Bharat Petroleum Corporation Ltd


BSE: 500547 | NSE: BPCL | ISIN: INE029A01011 
Market Cap: [Rs.Cr.] 41,436 | Face Value: [Rs.] 10
Industry: Refineries

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Director's Report

Directors

The Directors take pleasure in presenting their Report on the performance of BharatPetroleum Corporation Limited (BPCL) for the year ended 31st March, 2013.

PERFORMANCE OVERVIEW

Group Performance

The aggregate Refinery throughput at BPCL's Refineries at Mumbai and Kochi, along withthat of its subsidiary company, Numaligarh Refinery Limited (NRL) and Joint VentureCompany, Bharat Oman Refineries Limited (BORL) in 2012-13 was 28.55 Million Metric Tonnes(MMT) as compared to 26.72 MMT in 2011-12. The market sales of the BPCL Group grew from31.48 MMT in 2011-12 to 33.67 MMT in 2012-13. The BPCL group also exported 3.22 MMT ofpetroleum products during the year as against 3.49 MMT in the previous year.

The financial year saw the group achieve a Gross Revenue from Operations of Rs.2,53,285.57 crores, as compared to Rs. 2,23,314.64 crores recorded in 2011-12. The Profitafter Tax stood at Rs. 1,936.15 crores in 2012-13, as against Rs. 851.28 crores in theprevious year. After setting off the minority interest, the Group earnings per shareincreased from Rs. 10.80* in 2011-12 to Rs. 26.01 in the current year.

CONSOLIDATED GROUP RESULTS

2012-13 2011-12
Physical Performance
Crude Throughput (MMT) 28.55 26.72
Market Sales (MMT) 33.67 31.48
Financial Performance Rs. Crores
Gross Revenue from Operations 2,53,285.57 2,23,314.64
Less: Excise Duty Paid (11,104.59) (11,175.08)
Net Revenue from Operations 2,42,180.98 2,12,139.56
Gross Profit 8,201.25 6,269.32
Finance Cost 2,518.29 2,259.06
Depreciation & amortisation expense 2,462.70 2,410.83
Profit before tax 3,220.26 1,599.43
Provision for taxation - Current (Net of MAT Credit Entitlement) 1,398.88 409.35
Profit after Current Tax 1,821.38 1,190.08
Provision for taxation - Deferred (Asset)/Liability (72.65) 331.63
Short /(Excess) provision for Taxation in earlier years provided for (42.12) 7.17
Net Profit 1,936.15 851.28
Minority Interest 55.32 70.45
Net Income of the group attributable to BPCL 1880.83 780.83
Group Earnings per share attributable to BPCL ( Rs. ) 26.01 10.80*

*Adjusted for 1:1 Bonus issue by BPCL in July, 2012

COMPANY RESULTS

2012-13 2011-12
Physical Performance
Crude Throughput (MMT) 23.21 22.91
Market Sales(MMT) 33.30 31.14
Financial Performance

Rs. Crores

Gross Revenue from Operations 2,50,649.26 2,22,500.47
Gross Profit 7,787.03 5,568.63
Finance Cost 1,825.24 1,799.59
Depreciation & amortisation expense 1,926.10 1,884.87
Profit before tax 4,035.69 1,884.17
Provision for Taxation - Current (Net of MAT Credit Entitlement) 1,173.29 178.07
Provision for Taxation - Deferred 255.16 393.01
Short/(Excess) provision for taxation in earlier years provided for (35.66) 1.82
Net Profit 2,642.90 1,311.27
Balance brought forward 500.00 500.00
Amount available for disposal 3,142.90 1,811.27
The Directors propose to appropriate this amount as under:
Towards Dividend:
Final (proposed) Dividend 795.39 397.70
Corporate Dividend Tax 127.47 57.16
For transfer to General Reserve 1,720.04 856.41
Balance carried to Balance Sheet 500.00 500.00
summarized Cash Flow statement :
Cash Flows:
Inflow/(Outflow) from operations 5,478.98 925.84
Inflow/(Outflow) from investing activities (2,385.69) (890.54)
Inflow/(Outflow) from financing activities (714.35) (4,713.14)
Net increase/(decrease) in cash & cash equivalents 2,378.94 (4,677.84)

Company Performance

BPCLs Revenue from operations for 2012-13 amounted to Rs. 2,50,649.26 crores,reflecting an increase of 12.65 % over the previous year's revenues of Rs. 2,22,500.47crores. The profit before tax for the year was Rs. 4,035.69 crores, as compared to Rs.1,884.17 crores in 2011-12. After providing for tax, (including deferred tax) of Rs.1,392.79 crores, as against Rs. 572.90 crores in 2011-12, the profit after tax for theyear stood at Rs. 2,642.90 crores, as against Rs. 1,311.27 crores in the previous year.This is the highest level of profit after tax achieved by the Company in a singlefinancial year.

During the year 2012-13, the Company has issued Bonus Shares in the ratio of 1:1.Accordingly, the paid-up equity capital stands increased to Rs. 723.08 crores from thepre-bonus level of Rs. 361.54 crores. BPCL's net worth as on 31st March, 2013 stands atRs. 16,634.02 crores, as compared to Rs. 14,913.86 crores as at the end of the previousyear.

The earnings per share in 2012-13 stood at Rs. 36.55 in 2012-13 as compared to Rs.18.13 (adjusted for 1:1 bonus issue in July 2012) in 2011-12. Internal cash generationduring the year was higher at Rs. 4,001.68 crores, as compared to Rs. 3,134.99 crores in2011-12. BPCL's contribution to the exchequer by way of taxes and duties during 2012-13amounted to Rs. 38,028.20 crores, as against Rs. 35,994.30 crores in 2011-12.

Dividend

The Board of Directors has recommended a dividend of 110% ( Rs. 11 per share) for theyear on the paid-up share capital of Rs. 723.08 crores, which will absorb a sum of Rs.922.86 crores out of the profit after tax, inclusive of Rs. 127.47 crores for CorporateDividend Tax on distributed profits.

Borrowings

In October, 2012, BPCL issued its first USD 500 million, 10- year Senior UnsecuredInternational Bonds with a coupon rate of 4.625%. The money raised would be used forfunding the capital projects in the refineries. During the year, BPCL also issued SecuredNon Convertible Debentures amounting to Rs. 700 crores carrying an interest of 8.65%. Thetenor of the Debentures is 5 years with a put/call option at the end of 3 years.

Borrowings from banks decreased from Rs. 20,749.94 crores as at 31st March, 2012 to Rs.18,774.07 crores at the close of the current financial year. The outstanding balance ofLoans from Oil Industry Development Board stood at Rs. 593.50 crores as at 31st March,2013, as compared to Rs. 743.75 crores at the end of the previous year. The CollateralizedBorrowing and Lending Obligation (CBLO) through Clearing Corporation of India Limitedamounted to Rs. 622 crores as at 31st March, 2013. Commercial Paper amounting to Rs. 430crores remained outstanding as on 31st March 2013, as compared to Nil as on 31st March2012.

The amount of deposits, matured but unclaimed, at the end of the year was Rs. 0.15crores, which pertains to 38 depositors.

Capital Expenditure

The total Capital Expenditure during the year 2012-13 amounted to Rs. 3,544.40 crores,as compared to Rs. 2,761.81 crores during the previous year.

C&AG Audit

The Comptroller and Auditor General of India (C&AG) has no comment upon orsupplement to the Statutory Auditors' Report on the Accounts for the year ended 31st March2013. The letter from C&AG is annexed as Annexure E.

REFINERIES

MUMBAI REFINERY

During the year 2012-13, Mumbai Refinery recorded a throughput of 13.10 MMT offeedstock (crude oil and other feedstock), as against 13.35 MMT achieved in 2011-12. Thisrepresents capacity utilization of 109% as compared to 111% in the previous year. Thethroughput was marginally lower as compared to the previous year due to the plannedshutdown of two crude processing units during the year.

For the year under review, refinery achieved its highest ever production of Propylene(C3), Motor Spirit (Euro III MS), High Speed Diesel (HSD), Bitumen, Linear Alkyl BenzeneFeedstock (LABFS) and Lube Base Oils.

The Gross Refining Margin (GRM) for the year stood at USD 4.67 per barrel, as comparedto USD 1.73 per barrel realized in 2011-12. The overall gross margin for the refinery in2012-13 amounted to Rs. 2499 crores, as compared to Rs. 831 crores in 2011-12. The higher

GRM in Mumbai Refinery for the year 2012-13 can be attributed to higher distillateyield, favorable crude mix and better product cracks, coupled with reduction in octroiunder-recovery on account of implementation of the State Surcharge (SSC) Recovery Scheme.

KOCHI REFINERY

Kochi Refinery achieved a throughput of 10.1 MMT in 2012-13, as compared to 9.56 MMT in2011-12. This was the first year that the throughput at the refinery has crossed the 10MMT mark. The capacity utilization of the refinery during the year was 106.3%, as against100.6% in the previous year. During the year, Kochi Refinery recorded its highest everproduction of Propylene, Euro III MS, Euro III HSD, Euro IV HSD and Aviation Turbine Fuel(ATF).

The GRM for the year was USD 5.36 per barrel amounting to Rs. 2211 crores, which is thehighest ever achieved by Kochi Refinery in a single financial year. The refinery hadearned a GRM of USD 3.09 per barrel in 2011-12 amounting to Rs. 1061 crores. The reasonsfor the higher GRM achieved in 2012-13, include better product cracks (realisation),improved reliability of major units and improved steam management leading to lower fueland loss.

The details of the performance of the Refineries, their activities and future plans arediscussed in the Management Discussion and Analysis Report (MD&A).

MERGER OF KRL WITH BPCL

As informed in the last year's Report, merger of the erstwhile Kochi Refineries Limited(KRL) with BPCL under Sections 391 to 394 of the Companies Act 1956 had been completed,following receipt of the Order dated 18th August, 2006 issued by the Ministry of CorporateAffairs, New Delhi. One of the Shareholders of the erstwhile KRL had filed a Writ Petitionin the Delhi High Court challenging the merger, and the same is pending as on date.

MARKETING

During the year, 2012-13, BPCL's market sales volume touched a level of 33.30 MMT, ascompared to 31.14 MMT achieved in the previous year. This represented a growth rate of6.94% over the previous year. BPCLs market share amongst the public sector oil companiesstood at 23.14% as at 31st March, 2013, as compared to 22.30% as at the end of theprevious year.

A detailed discussion of the performance of the Marketing function is given in theMD&A.

PROJECTS

Integrated Refinery Expansion Project at Kochi

The Board of Directors, at their meeting held on 30th March, 2012, approved theproposal for undertaking the Integrated Refinery Expansion Project (IREP) at Kochi.

The project will involve a capital outlay of Rs. 14,225 crores. The environmentclearance for the project from the Ministry of Environment & Forests has been receivedon 22nd November, 2012. The project is expected to be mechanically completed within 42months from this date. The project envisages capacity expansion of Kochi refinery by 6Million Metric Tonnes Per Annum (MMTPA), taking it to 15.5 MMTPA and modernisation ofprocessing facilities to produce auto fuels conforming to Euro IV/ Euro V specifications.It also envisages refinery residue stream upgradation to value added products.

The process packages of all new units viz. Crude & Vacuum Unit, VGO Hydro TreaterUnit, Petro FCC Unit, Diesel Hydro Treater Unit, Delayed Coker Unit, Sulphur Unit &Tail Gas Treater Unit have been received. Detailed engineering of these units is currentlyin progress. Revamp of the existing Semi Regenerative Reformer into an Isomerisation Unitis also being done as part of the IREP project.

Civil work at the site is currently underway. Major long lead items like CDU/VDUcolumns, DHDT reactors & VGO HDT reactor have been ordered. Major contracts like theHeater package of CDU/VDU, civil/structural jobs of CDU/VDU, DCU & Offsites have beenawarded. Tendering and ordering of other equipment and contracts are in progress. TheIndustrial Entrepreneur Memorandum and Essentiality Certificate has been received fromMinistry of Industry and Ministry of Petroleum & Natural Gas, which would enableimport of capital goods for the project at concessional duty rates. As on 30th June, 2013,the project has achieved physical progress of 8.8% and the cumulative expenditure stood atRs. 410 crores.

BPCL also plans to enter the Petrochemicals segment by using the feedstock to beproduced at the refinery after commissioning of the IREP BPCL is examining several optionsin this regard including implementing the petrochemicals initiative as a joint venture orby direct sourcing of technology from Licensors. This venture is estimated to involve anoutlay of approximately Rs. 5000 crores.

