCL and
GAIL formed another joint venture company, Central UP Gas, for implementation of City Gas projects in
Delhi and Kanpur.
In 2006, the Government of Oman signed an exploration and production sharing agreement (EPSA) for
the on land exploration block 56 with the consortium comprising BPCL, Oilex (operator), Hindustan
Petroleum, GAIL, and Videocon Industries. In the same year, BPCL acquired a 20% interest in an
exploration block in Australia. Subsequently, the company incorporated its wholly-owned subsidiary,
Bharat Petro Resources (BPRL) to focus on exploration and production activities.
Further in 2006, Sabaramati Gas, a joint venture company promoted by BPCL and Gujarat State
Petroleum, was incorporated for implementing the City Gas distribution project for supply of CNG to the
household and automobile sectors in the city of Gandhinagar, Mehsana, and Sabarkantha Districts of
Gujarat, India. Additionally, the company also incorporated Maharashtra Natural Gas as a joint venture
company with GAIL as the other partner, for implementing the project for supply of CNG to the household,
industrial, and automobile sectors in Pune and its nearby areas.
During 2007, Bharat Stars Services, a joint venture company promoted by BPCL and ST Airport,
Singapore was incorporated for providing plane fuelling services at the new Bengaluru International
Airport. Additionally, BPCL sold its 49% shareholdings in Bharat Shell to Shell Overseas. In the same
year, BPCL and Videocon Industries acquired 50% stake in Brazil's EnCana Brasil Petroleo.

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History
In 2008, BPCL established a new joint venture company for the production, procurement, cultivation, and
plantation of horticulture crops such as Jatropha and Pongamia. The new joint venture company was
involved in trading, research and development, and management of all crops and plantation including
biofuels in the state of Uttar Pradesh, India. The joint venture company was promoted by BPCL with
Nandan Biomatrix and Shapoorji Pallonji through an affiliate.
Also in 2008, BPCL established a Singapore subsidiary, Matrix Bharat Marine Services, as a joint venture
company with Matrix Marine Fuels, an affiliate of the Mabanaft group of companies of Hamburg, Germany
to carry on the bunkering business and the supply of marine lubricants in the Singapore market, as well
as international bunkering including expansion in the Asian and Middle East markets. In the same year,
Punjab Energy Development Agency (PEDA) signed a MOU with BPCL to set up solar photovoltaic
power plants at Lalru in Punjab, India.
In 2009, Oman Oil Company (OOC) and Bharat Oman Refinery (BORL), a subsidiary of BPCL, signed an
agreement in Oman related to an additional investment of over INR12,200 million ($256.2 million) by
OOC in BORL. As a result of this investment, OOC acquired 26% of the equity share capital of BORL.
During 2010, BPCL's Mumbai refinery commissioned green fuel production facilities. Later in 2010, the
company started operations at its Bina refinery in the central Indian state of Madhya Pradesh by
launching its crude distillation unit. In the same year, BPCL and Hindustan Petroleum entered into a MOU
with Gujarat State Petroleum to form a joint venture for trunk gas pipelines. As part of the transaction, the
joint venture decided to bid for pipeline projects of Petroleum and Natural Gas Regulatory Board.
Further in 2010, a consortium of Gujarat State Petronet, Indian Oil, Hindustan Petroleum, and BPCL was
set to be awarded a more than INR60 billion ($1.35 billion) contract from the Petroleum and Natural Gas
Regulatory Board to lay 1,600 kilometers of gas pipeline from Mallavaram in Andhra Pradesh to Bhilwara
in Rajasthan.
BPCL signed an initial agreement in 2011 with the provincial government of Rajasthan to sell fuel
products from the state's proposed refinery. The company will sell at least 75% of the volume of the
products from the proposed Rajasthan refinery under the agreement. In the same year, BPLC planned to
build an LNG import facility and pipeline infrastructure in India to transport gas from a Mozambique block
in which it holds stake with Videocon Industries.
Later in 2011, the board at BPCL approved the expansion of the Kochi Refinery by six million tons per
year. The expansion project will also examine the feasibility of building up gradation facilities to reduce
residual fuel generation and enhance distillates. The company will invest INR3,000 million ($65.8 million)
for its pre-project activities. Thereafter in 2011, Goodyear India partnered with BPCL to open wheel care
outlets at select petrol pumps of the public sector undertaking across the country.
Also in 2011, Bharat Oman Refineries, a joint venture between BPCL and Oman Oil Co, planned a
capacity expansion at the Bina refinery in Madhya Pradesh from six million tons a year to 15 million tons
a year in two phases expected to be completed by 2015 or 2016, costing the company INR113,970
million ($2,499.4 million). In addition, BPCL planned to expand its refineries in Kochi from 190,000 barrels
per day to 300,000 barrels per day and at its Bina refinery from 120,000 barrels per day to 180,000
barrels per day. It also planned to build a fluid catalytic cracking unit at the Kochi plant. These expansions

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History
are expected to be operational by 2015.

Thereafter in 2011, BPCL signed an MOU with HMT to enhance its export business. In the same year,
BPCL planned to set up a land-based LNG terminal at Maharashtra and Karnataka which will have a
capacity of five to six MT with an investment of INR45,000 million ($986.9 million). Towards the end of
2011, BPCL planned to diversify into petrochemicals and build a niche petrochemical project at a cost of
INR50-60 billion ($1.1-1.3 billion). Subsequently, BPCL planned to sign an agreement to form a joint
venture (JV) with UK's LP Chemicals for setting up a petrochemical plant at its Kochi refinery in Kerala.
In 2012, BPCL planned to acquire 11% share in Kannur International Airport (KIAL) and to invest around
INR550-600 million ($12.1-13.2 million) in the project. In the same year, BPCL planned to acquire 21%
stake in the proposed airport in Kannur in north Kerala. Also, BPCL and HPCL planned to purchase a
strategic stake in a subsidiary of Mumbai-based Swan Energy. Subsequently, Engineers India (EIL)
secured an INR7,200 million ($150.19 million) consultancy services contract from BPCL for the integrated
refinery expansion project (IREP) at Kochi.
Moreover in 2012, BPCL signed an MOU with Kannur International Airport (KIAL) for an equity investment
of INR170 million ($35.46 million) in KIAL. Additionally, BPCL inked a MOU with LG Chemicals (of South
Korea) for creating a joint venture to set up a petrochemical plant next to its Kochi refinery complex.
Subsequently, BPCL entered into licensing agreements with four technology providers for its IREP in
Kochi, involving an investment of INR142,250 million ($2,967.3 million). In the same year, BPCL planned
to offer 51% stake in its INR60,000 million ($1,251.6 million) project to its South Korean joint venture
partner LG Chemicals.
Further in 2012, BPCL and Videocon Industries announced an oil discovery in the BM-SEA-11 block in
ultra-deep waters of the Sergipe-Alago as Basin off Brazil. In the same year, BPCL signed an agreement
with Honda Motorcycle and Scooters India for preparation of engine oil. As per the contract, Honda
genuine engine oil will be prepared especially for two wheelers which will be available at all the retail
outlets of BPCL. Later, BPCL planned to complete expansion projects worth more than $3 billion at two
refineries by 2015, to increase output and to upgrade fuel quality.
Towards the end of 2012, BPCL planned to lay two pipelines, one from Ingur (Tamil Nadu) to
Devangonthi (near Bangalore in Karnataka), and the other from Kochi (Kerala) to Coimbatore (Tamil
Nadu). Subsequently, BPCL and Videocon Industries planned to turn the natural gas discovery in a block
in Mozambique into LNG at a plant to be jointly built with neighboring gas field operator Eni of Italy.
In 2013, BPCL planned to invest INR200,000 million ($4,172 million) for integrated expansion of the Kochi
Refinery. In the same year, BPCL signed an agreement with Bengal Aerotropolis (BAPL) to establish a
fuel farm at upcoming Greenfield airport at Durgapur, West Bengal. Additionally, ONGC, BPCL, Mitsui of
Japan, and New Mangalore Port Trust signed a MOU to conduct feasibility of setting up $500-750 million
liquid gas import terminal at Mangalore.
At the end of 2013, NRL signed a MOU with BPCL for carrying out techno-commercial feasibility study for
putting up 6.0 MMTPA bulk crude oil import facilities by NRL as well as 1.0 MMTPA bulk LPG import
facilities by BPCL.

