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MOTORINDIA
l
June 2012
109
BPCL
quarterly net at
Rs. 3,963 crores
lubes & fuels
IndianOil
turnover at
record high
The Indian Oil
Corporation’s turn-
over for the finan-
cial year 2011-12
rose by 24.7 per
cent to Rs. 4,09,957
crores from Rs.
3,28,652
crores
during
2010-11.
The profit for the
year is Rs. 3,955
crores as compared
to Rs. 7,445 crores
in the previous fi-
nancial year. Reduction in profit is mainly due to higher interest cost of
Rs. 2,918 crores on account of delay in receipt of compensation from the
Government and higher interest rates and to provisioning of entry tax of
Rs. 8,157 crores.
For the quarter January-March 2012, IndianOil’s turnover went up by
19.7 per cent to Rs. 1,12,267 crores as compared to the corresponding
quarter of 2010-11. Profit for the quarter is Rs. 12,670 crores (Rs. 3,905
crores) mainly on account of Government compensation received in the
quarter for earlier quarters of 2011-12.
For 2011-12, IndianOil has accounted for Government assistance of
Rs. 45,486 crores. In addition, the company has been granted discount of
Rs. 29,961 crores from upstream oil companies/refiners as per the under-
recovery sharing mechanism.
The Board of Directors has recommended a dividend of 50 per cent (Rs.
5 per share).
Mr. RS Butola, Chairman, said: “IndianOil sold 75.661 million tonnes
of products, including exports, during 2011-12. Our refining throughput
for FY 2011-12 was 55.621 million tonnes and the throughput of the Cor-
poration’s countrywide pipelines network was 75.549 million tonnes for
the same period. The gross refining margins during the year were $3.63
per bbl as compared to last year’s $5.72 per bbl.”
w
Mr. RS Butola, Chairman, IndianOil
BPCL’s net profit for the quarter
ended March 31, 2012, rose 323.83
per cent to Rs. 3,962.83 crores from
Rs. 935 crores in the year-ago pe-
riod. The results were largely in line
with estimates.
Analysts on an average expected
the company to post a net profit of
Rs. 4,053 crores during the quarter.
BPCL’s net profit was seen increas-
ing 333 per cent YoY to Rs. 4,053
crores.
Total sales increased nearly 43 per
cent to Rs. 64,642.18 crores in the
fourth quarter from Rs. 45,251.51
crores for the March 2011 quarter.
The average gross refining margins
for the current year ended March 31,
2012, at $3.16 a barrel compared
with $4.47 per barrel in the previous
year.
The Board has announced a bonus
issue in the ratio of 1:1 and a divi-
dend of Rs. 11 per share.
w
Mr. R.K. Singh, CMD, BPCL