Lok Sabha Question No. 1193 (UNSTARRED), answered on 2020-09-19
Subject: Privatisation of BPCL
Ministry: FINANCE
Asked by: Adoor Prakash

## GOVERNMENT OF INDIA

## MINISTRY OF FINANCE OF

## LOK SABHA UNSTARRED QUESTION NO. 193

## DEPARTMENT INVESTMENT AND PUBLIC ASSET MANAGEMENT

TO BE ANSWERED ON SEPTEMBER 19,2020 Bhadrapada 1942 (Saka) 28,

1193.ADV: ADOOR PRAKASH:

Privatisation of BPCL

Will the Minister of FINANCE be pleased to state:

- Petroleum Corporation Limited and if has fixed any timeline for (BPCL); the details thereof; completing the process of privatization Bharat
- (c) the details of financial result
- whether the thereof; and against details gas subsidy will continue after the thereof? privatisation of BPCL and if the cooking
- (d) whether the of the company in the Ist quarter of the Government has   considered the current financial year; privatization and if s0, the details objection the trade unions

## ANSWER

'The Preliminary Information Memorandum gtrategic disinvestment of Bharat Petroleum (PIM) Expression of Interest (Eol) for 7th March; 2020. The last date for Corporation Limited (BPCL) has been psblisbcd of Eol has been extended till 30"h on (b) The transaction is September, 2020. (a) inviting receipt

## THE MINISTER OF STATE IN THE (SHRI MINISTRY OF FINANCE ANURAG SINGH THAKUR)

expected to be completed in the current financial year

Annexure-I. These quarter of the current financial year results are also available are enclosed as on the website of BPCL at

- (c) Financial results of the BPCL for the Ist

(d) Representations with regard to stakeholders the disposed of as employees union from time to which various per the extant disinvestment are duly examined and policy of the Government; including time;

*****

(e) The issue of continuation of = into consideration gas subsidy will be considered before the interests of LPG gas customers of financial BPCL. cooking bids, taking inviting

