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Bharat Petroleum Corporation Ltd

BSE Code : 500547 | NSE Symbol : BPCL | ISIN:INE029A01011| SECTOR : Refineries |

NSE BSE
 
SMC up arrow

629.30

0.85 (0.14%) Volume 4654

18-May-2024 11:44:00

Prev. Close

628.45

Open Price

627.90

Bid Price (QTY)

628.55(15)

Offer Price (QTY)

629.30(40)

 

Today’s High/Low 629.75 - 627.00

52 wk High/Low 687.65 - 331.50

Key Stats

MARKET CAP (RS CR) 136326.69
P/E 4.87
BOOK VALUE (RS) 344.393999
DIV (%) 40
MARKET LOT 1
EPS (TTM) 129.06
PRICE/BOOK 1.82479950819352
DIV YIELD.(%) 3.29
FACE VALUE (RS) 10
DELIVERABLES (%) 20.3

F&O Quote

630

9 (1%)
Open Price 624 Average Price 626 Open interest 26,926,200
High Price 631 No. Of Contracts Traded 7,238,700 Open Interest Change -797,400
Low Price 621 Turnover (`. In Lakhs) 4,534,973,163 Open Interest Change(%) -3%
Prev. Close 621 Market Lot 900 Option Chain | Detailed View >>
4

News & Announcements

16-May-2024

Bharat Petroleum Corporation Ltd - Bharat Petroleum Corporation Limited - Loss of Share Certificates

16-May-2024

Bharat Petroleum Corporation Ltd - Bharat Petroleum Corporation Limited - Loss of Share Certificates

16-May-2024

Bharat Petroleum Corporation Ltd - Bharat Petroleum Corporation Limited - Loss of Share Certificates

16-May-2024

Bharat Petroleum Corporation Ltd - Bharat Petroleum Corporation Limited - Loss of Share Certificates

10-May-2024

Board of Bharat Petroleum Corporation recommends final dividend

02-May-2024

Bharat Petroleum Corporation to convene board meeting

19-Jan-2024

Bharat Petroleum Corporation to convene board meeting

01-Dec-2023

Bharat Petroleum Corporation announces cessation of senior management

Corporate Actions

Bonus
Splits
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Board Meeting
AGM
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Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Bongaigaon Refinery & Petrochemicals Ltd(merged) 500072 BONGAIREFN
Cals Refineries Ltd 526652
Chennai Petroleum Corporation Ltd 500110 CHENNPETRO
Gandhar Oil Refinery (India) Ltd 544029 GANDHAR
Hindustan Petroleum Corporation Ltd 500104 HINDPETRO
Indian Oil Corporation Ltd 530965 IOC
Kochi Refineries Ltd(merged) 500873 COCHINREFN
Mangalore Refinery And Petrochemicals Ltd 500109 MRPL
Nagarjuna Oil Refinery Ltd 534184 NAGAROIL
Nayara Energy Ltd 500134 ESSAROIL
Reliance Industries Ltd 500325 RELIANCE
Reliance Industries Ltd Partly Paidup 890147 RELIANCEP1
Reliance Petroleum Ltd (Merged) 500364 RELPETRO
Reliance Petroleum Ltd(merged) 532743 RPL
Resgen Ltd 543805

Share Holding

Category No. of shares Percentage
Total Foreign 368683144 17.00
Total Institutions 461921397 21.29
Total Govt Holding 20444424 0.94
Total Non Promoter Corporate Holding 7759075 0.36
Total Promoters 1149183592 52.98
Total Public & others 161261112 7.44
Total 2169252744 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Bharat Petroleum Corporation Ltd