Capacity Augmentation of Kota-Piyala Section of MMBPL Pipeline

The project envisages enhancement of capacity of the Kota-Piyala Section of theMumbai-Manmad-Manglia-Piyala-Bijwasan pipeline from 2.54 MMTPA to 4.4 MMTPA, to evacuateproducts from Bina Refinery and also meet the growing demand for petroleum products in theNorthern region.

The approved project cost is Rs. 152.89 crores. The project is mechanically completeand commissioning activities are currently in progress. As on 30th June, 2013, thecumulative expenditure on the project was Rs. 115.48 crores.

Kota Jobner Pipeline Project

The project envisages laying of a 210 km long and 14"(35.6 cms) dia. cross-countrypipeline from Kota to Jobner (near Jaipur) for economic transportation of MS/SKO/ HSD fromBPCLs Mumbai Refinery as well as BORLs refinery at Bina. The estimated as-built projectcost is Rs. 276.27 crores.

Petroleum and Natural Gas Regulatory Board (PNGRB) authorization for laying thepipeline and environmental clearance has been received. The project has achieved anoverall physical progress of 19% with cumulative expenditure of Rs. 12.28 crores as on30th June, 2013. The project is scheduled for completion in December 2014.

Continuous Catalytic Regeneration Reformer (CCR) Facilities and Hydrocracker Revamp atMumbai Refinery

The project has been undertaken to increase the production of Euro IV grade MS and HSDat Mumbai Refinery. This involves revamping of the Hydrocracker Unit to increase itscapacity from 1.75 MMTPA to 2.0 MMTPA and setting up a new Continuous CatalyticRegeneration Reformer Unit (CCR) of 1.2 MMTPA capacity with matching new Naphtha HydroTreater Unit (NHT) and new Pressure Swing Adsorber (PSA) Units and other utilities/offsitefacilities at an approved cost of Rs. 1827 crores.

Hydrocracker revamp has been completed. As regards the CCR facilities, all sitedevelopment activities, erection of Hydrogen rich gas compressor, Recycle gas compressorand PSA Compressor and Catalyst loading PSA have been completed. Piping works for thecompressors and work on cooling towers are in progress. As on 30th June, 2013, the projecthas achieved an overall progress of 92.47% with a cumulative expenditure of Rs. 1,439.21crores.

Replacement of CDU /VDU at Mumbai Refinery

The project envisages installation of a state-of-the-art integrated Crude and VacuumDistillation Unit of 6 MMTPA capacity to improve mechanical integrity and enhance safetyand environment in place of existing old standalone Crude and Vacuum Units.

The approved cost of the project is Rs. 1,419 crores. Petroleum and Explosive SafetyOrganisation (PESO) clearance and environment clearance have been obtained. The basicdesign and engineering package has been completed. Orders have been placed for the Crudeand Vacuum Column, LGO Stripper Column and CS Column. Structural fabrication of the newshop complex is completed. Dismantling of the old shop complex is in progress. The projecthas achieved an overall physical progress of 28.75% with cumulative expenditure of Rs.96.64 crores as on 30th June, 2013. The project is scheduled for completion in December2014.

Pipeline for Transfer of LPG from BPCR / HPCR Mumbai to Uran

The project envisages laying a 28 km pipeline (12 kms offshore and 16 kms onshore) andprovision of 3 Rs. 900 MT Mounded Storage Vessels (MSVs) at BPCLs Uran LPG Plant. 10"dia (25.4 cms) pipeline is being laid to transfer LPG from BPCL's Mumbai refinery and theMumbai refinery of Hindustan Petroleum Corporation Limited (HPCL). The pipeline portion ofthe project costing Rs. 229.59 crores will be shared equally with HPCL. The mSvs areexpected to cost around Rs. 47.24 crores and will be on BPCL's account.

The onshore pipeline laying and 10 km of offshore pipeline laying has been completed.The balance offshore pipeline laying will be taken up after the monsoon. The forestclearance and permission for cutting mangroves from the Bombay High Court has beenreceived. The project has achieved an overall physical progress of 97% with cumulativeexpenditure of Rs. 228.47 crores as on 30th June, 2013. The project is expected to becompleted by September 2013.

RESEARCH & DEVELOPMENT (R&D)

The Research and Development Centres of BPCL are consistently following the globaltrends of technology innovations for energizing lives. The R&D Centres are activelyinvolved in supporting the businesses through constant advanced technical support andnovel product/ process technology development in niche areas leading to new businessdevelopment. The core research areas are broadly divided into four categories, namelyRefinery processes upgradation/optimization, development of novel energy efficienttechnologies, product development and alternative fuels and energy. R&D capabilitiesat the Corporate R&D Centre at Greater Noida, Uttar Pradesh, Product & ApplicationDevelopment Centre at Sewree, Mumbai and the R&D Centre at Kochi Refinery are beingleveraged towards business growth of the Company. BPCL's R&D programmes have beendiscussed separately in the MD&A.

Further, the areas covered under R&D and the benefits derived from R&Dactivities are detailed in Form B of Annexure A to the Directors' Report.

NON-CONVENTIONAL ENERGY INITIATIVES

BPCL has been undertaking initiatives which are aimed at promoting green fuels, with aview to protect the environment and prevent pollution and reduce dependency on importedfuels. BPCL has initiated various steps to develop renewable sources of energy. BPCL hasbeen engaged in setting up a Bio-diesel value chain in the State of Uttar Pradesh throughits Joint Venture Company,

M/s. Bharat Renewable Energy Ltd. (BREL), which envisages cultivating Bio-fuel plantson wasteland to produce Bio-diesel from Bio-fuel plantations. Apart from Jatropha,Pongamia plants are also being tried in Uttar Pradesh. The total plantation alreadycovered is 8,987 acres (3,637 hectares) of wasteland and further plantation work is inprogress.

BPCL is currently evaluating a proposal for setting up of a Wind Farm with 10 MWcapacity in Maharashtra to set off the electricity consumed in the state. BPCL is alsoevaluating proposals to set up a Solar Farm of 5 to 10 MW capacity, either on its own orthrough joint ventures at select locations.

INDUSTRIAL RELATIONS

The overall Industrial Relations climate remained peaceful and cordial throughout theyear. Long Term Settlements on wages have been successfully signed in Mumbai Refinery andKochi Refinery with their respective Unions in May 2013.

FULFILLMENT OF SOCIAL OBLIGATIONS

During the year, BPCL retained its strong focus on Corporate Social Responsibility(CSR). The thrust areas continued to be education and water conservation. In addition totaking forward the various initiatives in the thrust areas, BPCL has added several newprojects and entered into new partnerships with reputed Non-Government Organisations(NGOs). Through the CSR initiatives, BPCL has brought about positive change in many partsof the country.

The Memorandum of Understanding signed by the Company with the Ministry of Petroleum& Natural Gas every year specifies targets in the area of CSR. For the year 2012-13,BPCL had taken a target of reaching out to 50,000 children for imparting qualityeducation, 20 villages for rainwater harvesting and 500 youth/women for livelihood/incomegeneration training. BPCL was successful in achieving all these targets.

In the area of education, BPCL initiated a unique Science Education Program incollaboration with the NGO, 'Agastya International Foundation' for children of Governmentschools near the Solur LPG Plant in Bangalore. Through the project, hands-on scienceeducation is being imparted to poor rural children and teachers. The program isholistically designed to spark creative thinking and problem-solving skills, improvelearning and expand opportunities. Through this project, BPCL aims to reach out to 10,000children.

The Digital Literacy and Life Skills project across 40 low income/municipal schools inMumbai in partnership with Pratham entered its second year, reaching out to 25,000children. The children, who were otherwise completely unaware of computers, have now beenable to grasp and operate computers with ease. There is an enhancement in their confidenceand they are also enthused to attend school regularly.

In Nandurbar & Sagar, the pilot project of Read India reaching out to 50,000children entered its third year. The Computer Assisted Learning Program through whichcomputer education is imparted to children from Government/low income schools has alsoyielded good results. While the program was started with 11 schools near the LPG bottlingplant in Uran (Raigad Dist, Maharashtra) and 10 schools near the LPG bottling plant inLucknow, the year 2012-13 saw the same being scaled up to 75 schools in Uran and Lucknow.A third party assessment of this project highlighted an increased practical knowledge ofcomputers in children. It also reflected an improvement in Maths and English as a resultof activity based learning through computers.

A unique in-house pilot project was launched for the professional development ofprimary teachers from low income schools. The concept of designing and implementing thisprogram is to empower primary teachers to bring about academic and non-academic growth instudents through exposure to hands-on pedagogical concepts delivered through reputed NGOslike Pratham, Shikshangan, Navnirmiti, BNHS etc. The aim of this two year project is tocreate a pool of highly trained primary teachers, whose teaching methods and approacheswould have an impact on the children's learning levels.

The skill-based intervention programs undertaken in collaboration with NGOs like SEWAin Lucknow and AROH in Loni have enabled a large number of women to earn their livelihoodby developing skills in chikankari and zardosi work.

Under Project 'Boond', BPCL helped in converting 20 villages from 'water scarce towater positive'. Work under Project 'Boond' is currently on in Karnataka, Andhra Pradesh,Tamil Nadu and Uttar Pradesh.

PROMOTION OF SPORTS

BPCL sportspersons continued to excel in the national as well as international sportsarena in various sports disciplines.

PV Sindhu created history by becoming the first Indian woman singles player to win theBronze medal at the World Badminton Championships. She also won the Gold Medal in theAsian Junior Badminton Championships and the Silver Medal in the India Open Grand Prix.Atanu Das won the Mixed Team Bronze Medal in the World Cup Archery Stage III event. InTable Tennis, Poulomi Ghatak won the Gold Medal in the Iran Open, Silver Medal in theSwedish Open & Bronze Medal in the Egypt Open. Soumyajit Ghosh became the youngestplayer to win the Senior National Table Tennis Championships. He also clinched theUnder-21 Men's title in the ITTF World Tour Brazil Open. He and Sanil Shetty representedIndia in the Asian and World Table Tennis championships in 2012. Hockey player BirendraLakra represented India in the Champions trophy and Asian Champions Trophy tournaments.Chess Grand Masters Abhijeet Gupta, P. Harikrishna & Parimarjan Negi were members ofthe Indian team which won the Silver Medal in the Asian Team Chess Championship. They alsorepresented India in the World Team Chess Championship. Abhijeet Gupta also won GoldMedals in the Philadelphia and Kavala Open Chess tournaments. Harikrishna won the SilverMedal in the Asian Blitz Chess Championship. Parimarjan won the Gold Medal in the AsianIndividual Chess Championship. In Billiards, Devendra Joshi won the Bronze Medal in theAsian Billiards Championships. He also represented the country in the World BilliardsChampionship. Manan Chandra won the National Snooker Championship. In Bridge, MarianneKarmarkar was a member of the Ladies team that represented India in the World Bridge Gamesin 2012. The team also won the Silver Medal in the Asia & Middle East Championships in2013. BPCL also bagged the Second Runners-up "President's Trophy" of PetroleumSports Promotion Board (PSPB) during the year.

In the Physically Challenged Category, Joby Mathew won several Gold/ Silver Medals inthe World Arm Wrestling Championship and a Gold Medal in the Paralympics NationalBadminton Championships.

RESERVATION AND OTHER WELFARE MEASURES FOR SCHEDULED CASTES/SCHEDULED TRIBES/ OTHERBACKWARD CLASSES AND PERSONS WITH DISABILITIES

BPCL has been following in letter and spirit, the Presidential Directives and otherguidelines issued from time to time by Ministry of Petroleum & Natural Gas, Ministryof Social Justice and Empowerment and the Department of Public Enterprises relating toreservations/concessions for Scheduled Castes/ Scheduled Tribes/Other Backward Classes.

An adequate monitoring mechanism has been put in place for sustained and effectivecompliance uniformly across the Corporation. Rosters are maintained as per the Directivesand are regularly inspected by the Liaison Officer of the Corporation, as well as theLiaison Officer of Ministry of Petroleum & Natural Gas to ensure proper compliance ofthe Directives.

SC/ST and economically backward students are encouraged by awarding scholarships tostudents pursuing courses at Industrial Training Institutes and Secondary School educationup to graduation level.

BPCL also complies with provisions under "The Persons with Disabilities (EqualOpportunities, Protection of Rights and Full

Participation), Act 1995" relating to providing employment opportunities forPersons with Disabilities (PWDs).