Regd; Office: Bharat Bhavan,

Phone: 022 2271 3000 / 4000

2271 387CN

L232201H1952601008931

| Particulars                                                                                                             |                          |                          |                          | in Crorcs             |
|-------------------------------------------------------------------------------------------------------------------------|--------------------------|--------------------------|--------------------------|-----------------------|
|                                                                                                                         | Quarter ended 30.06.2020 | Quarter ended 31.03.2020 | Quarter ended 30.06.2019 | Year ended 31.03.2020 |
| FINANCIAL PERFORMANCE                                                                                                   | udited                   | Audited                  | Unaudited                | Audited               |
| lIncome                                                                                                                 |                          |                          |                          |                       |
| Revenue from operations (Refer Note 3 )                                                                                 |                          |                          |                          |                       |
| Other income                                                                                                            | 50,616.92                | 81,296.23                | 85,859.59                | 327,580, 78           |
|                                                                                                                         | 593.31                   | 1,156.76                 | 538.45                   | 3.081.31              |
| IV. Expenses                                                                                                            | 51,210,23                | 82,452.99                | 86,398.04                | 330,662.09            |
| Cost of materials consumed                                                                                              |                          |                          |                          |                       |
| Purchase of stock-in-trade                                                                                              | 9,238.46                 |                          | 28,801.63                | 113,229.30            |
| Changes In inventories of finished goods, stock-in-trade and                                                            | 20,956.51                | 37,545.27                | 38,868.37                | 143,164.25            |
| work-in-progress                                                                                                        | 427,29                   | (2,509.99)               | 1,611.56                 | (456.62)              |
| Excise Duty                                                                                                             |                          |                          |                          |                       |
| Employee Benefits Expense                                                                                               | 11,831.87                | 12,304.79                | 9,541.65                 | 43,197.82             |
| Finance costs                                                                                                           | 902.92                   | 930 79                   | 944.87                   | 3,691                 |
| Depreciation and Amortization Expense                                                                                   | 587.12                   | 578.55                   | 452.42                   | 3,691.86              |
| Other Expenses (Refer Note 4)                                                                                           | 995.85                   | 947.42                   | 914.10                   | 3,786.89              |
| (Total Expenses (IV)                                                                                                    | 3,344.04                 | 5,755 20                 | 3,911.66                 |                       |
| V                                                                                                                       | 48,284.06                | 83,441.03                | 85,046.26                |                       |
| Profit/(loss) Before Exceptional Item & Tax {IlI IV}                                                                    | 2,926.17                 | (988.04}                 | 4351.78                  | 3,751.87              |
| IvI: Profit /(loss) Before Tax (V-VI)                                                                                   |                          | 1,080.83                 |                          | 1,080.83              |
|                                                                                                                         | 2,926.17                 |                          | 1351.78                  | 2.671.04              |
| 1, Current Tax                                                                                                          |                          |                          |                          |                       |
| 2. Deferred Tax                                                                                                         | 497.00                   | (493.00)                 | 280.00                   | 201,00                |
| 3 Short/(Excess) provision of earlier years                                                                             | 353.00                   | (437.32)                 | 160 00                   | 400.68                |
| Total Tax Expense (VIII)                                                                                                |                          | 192.46                   | (163.34)                 | (613.83)              |
|                                                                                                                         | 850.00                   | (707.86)                 | 276,66                   | (12.15)               |
| IX Net Profit/(loss) for the period (VII: VIII}                                                                         |                          |                          |                          |                       |
|                                                                                                                         | 2,076.17                 | (1,361.01)               | 1,075.12                 | 2,683.19              |
| X Other Comprehensive Income (OCI)                                                                                      |                          |                          |                          |                       |
| (a) Items that will not be reclassified to profit or loss {b) Income tax related to items rhat will not be reclassified | (5.11)                   | (285. 891                | (141.10)                 | (606.74)              |
| to profit or loss                                                                                                       | 12.07                    | 17.49                    | 44.56                    | 108.75                |
| Total Other Comprehensive Income (X)                                                                                    | 6.96                     |                          | (96.54)                  | [497.99)              |
| Total Comprehensive Income for the period (IX+X)                                                                        | 2,083.13                 | (1,629.41)               | 978.58                   | 2,185.20              |
| Ixi: Paid up Equlty Share Capital (Face value < 10 each) (Refer Note 6)                                                 | 1,966.88                 | 1,966.88                 | 1,966.88                 | 1,966.88              |
| XIl: Other Equity excluding revaluation reserves                                                                        |                          |                          |                          |                       |
| KXiv; Basic and Diluted Earnings Per Share (< per share) (Face value                                                    |                          |                          |                          | 31,247.50             |
| (*10) (Not annualised} (Refer Note 6)                                                                                   | 10.56                    |                          | 5.47                     |                       |
|                                                                                                                         |                          | {6.92)                   |                          | 13.64                 |
| B, PHYSICAL PERFORMANCE                                                                                                 |                          |                          |                          |                       |
| Refirery Throughput (MMT)                                                                                               |                          |                          |                          |                       |
| Market Sales (MMT)                                                                                                      | 5.14                     | 8.39                     | 7.45                     | 31.91                 |
| 3 . Sales Growth (%)                                                                                                    | 7.53                     | 10.73                    | 11.11                    | 43.10                 |
| Export Sales (MMT)                                                                                                      | (32.22)                  | (5.46)                   | 1.28                     | 0.07                  |
|                                                                                                                         | 0.79                     | 0.51                     | 0.23                     | 2.62                  |

## Bharat Petroleum Corporation Limited & 6, Currimbhoy Road, Ballard Estate

P,B.No

588, Mumbai - 400 001

STATEMENT OF STANDALONE email id: info@bharatpetroleumin Website: www bharatpetrole um.in JUNE 2020 Fax:

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## Notes to Standalone Financial Results:

- The market sales of the Corporation for compared to 11.11 MMT the Quarter ended 30" June 2020 were lower achieved for the quarter ended 30" at 7.53 MMT when (-38, HSD-Retail (-34.62%) ,ATF 'June 2019. Decrease is in MS - Retail (-82.92%) and partly offset by increase in 77%) , mainly