Bharat Petroleum Corporation Limited (BPCL) is a Public Sector Undertaking (PSU) with the Government of India holding 52.98% stake as on 31 March, 2023. The Corporation operates in the petroleum industry in India. The Corporation is engaged in the business of refining of crude oil and marketing of petroleum products. It has refineries at Mumbai, Bina and Kochi, LPG bottling plants and Lube blending plants at various locations. The Corporation's marketing infrastructure includes vast network of Installations, Depots, Retail Outlets, Aviation Fuelling Stations and LPG distributors. Bharat Petroleum Corporation Limited (BPCL) was incorporated on November 03, 1952 as a Private Limited Company with the name 'Burmah Shell Refineries Limited'. The Company began their work on the Marshland of Trombay at Bombay. The refinery on 454 acres of land at Village Mahul went on-stream on 30th January 1955, one year ahead of schedule. In January 24, 1976, Burmah Shell Group of Companies was taken over by the Government of India (GoI) to form Bharat Refineries Limited. In August 1, 1977, the Company was renamed as Bharat Petroleum Corporation Limited. The Company was also the first refinery to process newly found indigenous crude (Bombay High), in the country. During the year 2001-02, the Company commissioned the Gas Turbine and Heat Recovery Steam Generator Project at a cost of Rs.1750 million. Refinery Modernization Project was being implemented at a cost of Rs 18,310 million. This project besides improve distillate yield and energy efficiency of the company. The company had Allied Retail Business (ARB) also apart from the regular business, making them not only the largest non-fuel revenue generator in the oil industry, but also amongst the leading retail networks in the country, offering a basket of services ranging from C-stores, Quick Service Restaurants to financial and travel related services. The total of 8 numbers of In & Out convenience stores made up the 'millionaire club' by clocking average sales of Rs 1 million per month. Automatic Teller Machines (ATMs) continued by the company to be a focus area in the ARB initiative under the alliance management strategy. The 222 ATMs in the network are the result of alliances with 22 banks. Given the rapid growth of the travel industry in the country and especially personal travel, the company launched 'In & Out e-Traveller', a one-stop facility for all travel and hospitality needs in during year of 2006-07. The In & Out eTraveller is an e-ticketing / e-booking facility for rail, air and bus tickets and hotel accommodation, brought through a web of alliances with best in breed travel service providers. During the year 2009-10, the Mumbai refinery processed the Nigerian crude oil - Agbami for the first time. The company started operations at its Bina refinery in the central Indian state of Madhya Pradesh by launching their crude distillation unit, or CDU. The CDU at Bina was commissioned on June 29, 2010. Kerosene and cooking gas have been despatched to the marketing terminal. An oil refinery's CDU is the main unit where crude is separated into different petroleum products. In August 2010, Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Limited entered into a memorandum of understanding (MoU) with Gujarat State Petroleum Corp Ltd to form a joint venture for trunk gas pipelines. In February 2011, the company signed an initial agreement 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 July 2011, the company sold a rare naphtha cargo from Haldia to Vitol at steep discounts of $63.00 a tonne to Middle East quotes on a free-on-board (FOB) basis, and the refiner may have more of such cargoes for sale. In 2011, tyre manufacturer Goodyear India entered into an agreement with PSU major Bharat Petroleum Corporation Ltd to open tyre care shops at some of their petrol pumps. BPCL discovers of oil and gas in Sergipe-Alagoas Basin, Brazil. In 2012 -BPCL's another major appraisal success in Offshore Mozambique for BPRL. BPCL also conducts Successful Flow Test Offshore Mozambique. BPCL invests Rs 75 cr to set up 22 kV substation at Kochi Refinery. Bharat Petroleum Corporation Ltd., has signed an MOU with LG Chem South Korea for a Joint Venture to set up a petrochemical plant adjacent to its Kochi Refinery Complex. The company makes discovery of hydrocarbons in Espirito Santo Bash, Offshore Brazil and Cauvery Onland in Tamil Nadu. The company signs a Memorandum of Understanding (MoU) with Kerala government. Following the development, the state government would extend tax deferments to BPCL's Integrated Refinery Expansion Project (IREP) and petrochemical complex. Bharat Petroleum Corporation Ltd (BPCL) is in plans for investments of up to Rs 45,000 crore by 2017 towards upstream projects as well as downstream expansion. BPCL discovers New oil in the deep water of Sergipe - Alagoas Basin, Brasil In 2013, Petrobras completes formation test in Farfan area in Sergipe-Alagoas Basin, Brazil. BPRL announces new natural gas discovery in offshore Mozambique. Bharat gas introduces IVRS to book gas refill services. BPCL begins IVRS refill booking system in Kerala In 2014, Bharat Petroleum - BPRL announces Increase in Recoverable Natural Gas Resources in Mozambique. Gas Discovery in Cauvery Basin, India by ONGC - BPRL Consortium. In 2015, Bharat Petroleum Corporation Limited (BPCL) received approval from Environment Ministry for Rs 4,588 crore expansion at its refinery facility. BPCL, along with GAIL Gas, a 100% subsidiary of GAIL India will jointly develop the City Gas Distribution Network (CGD Network) in Haridwar district. BPCL also commissions a new art Crude Distillation Unit (CDU) in Mumbai. On 29 May 2015, BPCL announced that it had acquired additional 1.99 crore equity shares of Petronet CCK Limited (PCCKL) constituting 19.97% of the paid-up capital of PCCKL from a financial investor of PCCKL. Post the acquisition of additional shares, BPCL's holding in PCCKL went up to 68.97%. In November 2015, a consortium of Bharat Petroleum Corporation Ltd (BPCL) and GAIL Gas Ltd was awarded the authorization for laying, building, operating and expanding of a City Gas Distribution Network (CGD Network) in the Geographical Area of Haridwar district by the Petroleum and Natural Gas Regulatory Board established under the PNGRB Act, 2006. On 31 December 2015, BPCL announced that it had entered into a binding Gas Sale and Purchase Agreement (GSPA) with Petronet LNG Limited (PLL) for the procurement of an additional 0.1 MMTPA of RLNG with effect from January 2016. On 18 February 2016, BPCL announced that it had purchased 50% of financial institutions' holding in Sabarmati Gas (SGL), thereby raising its stake in SGL to 49.9%. SGL is a city gas distribution company involved in the supply of CNG to the transport segment and PNG to consumers in the domestic, commercial and industrial segments. On 26 May 2016, the Board of Directors of BPCL recommended the issue of bonus shares in the ratio of 1:1. On 29 July 2016, BPCL announced that it had entered into an agreement for acquiring 21% stake in the share capital of FINO PayTech Limited for a consideration of Rs 251 crore in an all cash deal. FINO PayTech is a payments technology solutions provider to banks, financial institutions and MFIs. Bharat PetroResources Limited (BPRL), a 100% subsidiary of Bharat Petroleum Corporation Limited (BPCL), and its exploration and production arm, along with Oil India Limited and Indian Oil Corporation Limited, acting jointly as the Indian Consortium, through a joint venture company formed by their wholly owned subsidiaries in Singapore, completed on 5 October 2016 two transactions, viz. acquisition of 23.9% shares of the charter capital of JSC Vankorneft, a company organised under the laws of the Russian Federation, which is the owner of Vankor and North Vankor Field licenses, from Rosneft Oil Company (Rosneft), a National Oil Company of Russia; and acquisition of 29.9% of the participatory share in charter capital of LLC Taas Yuryakh Neftegazodobycha (TYNGD), from LLC RN Razvedka I Dobycha, a wholly owned subsidiary of Rosneft. TYNGD which has onshore fields in East Siberia is currently producing about 20,000 bopd which is expected to be ramped up to about 100,000 bopd by 2021. In November 2016, a consortium of Bharat Petroleum Corporation Ltd (BPCL) and GAIL Gas Ltd was awarded the authorization for laying, building, operating and expanding of a City Gas Distribution Network (CGD Network) in the Geographical Area of North Goa in the state of Goa by the Petroleum and Natural Gas Regulatory Board established