Details relating to representation/appointment of SC/ST/ OBC candidates and Personswith Disabilities are enclosed as Annexure D.

IMPLEMENTATION OF OFFICIAL LANGUAGE POLICY

The Official Language Implementation Committees continued to function at the Corporate,Regional, Refinery and major location levels, to take decisions based on the annualprogram issued by Ministry of Home Affairs, besides the provisions of the OfficialLanguage Act and Rules. These Committees perform the task of reviewing the progress madein Official Language implementation on a quarterly basis.

The First Sub-Committee of the Parliamentary Committee on Official Language inspectedselect offices and appreciated the overall work done so far in regard to Official Languageimplementation. Senior officers from the Ministry of Petroleum & Natural Gas alsoinspected some of the offices and reviewed the Hindi Implementation. The Corporation'swebsite is made available in Hindi also and is updated as and when updation takes place inEnglish. Unlimited license for Hindi Software, ISM V6 Office by CDAC, Pune was procuredand loaded in the computers of all BPCL offices across the country with Unicode features.A web page has been created for helping in the installation/training of Hindi ISM V6.Similarly, Indic language software is also being loaded on an all India basis. Importantmanuals were made bilingual and most publicity material was prepared in bilingual.Competitions and cultural programs were organized at various locations all over thecountry, on the occasion of Hindi Fortnight which was celebrated from 14th-28th September,2012. In order to encourage the children of staff, cash awards were given on securing 60%and above in Hindi subject in the 10th and 12th Standard exams. BPCL's House Journal andNewsletter continue to be released in bilingual, whereas a major portion of our mediaadvertisements were released in Hindi. World Hindi Day was celebrated on 10th January,2013 at all the Regions/Refineries. The Hindi special issue of Petro Plus was awarded theThird Prize by the Mumbai Town Official Language Implementation Committee. Kochi Refinerywon the "Best House Magazine Trophy" (First Prize) and the "RajbhashaRolling Trophy" (Second Prize) for the year 2011-12. These awards are instituted bythe Kochi Town Official Language Implementation Committee (PSUs) for the best Hindi HouseMagazine published and best implementation of Official Language among the PSUs situated inKochi.

CITIZENS' CHARTER AND GRIEVANCE REDRESSAL

In order to facilitate consumers in understanding the touch points and processes onmarketing of petroleum products by BPCL, the Citizens' Charter is published on thecorporate website and is updated dynamically with the changes in the guidelines and marketscenario. It broadly covers all aspects of products being marketed by BPCL along withcustomer's rights like standard, quality, time frame for service delivery, grievanceredressal mechanism etc. It also details the guidelines and procedure for selection ofdealers and distributors, which ensures transparency and works as a knowledge managementtool in educating and communicating with the customer.

A well established system for Grievance Redressal is in place at various consumer touchpoints. The State Coordinators in the various States and Union Territories and allTerritory Managers of Retail and LPG businesses act as Nodal Officers for personal hearingin solving the grievances of customers. An internet based online Grievance RedressalMechanism (Centralised Public Grievance Redressal and Monitoring System) of Government ofIndia is helping in speedy redressal of grievances. A link to this site is available onthe BPCL website. Also, the toll free numbers are available to the customer, so that theycan call on these numbers from anywhere in the country for registeringcomplaints/suggestions.

The Right to Information (RTI) Act 2005 has been implemented in BPCL since itsinception. People across the organization are familiar with the Act. During the periodending 31st March, 2013, BPCL has provided information to 3984 requests. 88 cases werereferred to the Chief Information Commissioner, New Delhi. Decentralization has ensuredfaster response to information seekers and the team of 84 Central Public InformationOfficer (CPIOs) and 11 Appellate Authorities have ensured that requisite information isgiven within the stipulated period.

VIGILANCE

The Vigilance function in BPCL continued its efforts to promote growth of businesswhile maintaining the highest level of ethical standards in the organisation. TheVigilance entity continues to remain a key component of the overall Corporate Governancestructure in BPCL. Towards this end, the Vigilance team continued to focus on proactiveand preventive measures to promote good and transparent business practices across theCompany.

Vigilance has worked closely with the Businesses and helped them identify vulnerableareas in existing procedures in major processes like bill payment, dealer/distributorselection, reconstitution of dealership/distributorship etc. The Information Systeminfrastructure has been leveraged to put in place good practices like e-tendering,e-payments etc.

During the year, Corporate Vigilance enhanced a wide range of awareness initiativeslike "Vendor Meets," which were conducted to get inputs from importantstakeholders. Workshops and seminars were conducted, enabling the concerned officers tohave a thorough understanding of guidelines and procedures. These workshops were conductedwith teams in the Refineries, Retail, LPG, Engineering & Projects and Finance. Thishas also helped in bringing about improvements in the relevant processes. VigilanceOfficers, during their visits to different company locations, provided guidance andclarifications to the officers on operational aspects of circulars and guidelines issuedby the Central Vigilance Commission (CVC) and Ministry of Petroleum & Natural Gas(MOP&NG).

Surprise inspections were conducted at select company locations, retail outlets, LPGdistributorships etc. Inspections of major projects/works/procurement were also undertakenand observations with specific recommendations were advised to the concerned departments.Detailed studies were carried out on key systems in the organisation and findings wereshared with the concerned roleholders with a view to initiate remedial action.

Corporate Vigilance also conducted detailed investigation into Complaints and SourceInformation. Complaints, including online complaints, were received and were investigateddirectly by the Vigilance function and through the Businesses/Entities. In mattersreferred by CVC and MOP&NG, necessary investigations were carried out andrecommendations were given within the prescribed time frame. Vigilance Officers weredeputed for Training Programs conducted by the Central Bureau of Investigation TrainingAcademy and other Training Institutions.

The Vigilance Awareness Week was observed across the Company from 29th October to 3rdNovember, 2012 with the theme of "Transparency in Public Procurement." The thirdissue of the vigilance journal "Vigilance Plus" was released and receivedexcellent feedback. Slogan/ Essay/Quiz competitions were conducted for employees andschool children.

Corporate Vigilance continued its initiative on "Integrity Clubs" (ICs) toinstill ethical values in school children and transform them into valuable change agentsin civil society. The first "Integrity Club" which was started at Kochi RefinerySchool has now been extended to eight schools under Kendriya Vidyalaya Sangathan inKerala. The activities of the Integrity Clubs at Kochi Refinery have been well received byall.

To increase transparency in interface with vendors, contractors, suppliers and serviceproviders, tenders are being posted on the Central Public Procurement (CPP) portal in theGovernment of India website. The Integrity Pact has been implemented and is mandatory forall tenders having a contract value of more than Rs. 1 crore. Regular meetings are alsoheld by the Independent External Monitors (IEMs) with the top level management.

SUBSIDIARY COMPANIES

Numaligarh Refinery Limited (NRL)

NRL was incorporated in 1993 with an authorized capital of Rs. 1000 crores. The Companyhad commissioned a 3 MMTPA refinery at Numaligarh in Assam. NRL was conferred the statusof 'Category-I' Miniratna PSU in the year 2003. As on 31st March, 2013, BPCL holds 61.65%of the paid up equity in NRL.

During the year 2012-13, the Numaligarh refinery achieved a throughput of 2.48 MMT, asagainst 2.82 MMT in 2011-12. This represents a capacity utilization of 82.7%, as comparedto 94% in the previous year. The lower throughput during the year is mainly due to lowercrude receipt of 2.45 MMT, as compared to 2.82 MMT received in 2011-12. The refineryachieved a distillate yield of 91.11% and Specific Energy Consumption (SEC) of 59.7 MBN.NRLs distillate yield continues to be the highest amongst the public sector refineries inthe country. NRLs GRM in 2012-13 stood at USD 10.52 per barrel, as compared to USD 12.45per barrel in 2011-12. The overall gross margin for the refinery in 2012-13 amounted toRs. 1,040.09 crores, as against Rs. 1,235.33 crores in 2011-12.

NRL registered a sales turnover of Rs. 8,752.88 crores for the financial year ending31st March, 2013, as compared to Rs. 14,067.86 crores in the previous year. Sales turnoverduring 2012-13 was lower compared to that of the previous year, due to lower sales volumeand lesser realization from product sales to BPCL. A portion of the discount on crude oilfrom upstream companies to BPCL, as a part of the subsidy sharing mechanism put in placeby the Government of India, is routed through NRL. This is reflected in the lower pricesof finished product sold by NRL to BPCL, which has contributed to the lower sales turnoverduring the year.

NRLs profit after tax for 2012-13 was Rs. 144.26 crores, as against Rs. 183.70 croresin the previous year. The reduction in profit was mainly due to lower crude throughput.

Earnings per share (EPS) for the year 2012-13 was Rs. 1.96, as compared to Rs. 2.50 in2011-12. The Board of Directors of NRL has recommended a dividend of Rs. 1.00 per share ofRs. 10.00 each for 2012-13 in line with the previous year.

NRLs net worth as on 31st March 2013 increased to Rs. 2,757.45 crores from Rs. 2,699.25crores in the previous year. NRLs book value per share as on 31st March 2013 rose to Rs.37.48 from Rs. 36.69 as on 31st March, 2012.

Bharat PetroResources Limited (BPRL)

BPRL was incorporated in the year 2006 as a wholly owned subsidiary company of BPCLwith the objective of implementing BPCL's plans in the upstream exploration and productionsector. As on 31st March 2013, the authorized capital of BPRL is Rs. 3,000 crores and thesubscribed and paid up share capital of BPRL is Rs. 2,370 crores. The exploration andproduction activities of BPRL and its subsidiary companies extend to 25 blocks worldwide,which are in various stages of exploration/ appraisal. Of this, 11 blocks are in India and14 are abroad. Besides India, BPRL has Participating Interests (PI) in blocks inAustralia, Brazil, East Timor, Indonesia, and Mozambique.

BPRL manages many of its overseas projects through subsidiary companies. In 2006, BPRLhad formed a wholly owned subsidiary company, Bharat PetroResources JPDA Limited, throughwhich it holds a PI of 20% in Block-JPDA 06-103, in East Timor in the Joint PetroleumDevelopment Area (between Australia and East Timor). Further, BPRL has incorporated awholly owned subsidiary company, BPRL International BV, in the Netherlands which in turnhas three wholly owned subsidiary companies viz. BPRL Ventures BV, BPRL VenturesMozambique BV and BPRL Ventures Indonesia BV. BPRL Ventures BV has a 50% stake in IBVBrasil Petroleo Limitada, which has participating interests ranging from 20% to 40% in 10blocks in offshore Brazil. BPRL Ventures Mozambique BV has participating interest of 10%in a block in Mozambique, and BPRL Ventures Indonesia BV holds participating interest of12.5% in a block in Indonesia.

All the blocks of BPRL are under various stages of exploration/appraisal. BPRL hasrecorded income of Rs. 1.38 crores and a consolidated loss of Rs. 664.09 crores for thefinancial year ending 31st March, 2013. The loss was mainly due to interest charges,operators G&A expenditures and relinquishment of participating interest in few blocksin India, Australia & the United Kingdom in view of poor prospectivity assessed, basedon drilling results.

Annual Accounts of the Subsidiary Companies

In view of the dispensation granted by the Ministry of Corporate Affairs vide GeneralCircular No. 2/2011 dated 8th February, 2011, copies of the Balance Sheet, Profit and LossAccount, Directors' Report and the Auditors' Report of the Subsidiary Companies are notattached to the Balance Sheet of the Company. In compliance with the conditions of thedispensation, the Consolidated Financial Statements have been presented in the AnnualReport and financial information of the Company's subsidiaries, as required, is disclosedin the Annual Report as Annexure F to the Directors' Report for information. The auditedAnnual Accounts of Subsidiary Companies and related detailed information are open forinspection to Members at BPCL's Registered Office. Further, BPCL would makeavailable/furnish these documents, on request, to any of its Members and the saiddocuments would also be posted on BPCL's website.

