BPCL sales cross Rs. 45,000 cr.

By Our Staff Correspondent

MUMBAI, JUNE 6. The public sector Bharat Petroleum Corporation (BPCL) has announced a net profit of Rs. 820.10 crores for the year ended March 2001 against Rs. 703.90 crores in the previous year.

The directors have decided to pay an interim dividend of Rs. 4 per share with July 11 as record date and have also recommended a final dividend of Rs. 3.5 per share.

The total dividend works out to 75 per cent on the enhanced equity as against 125 per cent on the pre-bonus capital during the previous year.

Net sales have crossed the Rs. 45,000 crore mark to Rs. 45,932.10 crores against Rs. 33,384.70 crores. Other income amounted to Rs. 300.30 crores (Rs. 148.20 crores). Total expenditure has increased to Rs. 44,199.20 crores from Rs. 31,795.20 crores).

Interest charges claimed Rs. 255.60 crores (Rs. 185.40 crores). The provision for depreciation is Rs. 664.50 crores (Rs. 615.40 crores) and taxation Rs. 293 crores (Rs. 233 crores).

According to the company, the growth in net profit was possible in spite of an increased depreciation which included an element of Rs. 417 crores spent on procurement of LPG cylinders depreciated at 100 per cent as well as high interest costs mainly due to increased borrowings to meet the enhanced working capital needs arising out of increases in the price of crude oil/products and outstanding amount receivable from the oil pool account.

Despite a planned shutdown of the units, the Mahul refinery achieved a crude throughput of 8.66 million tonnes (8.87 million tonnes).

In order to address its product security concerns arising in the deregulated scenario, the corporation has acquired 55.04 per cent stake in Kochi Refineries from the Central Government as well as 19 per cent stake in Numaligarh Refineries from IBP.

Consequent to this, KRL and NRL have become subsidiaries from March 23 and March 31 respectively. This would besides balance its marketing / refining shares and provide the platform for competing in a deregulated scenario, post March 2002.

The refinery's margin (gross) during the year was $3.1 a barrel ($2.4 a barrel). The corporation achieved an overall growth of 3.6 per cent in market sales volume mainly on account of HSD retail (1.3 per cent), MS-retail (13.3 per cent), LPG (12.6 per cent), ATF (4.9 per cent), naphtha (10.3 per cent), furnace oil (6 per cent) and bitumen (6.1 per cent).

For the quarter ended March 2001, the company's net profit was Rs. 160 crores (Rs. 154.50 crores) on a net sales of Rs. 12,587.90 crores (Rs. 10,730.70 crores). Other income amounted to Rs. 172.10 crores (Rs. 55.70 crores).

The company provided Rs. 69 crores (Rs. 63.70 crores) for interest, Rs. 120.80 crores (Rs. 189.90 crores) for depreciation and Rs. 61 crores (Rs. 49.90 crores) for tax.

Voltas

Voltas, the air-conditioning and engineering services company of the Tata group, has announced a net profit of Rs. 5.58 crores for the year ended March 2001 against Rs. 5.49 crores in the previous year.

The directors have recommended a dividend of 12 per cent.

Net sales were higher at Rs. 853.71 crores against Rs. 786.39 crores. Other income amounted to Rs. 12.10 crores (Rs. 16.53 crores).

The company provided Rs. 7.65 crores (Rs. 21.54 crores) for financial items, Rs. 14.79 crores (Rs. 15.01 crores) for depreciation and Rs. 14 lakhs (Rs. 46 lakhs) for tax.

Due to the higher amortisation of VRS costs of Rs. 22.70 crores and provision for diminution in value of investments of Rs. 14.50 crores, the profit at the net level was only marginally higher.

The company said the results had been achieved despite adverse market conditions in certain capital goods segments. Many of the company's core businesses such as air-conditioning and refrigeration, textile machinery, mining and construction equipment and pumps and projects, have been able to achieve their planned levels of performance. The increase in cooling appliances (room ACs) business is almost 30 per cent which is higher than the industry growth of 20 per cent.

Send this article to Friends by E-Mail

Section  : Business
Previous : M&M NCD gets AA plus
Next     : Madras Cements net up, pays same