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Bharat Petroleum Corporation Ltd.

BSE: 500547 Sector: Oil & Gas
NSE: BPCL ISIN Code: INE029A01011
BSE 00:00 | 20 Nov 322.60 -0.20
(-0.06%)
OPEN

323.20

HIGH

330.00

LOW

321.20

NSE 00:00 | 20 Nov 322.90 -0.05
(-0.02%)
OPEN

325.20

HIGH

329.95

LOW

321.10

OPEN 323.20
PREVIOUS CLOSE 322.80
VOLUME 319708
52-Week high 540.70
52-Week low 239.00
P/E 8.40
Mkt Cap.(Rs cr) 69,980
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 323.20
CLOSE 322.80
VOLUME 319708
52-Week high 540.70
52-Week low 239.00
P/E 8.40
Mkt Cap.(Rs cr) 69,980
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bharat Petroleum Corporation Ltd. (BPCL) - Chairman Speech

Company chairman speech

Dear Shareowners

Your Company has transformed into a great organization over the pastdecades and the year 2017-18 has witnessed several signifi cant milestones for BPCL.It's been a phenomenal year fl avoured with exceptional performance. BPCL hasrealized its dream of attaining the coveted Maharatna status and was declared a‘Maharatna' in September 2017. Adding to this achievement BPCL has beenconferred with the prestigious ‘Star PSU' Award at the Business Standard AnnualAwards for Corporate Excellence for 2017. Apart from outstanding fi nancial metrics andcompetitive advantage the criteria included scale sustainability leadership andinnovation. Rightfully then your Company is now a Star amongst Maharatnas!

It is indeed my privilege to be sharing with you the results of the financial year 2017-18. While at a standalone level there was a marginal reduction of lessthan 2% in the profi t after tax of BPCL (primarily due to reduced inventory gainsincreased operating costs on account of pay revision and increased effective tax rate onaccount of discontinuance of investment allowance) the Group Companies recorded thehighest ever profi t after tax of Rs. 9009 crores. The Board of Directorsannounced a dividend of 210% the highest amongst the PSU Oil Marketing Companies (OMC).Concomitantly the market capitalization of BPCL scaled a peak of Rs. 1.2 lakhcrores in October 2017 signifying robust economic fundamentals and strong investor confidence. On the performance front your Company has regained the number one position involume growth amongst OMCs with high growth in all major products. The Integrated Refinery Expansion Project at Kochi Refi nery has stabilized and is expected to enhanceBPCL's profi tability in the coming years. The refi neries have taken innovation to anew level with Mumbai Refi nery successfully implementing the production of superiorquality hexane as a by-product from the Isomerization Unit. Performance of the GroupCompanies has also been impressive. Numaligarh Refi nery Limited recorded a profi t aftertax of Rs. 2042 crores during 2017-18. Bharat Oman Refi neries Limited is now on agrowth trajectory with profi t after tax of Rs. 984 crores which is a phenomenalincrease of 22%as compared to last year. I had shared with you last year that BPCL'supstream subsidiary Bharat PetroResources Ltd. (BPRL) has established itself as a revenuegenerating company with assets in all phases of upstream ranging from exploration toproduction. During the year BPRL has made signifi cant strides by adding a high qualityasset in the promising UAE region to its portfolio. Further integrated development of the12.88 MMTPA LNG project in Mozambique marks a critical milestone which positions theconsortium as a strategic global LNG supplier. Petronet CCK Ltd. (PCCKL) was founded in1998 as a Joint Venture Company with BPCL and Petronet India Ltd. as majorityshareholders. Over the years BPCL has consistently increased its investment in PCCKL andby July 2016 PCCKL had become a wholly owned subsidiary of BPCL. Ministry of CorporateAffairs has passed the Order for merger of PCCKL with BPCL with effect from 1st June 2018consolidating our infrastructure and enhancing the operations.

Warm regards

D. RAJKUMAR

Chairman & Managing Director