JOINT VENTURE COMPANIES

Bharat Oman Refineries Limited (BORL)

BORL, promoted by BPCL with equity participation from Oman Oil Company, S.A.O.C. (OOC)has commenced operations of its 6 MMTPA grass roots refinery at Bina. As on 31st March2013, both BPCL and OOC have an equity stake of 50% each in BORLs paid up share capital ofRs. 1,777.23 crores. BPCL has subscribed to 78.61 crores warrants at a cost of Rs. 935.68crores. Each warrant represents the right to subscribe to one equity share of face valueof Rs. 10 each at a later date. In addition, during the year 2012-13, BPCL subscribed to36.11 crores warrants at a cost of Rs. 650 crores with the warrants carrying right tosubscribe, at a later date, for such number of equity shares of face value of Rs. 10 eachor zero coupon compulsorily convertible security compulsorily convertible into equityshares, arrived at the prescribed conversion ratio. BPCL has also given an unsecured loanof Rs. 1,354.10 crores. Till the time the total equity of BORL is tied up, BPCL and OOCwill each hold 50% shares in BORL. Also, the state of Madhya Pradesh has a stake in BORLand has subscribed 2.69 crores warrants representing the right to subscribe to 2.69 croresof equity shares of face value of Rs. 10 each at a later date. It is expected that BPCLand OOC will ultimately hold 49% and 26% respectively in the fully diluted equity of BORL.

Bina Refinery, after commencement of its integrated operations in June 2011, stabilisedits operations during the year 2012-13 and all plants were tested individually for morethan 100% capacity utilization. During the year 2012-13, which was the first full year ofoperations, the refinery recorded a crude intake of 5.7 MMT at an overall capacityutilization of 96%. The Refinery's GRM for the year 2012-13 stood at USD 9.1 per barrelwith an overall gross margin of Rs. 2,046 crores.

BORL recorded a sales turnover of Rs. 28,142.67 crores in the financial year 2012-13.The net loss for the year stood at Rs. 247.86 crores, as compared to Rs. 1,115.94 croresin the previous year.

Petronet LNG Limited (PLL)

PLL was formed in April, 1998 for importing LNG and setting up LNG terminals withfacilities like jetty, storage, regasification etc. to supply natural gas to variousindustries in the country. The Company has an authorised capital of Rs. 1,200 crore andpaid up capital of Rs. 750 crores. PLL was promoted by four public sector companies viz.BPCL, Indian Oil Corporation (IOC), Oil and Natural Gas Corporation Limited (ONGC) andGAIL (India) Limited (GAIL). Each of the promoters holds 12.5% of the equity capital ofthe company. PLL is a listed company with the public holding 34.80% of the paid up sharecapital of the company. BPCLs equity investment in PLL currently stands at Rs. 98.75crores. As at 31st March, 2013, PLL had net worth of Rs. 4,449.69 crores with a book valueof Rs. 59.33 per share.

PLL recorded a sales turnover of Rs. 31,467.44 crores in the financial year ended as on31st March, 2013, as compared to Rs. 22,695.86 recorded in 2011-12. The net profit for theyear stood at Rs. 1,149.28 crores, as compared to Rs. 1,057.54 crores in the previousyear. The earnings per share for the year 2012-13 amounted to Rs. 15.32 as compared to Rs.14.10 in 2011-12. PLL has declared dividend of Rs. 2.50 per share for the financial year2012-13, the same as in the previous year.

Indraprastha Gas Limited (IGL)

IGL, a Joint Venture Company with GAIL as the other co-promoter, was set up inDecember, 1998 with an authorised capital of Rs. 220 crores for implementing the projectfor supply of Compressed Natural Gas (CNG) to the household and automobile sectors inDelhi. The paid up share capital of the Company is Rs. 140 crores. BPCL invested Rs. 31.50crores in IGL for 22.5% stake in its equity. A listed company, IGL has commissioned over282 CNG stations which supply the environment friendly fuel to more than 6,75,000vehicles. IGL has more than 3,75,000 domestic PNG customers and over 922 commercialcustomers in Delhi. The Company is also extending its business to Greater Noida andGhaziabad. Recently, IGL has acquired 50% of the equity held by financial institutions inCentral UP Gas Limited (CUGL), a Joint Venture Company promoted by BPCL and GAIL.

IGL has registered a turnover of Rs. 3,724.06 crores and a profit after tax of Rs.354.13 crores for the financial year ending as on 31st March, 2013, as compared to aturnover of Rs. 2,790.10 crores and a profit after tax of Rs. 306.43 crores in theprevious year. IGL has declared a dividend of Rs. 5.50 per share, against a dividend ofRs. 5.00 per share in the previous year. iGls net worth was Rs. 1,492.99 crores with abook value of Rs. 106.64 per share as at 31st March, 2013. The Petroleum and Natural GasRegulatory Board (PNGRB) had determined the per unit network tariff and compression chargefor IGL's CGD Network and made it applicable with retrospective effect from 01.04.2008.IGL had filed a writ petition against the order of PNGRB before the Hon'ble Delhi HighCourt. The Court had quashed the order holding that the PNGRB is not empowered to fix anycomponent of network tariff or compression charge. PNGRB has filed a special leavepetition before the Hon'ble Supreme Court of India against the order of the Hon'ble HighCourt of Delhi and the matter is still pending in the Hon'ble Supreme Court. The outcomeof the appeal could have an impact on the financials of the Company.

Sabarmati Gas Limited (SGL)

SGL, a Joint Venture Company promoted by BPCL and Gujarat State Petroleum Corporation(GSPC), was incorporated on 6th June 2006 with an authorised capital of Rs. 100 crores forimplementing the City Gas distribution project for supply of CNG to the household andautomobile sectors in Gandhinagar, Mehsana and Sabarkantha Districts of Gujarat. The paidup share capital of the Company is Rs. 20 crores.

Both the promoters have a stake of 25% each in the equity capital of SGL and thebalance has been subscribed to by financial institutions. SGL has set up 20 CNG stations.SGL has achieved a turnover of Rs. 881.55 crores and loss of Rs. 34.27 crores for thefinancial year ending 31st March, 2013, as against a turnover of Rs. 704.57 crores andprofit after tax of Rs. 7.51 crores in the previous year. The Company has not proposeddividend on equity shares for the financial year ending 31st March, 2013, as against Rs.1.50 per equity share declared in the previous year.

Central UP Gas Limited (CUGL)

CUGL is a Joint Venture Company set up in March, 2005 with GAIL as the other partnerfor implementing the project for supply of CNG to the household, industrial and automobilesectors in Kanpur and Bareilly in Uttar Pradesh. The authorised and paid up share capitalof the Company is Rs. 60 crores. The joint venture partners have each invested Rs. 15crores in the joint venture, with each partner having an equity stake of 25% in thecompany. The balance equity share capital had been subscribed to by the financialinstitutions viz. IDFC Private Equity, Asian Development Bank (ADB) and a subsidiary ofIL&FS Investment Managers. The financial institutions have sold their stake in themonth of June 2013 to Indraprastha Gas Ltd., which now holds 50% of CUGL's equity. CUGLhas set up 12 CNG stations and is carrying on PNG operations.

CUGL has achieved a turnover of Rs. 161.15 crores and profit of Rs. 20.98 crores forthe financial year ending 31st March, 2013, as compared to a turnover of Rs. 124.71 croresand a profit of Rs. 21.12 crores in the previous year. The EPS for the year stood at Rs.3.50 as against Rs. 3.52 in 2011-12. The Board of Directors has recommended the payment offinal dividend at Rs. 0.35 per share in addition to the payment of interim dividend of Rs.0.90 per share in June 2013 for the current year, as against Rs. 1.25 per share for theprevious year.

Maharashtra Natural Gas Limited (MNGL)

MNGL was set up on 13th January 2006 as a Joint Venture Company with GAIL forimplementing the project for supply of CNG to the household, industrial and automobilesectors in Pune and its nearby areas. The Company was incorporated with an authorisedshare capital of Rs. 100 crores. The paid up share capital of the Company is Rs. 95crores. BPCL and GAIL have invested Rs. 22.50 crores each in MNGL's equity capital. TheMaharashtra Government provisionally agreed to hold a 5% stake in the Company. The balanceequity shares have been subscribed by IDFC Private Equity, ILFS and Axis Bank. The Companyhas set up 17 CnG stations in the financial year 2012-13.

MNGL has achieved a turnover of Rs. 199.31 crores for the financial year ending 31stMarch, 2013 and profit of Rs. 35.41 crores for the year, as against a turnover of Rs.85.99 crores and profit of Rs. 10.74 crore in the previous year. The MNGL Board hasproposed a dividend of Rs. 0.80 per equity share for the financial year ending 31st March2013, as against Rs. 0.30 per equity share declared in the previous year.

Bharat Stars Services Private Limited (BSSPL)

BSSPL, a Joint Venture Company promoted by BPCL and ST Airport Pte Limited, Singaporewas incorporated on 13th September, 2007 for providing into-plane fuelling services at thenew Bengaluru International Airport. The Company was incorporated with an authorised sharecapital of Rs. 20 crores. The paid up share capital of BSSPL is Rs. 20 crores.

The two promoters have each subscribed to 50% of the equity share capital of BSSPL andBPCL's present investment stands at Rs. 10 crores. The Company, which commenced itsoperations at the new international airport in Bengaluru from May, 2008 has alsoincorporated a wholly owned subsidiary for implementing into-plane fuelling services atthe new T3 Terminal of Delhi International Airport. The Company is also planning to enterCalicut Airport and other nearby airports.

BSSPL has achieved a turnover of Rs. 11.69 crores for the financial year ending 31stMarch, 2013 and profit of Rs. 1.95 crores, as against a turnover of Rs. 10.38 crores and aprofit of Rs. 1.50 crores in the previous year. The Board has recommended a dividend ofRs. 0.25 per equity share for the financial year ending 31st March, 2013, as against Rs.0.20 per equity share declared in the previous year.

Bharat Renewable Energy Limited (BREL)

BREL was incorporated on 17th June, 2008 for undertaking the production, procurement,cultivation and plantation of horticulture crops such as Karanj, Jathropha and Pongamia,trading, research and development and management of all crops and plantation includingBio-fuels in the State of Uttar Pradesh, with an authorized capital of Rs. 30 crores. TheCompany has been promoted by BPCL with Nandan Cleantec Limited (erstwhile Nandan BiomatrixLimited), Hyderabad and the Shapoorji Pallonji group, through their affiliate SP AgriManagement Services Private Limited. Each of the partners has an equal stake in the equitycapital of the joint venture. The project envisages plantation of Jathropha in 1 millionacres (4,04,686 hectares) of marginal land, which has the potential of generatingemployment/self employment for 1 million people and producing 1 million tonnes ofBio-diesel with an investment of Rs. 2,200 crores over the next 10-15 years.

The Government of Uttar Pradesh has approved the project under "JeevanJyoti," a scheme of the Government which has the benefit of release of funds underthe Mahatma Gandhi National Rural Employment Guarantee (MGNREG) scheme.

BREL has recorded a turnover of Rs. 0.41 crores for the financial year ending 31stMarch, 2013 and incurred a loss of Rs. 2.13 crores, as against a miscellaneous income ofRs. 0.05 crores and a loss of Rs. 1.85 crores in the previous year.

The Shapoorji Pallonji group has recently indicated their intention to exit the jointventure and have offered their holdings to the existing promoters in the proportion oftheir current shareholding.

Matrix Bharat Pte Limited (MBPL)

MBPL is a Joint Venture Company incorporated in Singapore on 20th May, 2008 forcarrying on the bunkering business and supply of marine lubricants in the Singaporemarket, as well as international bunkering including expanding into Asian and Middle Eastmarkets. The Company has been promoted by BPCL and Matrix Marine Fuels LP USA, anaffiliate of the Mabanaft group of companies, Hamburg, Germany. The authorised capital ofthe Company is USD 4 million, which is equivalent to Rs. 20 crores. Both the partners havecontributed equally to the share capital. Matrix Marine Fuels LP USA has subsequentlytransferred their share and interest in the joint venture in favour of Matrix Marine FuelsPte Limited, Singapore another affiliate of the Mabanaft group. The Company was previouslyknown as Matrix Bharat Marine Services Pte Limited before it was changed to Matrix BharatPte Limited.

MBPL has achieved a turnover of USD 566.97 Million and incurred loss of USD 3.98Million for the year ending 31.12.2012, as compared to a turnover of USD 928.71 Millionand a profit of USD 0.33 Million in the previous year.

Petronet India Limited (PIL)

BPCL has 16% equity participation with an investment of Rs. 16 crores in PIL, which wasformed as a non-government financial holding company for the development of pipelinenetwork throughout the country. PIL has facilitated pipeline access on a common carrierprinciple through joint ventures for pipelines put up by them viz. Vadinar-Kandla,Kochi-Coimbatore-Karur and Mangalore-Hassan-Bangalore. PIL registered an income of Rs.0.26 crores and a net loss of Rs. 0.09 crores for the financial year ending 31st March,2013, as against an income of Rs. 0.23 crores and a net loss of Rs. 0.25 crores in theprevious year.