- 2\_ The Gross LPG (10.83%) . Margin (GRM} of the Corporation 50.39 per BBL (April June 2019: $ 2.81 the quarter ended 30" June 2020 is per Average Refining during

- 3 The Corporation has accounted towards of under-recoveries on sale of 8 139.22 Crores) as subsidy Government of India for April-June sensitive Revenue from operations. Nil 2020 (April - June 2019: this account the reported under-recovery has been absorbed by the periods\_ Corporation on sharing from during

- Other Exoense for the period April-June 2019,there was a foreign 2020 includes exchange foreign loss

- of ? 56.58 Crores gain of ? 31.46 Crores which June 5. "Corporation has created adequate was included in other Income ) security with respect to its secured exchange April The security:

- Shares held under "BPCL non-convertible debt paid-up Trust for Investments in shares" of listed from face

- The equity\_share capital. The net share capital is 37 Crores been netted off outbreak of COVID-19 globally and resultanc considered for computing Per Share in India, had a impact on the lockdown in many countries, from (EPS) . petroleum products has of the Corporation: Consequently 25th March 2020 products impacted the prices and therefore lower demand for crude oil and are covered under essential services, the continued the lock down period; and marketing operations ofthe Corporation were have Earnings including business refining during

this there was lower refinery to lower demand of petroleum products ithroughput and revenue from operations which the refinery throughput With the gradual reopening of the was mainly due impact and and revenue from operations will improverand economy, Corporation expects removal of complete lockdown restrictions. will be at normal levels post COVID 19 During Quarter,

Management has assessed the potential that there will be no significant rimpact of COVID 19based on the current assets,on financial impact on the continuity of operations ofthe circumstances ard expects position etc on a term basis Corporation, on useful life of the long

- In 8 Taxation Laws (Amendment} Income Tax 1961 announced by Government tax rate and of India through Corporation certain tax incentives option of toa lower scontinues to recognize the taxes on Incore of the accumulated MAT Credit; The earlier provisions. for the quarter on 30th June 2020 a5 per the Act, forgo shifting including loss ending

- 9 Corporation has announced Voluntary July 2020 and is in the process of impact willbe accounted on acceptance of during receiving

- 10 The above results are in accordance with the eligible applications. Indian Standards (IND AS) 35 principles generally read with the relevant rules issued prescribed under accepted in India (thereunder and other accounting Accounting

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- Audited Accounts for the year ended Generai of India under Section {3Ist March 2020have been reviewed bythe India under Section of the Companies Act; 2013. The Comptroller and Auditor Auditors' 143(6)(b) of the Companies 2013 have Comptroller and Auditor General of on the accounts. no comments upon or supplement to the The 143(6) Act, Report
- 13 The Corporation operates in 3 single segment basis. 3 single segment viz: downstream petroleum sector, As such reporting is done on
12. to to corresponding periods have been current period figures\_ regrouped reclassified wherever necessary ta conform Figures relating
- 14\_ for the quarter in respect of the full ended March 2020 are the balancing figures between third quarter published audited figures ended 31st December 2019, published year to date figures up to the Figures 31st

The above unaudited results of Bharat been reviewed and approved by the Petroleum Corporation Limited for the quarter ended 30" Board of Directors in meeting held 13th June 2020 have on 2020. August

Place: Mumbai

Date:

2020 August

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For and on behalf of the Board of Directors

N Vijayagopal Director (Finance) Din:03621835

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Bhavan,

Bnarat Petroleum Corporation Umited

& 6, Currimbhoy Road, Ballard Estate,

Phone: 022 2271 J000 / 4OQ Fax: 2271 3874 cmall Id: info@bharatpetroleum In Wvebsite: www bharalpctraleumin