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History
During 2014, BPCL announced that it is planning to expand its Kochi refinery where it is also setting up a
petrochemicals unit. The expansion project envisages increasing the capacity of the Kochi refinery from
six million tons per annum (MTPA) to 15.5 MTPA. In the same year, BPCL announced to import more
than seven million tons of crude oil from the UAE and Kuwait from 2014 to 2015. Subsequently, BPCL
signed crude oil import deals with the UAE.
Thereafter in 2014, Rashtriya Chemicals & Fertilizers signed a MOU with BPCL for setting up of new
Sewage Treatment Plant (STP) at Trombay. This plant will be named as RCF-BPCL Sewage Treatment
Plant. Later, BPCL announced to diversify into petrochemicals at an estimated capital cost of INR45,880
million ($761.6 million). BPCL plans to produce niche petrochemicals such as acrylic acid, acrylates and
oxo alcohols.
In May 2015, Petronet CCK (PCCKL) became a subsidiary of BPCL with BPCL holding 68.97% of the
paid-up equity share capital of PCCKL.
In November 2015, BPCL and GAIL Gas was awarded the authorization for laying, building, operating,
and expanding of a City Gas Distribution Network (CGD Network) in the Haridwar District by the
Petroleum and Natural Gas Regulatory Board.
In December 2015, BPCL entered into a binding gas sale and purchase agreement (GSPA) with Petronet
LNG (PLL) for supply of an additional quantity of 0.1 MMTPA of RLNG with effect from January, 2016.

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Key Employees
Key Employees
KEY EMPLOYEES
Name
Job Title
Board
S. Varadarajan
Chairman and
Managing Director
Executive Board
6520266 INR
P. Balasubramanian
Director, Finance
Executive Board
4578572 INR
Deepak Bhojwani
Independent Director
Non Executive Board
Gopal Chandra Nanda
Non Executive Board
Rajesh Mangal
Non Executive Board
Anant Kumar Singh
Government Director
Non Executive Board
P.H. Kurian
Government Director
Non Executive Board
Manoj Pant
Chief Vigilance Officer Senior Management
Arjun Hira
Executive Director,
Marketing Corporate
Senior Management
Dipti Sanzgiri
Executive Director,
International Trade
Senior Management
George Paul
Executive Director,
Retail
Senior Management
I. Srinivas Rao
Executive Director, Gas Senior Management
J. Dinaker
Executive Director,
Audit
Senior Management
K. B. Narayanan
Executive Director,
Information Systems
Senior Management
K. P. Chandy
Executive Director,
Lubes
Senior Management
Manmohan Singh
Executive Director,
Senior Management
Engineering Services,
Marketing
M. M. Chawla
Executive Director,
Engineering and
Projects
Senior Management
M. M. Somaya
Executive Director,
Aviation
Senior Management
Monica Widhani
Executive Director,
Coordination
Senior Management
P. C. Srivastava
Executive Director,
HSSE
Senior Management
P. Kumaraswamy
Executive Director,
Projects, Kochi
Refinery
Senior Management
Prasad K. Panicker
Executive Director, I/C Senior Management

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Compensation
Page 10

Key Employees
Kochi Refinery
Pramod Sharma
Executive Director,
New Business
Initiatives
Senior Management
R. K. Mehra
Executive Director,
Pipelines
Senior Management
R. P. Natekar
Executive Director, I&C Senior Management
S. K. Agrawal
Executive Director,
Corporate Affairs
Senior Management
Sharad K. Sharma
Executive Director,
Supply Chain
Optimization
Senior Management
K.K. Gupta
Director, Marketing
Executive Board
7291682 INR
B.K. Datta
Director, Refineries
Executive Board
5170465 INR
S. P. Gathoo
Director, Human
Resources
Executive Board
5701853 INR

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Key Employee Biographies
KEY EMPLOYEE BIOGRAPHIES

S. Varadarajan
Board:Executive Board
Job Title:Chairman and Managing Director
Since:2013
Mr. Varadarajan has been the Chairman and Managing Director at BPCL since 2013. Previously, he
served as the Director for the Finance Department he was also responsible for the overall treasury
management, risk management, corporate accounts, taxation, and budgeting. In addition to finance, he
has handled marketing as head of sales for the retail business in southern region and also led the
corporate strategy team. He is a Director at Petronet CCK (PCCKL) and is also a member of the Audit
Committee at PCCKL.
P. Balasubramanian
Job Title:Director, Finance
Since:2014
Mr. Balasubramanian has been the Director of Finance at BPCL since 2014. He joined BPCL in 1985. Mr.
Balasubramanian has had stints in Internal Audit, Regional Finance, Corporate Treasury, Management
Accounts and Corporate Finance. Prior to his appointment as Director of Finance, he was heading
Corporate Finance. He is overall in charge of finance, accounts and fund management of the organization
and is responsible for evolving and formulating policies relating to finance and accounts as well as
implementation thereof.
Deepak Bhojwani
Board:Non Executive Board
Job Title:Independent Director
Since:2015
Mr. Bhojwani has been an Independent Director at BPCL since 2015.
Gopal Chandra Nanda

Since:2015
Mr. Nanda has been an Independent Director at BPCL since 2015.