The new pipeline policy announced by the Government of India some time back hasaffected the future of the company, as interested companies are permitted to undertakepipeline projects and PIL does not have any new projects in hand. As such, promoters andother investors in PIL have reached a conclusion that continuation of PIL would not beviable. Accordingly, the winding up process has been initiated and the process ofdivesting PIL's 26% equity in the three joint venture companies promoted by it is inprogress. The Board of Directors of BPCL, in its meeting held in December 2006, acceptedPILs offer to buy 26% stake in the equity of Petronet CCK Limited where BPCL already holds49% of the paid up share capital. This is awaiting receipt of approval of the Governmentof India.

Petronet CCK Limited (PCCKL)

BPCL has invested a sum of Rs. 49 crores for a 49% stake in the equity capital ofPCCKL, a Joint Venture Company promoted with PIL with an authorised capital of Rs. 135crores. The paid up share capital of the Company is Rs. 100 crores. The Company owns the292 km long multi-product Kochi-Karur pipeline from BPCLs installation at Irimpanam toKarur for transportation of MS, HSD and SKO. The pipeline commenced commercial operationsfrom September, 2002.

The pumping volume during the year 2012-13 amounted to 2.60 MMT, as against 2.21 MMT inthe previous year. PCCKL registered a turnover of Rs. 101.59 crores and loss of Rs. 18.83crores for the financial year ending 31st March, 2013, as compared to a turnover of Rs.69.50 crores and net profit of Rs. 20.34 crores in the previous year. BPCL has initiatedsteps subject to completion of all formalities to purchase the 26% share of PIL in PCCKL.

Delhi Aviation Fuel Facility Private Limited (DAFFPL)

A Joint Venture Company, Delhi Aviation Fuel Facility Private Limited was promoted byBPCL, IOC and Delhi International Airport Limited (DIAL) for implementing Aviation Fuelfacility for the T3 terminal at Delhi International Airport. The paid up share capital ofthe Company is Rs. 164 crores. BPCL and IOC have subscribed to 37% of the share capital ofthe Joint Venture, while the balance has been taken by DIAL. BPCL's onsite assets at theDelhi Airport were transferred to the Joint Venture. DAFFPL has registered a turnover ofRs. 95.36 crores and net profit of Rs. 29.63 crores for the financial year ending 31stMarch, 2013, as against a turnover of Rs. 122.75 crores and net profit of Rs. 35.91 in theprevious year. The Company has proposed a dividend of Rs. 1.20 per equity share for thefinancial year ending 31st March, 2013, as against Rs. 2.50 per equity share declared inthe previous year.

Kannur International Airport Limited (KIAL)

The Government of Kerala has promoted KIAL as a public limited company to establish,operate, manage, undertake and maintain airports and allied infrastructure facilities atKannur and/or other parts of India and to provide other services, either individually orin association with other undertakings or companies in India or abroad. To start with,KIAL would set up an Airport at Kannur in the state of Kerala at an estimated project costof Rs. 1,414 crores, of which Rs. 784 crores will be financed through equity and thebalance sum of Rs. 630 crores will be financed by way of borrowings.

BPCL has signed an MOU with KIAL for building a new Airport at Kannur. The Board hasapproved the proposal for BPCL to invest Rs. 170 crores for 21.68% equity stake in theCompany. Of this, BPCL has made an initial equity contribution of Rs. 40 crores.

GSPL India Transco Limited

BPCL has signed a Joint Venture Agreement in April, 2012 with Gujarat State PetronetLtd., IOC and HPCL for laying the Mehsana-Bhatinda (MBPL) and Bhatinda-Jammu-Srinagar(BJSPL) gas pipelines. GSPL India Transco Limited will be executing the project and BPCLwill contribute 11% of the total equity of the Company. The balance will be contributed byGSPL (52%), IOC (26%) and HPCL (11%).

BPCL has made the initial equity contribution of Rs. 7.70 crores. This being the firstyear of operations, GSPL India Transco Limited earned a miscellaneous income of Rs. 1.23crores and net profit of Rs. 0.83 crores for the financial year ending 31st March, 2013.

GSPL India Gasnet Limited

BPCL has signed a Joint Venture Agreement on 30th April, 2012 with Gujarat StatePetronet Ltd., IOC and HPCL for laying the Mallavaram-Bhopal-Bhilwara-Vijaipur(MBBVPL) gaspipeline. GSPL India Gasnet Limited will be executing the project and BPCL will contribute11% of the Company's total equity capital. The balance will be contributed by GSPL (52%),IOC (26%) and HPCL (11%).

BPCL has made the initial equity contribution of Rs. 8.47 crores. This is the firstyear of operations of GSPL India Gasnet Limited and the Company earned a miscellaneousincome of Rs. 0.95 crores and net profit of Rs. 0.65 crores for the financial year ending31st March, 2013.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The details regarding energy conservation, technology absorption and foreign exchangeused and earned as required by Section 217(1)(e) of the Companies Act, 1956, are given inAnnexure A.

MEMORANDUM OF UNDERSTANDING WITH MINISTRY OF PETROLEUM & NATURAL GAS

BPCL, for the 24th successive year, has entered into a Memorandum of Understanding(MOU) for the year 2013-14 with the Ministry of Petroleum & Natural Gas. BPCL has beenachieving an "Excellent" performance rating since 1990-91.

PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A)

Information required under Section 217(2A) of the Companies Act, 1956, read with theCompanies (Particulars of Employees) Rules, 1975, is enclosed as Annexure C.

CORPORATE GOVERNANCE

As required under Clause 49 of the Listing Agreement and Department of PublicEnterprises (DPE) Guidelines, the Report on Corporate Governance, together with theAuditors' Certificate on compliance of Corporate Governance, is annexed as Annexure B. TheReport indicates the extent of compliance of the Corporate Governance VoluntaryGuidelines, 2009 issued by the Ministry of Corporate Affairs.

The Company has engaged M/s. Dholakia & Associates, Company Secretaries forconducting the Secretarial Audit for the year 2012-13. The Secretarial Audit Report isenclosed as part of Annexure B.

Management Discussion and Analysis Report (MD&A) forms part of the Annual Report.The forward looking statements made in MD&A are based on certain assumptions andexpectations of future events. The Directors cannot guarantee that these assumptions areaccurate or these expectations will materialize.

SOCIAL, ENVIRONMENTAL AND ECONOMIC RESPONSIBILITIES

BPCL is committed to be a responsible corporate citizen in society, which leads tosustainable growth and economic development for the nation as well as all stakeholders. Inorder to be a responsible business to meet its commitment, the Board of Directors of theCompany has delegated to 'CSR and Sustainability Committee', review of the BusinessResponsibility Policies based on the principles of National Voluntary Guidelines onSocial, Environmental and Economic Responsibilities of Business as issued by the Ministryof Corporate Affairs, Government of India. In line with the same and Clause 55 of theListing Agreement, Business Responsibility Report is forming part of the Annual Report.This Report is in addition to BPCLs Sustainability Reporting in accordance with the GlobalReporting Initiative (GRI).

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors of BPCL confirmthat:

1) In the preparation of the Annual Accounts, all the applicable Accounting Standardshave been followed along with proper explanation relating to material departures.

2) The Company has selected such Accounting Policies and applied them consistently andmade judgements and estimates that are reasonable and prudent so as to give a true andfair view of the State of Affairs of the Company as on 31st March 2013 and of theStatement of Profit and Loss of the Company for the year ended on that date.

3) The Company has taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act, 1956, forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities.

4) These Accounts have been prepared on a going concern basis.

DIRECTORS

Prof. J. R. Varma, Shri B. Chakrabarti and Shri R. N. Choubey were appointed asAdditional Directors on 10.08.2012. The shareholders have appointed them as Directors ofthe Company at the Annual General Meeting held on 21.09.2012.

Shri Alkesh Kumar Sharma, Secretary (IP), Government of Kerala resigned from the Boardwith effect from 12.10.2012. The Directors have placed on record their appreciation of thevaluable contributions made and guidance given by him for the development and progress ofthe Company's business.

Prof. S. K. Barua and Prof. N. Venkiteswaran resigned from the Board of Directors witheffect from 23.11.2012. The Directors have placed on record their appreciation of thevaluable contributions made and guidance given by them for the development and progress ofthe Company's business.

Shri Tom Jose, Managing Director, Kerala State Industrial Development Corporation wasappointed as Additional Director on the Board with effect from 24.01.2013. As he has beenappointed as Additional Director, he will hold office till the ensuing Annual GeneralMeeting. Notice under Section 257 of the Companies Act, 1956 has been received from aMember proposing his name for appointment as Director at the ensuing Annual GeneralMeeting.

Shri H. M. Jagtiani and Shri I. P. S. Anand resigned from the Board with effect from6.03.2013 and 15.03.2013 respectively. The Directors have placed on record theirappreciation of the valuable contributions made and guidance given by them for thedevelopment and progress of the Company's business.

Shri R. N. Choubey, Director General, Directorate General of Hydrocarbons, Ministry ofPetroleum & Natural Gas resigned from the Board with effect from 10.04.2013. TheDirectors have placed on record their appreciation of the valuable contributions made andguidance given by him for the development and progress of the Company's business.

Dr. Neeraj Mittal, Joint Secretary (Marketing), Ministry of Petroleum & Natural Gaswas appointed as Additional Director with effect from 11.04.2013. As he has been appointedas Additional Director, he will hold office till the ensuing Annual General Meeting.Notice under Section 257 of the Companies Act, 1956 has been received from a Memberproposing his name for appointment as Director at the ensuing Annual General Meeting.

Shri K. K. Gupta and Shri B. K. Datta, Directors, will retire by rotation at theensuing Annual General Meeting as per the provisions of Section 256 of the Companies Act,1956, and being eligible, offer themselves for re-appointment as Directors at the saidMeeting.

As required under the Corporate Governance Clause, brief bio-datas of the aboveDirectors who are appointed / re-appointed at the Annual General Meeting are provided inthe Corporate Governance Report.

STATUTORY AUDITORS

M/s. T.R. Chadha & Co. Chartered Accountants, Mumbai and M/s. K. Varghese & Co.Chartered Accountants, Kochi, were appointed as Statutory Auditors for the year 2012-13,by the Comptroller & Auditor General of India (C&AG), under the provisions ofSection 619 (2) of the Companies Act, 1956. They will hold office till the ensuing AnnualGeneral Meeting.

COST AUDITORS

During the year 2012-13, the Cost Audit Report has been filed with the Ministry ofCorporate Affairs on 28.01.2013 in XBRL Format as per the requirements of The Companies(Cost Audit Report) Rules, 2011. The due date for filing the Cost Audit Report was28.02.2013. This Cost Audit Report pertains to the year 2011-12 and the Cost Auditors wereM/s. N. I. Mehta & Co., Mumbai and M/s. Muralidhar Mohan & Associates, Mumbai.

For the year 2012-13, M/s. Rohit & Associates, Mumbai & M/s. Musib &Company, Mumbai have been appointed as the Cost Auditors. The due date for filing the CostAudit Reports for 2012-13 is 30.09.2013, for which necessary action is being taken.

ACKNOWLEDGEMENTS

The excellent performance of the Company in 2012-13 would not have been possiblewithout the sincere efforts and commitment shown by each one of BPCL's dedicatedemployees. The Directors would like to record their thanks to the employees for theiroutstanding performance on all fronts.

The Directors express their gratitude to the support and guidance received from variousMinistries of the Government of India, particularly the Ministry of Petroleum &Natural Gas, and from various State Governments which have contributed immensely in BPCLbeing able to achieve its ambitious targets.

The Directors convey their appreciation for the continuing support and encouragement ofeach and every stakeholder of BPCL including customers, dealers, distributors, vendors,contractors and other business partners.

Every shareowner has been steadfast in their support for each and every initiativeundertaken by the Company. The Directors would like to acknowledge this support and remaincommitted to working towards further enhancing shareholders' value.