| Particulars                                                                       | Quarter         |                |                    | In Crores]      |
|-----------------------------------------------------------------------------------|-----------------|----------------|--------------------|-----------------|
|                                                                                   | endea           | Quarter        |                    |                 |
|                                                                                   | 30.06.2020      |                |                    |                 |
| Income                                                                            | Unaudlted       | auaited        | Unaudlted          | Audited         |
| Reverue from operations                                                           |                 |                |                    |                 |
| Cther income                                                                      | 50,909.24       |                |                    |                 |
| Total Income                                                                      |                 | 31,829.60      | 86,412.87          | 329.797.16      |
|                                                                                   | 536.99          | 40116          |                    |                 |
| Cost                                                                              | 51446           | 82,230.76      | 86.956.29          | 331726.49       |
|                                                                                   | 10,510.88       |                | 31,373.75          | 121,896 01      |
| Changes                                                                           | 18.094.81       |                |                    |                 |
| Excise [ Cuty                                                                     | 602.19          |                | 35,435.55          | 131,769.19      |
| Employee Benefits Expense Finance costs                                           |                 | 12,831.77      | 1,369 25 10,087.48 |                 |
|                                                                                   | 1,003.48        | 1,010.22       | 1,027.56           | 45,225,26       |
| Depreciation and Amort zation Erperse                                             | 691.13          |                | 566.08             |                 |
| Oiher Expenses (Refer Nore                                                        | 1,072.77        |                |                    |                 |
| Total                                                                             |                 | 1,043.43       | 977.30             | 4,080,09        |
|                                                                                   | 3.528.02        | 6,306.78       | 4,137 44           | 19.610.24       |
| befere share cf profit of equity accounted investees and                          |                 |                | 34.974.41          |                 |
| Income tax (II                                                                    | 3,017. 96       |                | 1.981.88           |                 |
| Share of profit of equlty accourted Investee (net of income tax) Exceptional Item | 47.79           |                |                    | 3,561 25        |
| (IncomelExpense continuing operations                                             |                 | 1310.35        | 393.14             | 1,400,67        |
| before Income tax (V+VI-VII) expense: (Reler Note No                              | 3,080 75        |                |                    |                 |
| Current Tax                                                                       | 640.80          |                |                    |                 |
| Deferred Tax                                                                      | 252.21          | (484.481       |                    | 629 96          |
| Sho t/(Excess) provision of = earlier Years Total Tax Expense (IX)                |                 |                | 234.34             | (4.491          |
|                                                                                   | 893.01          |                |                    | (529.68         |
|                                                                                   |                 |                | 575 4              |                 |
|                                                                                   |                 |                | 799.59             |                 |
| Other Comprehensive Incomc (OCI) Items that will not be reclassified              |                 |                |                    |                 |
| (0 profit or loss (a) Items tha: wlll not be reclassitied                         |                 | (315.261 24.55 |                    |                 |
| Iti) Items that will be reclassifiec to profit                                    | (I5.981         |                | (140.681 44,36     |                 |
| that will be reclassitied to prolit or loss                                       |                 |                |                    |                 |
| Totaf Otner €omprehenslve Incomc (Xi)                                             |                 | 476.35|   | 362,14             |                 |
| Total Comprehensive Income for the period                                         |                 | 185.64         | 265 82             | 587.84          |
| Profit attributable to: Owners of the campany                                     | 849.13          |                |                    |                 |
|                                                                                   | 2,035.39 152.35 |                | 1,623.75 175.84    |                 |
| Non Contrclling interests Profit for the perfod                                   | 2,187.74        | (1,819.561     | 1,799.59           |                 |
| Other                                                                             |                 |                |                    |                 |
| Comprehensive Income attributable to Owners %l the corpany Non                    |                 |                |                    | 2,665.78        |
| Other                                                                             | (3 01)          | 19} 68         | 0.15               | 592.34          |
| Comprehenslve Incomie for the period                                              | (1,338 01)      | 105.64         |                    | 527.84          |
| mprchensive Income attributable to                                                |                 |                | 265.82             |                 |
| Non-Controlllng Interests                                                         | 149 34          | 19.77          | 175.99             |                 |
| Toral Comprehensive Income for Ihe                                                | 849.73          | {1,633.92]     |                    | 1,655.20 598.42 |
| perioo Paid up Fquity Share                                                       |                 |                |                    | 4253.62         |
| Copital (Face value                                                               | 966.88          |                |                    |                 |
| Other equlty excluding revaluatian eserves                                        |                 |                | 1,966.83           | 1,966 38        |
| XV. Basic and                                                                     |                 |                |                    | 34,555 45       |
| Diluted per share) (Face value 10) (Refer Note 2) {Not Earnings                   | 10.35           |                | 8.76               | 15.53           |
| PHYSIcAL PERFORMANCE                                                              |                 |                |                    |                 |
| Market Sales (Mmt)                                                                | 6.49            |                |                    |                 |
|                                                                                   | 1.61            | 10.73          | 9 16               |                 |
| Sales Growth (1                                                                   |                 |                | 11.18              | 38.30 43.36     |
|                                                                                   |                 |                |                    | 0.14            |
|                                                                                   | 0.79            |                |                    |                 |
|                                                                                   |                 | 052            | 023                |                 |
|                                                                                   |                 |                |                    | 266             |