under the PNGRB Act, 2006. Bharat Petroleum Corporation Limited, Indian Oil Corporation Limited and Hindustan Petroleum Corporation Limited signed a Consortium Agreement on 7 December 2016 to carry out pre-project activities for setting up of a West Coast Refinery & Petrochemical project of approximately 60 MMTPA capacity in Maharashtra through a Joint Venture Company. On 16 January 2017, the Board of Directors of BPCL gave in-principle approval for the merger of Petronet CCK Ltd. (PCCKL), a wholly owned subsidiary of BPCL, with BPCL. PCCKL owns and operates 292 Km long multi product Kochi-Coimbatore-Karur pipeline with a throughput capacity of 3.3 MMTPA which is used for evacuation of BPCL's Kochi Refinery products. The Board of Directors of BPCL at its meeting held on 29 May 2017 recommended issue of fully paid bonus shares in the ratio of 1:2. On 25 September 2017, Asia's largest single mounded LPG storage facility was inaugurated at BPCL's Kochi refinery. The facility was constructed at an investment of Rs 170 crore as part of the Integrated Refinery Expansion Project of BPCL at Kochi Refinery. During the year 2017-18, the Government of India disinvested 1,35,05,341 equity shares in favour of Bharat 22 ETF (an exchange traded fund inclusive of PSU stocks). Consequently, the holding of the President of India in the equity share capital was reduced to 54.31% from 54.93%. Capital Expenditure (before Cenvat/Tax Credit) including investments in JVCs and exploration through a Subsidiary Company during the year 2017-18 amounted to Rs 8,997.76 crore. The Group consists of 5 Indian subsidiaries and 6 foreign subsidiaries as on 31st March 2018. . Further, the Company has 23 Joint Venture Companies and Associate companies. During 2019, the Company installed Gasoline Hydro Treatment Unit (GTU) project at Mumbai Refinery to produce 100% BS VI MS (Motor Spirit), which costed Rs. 554 crore and got completed in June, 2019. In August 2020, it completed construction of a new rail fed POL terminal at Pune with approximately 40 TKL storage tanks, 12 bay tank lorry gantry, full rake single spur railway siding and associated firefighting facilities, which costed Rs. 282.64 Crores. It set up a coastal terminal and railway siding at Krishnapatnam Port, costing Rs. 580.20 Crores and achieved a physical progress of 33.50% as on 31 March, 2020. During the year 2019-20, BPCL commissioned 10 grid interactive solar plants in 5 installations / depots and 5 LPG plants, adding a total capacity of 4.12 MW. These plants are being developed as pilot projects, where rooftop solar plants with battery storage are being installed. Rooftop solar units were also installed in 974 retail outlets in the year 2019-20, taking the number of total outlets to 2285. During the FY2019, the Government of India disinvested 2,19,99,057 equity shares in favour of Bharat 22 ETF (an exchange traded fund comprising of PSU stocks). Consequently, the holding of the President of India in the equity share capital was reduced to 53.29% as at 31st March, 2019 from 54.31%. Capital Expenditure, including investments in JVCs, Bharat Gas Resources Limited (BGRL) and exploration through a Subsidiary company during the year 2018-19 amounted to Rs 10,992.80 crore. The Group consists of 5 Indian subsidiaries and 6 foreign subsidiaries as on 31st March 2019. Further, the Company has 22 Joint Venture Companies and Associate Companies. During the FY2020, the Government of India disinvested 69,12,370 equity shares in favour of Bharat 22 ETF (an exchange traded fund comprising of PSU stocks). Consequently, the holding of the President of India in the equity share capital was reduced to 52.98% as at 31st March, 2020 from 53.29%. The Government of India has on 20th November, 2019 accorded in-principle approval for strategic disinvestment of Government's shareholding in BPCL excluding BPCL's shareholding in Numaligarh Refinery Limited (NRL). Further, as per the above approval, BPCL's shareholding in NRL has to be divested to a Central Public Sector Enterprise (CPSE) operating in Oil and Gas sector along with transfer of management control. Action in this regard has been initiated.. During the year 2019-20, subsequent to conversion of warrants of Rs 650 Crore in Bharat Oman Refineries Limited (BORL) into equity shares, the Company's shareholding in BORL increased from existing 50% to 63.38% on 31st March, 2020. On 20th November, 2019, BPCL divested its entire 61.65% stake in Numaligarh Refinery (NRL) in Assam to a consortium of Oil India Limited (OIL) and Engineers India Limited (EIL) and Government of Assam for Rs 9,876 crore. BPCL's shareholding in NRL had to be divested to a Central Public Sector Enterprise (CPSE) operating in Oil and Gas sector along with transfer of management control. A Sale Purchase Agreement was signed on 25 March, 2021 between BPCL and the Consortium for Sale, at a consideration of Rs. 9376 crores. The consideration was received on 25 March, 2021 and the shares were transferred to OIL & EIL on 26 March, 2021. The remaining shares were transferred to GOA upon receipt of the consideration of Rs 5000 crores on 26 March, 2021. The Company had 4 subsidiaries and 22 joint venture companies and associate companies as at March 31, 2021. In 2021, the Corporation started commercial production of their Propylene Derivative Petrochemical project, at Kochi Refinery. It commissioned 2,444 new Retail Outlets (ROs) during the year 2020-21. It completed the Haldia LPG Import Terminal and Pune Haveli POL Terminal project which further bolstered their marketing infrastructure. During the year 2022, BPCL acquired 36.62% of shares from OQ S.A.O.C, Bharat Oman Refineries Ltd. (BORL), and made BORL a wholly owned subsidiary of BPCL. Bharat Oman Refineries Limited, which was a wholly owned subsidiary of BPCL, got merged Scheme of Amalgamation with BPCL with effect from July 1, 2022. The Company completed the re-routing of Mumbai-Manmad Pipeline (48.5 km) during the year and has commissioned the pipeline in April, 2021 in reducing the risk associated with products dispatched from Mumbai Refinery. In October 2021, it commissioned 18-inch-diameter 355-km-long Bina-Panki Multi-Product Pipeline, with a throughput capacity of 3.5 MMTPA. In July 2022, the Company enhanced production capacity of Lube Oil Base Stock (LOBS) from 300 thousand metric tonnes per annum (TMTPA) to 450 TMTPA at Mumbai Refinery, which costed Rs. 614 crore. In Dec'21, additional tankage of 1,46,000 KL and full-rake tank wagon loading gantry with associated facilities were commissioned along with Bina-Panki Pipeline, which costed Rs. 254.54 crore. It commissioned and constructed additional mounded storage vessels of 8,250 MT, which costed approx. Rs. 266 crore at LPG bottling plants in Jhansi, Bhatinda, Pune, Patna and Bhitoni. The Company's flexibility of refining operations increased by introducing 5 new additional crude oils during FY 2022-23. 3 noteworthy projects, viz. installation of a 1.5 MMTPA Kerosene Hydrotreater Unit (KHT), capacity enhancement of Lube Oil Base Stock (LOBS) unit from 300 kilotonnes per annum (KTPA) to 450 KTPA and installation of a De-Aromatized Solvent (DAS) column, were commissioned in Mumbai Refinery (MR) during the FY 2022-23. To enhance the safety and security of its cross-country pipeline network, Fibre Optics based Pipeline Intrusion Detection Systems (PIDS) was commissioned for Mumbai-Kota Pipeline section. The LOBS product portfolio was increased with the launch of a new specialty product 'D40', an industrial solvent. Superabsorbent Polymer (SAP), a new product from the same complex, was launched in July 2022. BR dispatched its first batch of low pour point diesel for use in cold regions by Indian Army. BR also commenced Mineral Turpentine Oil (MTO) transportation via Bina-Kota-Bijwasan Pipeline for the first time, thereby reducing transportation cost. During 2022-23, the Company commissioned the production capacity of Lube Oil Base Stock (LOBS) from 300 TMTPA to 450 TMTPA at Mumbai Refinery which costed Rs 614 Crores in Jul' 22. It installed and commissioned New Kerosene Hydrotreater (KHT) of 1.5 MMTPA capacity, integrated with existing Diesel Hydrotreater (DHT), at Mumbai Refinery costing Rs 667.15 Crores in Dec' 22. The Coastal Terminal with Railway Siding at Krishnapatnam Port, in Andhra Pradesh was commissioned costing Rs 580.20 Crores in Dec' 22. The Construction of a New Petroleum, Oil, and Lubricants (POL) Depot at Radhanagar (Bokaro), Jharkhand with storage capacity of 22 TKL along with railway siding was commissioned costing Rs 247.17 crore in Mar' 23.