For and on behalf of the Board of Directors
Sd/-
Mumbai R.K. Singh
Date: 14th August, 2013 Chairman & Managing Director

ANNEXURE TO THE DIRECTORS' REPORT

ANNEXURE A

Efforts made by BPCL in regard to Conservation of Energy, Technology Absorption,Foreign Exchange Earnings & Outgo, which are required to be given under Section217(1)(e) of the Companies Act,1956, are as under:

A. CONSERVATION OF ENERGY

(i) Energy conservation measures taken and additional investment/proposals forconservation of energy:

Energy conservation efforts received continuous focus, both in terms of improvement inoperations/ maintenance as well as development of new projects. Continuous monitoring offuel consumption and hydrocarbon loss is undertaken using sophisticated instruments anddata acquisition system. Elaborate energy accounting and Management Information Systemsare important features of Refinery operations. BPCL refineries have been committed toconserve energy at all levels, through sustained efforts. Fully aware of the currentsupply/demand gap reaching a critical point and supply worries compounded by the high costof crude oil import, BPCL is not only highly energy conscious but also continuouslystrives hard to conserve energy and thus, contribute immensely in saving natural resourcesand protecting the environment. A key modification in Hydrogen unit steam network enabledimprovement in pre-reformer temperature, reduction in reformer skin temperature andreduction in fuel consumption.

Besides excellence in Refining Process, BPCL is pursuing relentlessly in the areas ofenergy conservation and environment management. Mumbai Refinery achieved the lowest ever"Specific Energy Consumption" of 65.45 MBTU/BBL/NRGF during the year 2012-13,surpassing the previous best of 67.32 achieved during 2011-12. As a part of Oil & GasConservation Fortnight 2013, M/s. Centre for High Technology (CHT) had organized adetailed "Steam Leak and Boiler Efficiency" survey in the Refineries along withexternal experts. In addition, various awareness programs on the Oil Conservation themewere conducted, both inside & outside the refineries.

BPCL refineries have been in the forefront to protect the environment and have beenconstantly on the look out for energy saving opportunities.

Mumbai Refinery

The following energy conservation and loss control measures were adopted by MumbaiRefinery during the year 2012-13 which have resulted in significant fuel savings:

Maximization of crude throughput in the modern highly energy efficientIntegrated Crude & Vacuum Unit.

Anti-fouling chemical injection in all Crude & Vacuum Units.

"Chemical decontamination" technique has been adopted for theRefinery turnarounds. This resulted in reduction of turnaround duration and also improvedquality of heat exchanger cleaning.

During turnaround, the services of the combustion technology specialistswere obtained, to acquire the best practices, leading to improved efficiency of thefurnaces.

Excellent Hydrogen Management was achieved by processing of the hydrogenrich Catalytic Reformer Unit (CRU) off gas in DHDS, Hydro-cracker Unit PSA and HydrogenUnit feed, to recover valuable hydrogen from the off gases.

Modification in Hydrogen unit steam network enabled improvement inpre-reformer temperature, reduction in reformer skin temperature and reduction in fuelconsumption. With this change, process heat was augmented by reducing steam superheat.

Online chemical cleaning of furnaces to clean off fouling and deposits onthe radiation tubes.

Use of energy saving CFL lamps.

Continuous monitoring & control of all parameters of Furnaces &Boilers.

Continuous monitoring & control of flare.

Regular steam insulation & leak surveys.

A state-of-the-art "Energy Portal" for online monitoring ofRefinery Process Performance and energy consumption was deployed as part of the ''BusinessProcess Monitoring and Intelligence" system.

Crude side "anti-fouling" injection in one of the CrudeDistillation Units for improving crude pre-heat.

In addition, Mumbai Refinery is implementing / planning to implement various energyconservation and loss control projects as given below:

Installation of Flare Gas Recovery System for recovering flare gas.

Replacement of old Standalone Crude and Vacuum units with state-of-the-art,energy efficient integrated unit with higher distillate yield.

Air-Fuel ratio controller in fired furnaces and CO Boiler for improvingfurnace efficiency.

Implementation of various energy saving schemes / projects identified duringthe "Refinery Performance Improvement Program" (RPIP). This program is beingguided by CHT under the auspices of Ministry of Petroleum and Natural Gas (MOP&NG).

Condensate recovery in the Utility Complex.

Implementation of various ideas generated during the "Joint EnergyAudit" program initiated by CHT.

Implementation of "Zero steam leaks" program in the process units.

A detailed "Electrical Energy Audit" by a reputed consultant.

A detailed survey of Fibre Reinforced Blades (FRP) in air fin coolers in theRefinery.

During the year, Mumbai Refinery was awarded the first prize for having the best"Specific Energy Consumption" for FY 2011-12 among Indian Refineries under thecategory of Composite Energy Index equal to or less than 5 by CHT (MOP&NG).

Kochi Refinery

The following energy conservation and loss control measures were adopted during theyear 2012-13, resulting in significant fuel savings:

Dynamic surge controller provided in main air blower (MAB) of FluidCatalytic Cracking unit (FCCU) leading to steam reduction in MAB turbine.

Improving pre-heat in Diesel Hydro Desulphurisation (DHDS) Unit, postbypassing of pre-heat exchanger bypass scheme for avoiding pressure fluctuation.

Conversion of overhead fans in FCCU to FRP type.

Improvement in condensate recovery.

Implementation of Heat of Compression (HoC) dryer in instrument air system.

Steam optimization in CDU-2 ejectors.

Modification of pre-heat circuit by relocation of CE6 exchanger downstreamof pre-fractionator, in case of crude with high bottoms.

Laying new pipeline for Crude Distillation Unit -2 (CDU-2) Vacuum Residue(VR) for uninterrupted operation of Visbreaker Unit (VBU).

16 pump drives changed to variable frequency drives (VFD).

Reducing UB11 boiler feed water pump speed, thereby saving steam.

Minimization of energy losses by enhancing steam trap availability in CDU-2offsite area.

Reduction in steam consumption by isolating one steam line header and byclose monitoring of steam generation and consumption.

Steam traps survey and rectification leading to reduction in steamconsumption. Measures being implemented are as given below:

Pinch analysis of CDU-2 pre-heat train.

Anti foulant injection in CDU-2.

VR recycle through vacuum heater in CDU-2 for pre-heat and velocityimprovement.

Alternative for replacing high pressure (HP) steam with medium pressure (MP)steam in Aromatics Recovery Unit (ARU).

Action plan based on 'Solomon Associates' Benchmarking study report.

VFD installation in new process units - VGO HDS, NHT/CCR.

Installation of VFDs for 7 CDU-2 motors.

Intake of Regassified Liquefied Natural Gas (RLNG).

Advanced Process Control (APC) implementation in process units CCR & VGOHDS.

Energy audit of air-conditioning systems in the Refinery and implementationof audit recommendations.

Environment jobs completed during 2012-13:

Commissioned the Sewage Treatment Plant having a capacity of 250 KlVday.

Two additional ambient air quality monitoring stations (AAQMS) wereinstalled inside the Refinery.

Commencement and continuous uploading of online ambient air qualitymonitoring data to CPCB server from three AAQMS.

Facilities installed for the intake of RLNG and thereby to reduce SO2 andCO2 emissions.

A new electrostatic precipitator (ESP) was installed to reduce particulatematter emissions from FCC regenerator flue gases.

Annual magazine "ENCON NEWS" for the benefit of ENCON Club Membersand Institutions brought out by E&E Section.

Ministry of Environment and Forests, Government of India has granted theenvironment clearance for the Integrated Refinery Expansion Project (IREP) on 22ndNovember, 2012.

Impact of the measures for reduction of consumption of energy & consequentialimpact on the cost of production of goods:

Fuel savings as a result of the energy conservation measures implemented in KochiRefinery during the year 2012-13 correspond to a total savings potential of about 14,455tonnes of fuel oil equivalent.

B. TECHNOLOGY ABSORPTION

The Refineries implemented the following projects to obtain the benefits of the latesttechnological developments and advances

Mumbai Refinery

Innovative schemes developed for operational improvements and economics viz AdvancedProcess Control (APC), Processing of High Aromatic Extract (HAE) from New Solvent Unit(NSU) along with middle reformate were implemented.

Kochi Refinery

Innovative schemes were developed for operational improvements and economics such asinstallation of anti-surge controller in Main Air Blower (MAB), conducting Steam trapaudit and preventive maintenance, optimisation of ejector steam consumption, installationof heat of compression type instrument air dryer, modification of pre heat circuit forpre-heat improvement in CDU 1 etc, were implemented.

Details regarding the efforts made in technology absorption as per the prescribed FormB are annexed hereto

C. FOREIGN EXCHANGE EARNINGS / OUTGO

(i) Activities related to exports; initiatives taken to increase exports; developmentof new export markets for products and services; and export plans:

Crude Oil Imports

BPCLs imports of crude oil rose from 16.27 MMT in the year 2011-12 to 17.00 MMT in theyear 2012-13. Although efforts were made to increase the quantities imported under termcontracts, the limited availability of low sulphur crude oil from West Africa meant thatBPCL had to increase the quantity procured on spot basis. The ratio of "Term toSpot" was 72:28 in the year 2012-13, as compared to the ratio of 86:14 in theprevious year 2011-12. With the enhancement of spot quantities, BPCL made renewed effortsto seek better terms and conditions with the suppliers, expanded the vendor base and addednew grades of crude oil.

The international crude oil markets remained extremely challenging since the crude oilprices remained volatile. The year saw the prices of the benchmark Brent crude range froma low of USD 89 per barrel to a high of USD 125 per barrel. However, the average price ofthe imported crude oil in 2012-13 was lower when compared to the average price in theprevious year. In value terms, the Free on Board (FOB) cost of imported crude oil amountedto USD 14.134 billion ( Rs. 76,950 crores) in 2012-13, as compared to USD 13.848 billion (Rs. 67,287 crores) in the previous year. The average price paid by BPCL for the crude oilimported during the year 2012-13 stood at USD 110.27 per barrel, as compared to USD 112.40per barrel in the previous year.

Domestic Crude

BPCLs dependence on imports for meeting the crude oil requirements of its refinerieshas been increasing. Ensuring timely supplies of crude oil to the refineries remained achallenging task in the year 2012-13. Supply of crude oil from domestic sources has beenon the decline, owing to the reduction in ONGC's production volume. Supply of Mumbai Highcrude to Mumbai Refinery and Kochi Refinery came down from 6.05 MMT in the year 2011-12 to5.79 MMT in the year 2012-13. Geo-political developments like the sanctions imposed onIran, a major crude oil supplier, has made the task of imports more challenging.

Product Import & Export

In the recent past, BPCL's dependence on import of petroleum products for meeting themarket demand has been showing a downward trend. This has continued during the year, withBPCL's import of HSD coming down from 221 TMT in the year 2011-12 to 178 TMT in thecurrent year 2012-13. Further, BPCL did not import MS in 2012-13, as against 317 TMTimported in the previous year. The total quantum of import of petroleum products declinedfrom 1.26 MMT in the year 2011-12 to 0.87 MMT in 2012-13. This decline is also reflectedin the import bill, which has come down from USD 1,251 million ( Rs. 5870 crores) in2011-12 to USD 795 million ( Rs. 4293 crores) in 2012-13. On the export front, there hasbeen a declining trend. BPCL exported 3185 TMT (USD 2504 million) of refined petroleumproducts during the year 2012-13 as compared to 3486 TMT (USD 2946 million crores) duringthe previous year. Naphtha continued to remain as a principal component of export basket.However, the quantity came down from 1990 TMT in the previous year to 1788 TMT in 2012-13.The reduction in the export quantities and the lower prices in the international markethave led to a lower realization from naphtha exports which declined from USD 1885 millionin 2011-12 to USD 1637 million in 2012-13. Fuel oil export during the year 2012-13 was1373 TMT against 1301 in 2011-12 with the sales realization of USD 860 million in 2012-13against USD 879 million in the previous year. BPCL retained its position as a PremierTrading House - a recognition granted by Directorate General of Foreign Trade.

Chartering of Vessels

Optimisation of tanker freight cost continued to remain a focus area in the year2012-13. Based on the freight economics, vessels of different sizes - Very Large CrudeCarriers (VLCC), Suezmax and Afframax vessels, were used to bring crude oil from abroad tothe refineries. Where possible, co-loading of cargo on VLCC vessels from discharge at twodifferent ports was done, to avail the advantage of lower cost. A combination of timechartered vessels, voyage chartered vessels and vessels on Contract of Affreightment (COA)were employed for the import of crude oil. A major share of transportation was contributedby spot chartered vessels. Out of the total crude oil imports of 17 MMT, nearly 81% i.e.13.79 MMT was transported by spot chartered vessels. Time chartered vessels transported1.58 MMT crude oil and the COA vessels transported the remaining quantity. The freightcost for the year amounted to USD 178.59 million ( Rs. 981 crores), as against USD 177.8million ( Rs. 882 crores) in the previous year.