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Rajesh Mangal
Since:2015
Mr. Mangal has been an Independent Director at BPCL since 2015.
Anant Kumar Singh

Job Title:Government Director
Since:2016
Mr. Singh has been a Non-Executive Government Director at BPCL since 2016.
P.H. Kurian
Job Title:Government Director
Since:2013
Mr. Kurian has been a Non-Executive Government Director at BPCL since 2013. He is Principal Secretary
(Industries and IT), Government of Kerala. Mr. Kurian served as Commissioner of Public Works
Department, Controller General of Patents, and Designs and Trademarks. He has wide experience in
public administration, infrastructure and industry.
K.K. Gupta
Job Title:Director, Marketing
Since:2011
Age:60
Mr. Gupta has been the Director of Marketing at BPCL since 2011. He joined BPCL in 1979. During his
tenure at BPCL he headed major business units like lubes, LPG, retail, and logistics. Mr. Gupta is also a
Director at Indraprastha Gas, Numaligarh Refinery, and Sabarmati Gas.
B.K. Datta
Job Title:Director, Refineries
Since:2011
Age:60

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Mr. Datta has been the Director of Refineries at BPCL since 2011. Prior to this he was the head of the
supply chain optimization function. He joined BPCL in 1979 and has held key positions in various
functions like the Mumbai Refinery, integrated information systems, and international trade and supplies,
among others.
S. P. Gathoo
Job Title:Director, Human Resources
Since:2011
Mr. Gathoo has been the Director of Human Resources at BPCL since 2011. Prior to his appointment to
the board at BPCL, he was an Executive Director of Human Resources Services (HINR) and the Head of
Integrated Information Systems and Lubes Business at the company. He was also the Head of Human
Resources Development (HRD) at BPCL.

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Major Products & Services
Major Products & Services
MAJOR PRODUCTS & SERVICES

distributing petroleum products, and exploration and production of hydrocarbons. The company's key
products, services, and brands include the following:
Products:
Polypropylene feedstock
Liquefied petroleum gas (LPG)
Benzene
Toluene
Naphtha
Mineral turpentine
Aviation turbine fuel (ATF)
Superior kerosene
High speed diesel oil
Light diesel oil
Mineral Turpentine Oil
Low sulfur heavy stock (LSHS)
Bitumen
Lube oil base stock
Motor Spirit
Special Boiling Point Spirit/Hexane
Services:
Energy audits
Consultancy services
Technical services
Fuel management system
Online ordering
Bunkering
Brands:
Bharatgas
Speed
MAK

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Revenue Analysis
Revenue Analysis
REVENUE ANALYSIS
The company recorded revenues of INR2,425,985 million ($39,786.2 million) during FY2015, a decrease
of 8.3% compared to FY2014. BPCL primarily operates in India.
For FY2015, BPCL generated most of the revenues from its downstream petroleum business with little
contribution from its exploration and production (E&P) business.
Revenue by segment*
In FY2015, the downstream petroleum segment recorded revenues of INR2,437,527.1 million ($39,975.4
million), a decrease of 8% compared to FY2014.
The E&P segment recorded revenues of INR15.9 million ($0.3 million) in FY2015, a decrease of 97%
compared to FY2014.
*as reported by the company in its annual filings.
Revenue by geography
BPCL primarily operates in India.

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SWOT Analysis
SWOT Analysis
SWOT ANALYSIS
distributing petroleum products, and exploration and production of hydrocarbons. It offers petrol, diesel,
kerosene, aviation fuel, LPG, CNG, and lubricants. BPCL has a strong market position domestically
across all businesses which provide significant competitive advantage over its peers. However,
increasing competition can create hindrances for the company in securing sites for its new fuel stations,
which could hurt the company's expansion plans.
Strength
Weakness
Market leading position

Non-conventional energy initiatives
Strong production capabilities
Robust research and development capabilities
Dependency on international market for supply of

crude oil
Concentration of operations
Opportunity
Threat
Strategic plan for the integrated refinery expansion

project
Expansion of the petrochemical business
Growing demand for oil and gas in India
Weakening of rupee over US dollar

Under-recovery of the prices of petroleum products
Intense competition
Strength
Market leading position
BPCL has market leading position across all its businesses. The company has recorded outstanding
results in all the facets of business for FY2014-15. Both in refining and marketing, excellent results have
been delivered which have contributed to the company achieving the highest ever net profit till date of
INR INR48,065.7 million ($788.3 million) million surpassing last year's record of INR39,106.8 million
($641.3 million). Amongst the public sector undertaking (PSU) oil companies, BPCL achieved the highest
average gross refining margin (GRM) of $3.97 per barrel during FY2014-15. BPCL's market sales volume
was 34.95 MMT as compared to 34.3 MMT achieved during FY2013-14.
BPCL's market share amongst the public sector oil companies stood at 23.29% in FY2015. Moreover,
BPCL recorded strong market shares in various products it sells. For instance, during FY2015, BPCL had
a market share of 6.8% in Naphtha sales with a total sales volume of 326,000 MT. Similarly, the company
recorded market share of 50.6%, 28.8% and 25.8% during FY2015 for special boiling point spirit, motor
spirit and LPG (bulk and packed), respectively. Further, BPCL also had a market share of 26.7%, 23.6%
and 22.1% for high speed diesel, aviation turbine fuel and light diesel, respectively. It also recorded 26%
market share in lubricants.

