Page 50 - Plastics News June 2019

BUSINESS NEWS

Indian Oil to invest over Rs 1300 BPCL reports 16% rise in Q4

crores in West Bengal net profit

tate-run oil marketing harat Petroleum Corporation (BPCL) has reported
Scompany Indian Oil Bresults for fourth quarter and year ended March
Corporation (IOC) has lined up 31, 2019.The company has reported a rise of 16.21%
investments worth Rs 1,300 in its net profit at Rs 3,124.91 crore for the quarter
crore over the next two years under review as compared to Rs 2,688.97 crore for
to be made in the state of West the same quarter in the previous year. Total income
Bengal, with a majority of the of the company increased by 10.51% at Rs 84,999.28
funds to be used for green crore for Q4FY19 as compared Rs 76,913.76 crore for
initiatives. The investments will the corresponding quarter previous year. For the year
be in various fields including the ended March 31, 2019, the company has reported a
Bharat Stage-VI compliance of Indian Oil Corporation's fall of 10.58% in its net profit at Rs 7,132.02 crore as
Haldia refinery, unveiling diesel emission additives, new compared to Rs 7,976.30 crore for the previous year.
retail outlets, ethanol tankers and a Liquefied Petroleum However, total income of the company increased by
Gas (LPG) bottling plant.Pritish Bharat, executive director 21.57% at Rs 340,606.13 crore for year under review
of Indian Oil Corporation, said that from April 1, 2020, the as compared to Rs 280,181.64 crore for year ended
retailer will sell only BS VI-compliant fuel (both petrol and March 31, 2018. For the year ended March 31, 2019,
diesel) from all their outlets in the state ensuring lower on the consolidated basis, the company has reported
sulphur emission. This fuel will have a sulphur content of a fall of 12.91% in its net profit at Rs 8,527.85 crore as
10 PPM compared to 50PPM in BS-IV petrol. “First BS-VI compared to Rs 9,791.91 crore for the previous year.
fuel supply has already been made from IOC’s Mathura
terminal,” he pointed out. However, total income of the company increased
by 21.99% at Rs 342,916.69 crore for year under
Bharat also said that for BS-IV diesel engines, IOC has
come out with diesel emission additive which, once fitted review as compared
with the engine, will be compliant with BS-VI norms and to Rs 281,112.39 crore
would be able to use BS-VI diesel. IOC is also setting up for year ended March
a diesel exhaust fluid plant to manufacture this diesel 31, 2018. During the
emission additive in Budge Budge with an investment of quarter, Ebitda (earnings
Rs 150 crore.Meanwhile, IOC is investing over Rs 500 crore before interest, taxes,
in its Haldia refinery for switching production line from depreciation, and
BS IV to BS VI. The company is also augmenting its biofuel amortization) margins
and ethanol capacities across its terminals in Bengal by increased 5.7% as
around 5,000 kilolitres within a year. This would involve against 4.9% in the year-
an investment of around Rs 200 crore.Further, Indian Oil ago period. Ebitda came
is planning to commission 100 retail outlets in the state in at Rs 4,805 crore as
by 2019-20 at an estimated investment of Rs 100 crore compared to Rs 3,746
from its current tally of 1,200. “All the new outlets will crore in March 2018.
be company-owned-dealer-operated (CODO),” Bharat The company's gross refining margin came in at $4.58
added. IOC has 40 per cent CODO outlets in the state per barrel for the full financial year as against $6.85 in
and the remaining 60 per cent are dealer-owned-dealer- the last fiscal. BPCL said it has decided to transfer its
operated.In the pipeline is a new Indane bottling plant gas business into a separate wholly owned subsidiary
at Kharagpur by March 2021 at an investment of Rs 163 named Bharat Gas Resources Ltd. The board has
crore. “With the recent Ujjwala drives, LPG penetration recommended a final dividend of Rs 8 per share. Bharat
in Bengal has moved up to 93.9 per cent, up 6 per cent Petroleum Corporation Limited (BPCL) is a Government
since last year, propelling the state towards cleaner fuel of India controlled Maharatna[2] oil and gas company
and healthier kitchens,” said Bharat. headquartered in Mumbai, Maharashtra.

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