Risk Management

BPCL was successful in hedging the refinery margins to cover the operating cost of itsrefineries in an extremely volatile environment. Apart from hedging the refinery margins,BPCL undertook hedging of fuel oil bunker and freight cost of the tankers taken on spotcharter and COA. Risk management activities have grown over the years, not only in termsof budgets to be protected, but also in terms of volumes, as BPCL expands its refiningcapacities. BPCL was conferred the prestigious award of "Derivatives House of theYear, Asia - Corporate." BPCL continues to adopt sound risk management principles inits day to day operations. The Trading & Risk Management (TRM) Board articulates therisk appetite of the Organization and carries out overall risk oversight. The RiskManagement Committee oversees the implementation of risk management policies. Regularreviews are undertaken of hedging positions and credit exposure of the counterparties. ii)The details of foreign exchange earnings & outgo are given below:

Rs. Crores
2012-13 2011-12
Earnings in Foreign Exchange 18,455.61 19,315.61
- includes receipt of Rs. 1,712.33 crores (previous year Rs. 2,210.72 crores) in Indian currency out of the repatriable funds of foreign airline customers and Rs. 98.88 crores (previous year Rs. 48.81 crores) of INR exports to Nepal and Bhutan.
Foreign Exchange Outgo 81,893.37 75,060.25
- on account of purchase of Raw Materials, Capital Goods, Chemicals, Catalysts, Spare Parts, International Trading Activities.

FORM A

FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY

1. MUMBAI REFINERY
A. Power & Fuel Consumption 2012-13 2011-12
1 Electricity
a) Purchased
Units (Million KWH) 36.13 24.36
Total Amount (r Crores) 28.56 18.76
Rate/Unit (r /KWH) 7.90 7.70
b) Own Generation
Through Steam Turbine/ Generator
Units (Million KWH) 555.12 565.89
Units per Ton of Fuel 3,491.36 3,428.51
CosVUnit (r/KWH) 8.03 6.34
2 Coal - -
3 Furnace Oil/Liquid Fuel
LSHS Qty - MT 276,205.62 259,502.45
Total amount (r Crores) 1,077.47 888.56
Avg. Rate (r/Unit) 39,009.72 34,240.91
IBP-60 Qty - MT - 56.00
Total amount (r Crores) - 0.26
Avg. Rate (r/Unit) - 46,920.80
4 Others/Internal Generation
Bombay High Associated Gas (BHAG)
Qty - (MT) - -
Total amount (r Crores) - -
Avg. Rate (r/Unit) 14,453.78 12,525.77
Regassified Liquid Natural Gas (RLNG)
Qty - (MT) 44975.00 59,760.07
Total amount (r Crores) 204.58 202.27
Avg. Rate (r/Unit) 45,487.12 33,846.49
Internal Fuel
Refinery Gas Qty - (MT) 93,849.59 87,507.72
Total amount (r Crores) 366.11 299.63
Avg. Rate (r/Unit) 39,009.72 34,240.91
PSA Off Gas Qty - (MT) 128,859.56 124,027.70
Total amount (r Crores) 88.68 74.92
Avg. Rate (r/Unit) 6,881.74 6,040.47
FCC Units Coke Qty - MT 80,506.77 80,489.63
Total amount (r Crores) 314.05 275.60
Avg. Rate (r/Unit) 39,009.72 34,240.91

Notes:

1. Total Power generation is inclusive of power generation in FCC TG.

2. Cost per unit of power generated in CPP has increased due to increase in fuel cost& depreciation.

B. Energy Consumption Per Unit of Production
Unit Stds. if any* 2012-13 2011-12
Production of Petroleum products MT 12,458,098 12,726,460
Electricity KWH / MT 47.46 46.38
LSHS / IBP-60 Kg/MT 22.17 20.40
Gas (Excluding CPP) Kg/MT 21.49 21.32
FCC Units Coke Kg/MT 6.46 6.32

* No fixed consumption parameter can be attributed to a particular product as theproduct pattern of the Refinery is governed by supply/demand scenario of products andGovt. directives. It is also a function of quantity/ type of crude processed, plannedshutdown of processing units for maintenance/inspection and severity of operations ofprocessing units which varies widely.

2. KOCHI REFINERY

A. Power & Fuel Consumption 2012-13 2011-12
1. Electricity
a) Purchased
Units (Million KWH) 60.24 30.86
Total amount ( Rs. Crores) 40.57 16.16
Rate/Unit ( Rs. /KWH) 6.73 5.24
b) Own Generation
i) Through Gas Turbine generation
in CPP (Million KWH) 328.27 356.89
Units (KWH) per kg of fuel oil/gas 2.96 2.95
CosVUnit ( Rs. /KWH) 11.48 10.10
ii) Through Steam Turbine Generation (Million KWH) 60.79 58.77
CosVUnit ( Rs. /KWH) 8.55 9.35
2. FCC coke for steam generation
Quantity (MT) 52,757.24 62,518.00
Total Cost ( Rs. Crores) 192.56 230.87
Average rate ( Rs. /MT) 36,499.46 36,928.27
3. LSHS
Quantity (MT) 358,646.11 364,112.00
Total Cost ( Rs. Crores) 1,309.04 1,344.60
Average rate ( Rs. /MT) 36,499.46 36,928.27
4. DHDS Naphtha
Quantity (MT) 24,082.85 37,029.00
Total Cost ( Rs. Crores) 111.73 156.17
Average rate ( Rs. /MT) 46,394.18 42,176.04
5. Others (Refinery Fuel Gas) :
(Excluding fuel used for Power Generation)
Quantity (MT) 150,093.98 155,411.00
Total Cost ( Rs. Crores) 547.84 573.91
Average rate ( Rs. /MT) 36,499.46 36,928.27

Notes :

1. Fuel for CPP consisted of Intermediates.

2. The purchased power is net of export to KSEB.

3. Cost of FCC coke, LSHS, Intermediates, Refinery Fuel Gas etc. are at average cost.

B. Energy Consumption per unit of production

Unit Stds. if any* 2012-13 2011-12
Production of Petroleum products (MT) 10,104,303 9,557,090
Electricity (KWH / MT) 46.81 49.65
FCC Coke (KG / MT) 5.62 7.11
LSHS (KG/ MT) 38.22 41.39
DHDS Naphtha and Refinery fuel gas (KG / MT) 18.56 21.88

* No fixed consumption parameter can be attributed to a particular product as theproduct pattern of the Refinery is governed by supply/demand scenario of products andGovt. directives. It is also a function of quantity/ type of crude processed, plannedshutdown of processing units for maintenance/inspection and severity of operations ofprocessing units which varies widely.

FORM B

FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO TECHNOLOGY ABSORPTION RESEARCH &DEVELOPMENT (R&D)

1. Specific areas in which R&D has been carried out by the Company :

1) Detailed Crude Evaluations and Crude/blend compatibility studies.

2) Development of fuel additives/blending schemes.

3) Development of Catalysts and Catalyst additives.

4) Development of new process technology for distillate improvements.

5) Modeling and Simulation of Refinery processes.

6) Corrosion and fouling studies.

7) Advanced Tech support to Refinery & Marketing Operations.

8) Co-processing of Vegetable Oil with gas oil in diesel hydrotreater.

9) Development of modified Bitumen products.

10) Development of process know how for improved poly-packing of bitumen.

11) Alternate fuels - bioethanol, biobutanol, biodiesel, green diesel and hydrogen.

- Development of process for production of bioethanol & biobutanol fromlignocellulosic biomass.

- Development of process for synthetic biolubricants for niche applications.

- Identification of best yield elite varieties of jatropha and agronomy practices.

- End-to-end biodiesel process technology development.

- Development of a hybrid process for production of hydrogen.

12) Development of Coal to Liquid (CTL) technology.

13) Development of nanomaterials for on-board gas storage and stationary applications.

14) OE specific High Performance Passenger Car Engine Oil.

15) Semi-synthetic 4T Engine Oil.

16) High Performance Hydraulic Oil.

17) STOU (Super Tractor Oil Universal) for farm tractors.

18) Environment friendly Cutting Oil.

19) Defence Specific Hydraulic Oil.

20) Alternate formulations for existing grades.

2. Benefits derived as a result of the above R&D

1) CTL project (CHT/EIL) of Fischer-Tropsch process technology has been completed asper targets and co-based catalyst formulation successfully developed for conversion ofsyngas to liquid fuel. The performance of catalyst was found to be at par with theindustry.

2) A new 3-phase reactor system for hydroprocessing application has been conceptualizedand validated through lab experiments.

3) Techno-economic feasibility of co-processing vegetable oil with gas-oil completed.

4) Developed CO and NOx reduction catalyst additive.

5) Adsorbent at 1 kg level for adsorptive separation of C3 stream for propylenerecovery developed.

6) Phase I development of activity booster additive for FCC to process nitrogenous feedhas been completed.

7) Detailed crude evaluations aided in enhancing value realization and enlarging thecrude basket.

8) Crude blend compatibility studies helped in processing opportunity crudes.

9) Optimum catalysts and additives were selected / recommended for KR and MR FCC plantsresulting in improved yields/ product quality.

10) A new catalyst formulation developed for hydro conversion of vegetable oil todiesel.

11) In-house development of Ultra Low Sulfur Diesel (ULSD) catalyst completed.

12) Developed VG 22 grade refrigeration compressor oil jointly with P&AD done andOEM approval obtained.

13) Nanomaterial, having NG uptake capacity of about 220 v/v at 35 bar, has beendeveloped and scaled up to 5 Kg level. The developed material exceeds the DOE target of180 v/v for on-board storage application of natural gas.

14) Developed nano-adsorbent for in-situ CO2 uptake during steam methane reformingprocess under CHT/ OIDB project, wherein over 90% H2 production could be achieved at lowertemperatures vis-a-vis 72% under conventional process.

15) Biodiesel pilot plant successfully commissioned and 2 KL production made.

16) Indigenous de-waxing catalyst developed and scaled up to 1 kg level. As part ofthis, new material has been invented and patent titled "Microporous crystallinesilico-alumino/(Metallo) alumina-phosphate molecular sieve and method of synthesisthereof" has been granted in US, Japan and India.

17) Successfully evaluated DRA for use in crude oil and product pipelines. This hashelped in enhancing throughputs in pipeline transfer.

18) Methodology developed for MMBPL pipeline sludge evaluation for microbiological andchemical properties. Dosage optimized for CI at various locations of MMBPL.

19) Anti-foulant chemical dosages firmed up at MR (CDU-I) after lab trail at CRDC.

20) Minimization of corrosion issues in CDU-III at MR crude unit of overhead exchangerswas successful by selection of suitable process chemicals and water wash programs.

21) In-house developed BMCG product is commercially produced and marketed, resulting insubstantial benefit to the Corporation. During the year 2012-13, the domestic sale of BMCGhas been 8,444 MT and 200 MT in the Overseas market deriving profit margins to the tune ofr 13 crores. As per notification number 37 of Central Excise, BPCL is now eligible forexcise duty waiver for 3 years on the BMCG product. Also, the patent titled as"Hydrocarbon Fuel Compositions" in US and Japan has been granted on thecommercialised product Bharat Metal Cutting Gas (BMCG). BPCL has taken steps to get exciseduty exemptions.

22) De-aromatized kerosene (DAK) has been prepared in lab scale using the solventextraction route and the final product meeting the specification < 0.5% aromatics andit was found equivalent to the commercial product.

23) Developed a lab scale process for production of bio-butanol from rice straw underthe project sponsored by DBT. Further development is in progress.

24) Developed a new correlation model for prediction of pour point of heavy productslike FO/LSHS and has been implemented at SCO and MR. This has helped in selection ofcheaper crude oils and thus, enlarged the crude oil basket.

25) The MoU signed with EIL for taking up various collaborative projects, would furtherimprove the commercialisation of R&D efforts.

26) Developed a knowledge base for processing vegetable oil in the existing Refineryhydrotreater.

27) Commercial facility for the production of Bharat Ethanol Corrosion Inhibitor (BECI)at BPCL Mathura installation in UP is being established by Retail after successful fieldtrials of the additive by R&D.

28) Generated LP vectors for FCCU using KBC FCC offline simulation software. This hasresulted in optimization of feedstocks and process conditions.

29) Technical back up for disposal of spent LOBS catalyst.

30) Developed synthetic Group-IV Lube base (PAO) stock for car engines and otherapplications.

31) Lab scale recipes developed for new bitumen grades of FRB and CRMB-Improved forcommercial trials.

32) Technical evaluations of I&C commercial CRMB samples, as third partycertification and resolving product quality issues at customer end were completed.

33) Technical support to MR on process variables study with respect to quality andvalue addition to bitumen with CLO.