Bharat Petroleum Corporation Ltd Chairman Speech

Dear Shareholders,

I am delighted to present to you the Annual Report of Bharat Petroleum Corporation Limited (BPCL) for FY 2022-23. Even as we navigate a challenging business environment, our focus continues to be professionalism and good governance in all aspects of our business. This is reflected business units during the year and the sharp turnaround in the financial being severely impacted by global headwinds in the first half of FY 2022-23.

The domestic economy's resilience through the crisis of a once-in-a-century pandemic followed by the geopolitical crisis has been remarkable. While most of the major economies continue to grapple with fiscal challenges,

India has been an oasis of growth and stability. India was second biggest contributor to world growth in 2022.

Our economy grew at 7.2% in FY 2022-23, and the domestic consumption of petroleum products grew at 10.6%. You will be pleased to know that your company recorded the highest-ever market sales of 48.92 MMT in the year, as against 42.51 MMT in the comparative period, registering a growth of 15%. With a market share of 25%, we retained our position as the second-largest

Oil Marketing Company during the year. Our refineries supported the marketing efforts by recording the highest-ever throughput of 38.53 MMT in FY 2022-23, at a capacity utilization of 109%.

Our revenue from operations rose to all-time high of Rs. 5.3 trillion as against Rs. 4.3 trillion in the previous year, making us the sixth-largest company across all categories in the country by turnover. BPCL's colors shine brightest when it meets challenges head on. In this challenging year which was marred by suppressed marketing margins on certain petroleum products, our robust refineries achieved their all-time high Gross Refining bbl, highest amongst the PSU Oil Marketing Companies.

The year's financial quarters of losses, but these were put behind with a record-breaking performance in the fourth quarter, with standalone profit rising 159% year-on-year and 231% quarter-on-quarter to Rs. 64.78 billion. For the year as a whole, the company posted a standalone net profit of Rs. 18.70 billion as compared to the restated profit of Rs. 113.63 billion in FY 2021-22.

India is increasingly assuming a leadership role in the comity of nations. The country's democratic fabric, consistent economic growth and focus on sustainability are receiving acclaim globally. Having become the 5th largest economy in the world, the country is well on course to becoming a $10 trillion economy by 2035. As Margins(GRMs) at$20.24/ the industrialization and urbanization in India gathers pace in the coming years, the overall energy demand will keep increasing in the foreseeable future. There is potential for India's share of global oil demand to rise to 11% in the coming years from around 5% currently. A burgeoning middle class will be looking for innovative solutions for their energy requirements. India's ambitious goal of attaining net-zero emissions by 2070, combined with its strong determination to become Aatmanirbhar in energy by 2047, is set to accelerate the adoption of cleaner and more efficient energy solutions. This opens up significant economic opportunities for the companies operating in the energy sector.

With the existing diverse portfolio of products and services, and our strategic aspirations centered on the principles of Nurturing the Core refining, upstream and marketing of petroleum products; and Investing in future big bets – petrochemicals, gas, non-fuel, green energy and digital, the company is well positioned to play a critical role in the energy landscape of India and to increase its global footprints. The strategy aligns with the company's plan to achieve net-zero emissions by 2040 in Scope 1 and Scope 2. These aspirations, with a planned capex outlay of around Rs. 1.5 lakh crore in the next five years, will enable us to create long-term value for our stakeholders while preserving our planet for future generations.

The merger of Bharat Oman Refineries Limited (BORL) with BPCL, executed flawlessly this year, has not only bolstered our core refining and marketing businesses but also laid a robust foundation for our ambitious ventures in the petrochemical industry.

I am delighted to share the wonderful news of our recent finalization of the Ethylene Cracker Project at Bina. With a staggering investment of Rs. 490 billion, this project marks a historic milestone as the largest single investment in BPCL's illustrious history. The project also involves brownfield expansion of the Bina refinery capacity from 7.8 MMTPA to 11 MMTPA, to primarily cater to the feed requirements of petrochemical plants. This project will drive the production of essential petrochemicals, increasing the share of petrochemicals in the company's product portfolio to about 8%. This investment fits well with the government's mission to make India a self-reliant and globally competitive petrochemical manufacturing hub.

The disruptions in the global energy supply chain and the soaring oil prices have brought the issue of supply security to the fore - not just for your company but for the country as well. The Company will continue its focus and efforts on the upstream Oil & Gas projects, particularly to enable earliest monetization of the discoveries made in Mozambique and Brazil. The initial 2-Train LNG Project in Area 1, Mozambique which is the firststep towards unlocking the world-class gas resources of approximately

63 Trillion Cubic Feet in which BPCL holds 10% stake, is poised to resume operations in the latter part of 2023. We are confident energy frontier.