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## Notes to Consolidated Financial Results:

- 2019,there was a loss of Rs, 57.10 gain of Rs. 33.06 which April 2 Shares held under 'BPCL Trust for was included in other Income ) exchange foreign Crores exchange June Crores
- Other Expense for the period April-June 2020 includes foreign from paid-up equity share Thvestments in shares" of face value < 202.37

During this Quarter, there was lower refinery to lower demand of petroleum "throughput and revenue from operations which refinery throughput Products. With the gradual reopening of the was mainly due expects the of complete lockdown restrictions; at normal levels post COVID 19 economy, Group

- 3\_ The outbreak fapital The net share capitalis considered for have been netted off in India, had Per Share (EPSL countries 2Sth March 2020 products has impacted the prices ad eConsequently lower demand for crude oiland covered under essential services, the therefore margins globally: Since petroleum petroleum the lock down period. and operations of the products are Group were continued Crores computing Earnings including from refining refining marketing during

thanafereent has assessed the potentialimpact of COVID that there will be no significant 19 based on the current assets,On financial circumstances ad expects position etc on a long term basis; the on useful life of the Group,

- 5\_ The above results are in Section 133 of the accordance with the Indian Standards (IND Companies 2013,read with the relevant AS) as prescribed under principles generally accepted in India. rules issued thereunder and other accounting Accounting Act,
- In pursuance to Section 115BAA of the Taxation Laws (Amendment) Zocome Tax Act, 1961 anounced by Government rate and of India through simultaneousty certain tax incentives including option of to a lower tax Corporation has not exercised this optionain the of the accumulated MAT Credit: The books However, its Subsidiary current period due to unutilised MAT Credit 115BAA of Companies NRL & BGRL have adopted available in the Tax Act, 1961 the option available under Section forgo shifting loss Income
- The Audited Accounts for the year ended 31st General of India under Section March ZOz0have been reviewed by the India under Section 143(6) of the Companies Act, 2013. The Comptroller and Auditor Auditors' 143(6k(b) of the Companies Act, 2013 have Comptroller and Auditor General of Report on the accounts. no comments upon or supplement to the
- 8 BPRL, through its step down subsidiary, has Ltda. In accordance with the ashare of 50% in the subscribed capital of IBV been considered Brasil Petroleo for consolidation as Joint Venture by BPRL the financial results of IBV has 25 on 3Oth June 2020.
- Figces relating to corresponding periods have been to current period figures. regrouped/reclassified wherever necessary to conform
- 9 for the quarter ended 31st in respect of the full financial March 2020 are the balancing between published third Year ended 31st March 2020 and the published audited figures quarter ended 31st December 2019. year to date up to the Figures figures figures

The above Consolidated unaudited 2020 been results Of Bharat Petroleum Corporation Limited for the reviewed and approved by the Board of directors quarter ended 30*h June atits meeting held on 13th August 2020. have

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For and on behalf of the Board of Directors

Place: Mumbai

Date:

13t August 2020

N Vijayagopal Director (Finance) DIN: 03621835

FR

ORKAR

MUZUMDAR

TROL

MUMBAI

MUMAAI

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## Notes;

Bharat Petroleum Corporation Limited email id: info@bharatpetroleum in

Regd: Office: Bharat Bhavan, 4 & 6, Currlmbhay Road, Ballard Estate, ?.8.No 688, Mumbai - 400 001 L23220MH1952601008931

