Bharat Petroleum Corporation Limited
NSE Symbol BPCL
BHARAT PETROLEUM CORPORATION LTD has declared results for third quarter ending December,2010.
Net Sales is Rs.36665.47 cr – up by 3.53% from previous qtr of Q2 FY 11; up by 7.17% from Q1 FY 11;Down by 2.36% from Q4 FY 10; and up by 14.01% from Q3 FY 10.
Total Expenditure is Rs. 36307.10 cr – up by 8.87% from Q2 FY 11 mainly because of big increase in Stock in Trade / works in progress in Q3 FY 11; up by 0.74% from Q1 FY 11; down by 1.19% from Q4 FY 10; and up by 13.74% from Q3 FY 10. Purchase of Traded Goods and Employee cost has also gone up in Q3 FY 11. The % of increase in expenditure is much higher than increase in Net Sales.
Profit from Operations is Rs.378.83 cr – down by 81.83% from previous qtr (Q2 FY 11); down by 120.97% from Q1 FY 11; Down by 54.13% from Q4 FY 10; and Up by 44.17% from Q3 FY 10. Except with reference to Q3 FY 10, OPT is down by huge percentage from all preceding quarters. The steep fall in OPT is due to the higher expenditure of about Rs.3000 cr in Q3 FY 11 compared to Q2 FY 11 etc.
Profit before tax is Rs.414.38 cr – down by 82.29% from Q2 FY 11; Down by 124.12% from Q1 FY 11; Down by 65.71% from Q4 FY 10; and down by 13.14% from Q3 FY 10. At PBT level, it is down by huge percentage from all preceding qtrs. The further fall is due to lower other income (by about Rs.200 cr in Q3 FY 11 compared to Q2 FY 11)
Net Profit is Rs.187.38 cr – down by 91.25% from Q2 FY 11; down by 110.91% from Q1 FY 11; down by 73.35% from Q4 FY 10; and down by 50.57% from Q3 FY 10.The Tax expense also is slightly higher, thus reducing NPT further.
Basic EPS (On a face Value of Rs.10) – is as low as Rs.5.18 compared to Rs.59.25 in previous qtr; but Q1 FY 11 had a negative EPS of Rs.(-)47.52. Q4 FY 10 had an EPS of Rs.19.45 and Q3 FY 10 had an EPS of Rs.10.49.
Some Reasons for this under performance are as below :
In the first 9 months of current year -
Ø The Market sales was 21.51 MMT against 20.58 MMT in previous year same 9 month period.
Ø The average gross refining margin is US $3.63 against US $2.7 per barrel in corresponding period of last Year.
Ø Under-recoveries compensated is higher at Rs.829922 lakhs (LY :Rs.367245 lakhs).
Ø Tax Expense includes Rs.10500 lakhs provision for previous years.
Ø Depreciation includes Rs.41520 lakhs (Rs.27155 lakhs LY) on account of LPG cylinders depreciated at 100%.
Ø Other Expenditure includes Rs.5751 lakhs towards losses on Fgn Exchange fluctuations – against Gains of Rs.36193 lakhs in last year same period
If there reasons do not occur in future quarters, BPCL can recover its profitability substantially in coming quarters. We can see from the Announcements section below that BPCL is discovering Oil, Gas etc in several countries and may be able to put its discoveries to Good Use in long term.