During the year, the Company strategically fortified portfolio by seamlessly integrating Bharat Gas Resources Limited (BGRL) through the merger. We are steadfastly working towards development of the City Gas Distribution network with a capital outlay of over Rs. 375 billion.

To strengthen the supply chain and streamline the distribution of essential petroleum products, the Company is investing around Rs. 27.53 billion in Petroleum Oil Lubricants and Lube Oil Base Stock installations at Rasayani in Maharashtra and product pipeline from its

Mumbai Refinery to Rasayani.

I am happy to share that we are investing almost Rs. 10 billion to set up two 50MW captive wind power plants in Maharashtra and Madhya Pradesh to support our refineries in Mumbai and Bina. Feasibility studies are in progress for additional energy projects in wind and solar. Aligning with the government's efforts towards boosting Green Hydrogen capacity, we are also setting up a Green

Hydrogen Plant at Bina Refinery to meet the hydrogen requirements of the refinery.

Significant initiatives are being taken on the sustainable mobility front. We have launched an initiative to offer electric vehicle charging stations at around 7,000 energy stations over the next five years to support and accelerate growth of electric vehicles (EV) in the country. Several highways have already been covered under our Fast-

Charging EV Corridors. We are actively working on Sustainable Aviation Fuel. Having achieved 10.6% ethanol blending in petrol in this year, we plan to increase the blending to 12% in the FY 2023-24 and endeavor to reach 20% blending by 2025. To support this initiative and to ensure availability of ethanol across the country, the company more than doubled its Ethanol storage capacity to 112 TKL in the last financial year. We have started selling biodiesel-blended diesel, and the ratio of blending is bound to go up in the coming months. Sale of Compressed BioGas was commenced from 41 retail outlets, and over 300 Letters of Intent were issued for a total production of over 5 lakh TPA of Compressed Bio-Gas.

Yourcompanyhasbeenonamassivedigitaltransformation exercise over the last few years. Digitisation, machine learning, and artificial intelligence are being adopted across the company's activities, from refinery operations to supply-chain management to receiving and processing orders from retail and industrial customers. End-consumers are getting the best customer experience across all touch points through the ‘Hello BPCL' platform, which now has more than 3 million registered users and a footprint of 100,000 customers per day. Our UPI-based solution, Ufill, has also found good traction. The

Corporation endeavors to integrate more operations and services through technological solutions.

Human Resource is the most important asset of this organization. With the largest young work force in the world, India is a breeding ground for bright and enthusiastic minds. Identifying resources capable of adapting to new technologies, assisting them in filling skill gaps and grooming them to becoming good leaders is a priority of BPCL. The combination of a technically sound work force with an ability to adapt to modern technology will yield rich dividends to the company. Demonstrating true care for the welfare of our workforce is firmly embedded in the value system of the organization.

Fostering a healthy climate for entrepreneurship by supporting startups has been another contribution by BPCL to unearth and channelize inherent talents.

BPCL is committed towards upliftment of society and the underprivileged. Our thrust areas for social development are education, skill development, water conservation and community development, and healthcare.

Dear shareholders, the current financial year will be equally challenging, as the external environment remains dynamic with the reshaping of the world order. It will be interesting to observe how production cuts by some OPEC+ members and the expected slowdown in advanced economies counteract each other. Yet, each challenge offers an opportunity to innovate and evolve. As demonstrated in the last financial year, we will continue to be agile, putting customers and people at the center of our actions. Ensuring safe and reliable operations will always remain paramount in all our actions.

I would like to thank the Ministry of Petroleum & Natural

Gas for their unflinching support and guidance in all our activities. I am thankful to my colleagues on Board of Directors for providing astute leadership to the organization. I would like to take the opportunity to thank various State Governments, our channel partners, customers, vendors, bankers and our employees for their sustained support that has been instrumental in BPCL having another very successful year. To all our shareholders, thank you for the faith you have placed in BPCL.

I would like to end with a quote "Be the change that you wish to see in the world". We have envisioned a much bigger and much brighter tomorrow and I assure you that we will be the change catalyst in our collective effort to realize our aspirations.

Krishnakumar Gopalan
Chairman & Managing Director

   