34) OE Specific High Performance Passenger Car Engine Oil to meet the requirement ofnew engines of the OE, which would help us generate new business in this Segment.

35) The Semi-Synthetic Oil has put us in a position to offer 4T Engine Oil for the newgeneration High Capacity Motor Cycles and help to generate new business.

36) This Hydraulic Oil is expected to work under very high pressures and extremeambient conditions & prove to be energy efficient thereby reducing operating cost.This will help in exploring new business segments & tie-ups with OEMs.

37) This Super Tractor Oil Universal will help in addressing the farmers' dilemma inselecting the right oil for the right application in their tractors, besides creating newbusiness opportunities.

38) This Environment Friendly Biodegradable Soluble Cutting Oil will help in easydisposal of used cutting oil emulsion while at the same time improving overallperformance. This will help in exploring new business opportunities.

39) Defence Specific Hydraulic Oil would provide an indigenous alternative to Defence.

40) Alternate formulation for existing grades would provide operational flexibility,besides reducing the input cost of respective grades.

3. Future R&D Plans

1) Technology development to process low-cost crude oils like heavy crudes and highacid crude oils for widening of crude window.

2) Development of new de-Salter designs.

3) Prevention of crude column overhead corrosion.

4) Crude pre-heat fouling studies.

5) Studies on novel fluid catalytic cracking process for converting low-value streamsto light olefins.

6) Continuous optimization of addition rates in FCC Units.

7) Process development for production of propylene from propane.

8) Studies on novel 3-phase configuration for hydroprocessing reactions.

9) Demonstration of co-processing of vegetable oil along with gas oil streams.

10) Bio-ATF production from renewable sources.

11) Development of novel reactor configurations for catalytic resid upgradation.

12) Process development for Low Sulphur Bunker Oil.

13) CLO recycling in vacuum column for improved yields, bitumen quality and slopssaving.

14) Use of feed properties and operating conditions to optimize petroleum coke quality.

15) Benchmarking CDU/VDU units with state-of-the-art designs for improving energyefficiency and yields.

16) Modelling and optimization of aromatics extraction process.

17) Simulation and optimization of amine absorption/regeneration units.

18) Continuous monitoring and optimization of Hydroprocessing units by employingin-house developed rigorous kinetic models (including deactivation kinetics, andmechanistic model with catalyst parameters).

19) Development of dynamic simulators for Refinery processes.

20) Minimization of fresh water consumption in Refineries (water pinch analysis).

21) Biofuels (Ethanol, Butanol) production from biomass.

22) Biomass to Liquid production through catalytic hydro-pyrolysis.

23) Process development for producing high cetane number green diesel throughnon-edible vegetable oil hydrotreating.

24) Bio-diesel from Micro algae.

25) HiGee vacuum de-aeration - A process intensification route.

26) Feasibility study of divided wall column for BTX system at Refinery.

27) Sorption enhanced Hydrogen production.

28) Technology for gasification of coal and petcoke.

29) Process development for Syngas to chemicals like DME and Methanol.

30) Development of Flash point improvers.

31) Development of processes for producing transformer oil, compressor oil, metalworking fluid.

32) Development of process for producing Thermic fluids.

33) Process for DAK production.

34) Development and commercialization of catalysts for DHDS, FCC, LOBS.

35) Sweetening catalyst development.

36) New catalyst material for olefin removal from aromatics streams, propyleneseparation.

37) Novel material for NG storage.

38) Regeneration and alternate applications of spent catalysts and adsorbents.

39) Development of process for SWS-ammonia rich gases to fertilizer.

40) High Performance Diesel Engine Oil for Commercial Vehicles.

41) OE Specific Long Drain Transmission Oil for Commercial Vehicles.

42) OE Specific Long Drain Axle Oil for Commercial Vehicles.

43) Water based Synthetic MWF.

44) Eco-Friendly Rubber Spray Oil.

45) Defence Specific Engine Oil.

46) Alternate formulations for existing products.

4. Expenditure on R&D during 2012-13

( Rs. Crores)
Particulars Value
Capital Expenditure 12.92
Revenue / Recurring Expenditure 21.74
Total 34.66
Total R&D Expenditure as a % of Gross Revenue from Operations Negligible

TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION

A. MUMBAI REFINERY

1. Efforts, in brief, made towards technology absorption, adaptation and innovation

The following innovative schemes developed for operational improvements and economicswere implemented:

a. Advanced Process Control (APC) commissioned in HGU and stripper Section of DHDS.Advanced Process Control for DHDS, Crude Distillation Units, FCC, CCU, RMP HCU uptime weremore than 90% during the year.

b. High Aromatic Extract (HAE) from New Solvent Unit (NSU) was processed in AromaticRecovery Unit (ARU) along with Middle Reformate (MR) which helped in high aromaticsnaphtha reduction and production of Aromatics from HAE.

c. VDU column internal (part) internal and feed inlet device were replaced during themajor recent turnaround to improve middle distillate product yield.

2. Benefits derived as a result of the above efforts, e.g. product improvement, costreduction, product development, import substitution, etc.

Benefits derived as a result of the above efforts are cost reduction, product slateupgradation and increased crude processing. The following actions were initiated whichhelped in product improvement, cost reduction and better monitoring:

a. Six specific schemes were implemented across the Refinery which have resulted in asaving of approx 300 MT/day of raw water.

b. FCC Reactor severity increased to 505C against design temp of 496C afterthorough evaluations. This resulted in reduction of CLO make by 2-3%. There is animprovement in CCG RON by 2-3 numbers.

c. New Moisture trap (Pneumatic No loss drain -PNLT) was installed for the first timein the Refinery which reduces air loss & noise level from Air Compressor drains.

d. Chlorine dioxide treatment was successfully introduced in the Refinery for the firsttime which has resulted in improved quality of sea water used in process units & firewater system.

e. HX-NET software is being used extensively for monitoring crude pre-heat of CrudeDistillation Units and also for planning heat exchangers cleaning schedule well inadvance.

3. In case of imported technology (imported during last five years reckoned from thebeginning of the financial year), following information may be furnished:

a. Technology Imported:

Technology Year of Import
• DHDS reactor catalyst change to new generation HDS catalyst TK576 BRIM supplied by M/s Haldor Topsoe, Denmark in December 2007. 2007
• Naphtha HDS catalyst was the replaced with the latest generation catalyst from M/s Haldor Topsoe. 2007
• DHDS unit was revamped from 1.4 to 2.0 MMTPA using Haldor Topsoe Technology and catalyst TK 576 BRIM was supplied by M/s Haldor Topsoe, Denmark. 2010

b. Has Technology been fully absorbed Rs.

Yes.

c. If not fully absorbed, areas where this has not taken place, reasons therefore andfuture plans of action:

Not applicable.

B. KOCHI REFINERY

1. Efforts, in brief, made towards technology absorption, adaptation and innovation

No new Technologies were adopted during the year 2012-13. However, the followinginnovative schemes developed for operational improvements and economics were implemented:

a. New anti surge controller was installed in Main Air Blower (MAB) in FCCU. The newcontroller was commissioned after the turnaround maintenance of FCCU in December 2012.Drive turbine steam savings of 2 TPH could be achieved due to this. Cost savings is aboutr 457 lakhs per annum.

b. Steam trap audit was conducted and preventive maintenance of steam traps were doneto ensure availability by 95%. After rectification measures, about 9.6 TPH steam savingsis achieved in the CDU-2 offsite area. Sustenance phase is in progress till Sept., 2013.Cost savings is estimated to be about Rs. 2,322 lakhs per annum.

c. Reduction in steam consumption by about 7 TPH was achieved by shutting downredundant steam header from CDU-2 to FCCU and by optimizing ejector steam consumption.Also, condensate recovery was improved by about 1.2 TPH, by recovering condensate fromBiturox unit charge heater. Cost savings is estimated to be Rs. 1,656 lakhs/ annum.

d. Heat of compression type instrument air dryer was installed in utilities. Due toutilisation of heat from hot air at compressor discharge (upstream of after cooler),electric power consumption for regeneration could be reduced to 21 KW from 72 KW consumedby the old dryer. Estimated cost savings is about Rs. 27 lakhs per annum.

e. Scheme was implemented for modification of pre heat circuit for pre-heat improvementin CDU-1 by re-location of CE6 exchanger downstream of pre fractionator. This isadvantageous in case of processing crude with high bottoms. Cost savings is about Rs. 461lakhs per annum.

f. In DHDS unit, Recycle gas was bypassed across the entire feed pre-heat exchangers tomitigate pressure fluctuations across the Reactors. The pre-heat train was modified bytaking online certain exchangers which was not contributing for pressure fluctuations andthus, increasing the heat recovery. Cost savings due to the latter modification is aboutRs. 442 lakhs per annum.

2. Benefits derived as a result of the above efforts, e.g. product improvement, costreduction, product development, import substitution, etc.

Benefits derived as a result of the above efforts are cost reduction and improvedprofitability.

3. In case of imported technology (imported during last five years reckoned from thebeginning of the financial year), following information may be furnished:

a. Technology Imported:

Technology Year of Import
BITUROX Unit, technology supplied by M/s. Porner, Austraia, capable of producing four different grades (VG-10/VG-20/VG-30 and VG-40) of Bitumen was commissioned during June 2008. Along with the Biturox Unit an incinerator, a scrubber and a wet air oxidation system was installed to convert sulphides to sulphates. This is the world's first eco-friendly Biturox Unit. 2008
NSU II - Naphtha Splitter Unit as part of CDU II by M/s UOP USA. 2009
Desalter - Desalter revamp by M/s Natco, UK. 2009
Gasoline Splitter Unit licensed by M/s UOP USA. 2010
NHT/CCR Unit licensed by M/s UOP USA. 2010
VGO HDS Unit licensed by M/s UOP USA. 2011
Sulphur Recovery Unit licensed by EIL-JACOB INC, Canada. 2011

b. Has Technology been fully absorbed Rs.

Yes.

c. If not fully absorbed, areas where this has not taken place, reasons therefore andfuture plans of action:

Not applicable.

   

Peer Comparison

Company Market Cap
(Rs. in Cr.)
P/E (TTM)
(x)
P/BV (TTM)
(x)
EV/EBIDTA
(x)
ROE
(%)
ROCE
(%)
D/E
(x)
Reliance Inds. 325,169.83 14.59 1.65 8.89 11.7 11.5 0.43
I O C L 78,702.00 13.61 1.19 8.59 8.4 8.2 1.31
B P C L 41,436.10 10.20 2.13 6.27 16.8 14.8 1.48
Essar Oil 17,056.60 135.96 6.81 9.43 0.0 0.0 12.92
H P C L 13,149.00 7.58 0.88 7.90 6.7 6.8 2.37
M R P L 11,462.00 23.44 1.62 32.11 -11.1 -1.1 1.00
Trinity Tradeli. 2,408.04 0.00 93.57 0.00 0.0 0.0 0.00
C P C L 1,261.29 0.00 0.73 10.48 0.0 0.0 3.07
Nagar.Oil Refin. 195.26 0.00 0.25 0.00 0.0 0.0 0.00

Futures & Options Quote

 
Expiry Date
580.05 6.25  (1.1%)
Instrument: FUTSTK
Expiry Date: 31 Jul 2014
Open Price: 576.00
Average Price: 581.66
No. of Contracts Traded: 3,125,500
Open Interest: 1,293,000
Underlying: BPCL
Market Lot: 500
Previous Close: 573.80
Day’s High | Low: 587.50 | 574.10
Turnover (Cr.): 181.80
Open Int. Change: -332,500.00 ( [20.5]% )
View detailed F& O quotes >>

Key Information

Key Executives:

S V Kulkarni , Company Secretary  

K K Gupta , Executive Director (Marketing)  

B K Datta , Director (Refineries)  

S Varadarajan , Director (Finance)  


Company Head Office / Quarters:
Bharat Bhavan,
4&6 Currimbhoy Road Ballard Es,
Mumbai,
Maharashtra-400001
Phone : 91-22-22713170/3435
Fax : 91-22-22713759/3688
E-mail : ssc@bharatpetroleum.in
Web : http://www.bharatpetroleum.in
Registrars:
Data Software Research Co Ltd
#19 Pycroft Garden R
Off Haddows Road
Nungambakkam
Chennai - 600006

Fund Holding

 
Scheme Name No. of Shares
HDFC Equity Fund - (G) 10,200,000
HDFC Top 200 Fund (G) 6,070,092
HDFC Tax Saver Fund (G) 3,228,555

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