RESULTS TABLE :
| BPCL | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Mar-10 | 31-Dec-09 |
| Net Sales | 3666547 | 3541619 | 3421189 | 3755090 | 3216124 |
| Net Sales | 3666547 | 3.53 | 7.17 | -2.36 | 14.01 |
| Other Opertng Income | 2046 | 1858 | 2063 | 1942 | 2165 |
| Incr/decr in SIT /WIP | 83617 | -211871 | -32302 | -69101 | 71550 |
| Raw Materials | 1474503 | 1566162 | 1533245 | 1500208 | 1412665 |
| Traded Goods | 1784306 | 1661266 | 1801930 | 1803295 | 1498518 |
| Employees Cost | 56958 | 45262 | 54123 | 76547 | 39824 |
| Depreciation | 37000 | 40189 | 40074 | 32078 | 38163 |
| Other Expenditure | 194326 | 234008 | 206845 | 331423 | 131292 |
| Total Expenditure | 3630710 | 3335016 | 3603915 | 3674450 | 3192012 |
| Total Expenditure | 3630710 | 8.87 | 0.74 | -1.19 | 13.74 |
| Profit from Operations | 37883 | 208461 | -180663 | 82582 | 26277 |
| Profit from Operations | 37883 | -81.83 | -120.97 | -54.13 | 44.17 |
| Other Income | 31029 | 53359 | 32088 | 58838 | 46560 |
| Interest | 27474 | 27798 | 23235 | 20587 | 25128 |
| Profit before tax | 41438 | 234022 | -171810 | 120833 | 47709 |
| Profit before tax | 41438 | -82.29 | -124.12 | -65.71 | -13.14 |
| Tax expense | 22700 | 19800 | - | 50515 | 9800 |
| Net Profit | 18738 | 214222 | -171810 | 70318 | 37909 |
| Net Profit | 18738 | -91.25 | -110.91 | -73.35 | -50.57 |
| Dividend (%) | - | - | - | 140 | - |
| Face Value (In Rs | 10 | 10 | 10 | 10 | 10 |
| Paid Up Equity | 36154 | 36154 | 36154 | 36154 | 36154 |
| Basic EPS | 5.18 | 59.25 | -47.52 | 19.45 | 10.49 |
| Public Holding (%) | 45.07 | 45.07 | 45.07 | 45.07 | 45.07 |
ANNOUNCEMENTS
TO THE NSE
09-02-2011 standalone Results for the quarter ended on 31-DEC-2010 as follows: Net Sales of Rs. 3666547 lacs for quarter ending on 31-DEC-2010 against Rs. 3216124 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 18738 lacs for the quarter ending on 31-DEC-2010 against Rs. 37909 lacs for the quarter ending on 31-DEC-2009.
07-02-2011 "BPCL ANNOUNCES NATURAL GAS DISCOVERY IN OFFSHORE MOZAMBIQUE".
29-11-2010 " BPCL ANNOUNCES MAJOR NATURAL GAS DISCOVERY IN OFFSHORE MOZAMBIQUE".
10-11-2010 standalone Results for the quarter ended on 30-SEP-2010 as follows: Net Sales of Rs. 3541619 lacs for quarter ending on 30-SEP-2010 against Rs. 2707103 lacs for the quarter ending on 30-SEP-2009. Net Profit / (Loss) of Rs. 214222 lacs for the quarter ending on 30-SEP-2010 against Rs. (15877) lacs for the quarter ending on 30-SEP-2009.
02-11-2010 "BPCL announces Oil and Gas discovery in Offshore Indonesia".
28-10-2010 "Discovery of hydrocarbon in ultra deep waters of Sergipe-Alagoas Basin, Brazil".
19-10-2010 "BPCL ANNOUNCES ANOTHER GAS DISCOVERY IN OFFSHORE MOZAMBIQUE".
20-08-2010 BPCL enters into agreement with M/s Norwest to acquire Shale Gas acreages in Australia.
30-07-2010 standalone Results for the quarter ended on 30-JUN-2010 as follows: Net Sales of Rs. 3421189 lacs for quarter ending on 30-JUN-2010 against Rs. 2549278 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. (171810) lacs for the quarter ending on 30-JUN-2010 against Rs. 61412 lacs for the quarter ending on 30-JUN-2009.
27-05-2010 recommended Dividend @ Rs.14/- per equity share of Rs 10/- each for the year 2009-10.
27-05-2010 consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 12381672 lacs for year ending on 31-MAR-2010 against Rs. 13655712 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 163236 lacs for the year ending on 31-MAR-2010 against Rs. 63376 lacs for the year ending on 31-MAR-2009.
27-05-2010 standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 12227595 lacs for year ending on 31-MAR-2010 against Rs. 13523770 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 153762 lacs for the year ending on 31-MAR-2010 against Rs. 73590 lacs for the year ending on 31-MAR-2009.
27-05-2010 standalone Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 3755090 lacs for quarter ending on 31-MAR-2010 against Rs. 2650503 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 70318 lacs for the quarter ending on 31-MAR-2010 against Rs. 362802 lacs for the quarter ending on 31-MAR-2009.
06-04-2010 "BPCL announces successful pre-salt flow test offshore Brazil."
22-03-2010 "BPCL encounters additional gas in Wildcat Well in Mozambique".
18-02-2010 "BPCL finds Gas in Wildcat well in Mozambique".
28-01-2010 standalone Results for the quarter ended on 31-DEC-2009 as follows: Net Sales of Rs. 3216124 lacs for quarter ending on 31-DEC-2009 against Rs. 3188448 lacs for the quarter ending on 31-DEC-2008. Net Profit / (Loss) of Rs. 37909 lacs for the quarter ending on 31-DEC-2009 against Rs. 79984 lacs for the quarter ending on 31-DEC-2008.
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