Bharat Petroleum Corporation Ltd Company History

Bharat Petroleum Corporation Limited (BPCL) is a Public Sector Undertaking (PSU) with the Government of India holding 52.98% stake as on 31 March, 2023. The Corporation operates in the petroleum industry in India. The Corporation is engaged in the business of refining of crude oil and marketing of petroleum products. It has refineries at Mumbai, Bina and Kochi, LPG bottling plants and Lube blending plants at various locations. The Corporation's marketing infrastructure includes vast network of Installations, Depots, Retail Outlets, Aviation Fuelling Stations and LPG distributors. Bharat Petroleum Corporation Limited (BPCL) was incorporated on November 03, 1952 as a Private Limited Company with the name 'Burmah Shell Refineries Limited'. The Company began their work on the Marshland of Trombay at Bombay. The refinery on 454 acres of land at Village Mahul went on-stream on 30th January 1955, one year ahead of schedule. In January 24, 1976, Burmah Shell Group of Companies was taken over by the Government of India (GoI) to form Bharat Refineries Limited. In August 1, 1977, the Company was renamed as Bharat Petroleum Corporation Limited. The Company was also the first refinery to process newly found indigenous crude (Bombay High), in the country. During the year 2001-02, the Company commissioned the Gas Turbine and Heat Recovery Steam Generator Project at a cost of Rs.1750 million. Refinery Modernization Project was being implemented at a cost of Rs 18,310 million. This project besides improve distillate yield and energy efficiency of the company. The company had Allied Retail Business (ARB) also apart from the regular business, making them not only the largest non-fuel revenue generator in the oil industry, but also amongst the leading retail networks in the country, offering a basket of services ranging from C-stores, Quick Service Restaurants to financial and travel related services. The total of 8 numbers of In & Out convenience stores made up the 'millionaire club' by clocking average sales of Rs 1 million per month. Automatic Teller Machines (ATMs) continued by the company to be a focus area in the ARB initiative under the alliance management strategy. The 222 ATMs in the network are the result of alliances with 22 banks. Given the rapid growth of the travel industry in the country and especially personal travel, the company launched 'In & Out e-Traveller', a one-stop facility for all travel and hospitality needs in during year of 2006-07. The In & Out eTraveller is an e-ticketing / e-booking facility for rail, air and bus tickets and hotel accommodation, brought through a web of alliances with best in breed travel service providers. During the year 2009-10, the Mumbai refinery processed the Nigerian crude oil - Agbami for the first time. The company started operations at its Bina refinery in the central Indian state of Madhya Pradesh by launching their crude distillation unit, or CDU. The CDU at Bina was commissioned on June 29, 2010. Kerosene and cooking gas have been despatched to the marketing terminal. An oil refinery's CDU is the main unit where crude is separated into different petroleum products. In August 2010, Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Limited entered into a memorandum of understanding (MoU) with Gujarat State Petroleum Corp Ltd to form a joint venture for trunk gas pipelines. In February 2011, the company signed an initial agreement 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 July 2011, the company sold a rare naphtha cargo from Haldia to Vitol at steep discounts of $63.00 a tonne to Middle East quotes on a free-on-board (FOB) basis, and the refiner may have more of such cargoes for sale. In 2011, tyre manufacturer Goodyear India entered into an agreement with PSU major Bharat Petroleum Corporation Ltd to open tyre care shops at some of their petrol pumps. BPCL discovers of oil and gas in Sergipe-Alagoas Basin, Brazil. In 2012 -BPCL's another major appraisal success in Offshore Mozambique for BPRL. BPCL also conducts Successful Flow Test Offshore Mozambique. BPCL invests Rs 75 cr to set up 22 kV substation at Kochi Refinery. Bharat Petroleum Corporation Ltd., has signed an MOU with LG Chem South Korea for a Joint Venture to set up a petrochemical plant adjacent to its Kochi Refinery Complex. The company makes discovery of hydrocarbons in Espirito Santo Bash, Offshore Brazil and Cauvery Onland in Tamil Nadu. The company signs a Memorandum of Understanding (MoU) with Kerala government. Following the development, the state government would extend tax deferments to BPCL's Integrated Refinery Expansion Project (IREP) and petrochemical complex. Bharat Petroleum Corporation Ltd (BPCL) is in plans for investments of up to Rs 45,000 crore by 2017 towards upstream projects as well as downstream expansion. BPCL discovers New oil in the deep water of Sergipe - Alagoas Basin, Brasil In 2013, Petrobras completes formation test in Farfan area in Sergipe-Alagoas Basin, Brazil. BPRL announces new natural gas discovery in offshore Mozambique. Bharat gas introduces IVRS to book gas refill services. BPCL begins IVRS refill booking system in Kerala In 2014, Bharat Petroleum - BPRL announces Increase in Recoverable Natural Gas Resources in Mozambique. Gas Discovery in Cauvery Basin, India by ONGC - BPRL Consortium. In 2015, Bharat Petroleum Corporation Limited (BPCL) received approval from Environment Ministry for Rs 4,588 crore expansion at its refinery facility. BPCL, along with GAIL Gas, a 100% subsidiary of GAIL India will jointly develop the City Gas Distribution Network (CGD Network) in Haridwar district. BPCL also commissions a new art Crude Distillation Unit (CDU) in Mumbai. On 29 May 2015, BPCL announced that it had acquired additional 1.99 crore equity shares of Petronet CCK Limited (PCCKL) constituting 19.97% of the paid-up capital of PCCKL from a financial investor of PCCKL. Post the acquisition of additional shares, BPCL's holding in PCCKL went up to 68.97%. In November 2015, a consortium of Bharat Petroleum Corporation Ltd (BPCL) and GAIL Gas Ltd was awarded the authorization for laying, building, operating and expanding of a City Gas Distribution Network (CGD Network) in the Geographical Area of Haridwar district by the Petroleum and Natural Gas Regulatory Board established under the PNGRB Act, 2006. On 31 December 2015, BPCL announced that it had entered into a binding Gas Sale and Purchase Agreement (GSPA) with Petronet LNG Limited (PLL) for the procurement of an additional 0.1 MMTPA of RLNG with effect from January 2016. On 18 February 2016, BPCL announced that it had purchased 50% of financial institutions' holding in Sabarmati Gas (SGL), thereby raising its stake in SGL to 49.9%. SGL is a city gas distribution company involved in the supply of CNG to the transport segment and PNG to consumers in the domestic, commercial and industrial segments. On 26 May 2016, the Board of Directors of BPCL recommended the issue of bonus shares in the ratio of 1:1. On 29 July 2016, BPCL announced that it had entered into an agreement for acquiring 21% stake in the share capital of FINO PayTech Limited for a consideration of Rs 251 crore in an all cash deal. FINO PayTech is a payments technology solutions provider to banks, financial institutions and MFIs. Bharat PetroResources Limited (BPRL), a 100% subsidiary of Bharat Petroleum Corporation Limited (BPCL), and its exploration and production arm, along with Oil India Limited and Indian Oil Corporation Limited, acting jointly as the Indian Consortium, through a joint venture company formed by their wholly owned subsidiaries in Singapore, completed on 5 October 2016 two transactions, viz. acquisition of 23.9% shares of the charter capital of JSC Vankorneft, a company organised under the laws of the Russian Federation, which is the owner of Vankor and North Vankor Field licenses, from Rosneft Oil Company (Rosneft), a National Oil Company of Russia; and acquisition of 29.9% of the participatory share in charter capital of LLC Taas Yuryakh Neftegazodobycha (TYNGD), from LLC RN Razvedka I Dobycha, a wholly owned subsidiary of Rosneft. TYNGD which has onshore fields in East Siberia is currently producing about 20,000 bopd which is expected to be ramped up to about 100,000 bopd by 2021. In November 2016, a consortium of Bharat Petroleum Corporation Ltd (BPCL) and GAIL Gas Ltd was awarded the authorization for laying, building, operating and expanding of a City Gas Distribution Network (CGD Network) in the Geographical Area of North Goa in the state of Goa by the Petroleum and Natural Gas