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SWOT Analysis
Therefore, the company's market leading position provides significant competitive advantage over its
peers. Moreover, market leading position enhances its brand image to attract more customers for its oil
and gas products.
Non-conventional energy initiatives
BPCL has placed strong emphasis on the development of non-conventional sources of energy. A number
of initiatives have been undertaken in tapping non-conventional energy sources like bio-diesel, wind
energy, solar energy, and fuel cells in order to develop alternate sources of energy. BPCL has promoted
Bharat Renewable Energy (BREL), a joint venture company with the objective of entering the bio-diesel
value chain in the state of Uttar Pradesh. "Project Triple One" has also been launched with the aim of
producing one million tons of bio-diesel from the plantation of Jatropha and Karanj, to replace diesel over
the next 10 years.
Moreover, BPCL has been one of the first energy companies to successfully generate power through
windmills in India. BPCL has installed 5 MW capacity windmills in the hilly range of Kappatguda in
Chitradurga district, Karnataka and a 0.5 MW wind farm in Tamil Nadu. The power produced from these
wind mills is sold to the State electricity grid. In addition, BPCL has commissioned smaller KW scale solar
plants for a total capacity of about 1500 KW for lighting and admin office building electrical loads at Kochi
and Mumbai Refineries, 205 retail outlets, along the Mumbai-Manmad pipeline, some LPG bottling plants
and Lube blending plants. Moreover, under the renewable energy policy, a 4 MW solar plant at Bina
Despatch Terminal and a 6 MW grid connected wind power project are being put up.
These initiatives will enable BPCL to strengthen its clean energy capabilities in the wake of changing
environment regulations.
Strong production capabilities
BPCL has strong production capabilities. The aggregate refinery throughput at BPCL's refineries at
Mumbai and Kochi and that of its subsidiary company NRL in FY2015 was 23.36 MMT. During FY2015,
Mumbai Refinery achieved throughput of 12.96 MMT of feedstock (crude oil and other feedstock).
Mumbai Refinery has achieved this level of throughput, despite having planned shutdown of one of the
crude processing units and associated secondary facility during FY2015. This represents a capacity
utilization of 108.0%.
Similarly, Kochi Refinery achieved the highest ever crude throughput of 10.40 MMT in FY2015, as
compared to 10.32 MMT in FY2014. This is the third year in succession that the throughput at the refinery
has crossed the 10 MMT mark. The capacity utilization of the refinery during FY2015 was 109.46%.
Strong production capabilities enable BPCL to continuously enhance its efficiency, to evaluate
opportunities to reduce costs, and to improve processes. In addition, it helps the company to increase the
reliability of order fulfillment and satisfaction of customer needs.
Robust research and development capabilities
Research and development (R&D) is an integral part of BPCL's strategy for achieving sustainable growth

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SWOT Analysis
and profitability. To enhance R&D capabilities, BPCL is continuously strengthening its infrastructure and
manpower resources. The core research areas are broadly divided into four categories namely refinery
processes upgradation and optimization, development of novel energy efficient technologies, product
development, and alternative fuels and energy. The new products developed include new neutralizing
amine, sorption enhanced steam reforming, de-aromatized specialty solvents having less than 0.5 weight
percent (wt%) aromatics content, and cost effective FCC gasoline sulphur reduction additive. Moreover,
the company also developed hydro treating catalyst for production of Euro-V diesel, catalyst for lube oil
base stock, new grades of bitumen, natural gas storage technology, novel reactor schemes for hydroprocessing, and FCC applications. Further, the R&D center at Sewree contributed to the lubes business
by developing new product formulations such as OE specific shock absorber fluid, limited slip gear oil,
high performance compressor oil, engine oil for 2 stroke stationary natural gas engines, and defense
specific hydraulic transmission oil.
The company has R&D capabilities at corporate R&D center, Greater Noida, Uttar Pradesh; product and
application development center, Sewree, Mumbai; and the R&D centre at Kochi refinery. The corporate
R&D Centre filed has filed four Indian patents and was granted six patents (two Indian, one US, and three
in other countries). Moreover, as part of its new initiatives, BPCL continued its research collaborations
with a number of leading research institutes. These include collaborations with EIL, IIP, IITs, ICT, Delhi
University, BITs Goa, as well as international partnerships with NTNU, Norway, CSIROClayton, RMIT and
University of Melbourne.
Robust research and development capabilities are helping the company in deploying new technology for
enhanced profitability and development of platform products by building new products around current
technological expertise.
Weakness
Dependency on international market for supply of crude oil
BPCL's dependence on imports for meeting the crude oil requirements of its refineries has been
increasing. BPCL's imports of crude oil rose from 16.9 million metric tons (MMT) in FY2014 to 18.1 MMT
in FY2015. Import of LPG increased from 1.5 MMT in FY2014 to 2.04 MMT in FY2015. The company did
not import any diesel, motor spirit, and reformate during FY2015.
The international crude oil markets remain extremely challenging since the crude oil prices are volatile.
On the other hand, supply of crude oil from domestic sources has been declining. All these factors
contribute in creating a demand supply gap for the company. This also hampers the face value of the
company as well as hits the revenues adversely.
Concentration of operations
BPCL primarily operates in India and generates major revenues from the country. Although the company
has presence in six countries across five continents, the company heavily depends on the Indian market
for its operating profits. As a result, this becomes a competitive disadvantage, as its competitors carry a
wider scale of operations. The prime concentration of company's operations in India not only increases its

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SWOT Analysis
exposure to local factors but also deprives BPCL of higher revenues from high growth markets in
countries outside India.
Opportunity
Strategic plan for the integrated refinery expansion project
In the recent years, BPCL has strategically planned for a major expansion program at its Kochi refinery.
BPCL, through integrated refinery expansion project (IREP), plans to increase the crude oil refining
capacity from 9.5 million metric tons per annum (MMTPA) to 15.5 MMTPA and modernize the processing
facilities to produce auto-fuels conforming to Euro-IV/ V specifications. It also envisages refinery residue
stream upgradation to value added products. The project involves a capital outlay of INR165,040 million
($2,706.6 million) with expected completion in May, 2016.
In accordance with this target, in April 2011, the Board of Directors at BPCL approved the expansion of
the Kochi refinery by six MMTPA. Further, in June 2011, BPCL planned to expand its refineries in Kochi
from 190,000 barrels per day to 300,000 barrels per day and also planned to build a fluid catalytic
cracking unit at the same plant. These expansions were operational by FY2015.
Further, in July 2012, BPCL gave an INR7,200 million ($150.19 million) consultancy services contract for
IREP to Engineers India Limited (EIL). EIL will offer consultancy services for project management,
detailed engineering, procurement, construction management, and supervision for the project. Further, in
September 2012, BPCL entered into license agreements with four technology providers for its IREP,
involving an investment of INR142,250 million ($2,967.3 million). Through the IREP project, about 1.3
MMTPA of pet-coke will also be produced besides conventional petroleum products. This along with
propylene and other petroleum products will provide a fillip to the industrial scene of Kerala. Later, in
December 2012, BPCL planned to lay a pipeline with a length of 221 kilometers and a capacity of one
MMTPA from Kochi (Kerala) to Coimbatore (Tamil Nadu).
Moreover, in April 2014, BPCL announced that it is planning to expand its Kochi refinery where it is also
setting up a petrochemicals unit. Investment in the IREP project would help BPCL to provide an
enhanced flexible energy mix, to increase its own generation capacity, and to improve its marketing
activities and to gain competitive advantage over its peers.
Expansion of the petrochemical business
BPCL is planning to diversify into the petrochemicals business. For instance, in December 2014, the
company planned to diversify into petrochemicals at an estimated capital cost of INR45,880 million
($761.6 million). BPCL plans to produce niche petrochemicals such as acrylic acid, acrylates and oxo
alcohols. Such niche products will be produced using Polymer Grade Propylene that will be available on
the completion of the IREP project. The major end uses of these chemicals are in paints and coatings,
adhesives, plasticizers, solvents and water treatment. The unit is expected to come on stream during
FY2018-19.
Further, in 2012, the company planned to offer 51% stake in the petrochemical project to its Korean joint