Website:

Ww

| CONSOLIDATED SEGMENT WISE WNFORMATION In Crores}                                                                                                            |                                            |                                           |                                |                                |           |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|-------------------------------------------|--------------------------------|--------------------------------|-----------|
| Sr. No. Particulats                                                                                                                                         | Quarter ended 30.06.2020/ ended 31.03.2020 | Quarter                                   | Quarter ended 30.06.2019       | Year ended 31.03.2020          |           |
| Unaudited SEGMENT REVENUE                                                                                                                                   |                                            | Audited                                   | Unaudited                      | Audited                        |           |
| Downstream Petroleum                                                                                                                                        | 50,896.41                                  | 81,808.82                                 | 86,381.42                      | 329,690.69                     |           |
| Exploration & Production of Hydrocartons Sub-Total Less: Inter- ~Segment Revenue                                                                            | 12.83 50,909.24                            | 20.78 81,829.68                           | 31.45                          | 105.47                         |           |
| Net Revenue From Operations                                                                                                                                 | 50,909.24                                  | 81,829.60                                 | 86,412.87 86,412.87            | 329,797.16                     |           |
| ISEGMENT RESULTS Protit/(loss) Befcre Other income and Finance costs Downstream Petroleum i) Exploration & Production of Hydrocarbons Sub-Total of (a) Tax; | 3,207,39 (20.29) 3,187.10                  | (2,543.79) (389.84) (2,933.63)            | 1,999.99 455 2,004.54          | 329,797.16 3,653.10 (694.52)   |           |
| Finance costs Other Un-allocable Expenditure Net off Income                                                                                                 | 691.13 (584.78)                            | 689.48 (664.20)                           | 566.08                         | 2,958.58 2,637,01              |           |
| (Profit /(loss) Before (a Tax b-c)                                                                                                                          | 3,080,75                                   |                                           | 2.375.02                       | 3.651.57                       |           |
| Segment Assets Downstream Petroleum Exdioration & Production cf Hydrocarbons                                                                                |                                            |                                           |                                |                                |           |
| Downstream Petroleum Explora:ion & Production of Hydrocarbons                                                                                               | 119,808.03 22,303.75 11,861.49             | 117,053.89 22,300.21 11,509.46 150,363.56 | 114,567.82 18,435.61 12.509.63 | 117,052.89 22,300.21 11,509.46 |           |
| (Segment Liabilities                                                                                                                                        | 153,973.27                                 |                                           |                                |                                |           |
| Others {Unallocated - Corporate} Total                                                                                                                      |                                            |                                           | 145,513.06                     | 150,863 56                     |           |
|                                                                                                                                                             | 44,244.15                                  |                                           |                                |                                |           |
| Others (Urallocated Corporate} Total Segment Liabilities} Assets                                                                                            | 452.69 75,563.88                           | 42,276.18                                 | 44,624.65                      |                                |           |
| Downstream Petroleum                                                                                                                                        | 21,851.06                                  | 277.88 69,720.84                          | 187,40                         | 42,276.18 277.88               |           |
|                                                                                                                                                             | 69,839.92 114,536.76                       |                                           | 102,621.54                     | 69,720.84                      |           |
| (Segment                                                                                                                                                    |                                            |                                           |                                |                                |           |
| Exploration & Production of Hydrocarbons                                                                                                                    |                                            | 74,777.71                                 | 69,943.17                      | 74,777.71                      |           |
| Others (Unailocated - Corporate)                                                                                                                            |                                            | 22,022.33                                 | 18,248.21                      |                                |           |
| Iotal                                                                                                                                                       | 39,436.51                                  | [58,211.38)                               |                                | 22,022.33 (53,211.38)          |           |
|                                                                                                                                                             |                                            |                                           | 42,891.52                      |                                |           |
|                                                                                                                                                             |                                            |                                           |                                |                                | 38,588.66 |

bl Products into account the nature 2  Segment Revenue of activities and the nature of risks and returns

(Seements nave been identified taking

Figures relating to corresponding period of the previous have Operating Revenues. been regrouped wnerever necessarv

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bharatpetroleum In\_

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