Regulatory Board established under the PNGRB Act, 2006. Bharat Petroleum Corporation Limited, Indian Oil Corporation Limited and Hindustan Petroleum Corporation Limited signed a Consortium Agreement on 7 December 2016 to carry out pre-project activities for setting up of a West Coast Refinery & Petrochemical project of approximately 60 MMTPA capacity in Maharashtra through a Joint Venture Company. On 16 January 2017, the Board of Directors of BPCL gave in-principle approval for the merger of Petronet CCK Ltd. (PCCKL), a wholly owned subsidiary of BPCL, with BPCL. PCCKL owns and operates 292 Km long multi product Kochi-Coimbatore-Karur pipeline with a throughput capacity of 3.3 MMTPA which is used for evacuation of BPCL's Kochi Refinery products. The Board of Directors of BPCL at its meeting held on 29 May 2017 recommended issue of fully paid bonus shares in the ratio of 1:2. On 25 September 2017, Asia's largest single mounded LPG storage facility was inaugurated at BPCL's Kochi refinery. The facility was constructed at an investment of Rs 170 crore as part of the Integrated Refinery Expansion Project of BPCL at Kochi Refinery. During the year 2017-18, the Government of India disinvested 1,35,05,341 equity shares in favour of Bharat 22 ETF (an exchange traded fund inclusive of PSU stocks). Consequently, the holding of the President of India in the equity share capital was reduced to 54.31% from 54.93%. Capital Expenditure (before Cenvat/Tax Credit) including investments in JVCs and exploration through a Subsidiary Company during the year 2017-18 amounted to Rs 8,997.76 crore. The Group consists of 5 Indian subsidiaries and 6 foreign subsidiaries as on 31st March 2018. . Further, the Company has 23 Joint Venture Companies and Associate companies. During 2019, the Company installed Gasoline Hydro Treatment Unit (GTU) project at Mumbai Refinery to produce 100% BS VI MS (Motor Spirit), which costed Rs. 554 crore and got completed in June, 2019. In August 2020, it completed construction of a new rail fed POL terminal at Pune with approximately 40 TKL storage tanks, 12 bay tank lorry gantry, full rake single spur railway siding and associated firefighting facilities, which costed Rs. 282.64 Crores. It set up a coastal terminal and railway siding at Krishnapatnam Port, costing Rs. 580.20 Crores and achieved a physical progress of 33.50% as on 31 March, 2020. During the year 2019-20, BPCL commissioned 10 grid interactive solar plants in 5 installations / depots and 5 LPG plants, adding a total capacity of 4.12 MW. These plants are being developed as pilot projects, where rooftop solar plants with battery storage are being installed. Rooftop solar units were also installed in 974 retail outlets in the year 2019-20, taking the number of total outlets to 2285. During the FY2019, the Government of India disinvested 2,19,99,057 equity shares in favour of Bharat 22 ETF (an exchange traded fund comprising of PSU stocks). Consequently, the holding of the President of India in the equity share capital was reduced to 53.29% as at 31st March, 2019 from 54.31%. Capital Expenditure, including investments in JVCs, Bharat Gas Resources Limited (BGRL) and exploration through a Subsidiary company during the year 2018-19 amounted to Rs 10,992.80 crore. The Group consists of 5 Indian subsidiaries and 6 foreign subsidiaries as on 31st March 2019. Further, the Company has 22 Joint Venture Companies and Associate Companies. During the FY2020, the Government of India disinvested 69,12,370 equity shares in favour of Bharat 22 ETF (an exchange traded fund comprising of PSU stocks). Consequently, the holding of the President of India in the equity share capital was reduced to 52.98% as at 31st March, 2020 from 53.29%. The Government of India has on 20th November, 2019 accorded in-principle approval for strategic disinvestment of Government's shareholding in BPCL excluding BPCL's shareholding in Numaligarh Refinery Limited (NRL). Further, as per the above approval, BPCL's shareholding in NRL has to be divested to a Central Public Sector Enterprise (CPSE) operating in Oil and Gas sector along with transfer of management control. Action in this regard has been initiated.. During the year 2019-20, subsequent to conversion of warrants of Rs 650 Crore in Bharat Oman Refineries Limited (BORL) into equity shares, the Company's shareholding in BORL increased from existing 50% to 63.38% on 31st March, 2020. On 20th November, 2019, BPCL divested its entire 61.65% stake in Numaligarh Refinery (NRL) in Assam to a consortium of Oil India Limited (OIL) and Engineers India Limited (EIL) and Government of Assam for Rs 9,876 crore. BPCL's shareholding in NRL had to be divested to a Central Public Sector Enterprise (CPSE) operating in Oil and Gas sector along with transfer of management control. A Sale Purchase Agreement was signed on 25 March, 2021 between BPCL and the Consortium for Sale, at a consideration of Rs. 9376 crores. The consideration was received on 25 March, 2021 and the shares were transferred to OIL & EIL on 26 March, 2021. The remaining shares were transferred to GOA upon receipt of the consideration of Rs 5000 crores on 26 March, 2021. The Company had 4 subsidiaries and 22 joint venture companies and associate companies as at March 31, 2021. In 2021, the Corporation started commercial production of their Propylene Derivative Petrochemical project, at Kochi Refinery. It commissioned 2,444 new Retail Outlets (ROs) during the year 2020-21. It completed the Haldia LPG Import Terminal and Pune Haveli POL Terminal project which further bolstered their marketing infrastructure. During the year 2022, BPCL acquired 36.62% of shares from OQ S.A.O.C, Bharat Oman Refineries Ltd. (BORL), and made BORL a wholly owned subsidiary of BPCL. Bharat Oman Refineries Limited, which was a wholly owned subsidiary of BPCL, got merged Scheme of Amalgamation with BPCL with effect from July 1, 2022. The Company completed the re-routing of Mumbai-Manmad Pipeline (48.5 km) during the year and has commissioned the pipeline in April, 2021 in reducing the risk associated with products dispatched from Mumbai Refinery. In October 2021, it commissioned 18-inch-diameter 355-km-long Bina-Panki Multi-Product Pipeline, with a throughput capacity of 3.5 MMTPA. In July 2022, the Company enhanced production capacity of Lube Oil Base Stock (LOBS) from 300 thousand metric tonnes per annum (TMTPA) to 450 TMTPA at Mumbai Refinery, which costed Rs. 614 crore. In Dec'21, additional tankage of 1,46,000 KL and full-rake tank wagon loading gantry with associated facilities were commissioned along with Bina-Panki Pipeline, which costed Rs. 254.54 crore. It commissioned and constructed additional mounded storage vessels of 8,250 MT, which costed approx. Rs. 266 crore at LPG bottling plants in Jhansi, Bhatinda, Pune, Patna and Bhitoni. The Company's flexibility of refining operations increased by introducing 5 new additional crude oils during FY 2022-23. 3 noteworthy projects, viz. installation of a 1.5 MMTPA Kerosene Hydrotreater Unit (KHT), capacity enhancement of Lube Oil Base Stock (LOBS) unit from 300 kilotonnes per annum (KTPA) to 450 KTPA and installation of a De-Aromatized Solvent (DAS) column, were commissioned in Mumbai Refinery (MR) during the FY 2022-23. To enhance the safety and security of its cross-country pipeline network, Fibre Optics based Pipeline Intrusion Detection Systems (PIDS) was commissioned for Mumbai-Kota Pipeline section. The LOBS product portfolio was increased with the launch of a new specialty product 'D40', an industrial solvent. Superabsorbent Polymer (SAP), a new product from the same complex, was launched in July 2022. BR dispatched its first batch of low pour point diesel for use in cold regions by Indian Army. BR also commenced Mineral Turpentine Oil (MTO) transportation via Bina-Kota-Bijwasan Pipeline for the first time, thereby reducing transportation cost. During 2022-23, the Company commissioned the production capacity of Lube Oil Base Stock (LOBS) from 300 TMTPA to 450 TMTPA at Mumbai Refinery which costed Rs 614 Crores in Jul' 22. It installed and commissioned New Kerosene Hydrotreater (KHT) of 1.5 MMTPA capacity, integrated with existing Diesel Hydrotreater (DHT), at Mumbai Refinery costing Rs 667.15 Crores in Dec' 22. The Coastal Terminal with Railway Siding at Krishnapatnam Port, in Andhra Pradesh was commissioned costing Rs 580.20 Crores in Dec' 22. The Construction of a New Petroleum, Oil, and Lubricants (POL) Depot at Radhanagar (Bokaro), Jharkhand with storage capacity of 22 TKL along with railway siding was commissioned costing Rs 247.17 crore in Mar' 23.