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SWOT Analysis
venture partner LG Chemicals. The plant will be commissioned by the end of FY2017. The propylene
plant is part of the company's proposed petrochemicals complex planned at Ambalamugal near Kochi,
where it also has a 9.5 MMT oil refinery. Later, in 2012, BPCL signed a MOU with LG Chemicals to set up
a petrochemical plant next to its Kochi refinery complex. The company would be installing a
petrochemical fluid catalytic cracker (PFCC) which would produce 500 thousand metric tons per annum
(TMTPA) of propylene. This project is scheduled for completion in the next four years dovetailed with the
refinery expansion project, with an expenditure of INR40-60 million ($0.83-$1.25 million). Moreover in
2011, BPCL planned to sign an agreement to form a joint venture with UK's LP Chemicals for setting up a
petrochemical plant at its Kochi refinery in Kerala.
With the expansion of petrochemical business, the company will add a new product line into its
downstream business and enhance its product portfolio as well as top line.
Growing demand for oil and gas in India
After the global economic meltdown, India's GDP (gross domestic product) grew at a healthy rate of 7.3%
in FY2014-15, accelerating from 6.9% in FY2013-14, aided by the good performance of the industries and
services sectors, and low inflation rate. It is expected to accelerate further to 7.5% in FY2015-16, as per
International Monetary Fund (IMF) projections. As energy demand grows, oil and gas companies will
have a major role to play in meeting the rising demand. Moreover, if India moves towards its targeted
GDP growth rate of around 9% per year, energy supplies must also grow between 6.5% to 7% each year,
and oil products demand must grow at around 4% to 5% per year. This creates significant potential for
India's energy sector with per capita consumption of petroleum products being very low, compared to
developed countries.
India recorded the highest growth of 7.1% in energy consumption in FY2014-15. It consumed 637.8
million tons of oil and oil equivalents. After a subdued performance in FY2013-14, the demand for refined
petroleum products grew by a significant 4.2% to 165 million tons (3.3 mbpd) in FY2014-15. Petrol and
LPG registered robust growths while diesel growth too turned positive from the previous year's negative
growth.
BPCL is one of the largest oil and gas marketing companies in India. The increasing demand for oil and
gas in India provides demand for the company's products. Moreover, the company is well positioned to
capitalize on the growing demand for oil and gas.
Threat
Weakening of rupee over US dollar
The Indian rupee has depreciated sharply against US dollar in the recent years. The Indian rupee
averaged slightly higher at INR61.2/US$ in FY2014-15 as compared to INR60.5/US$ in FY2013-14. The
Indian currency, which depreciated by over 5% in FY2015, could breach the INR70/US$ level against the
US dollar in 2016. The Indian rupee ended flat at INR66.1 against US dollar on first trading day of
FY2016. Moreover, since India depends on imports for a large part of crude oil it consumes, a weak
rupee will influence petrol and diesel prices. Therefore, the company will have to pay more for the

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SWOT Analysis
quantity of petrol and diesel it imports from oil exporting countries.

Weakening of rupee over US dollar will impact OMCs such as BPCL in increasing its fuel costs thus
hurting its margins.
Under-recovery of the prices of petroleum products
Although the Indian-state owned oil marketing companies (OMC) like BPCL are in theory free to raise the
prices of their petroleum products, but in practice they are rarely allowed to do so by the Indian
government, their majority shareholder.
Diesel price had been deregulated as of October 19, 2014 as a result of which OMCs losses have
reduced. Diesel prices re now market-linked which means if global crude prices rise, customers will have
to pay more for buying diesel and vice versa. Currently, OMC are suffering a loss of INR5.11 ($0.08) for
every liter of kerosene sold.
Although BPCL had absorbed such losses in the past whereby profits from its refining business had
compensated the losses suffered by its marketing operations allowing the company to record overall
profits, but declining refining margins are no longer enough to offset the marketing losses. Henceforth,
inability to raise prices of controlled petroleum products and delay in government compensation for the
losses suffered thereof, are pushing OMC like BPCL towards financial hardship.
Intense competition
The competition in the downstream segment in India has increased due to the entry of private sector
companies. Other state-owned oil companies in India have shed their co-existence policy in recent years
and have gained noticeable market share in the oil industry. BPCL faces intense competition from other
national and local companies such as Hindustan Petroleum, Indian Oil, Chennai Petroleum, Hindustan Oil
Exploration, and Mangalore Refinery and Petrochemicals.
In addition, deregulation of the downstream segment has led to the entry of private sector companies
such as Reliance Industries into this market segment. Increasing competition in the downstream segment
could force the company to offer additional subsidy and result in pricing pressures. This in turn would
increase costs and cause further decline in margins. Further, increasing competition can create
hindrances for the company in securing sites for its new stations, which could hurt the company's
expansion plans.

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Top Competitors
Top Competitors
TOP COMPETITORS
The following companies are the major competitors of Bharat Petroleum Corporation Limited
Essar Oil Limited
GP Petroleums Limited
Hindustan Oil Exploration Company Limited
Hindustan Petroleum Corporation Limited
Indian Oil Corporation Limited
Mangalore Refinery and Petrochemicals Limited

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Company View
Company View
COMPANY VIEW
A statement by S. Varadarajan, the Chairman and Managing Director at BPCL, is given below. The
statement has been taken from the company's FY2015 annual report.
Dear Shareowners,
It is with immense pride that I place before you the report of the performance of your Company in the
financial year 2014-15. Like in the preceding year, the Company has scaled a new peak in terms of
profitability. For the first time ever, the profit after tax for the year has crossed the INR5,000 crore profit
mark. The profit (after tax) of INR 5,084.51 crores represents a 25% leap over the previous year's then
record level of INR4,060.88 crores. The gross refining margins generated by the two refineries at Mumbai
and Kochi continue to be the highest amongst the PSU refineries.
The outstanding performance on all fronts has resulted in BPCL being bestowed with the 'Leading Oil &
Gas Corporate of the Year' and the 'Oil & Gas Marketing Company of the Year' Awards, two of the
topmost recognitions accorded by PetroFed in the Indian Oil & Gas Industry. This is the fourth time that
BPCL is winning the coveted award as the 'Oil & Gas Marketing Company of the Year.' BPCL has
attained the rank of 757 in the Forbes Global 2000 List in 2015, a significant leap from the 1045 rank of
2014. Your Company has thus been able to exceed the expectations of all the stakeholders and we would
strive to continue on this growth trajectory.
The capital market has also recognized the performance of the Company with the Company's market
capitalization growing at a steady pace over the past ten years. Your Company has recorded the highest
growth in market capitalization amongst all oil companies both in the public and private sectors and
provided the maximum return to stakeholders. While all these developments are indeed encouraging, it
also reinforces our commitment to continuously create value for all our stakeholders.
The sustained excellence in the performance across the Organization can be attributed to your
unwavering faith, the relentless dedication and determination of all our employees across the
Organization, the commendable co-operation of the dealer and distributor network, the continued support
of our customers, bankers, suppliers and contractors, and the steady guidance from Ministry of Petroleum
& Natural Gas. Our ability to think big has started yielding results. We have been generating good profits
on a consistent basis and this has enhanced our confidence to dream and expand our horizons.
Today, as we stand on the threshold of rapid growth of the economy, there are ample opportunities to
grow and spread our wings. The need of the hour is to let our agility propel us forward into the realms of a
limitless canvas. During 2013-14, we gained an insight into the thoughts of our employees across levels
and disciplines and gauged their aspirations for the future of this great Company through the "Let's Talk"
series. These ideas were further deliberated upon, validated by the Senior Management and converted
into actionable projects. In the light of the present day business environment, these projects have to be
churned to develop a comprehensive pathway that will help in achieving the next wave of growth. Being
carefully chosen to leverage people and technology, these themes will culminate into a well-integrated
Corporate Strategy Document. This has been designated as Project Sankalp - our resolve to take the
next giant leap. At the core of Sankalp will be our customers, whose patronage has brought us this far,

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Company View
our people whose deep sense of commitment and sincerity will continue to take this Company to greater
heights, path-breaking technology that will be leveraged to weave all the pieces together and the
abundant opportunities waiting to be exploited. I am confident that not only will we be able to undertake
the large capital expenditure program that will be needed, but also the projects will deliver immense value
to the shareholders.
The uniqueness of Project Sankalp is highlighted by the fact that this will be an in-house initiative planned
and driven by BPCians themselves. The abundant talent available in the Company has been leveraged,
thus sowing the seeds of ownership and accountability. This has been possible due to our tremendous
focus on learning and development in the past few years. Preparing the leadership pipeline and grooming
the future generations remains high on our priority list. Almost 200 candidates have been nominated for
Executive Management Programs in leading Management Institutes. Further, 135 candidates have also
been exposed to our intensive management program - Excelarator, specially designed in-house by the
Talent Development Team to help them meet future challenges and responsibilities.
A significant milestone achieved by the Oil Industry during 2014-15 was the successful implementation of
the Direct Benefit Transfer for LPG Scheme. Reintroduced in November 2014 as PAHAL (Pratyaksha
Hanstantarit Labh), the scheme has revolutionized the disbursement of LPG subsidy and has been
instrumental in reducing the LPG subsidy burden of the Government and ensuring that the same reaches
the targeted consumer. Even as the issues identified in the earlier DBTL scheme have been addressed,
the modified scheme has simplified the mechanism to provide a hassle free experience to the consumer.
More than 88% of our customers have been covered by the PAHAL Scheme. Further, the "GiveItUp"
campaign initiated by the Government of India, encouraging consumers to surrender their LPG subsidy
for Nation Building has been well received and in BPCL alone, more than 4 lakh consumers have given
up their subsidy.
I am thankful to each of you for your confidence in our capabilities. We will forever strive to take this great
Company to the ultimate pinnacle and create value, far exceeding your expectations. I assure you that
BPCL is and will always remain a performance driven institution, delivering on the commitments made to
each and every stakeholder.

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Locations And Subsidaries
Locations And Subsidaries
LOCATIONS AND SUBSIDARIES

Head Office
Bharat Bhavan
4 and 6 Currimbhoy Road
Ballard Estate
IND
Phone:91 22 2271 3000
Fax:91 22 2271 3874
http://www.bharatpetroleum.com

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Financial Overview
Financial Overview
FINANCIAL OVERVIEW
Summarized Statement
*Note: Eliminations not included, all figures in Million except per share data.
Parameters
Income Statements
Currency
2012
2013
2014
2015
2016
Total Revenue
INR
Gross Profit
INR
180,134.00
309,589.10
251,801.60
257,636.60
319,526.40
Operating Income
INR
-11,577.70
-3,974.40
74,984.10
67,537.80
126,856.00
Net Income
INR
7,808.30
18,808.30
39,106.80
48,065.70
79,815.10
Diluted Normalized EPS

Balance Sheet
INR
5.27
13.16
28.88
33.25
55.54
Total Current Assets
INR
444,187.10
430,606.50
465,146.50
362,943.20
330,253.40
Total Assets
INR
778,135.90
795,497.90
888,791.70
869,725.30
937,885.20
Total Current Liabilities
INR
523,436.50
460,456.40
431,982.60
402,039.80
337,077.30
Total Liabilities
INR
619,336.80
627,742.50
694,394.50
644,105.80
657,549.40
Total Equity
INR
158,799.10
167,755.40
194,397.20
225,619.50
280,335.80
Total Common Shares

Outstanding
Cash Flow
INR
1,446.17
1,446.17
1,446.17
1,446.17
1,446.17
Cash from Operating

Activities
INR
19,066.90
59,263.30
95,880.80
207,423.20
135,711.70
Cash from Investing

Activities
INR
-22,758.50
-36,039.60
-68,806.40
-105,356.30
-96,458.00
Cash from Financing

Activities
INR
-43,787.10
-8,459.80
-37,360.50
-97,926.70
-28,650.10
Net Change in Cash
INR
-47,478.70
14,763.90
-10,286.10
4,140.20
10,603.60
2015
2016
2,071,515.50 2,367,679.90 2,644,210.60 2,425,985.00 1,886,513.60
Detailed Statement
*Note: Eliminations not included, all figures in Million except per share data.
Parameters
Income Statements
Currency
Revenue
INR
2,071,515.50 2,367,679.90 2,644,210.60 2,425,985.00 1,886,513.60
Total Revenue
INR
2,071,515.50 2,367,679.90 2,644,210.60 2,425,985.00 1,886,513.60
Cost of Revenue, Total
INR
1,891,381.50 2,058,090.80 2,392,409.00 2,168,348.40 1,566,987.20
Gross Profit
INR
180,134.00
309,589.10
251,801.60
257,636.60
319,526.40
Selling/ General/ Admin.
INR
76,070.10
89,152.00
136,637.30
147,870.50
154,790.30