Bharat Petroleum Corporation Ltd Directors Reports

Bharat Petroleum Corporation Ltd Company Background

G. KrishnakumarG. Krishnakumar
Incorporation Year1952
Registered OfficeBharat Bhavan PB No 688,4&6 Currimbhoy Rd Ballard Est
Mumbai,Maharashtra-400001
Telephone91-22-22713000/4000,Managing Director
Fax91-22-22713874
Company Secretary
AuditorKalyaniwalla & Mistry LLP/K S Aiyar & Co
Face Value10
Market Lot1
ListingBSE,NSE,
RegistrarData Software Research Co Ltd
#19 Pycroft Garden R,Off Haddows Road,Nungambakkam,Chennai - 600006

Bharat Petroleum Corporation Ltd Company Management

Director NameDirector DesignationYear
G. KrishnakumarChairman / Executive Director / WTD / MD2023
Sanjay KhannaExecutive Director - Human Resources / WTD2023
Sukhmal Kumar JainE D & Wholetime Director2023
Suman BillaNon Executive Director2023
Kamini Chauhan RatanNon Executive Director2023
Pradeep Vishambhar AgrawalIndependent Non Exe. Director2023
Ghanshyam SherIndependent Non Exe. Director2023
Aiswarya BiswalIndependent Non Exe. Director2023
Bhagwati PrasadIndependent Non Exe. Director2023
Gopal Krishan AgarwalIndependent Non Exe. Director2023
Sushma AgarwalIndependent Non Exe. Director2023
Rajkumar DubeyExecutive Director - Human Resources / WTD2023

Bharat Petroleum Corporation Ltd Listing Information

Listing Information
NIFTY
BSE_500
BSE_100
BSE_200
BSEDOLLEX
BSE_PSU
CNX500
BSEOIL
CNXENERGY
CNX100
CNXINFRAST
CNX_PSE
CNX200
CNXCOMMODI
CNXDIVIDEN
BSECARBONE
BSECPSE
NFT100EQWT
BSEALLCAP
BSELARGECA
BSEENERGY
BSEMANUFAC
SENSEX50
BSEBHARA22
ESG100
LMI250
BSEDSI
BSEEVI
BSEQUI
NFT50EQWT
BSE100LTMC
NFTYLM250
NFTY100ESG
NFTYOILGAS
NF500M5025
NFTYINDMFG
NFTYTOTMKT
NMIF503020

Bharat Petroleum Corporation Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Petroleum Products-Fuel Ref.MT000429486.07
Crude OilNA0002736.18
Other operating revenuesNA0001148.41
Subsidy From GOINA00035.82
Subsidy on LPG(Domestic) & SKONA0000
OthersMT0000
Sale of Crude OilNA0000
AdjustmentNA0000
Grant from GOI (Special Oil BoNA0000
Oil-CrudeMT0000
Distillates-OtherMT0000
Light DistillatesKL0000
Light DistillatesMT0000
Middle DistillatesKL0000
Middle DistillatesMT0000
Others -Petroleum ProductsMT0000
Others-DistillatesKL0000
Polybutene FeedstockMT0000
PolyPropylene Fe. Stock (AromaMT0000
Lube Oil Base StockMT0000
Cable JellyMT0000
Natural Rub. Modified BitumenMT0000
Bitumen EmulsionsMT0000
SulphurMT0000
M T B EMT0000
PropyleneMT0000
Benzene-AromaticsMT0000
Toluene-AromaticMT0000
LubricantsMT0000
Diesel AdditivesMT0000
Aromatic Solvent-MixedMT0000
Petroleum Hydrocarbon SolventMT0000
Others (Polyisobutylene Unit)MT0000
PolyisobuteneMT0000
Polyisobutene, Slop Cut & OtheMT0000
Solvent UnitMT0000

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