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2012
2013
2014
Page 27

Financial Overview
Expenses, Total
Depreciation/ Amortization INR
24,108.30
24,627.00
26,109.20
30,266.80
24,286.30
Unusual Expense
(Income)
INR
0.00
0.00
3,918.70
8.40
481.30
Other Operating
Expenses, Total
INR
25,170.80
32,283.70
10,152.30
11,953.10
13,112.50
Total Operating Expense INR
2,083,093.20 2,371,654.30 2,569,226.50 2,358,447.20 1,759,657.60
Operating Income
INR
-11,577.70
-3,974.40
74,984.10
67,537.80
126,856.00
Gain (Loss) on Sale of

Assets
INR
354.70
-368.80
-129.80
-28.90
-278.00
Other, Net
INR
6,102.10
5,480.60
57.60
4,778.90
1,591.90
Net Income Before Taxes INR
15,994.30
32,202.60
61,656.80
76,904.70
125,939.10
Provision for Income

Taxes
INR
7,481.50
12,841.10
21,127.00
26,084.60
41,299.30
Net Income After Taxes
INR
8,512.80
19,361.50
40,529.80
50,820.10
84,639.80
Minority Interest
INR
-704.50
-553.20
-1,423.00
-2,754.40
-4,849.60
Equity In Affiliates
INR
0.00
0.00
0.00
0.00
24.90
Net Income Before Extra. INR

Items
7,808.30
18,808.30
39,106.80
48,065.70
79,815.10
Net Income
INR
7,808.30
18,808.30
39,106.80
48,065.70
79,815.10
Income Available to Com INR

Excl ExtraOrd
7,808.30
18,808.30
39,106.80
48,065.70
79,815.10
Income Available to Com INR

Incl ExtraOrd
7,808.30
18,808.30
39,106.80
48,065.70
79,815.10
Diluted Net Income
INR
7,808.30
18,808.30
39,106.80
48,065.70
79,815.10
Diluted Weighted Average INR

Shares
1,446.00
1,446.20
1,446.20
1,446.20
1,446.20
Diluted EPS Excluding

ExtraOrd Items
INR
5.40
13.01
27.04
33.24
55.19
Diluted Normalized EPS
INR
5.27
13.16
28.88
33.25
55.54
DPS - Common Stock

Primary Issue
Balance Sheet
INR
2.75
5.50
8.50
11.25
15.50
Cash
INR
5,237.30
9,938.30
7,623.60
5,713.20
8,881.70
Cash & Equivalents
INR
8,001.90
18,536.20
9,650.00
21,300.00
33,193.50
Short Term Investments
INR
60,331.10
52,180.40
52,600.00
61,018.40
56,721.10
Cash and Short Term

Investments
INR
73,570.30
80,654.90
69,873.60
88,031.60
98,796.30
Accounts Receivable Trade, Net
INR
52,010.40
43,550.60
45,436.90
29,018.50
24,235.00
Total Receivables, Net
INR
58,714.60
143,816.30
160,107.30
97,980.80
71,575.50

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Financial Overview
Total Inventory
INR
210,970.90
199,566.90
231,694.70
174,000.20
154,968.50
Prepaid Expenses
INR
2,735.00
4,451.60
1,445.50
1,402.90
133.50
Other Current Assets,

Total
INR
98,196.30
2,116.80
2,025.40
1,527.70
4,779.60
Total Current Assets
INR
444,187.10
430,606.50
465,146.50
362,943.20
330,253.40
Property/ Plant/
INR
Equipment, Total - Gross
45,317.00
512,410.00
584,440.00
694,228.00
811,698.00
Accumulated
Depreciation, Total
INR
0.00
-198,173.20
-222,858.20
-251,398.80
-273,670.80
Property/ Plant/
Equipment, Total - Net
INR
287,643.10
314,236.80
361,581.80
442,829.20
538,027.20
Goodwill, Net
INR
4,334.30
0.00
0.00
144.50
610.00
Intangibles, Net
INR
3,246.50
7,609.30
7,934.90
5,993.70
7,788.90
Long Term Investments
INR
18,575.10
22,517.70
23,064.00
23,515.10
26,013.80
Note Receivable - Long

Term
INR
20,084.30
19,707.40
24,002.80
26,372.80
26,983.50
Other Long Term Assets, INR

Total
65.50
820.20
7,061.70
7,926.80
8,208.40
Total Assets
INR
778,135.90
795,497.90
888,791.70
869,725.30
937,885.20
Accounts Payable
INR
132,924.80
89,318.90
128,991.10
128,652.90
84,706.70
Accrued Expenses
INR
20,366.00
24,177.60
1,531.90
1,810.40
1,804.80
Notes Payable/ Short

Term Debt
INR
221,925.20
201,582.00
108,008.20
16,758.80
5,837.90
Current Port. of LT Debt/

Capital Leases
INR
17,714.80
2,964.80
3,537.30
44,745.10
22,661.10
Other Current liabilities,

Total
INR
130,505.70
142,413.10
189,914.10
210,072.60
222,066.80
Total Current Liabilities
INR
523,436.50
460,456.40
431,982.60
402,039.80
337,077.30
Long Term Debt
INR
61,890.60
127,021.80
219,977.20
193,418.20
260,430.50
Total Long Term Debt
INR
61,890.60
127,021.80
219,977.20
193,418.20
260,430.50
Total Debt
INR
301,530.60
331,568.60
331,522.70
254,922.10
288,929.50
Deferred Income Tax
INR
16,778.00
16,058.60
16,701.00
19,972.10
25,240.50
Minority Interest
INR
10,351.40
10,765.80
11,468.60
12,863.70
15,727.40
Other Liabilities, Total
INR
6,880.30
13,439.90
14,265.10
15,812.00
19,073.70
Total Liabilities
INR
619,336.80
627,742.50
694,394.50
644,105.80
657,549.40
Common Stock, Total
INR
3,615.40
7,230.80
7,230.80
7,230.80
7,230.80
Retained Earnings
(Accumulated Deficit)
INR
155,159.90
160,733.40
185,657.30
213,890.90
266,784.60
Other Equity, Total
INR
23.80
-208.80
1,509.10
4,497.80
6,320.40
Total Equity
INR
158,799.10
167,755.40
194,397.20
225,619.50
280,335.80
Total Liabilities &
INR
778,135.90
795,497.90
888,791.70
869,725.30
937,885.20

MarketLine
Page 29

Financial Overview
Shareholders' Equity
Total Common Shares
Outstanding
Cash Flow
INR
1,446.17
1,446.17
1,446.17
1,446.17
1,446.17
Net Income/ Starting Line INR
15,994.30
32,202.60
61,165.50
76,466.10
125,882.00
Depreciation/ Depletion
INR
24,108.30
24,627.00
26,109.20
30,266.80
24,286.30
Non-Cash Items
INR
26,225.90
22,836.00
24,391.10
-1,391.00
8,542.20
Changes in Working
Capital
INR
-47,261.60
-20,402.30
-15,785.00
102,081.30
-22,998.80
Cash from Operating

Activities
INR
19,066.90
59,263.30
95,880.80
207,423.20
135,711.70
Capital Expenditures
INR
-42,175.00
-55,246.00
-72,376.20
-108,990.40
-116,325.90
Other Investing Cash Flow INR

Items, Total
19,416.50
19,206.40
3,569.80
3,634.10
19,867.90
Cash from Investing

Activities
INR
-22,758.50
-36,039.60
-68,806.40
-105,356.30
-96,458.00
Financing Cash Flow

Items
INR
-23,351.70
-28,774.00
-20,972.80
-14,622.30
-20,718.20
Total Cash Dividends Paid INR
-5,583.50
-4,309.20
-8,316.80
-12,729.00
-29,962.80
Issuance (Retirement) of
Stock, Net
INR
0.00
-6,658.40
27.60
0.00
4.30
Issuance (Retirement) of
Debt, Net
INR
-14,851.90
31,281.80
-8,098.50
-70,575.40
22,026.60
Cash from Financing

Activities
INR
-43,787.10
-8,459.80
-37,360.50
-97,926.70
-28,650.10
Net Change in Cash
INR
-47,478.70
14,763.90
-10,286.10
4,140.20
10,603.60
Cash Interest Paid
INR
21,940.00
25,538.00
19,556.10
12,373.20
14,519.30
Cash Taxes Paid
INR
6,881.20
9,156.00
21,280.30
27,493.00
33,699.10
Capital Market Ratios

Key Ratios
P/E (Price/Earnings) Ratio
December 05,2016
10.95
EV/EBITDA (Enterprise Value/Earnings Before Interest, Taxes,

Depreciation and Amortization)
7.56
Enterprise Value/Sales
0.60
Enterprise Value/Operating Profit
8.96
Enterprise Value/Total Assets
1.21
Dividend Yield
0.03
Market Cap

MarketLine
873,775.01
Page 30

Financial Overview
Enterprise Value
1,136,356.71
Note: The above ratios are based on

the share price as of December
05,2016, they are absolute numbers
Annual Ratios
Key Ratios
Unit
Currency
2012
2013
2014
2015
2016
Sales Growth
37.28
14.30
11.68
-8.25
-22.24
Operating Income Growth
0.00
0.00
0.00
-9.93
87.83
EBITDA Growth
-15.05
41.71
54.44
22.11
40.17
Net Income Growth
-52.24
140.88
107.92
22.91
66.05
EPS Growth
-53.84
149.72
119.48
15.14
67.03
Working Capital Growth

Equity Ratios
38.79
-62.33
-211.10
-217.89
-82.55
EPS (Earnings per Share)
USD
5.40
13.01
27.04
33.24
55.19
Dividend per Share
USD
2.75
5.50
8.50
11.25
15.50
Dividend Cover
Absolute
1.96
2.36
3.18
2.95
3.56
Book Value per Share
USD
109.81
116.00
134.42
156.01
193.85
Cash Value per Share

Profitability Ratios
USD
5.53
12.82
6.67
14.73
22.95
Gross Margin
8.70
13.08
9.52
10.62
16.94
Operating Margin
-0.56
-0.17
2.84
2.78
6.72
Net Profit Margin
0.38
0.79
1.48
1.98
4.23
Profit Markup
9.52
15.04
10.53
11.88
20.39
PBT Margin (Profit Before Tax)
0.77
1.36
2.33
3.17
6.68
Return on Equity
4.92
11.21
20.12
21.30
28.47
Return on Capital Employed
-4.55
-1.19
16.41
14.44
21.11
Return on Assets
1.00
2.36
4.40
5.53
8.51
Return on Fixed Assets
-3.47
-1.09
17.70
13.33
20.88
Return on Working Capital

Cost Ratios
0.00
0.00
0.00
0.00
226.10
Growth Ratios

MarketLine
Page 31

Financial Overview
Operating Costs (% of Sales)
100.56
100.17
97.16
97.22
93.28
Administration Costs (% of Sales) %

Liquidity Ratios
3.67
3.77
5.17
6.10
8.21
Current Ratio
Absolute
0.85
0.94
1.08
0.90
0.98
Quick Ratio
Absolute
0.45
0.50
0.54
0.47
0.52
Cash Ratio
Leverage Ratios
Absolute
0.14
0.18
0.16
0.22
0.29
Debt to Equity Ratio
Absolute
1.90
1.98
1.71
1.13
1.03
Net Debt to Equity
Absolute
1.88
1.93
1.69
1.06
0.94
Debt to Capital Ratio

Efficiency Ratios
Absolute
1.18
0.99
0.73
0.55
0.48
Asset Turnover
Absolute
2.66
2.98
2.98
2.79
2.01
Fixed Asset Turnover
Absolute
7.20
7.53
7.31
5.48
3.51
Inventory Turnover
Absolute
8.97
10.31
10.33
12.46
10.11
Current Asset Turnover
Absolute
4.66
5.50
5.68
6.68
5.71
Capital Employed Turnover
Absolute
13.04
14.11
13.60
10.75
6.73
Working Capital Turnover
Absolute
0.00
0.00
0.00
0.00
79.73
Revenue per Employee
USD
0.00
0.00
0.00
0.00
149,450,495.13
Net Income per Employee
USD
0.00
0.00
0.00
0.00
6,322,989.78
Capex to Sales
2.04
2.33
2.74
4.49
6.17
R&D to Sales
0.00
0.00
0.00
0.00
0.00

MarketLine
Page 32
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T: +44 (0) 203 377 3042 | F: +44 (0) 870 134 4371 | E: reachus@marketline.com | W: www.marketline.com

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REFERENCE CODE: 7723BFE4-BE04-4129-A4B7-08D5CFCBA466

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Revenue (USD Mn)

Financial Year End

Bombay Stock Exchange Ticker

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

are expected to be operational by 2015.

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Non Executive Board

Gopal Chandra Nanda

Non Executive Board

Non Executive Board

Anant Kumar Singh

Non Executive Board

Non Executive Board

Chief Vigilance Officer Senior Management

Executive Director, Gas Senior Management

Executive Director, I/C Senior Management

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Executive Director, I&C Senior Management

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Key Employee Biographies

KEY EMPLOYEE BIOGRAPHIES

Gopal Chandra Nanda

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Anant Kumar Singh

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Major Products & Services

MAJOR PRODUCTS & SERVICES

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Market leading position

Dependency on international market for supply of

Strategic plan for the integrated refinery expansion

Weakening of rupee over US dollar

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited