BPCL Annual Report 2024

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Sec. 3.4.1 8th August, 2024
The Secretary, The Secretary,

BSE Ltd., National Stock Exchange of India Ltd.,
Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No C/1,
Dalal Street, G Block, Bandra-Kurla Complex,
Mumbai 400 001 Mumbai 400051
BSE Scrip Code: 500547 NSE Symbol : BPCL
Dear Sir/Madam,
Sub: Annual Report of BPCL for the financial year 2023-24
The Annual Report of BPCL for the financial year 2023-24 including the Notice of Annual
General Meeting (AGM) is enclosed. The same has been uploaded on the website of the
Company at www.bharatpetroleum.in.
This is for your information.
Thanking You,
Yours faithfully,
For Bharat Petroleum Corporation Limited
Digitally signed
KALA V byDate:KALA2024.08.08
V
17:33:22 +05'30'
(V. Kala)
Company Secretary
'lffiC1 'ITT.R, 4 l!c:f 6, ~ - u s , ~ ~ . ~ elTcRf in. 688, 1~-400 001. l:l>'R: 2271 3000/4000. ~ : 2271 387 4
Bharat Bhavan, 4 & 6, Currimbhoy Road, Ballard Estate, P. B. No.688, Mumbai-400 001. Phone: 2271 3000/4000. Fax: 22713874
email: [email protected] website- www.bharatpetroleum .in CIN: L23220MH 1952GOI008931
~
MAHARATNA Bharat
SHAPING
Petroleum
'V
energ{su,g l.ii,es
THE ENERGY OF
TOMORROW
Annual Report 2023-24

Contents
Shaping The Energy
of Tomorrow
Corporate Information 02
About BPCL 04
Chairman’s Message 14 Chairman’s Message
Board of Directors 19
Management Team 22
Page- 14
As the global economy rebounds from the pandemic and geopolitical tensions persist,
the demand for energy continues to grow. India, with its burgeoning population and Business Overview
rapid economic expansion, stands at a pivotal juncture where energy consumption is
Project Aspire 24
expected to increase multifold in times to come.
Business Highlights 28
The energy landscape is undergoing a seismic shift. While the world accelerates Group Performance Highlights 36
towards cleaner energy sources, oil and gas will remain indispensable for many years
Business
to come. This dual challenge—meeting energy demands while reducing emissions—
ESG Performance Overview
offers unprecedented opportunities for innovation and growth.
Environment 40
Page- 24
We believe the future energy demands require a balanced approach – one that is secure, Social 46
affordable, and sustainable. By continuing to provide the reliable energy that the nation Governance 54
needs today, while investing in low-carbon alternatives, we aim to shape the energy for
tomorrow where everyone has access to clean and affordable energy.
Awards and Accolades 58
Driving India’s new Fueling India’s Green

ESG
Energy Mix Energy Transition Statutory Reports Performance
We aim to nurture and expand our core We are undertaking major initiatives in the Page- 38
Notice 60
businesses while allocating significant alternative energy space, including setting
Directors’ Report 72
capital in future big bets that have the up of solar and wind projects, establishing Management Discussion and Analysis Report 94
potential for driving substantial growth. green hydrogen refuelling stations, Annual Report on CSR Activities 129
We have earmarked ₹ 1.70 lakh crore developing a green hydrogen electrolyzer Report on Corporate Governance 142
capital expenditure (capex) over the next and building compressed biogas plants. Business Responsibility and Sustainability Report 166
Comments of C&AG 218
five years.
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please visit:
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Financial Statements www.bharatpetroleum.in
Auditors’ Report 232

Standalone 250
Consolidated 340
EB EEG EE
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Corporate Overview Statutory Reports Financial Statements
CORPORATE INFORMATION
Company Name
CIN
Bharat Petroleum Corporation Limited
L23220MH1952GOI008931
FY 2023-24 Highlights
Registered Office Bharat Petroleum Corporation Ltd.
CIN: L23220MH1952GOI008931
Bharat Bhavan, P. B. No. 688, 4 & 6 Currimbhoy Road, Financial
Ballard Estate, Mumbai 400 001
Corporate Office Bharat Bhavan 4&6, Currimbhoy Road, Ballard Estate,
Mumbai - 400 001 ₹5,06,993 crore ₹26,859 crore ₹35,936 crore
E-mail [email protected] Revenue Net Profit Cash flow from operating
activities
Website www.bharatpetroleum.in
Telephone Number 022 2271 3000/4000
₹126.08 34.07%
Basic Earnings Per Share Return on Capital
Bankers Auditors Share Transfer Agent Employed (RoCE)
• State Bank of India • Kalyaniwalla & Mistry LLP Data Software

• Bank of India Chartered Accountants Research Co. Pvt. Ltd.
• ICICI Bank 2nd Floor, Esplanade House, 19 Pycrofts Garden Road,
• Union Bank of India 29, Hazarimal Somani Marg, Nungambakkam,
• Standard Chartered Bank Fort, Mumbai – 400 001 Chennai — 600 006
• HDFC Bank Operational
• Canara Bank • K.S. Aiyar & Co
• IDBI Bank Chartered Accountants
• IndusInd Bank F-7, Laxmi Mills Compound
• Punjab National Bank Shakti Mills Lane, $ 14.14/bbl 39.93 MMT 112%
• BNP Paribas Off Dr. E. Moses Road, Highest GRM among Public Highest ever refinery Capacity utilization
• Axis Bank Mahalaxmi, Mumbai – 400 011 Sector Undertakings Oil crude throughput
and Marketing Companies
(PSU OMCs)
51.04 MMT
Highest ever market sales
I 0,,,.
,~C>
0
,,,. ...0 Sustainability
0 I C)
4.40% 10,198 TKL 23,600 MTCO2e

Renewable energy share in Wastewater recycled Carbon sequestration through
total electricity consumed tree plantation
by BPCL
71,52,010 117.54 million 29.42%

Total CSR beneficiaries Total man-hours worked Increased customer interaction
in refineries without Lost
Time Accident
02 Bharat Petroleum Corporation Limited Annual Report 2023-24

03
About BPCL BPCL at a Glance
Fueling the Leapfrogging India #2

Oil Marketing Company in India by
#3
Largest refining capacity in India,
domestic sales volume accounting for ~14% of India’s
refining capacity in 2023
Bharat Petroleum Corporation Limited (BPCL) is India’s second largest Public Sector
Oil Marketing Company (PSU OMC) and a prominent global player in the oil and #5 #8
Largest company in India by turnover Global ranking in the oil and gas
gas sector, actively contributing to meet the nation’s growing energy needs to drive sector by Dow Jones Sustainability
development. We operate across the country through nine robust business units, Index (DJSI)
complemented by a 3,537-km-long pipeline network, with a significant presence
across the entire energy value chain.
Vision Mission
• We are the most admired global energy company • Participate prominently in nation building by
leveraging talent and technology meeting its growing energy needs and to support
• We are the first choice for customers, given the this endeavor, we pursue the creation of economic
constant pursuit of customer service, quality surplus by efficiently deploying all available
and excellence resources, aiming towards global competitiveness
in the energy sector
• We exploit profitable growth opportunities outside
energy to give back to society and the environment • Strengthen and expand areas of core competencies
throughout the country, total quality management in
• We are role models for implementing efficient
all spheres of business and maintain the status of a
Health, Safety, Security and Environment initiatives
leading national company
• We are a great organization to work for, as we
• Create awareness in people on the imperatives of
ensure both personal and professional growth
energy conservation and efficient consumption of
• We are an organization that constantly learns, petroleum resources by disseminating information
improves and innovates through appropriate media
• We take social responsibility seriously as a model • Availing ourselves of new opportunities for expansion
corporate entity and diversification arising from the liberalization of
the economy to achieve a global presence
Values • Promote ecology, environmental upgradation and
national heritage
• Trust is the bedrock of our existence
• Customer Centricity is intrinsic to our achievements
• Development of People is the only way to success
• Ethics govern all our actions Culture
• Innovation is our daily inspiration • We remain result focused with accountability
• Collaboration is the essence of individual action for governance
• Involvement is the way we pursue our • We collaborate to achieve organizational goals
organization goals • We enroll people through open conversations
• Our every action delivers value to the customer
• We proactively embrace change
• We care for people

05
About BPCL
Portfolio Assets Upstream Oil and Gas Assets 1
REFINING & PETROCHEMICALS Presence in 15 Blocks 12+ Global Partners

Assets 4 continents Along with Equity Stake in 2 TotalEnergies, ONGC, Rosneft,
Russian Entities Mitsui, OIL, BP, ADNOC,
3 Refineries 35.30 MMT 0.83 MMT 6 countries Petrobras etc.
Strategically located Refining Capacity Petrochemicals capacity Russia, Brazil, Mozambique,
UAE, Indonesia, India
STORAGE
Infrastructure Russia
80 54 5
Retail Depots, Installations LPG Bottling Plants Lube Blending Plants UAE TYNGD
••
and Tap Off Points
Lower Zakum
•
Vankorneft ••
DISTRIBUTION Onshore
Pipeline Network
Block 1
•
3,537 km (including 937 km 29 MMTPA
Vadinar Bina Crude Pipeline) Design capacity of
Specific & Multiproduct Pipeline Pipeline Network
Network including Crude Pipelines
Brazil
MARKETING Indonesia
Customer Access
BM-SEAL-11
•• •
21,840 6,252 2,031
BM-C-30
• Nunukan
Retail Outlets LPG Distributors CNG outlets

2
52 8k+ 63
Gas GAs1 including JVs Industrial Customers Aviation Service Stations
GREEN ENERGY
India
Assets
266 MW 6.5 MW Mozambique Cauvery Basin
•••
Includes 94.89 MW 5MW Green Hydrogen plant underway in Bina Offshore Area 1
• Cambay Basin
•••
operational, 100 MW wind, 71
MW solar under construction
Refinery and 1.5 MW Green Hydrogen refueling
station at Cochin International Airport Limited (CIAL)
Assam-Arakan
••
26 CBG plants 200 KLPD
Planned in near term 1G+2G 100 KLPD each Bioethanol
plants underway in Bargarh, Odisha
DIGITAL
Assets
42 million 6,773 TKL
Annual transactions on UFill Volume through digital loyalty program per year
• Production
60,000 crore
Worth transactions through
30 crore
LPG bookings done through
• Development
HelloBPCL per year digital/phone medium per year • Exploration/Appraisal
1Geographical
2There
Areas (GAs)
are 4 Army Stations - Khirmu, Dahung, Missamari and Rupa not added in the count as not operated by BPCL.
1 BPCL
pursues its Upstream Business through its wholly owned Subsidiary Company -
Bharat PetroResources Limited
• Exploration/Appraisal
and Development

07
About BPCL
Business Verticals
REFINERIES LPG
With a customer base of over 9.35 crore, Bharatgas

BPCL operates at 35.30 MMTPA refining capacity
is a leading supplier of Liquefied Petroleum Gas
with three strategically located refineries across
(LPG) in India. With the motto ‘Cook Food Serve
India at Mumbai (12 MMTPA), Kochi (15.50
Love’ Bharatgas has been providing uninterrupted,
MMTPA) and Bina (7.80 ММТРА).
safe and clean cooking fuel to millions of Indian
Mumbai refinery has an integrated Lube oil households. Bharatgas also serves the energy
base unit. Kochi refinery has an integrated needs of commercial customers.
Petrochemical Complex. Bina Refinery has a
bottom upgradation unit and is in the process of
integrating with the petrochemical unit.
~ Scan & pay using UPI through any app
~ Dispenser presets automatically for autom
:© Instant cash refund in case of partial fuelling
MAK LUBRICANTS
RETAIL Under our renowned lubricants brand MAK, we

provide advanced lubricants and greases for both,
With a total of 21,840 retail outlets in India, BPCL automotive and industrial segments, delivering top-
is providing MS, HSD, Blended fuels, Compressed notch performance even under extreme ambient
Natural Gas (CNG), Lubricants, Premium fuels and operating conditions.
including Speed and Speed 97, Electric Vehicle (EV)
charging facilities and other non-fuel services like
BeCafe, In&Out stores, ATM facilities and many other
value-added services.
08 Bharat Petroleum Corporation Limited

About BPCL
AVIATION INDUSTRIAL AND COMMERCIAL PIPELINES NEW BUSINESSES
A pioneer in providing Aviation fuel services in This is the B2B marketing division of BPCL. With Pipelines are a safe, cost-effective, and efficient Offering a wide range of consumables, durables,
India, we have been serving the aviation industry over 8000+ industrial and commercial customers, method for transporting petroleum products. and services through their innovative omnichannel
for over 75 years providing transportation, storage, I&C caters to numerous sectors including Cement, We have established a comprehensive pipeline ‘consumer rural retailing’ strategy, effectively
and into-plane services as per International Quality Heavy Industries, Power, Railways, Defence, network connecting all our refineries for reliable addressing diverse consumer needs in the growing
Standards across India. Paints, Petrochemicals, etc. product evacuation. Since launching our first rural market.
pipeline, the Mumbai-Manmad line in 1998, we
0 0 have expanded our network to 3,537 km over the
past two decades. The pipelines are ISO certified
and to ensure safety of the cross-country pipeline
network, a Fibre Optics based Pipeline Intrusion
Detection Systems (PIDS) was commissioned
for the Mumbai-Kota section, with plans for full
implementation of this technology by 2024.
GAS
A prominent and trusted supplier of natural gas, INTERNATIONAL TRADE BIOFUELS

supporting India’s transition towards a gas-based
economy, we have been developing City Gas International Trade is responsible for maintaining RENEWABLES Spearheading the Ethanol Blending Program by
Distribution (CGD) networks in 26 GAs, at the same and sustaining global trade links and oversees risk ensuring feedstock availability, expanding storage
time serving the Liquefied Natural Gas (LNG) needs mitigation with respect to refining margins, freights,
In line with the national commitments, BPCL is capacities and ensuring nationwide availability of
of numerous Industrial customers across India. and structural products. We import Crude Oil, LPG,
diversifying its energy portfolio by building a robust ethanol blended fuel. Also, promoting the Biodisel
Gasoline, Base Oils, Bitumen and Petrochemicals blending program. Setting up 26 Compressed Bio-
renewable energy business providing sustainable
and export several products including Naphtha,
energy solution through deployment of technology Gas (CBG) plants and a 1G and 2G Bio Refinery
Fuel Oil and Gasoil from our refineries. at Bargarh.
and innovation in a socially responsible manner to
become an integrated energy company.
0

11
About BPCL
~
MAHARATNA
Our Growth Journey V
BPCL conferred with coveted
Maharatna Status1 Bina Petrochemical and Refinery
Expansion Project at Bina Refinery
and Poly Propylene Project at Kochi
Refinery announced
Burmah – Shell formed KR merged with BPCL.

BPRL, subsidiary for exploration formed.
BORL’s refining capacity enhanced Petrochemical Complex at KR

to 7.80 MMTPA commissioned. BPCL sold NRL stake
2016 2017 2018 2021 2022 2023 2024

First Lubricant Blending plant in India at Upstream investments in Russia
Wadilube by Burmah Shell
1928 1955 1956 1976 2006 2011 2016
Launched indigenous Hydrogen

Electrolyzer during India Energy Week
Kochi Refinery capacity enhanced

from 9.50 to 15 MMPTA
Nationalization of Burmah Shell
First Indian Company to operate BORL & BGRL amalgamated with

BORL, BPCL’s JV refinery Upstream Block in UAE BPCL to improve synergies
Mumbai Refinery inaugurated
inaugurated in Bina MP
1Highest status granted by GoI to PSUs with significant global presence and strong financial performance

13
CHAIRMAN’S MESSAGE
comparative period, registering a growth of 4.33%. With five years, will enable us to create long-term value for
a market share of 27.57% among PSU Oil Marketing our stakeholders, while preserving our planet for future
Companies (OMCs), we retained our position as the generations. Our healthy balance sheet, currently
second-largest OMC during the year. Our Refineries at zero net-debt at standalone level, allows for these
operated at peak efficiency, surpassing previous investments without compromising financial stability.
records with a throughput of 39.93 MMT. maintaining
Towards achieving net-zero emissions by 2040 for
their supremacy with a robust gross refining margin
both Scope 1 & Scope 2 emissions, BPCL has drawn
(GRM) of $ 14.14/bbl, outperforming PSU OMCs for
a net-zero roadmap which encompasses Renewable
the second consecutive year.
Power, Green Hydrogen, Compressed Biogas, Carbon
In the backdrop of exceptional profits earned Capture, Utilization, and Storage (CCUS), efficiency
in the FY 2023-24, the moderate profits of improvement and the offsets procurements. This
I 3,015 crore for the first quarter of the Financial would require a phased capital outlay of approximately
Year 2024-25 have been mainly due to lower product ₹1 lakh crore till 2040 and the Company is geared for
spreads and unfavorable crude oil prices in international the same.
markets. Acknowledging that these challenges are
India’s booming economy is driving a significant
inherent to our industry, we remain confident of our
increase in energy demand and Petroleum product
strategic ability to navigate the dynamic environment
consumption is expected to rise steadily by 4-5%
and emerge stronger.
annually. Similarly, the demand for major petrochemical
The energy sector of India stands at an inflection point. products is expected to rise by 7-8% annually. This
The nation has an ambitious vision of becoming a US$ presents a strategic opportunity to expand refining
30 trillion developed economy by 2047. “Viksit Bharat capacity alongside the development of integrated
@2047” will necessitate an almost fourfold increase petrochemical complexes.
in primary energy demand. India’s exponential growth
Towards this end, in the Financial Year 2023-24, we
trajectory will propel it to a pivotal role in the global
announced two new petrochemical projects in Bina
energy market, accounting for roughly 12% of world
and Kochi with the capital outlay of I 54,000 crore.
energy consumption by 2047. The key strategic
These projects leverage the inherent advantages of
objectives for India in the energy sector will entail
integrated refinery and petrochemical operations.
significant expansion in refining capacities, raising the
share of gas in the energy basket from about 6% to 15%, The Ethylene Cracker Project at Bina, conceived at
establishing leadership in petrochemical exports, and a gross cost of ₹49,000 crore, involves brownfield
sharply reducing energy imports from current levels of expansion of the Bina refinery capacity from 7.80
47% to below 25% by 2030 and to zero by 2047. MMTPA to 11 MMTPA to primarily cater to the feed
66 DEAR SHAREHOLDERS,
It is my privilege to present to you the Annual Report of Bharat Petroleum
As part of the nation’s contribution to global climate
action, the Prime Minister’s five-pronged ‘Panchamrit’
requirements of petrochemical plants. The Hon’ble
Prime Minister of India laid the foundation stone
for this Petrochemicals Complex on September 14,
A cornerstone of our Corporation Limited (BPCL) for the Financial Year 2023-24. In the strategy aims to achieve several ambitious targets:
2023. As of date, technology licensors for all critical
backdrop of a complex interplay of inflationary pressures, restrictive attaining 500 GW of non-fossil fuel energy capacity by
long-term strategy, Project packages, and project management consultants for
monetary policies, geopolitical instability and supply chain vulnerabilities 2030, sourcing half of its energy needs from renewables
refinery expansion and downstream units have been
Aspire with a ₹ 1.70 trillion continuing to shape the global economic landscape, your Company has by 2030, reducing carbon emissions by 1 billion tons by
onboarded. Contractors for site grading have been
emerged as the forerunner in resilience and agility, embracing challenges 2030, lowering carbon intensity by 45% by 2030, and
investment, marks the finalized and work at the site commenced in the first
from a position of strength and confidence. ultimately achieving net-zero emissions by 2070. This
week of July 2024. The project is on track as per the
initial phase of our multi transition opens up significant economic opportunities
Demonstrating strong operational efficiencies supported with favorable planned milestones with potential commissioning
for the companies operating in the energy sector.
decade odyssey to shape market conditions, BPCL, in FY 2023-24 achieved its highest ever planned in 2028. Similar progress has been made in
standalone net profit of ₹26,673.50 crore, a marked increase from the Building on its strong Indian energy presence, BPCL the Polypropylene Project at Kochi Refinery and the
the energy of tomorrow. previous year’s net profit of ₹1,870.10 crore. In the wake of this resounding aspires to meet 7-10% of the nation’s primary energy project is on track for commissioning in 2027.
This, coupled with our performance, the Board proposed a final dividend of ₹21 per share demand by 2047. Last year, we had introduced the
To meet the anticipated demand beyond our planned
(pre-bonus), bringing the total dividend for the year, including the interim first phase of this multi-decade aspirational journey
robust balance sheet, expansions in Bina and Kochi, we are actively
payout, to ₹42 per share – a massive 950% increase compared to in the form of ‘Project Aspire’, our five-year strategic
evaluating options for setting up additional integrated
fuels our ambition to lead FY 2022-23. Sharing the success further, BPCL issued bonus shares in framework which is based on two fundamental pillars -
refining and petrochemical capacities within the
the ratio of 1:1, acknowledging the continued support of its shareholders. ‘Nurturing the Core’ and ‘Investing in Future Big Bets’.
the energy transition.” next 5-7 years. Our investment in the Petrochemical
Our mid-term strategy is on a continuum. While we
India defied global challenges, becoming the world’s fastest-growing project is consistent with our aspiration of becoming a
remain committed to growing our core businesses,
major economy in 2023-24. The GDP growth surged to 8.20%, fueled by dominant player in India’s petrochemical growth story.
which include refining, marketing of petroleum
strong domestic demand and investment. The petroleum sector mirrored
products and upstream, we are equally focused on Towards expanding our customer base and reaching
this strength, with consumption rising to 4.60%. I am pleased to share
our big bets comprising petrochemicals, gas, green new markets, we are actively growing our retail footprint
that during the financial year 2023-24, your Company achieved its highest
energy, non-fuel retail, and digital. Project Aspire, with with new Retail outlets, LPG distributorships and POL
ever market sales volume of 51.04 MMT, as against 48.92 MMT in the
a planned capex outlay of around ₹1.70 lakh crore over terminals. As part of our customer-centric initiatives,

15
Chairman’s Message
BPCL is committed to supporting the transition to transition, we are also investing in robust upskilling &
electric mobility through a robust, accessible charging reskilling programs. Our new digital learning platform,
infrastructure. The Company has already installed which significantly enhances employee learning
over 3,000 charging stations, including fast chargers experience, offers abundant opportunities for skills
for cars and two-wheelers. 900 fast chargers are enhancement through certifications and e-learning
installed across 120 highway corridors which helps modules. We’ve established a Center of Excellence
in addressing the range, discovery and time anxiety to build functional capabilities of our workforce. At
of Electric Vehicle (EV) owners. By integrating the BPCL, we are fully committed to developing a high-
charging infrastructure seamlessly into our existing performing and deeply engaged workforce. By
retail outlets, we offer a one-stop shop for travelers. prioritizing employee well-being, we aim to create a
Our user-friendly mobile application provides real- positive work environment, boost morale, and drive
time charger availability and secure payment options, business success.
making the EV charging experience effortless. To
Having successfully empowered 30 startups through
further boost our EV infrastructure, we have associated
Project Ankur’s grant funding since 2016, BPCL is
with two major EV manufacturers in India-Tata Motors
excited to take its support a step further. We are
and MG Motors, offering a convenient charging solution
establishing a Corporate Venture Capital fund to invest
to EV owners. Over the next 5 years, we aim to install
directly in promising startups, becoming a part of
4-wheeler fast chargers at approximately 6,000 retail
India’s thriving startup ecosystem.
outlets across 400 highway corridors, prioritizing
high-traffic corridors like the Golden Quadrilateral and BPCL is dedicated to social progress. In our pursuit of
N-S/E-W highways. We have made a strategic foray in energizing lives, we actively contribute to critical areas
the F&B sector through our in-house state-of-the-art like education, skilling, water conservation, healthcare,
Café brand, ‘BeCafe’, where our customers can and community development, creating a lasting impact
experience gourmet coffee and snacks and as the for the underprivileged.
propensity of EV charging gathers momentum, BeCafe
In order to thrive in this complex and challenging
would offer our customers an upgraded convenience
business landscape, we will leverage our agility and
during their wait time. We expect to set up 500 BeCafes
focus on operational excellence to ensure continued
in the near future.
success. Safety and reliability will remain our top
BPCL is at the forefront of India’s biofuel push. The priorities, guiding all our actions. We are committed
we launched ‘Pure for Sure’ for our Bharatgas LPG Trillion Cubic Feet, in which BPCL holds a 10% stake,
Company has increased ethanol blending in petrol to upholding the highest standards of corporate
cylinders, an industry first, guaranteeing both quantity is set to resume operations in late 2024. The BM-
to 11.70%, from 10.60% in the previous year. We governance. While we move forward with Project
and transparency in delivery, during the India Energy SEAL-11 project in Brazil and the Ruwais field in the
have expanded our retail network for E20 fuel to Aspire, we will prioritize investments with a clear
Week in February 2024. Our co-branded card with UAE are currently in key stages of development. We
4,279 outlets. Additionally, we procured 102.60 TKL business case and demonstrable return on investment.
SBI Card has been a resounding success, surpassing are confident that this will elevate us to new heights in
of biodiesel during the year, a substantial increase
the 3 million mark in its customer base. With its new the energy sector. I would like to thank the Ministry of Petroleum
from the previous year. The Company is driving the
formulation and unique friction modifier technology, & Natural Gas for their unflinching support and
During the 12th CGD bidding round, your Company adoption of Compressed Bio-Gas (CBG) and has
our premium petrol ‘Speed’ embodies the essence of guidance. I am deeply thankful to my colleagues on
was awarded one Geographical Area (GA) in Jammu issued 382 Letters of Intent for CBG plants with a
performance, efficiency, and consistency, reflecting Board of Directors for their exemplary leadership. Our
& Ladakh on a standalone basis and one GA in combined capacity of 7 lakh tonnes per annum. The
the aspirational spirit of India. This ethos is mirrored success is also a reflection of the invaluable support
Arunachal Pradesh in consortium with OIL India. With Company has also initiated the construction of its own
in our choice of brand ambassador, Neeraj Chopra, of the State Governments, our channel partners,
this, your Company is present, directly and through CBG plants using Municipal Solid Waste, with the
who epitomizes peak performance complimenting customers, vendors, bankers, and most importantly,
joint ventures, in 52 GAs covering 154 districts. first one scheduled for commissioning this financial
‘Mr. Dependable’ Rahul Dravid. our employees. I also want to express my profound
year in Kochi. Additionally, we are exploring strategic
I am happy to share that BPCL is accelerating its appreciation to our shareholders for their continued
Your Company has enhanced its digital offerings with partnerships to complement our organic growth.
transition to a low-carbon energy company. The trust and confidence in BPCL.
an AI Chatbot-enabled IVR calling system, biometric Advanced discussions are underway with reputed
Company has set ambitious targets to build 2 GW
eKYC through face authentication, MAKonnect, players in this space for potential joint ventures. As we navigate the complexities of the energy sector,
of renewable energy capacity by 2025 and 10 GW
QR code based customer assurance for our MAK These combined efforts, along with the upcoming we are inspired by the words of T.S. Eliot, the famous
by 2035 and is actively evaluating various projects
Lubricants and automation in City Gas Distribution commissioning of a bio-ethanol refinery, positions author who said, ‘Only those who will risk going too far
in this space. We are investing nearly ₹1,000 crore
(CGD). BPCL as a key player in India’s transition to a greener can possibly find out how far one can go’. In our pursuit
to establish two 50 MW captive wind power plants
fuel mix, creating a robust ecosystem for the adoption to be a leading force in the nation’s primary energy
The concept of the energy trilemma – ensuring energy in Maharashtra and Madhya Pradesh, which will
of cleaner fuels across the country. demand, we are shaping the energy of tomorrow.
systems provide secure, affordable, and sustainable support our refineries in Mumbai and Bina. We are
energy – is highly relevant today. The Company also investing around ₹300 crore in 72 MWp of solar Project Aspire necessitates a comprehensive talent
will maintain its focus and efforts on upstream Oil project in Prayagraj, Uttar Pradesh. Concomitantly, strategy that includes developing the leadership
& Gas projects, particularly to expedite the earliest we are executing Green Hydrogen projects aligned pipeline for succession and building a rich talent pool to
possible monetization of discoveries in Mozambique with the National Green Hydrogen Mission. These support new business ventures. Towards this end, we
and Brazil. The initial 2-Train LNG Project in Area 1, projects include a 5 MW electrolyser plant at Bina have onboarded a large group of young professionals
Mozambique, which is the first step towards unlocking Refinery and a Green Hydrogen refueling station with and are recruiting a diverse pool of experienced and G. KRISHNAKUMAR
the world-class gas resources of approximately 63 an indigenously developed electrolyzer at Kochi. entry-level candidates. To stay at the forefront of energy Chairman & Managing Director

17
BOARD OF DIRECTORS
Subsidiaries and Joint Ventures -

with BPCL Holding
Shri G. Krishnakumar
Subsidiaries Chairman & Managing Director
100% 74.00%
Bharat PetroResources Ltd. BPCL-KIAL Fuel Farm Facility Pvt. Ltd.
Joint Ventures and Associates*

◄
Shri Vetsa Shri Sanjay Khanna Shri Sukhmal Kumar Jain Shri Rajkumar Dubey
Ramakrishna Gupta Director (Refineries) Director (Marketing) Director
City Gas Distribution Director (Finance) (Human Resources)
22.50% 25.00% 22.50%

Indraprastha Gas Ltd. Central UP Gas Ltd. Maharashtra Natural Gas Ltd.
49.94% 50.00% 50.00%

Sabarmati Gas Ltd. Haridwar Natural Gas Pvt. Ltd. Goa Natural Gas Pvt. Ltd.
Pipelines Smt Kamini Shri A. P. M. Shri Suman Billa* Prof (Dr.) Bhagwati
Chauhan Ratan Mohammed Hanish# Government Prasad Saraswat
50.00% 11.00% Government Government Nominee Director Independent Director
Kochi Salem Pipeline Pvt. Ltd. GSPL India Gasnet Ltd. Nominee Director Nominee Director
11.00% 25.00%
GSPL India Transco Ltd. IHB Ltd.
Aviation Services
50.00% 37.00% Shri Gopal Shri Pradeep Shri Ghanshyam Sher
Bharat Stars Services Pvt. Ltd. Delhi Aviation Fuel Facility Pvt. Ltd. Krishan Agarwal V. Agrawal Independent Director
Independent Director Independent Director
16.20% 25%
Kannur International Mumbai Aviation Fuel
Airport Ltd. Farm Facility Pvt. Ltd.
LNG Fintech Refining
12.50% 21.10% 25.00% Dr. (Smt) Dr. (Smt)

Petronet LNG Ltd. FINO Paytech Ltd. Ratnagiri Refinery & Aiswarya Biswal Sushma Agarwal
Petrochemicals Ltd. Independent Director Independent Director
* Operational Joint Ventures are mentioned
# Shri A. P. M. Mohammed Hanish was appointed as Government Nominee Director with effect from July 19, 2024.
* Shri Suman Billa has ceased to be a Director of BPCL with effect from May 11, 2024 due to a change in his assignment.

19
Board of Directors
Shri G. Krishnakumar Shri Vetsa Ramakrishna Gupta is also a Director on the Smt Kamini Chauhan Ratan journals and delivers lectures in seminars and
Chairman & Managing Director Board of Bharat PetroResources Limited. Government Nominee Director conferences. He is also a Director on various Boards.
Shri G. Krishnakumar is an alumnus of the NIT, Shri Sanjay Khanna Smt Kamini Chauhan Ratan is a senior IAS officer Shri Pradeep Agrawal
Tiruchirappalli with a degree in Electrical Engineering. Director (Refineries) from the 1997 batch. She has graduated in Commerce Independent Director
He also holds a Master’s degree in Financial from Delhi University and holds an L.L.M. degree. She
Shri Sanjay Khanna is a Chemical Engineering Shri Pradeep Vishambhar Agrawal is a Fellow member
management from the Jamnalal Bajaj Institute of currently holds the post of Additional Secretary &
graduate from NIT Tiruchirappalli and postgraduate in of the Institute of Chartered Accountants of India
Management . During the 36 years of his professional Financial Advisor, in Ministry of Petroleum & Natural
Finance Management from Mumbai University. and member of the Institute of Company Secretaries
career in BPCL, he has held key positions across Gas. She has held various key Government positions,
of India.
the Marketing and Human Resources functions with He has over 32 years of experience in refinery including Sub-Divisional Magistrate/Joint Magistrate
diverse leadership experience across business and operations and technical services. He has played a in Agra, Ayodhya, and Lucknow. She has worked as He is specialized in the fields of Finance, Business
functional domains. key role in setting up new plants and commissioning Chief Development Officer in Meerut and Managing and Administration. He is the Managing Director of a
several units in Refineries at Mumbai, Kochi and Director of Mahila Vitta Evam Vikas Nigam in Madhya pharmaceutical company and serves on the Boards of
Shri G. Krishnakumar was at the core of BPCL’s
Numaligarh and headed BPCL Kochi and Mumbai Pradesh. She has also served as Collector and various other companies. He is also engaged in social
pioneering work in revolutionising the downstream
Refineries. Shri Sanjay Khanna is also a Director District Magistrate in multiple districts, head of several activities and acts as a Trustee of various trusts.
fuel retailing industry in the country, leading the
on the Board of Bharat PetroResources Limited and departments in Uttar Pradesh, and Joint Secretary
organisation’s customer-centric forays in convenience
Ratnagiri Refinery and Petrochemicals Limited. in the Ministry of Education, playing a key role in Shri Ghanshyam Sher
retailing, premium fuels, in a way heralding the digital
formulating the National Education Policy, 2020. Independent Director
age of BPCL at the turn of the century using CRM and Shri Sukhmal Kumar Jain
Loyalty, a first in the Indian oil Industry. Director (Marketing) Shri Ghanshyam Sher is an M.Com, M.A. in Political
Shri A. P. M. Mohammed Hanish
Science, M.A. in Economics, and L.L.B. He is a
He has developed and nurtured winning brands like Shri Sukhmal Kumar Jain is a Mechanical Engineer Government Nominee Director
practising Advocate specializing in legal advice and
Petro Card, SmartFleet Speed, In & Out, which have from Delhi College of Engineering and M.B.A. from
Shri A.P.M. Mohammed Hanish is a senior IAS Officer social service. With administrative experience gained
been significant contributors to BPCL’s differentiated S.P. Jain Institute of Management & Research.
from the 1996 batch and a civil engineer from the through his involvement in various public associations,
customer value proposition in the marketplace.
He has held several leadership positions in the Retail, College of Engineering, Trivandrum. He currently holds he has been recognized with several awards from
While leading BPCL’s Lubricants business, he drove the LPG and Gas verticals of BPCL over a period of 37 the post of Principal Secretary, Industries, Commerce distinguished personalities for his contributions.
robust expansion of the MAK brand, in an oligopolistic years. Before joining the Board, he was Executive and Waqf Department in the Government of Kerala.
environment in a market teeming with best-in-breed Director Incharge (Marketing Corporate) and prior Dr. (Smt) Aiswarya Biswal
He has held the position of Principal Secretary, General
global brands and local players in a fiercely competitive to that, Head of the Gas Business Unit at BPCL. In Independent Director
Education, Health & Family Welfare and AYUSH, Govt.
market. As Head of HR, he championed the cause by his illustrious career, he has been actively involved in
of Kerala. He has also held various positions such as Dr. (Smt) Aiswarya Biswal is a Bachelor of Dental
creating the robust leadership pipeline and developing industry defining initiatives like Give it Up campaign
District Collector & District Magistrate, Ernakulam, Surgery and holds a Master’s in Management from
talent management framework, involving succession and Pradhan Mantri Ujjwala Yojana, in LPG Business
Director of Public Instruction, Kerala. He has also the University of Liverpool, UK. She has been actively
planning, career path evolution and building an and has successfully navigated the Strategy and
served as Secretary, Urban Affairs & PWD, Chairman involved in philanthropic work, especially in the Indian
environment for people growth and excellence. Loyalty programs in the Retail Business. Under his
& Managing Director, Supply Co, Managing Director, diaspora in the UK and India. She is associated with
leadership, the Gas business played an increasingly
Shri G. Krishnakumar is also a Director on the Boards Kochi Metro Rail Ltd, and CEO, Kochi Smart City. various cultural, social and literary organizations
important role in supporting the Government’s aim of
of Bharat PetroResources Limited and Petronet LNG worldwide. A well known columnist, she is a bilingual
developing India as a gas-based economy. Prof (Dr.) Bhagwati Prasad Saraswat
Ltd (PLL). He is also serving as member in Governing poet and has written two books.
Independent Director
Council of FIPI, PPAC etc. As the Chairman and
Shri Rajkumar Dubey
Managing Director he has been pivotal in driving the Prof. (Dr.) Bhagwati Prasad Saraswat holds a M.Com Dr. (Smt) Sushma Agarwal
Director (Human Resources)
Company’s strategic growth and direction. degree with a Gold Medal and earned his Ph.D. in Independent Director
Shri Rajkumar Dubey is an alumnus of NIT Allahabad the Financial Evolution of Drugs & Pharmaceutical
Shri Vetsa Ramakrishna Gupta Dr. (Smt) Sushma Agarwal holds an M.Sc. and Ph.D.
with a degree in Mechanical Engineering and an Companies in India.
Director (Finance) in Botany. She has extensive experience in district
MBA from the International Center for Promotion of
With over 38 years of teaching experience, he served administration in the field of education. She was a
Shri Vetsa Ramakrishna Gupta is a member of the Enterprises in Slovenia.
as Dean and Head of the Faculty of Commerce at Principal of Shardayatan High School for 18 years.
Institute of Chartered Accountants of India (1998 batch)
He has over 36 years of industry experience in Business Maharshi Dayanand Saraswati University, Ajmer. She was also a Director of Gujarat Panchayat Service
and a Bachelor of Commerce. He is also a member of
and Human Capital Development. He has led strategic He has held various academic and administrative Selection Board (GPSSB), Gujarat.
the Institute of Cost Accountants of India.
organizational development initiatives impacting over responsibilities during his academic career.
With an illustrious career spanning over 26 years at 400 locations and 7,500 people, working closely with
BPCL in various finance roles, Shri Vetsa Ramakrishna international consultants on organization restructuring, Shri Gopal Krishan Agarwal
Gupta is currently holding charge of Director (Finance) visioning, and HR planning. He has successfully led Independent Director
and Chief Financial Officer of the Company. He has several leadership positions and concluded various
Shri Gopal Krishan Agarwal is a Fellow member of
a well-rounded experience profile, and in his rich and critical and challenging assignments across various
the Institute of Chartered Accountants of India and
diverse career, he has held various positions in BPCL business verticals in Indian Oil Corporation Ltd. Known
post graduate in Economics. He has vast knowledge
handling various facets of finance covering Corporate for pioneering customer-centric approach in fuel
in the field of business, finance and economics and
Accounts, Risk Management, Business Plan, retailing, he has successfully marketed differentiated
experience in governance as an Independent Director.
Budgeting, Treasury Operations, etc. products and premium fuels.
He also writes extensively for newspapers, financial

21
MANAGEMENT TEAM
The Leadership Team

Name of Employee Designation Name of Employee Designation Name of Employee Designation Name of Employee Designation
MEENAXI RAWAT CHIEF VIGILANCE OFFICER AKASH TIWARI BUSINESS HEAD (CONSUMER MANOJ K CHIEF GENERAL MANAGER BIOFUELS SAIBAL H MUKHERJI CHIEF GENERAL MANAGER HIGHWAY
RETAILING) & MAJOR PROJ (E&P), HQ RETAILING & LOYALTY
ABHAI RAJ SINGH EXECUTIVE DIRECTOR, MUMBAI
BHANDARI REFINERY AKSHAY WADHWA BUSINESS HEAD (GAS) MANOJ MENON CHIEF GENERAL MANAGER SAMEET PAI HEAD (CORPORATE STRATEGY)
MARKETING (I&C)
ANILKUMAR P HEAD (BIOFUELS) ANIL AHIR HEAD (RETAIL ENGG. & TECHNOLOGY) SANDEEP SRIVASTAVA CHIEF GENERAL MANAGER LOGISTICS
MOHAMMAD SOHAIL CHIEF GENERAL MANAGER & OPS. (LPG)
ARUL MUTHUNATHAN V EXECUTIVE DIRECTOR ENGG. & ANOOP TANEJA HEAD (GAS), NORTH AKHTAR MARKETING (LUBES)
TECHNOLOGY (RETAIL) SANJAY G. CHIEF GENERAL MANAGER SALES
ANURAG MITTAL HEAD (DIGITAL BUSINESS)W/ADDL MOHAN B MATE CHIEF GENERAL MANAGER KARGAONKAR (I&C)
BHAT U S N EXECUTIVE DIRECTOR (IIS) CHRG MKTG CORP&INFRA (MAINTENANCE), MR
SANJAY KUMAR SURI HEAD (DIGITAL TECHNOLOGY)
BIJU GOPINATH EXECUTIVE DIRECTOR (PIPELINES) ANURAG SARAOGI CHIEF GENERAL MANAGER BIOFUELS MOHIT BHATIA DIRECTOR (COMMERCIAL), IGL
(RETAIL), HQ SANJEEV KUMAR BUSINESS HEAD (AVIATION)
CHACKO M JOSE EXECUTIVE DIRECTOR (BINA NAVEEN CHANDER K CGM (PROJECT MGMT.), BPREP
REFINERY) ARUN KUMAR DAS HEAD (HSSE) REFINERIES SANJEEV PILLAI CHIEF GENERAL MANAGER HR
NIKHIL KUMAR SINGH CHIEF GENERAL MANAGER (REFINERIES), CO
CHANDRASEKHAR N HEAD (R&D), MUMBAI ASHISH GOYAL CHIEF GENERAL MANAGER FINANCE (CO-ORDINATION)
(RETAIL) SANTOSH BALWANT STATE LEVEL CO-ORDINATOR (OIL
DINABANDHU MANDAL EXECUTIVE DIRECTOR (E&P) P A SHANWARE CHIEF GENERAL MANAGER NIVENDKAR INDUSTRY) MAHARASHTRA
ASHISH NAINANI CHIEF GENERAL MANAGER (IS) (TECHNICAL), BR
KANI AMUDHAN N CHIEF PROCUREMENT OFFICER SATHEESH KUMAR K P CHIEF GENERAL MANAGER
(CPO MKTG.) ASHUTOSH GUPTA CHIEF GENERAL MANAGER PAWAN KUMAR CHIEF GEN. MANAGER CENTRE OF (PROJECT-PP), KR
MARKETING (LPG), HQ EXCELLENCE (MARKETING)
MANOJ HEDA EXECUTIVE DIRECTOR (ITRM) SATHEESH KUMAR K V CHIEF GENERAL MANAGER OPS.
ATUL KUMAR MANAGING DIRECTOR SABARMATI PRAVEEN KUMAR CHIEF GENERAL MANAGER (RETAIL), HQ
NEERAJ SHUKLA EXECUTIVE DIRECTOR (CORPORATE GAS LTD. (INSTRUMENTATION), BPREP
PLANNING) SENTHILKUMAR G R CHIEF GENERAL MANAGER
ATUL MEHRA CEO (BSSPL) R C AGARWAL CHIEF GENERAL MANAGER ON TECHNOLOGY(KR)
PANDIYAN T V BUSINESS HEAD (LPG) DEPUTATION TO CHT
BHARAT L NEWALKAR CHIEF GENERAL MANAGER (R&D) SHAILESH KUMAR CHIEF OPERATING OFFICER, IHB
PANKAJ KUMAR EXECUTIVE DIRECTOR I/C (CORP. RADHAKRISHNAN S CHIEF GENERAL MANAGER (FINANCE),
SRIVASTAVA LIMITED
FINANCE) CHARU YADAV CGM RETAILING INITIATIVES & BRAND BR
(RETAIL)
RAHUL TANDON BUSINESS HEAD (INDUSTRIAL & SHANKAR N KARAJAGI DIRECTOR (COMMERCIAL), MNGL
PARDEEP GOYAL BUSINESS HEAD (RETAIL)
D P CHANDRAMORE CHIEF GENERAL MANAGER (CRPO) COMMERCIAL)
SHRADDHA S JAITLY CHIEF GENERAL MANAGER
PUSHP KUMAR NAYAR EXECUTIVE DIRECTOR (HRD) (MS) (FINANCE), KR
D PARTHASARTHY CHIEF GENERAL MANAGER (HRS) RAJASHEKAR K CHIEF GENERAL MANAGER (CMRO)
RAVI L CHIEF PROCUREMENT OFFICER SRIKANTH S CHIEF GENERAL MANAGER
(REFINERIES) DEBASHIS NAIK CHIEF GENERAL MANAGER (CORP. RAJEEV C CHIEF GENERAL MANAGER
AFFAIRS), CO (OPERATIONS), KR (VIGILANCE)
RAVITEJ P V ED I/C (BINA PETCHEM & REFINERY SUJIT KUMAR CHIEF GENERAL MANAGER
EXPANSION PROJ-BPREP) GEETA VENKATESH IYER CHIEF FINANCIAL OFFICER RRPCL RAJESH LAXMANRAO HEAD (LPG), NORTH
MARKETING (AVIATION), HQ
(MS) KUMBHARE
SANJEEV RAINA EXECUTIVE DIRECTOR SUNIL KUMAR BAINS CHIEF GENERAL MANAGER CNG
(CORPORATE HSSE) GEORGE THOMAS CHIEF GENERAL MANAGER (HR), KR RAJIV DUTTA HEAD (RETAIL) NORTH
NETWORK EXPANSION (RETAIL)
SANKAR M EXECUTIVE DIRECTOR GORAV HEAD (RETAIL), WEST RAJNISH KUMAR CHIEF GENERAL MANAGER (HRD &
SUNIL P KAMBLE CHIEF GENERAL MANAGER MAINT.
(KOCHI REFINERY) TALENT MGMT), CO
(PIPELINES)
INDERJIT SINGH CHIEF GENERAL MANAGER I/C
SHELLY ABRAHAM EXECUTIVE DIRECTOR OPS&LOGISTICS(RETAIL),HQ RANJAN NAIR BUSINESS HEAD (RENEWABLE
SURESH S CGM (CPO), BPREP
(SUPPLY CHAIN OPTIMIZATION) ENERGY)
JOMY SEBASTIAN CHIEF GENERAL MANAGER THOMAS JAMES CHIEF GENERAL MANAGER
SREERAM A N ED (BINA PETCHEM & REFINERY (REFINERIES PROJECTS ORG.) RAVI R SAHAY HEAD (RETAIL), SOUTH
MARKETING (CHAIRMAN’S OFFICE)
EXPANSION PROJECT)
K K DAS CHIEF GENERAL MANAGER RK VOOLAPALLI CHIEF GENERAL MANAGER I/C (R&D)
V R RAJAN CGM IS & DIGITAL STRATEGY (MR, KR
SUBHANKAR SEN BUSINESS HEAD (LUBES) (OPERATIONS),MR & BR)
ROUF MOHAMMAD CHIEF GENERAL MANAGER PROJECTS
SUNDARAVADHANAN R HEAD BUSINESS PROCESS K MAHENDRA KUMAR CHIEF GENERAL MANAGER HR KHAN & MARKETING (GAS), HQ
VENKATRAMAN P IYER STATE HEAD (RETAIL), TAMILNADU &
EXCELLENCE CENTRE (BPEC) (RETAIL) PUDUCHERRY
S C GUPTA DEPUTY ADVISER, ON DEPUTATION -
SYED ABBAS AKHTAR EXECUTIVE DIRECTOR (PR & BRAND) KALA V (MS) COMPANY SECRETARY PNGRB VENUGOPAL T CHIEF GENERAL MANAGER (E&C), KR
TERESA NAIDU (MS) EXECUTIVE DIRECTOR (INTERNAL KANT KAMAL CHIEF GENERAL MANAGER (FINANCE), S DHANAPAL CHIEF GENERAL MANAGER (QCC), HQ VISHNU MISRA CHIEF GENERAL MANAGER FINANCE
AUDIT) MR CGM (TAXATION)
S KANNAN CHIEF GENERAL MANAGER
V SRIVIDYA (MS) EXECUTIVE DIRECTOR (CORPORATE KARUNANIDHI T V CHIEF GENERAL MANAGER (SCO) MARKETING (RETAIL) VIVEK V MAHESHWARI CHIEF GENERAL MANAGER FINANCE
TREASURY) (INTERNAL AUDIT), CO
KRISHNAPRASAD R CHIEF GENERAL MANAGER S O KAKAN CHIEF GENERAL MANAGER OPS.
A R CHAUDHARY CHIEF GENERAL MANAGER COORDINATION (RETAIL) (PIPELINES), HQ KUNWAR AJIT MOHAN GENERAL MANAGER (LEGAL), HQ
(TECHNOLOGY), MR
SINGH
L B SHARMA CHIEF GENERAL MANAGER SYSTEM S S SONTAKKE CHIEF GENERAL MANAGER
ACHMAN TREHAN CHIEF GENERAL MANAGER ADMIN (IS) CGM & SOURCING, LOGISTICS &
MARKETING (RETAIL), NORTH BRIJ DUTTA DY. GEN. MANAGER (ESE), HQ
SALES (GAS)

23
BUSINESS OVERVIEW
Driving India’s New Energy Mix
Project
₹1.70 lakh crore
Planned capex
₹75,000 crore ₹25,000 crore ₹32,000 crore
Aspire
Refineries and Petrochemicals CGD/Gas Upstream
₹20,000 crore ₹10,000 crore ₹8,000 crore

Marketing Green Energy Pipeline Network
Project Aspire is a comprehensive five-year strategic framework aimed at

enhancing our overall business and financial performance under two core Towards A Sustainable Future
themes, ‘Nurture the Core’ and ‘Future Big Bets’. As a leading Maharatna PSU, BPCL’s strategy focuses on delivering sustainable energy security. With
myriad developmental challenges in India and increasingly volatile markets, we recognize the need for a
“just transition” that includes everyone, as we collectively move towards a new energy economy. We are
committed to collaborating with our stakeholders to define a future-ready strategy that creates societal
value and builds resilience.
t.U.: H.ARG1HG,
ELECTR(C
CLE CHARGING
ydrogen
•
GAS
ii I , !I 7
PROJECT ASPIRE
Nurture the Core. Future Big Bets.

Nurture the Core - - - - - - - - - - - - - ------1@ - - - - - -- Future Big Bets
Nurture and expand our core businesses to reinforce their market presence and operational stability. Sectors that are identified as transformative bets with the potential to catalyze substantial growth,
supported by the allocation of significant capital.
Pillars
forefront of effectiveness boosting
■
1 Refining
operational efficiency.
new and innovative products
and services, and expanding our ■
4 Gas KTPA Polypropylene plant in Kochi
and aim to expand the Propylene
bioethanol),
and
green
decarbonization
hydrogen
of the
We aim to build a resilient storage, distribution and marketing By FY 2028-29, we aim to triple Derivatives Petrochemicals Project aviation sector.
We have potential to expand our footprint, focusing on optimal
infrastructure with continuous infrastructure to most optimally (PDPP) in Kochi.
capacity to 45 MMTPA with infrastructure build-out in City Gas
upgrades and installing advanced
creeping expansion of Mumbai and serve our customers.
Distribution (CGD).
7 Non-Fuel
■
technology in refineries. Kochi refineries and expansion
■
3 Upstream ■
6 Green Energy Our targets include expanding
We actively engage in enhancing of Bina refinery with a focus on We are exploring acquisitions in
By 2025, we aim to have 2 GW convenience stores and Quick
crude sourcing flexibility and operational efficiency. Our long-term vertical integration high-opportunity Geographical
of renewable energy capacity. In Service Restaurants (QSRs) in our
involves investments through our Areas (GAs), aiming to set up
cost optimization. addition, we aim to have 10 GW own retail outlets.
trading capabilities and support it
■
2 Marketing wholly owned subsidiary, BPRL. of renewable energy capacity by
Our digital interventions are We plan to commercialize our with storage facilities, diversifying We plan to establish GHAR format
We aim to become a market leader sourcing to meet short and long- 2035. By 2025, we aim to establish
constantly evolving. We’re planning upstream asset base by moving outlets, BeCafés, and wayside
across all our business segments term requirements. In addition, 7,000 EV charging stations, focused
them to production, aiming for amenities across our highway
further enhancements through on highways. Our target is to
through brand building, extensive profitability and a positive cash flow. we are also exploring LNG retail outlets. Additionally, we are
Artificial Intelligence (AI), Machine communication, premiumization regasification infrastructure for operationalize our 2G ethanol plant
at Bargarh by FY 2024-25 and set committed to empowering women
Learning (ML), Robotic Process across our product portfolio, quality We have partnerships with global import and marketing.
up a pilot Sustainable Aviation Fuel in rural areas through initiatives like
Automation (RPA) and digital focus, research and development, players in the oil and gas industry
(SAF) plant and operationalize 26 ‘Urja Devis’.
twins to ensure they remain at the customer satisfaction, introducing to drive this forward.
■
5 Petrochemicals Compressed Biogas (CBG) plants.
By FY 2028-29, we aim to increase
We are setting up pilots for Green ■
8 Digital Ventures
our capacity by 2.4 MMTPA and We aim to set up digital energy
Hydrogen Production, mobility
enhance petrochemical intensity ventures to serve as incubators for
and other applications. We are
up to 8%. future unicorns in the energy space.
also undertaking cutting edge
We are building a 1200 KTPA world- research for making technology We will focus on scaling up in-house
scale Ethylene cracker in Bina, 400 cost competitive (like 2G/3G breakthroughs and innovations.
Where
happiness is served
41./~C!AP-
~ Bet,erages I Eats I Lounge/ Best washroom
Key Drivers
People R&D Partnerships Funding Excellence Digital Technology & Innovation

27
BUSINESS HIGHLIGHTS
Brand Impact Our Brand Ambassadors - Connecting Strategically

To amplify the impact of our brand ambassadors, we launched a series of dynamic TV commercials
and curated extensive media plans to maximize reach. Additionally, we strategically partnered with the
Asia Cup and positioned MAK Lubricants prominently during the ICC World Cup. These efforts were
At BPCL, brand building is an integral part of meticulously designed to ensure maximum engagement and brand recall, solidifying our presence in
our holistic marketing approach as we drive the market and resonating deeply with our audience.
an exceptional sales performance across all

business units, from refineries to marketing. Announced Legendary Cricketer,
Rahul Dravid, as Brand Ambassador
Our customer-centric marketing We proudly onboarded India’s legendary cricketer and head coach, Rahul Dravid, famously
known as ‘Mr. Dependable,’ as our esteemed brand ambassador. Dravid endorses our ‘Pure
approach is targeted at building enduring for Sure’ initiative and the MAK Lubricants brand, embodying our core values of integrity and
relationships with our customers, building reliability. His reputation for trustworthiness and excellence aligns perfectly with our unwavering
commitment to quality and dependability. By partnering with Rahul Dravid, we not only reinforce
brand loyalty and market salience so that our brand’s dedication to maintaining the highest standards in everything we do but also resonate
we can retain our competitive edge in a with our audience who view Dravid as a symbol of steadfastness and superior performance. This
strategic alliance enhances our market position, ensuring that our values of integrity and reliability
dynamic market and consistently deliver are consistently communicated and upheld across all our branding efforts.
value to our stakeholders. During the
Neeraj Chopra Leading with ‘Speed’
year, we implemented diverse marketing
We are delighted to welcome Neeraj Chopra, Asia’s first gold champion in javelin at the Olympics,
strategies, including appointing a new as the brand ambassador for our premium petrol, Speed. His exceptional journey, marked by
brand ambassador, reinforcing our legacy determination, excellence, and unparalleled achievements, perfectly embodies the essence of
Speed’s commitment to high performance and reliability. His accomplishments on the global
as a market leader, and supporting stage resonate deeply with our values, reinforcing our unwavering commitment to quality and
national athletes. Through our marketing innovation. By associating with Neeraj Chopra, we aim to highlight and celebrate the relentless
pursuit of excellence that defines both his career and our premium petrol, Speed.
strategy, we emphasize our resilience
and our commitment to innovation
and excellence, and our objective of
maintaining our industry leadership with
integrity and purpose.
51.04 MMT
Total Market Sales
27.57%
Market share among PSU OMCs
0.30%
Market share gain among
PSU OMCs
These strategic partnerships with Rahul Dravid and Neeraj Chopra epitomise our mission to align
with figures who embody our brand values and highlight our steadfast commitment to excellence,
integrity, and innovation in every facet of our business

29
Business Highlights
REFINERIES
• Operates 3 Strategically located refineries at based predictive analytics of critical equipment,

Kochi, Mumbai and Bina with a cumulative name augmented reality based remote maintenance of
plate capacity of 35.3 MMT supplemented with equipment, robotic inspection of tanks and process
cost effective integrated pipeline networks automation for repetitive tasks, deployed process
• Recorded highest ever crude throughput of digital twins which enables informed decision
39.9 MMT making and enhances safety and reliability
• Recorded Nil Loss Time Accident (LTA) • Started production of D40/D100/D130 industrial
for employees and contract workers for all solvents and is the only producer of these industrial
three refineries solvents in the country which are used in paints,
mosquito repellents, metal rolling etc.
• Achieved capacity utilization of 112%
• Produced 100 N Lube Oil: Special grade used in
• Recorded Highest GRMs amongst PSU OMCs
high end automotive vehicles
• BPCL GRMs are at premium to benchmark
• Produced anode grade green pet coke - a
Singapore GRMs for the past four financial years
superior quality and cost-effective alternative to
• BPCL became the first company in India to obtain conventional fuel-grade coke
BIS License for N-Butyl Alcohol (IS 361:2009) and
• Launched Environmental Protection Agency (EPA)
Iso-Butyl Alcohol (IS 9834:1981), a hallmark of
grade diesel: Used for testing of diesel engines
worldclass product quality.
which are exported to USA
• Wide crude basket with flexibility to process more
• Implemented energy reduction initiatives saving
than 100 varieties of crude
1.05 lakh MTOE (Metric Tonne Oil Equivalent)/
• Designed for 100% high sulphur crude processing annum with potential CO2 emission reduction of
capacity at Bina and Kochi refineries. 3.4 lakh tonnes CO2/Year
• Refineries are digitally enabled with new
technologies as per Industry 4.0 like AI/ML
Bharatgas Mini
RETAIL
• Serving the entire length and • Attained market share of 30.57% • Commissioned new depot at
breadth of the country with a in CNG with a growth of 1.54% in Bokaro and increased ethanol
strong network of 21,840 retail FY 2023-24 tankage from 112 TKL to 135 TKL
outlets served by 80 depots • Achieved highest ever Ethanol • Launched #silentvoices
• Market sales: 32.7 MMT. Highest Blending of 11.7% providing employment to Speech
absolute market share amongst • Commissioned 2,443 new EV & Hearing Impaired (SHI)
PSUs in the last 10 years (FY 2023- charging stations individuals at Retail Outlets
24: 29.68% in MS, 29.83% in • Launched new formulation • Launched UFill 2.0, a significant
HSD) for speed with unique friction customer centric digital solution
modifier technology
LPG
• Serving over 9.35 crore • 37 regular and 66 non-domestic • Rolled out numerous digital
customers with a strong network new distributors added to initiatives including AI Chatbot
of 6,252 distributors the network enabled Interactive Voice
• Achieved highest ever sales of • Pilot of “Pure for Sure” initiative Response (IVR) calling (Self
7,928 TMT launched with tamperproof check safety assessment),
• Enrolled 18.54 lakh new seals and QR codes to address Biometric eKYC through Face
customers under Ujjwala 2.0 and pilferage and other issues Authentication and Insurance
9.26 lakh customers upgraded to • Signed a 15 year agreement with portal to lodge & track insurance
double bottling connections GAIL for supply of 600 TMTPA of claim for LPG accidents.
propane at an estimated value of
I 63,000 crore.

Equality that understands lffl

Bharat
Petroleum
our ability LUBRICANTS
• MAK registered highest ever

sales volumes of 446 TMT with a
• Launched novel adjuvant oil for
the Agri Sector (Tea & Banana)
• Launched MAKonnect: Integrated
secondary sales management
is stronger than growth of 16%

• Established footprint in Africa,
entering Kenya, Uganda and
Tanzania and commissioned new
• Introduced new product range
of Synthetic Lubricants for Car
segment, which is Ethanol
20 compliant
platform for distributors, retailers,
Distributor Sales Representatives
(DSRs)
• Strengthened MAK QR Code:
our disability
channel partner in Sri Lanka • Introduced new packaging from Integrated supply chain solution
• Introduced 19 new grades and 60 re-cycled plastic containers, enabling bottle tracking, disbursing
new SKUs bamboo bottles and tin cans rewards for end customers
AVIATION
A special endeavour to empower the
• Achieved a sales of 1,901 TMT • Hydrant Refuelling system Piyala to the upcoming Noida
speech and hearing impaired. registering a growth of 9.40%
and achieving a market share of
operations commenced at
Manoharlal International airport at
International airport at Jewar
• New AFS commissioned
25.20% among OMC PSU MOPA Goa at Jabalpur
• 43.60% of sales from the domestic • MOU signed with Yamuna • Working with the R&D team to
segment and 53.50% from the International Airport Pvt. Ltd. meet the CORSIA mandate of
international segment. (YIAPL) for an ATF pipeline from blending Sustainable Aviation Fuel
A GAS
C
B D • Strong network of 26 GAs • Supplied 1,857 TMT of gas in and laid 2,348 inch-km of steel
standalone and 26 GAs through FY 2023-24 to refineries, various pipeline as on March 31, 2024
JVs covering a total of 154 customers in fertilizer, power, • Rolled out IOT based automation
districts of India steel and other industries and to at CNG stations, implemented
• Won J&K and Leh-Ladakh GA in CGD networks salesforce CRM solution
12/12A CGD round. • I 1,920 crore of capex spent • Mapped 4,517 + km of steel and
• Sourced equivalent of 22 cargoes in FY 23-24 in expansion of Medium-density polyethylene
under long term contracts, 6 CGD networks (MDPE) pipelines in the
TMT through e-bidding, 6 TMT • Mechanically commissioned Geographic Information System
through RLNG tenders and 84 671 CNG stations, added 3.31 (GIS) system
TMT from Indian Gas Exchange lakh domestic PNG connections
(IGX)
I&C
• Surpassed 7 MMT of sales • Renewed/signed 73 MoUs/ • Achieved REACH compliance

Meet us at our select (Highest ever by I&C SBU) contracts with 1.10 MMT volume for D80, essential for exports in
• Major inroads into State Transport • Commissioned 32 Consumer Europe, aligning to stringent 236
fuel stations. Undertaking (STU) business pumps with expected HSD SVHC standards
(e.g., Rajasthan State Road volumes of approx. 20 TKL • Letter of appreciation from
Transport Corporation (RSRTC), per annum and commissioned ISRO for fuel supplies on
s Telangana State Road Transport 2 railway consumer depots at Chandrayaan project
Corporation (TSRTC), Uttar Sikandarabad and Kacheguda • Successful 85% ethanol blended
Pradesh State Road Transport • One-stop portal for I&C MS trials with Hero Motors
~
Corporation (UPSRTC) customers in HelloBPCL for
Empowering • Successful launch of new
De-Aromatized Solvents (DAS)
online indenting of invoices,
order tracking, pricing simulation,
#SilentVoices 1/: I u V w X
variants QC reports etc.
An initiative by BPCL
33
Business Highlights
Digital Initiatives
RENEWABLES
• BPCL has been awarded a scheme with an incentive of • Work commenced for setting up
Green Hydrogen tender by ` 30/kg an integrated Green Hydrogen
Solar Energy Corporation of • Solar Projects of 18 MWp at plant and Hydrogen refuelling
India Limited (SECI) with a Bina and 4.60 MWp floating at station at Kochi along with CIAL.
production capacity of 2,000 Kochi commissioned • BPCL’s first green hydrogen
tonnes per annum through • Board approved two wind plant of 5 MW electrolyzer HELLOBPCL
biomass-based pathways under projects of 50 MW each at MP capacity is being implemented
Unified mobile application as one-stop shop for sales and
Strategic Interventions for Green and Maharashtra and 71 MWp in Bina refinery
service activities for all BPCL customers.
Hydrogen Transition (SIGHT) solar project at Prayagraj at a
total investment of I 1,274 crore. • 1.20 crore unique customers
• 6,773 TKL Loyalty Volume crossed (37.20% growth
over FY 2022-23) at Advanced Loyalty Program for
NEW BUSINESSES fleet owners
• Over 84 lakh coupons worth ₹ 30 crore scanned and
• Through consumer retailing, BPCL • The ‘Urja Devis’ are BPCL’s • Expanded the supplier network instantly credited to customer with MAK QR Code
is offering consumables, durables mascots in deep rural areas of the across National and Regional Solution & Instant Gratification
and services in rural India country, taking fuel and non-fuel Chains and also local tieups for
• The consumer retailing model offerings to the rural customers providing assortment of offerings
not only helps in increasing fuel • Commissioned warehouse at
turnover, but also gives an avenue Lucknow, 191 In & Out stores and
for revenue generation to BPCL as enrolled over 1,000 ‘Urja Devis’ as Bh111t
Pt1ro 1111m
-~t-
well as its channel partners of March 2024
RESEARCH & DEVELOPMENT URJA

Conversational AI Chatbot unifying customer interactions
• BPCL’s Corporate Research and • We have developed an • BPCL’s R&D prowess was
into a consistent omnichannel conversation across BUs.
Development Centre (CRDC) indigenous alkaline electrolyzer showcased in FY24 with multiple
is focusing on sustainability, in collaboration with BARC, awards and patent filings. • 900+ use cases and 13 languages that Urja is trained in
expanding petrochemical a crucial step towards India’s • Innovations like BharatH2Sep • Over 45% of conversations in non-English languages,
offerings, exploring alternative hydrogen economy. and HiGee technologies garnered ensuring inclusiveness for all types of BPCL customers
energy sources, leveraging digital • CRDC is fostering innovation significant recognition.
technologies and improving through collaborations with leading • Collaborations with Aspen Send 'HI' on
1800 22 4344
or visit at
www.bharatpetroleum.com
refining processes, thus institutions like Curtin University, Technology yielded digital
positioning BPCL to thrive in the IITs, and DRDO, addressing transformation breakthroughs.
evolving energy landscape. challenges in safety, efficiency,
and environmental sustainability.
HUMAN RESOURCES
• A comprehensive talent review which included key offerings foster personalized learning aligned
IRIS
process was conducted for 1,250 like General Management and with talent development goals.
officers which initiated with seeking Management Development • Long Term Settlements at Tech-driven Remote Management System of field
career aspirations from individuals Programs in collaboration with Refineries were successfully locations, along with associated tank trucks, using AI/ML
and culminated into development leading institutes as well as concluded, which reflects our and video analytics to alert on exceptions.
interventions recommended by in-house Leadership Development collective efforts in facilitating a • 20,500+ Retail outlets, 75+ terminals, 50+ LPG plants
respective Talent Review Panels. Programs - ‘eXcelerator’ and collaborative and harmonious and 14,500+ Tank lorries integrated with IRIS to provide
• We have intensified our learning ‘eXceed’ aimed at nurturing leaders. workplace atmosphere. a view of the entire operating value chain
& development initiatives to • ‘My Sphere’, advanced digital • BPCL sportspersons demonstrated
• More than 3 million inputs per second can be accepted
cultivate leadership skills and platform was launched which their brilliance on both, national and
from local automated systems, cameras, and IoT
enable continuous learning. envisages Integrated Talent & international stages throughout the
devices deployed at key locations along with the
Comprehensive education Learning Management system to year brought laurels to the Nation.
associated tank trucks for product delivery
framework was brought in

35
GROUP PERFORMANCE HIGHLIGHTS
Scaling New Peaks in Profitability
FINANCIALS DISTRIBUTION OF EACH RUPEE EARNED
Revenue from Operations EBITDA Net Profit FY 2023-24 FY 2022-23

(₹ in crore) (₹ in crore) (₹ in crore) (%) (%)
5.84
•
12.27 1.74
5,06,993 Raw Materials, Purchase of
FY 2023-24 FY 2023-24 47,115 FY 2023-24 26,859 2.03 11.74
Products for resale and Packages
FY 2022-23
FY 2021-22
5,33,547
4,32,570
FY 2022-23
FY 2021-22
13,453
24,077
FY 2022-23
FY 2021-22
2,131
11,682
11.95
•• Duties, Taxes etc.
Transportation
•
FY 2020-21 3,04,274 FY 2020-21 28,490 FY 2020-21 17,320
Others1
FY 2019-20 3,29,797 FY 2019-20 10,369 FY 2019-20 3,666
73.75 80.68
(4.98%) 11.35% 250.22% 46.00% 1,160.36% 64.52%
PHYSICALS
Cash Flow from Operating Net Worth (Total Equity) Basic Earnings Per Share Refinery wise Installed Refinery Throughput3 Market Sales
Activities (₹ in crore) (₹ in crore) (₹/share) Capacity2 (MMT) Total (MMT) (MMT)
FY 2023-24 35,936 FY 2023-24 75,635 FY 2023-24 126.08 FY 2023-24 35.30 FY 2023-24 39.93 FY 2023-24 51.04
FY 2022-23 12,466 FY 2022-23 53,522 FY 2022-23 10.01 FY 2022-23 35.30 FY 2022-23 38.53 FY 2022-23 48.92
FY 2021-22 20,336 FY 2021-22 51,906 FY 2021-22 54.91 FY 2021-22 34.59 FY 2021-22 36.90 FY 2021-22 42.51
FY 2020-21 23,455 FY 2020-21 53,555 FY 2020-21 81.87 FY 2020-21 34.29 FY 2020-21 32.98 FY 2020-21 39.05
FY 2019-20 7,881 FY 2019-20 36,532 FY 2019-20 15.53 FY 2019-20 33.25 FY 2019-20 38.30 FY 2019-20 43.36
188.28% 46.13% 41.31% 19.95% 1,159.54% 68.80% --i- i - -

1.85 3.90 7.09
111111111111
4.94 7.80
12.00 15.5
3.63% 1.05% 4.33% 4.16%
■ ■ ■ ■
RATIOS Mumbai Kochi Bina Numaligarh
y-o-y growth CAGR

EBITDA Margin Return on Capital Employed Debt-Equity Ratio
(% (EBITDA/Revenue from operation)) (%) (Times)
1 Notes
a)
Others FY 2023-24 include: Employees’ remuneration: 0.70, Finance cost: 0.81, Depreciation & Amortization: 1.33, Income Tax: 1.83,
FY 2023-24 9.29 FY 2023-24 34.07 FY 2023-24 0.60 Other Operating Expenses: 2.34, Dividend: 1.04, Retained Earnings: 4.22
b)
Others FY 2022-23 include: Employees’ remuneration: 0.51, Finance cost: 0.79, Depreciation & Amortization: 1.18, Income Tax: 0.13,
FY 2022-23 2.52 FY 2022-23 3.88 FY 2022-23 1.13 Other Operating Expenses: 2.83, Dividend: 0.24, Retained Earnings: 0.16
2 From FY 2021-22 onwards, Numaligarh Capacity is excluded.
FY 2021-22 5.57 FY 2021-22 16.03 FY 2021-22 1.08 3 Notes
FY 2020-21 9.36 FY 2020-21 20.12 FY 2020-21 0.87 a) The Corporation or BPCL sold its entire equity shareholding of 61.65% in Numaligarh Refinery Limited (NRL), consequent to which NRL has
ceased to be the subsidiary of the Corporation w.e.f. March 26, 2021
FY 2019-20 3.14 FY 2019-20 6.96 FY 2019-20 1.45
b) The Corporation’s or BPCL’s shareholding in Bharat Oman Refinery Limited (BORL) increased from the existing 50% to 63.38% on March 31, 2020
[Physical performance for FY 2019-20 & FY 2020-21 considered based on 50%]. Further, on June 30, 2021 the Corporation acquired the balance
268.57% 31.12% 777.31% 48.76% 36.62% of Equity Shares in BORL vide a Share Purchase Agreement (SPA) with Joint Venture Partner OQ S.A.O.C. (formerly known as Oman
Oil Company S.A.O.C.) (“OQ”).

37
ESG PERFORMANCE
ESG Performance Highlights
Leading the way in e e

Sustainability
Environment Social 'I' Governance 'I'
#8 8,508 120
Ranking in Dow Jones Permanent Employees Vigilance Awareness
Sustainability Index (DJSI) Sessions
globally in Oil and Gas
Our ESG focus is a driving force guiding our investment decisions, and our
risk management. We are investing in renewable infrastructure, reducing
sector - ranked top in Indian
oil and Gas sector for last
117.54 million 99.82%
Man-hours worked without Customer
carbon emissions, enhancing energy efficiency, building a people-centric 4 years
Lost time Accidents (LTA) Complaints Closed
in Refineries
workplace and supporting community development. Through our best-in-class BB
corporate governance practices and through the Board’s Sustainable MSCI Rating
71,52,010 3
Development Committee, accountability is percolated across the organization Higher ranked amongst Total number of CSR Female Directors on
Indian peer group of Oil and beneficiaries the Board
with clear roles and responsibilities. We have established performance metrics Gas sector
and targets to track our ESG outcomes.
B-
Human Rights Policy 100%
Framed and published on
Achieving Net Zero by 2070 being one of the Panchamrit goals, we have Ranking by CDP (Formerly public domain
Operation sites
assessed for risk
developed a comprehensive roadmap to achieve Net Zero for our Scope 1 and Carbon Disclosure Project)
related to corruption
at ‘Management Level’ - at
Scope 2 emissions by 2040. par with Global peer group
Corporate Safety
in Oil and Gas sector Management system 100%
Implemented across BPCL to Board level Committees
71.05 MW enhance safety culture are headed by
Independent Directors
Energy efficient lighting
POSH Committee Public Interest Disclosure
10.50 lakh Available at corporate, regional
& Protection of Informer
and refinery level
Trees planted till date Resolution (PIDPI) -
Implemented across BPCL
13.49 lakh sqm

Catchment area for
Rainwater harvesting
ENVIRONMENT Achieving Net Zero (2040) GREEN HYDROGEN

Performance The urgency to act on climate We are planning to replace exisiting
Snapshot change has never been more Steam Methane Reforming
Powering a
critical. Failure to act now could Process (SMR) in Mumbai and Bina
refineries with Green Hydrogen,
100%1 potentially lead to significant
contributing around 15% of total
Energy Efficient Lighting adverse impacts that will disrupt
Greener Future
emissions abatement. Our Mumbai
(EEL) at Mumbai Refinery, businesses and their supply
refinery will have a 270 MW set-
Bina Refinery, Pipelines, chains. We are committed to
up, generating approximately 40
Retail, LPG, Aviation SBUs being part of the solution and
continue collaborating with our KT/annum of Green Hydrogen,
stakeholders on climate and nature while Bina refinery will have an
We explore opportunities to collaborate and contribute to climate and nature-based 840 MW set-up producing about
solutions, which helped to build new revenue streams, improve productivity and process 4.40% positive actions.
90 KT/annum. The Kochi
Share of renewable BPCL has set a target to become refinery will use Blue Hydrogen,
efficiencies, mitigate risks and conserve resources. By continuously seeking opportunities energy in total electricity Net Zero for its Scope 1 and generated through carbon
to minimize our carbon footprint, investing in renewable energy, supporting environmental consumed by BPCL in Scope 2 Greenhouse Gas (GHG) capture augmentation.
operating locations emissions by 2040 in line with
causes through our employee volunteering programs and CSR interventions, BPCL India’s goal to become Net Zero
BIO-CNG
continues to deliver on its climate and nature commitments. by 2070. We have carried out a
8.64 MMTCO2e detailed study of all our business We have developed Bio-CNG,
Reduction in GHG units and identified various short- derived from biogenic feedstocks
Emissions term and long-term levers to reduce to replace fuel oil and natural gas in
MATERIAL TOPICS LINKED
emissions in order to achieve Net the refineries. Bio-CNG is expected
Zero targets. Renewable Energy to account for approximately 30%
Efficient Water Energy Use Managing & Minimizing (RE) has been identified as one
Risk Management and Transition Environmental Impact 10,198 TKL of the key thrust areas and we are
of the total emissions abatement.
We plan to establish 200-220 mid-
Wastewater recycled
trying to increase our usage of sized plants to inject about 1.30
renewable sources to meet our in- MMT of Bio-CNG annually into
house energy requirements. the City Gas Distribution (CGD)
640 TKL network by 2040.
Rainwater harvested Net Zero Levers
CARBON CAPTURE,
EFFICIENCY
UTILIZATION AND STORAGE
4,891 MT To enhance furnace efficiency at
(CCUS)
Plastic disposal under EPR our refineries, we manage steam
traps to minimize steam loss, and CCUS technologies that capture,
implement waste heat recovery transport, utilize, and store CO2
systems for 10% of total emissions emissions are expected to contribute
Zero waste to abatement in refineries. For non- around 25% of total emissions
landfill operational areas, emission abatement. CCUS aims to capture
Certification for all reductions are achieved through approximately 4.20 MMTPA CO2
operating marketing and end-of-life replacement of pumps across refineries. The cost of
refinery locations2 and machinery, and operational carbon capture varies with CO2
changes such as installing concentration in refinery streams,
occupancy sensors and reducing based on market attractiveness
power usage. and technical feasibility.
90,387 MT
Hazardous waste reused
RENEWABLE ENERGY OFFSETS
Replacing brown energy sources We procure offsets from Indian
and captive power plants with registries or generate them through
RE can contribute around 25% of projects such as afforestation,
BPCL’s total emissions abatement. renewable energy, community
An Inter-State Transmission System initiatives, and waste-to-energy
(ISTS) hybrid solution combining programs. The decision to generate
1 Other locations have planned to solar and wind energy has been or procure offsets will depend
achieve this target by 2025. devised for refineries to achieve on operational considerations,
80-85% capacity utilization. By the development of carbon
2 Kochi Refinery is expected to be
certified by September 2024. 2040, we plan for 2.50 GW of RE, markets, and the avoidance of
supported by 3.30 GW solar and greenwashing perceptions.
5.50 GW wind capacity.

41
Environment
Driving Sustainable Mobility Energy Management
20.77 MTCO2e/crore (₹) revenue from operations 299.36 MTCO2e/crore (₹) revenue from operations
Scope (1 and 2) Emission Intensity Scope 3 Emission Intensity
₹ 1,299.58 crore SPECIFIC ENERGY
PROMOTING ENERGY
Capex in renewable energy CONSUMPTION (IN MBN)
We consistently oversee and assess our GHG emissions footprint at various sites and transparently projects sanctioned in TRANSITION THROUGH
disclose information on our emissions and emission reduction initiatives. By adopting the operational FY 2023‑24 Bina INNOVATION
control approach in our GHG accounting methodology, we account for 100% of GHG emissions from our
The RE business unit is
operational facilities within India, including Scope 1 (direct emissions), Scope 2 (indirect emissions), and
Scope 3 (other emissions). 126.90 thousand TJ FY 2023-24 66.00 advancing BPCL’s clean
energy goals. Our aim is
Energy consumed FY 2022-23 67.20 to diversify the Company’s
energy mix with greener
SETTING UP OF 2G BIO-ETHANOL PLANT Energy efficiency is a key priority
~1.82% options and to evolve into an
for us at BPCL and our efforts
We are constructing a plant in integrated energy company.
in this regard are driven by our
Bargarh, Odisha which would produce A capital outlay of ₹ 1,299.58
environmental goals and the Mumbai
2nd Generation (2G) Bio-Ethanol crore was allocated for
potential for cost reduction at
and 1st Generation (1G) Bio-Ethanol projects sanctioned in
our refineries. Our strategic
from agricultural waste (rice straw) FY 2023-24 60.90 FY 2023-24.
emphasis on energy resource
and surplus/damaged rice grain management and increasing shift
respectively. BPCL is the coordinator FY 2022-23 62.70 Sanctioned Projects
to sustainable energy sources
and leader for Ethanol in the industry play a crucial role in our long- • Ground mounted solar
and we play a big part in contributing to term value creation. By optimizing ~2.87% project at Prayagraj, UP
the Ethanol Blended Petrol Program of energy use, adopting renewables
the Government. The increasing use of • Windfarm projects
and moving towards cleaner
biofuels in India will improve farmers’ Kochi in Madhya Pradesh
sources, we ensure environmental
income, reduce imports, generate and Maharashtra
sustainability, drive cost savings
boost competitiveness and FY 2023-24 62.60 • Integrated Green
position the Company for future Hydrogen Plant and
1.10 lakh MTCO2e/year growth. Energy Conservation FY 2022-23 63.90 Hydrogen Refueling
Expected total emission (ENCON) schemes introduced Station in Kochi, Kerala
reduction in all three BPCL refineries have ~2.03%
significantly reduced their specific
energy consumption. decrease

43
Environment
Water Management Waste Management
34,685 TKL 640 TKL 13.49 lakh sqm

Total water consumed Rainwater harvested Rainwater harvesting catchment
area 12.89% y-o-y increase
Water plays a vital role across
BPCL’s operations, supporting
refining processes and cooling
systems. Effective water
management enhances our
ability to create value for our
stakeholders by reducing
environmental impact, lowering
costs, increasing productivity and
managing risks related to water
scarcity and regulations. Through
a strategic approach, we optimize
production, enhance efficiency
and bolster BPCL’s financial
performance. To further bolster
our water management strategy, 1,15,862 MT 4,891 MT
we have continuously invested in Hazardous waste recycled of plastic waste collected and reprocessed through BPCL’s
and worked towards increasing
Lubes business unit under EPR as Brand owner
the Rainwater Harvesting (RWH)
capacity, thus reducing our
dependence on water sources.
Refuse
Biodiversity Management
1,60,000 trees 23,600 MTCO2e
Planted in FY 2023-24 Total carbon sequestered Reduce
BPCL is actively mitigating climate change through extensive tree planting initiatives, minimizing environmental
impact as a strategy to preserve biodiversity. Planting trees helps increase carbon sequestration and improves
air quality apart from conserving biodiversity. In FY 2023-24, we planted over 1,60,000 trees using the Miyawaki
5R
Technique, Seed Bombing, and conventional methods to enhance green cover and biodiversity. Our cumulative
Recycle Principles
total now exceeds 1.05 million trees across BPCL sites, increasing CO2 sinks by sequestering 23,600 MTCO2e.
Bina Refinery and the Madhya Pradesh State Forest Department signed an MoU to develop a 90-hectare green
belt at Kanjia range, Khurai, Vanmandal North Sagar, MP, with a total investment of ₹ 1.96 crore over 5 years,
starting in July 2024.
Reuse
Repurpose
At BPCL, we adhere to the 5R principles (Refuse, Reduce, Reuse, Repurpose, and Recycle) across all operations.
We prioritize efficient waste management to minimize environmental impact, identifying, segregating, recycling
and ethically disposing of operational waste. We ensure responsible disposal of hazardous waste like spent clay
or residues containing oil, employing safe landfilling methods facilitated by Treatment, Storage, and Disposal
Facilities (TSDF). Hazardous and non-hazardous waste undergo treatment and reuse in compliance with the
set regulations of the Ministry of Environment, Forest and Climate Change, Central Pollution Control Board and
the State Pollution Control Board. We are dedicated to earning ‘Zero Waste to Landfill’ certification for all our
refineries and marketing locations, and for Kochi Refinery by September 2024.

45
SOCIAL
Empowering Teams, Community Engagement

Performance
CSR Vision
Transforming Communities
Snapshot
Our CSR initiatives are governed by our vision – ‘Be a Model Corporate
Entity with Social Responsibility committed to Energizing Lives through
8,508 Sustainable Development’. We strive to improve lives by promoting
Permanent Employees access to education, enhancing health, supporting green practices, and
We abide by the principles of human rights and ethical labor. Our commitment to empowering individuals through skill training.
societal well-being extends to our community development initiatives through which
we consistently strive to create a meaningful and positive impact and contribute CSR in Aspirational Districts
117.54 million As part of our triple bottom line approach to business development, we
to sustainable development. We prioritize a zero harm, inclusive workplace that Man-Hours worked without undertake several initiatives to benefit marginalized communities in small
celebrates diversity and fosters a strong sense of belonging. Our talent and skill Lost time Accidents (LTA) towns and villages. We have identified 25 aspirational districts across 10
in Refineries states of India and spent a total of I 6.23 crore in FY 2023-24.
development initiatives are designed to ensure the personal and professional
growth of our employees. ₹ 158.19 crore
100% Total CSR spend
MATERIAL TOPICS LINKED Employees and
non-permanent workers Health and Sanitation
trained on health and
Product Security Inclusive Development Occupational Health & Safety safety measure and skill
upgradation
Asset Integrity & Data Integrity &
Talent Management
Process Safety Risk Cyber Security
₹ 158.19 crore
CSR spend
Product Stewardship &
Human & Labor Rights Risk
Customer Satisfaction
Zero RLTIFR
Reportable Lost Time
Injury Frequency Rate for
Employees
100%
Employees and We commissioned multiple standards. Additionally, we
non-permanent workers medical equipment in various provided diagnostic kits to
informed on human rights health centres, including primary Accredited Social Health Activist
issues and policy health centres and community (ASHA) workers and hemoglobin
health centres, to ensure better testing meters to BMC primary
3,930 man-hours diagnostic and treatment facilities.
Our support extended to the
healthcare centres to promote
preventive healthcare.
Training hours on HSSE for establishment of specialized
2,794 participants Our efforts also extended to
units such as the Burns Care
installing tube wells, water vending
Unit, Neonatal Intensive Care
machines and RO water systems
Unit (NICU) facilities and
> 33.70% modular theaters for cleft and
to ensure access to clean drinking
Purchases from MSME / water, thereby reducing waterborne
craniofacial surgeries.
MSEs against target of 25% diseases. We supported the
Since sanitation is a crucial part of installation of solar-based RO
healthcare, we installed sanitary plants to combine health benefits
napkin vending and incinerator with environmental sustainability.
machines in government schools
and communities, renovated 64%
toilets and constructed community Beneficiaries from vulnerable
toilet units to improve hygiene and marginalized groups

47
Social
Education Skill Development

We installed sewing machines,
overlock machines, and furniture
at vocational training centres
to facilitate skill enhancement.
Additionally, we provided
stainless steel vessels and critical
kitchen equipment to kitchens,
promoting culinary skills and
livelihood opportunities. Through
these initiatives, we continue to
foster economic empowerment
and social inclusion, nurturing
vocational skills that promote
sustainable livelihoods.
As part of our education initiatives, Smart classes and advanced that students and teachers had
100%
Beneficiaries from vulnerable
we focused on enhancing equipment modernized and access to essential technology.
and marginalized groups
educational infrastructure, enhanced learning outcomes Recognizing the importance of
providing necessary learning by making classroom activities practical learning, we supplied
tools and promoting skill more interactive and engaging multiple schools with plug-and-
development. In FY 2023-24, and foster critical thinking and play models and educational
we supported the construction problem-solving skills among materials through initiatives. Community Development and
and renovation of educational
facilities to create a better
students. We provided a smart
class set-up, computer sets and
72% Other Initiatives
Beneficiaries from vulnerable
learning environment for children. photocopiers to schools, ensuring Under community development,
and marginalized groups
we undertake projects such as
the construction of community
Environmental Sustainability halls, toilets, and other essential
facilities in rural and urban
The installation of an Online areas. These initiatives aim to
Continuous Effluent Monitoring strengthen community bonds
System (OCEMS) demonstrated and provide necessary amenities
our commitment to monitoring and for residents. Our commitment
minimizing industrial pollution. In to building community resilience
addition, we implemented a lift also extends to promoting sports
irrigation system in Sonori village and recreational activities through
in Maharashtra, enhancing water the construction of sporting
conservation and agricultural arenas and installation of sports
productivity. By integrating equipment at various locations.
environmental sustainability into These efforts not only enhance
our core operations, we strive to community engagement but
create a greener, more sustainable also foster a sense of pride and
future for the communities belonging among residents.
we serve.
Our efforts in this area focused on solar streetlights and solar

the installation of solar-based RO semi-high mast lights at various 100% 54%
plants, ensuring access to clean locations to reduce dependency Beneficiaries from vulnerable Beneficiaries from vulnerable
drinking water. We also installed on conventional energy sources. and marginalized groups and marginalized groups

49
People Initiatives in FY 2023-24 Employee Satisfaction and their families. We conducted as emotional first-aid providers,
Enhancement (ESE) ActivLife webinars and offline promoting mental health awareness
seminars on work-life balance, and offering support across
We have several key initiatives
aimed to support employee mindfulness and healthy habits, various BPCL locations. Newly
well-being. Roshni Plus offers benefiting nearly 2,166 participants. selected ‘Sahkarmi Mitras’ receive
confidential psychological The initiative of Sahkarmi Mitra specialized training to enhance
counselling services for employees engaged 68 nominated employees their skills in supporting their peers.
TALENT TRIATHLON – ASPIRE, ACHIEVE, (storytelling/story writing) and Biz-X (online business
INSPIRE simulation) — in a team-based format, culminating in
‘The Ultimate Challenge’, a thrilling fusion of intellectual
To harness employees’ collective strength and achieve and outbound experiences.
greater organizational synergy, we elevated our
learning platform to introduce ‘Talent Triathlon: Aspire, 1,160
Achieve, Inspire’. This initiative combined three flagship Officers registered for Talent Triathlon across
events—Socratix (case study challenge), Mercurix multiple events
At BPCL, we are committed to Skill Development equipping professionals to uphold
fostering a dynamic and capable our brand promise and integrate
We have intensified our learning
workforce to drive organizational best practices.
and development initiatives to
goals. We have in place a
cultivate leadership skills and
meticulous recruitment procedure, promote continuous learning. Fitness Initiatives
robust training programs for We offer General Management Promoting the philosophy of ‘a
on-the-job skill building and and Management Development healthy mind resides in a healthy
leadership programs to create a Programs in collaboration with body,’ Fitness Premier League
talent pipeline. An online portal leading institutes, fostering (FPL) 1.0 was launched as a one-
created for employees allows them managerial excellence. Our of-a-kind initiative to promote
to express their career aspirations impactful in-house Leadership wellness through sports. The
and state their achievements. Development Programs like initiative saw an overwhelming
During the year, a comprehensive ‘eXcelerator’ and ‘eXceed’ aim response from over 1,700
talent review process was to nurture leaders. All these participants across multiple
conducted for 1,250 officers. All and other new interventions events, including the MAK Cup for
line managers are trained and significantly increased learning cricket, badminton, and lawn tennis
equipped through orientation hours by 40%. ‘My Sphere’, tournaments. Under FPL 1.0,
sessions to lead these discussions our advanced digital platform, Step-A-Thon, a four-week health
effectively, fostering a culture of enhances personalized learning challenge, garnered remarkable THRIVE 24: NOURISH TO FLOURISH conclave aimed to empower leaders by focusing on
growth and excellence. aligned with talent development engagement with more than 1,300 topics essential to mindful leadership, such as self-
goals. Furthermore, in partnership employees setting an example In addition to regular location visits, webinars, and awareness, compassion and presence. Participants
95% with the Indian School of Business, of excellence and teamwork awareness programs, we organized a conclave called engaged in fireside chats with senior leadership to
Employee participation in the we have launched a program by collectively achieving 5.30 Thrive 24: Nourish to Flourish on March 12, 2024, with explore strategies for fostering a resilient workforce
online role aspiration portal to develop Brand Champions, crore steps. the theme, ‘Empowering Mindful Leadership’. The and promoting psychological safety in the workplace.

51
Social
OFFICIAL LANGUAGE Emergency Preparedness and regularly trained and updated on

POLICY Response the latest response techniques.
In view of the Official Language Mock Drills

Safety Audits and Inspections
Policy of the Government of Regular mock drills are conducted
India, business requirements Regular internal/external safety
as per the Petroleum and Natural
and by considering the needs Gas Regulatory Board (Codes of audits and inspections are
of the customers, BPCL uses Practices for Emergency Response conducted to identify potential
Hindi and other Indian languages and Disaster Management Plan hazards and ensure compliance
significantly. The progressive (ERDMP) Regulations, 2010 to with safety standards. These
usage of Hindi was reviewed prepare employees for emergency proactive measures help
and evaluated on quarterly, half- situations such as fires, spills, in implementing corrective
yearly and yearly basis through and natural disasters. These drills actions promptly.
essential committees, viz., OLIC ensure that employees are well-
(Official Language Implementation versed in evacuation procedures Risk Assessments
Committee), TOLIC (Town Official and emergency response actions. Detailed risk assessments
Language Implementation
are performed to identify and
Committee), etc. at different levels Emergency Response Teams mitigate potential safety risks in
such as regions, offices, locations
and refineries. BPCL has trained emergency BPCL’s operations. This proactive
response teams and equipped approach helps in preventing
them to handle various types of accidents and ensuring a safer
PROJECT MANAGEMENT
emergencies. These teams are work environment.
TRAINING
Awareness and Communication
In collaboration with the L&T
Safety Bulletins and Alerts
Institute of Project Management
(IPM), we facilitated a five-day We regularly disseminate safety
classroom-based preparatory bulletins that contain directives,
program for Project Management advisories, Spot the Hazards,
Professional (PMP) certification. Remembering Series, Scenario-
This program targets a cohort based Learnings and alerts
of 100 project managers across to keep employees informed
refineries and entities, to about safety practices, potential
further bolster project execution hazards, and lessons learned from
capabilities regarding mega past incidents.
projects initiated as part of to our workers and employees. We programs ensure that everyone Safety Campaigns
Project Aspire. have established three-tier Health, is well-equipped to maintain
Periodic safety campaigns
Safety, and Environment (HSE) safety standards. are launched to emphasize
committees at various operational
Occupational Health and Safety specific safety aspects, such
levels (Operating location, Regional/ Periodic Health Screenings as safe driving, use of personal
BPCL’s motto, ‘Safety First, Safety HQ and Corporate level). These
Must’, underscores our commitment BPCL organizes regular health protective equipment (PPE), and
committees regularly review safety workplace ergonomics.
to health, safety, security and check-up camps for employees,
protocols, investigate incidents,
environment, which remain central focusing on early detection
and recommend improvements to
to our operations. Our commitment and treatment of health issues. SAFETY AWARENESS WEEK
enhance safety measures.
to occupational health and safety is These camps include general AT BPCL
evident through our comprehensive health screenings, specialized
HSE Initiatives We celebrate the National Safety
and proactive approach to managing tests, and consultations with
safety risks and promoting a healthy Training Programs Day annually on March 4 in order
healthcare professionals
work environment. By continuously to promote workplace safety
We conduct comprehensive safety
improving our safety programs and through drills, seminars, and
training programs for employees Occupational Health Centres
engaging employees at all levels, competitions for employees and
and contractors as per OISD contract workers. During the year,
we aim to achieve a zero-incident (OHCs)
standard OISD-STD-154, and we celebrated a Safety Week
workplace and foster a culture of Statutory/ Regulatory guidelines At major operational sites, we have
safety excellence. that reaffirmed our safety focus
(MoU targets), covering topics like established OHCs staffed with through workshops, quizzes,
Safety and security are deeply fire safety, first aid, emergency medical professionals to provide poster competitions, and pledge
ingrained in our culture, and we strive response, and safe handling immediate healthcare services ceremonies to emphasize a safe
tirelessly to identify and reduce risks of hazardous materials. These and monitor employee health. work environment.

53
GOVERNANCE
Leadership of Culture, Values Code of Governance

Our philosophy on Corporate
Board Committees
Corporate Social
and Good Governance

Audit
Governance has been to ensure Responsibility
protection of stakeholders’
The Audit Committee oversees
interest through transparency,
financial reporting, audits, and The Corporate Social
full disclosures, empowerment of
compliance. It reviews financials, Responsibility Committee
Our operations are underpinned by robust governance principles, reinforced by employees, collective decision oversees utilization of allocated
accounting, auditor performance,
making and social initiatives. funds. It also advises CSR role
comprehensive and thoughtful policies, procedures and deeply rooted systems. and internal controls. It monitors
loans, investments, compliances holders, guides CSR activities,
Whilst we have established globally benchmarked standards of governance Role of the Board and whistleblower issues. and monitors their progress.
At BPCL, the Board of Directors
anchored in trust, transparency and accountability, we believe internalizing ESG are committed to sound principles
within our policies, systems, processes and culture for future sustainability. This of Corporate Governance in Project Evaluation Risk Management
the Company. It focuses on
holistic approach enables us to deliver superior results and create long-term value protecting and increasing The Project Evaluation Committee The Risk Management Committee
for our stakeholders. stakeholder value by maintaining assesses, guides, monitors, develops the policy for identifying
its strategic oversight. The Board and reviews projects costing ₹ internal and external risks,
sets the goals, policies, and 500 crore and above, including measures for mitigating these risks,
MATERIAL TOPICS LINKED strategic direction in alignment investments in subsidiaries/JVs. and ensuring business continuity.
with the Vision and Mission of It provides recommendations It monitors risks, assesses risk
Being a Responsible Corporate Assessing Supply Chain the Company, to ensure that the and advice to the Board on systems, coordinates with other
Executive Team is able to achieve project deliverables. committees, and proposes risk
its objectives of value creation. All management plans.
(L to R) : Shri Sukhmal Kumar Jain, Director (Marketing), Shri Vetsa Ramakrishna Gupta, Director (Finance), important information is provided
Shri G. Krishnakumar, Chairman & Managing Director, Shri Sanjay Khanna, Director (Refineries) and to the Board to help it fulfill its Nomination and
Shri Rajkumar Dubey, Director (Human Resources) responsibilities effectively and Remuneration Sustainable Development
efficiently. It also ensures that
business is conducted with The Nomination and
The Sustainable Development
transparency and accountability, Remuneration Committee (NRC)
Committee oversees the Company’s
and in full compliance of existing develops and evaluates policies
strategy relating to ESG and
regulations in order to build long- for compensation, benefits, and
incentives, aligning with guidelines sustainability matters. It approves,
term trust among stakeholders. allocates budget and monitors the
issued by the Government of India.
Board of Directors have adopted sustainable development projects
policies designed to ensure integrated into strategic plans of
compliance, transparency, and Stakeholder Relationship business units. It ensures ongoing
ethical conduct, sustainability environmental responsibility,
and resilience across our The Stakeholder Relationship reviews biannually the Business
operations. The Board ensures Committee looks into redressal Responsibility & Sustainability
the long-term sustainable of grievances and other Report (BRSR) and Sustainable
success of the Company for the issues of shareholders and Development Report, and provides
benefit of all stakeholders. debenture holders. inputs for the same.
BPCL Policies: Ensuring Compliance, Transparency, and Sustainability

• Sustainability Policy • Policy for Determination • Code of Conduct for Board
• HSE Policy of Materiality of Events Members and Senior
or Information Management Personnel
• Security Policy
• Whistleblower policy • Dividend Distribution Policy
• CSR Policy
• Policy for Material Subsidiaries • Prevention of Sexual
• Preservation of Documents and
• Code for Prevention of Insider Harassment Policy
Archival Policy
Trading in the Securities of BPCL • Equal Opportunity Policy
• Related Party Transaction Policy • Human Rights Policy

55
Governance
MATERIALITY MATRIX
Stakeholder Management with stakeholders’ needs, ensuring based on their influence and
The assessment included inputs from stakeholders, senior management, and the Board, considering all strategic
mutual growth and development. impact on the Company’s
We cultivate synchronistic business units nationwide. The matrix presented below represents the outcome of BPCL's materiality assessment.
relationships with our internal We undertake collective efforts sustainability performance. Topics have been rated on a scale of low, medium and high for their impact on the business and their perceived
and external stakeholders and to draw inputs from numerous importance by the stakeholders.
recognise that maintaining open
lines of communication for feedback
internal and external stakeholders
who have significantly influenced
the Company’s growth, both
Internal
• Employees •• Economic
Social
and collaboration are important.
We proactively and regularly
engage with our stakeholders to
directly and indirectly. Grounded
in transparency, engagement and
responsiveness, the Company
• Shareholders and Investors
External
.c
•• Economic, Environment, Social
Environmental
build trust and foster collaboration,

synchronizes its business • Suppliers & Contractors .2> 0 Governance
strategies, policies/implemented • Dealers & Distributors :z::
seeking inputs from our policies with their requirements and
Economic
customers, employees, investors, • Customers Performance
anticipations, fostering the creation
regulators, and communities of shared value. • Media 0
Being a
and communicating our plans, • Competitors Efficient Water Responsible
decisions and performance to Stakeholder Classification • Community and NGOs Management 0 Corporate
them. Consistent interaction allows

us to align our business strategies
BPCL classifies stakeholders into
internal and external categories
•
•
Government & Regulators
Industry Trade & Associations
• Energy Use &
• Transition
E
:::, Inclusive
Development
Stakeholder Engagement Process il: Product Stewardship &
The Company maintains a systematic approach, conducting interactions periodically to ensure effective
communication.
• Customer Satisfaction
•
Product Security
• compliance to
0 Governance
• Identify Stakeholders: Identify & prioritize relevant stakeholders Human & Labour Data Integrity &
• Setting Parameters: Materiality of topics are determined using three parameters: Importance, impact
& influence Grievance
Rights
R&D • 0
Cyber Security
• •
Managing & •
Occupational
0 Availability of Raw Minimizing
• Identifying Issues: Carried out a helicopter view based research to identify a list of issues for stakeholders Redressal • Materials/Energy Environmental Health & Safety
to consider and rank Security Impact
• Importance of Key Issues: Using prioritization criteria, multiple discussions with key external and internal • Biodiversity Talent •
stakeholders were conducted, to gather their view on the importance of the company’s key issues Management
• Impact & Influence of Key Issues: Prioritize material topics which are major and crucial.
Assessing Supply
• Validating Materiality Matrix: BPCL used qualitative analysis to extract the key themes before consolidating Asset Integrity & Process Safety
them to create a list of our top material issues. Develop plans and set targets for material issues along with
monitoring mechanism.
• Chain
•
Low Medium High
Impact on Business
Materiality Assessment
BPCL’s commitment to sustainability is strengthened by a robust materiality assessment process that identifies
and prioritizes significant issues for the business and stakeholders. Through stakeholder engagement, surveys, Risk Management continuous risk management. The RISKS IDENTIFIED
and internal analysis, BPCL compiled and prioritized material topics in FY 2021-22. The Management has a Our commitment to upholding Board and the Risk Management
• Business Excellence
defined approach to manage the material topics, which are looked at together with UN SDGs. We carry out the best practices in governance Committee, in consultation with
• Operations
materiality assessment periodically and shall be conducting it again in the current financial year. includes a comprehensive Risk the Audit Committee, hold the
Management (RM) framework, ultimate responsibility of reviewing • Information Technology
empowering the Risk Management and recommending risk strategies • Human Resources
THREE-PHASE APPROACH and reports.
function and our business units • Strategic
to identify, assess, and mitigate As we continue to remain • Financial
PHASE 1: PHASE 2: PHASE 3: potential risks to our operations and vigilant of emerging, cross- • Logistics
identify fresh opportunities. The cutting, interdependent • Marketing
Peer Benchmarking and Stakeholders Engagement and In-depth Analysis and Summary
► ► framework fosters enterprise-wide and long-term risks, our Risk
Identification of Material Topics Rating through Online Survey of the Findings • Legal and Regulatory
risk management by leveraging Management and Sustainable
• Brand
robust strategies, innovation Development Committees will
• Environment
and advanced technologies. regularly review the risk profile of
Policies such as Enterprise Risk the business and take necessary • Security
Management Policy and Financial actions to manage and mitigate • Procurement
Risk Management Policy guide financial and non-financial risks. • Research and Development

57
AWARDS AND ACCOLADES
Recognized for Excellence • Won fifth time in a row as

BRAND & PUBLIC RELATIONS 2023 for sustainable
environmental practices. ‘Responsible Business of the
• Public Relation Council of
• ‘Climate Change Mitigation Year’ 2022-23 from SABERA,
India (PRCI) awarded BPCL
Efforts’ and ‘Innovative project recognizing the path to achieve
with multiple awards under
several categories, including the of Zero Waste to Landfill’ in 10th Net Zero.
Our awards highlight our commitment to excellence, innovation and sustainability. edition of CII national awards.
following - • Sustainable Organisations
Each award serves as a testament to our relentless pursuit of quality and our industry • Won Gold in ‘Best Use of Social 2023 at Edge Awards by
leadership. Media’ that recognised our ability KOCHI REFINERY Economic Times.
to engage our audience through • Awarded for CSR Initiatives
social media; ‘Best PR Case LUBRICANTS
(Social Development) and
We won the following FIPI Oil & Gas • Received a special commendation – ‘Digitally Study’ that recognised our role unique flagship projects which
Advanced Company of the Year’ for building in promoting ‘EV Fast Charging • Quality Assurance (QA) won the
Awards: have been continuously making
Gold Award for the case study
• Recognized as ‘Oil Marketing - Company of the Year’ successful and significant presence on social media, Highway Corridors; ‘Website of sustainable development for the
the Year’ for our responsive, user- community by National Awards presented on Quality Through
for leading performance in market expansion and customer service excellence and launching various
friendly, and compelling digital for Excellence in PSUs (National Technology based on the
Direct as well as Retail sales
effective digital campaigns. platform; and for our Annual various continuous improvement
• Kochi Refinery won ‘Refinery of the Year’ award for awards and world HRD congress)
• Won ‘Innovator of the Year’ for honouring the Report FY 2022-23 initiatives effected by QA.
performance excellence.
• Bina Refinery won ‘Refinery of the Year’ for commercially successful innovation for its originality, • Won Silver for ‘Corporate CSR BINA REFINERY CORPORATE RESEARCH AND
achieving significantly higher levels of performance potential for replication, usefulness and value for Campaign’ that highlighted
in production, operational efficiencies and energy • ‘Refiner of the Year’ during DEVELOPMENT CENTRE
BPCL’s CSR initiatives
conservation, while meeting the norms of health, BharatH2Sep Technology for H2 Recovery from FY 2021-22 and 2022-23 for
• Won Bronze for ‘Health Care • ‘New Product of the Year –
safety and environment protection. Refinery Off-gases. Communication Film’ highlighting overall performance from
Economic Times Energy India’ for K Model and ‘Digital
BPCL’s free cancer tests to Transformation Initiative of the
Leadership Awards.
over 70,000 individuals across Year – India’ in Asian Oil and Gas
Maharashtra, West Bengal, and • Felicitation by The Hon’ble
awards 2023.
Uttar Pradesh Chief Minister Shri Shivraj Singh
Chouhan in Feb 2023 for BPCL’s • ‘Innovative practice in operational
RETAIL CSR healthcare initiative which excellence’ Award for “YP
supported treatment of bone Model” an Artificial Neural
• Received awards from Greentech marrow transplant. Network (ANN)-based yield
on Digital Innovation and
prediction tool designed for
Customer engagement Innovation INFORMATION SYSTEM
Fluid Catalytic Cracker (FCC) at
REFINERIES CII Digital Transformation (DX)
• CII DX Digital Transformation
Awards 2023.
BPCL refineries received awards in Awards 2023 for ‘Automation of
various categories for maintaining sales and stock accounting’ at • ‘Best Paper Presentation Award’
highest standards of governance, Company Owned Retail Outlets, for Promoting clean cooking in
safety, healthcare, energy ‘Innovative Practice Award’ for India - One step towards Net Zero.
efficiency, plant maintenance and Non Fuel Retail Automation
overall performance etc. application and ‘Intelligent Assets INFORMATION SUPPLY CHAIN
Management Application’ OPTIMISATION
MUMBAI REFINERY HEALTH, SAFETY, SECURITY
• ‘Best-In-Class Excellence in
• Global CSR Excellence and AND ENVIRONMENT
Cost Management’ at 15th ELSC
Leadership award 2023 for leadership awards.
promoting employment for the • Asian Oil and Gas award 2023
physically challenged. for Net Zero Initiative of the Year INTERNATIONAL TRADE AND
– India.
• Greentech International EHS RISK MANAGEMENT
Award 2023 • Climate Action Program (CAP)
2.0 award from CII. • ‘Masters of Risk – Large Cap
• Prestigious IMC Ramkrishna
• ‘Sustainability Performance Category’ - a top spot among
Bajaj National Quality Award 2022
& Water Stewardship’ and large cap PSU companies,
for ‘Performance Excellence’.
‘Corporate Governance’ at the prestigious 10th edition
• Golden Peacock Environment Award from Indian Chamber of the CNBC TV18 India Risk
Management Award of Commerce. Management Awards.

59
NOTICE TO THE MEMBERS 6. Appointment of Shri Acharath Parakat Mahalil Mohamedhanish as Director
To consider and, if thought fit, to pass the following Resolution as an Ordinary Resolution:-
“ RESOLVED THAT pursuant to the provisions of Sections 149, 152 and other applicable provisions of the Companies
Notice is hereby given that the 71st Annual General Meeting of the members of Bharat Petroleum Corporation Limited (“the Act, 2013 (“Act”) and the Rules framed thereunder, as amended from time to time, Regulation 17 and all other applicable
Company”) will be held on Friday, August 30, 2024 at 10.30 a.m. IST through Video-Conferencing (“VC”)/Other Audio Visual Regulations of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Means (“OAVM”) to transact the following Ordinary and Special Business:- Regulations, 2015 (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force),
Shri Acharath Parakat Mahalil Mohamedhanish (DIN: 02504842), who was appointed by the Board of Directors as an
Additional Director of the Company with effect from July 19, 2024 and who holds office up to the date of this Annual
A. ORDINARY BUSINESS
General Meeting of the Company in terms of Section 161 of the Act and in respect of whom the Company has received
1) To receive, consider and adopt (a) the Audited Financial Statements of the Company for the Financial Year ended a Notice in writing under Section 160 of the Act proposing his candidature for the office of Director of the Company, be
March 31, 2024 (b) the Audited Consolidated Financial Statements of the Company for the Financial Year ended March and is hereby appointed as Director of the Company, liable to retire by rotation.
31, 2024; and the Reports of the Board of Directors, the Statutory Auditors and the Comments of the Comptroller &
Auditor General of India thereon. ESOLVED FURTHER THAT the Board of Directors be and is hereby authorized to do all such acts and to take all such
R
steps as may be necessary, proper or expedient to give effect to this Resolution.”
2) o confirm the payment of Interim Dividend and to declare a Final Dividend on Equity Shares for the Financial Year
T
ended March 31, 2024. By Order of the Board of Directors
Sd/-
3) To appoint a Director in place of Shri Vetsa Ramakrishna Gupta, Director (DIN: 08188547), who retires by rotation and
Place: Mumbai (V. Kala)
being eligible, offers himself for reappointment.
Date: August 6, 2024 Company Secretary
4) o authorize the Board of Directors of the Company to fix the remuneration of the Joint Statutory Auditors of the
T
Company for the Financial Year 2024-25 in terms of the provisions of Section 139(5) read with Section 142 of the
Companies Act, 2013 and to consider and, if thought fit, to pass the following Resolution, as an Ordinary Resolution:- Registered Office: Bharat Bhavan, 4 & 6 Currimbhoy Road, Ballard Estate,
“ RESOLVED THAT the Board of Directors of the Company be and is hereby authorized to decide and fix the remuneration Mumbai 400 001 CIN: L23220MH1952GOI008931
of the Joint Statutory Auditors of the Company as appointed by the Comptroller & Auditor General of India for the Phone: 2271 3000/4000
Financial Year 2024-25.” Email: [email protected] Website: www.bharatpetroleum.in
B. SPECIAL BUSINESS
5) Approval of Remuneration of the Cost Auditors for the Financial Year 2024-25
To consider and if thought fit, to pass the following Resolution as an Ordinary Resolution:-
“RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions of the Companies Act,
2013 and the Companies (Audit and Auditors) Rules, 2014 as amended from time to time, the Cost Auditors viz.
M/s. Dhananjay V. Joshi & Associates., Cost Accountants and M/s. Diwanji & Co., Cost Accountants, appointed by
the Board of Directors of the Company to conduct the audit of the cost records of the Company for the Financial Year
ending March 31, 2025 be paid the remuneration as set out below:-
Name of the Cost Auditors Activities/Location Audit fees
M/s. Dhananjay V. Joshi & Associates BPCL’s activities where cost records are I 3,50,000 plus applicable tax and
(Lead Auditor) to be maintained including refineries, reasonable out of pocket expenses
products, pipelines etc. (other than
lubricants)
M/s. Diwanji & Co, Lubricants Oil Blending Plants – Wadilube, I 1,25,000 plus applicable tax and
Tondiarpet, reasonable out of pocket expenses
Budge-Budge, Loni etc.
ESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorized to do all such acts,
R
deeds and things, and to take all such steps as may be necessary or expedient to give effect to this Resolution.”

61
Notice to the Members (Contd.) b. embers holding shares in dematerialized mode are requested to register/update their email addresses with the
M
relevant DP.
c. If there is any change in the email ID already registered with the Company/RTA, members are requested to
Notes: immediately notify such change to the Company/RTA in respect of shares held in physical form and to DP in
respect of shares held in electronic form.
1. ursuant to various circulars issued by the Ministry of Corporate Affairs (MCA) and by the Securities and Exchange
P
Board of India (SEBI) (hereinafter collectively referred to as “the Circulars”), physical presence of the members at the d. In case of any queries relating to shares, members are requested to contact the RTA on the above email address.
Annual General Meeting (AGM) venue is not required and the AGM will be held through VC or OAVM. Hence, members
8. The Board of Directors of the Company has recommended a Final dividend of I 21 per share (pre-bonus issue) which
can attend and participate in the AGM through VC/OAVM at www.evoting.nsdl.com.
translates into Final dividend of I 10.50 per equity share (post-bonus issue). Final dividend, once approved by the
In compliance of provisions of Regulation 44(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, members in the AGM, will be paid to the eligible shareholders within the stipulated period of 30 days from the date of
2015, the top 100 Listed Companies determined on the basis of market capitalization are required to provide the facility declaration at the AGM.
of the live webcast of the proceedings of the General Meeting. Accordingly, BPCL is arranging a live webcast for the
9. The Company has fixed Friday, August 9, 2024 as the Record Date for the purpose of payment of final dividend on
members at www.evoting.nsdl.com.
equity shares for the year ended March 31, 2024, if declared at the AGM. All members of the Company holding shares
2. The Explanatory Statements pursuant to Section 102 of the Companies Act, 2013, for Item No. 5 and 6, is annexed hereto. as on the said Record Date will be eligible for the final dividend as per the data to be made available by NSDL/CDSL/
RTA.
3. A Member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote on a
poll instead of himself and the proxy need not be a Member of the Company. Since the present AGM is being 10. S
EBI vide its Circular No. SEBI/HO/MIRSD/MIRSD_ RTAMB/P/CIR/2021/655 dated November 3, 2021 (subsequently
held through VC/OAVM pursuant to the MCA/SEBI Circulars, the facility to appoint a proxy to attend and cast amended by Circular Nos. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/687 dated December 14, 2021, SEBI/HO/
a vote for the Member is not available. However, the Bodies Corporate are entitled to appoint authorized MIRSD/MIRSD-PoD-1/P/CIR/2023/37 dated March 16, 2023 and SEBI/HO/MIRSD/POD-1/P/CIR/2023/181 dated
representatives to attend the AGM through VC/OAVM and participate thereat and cast their votes through November 17, 2023) has mandated that with effect from April 1, 2024, shareholders (including shareholders holding
e-voting. shares in physical form) shall be paid dividend only through electronic mode. Such payment shall be made only after
furnishing the PAN, choice of nomination, contact details including mobile number, bank account details and specimen
4. ince the present AGM is being held through VC/OAVM, Proxy form, Attendance Slip and Route map are not enclosed
S
signature by such shareholders.
to the notice.
urther, relevant FAQs published by SEBI on its website can be viewed at the following link: https://www.sebi.gov.in/
F
5. The members can join the AGM in the VC/OAVM mode 30 minutes before and after the scheduled time of the
sebi_data/faqfiles/jan-2024/1704433843359.pdf
commencement of the Meeting. The facility of participation at the AGM through VC/OAVM will be made available for
1000 members on first come first served basis. This will not include large Shareholders (Shareholders holding 2% or 11. For submitting the above information, members holding shares in physical form may access the following link: https://
more shareholding), Promoters, Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons of the www.bharatpetroleum.in/bharat-petroleum-for/Investors/KYC-Updation.aspx.
Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee, Auditors etc.
12. Members who hold physical shares may provide updated bank details by submitting a hard copy of the duly signed
who are allowed to attend the AGM without restriction on account of first come first served basis.
form ISR-1 along with relevant documents mentioned therein to RTA. The said form is available on https://www.
6. The presence of the members attending the AGM through VC/OAVM will be counted for the purpose of reckoning the bharatpetroleum.in/bharat-petroleum-for/Investors/KYC-Updation.aspx
quorum under Section 103 of the Companies Act, 2013.
13. M
embers holding shares in electronic form are requested to submit their PAN, choice of nomination, contact details and
7. Pursuant to the provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management update their bank particulars with their respective DPs, with whom they hold the demat account.
and Administration) Rules, 2014 (as amended) and Regulation 44 of SEBI (Listing Obligations & Disclosure Requirements)
14. As per the provisions of Section 72 of the Companies Act, 2013, facility for making nomination is available to individuals
Regulations, 2015 (Listing Regulations) (as amended), and the Circulars issued by the MCA, the Company is providing
holding shares in the Company. Members who are holding shares in physical form and have not yet registered their
the facility of remote e-voting to its members in respect of the business to be transacted at the AGM. The members who
nomination are requested to submit Form SH-13 for registering their nomination, Form SH-14 for making changes to
have cast their vote by remote e-voting prior to the meeting may also attend the meeting but shall not be entitled to cast
their nomination details and Form ISR -3 to opt out of nomination along with the relevant documents to RTA. The relevant
their vote again. For this purpose, the Company has entered into an agreement with National Securities Depository
forms are available on the company’s website at https://www.bharatpetroleum.in/bharat-petroleum-for/Investors/KYC-
Limited (NSDL) for facilitating voting through electronic means, as the authorized agency. The facility of casting votes
Updation.aspx. In case members are holding shares in dematerialized form, they can register their nomination with their
by a member using the remote e-voting system as well as the electronic voting system at the AGM will be provided by
respective DPs.
NSDL. Facility is also being provided to those members attending the AGM through VC, who have not cast their vote
through remote e-voting and who are not barred from doing so, to cast their vote by e-voting during the AGM, in respect 15. In terms of Regulation 40 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended,
of the business transacted at the AGM. securities of listed companies can be transferred only in dematerialized form with effect from April 1, 2019, except in
case of requests received for transmission or transposition of securities.
In line with the MCA Circular, the Notice convening the AGM and Annual Report will be available on the website
of the Company at https://www.bharatpetroleum.in/Bharat-Petroleum-For/Investors/Shareholders-Meetings/Annual- 16. A
s per SEBI circular nos. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8 dated January 25, 2022 and SEBI/HO/
General-Meeting.aspx. The Notice and Annual Report can also be accessed from the website of the Stock Exchanges MIRSD/MIRSD_RTAMB/P/CIR/2022/70 dated May 25, 2022 the listed companies, with immediate effect, shall
i.e., BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com issue the securities only in demat mode while processing various investor service requests pertaining to issuance
respectively and will also be available on the website of NSDL (agency for providing the remote e-voting facility) i.e. of duplicate shares certificate, claim from unclaimed suspense account, renewal/exchange of securities certificate,
www.evoting.nsdl.com. endorsement, sub-division/splitting of share certificate, consolidation of share certificate, transposition etc. Therefore,
members are requested to submit a hard copy of duly signed Form ISR-4 along with relevant documents to RTA. The
In terms of the SEBI Circulars and Regulation 36(1) (c) of Listing Regulations, Notice of the AGM along with the Annual
detailed procedure and the relevant documents are available on https://www.bharatpetroleum.in/bharat-petroleum-for/
Report 2023-24 is sent only through electronic mode to those members whose email addresses are registered with the
Investors/Procedure-Related-to-Investor-Service-request.aspx
Company or Depository Participant (DP). Physical copy of the Notice of the AGM along with the Annual Report 2023-24
shall be sent to those members who request for the same. 17. S
EBI vide circular no. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/65 dated May 18, 2022 has simplified and
standardized the procedure for transmission of shares. Therefore, members are requested to make a service request
For receiving the Annual Report and all other communications from the Company electronically:
for transmission of shares by submitting a hard copy of duly signed Form ISR-5 along with relevant documents to
a. Members holding shares in physical mode and who have not registered/updated their email address with the RTA. The detailed procedure and the relevant documents are available on https://www.bharatpetroleum.in/bharat-
Company are requested to register/update the same by writing to the Registrar and Transfer Agent (RTA) of the petroleum-for/Investors/Procedure-Related-to-Investor-Service-request.aspx
Company, M/s. Data Software Research Co. Pvt. Ltd. (DSRC) at [email protected] with details of folio number and
attaching a self-attested copy of PAN card.

63
Notice to the Members (Contd.) Year 2016-17 before the said date, the Company will be compelled to transfer the underlying shares to the IEPF.
The details of unclaimed dividend/shares to be transferred to IEPF are available on the website of the Company.
PROCESS AND MANNER OF E-VOTING AND JOINING THE ANNUAL GENERAL MEETING
18. T
he certificate of the Secretarial Auditor certifying that the ESPS scheme of the Company is implemented in accordance
with SEBI (Share Based Employee Benefits) Regulations, 2021 is available at https://www.bharatpetroleum.in/bharat- The remote e-voting period begins on Sunday, August 25, 2024 at 9:00 A.M. and ends on Thursday, August 29, 2024
petroleum-for/Investors/Shareholders-Meetings/Annual-General-Meeting.aspx at 5:00 P.M. The remote e-voting module shall be disabled by NSDL for voting thereafter. The Members, whose names
appear in the Register of Members/Beneficial Owners as on the record date (cut-off date) i.e. Friday, August 23, 2024
19. A
ll documents referred to in the Notice, if any, will be available electronically for inspection during office hours without may cast their vote electronically. The voting right of shareholders shall be in proportion to their share in the paid-
any fee by the members from the date of circulation of the Notice up to the date of the AGM. Members seeking to up equity share capital of the Company as on the cut-off date, being Friday, August 23, 2024.
inspect such documents can send an email to [email protected].
20. The Register of Directors and Key Managerial Personnel and their shareholding maintained under Section 170 of the How do I vote electronically using the NSDL e-Voting system?
Act, the Register of Contracts or Arrangements in which the Directors are interested, maintained under Section 189 The way to vote electronically on NSDL e-Voting system consists of “Two Steps” which are mentioned below:
of the Act, and the relevant documents referred to in the Notice will be available electronically for inspection by the
members during the AGM. Members desiring inspection of such Registers during the AGM may send their request in Step 1: Access to NSDL e-Voting system
writing to the Company at [email protected].
A) Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in
21. M
embers seeking any information with regard to the accounts or any matter to be placed at the AGM, are requested to demat mode
write to the Company on or before Friday, August 23, 2024 through email on [email protected]. The same will
In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual
be replied to by the Company suitably through email.
shareholders holding securities in demat mode are allowed to vote through their demat account maintained with
22. A
s required under Regulation 36(3) of Listing Regulations, a brief resume of persons seeking reappointment and Depositories and Depository Participants. Shareholders are advised to update their mobile number and email Id in their
appointment as Directors under Item No. 3 and 6 of the Notice is attached. demat accounts in order to access e-Voting facility.
23. Non-Resident Indian members are requested to inform the RTA immediately about: Login method for Individual shareholders holding securities in demat mode is given below:
(i) Change in their residential status on return to India for permanent settlement. Type of Shareholders Login Method
(ii) Particulars of their bank account maintained in India with complete name, branch, account type, account number Individual Shareholders 1. xisting IDeAS user can visit the e-Services website of NSDL Viz. https://eservices.nsdl.com either
E
holding securities in on a Personal Computer or on a mobile. On the e-Services home page click on the “Beneficial
and address of the bank with pin code number, if not furnished earlier. demat mode with NSDL. Owner” icon under “Login” which is available under ‘IDeAS’ section, this will prompt you to enter
your existing User ID and Password. After successful authentication, you will be able to see e-Voting
24. M
embers may note that the Income Tax Act, 1961, as amended by the Finance Act, 2020, mandates that dividends
services under Value added services. Click on “Access to e-Voting” under e-Voting services and
paid or distributed by a Company are taxable in the hands of members. The Company shall therefore be required to you will be able to see e-Voting page. Click on company name or e-Voting service provider i.e.
deduct tax at source (“TDS”) at the time of making the payment of dividend. In order to enable us to determine the NSDL and you will be re-directed to e-Voting website of NSDL for casting your vote during the remote
applicable TDS rate, members are requested to submit the relevant documents on or before Monday, August 12, 2024. e-Voting period or joining virtual meeting & voting during the meeting.
The detailed communication regarding TDS on dividend sent to the members is provided on the link: https://www. 2. If you are not registered for IDeAS e-Services, option to register is available at https://eservices.nsdl.
com. Select “Register Online for IDeAS Portal” or click at https://eservices.nsdl.com/SecureWeb/
bharatpetroleum.in/bharat-petroleum-for/Investors/Procedure-Related-to-Investor-Service-request/Tax-Forms.aspx.
IdeasDirectReg.jsp
Kindly note that no documents in respect of TDS would be accepted from members after Monday, August 12, 2024.
3. isit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.
V
25. T
he unclaimed dividends of BPCL and erstwhile Kochi Refineries Limited (KRL) for the Financial Years up to 1993-94 evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once the home page of e-Voting
system is launched, click on the icon “Login” which is available under ‘Shareholder/Member’ section.
have been transferred by the Companies to the General Revenue Account of the Central Government, which can be
A new screen will open. You will have to enter your User ID (i.e. your sixteen digit demat account
claimed by the members from the Office of the Registrar of Companies at Mumbai and Kochi, respectively. number held with NSDL), Password/OTP and a Verification Code as shown on the screen. After
successful authentication, you will be redirected to the NSDL Depository site wherein you can see
26. (a) Pursuant to Section 124 and 125 of the Companies Act, 2013, any amount of dividend remaining unpaid or unclaimed the e-Voting page. Click on company name or e-Voting service provider i.e. NSDL and you will be
for a period of seven years from the date of its transfer to the Unpaid Dividend Account of the Company is required redirected to the e-Voting website of NSDL for casting your vote during the remote e-Voting period or
to be transferred to the Investor Education & Protection Fund (IEPF) established by the Central Government. The joining the virtual meeting & voting during the meeting.
unclaimed dividends for the Financial Years from 1994-95 to 2015-16 and two interim dividends for Financial Year 4. Shareholders/Members can also download the NSDL Mobile App “NSDL Speede” facility by scanning
2016-17 have been transferred to the said Fund and no claim shall lie against the Company, for the amount of the QR code mentioned below for a seamless voting experience.
--
dividend so transferred. NSDL Mobile App is available on
(b) In terms of Section 124(6) of the Companies Act, 2013, read with the IEPF Rules as amended, all the shares
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in respect of which dividend has remained unpaid/unclaimed for seven consecutive years or more are required ,,.~ Google Play
to be transferred to an IEPF Demat account. Accordingly, shares in respect of unclaimed final dividend for the
Financial Year 2015-16, 1st Interim and 2nd interim dividend of Financial Year 2016-17 have been transferred to an
Individual Shareholders 1. sers who have opted for CDSL Easi/Easiest facility, can login through their existing user id
U
IEPF Demat account. In the event of transfer of shares and the unclaimed dividends to IEPF, members are entitled
holding securities in and password. The option will be made available to reach the e-Voting page without any further
to claim the same from IEPF by submitting an online application in the prescribed IEPF-5 web form by login on demat mode with CDSL authentication. The users to login Easi/Easiest are requested to visit the CDSL website www.
www.mca.gov.in. After login, click on ‘MCA services’, then click on ‘Company E-filing’, in the dropdown, click on cdslindia.com and click on login icon & New System Myeasi Tab and then use your existing my easi
‘IEPF Services’ and select ‘IEPF-5 web form’ for claiming unpaid amounts and shares. Members can file only one username & password.
consolidated claim in a financial year as per the IEPF Rules. 2. After successful login the Easi/Easiest user will be able to see the e-Voting option for eligible
companies where the e-Voting is in progress as per the information provided by the company. On
(c) embers of BPCL who have not yet encashed their dividend warrant(s) for the final dividend of Financial Year
M clicking the e-Voting option, the user will be able to see the e-Voting page of the e-Voting service
2016-17 or dividend warrants(s) for any subsequent financial years are requested to make their claims without provider for casting your vote during the remote the e-Voting period or joining the virtual meeting
& voting during the meeting. Additionally, there are also links provided to access the system of all
any delay to the RTA/Company. It may be noted that the unclaimed amount of final dividend for the Financial Year e-Voting Service Providers, so that the user can visit the e-Voting service providers’ website directly.
ended March 31, 2017 becomes due for transfer to IEPF Authority on October 17, 2024. It may please be noted
that if no claim/application is received by the Company or the Company’s RTA for the final dividend of Financial

65
Notice to the Members (Contd.) c) How to retrieve your ‘initial password’?
(i) If your email ID is registered in your demat account or with the company, your ‘initial password’ is communicated
to you on your email ID. Trace the email sent to you from NSDL from your mailbox. Open the email and open
Type of Shareholders Login Method the attachment i.e. a .pdf file. Open the .pdf file. The password to open the .pdf file is your 8 digit client ID for
3. If the user is not registered for Easi/Easiest, option to register is available at the CDSL website www. NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in physical form. The
cdslindia.com. Click on login & New System Myeasi Tab and then click on registration option. .pdf file contains your ‘User ID’ and your ‘initial password’.
4. Alternatively, the user can directly access the e-Voting page by providing Demat Account Number
and PAN No. from an e-Voting link available on www.cdslindia.com home page. The system will (ii) If your email ID is not registered, please follow steps mentioned below in process for those shareholders
authenticate the user by sending OTP on registered Mobile & Email as recorded in the Demat whose email ids are not registered.
Account. After successful authentication, the user will be able to see the e-Voting option where the
e-voting is in progress and also able to directly access the system of all e-Voting Service Providers. 6. If you are unable to retrieve or have not received the “Initial password” or have forgotten your password:
Individual Shareholders You can also login using the login credentials of your demat account through your Depository Participant a) lick on “Forgot User Details/Password?” (If you are holding shares in your demat account with NSDL or CDSL)
C
(holding securities in registered with NSDL/CDSL for e-Voting facility. Upon logging in, you will be able to see e-Voting
option available on www.evoting.nsdl.com.
demat mode) login option. Click on e-Voting option, you will be redirected to NSDL/CDSL Depository site after successful
through their depository authentication, wherein you can see the e-Voting feature. Click on company name or e-Voting service b) “ Physical User Reset Password?” (If you are holding shares in physical mode) option available on www.evoting.
participants provider i.e. NSDL and you will be redirected to the e-Voting website of NSDL for casting your vote during
the remote e-Voting period or joining the virtual meeting & voting during the meeting. nsdl.com.
c) If you are still unable to get the password by aforesaid two options, you can send a request at [email protected]
Important note: Members who are unable to retrieve the User ID/Password are advised to use the Forget User ID and
mentioning your demat account number/folio number, your PAN, your name and your registered address etc.
Forget Password option available at the above mentioned website.
d) Members can also use the OTP (One Time Password) based login for casting the votes on the e-Voting system
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to of NSDL.
login through Depository i.e. NSDL and CDSL.
7. After entering your password, tick on Agree to “Terms and Conditions” by selecting on the check box.
Login type Helpdesk details 8. Now, you will have to click on the “Login” button.
Individual Shareholders holding Members facing any technical issue in login can contact the NSDL helpdesk by sending a
securities in demat mode with NSDL request at [email protected] or call at 022 - 4886 7000 9. After you click on the “Login” button, the Home page of e-Voting will open.
Individual Shareholders holding Members facing any technical issue in login can contact the CDSL helpdesk by sending a
securities in demat mode with CDSL request at [email protected] or contact at toll free no. 1800 21 09911 Step 2: Cast your vote electronically and join General Meeting on NSDL e-Voting system.
How to cast your vote electronically and join General Meeting on NSDL e-Voting system?
B) Login Method for e-Voting and joining virtual meeting for shareholders other than Individual shareholders
holding securities in demat mode and shareholders holding securities in physical mode. 1. After successful login at Step 1, you will be able to see all the companies “EVEN” in which you are holding shares and
whose voting cycle and General Meeting is in active status.
How to Login to the NSDL e-Voting website?
2. Select “EVEN” of the company for which you wish to cast your vote during the remote e-Voting period and casting your
1. isit the e-Voting website of NSDL. Open the web browser by typing the following URL: https://www.evoting.nsdl.com/
V
vote during the General Meeting. For joining the virtual meeting, you need to click on the “VC/OAVM” link placed under
either on a Personal Computer or on a mobile.
“Join Meeting”.
2. Once the home page of the e-Voting system is launched, click on the icon “Login” which is available under ‘Shareholder/
3. Now you are ready for e-Voting as the Voting page opens.
Member’ section.
4. Cast your vote by selecting the appropriate options i.e. assent or dissent, verify/modify the number of shares for which
3. new screen will open. You will have to enter your User ID, your Password/OTP and a Verification Code as shown on
A
you wish to cast your vote and click on “Submit” and also “Confirm” when prompted.
the screen.
5. Upon confirmation, the message “Vote cast successfully” will be displayed.
lternatively, if you are registered for NSDL e-services i.e. IDEAS, you can login at https://eservices.nsdl.com/ with
A
your existing IDEAS login. Once you login to NSDL e-services after using your login credentials, click on e-Voting and 6. You can also take the printout of the votes cast by you by clicking on the print option on the confirmation page.
you can proceed to Step 2 i.e. Cast your vote electronically.
7. Once you confirm your vote on the resolution, you will not be allowed to modify your vote.
4. Your User ID details are given below:
General Guidelines for shareholders
Manner of holding shares i.e. Demat 1. Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) are required to send a scanned copy (PDF/JPG
(NSDL or CDSL) or Physical Your User ID is:
Format) of the relevant Board Resolution/Authority letter etc. with attested specimen signature of the duly authorized
a) For Members who hold shares in 8 Character DP ID followed by 8 Digit Client ID signatory(ies) who are authorized to vote, to the Scrutinizer by email to [email protected] with a copy marked
demat account with NSDL For example if your DP ID is IN300*** and Client ID is 12****** then your user ID is
IN300***12******. to [email protected]. Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) can also upload their Board
Resolution/Power of Attorney/Authority Letter etc. by clicking on “Upload Board Resolution/Authority Letter” displayed
b) For Members who hold shares in 16 Digit Beneficiary ID
demat account with CDSL For example if your Beneficiary ID is 12************** then your user ID is 12************** under the “e-Voting” tab in their login.
c) For Members holding shares in EVEN Number followed by Folio Number registered with the company 2. It is strongly recommended not to share your password with any other person and take utmost care to keep your
Physical Form For example if your folio number is 001*** and EVEN is 101456 then user ID is 101456001*** password confidential. Login to the e-voting website will be disabled upon five unsuccessful attempts to key in the
5. Password details for shareholders other than Individual shareholders are given below: correct password. In such an event, you will need to go through the “Forgot User Details/Password?” or “Physical User
Reset Password?” option available on www.evoting.nsdl.com to reset the password.
a) If you are already registered for e-Voting, then you can use your existing password to login and cast your vote.
3. In case of any queries, you may refer to the Frequently Asked Questions (FAQs) for Shareholders and e-voting user
b) If you are using NSDL e-Voting system for the first time, you will need to retrieve the ‘initial password’ which was
manual for Shareholders available at the download section of www.evoting.nsdl.com or call on 022 - 4886 7000 or send
communicated to you. Once you retrieve your ‘initial password’, you need to enter the ‘initial password’ and the
a request to Ms. Pallavi Mhatre, Manager, NSDL, 4th Floor, ‘A’ Wing, Trade World, Kamla Mills Compound, Senapati
system will force you to change your password.
Bapat Marg, Lower Parel, Mumbai 400013 at [email protected]

67
Notice to the Members (Contd.) 7. The members who need technical assistance w.r.t. VC/OAVM before or during the AGM, can contact NSDL on
[email protected] or call on 022 - 4886 7000 or send a request to Ms. Pallavi Mhatre, Manager, NSDL, 4th floor, ‘A’
Wing, Trade World, Kamla Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai 400013 at [email protected]
Process for those shareholders whose email ids are not registered with the depositories for procuring user id
OTHER INSTRUCTIONS:-
and password and registration of email ids for e-voting for the resolutions set out in this notice:
1. Members can also update their mobile number and email id in the user profile details of the folio by providing this
1. In case shares are held in physical mode please provide Folio No., Name of shareholder, scanned copy of the share
information to the DP/RTA, which may be used for sending future communication.
certificate (front and back), PAN (self attested scanned copy of PAN card), AADHAR (self attested scanned copy of
Aadhar Card) by email to [email protected]. 2. The members holding shares in electronic form are therefore requested to submit the Permanent Account Number
(PAN) details to their DP with whom they are maintaining their demat accounts. Members holding shares in physical
2. In case shares are held in demat mode, please provide DPID-CLID (16 digit DPID + CLID or 16 digit beneficiary ID),
form can submit their PAN details to the Company or to RTA.
Name, client master or copy of Consolidated Account statement, PAN (self attested scanned copy of PAN card),
AADHAR (self attested scanned copy of Aadhar Card) to [email protected]. If you are an Individual shareholder 3. The voting rights of members shall be in proportion to their shares in the paid-up equity share capital of the Company
holding securities in demat mode, you are requested to refer to the login method explained at step 1 (A) i.e. Login as on the cut-off date i.e. Friday, August 23, 2024. A person whose name is recorded in the register of members or in
method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode. the register of Beneficial Owners maintained by the DP as on the cut-off date i.e. Friday, August 23, 2024 only shall
be entitled to avail of the facility of remote e-voting at the AGM. A person who is not a member as on the cut-off date,
3. Alternatively shareholders/members may send a request to [email protected] for procuring the user id and password
should treat the Notice for information purpose only.
for e-voting by providing the above mentioned documents.
4. Any person holding shares in physical form as on the cut-off date and non-individual shareholders who acquire shares
4. In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual
of the Company and become members of the Company after dispatch of the notice and holding shares as on the cut-off
shareholders holding securities in demat mode are allowed to vote through their demat account maintained with
date i.e. Friday, August 23, 2024, may obtain the login ID and password by sending a request at [email protected] or
Depositories and Depository Participants. Shareholders are required to update their mobile number and email ID
[email protected].
correctly in their demat account in order to access the e-Voting facility.
In case of Individual Shareholders holding securities in demat mode, who acquire shares of the Company and become
THE INSTRUCTIONS FOR MEMBERS FOR E-VOTING ON THE DAY OF THE AGM ARE AS UNDER:- members of the Company after sending of the notice and holding the shares as of the cut-off date i.e. Friday, August
1. The procedure for e-Voting on the day of the AGM is the same as the instructions mentioned above for remote e-voting. 23, 2024 may follow the steps mentioned under “Access to NSDL e-Voting system”.
2. Only those Members, who will be present in the AGM through VC/OAVM facility and have not cast their vote on the owever, if you are already registered with NSDL for remote e-voting, then you can use your existing user ID and
H
Resolutions through remote e-Voting and are otherwise not barred from doing so, shall be eligible to vote through the password for casting your vote. If you forgot your password, you can reset your password by using “Forgot User Details/
e-Voting system in the AGM. Password” or “Physical User Reset Password” option available on www.evoting.nsdl.com or call on 022 - 4886 7000.
3. embers who have voted through Remote e-Voting will be eligible to attend the AGM. However, they will not be eligible
M 5. Once the vote on a Resolution is cast by a member, whether partially or otherwise, the member shall not be allowed to
to vote at the AGM. change it subsequently or cast the vote again.
4. For any grievances connected with the facility for e-voting on the day of the AGM, the members may contact the person 6. Mrs. Ragini Chokshi, (C.P. No. 1436) Practising Company Secretary (Membership No. 2390) of Ragini Chokshi & Co.
whose details are mentioned in the general guidelines for shareholders under remote e-voting. Company Secretaries has been appointed as the Scrutinizer to scrutinize the voting and remote e-voting process in a
fair and transparent manner.
INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE AGM THROUGH VC/OAVM ARE AS UNDER: 7. The Chairman shall, at the end of the discussion on the resolutions on which voting is to be held, allow voting with the
1. Members will be provided with a facility to attend the AGM through VC/OAVM through the NSDL e-Voting system. assistance of the Scrutinizer, by use of e-voting for all those members who have not cast their votes by availing the
Members may access by following the steps mentioned above for Access to the NSDL e-Voting system. After successful remote e-voting facility.
login, you can see the link of “VC/OAVM” placed under the “Join meeting” menu against the company name. You are
8. he Scrutinizer will, within fifteen minutes after the conclusion of voting at the AGM, first unblock the votes cast through
T
requested to click on the VC/OAVM link placed under the Join Meeting menu. The link for the VC/OAVM will be available
remote e-voting and shall make available, within two working days of conclusion of the meeting, a Consolidated
in the Shareholder/Member login where the EVEN of the Company will be displayed. Please note that the members
Scrutinizer’s report of the total votes cast in favor of, or against, if any, to the chairman or a person authorized by him in
who do not have the User ID and Password for e-Voting or have forgotten the User ID and Password may retrieve the
writing who shall countersign the same and declare the results of voting.
same by following the remote e-Voting instructions mentioned in the notice to avoid last minute rush.
9. The results of e-voting, declared along with the report of the Scrutinizer, shall be placed on the Company’s website
2. Members are encouraged to join the Meeting through laptops for a better experience.
www.bharatpetroleum.in and on the website of NSDL www.evoting.nsdl.com immediately after the result is declared.
3. urther, Members will be required to allow the Camera and use the Internet with a good speed to avoid any disturbance
F The Company shall simultaneously forward the results to BSE Limited and National Stock Exchange of India Limited,
during the meeting. where the shares of the Company are listed.
4. Please note that Participants Connecting from Mobile Devices or Tablets or through Laptop connecting via Mobile 10. Members holding multiple folios may get their shareholding consolidated.
Hotspot may experience Audio/Video loss due to Fluctuation in their respective network. It is therefore recommended
to use a Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.
5. embers who would like to express their views/have questions may send their questions in advance mentioning their
M
name, demat account number/folio number, email id, mobile number at [email protected]. The same will be
replied by the company suitably.
6. The members who would like to express their views/have questions may pre-register themselves as a speaker, by
sending their request from their registered email address mentioning their name, DPID and Client ID/folio number, PAN,
email id, and mobile number at [email protected] from Wednesday, August 21, 2024 to Saturday, August
24, 2024. Only those members who have pre-registered themselves as a speaker will be allowed to express their views/
ask questions during the AGM. The Company reserves the right to restrict the number of questions and number of
speakers, depending upon availability of time as appropriate for smooth conduct of the AGM.

69
ANNEXURE TO THE NOTICE BRIEF RESUME OF DIRECTOR SEEKING REAPPOINTMENT AT THE 71st ANNUAL GENERAL
MEETING IN TERMS OF REGULATION 36(3) OF LISTING REGULATIONS AND SECRETARIAL
STANDARD – 2
Explanatory Statement Pursuant to Section 102 of the Companies Act, 2013 Name Shri Vetsa Ramakrishna Gupta Shri Acharath Parakat Mahalil Mohamedhanish
Item No. 5: Approval of Remuneration of the Cost Auditors for the Financial Year 2024-25 Date of Birth 29.06.1971 17.02.1969
Date of first 07.09.2021 19.07.2024
The Board of Directors, on the recommendation of the Audit Committee, has approved the appointment and remuneration Appointment
of M/s. Dhananjay V. Joshi & Associates., Cost Accountants and M/s. Diwanji & Co., Cost Accountants to conduct the audit
Qualifications B.Com, ACA, AICWA IAS, B. Tech (Civil) from College of Engineering,
of the Cost records for the Financial Year 2024-25. Trivandrum
With the completion of the Cost Audit for the Financial Year 2023-24, both existing Cost Auditors (M/s. R. Nanabhoy & Co., Experience in Shri Vetsa Ramakrishna Gupta is a member of the Institute of Shri Acharath Parakat Mahalil Mohamedhanish
specific functional Chartered Accountants of India (1998 batch) and a Bachelor of is presently serving as Principal Secretary, Industries,
Cost Accountants and M/s. G.R. Kulkarni & Associates, Cost Accountants) have completed 4 years of Cost Audit. Hence, areas Commerce. He is also a member of Institute of Cost Accountants Commerce and Waqf Departments in Government
appointment of new Cost Auditors for the Financial Year 2024-25 in place of the existing Cost Auditors was considered. The of India. With an illustrious career spanning over 26 years at of Kerala. He has held the position of Principal
remuneration proposed to the newly appointed Cost Auditors remains the same. BPCL in various finance roles, he is currently holding charge of Secretary, General Education, Health & family Welfare
Director (Finance). and AYUSH, Govt. of Kerala. He has also held
In accordance with the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Shri Vetsa Ramakrishna Gupta has a well-rounded experience profile, various positions such as District Collector & District
Magistrate, Ernakulam, Director of Public Instruction,
Rules, 2014, ratification for the remuneration payable to the Cost Auditors for the Financial Year 2024-25 by way of an and in his rich and diverse career, he has held various positions in
BPCL handling various facets of finance covering Corporate Accounts, Kerala. He has also served as Secretary, Urban Affairs
Ordinary Resolution is being sought, as set out at Item No. 5 of the notice. Risk Management, Business Plan, Budgeting, Treasury operations & PWD, Chairman & Managing Director, Supply Co,
etc. Apart from his corporate role, he has vast experience of handling Managing Director, Kochi Metro Rail Ltd, CEO, Kochi
The Board of Directors accordingly recommends the passing of the proposed Ordinary Resolution for approval by the finance in various business units of BPCL. He played a critical role Smart City.
Members. None of the Directors or Key Managerial Personnel of the Company or their relatives have any concern or interest, in strategy formulation and implementation to ensure Corporate
financially or otherwise in passing of the said Ordinary Resolution. Governance, including internal controls and monitoring. He was a key
architect in implementing IND-AS in BPCL.
Item No.6: Appointment of Shri Acharath Parakat Mahalil Mohamedhanish as Director As a Board member under his able leadership, merger of Bharat
Oman Refineries Limited (BORL)/Bharat Gas Resources Limited
Shri Acharath Parakat Mahalil Mohamedhanish was appointed as Additional Director on the Board upon nomination by the (BGRL) with BPCL was carried out smoothly and a conducive
environment was created for onboarding BORL/BGRL employees
Government of India as Government Nominee Director, under the provisions of Article 77A of the Articles of Association of into the BPCL family. He has been instrumental in co-creating
the Company, read with Section 161 of the Companies Act, 2013, effective July 19, 2024, in accordance with the directions ‘Project Aspire’, our five-year strategic framework under which
of the Government of India. BPCL has set ambitious goals by FY 2028-29.
Membership/ Memberships in the following Committees: -
Shri Acharath Parakat Mahalil Mohamedhanish, being an Additional Director, holds office up to the date of the ensuing Chairmanships of 1. Stakeholders Relationship Committee
Annual General Meeting. The Company has received a Notice in writing along with the deposit of requisite amount under Board Committees 2. Corporate Social Responsibility (CSR) Committee
Section 160 of the Companies Act, 2013 proposing his candidature. in BPCL 3. Risk Management Committee
4. Project Evaluation Committee
Shri Acharath Parakat Mahalil Mohamedhanish, is a senior IAS officer from 1996 batch and holds B. Tech degree in Civil 5. Sustainable Development Committee
Engineering from College of Engineering, Trivandrum. He is presently serving as Principal Secretary, Industries, Commerce 6. Standing Committee of the Board for Tenders
and Waqf Department in Government of Kerala. His brief resume containing his age, qualification, expertise etc. is 7. Standing Committee of the Board for JVC Matters
8. Standing Committee of the Board for Release of Flats.
annexed herewith.
9. BPCL Trust for Investment in Shares Committee
Relevant documents, if any, in respect of the said item will be available for inspection in electronic form on request by the 10. Standing Committee of the Board for Issue of Share Certificates
11. Monitoring Committee on Investments in JVs/Subsidiaries
Members of the Company, up to the last date of the remote e-voting.
Directorship held in Director: Director:
The Board of Directors accordingly, recommends the passing of the proposed Ordinary Resolution as contained in the other Companies 1. Bharat PetroResources Limited 1. Malabar Cements Limited
Notice by Members of the Company. 2. Additional Skill Acquisition Program Kerala
3. Travancore Titanium Products Limited
Shri Acharath Parakat Mahalil Mohamedhanish is interested in the Resolution to the extent as it concerns his appointment. 4. Kerala Medical Services Corporation Limited
None of the other Directors or Key Managerial Personnel or their relatives has any concern or interest, financial or otherwise, 5. Nitta Gelatin India Limited
in passing of the said Ordinary Resolution. 6. Cheraman Financial Services Limited
7. Kel Electrical Machines Limited
By Order of the Board of Directors Listed companies NIL NIL
from which the
Sd/- Director has
Place: Mumbai resigned in the past
(V. Kala)
3 years
Date: August 6, 2024 Company Secretary
No. of Board 16 NA
Meetings attended
during the Financial
Year 2023-24
Registered Office: Bharat Bhavan, 4 & 6 Currimbhoy Road, Ballard Estate,
Relationship with None None
Mumbai 400 001 CIN: L23220MH1952GOI008931
other Directors & KMP
Phone: 2271 3000/4000
No. of shares held 5,250 Equity Shares None
Email: [email protected] Website: www.bharatpetroleum.in in BPCL
Terms of As per the letter dated 07.09.2021 issued by the Ministry of As per the letter dated 18.07.2024 issued by the
Appointment Petroleum & Natural Gas, Government of India, he was appointed Ministry of Petroleum & Natural Gas, Government
as Director (Finance) (Whole Time Director) for a period of five years of India, he was appointed as Director for a period
with effect from his assumption of charge of the post or till the date of three years on co-terminous basis or until further
of his superannuation or until further orders, whichever is earliest. orders, whichever is earlier.
As BPCL is a Government of India Enterprise, his remuneration and
other terms and conditions will be as per the applicable guidelines
issued by Department of Public Enterprises from time to time.

71
DIRECTORS’ REPORT Company Standalone Performance

During the year 2023-24, the refinery throughput at BPCL’s refineries at Mumbai, Kochi and Bina was 39.93 MMT, as against
38.53 MMT achieved in 2022-23. The Market Sales of the Company increased by 4.33%, from 48.92 MMT in 2022-23 to
The Board of Directors takes pleasure in presenting their MMT during the year 2022-23. During the year, the BPCL 51.04 MMT in 2023-24. The growth in physical parameters was in line with the increase in demand of petroleum products.
Report on the performance of Bharat Petroleum Corporation Group exported 1.16 MMT of petroleum products, as against
COMPANY STANDALONE RESULTS 2023-24 2022-23
Limited (BPCL) for the year ended March 31, 2024. 1.31 MMT during the year 2022-23. The growth in physical
parameters was mainly on account of increase in demand of Physical Performance
PERFORMANCE OVERVIEW petroleum products.
Refinery Throughput (MMT) 39.93 38.53
Group Performance During the current Financial Year, the Group achieved
Gross Revenue from Operations of I 5,06,992.60 crore, as Market Sales (MMT) 51.04 48.92
During the year 2023-24, the aggregate refinery throughput
compared to I 5,33,547.29 crore in the year 2022-23. The
of BPCL’s refineries at Mumbai, Kochi and Bina was 39.93 Financial Performance I in crore
Net Profit attributable to BPCL stood at I 26,858.84 crore in
million Metric Tonnes (MMT), as compared to 38.53 MMT Revenue from Operations 5,06,911.36 5,33,467.55
2023-24, as against I 2,131.05 crore in the previous year. The
during the year 2022-23. The BPCL Group ended the year
Group has recorded Earnings per Share of I 126.08 per share Profit before Finance Costs, Depreciation, Exceptional Items and Tax 46,569.51 13,140.62
with market sales of 51.04 MMT, as compared to 48.92
in the current year, as against I 10.01 per share in 2022-23.
Finance Cost 2,473.01 3,216.48
CONSOLIDATED GROUP RESULTS 2023-24 2022-23 Depreciation & Amortization expense 6,750.11 6,347.48
Profit before Exceptional Items and Tax 37,346.39 3,576.66

Physical Performance
Exceptional Items – Income/(Expense) (1,798.02) (1,359.96)
Refinery Throughput (MMT) 39.93 38.53
Profit before Tax 35,548.37 2,216.70
Market Sales (MMT) 51.04 48.92 Provision for Taxation – Current Tax 9,412.06 352.18
Financial Performance I in crore Provision for Taxation – Deferred Tax (537.20) 37.32
Short/(Excess) provision for taxation of earlier years 0.01 (42.90)

Revenue from Operations 5,06,992.60 5,33,547.29
Net Profit for the year (A) 26,673.50 1,870.10
Profit before Finance Costs, Depreciation, Share of profit/(loss) of equity accounted investee, 46,316.76 12,386.33
Other Comprehensive Income (OCI) 956.13 (240.10)
Exceptional Items and Tax
Total Comprehensive Income for the year 27,629.63 1,630.00
Finance Cost 4,148.89 4,262.77
Opening Balance of Retained Earnings (B) 9,326.25 9,062.62
Depreciation & Amortization expense 6,771.26 6,368.82 Amount available for Appropriation (A+B) 35,999.75 10,932.72
Profit before Share of profit/(loss) of equity accounted investee, Exceptional Items and Tax 35,396.61 1,754.74 Appropriations/Others:
Final Dividend of previous year 867.70 1,301.55

Share of Profit/(loss) of equity accounted investee (net of income tax) 1,065.53 2,191.92
Interim Dividends 4,555.43 -
Exceptional Items – Income/(Expense) (267.70) (1,125.53)
Transfer to Debenture Redemption Reserve - 50.00
Profit before Tax 36,194.44 2,821.13 Transfer to General Reserve 4,000.00 -
Income from ‘BPCL Trust for Investment in Shares’# (82.40) (19.78)

Provision for Taxation – Current Tax 9,419.98 353.11
Income from ‘BPCL ESPS Trust’# (10.96) (2.63)
Provision for Taxation – Deferred Tax (84.39) 379.87
Re-measurements of Defined Benefit Plans (Net of tax)# (98.58) 277.33
Short/(Excess) provision for Taxation for earlier years 0.01 (42.90) Transfer of Reserve to Business Combination 1,720.13 -
Net Profit for the year 26,858.84 2,131.05 Closing Balance of Retained Earnings 25,048.43 9,326.25
Summarized Cash Flow Statement:

Net Profit attributable to BPCL 26,858.84 2,131.05
Cash Flows:
Other Comprehensive Income attributable to BPCL 212.81 761.29
Inflow/(Outflow) from Operating Activities 35,762.21 10,664.05
Total Comprehensive Income attributable to BPCL 27,071.65 2,892.34 Inflow/(Outflow) from Investing Activities (11,661.16) (6,397.31)
Inflow/(Outflow) from Financing Activities (25,466.04) (3,665.87)

Group Basic and Diluted Earnings per share attributable to BPCL (I per share) 126.08 10.01
Net increase/(decrease) in cash & cash equivalents (1,364.99) 600.87
# Represents addition to Retained Earnings

73
Directors’ Report (Contd.) applicable) and I 462.48 crore was the consideration received Report on the Accounts for the year ended March 31, 2024
against the issuance of shares. Out of the 3,65,42,077 is appended as Annexure E.
shares transferred, 42,050 shares were transferred to key
As on March 31, 2024, there are nine pending published
managerial personnel.
BPCL achieved Gross Revenue from Operations of paid-up equity share capital), amounting to I 4,555.43 crore, paras related to the C&AG audit, which are appended as
I 5,06,911.36 crore in the year 2023-24, as compared to on the paid-up equity share capital of I 43,38,50,54,880. In During the year under review, 68,36,948 shares held by the Annexure F.
I 5,33,467.55 crore in the year 2022-23. The Profit before Tax addition, the Board of Directors has declared and distributed BPCL ESPS Trust were sold off through the stock exchange
for the year was I 35,548.37 crore, as compared to I 2,216.70 Interim Dividend during the year 2023-24 totalling I 21 per mechanism, in accordance with the BPCL Employee Stock REFINERIES
crore in 2022-23. After providing for Tax (including Deferred equity share (i.e. @210% of the paid-up equity share capital) Purchase Scheme 2020 and SEBI (Share Based Employee Financial Year 2023-24 has been a year of significant
Tax, Short/(Excess) provision for previous years) of I 8,874.87 on the paid-up share capital of I 21,69,25,27,440. Benefits and Sweat Equity) Regulations, 2021, and the progress, wherein the Company’s Refineries achieved
crore, as against I 346.60 crore during the previous year, the
As per Regulation 43A of the Securities and Exchange Board BPCL ESPS Trust does not hold any shares at the end of the important milestones, embraced new technologies,
Profit after Tax for the year stood at I 26,673.50 crore, as year, on behalf of the employees. The Trust did not exercise delivered new products and commenced strategic initiatives
of India (Listing Obligations and Disclosure Requirements)
against ₹ 1,870.10 crore in the year 2022-23. voting rights in respect of the above shares. that solidify the Company’s position as a pioneer in the
Regulations, 2015, the top thousand listed entities shall
Profit for the current year is higher as compared to the oil and gas sector. In this financial year, the Company’s
formulate a Dividend Distribution Policy. Accordingly, a The Scheme is in compliance with SEBI (Share Based
Refineries achieved the highest ever throughput of 39.93
previous year on account of a higher margin on certain Dividend Distribution Policy has been adopted to set out the Employee Benefits and Sweat Equity) Regulations, 2021,
MMT. Furthermore, capacity utilization increased to a strong
petroleum products. parameters and circumstances that will be taken into account and this has been certified by the secretarial auditors of
112% in FY 2023-24, as compared to 109% in the previous
Internal Generation after adjusting Dividend, Depreciation
by the Board in determining the distribution of Dividend to the Company. The certificate of the secretarial auditors can
its shareholders and/or retaining the profit into the business. year. These accomplishments reflect ongoing efforts to
and Deferred Tax during the year was higher at I 27,558.94 be accessed at https://www.bharatpetroleum.in/Bharat-
The policy is available on the Company’s website at https:// improve efficiency and productivity.
crore, as against I 8,228.88 crore in the year 2022-23, Petroleum-For/Investors/Shareholders-Meetings/Annual-
www.bharatpetroleum.in/bharat-petroleum-for/Investors/ General-Meeting.aspx The key to efficient refining operations is the expertise
mainly on account of the higher Profit after Tax.
DDP%20Final%20File.pdf in converting crude oil into value-added products at the
The Basic and Diluted Earnings per Share amounted to In line with Regulation 14 of the SEBI (Share Based Employee
lowest cost. Dynamic changes to operating parameters
I 125.21 per share for the year 2023-24, as compared to Transfer to Reserves Benefits and Sweat Equity) Regulations, 2021, a statement
and stringent monitoring practices aided us in processing
I 8.78 per share for the year 2022-23. The Basic and Diluted giving complete details, as on March 31, 2024, is available on
Out of the amount available in Retained Earnings, an amount challenging but discounted crudes, aiding in optimizing
Earnings per Share is after adjustment of ‘BPCL Trust for of I 4,000 crore has been transferred to the General Reserve.
the website of the Company at https://www.bharatpetroleum.
crude costs during the financial year. We also successfully
Investment in Shares’ and ‘BPCL ESPS Trust’. Further, I 250 crore has been transferred from the Debenture
in/Bharat-Petroleum-For/Investors/Shareholders-Meetings/
introduced at-least 3 new crude varieties in each refinery.
Annual-General-Meeting.aspx
BPCL’s contribution to the exchequer by way of Taxes, Redemption Reserve to the General Reserve on account of The diversification strengthens the crude slate and provides
Duties and Dividend during the year 2023-24 amounted to debentures redeemed during the year. Additionally, I 1,720 greater refining flexibility. These informed decisions, coupled
crore has been transferred to a new reserve, ‘Reserve on
Borrowings with strong capacity utilization, enabled the refineries to
₹1,48,566.10 crore, as against I 1,39,210.62 crore in the
previous year. Business Combination’ from Retained Earnings created Total Borrowings of the Company as at March 31, 2024 stood deliver Gross Refining Margin (GRM) of $ 14.14 per barrel
on account of re-measurement gains recognized in the at I 18,766.89 crore, as against ₹ 35,854.80 crore as at for the financial year.
As on March 31, 2024, BPCL’s total equity stands at I 74,674.80 Consolidated Financial Statements on acquisition of March 31, 2023.
crore, as against I 51,996.34 crore for the previous year. BPCL has identified Petrochemicals as one of
Bharat Oman Refineries Limited, subsequently recorded
During the year 2023-24, due to higher cash accruals, there its strategic levers for future expansion. It is with
in the Standalone Financial Statements on its merger with
Issue of Bonus Shares was no requirement of raising long-term funds. Accordingly, great pride that the foundation stone was laid for
the Corporation.
The Board of Directors, at the meeting held on May 9, 2024, 25% of incremental borrowings by way of issuing debt the Bina Petchem Refinery Expansion Project
recommended the capitalization of a sum of I 21,69,25,27,440 securities for the Financial Year 2021-22, Financial Year (BPREP) by Hon’ble Prime Minister of India on
MATERIAL CHANGES AND COMMITMENTS
out of the Securities Premium Account for issue and allotment 2022-23 and Financial Year 2023-24 has not been raised. September 14, 2023. This project, conceived at an expected
AFFECTING THE FINANCIAL POSITION OF
of bonus equity shares in the proportion of one new bonus cost of I 43,367 crore, promises to significantly expand
THE COMPANY BETWEEN THE END OF THE
equity share of I 10 each for every one existing equity share Deposits from Public our refining and petrochemical production capabilities. In
FINANCIAL YEAR AND THE DATE OF THE
of I 10 each held by the Members on the Record Date i.e. The Company has not accepted any deposit from the view of the estimated demand in India, as well as in the
REPORT
Saturday, June 22, 2024. Accordingly, 2,16,92,52,744 equity public during the year. The amount of deposits, matured but Bina Refinery (BR) economic zone, polymer products
There have been no material changes and commitments such as Linear Low Density Polyethylene (LLDPE), High
shares of I 10 were issued as fully paid-up bonus shares unclaimed, at the end of the year was nil.
affecting the financial position of the Company between Density Polyethylene (HDPE) and Polypropylene (PP) are
to the shareholders of the Company. Consequently, the
the end of the Financial Year and the date of this report. considered in the project. In addition to polymers, there
paid-up equity share capital of the Company increased to Capital Expenditure
There has been no change in the nature of business of will be production of aromatics (Benzene, Toluene and
I 43,38,50,54,880 consisting of 4,33,85,05,488 fully paid-up Capital Expenditure during the year, including investments
the Company. Mixed Xylene) from the complex. During the year, a Final
equity shares of I 10 each. in Subsidiaries, Joint Venture Companies (JVCs) and
Investment Decision (FID) of I 4,460 crore was accorded
EMPLOYEE STOCK PURCHASE SCHEME (ESPS) Associates, amounted to I 11,702.05 crore, as compared to
Capital Infusion through Rights Issue of Equity by the Board to install yet another petrochemical project of
I 12,120.33 crore during the previous year.
Shares The Company had formulated an Employee Stock Purchase 400 Kilo Tonnes Per Annum (KTPA) Polypropylene at Kochi
Scheme (ESPS) in line with SEBI (Share Based Employee The Company has entered into a Memorandum of Refinery (KR). The feed for the same, petrochemical grade
The Board of Directors had approved the proposal for raising
Benefits) Regulations, 2014, which was approved by the Understanding (MoU) with the Government of India for the Propylene, shall be made available with minor modification
capital up to an amount not exceeding I 18,000 crore in June
shareholders in the Annual General Meeting held on purpose of performance assessment. Capital Expenditure of existing units at KR.
2023, by way of issue of equity shares on rights issue basis
September 28, 2020, offering up to 4,33,85,000 fully paid-up incurred by the Company and its proportionate share of
to eligible equity shareholders of the Company and the same Significant innovations were made during the year for
equity shares of I 10 each (representing 2% of the paid-up Capital Expenditure by its Subsidiaries (Group), JVCs and
is in process. widening the product portfolio. Mumbai Refinery (MR)
capital) to eligible employees under ESPS. Associates during the year is I 12,135.54 crore. successfully produced import substitute Group III 100 N
Dividend Based on the terms and conditions of the Scheme, eligible Lube Oil especially used in high end automotive vehicles. By
employees were offered 4,33,79,025 fully paid-up equity Comptroller and Auditor General of India’s commissioning the first-of-its-kind commercially operated
The Board of Directors has recommended a final dividend of
shares of face value of I 10 each and 3,65,42,077 shares (C&AG) Audit De-Aromatized Solvents (DAS) splitter of the LOBS unit,
I 21 per equity share of face value of I 10 each (pre-bonus),
which translates into final dividend of I 10.50 per equity share were transferred to 7,868 employees in the year 2021-22, The Comptroller and Auditor General of India’s (C&AG) value-added solvents like D40/D100/D130 were made
of face value of I 10 each (post-bonus) (i.e. @105% of the at an issue price of I 126.54 and I 253.08 per share (as comment upon or supplement to the Statutory Auditors’ available to the market. These are special grade industrial

75
Directors’ Report (Contd.) cylinders are dispatched via packed lorries to serve • Replacement and Extension of Jetty Pipelines for
markets in Greater Mumbai, Navi Mumbai, Thane and Kochi Refinery
Raigarh districts. The project, with an approved cost of
The project envisages replacement of old jetty product
I 140.38 crore, was completed in March 2024.
solvents used in paints, metal rolling, mosquito repellents, BPCL is committed to sustainable practices and renewable pipelines of black and white oil service from Kochi
etc. BPCL is among the few producers in the world and the energy sources. This commitment is exemplified by the • City Gas Distribution Project at Rohtak, Haryana Refinery (KR) to the North Jetty Reclamation Pit (NJRP)
only producer of these products in India. In collaboration award of a 5 MW electrolyzer based ‘Green Hydrogen Plant’ with new ATF and HSD lines. The project scope also
BPCL has been authorized by the PNGRB Board to lay,
with the Corporate R&D Center, KR successfully produced at BR. The project is scheduled to be completed by early includes laying a new MS pipeline from NJRP to Cochin
build, operate and expand a City Gas Distribution Network
Anode Grade Green Pet Coke - a superior quality and cost- 2025. We have also commissioned one of our biggest solar Oil Terminal (COT) and modification of ATF tanks, KR
in the Geographical Area of Rohtak District in Haryana.
power projects in BPCL refineries through a 14 MW Solar tanker loading pumps and associated suction pipings, etc.
effective alternative to conventional fuel-grade coke - and The Minimum Work Program, scheduled for completion
Power Project at BR. A 150 TPD (Tonnes Per Day) Feed The project aims to enhance tanker loading rates, reduce
Environmental Protection Agency (EPA) grade diesel, used in September 2025, was achieved ahead of schedule in
Bio-methanation plant, aimed at converting biodegradable turnaround time for tankers and ensure uninterrupted
for testing of diesel engines which are exported to the USA. December 2023. The approved project cost is I 261.48
municipal solid waste into approx. 6 TPD Compressed product evacuation from KR through coastal routes. The
Heavy Oxo alcohol is an additional product added to the Biogas (CBG), is yet another environment-friendly crore for a period of 25 years, which is the duration of the approved cost of the project is I 621.87 crore. As on March
KR Petchem product portfolio from the Oxo alcohol unit of initiative being implemented in Kochi with the support of exclusivity period. 31, 2024, the project has achieved an overall physical
the Petchem complex at Kochi. Production of Army Grade the State Government. This project will help in alleviating • City Gas Distribution Project at Saharanpur, progress of 35.3% and is scheduled for completion in
Kerosene (Low Smoke Low Aromatic Superior Kerosene Oil the challenges faced in disposal of municipal waste and Uttar Pradesh March 2026.
[SKO]) commenced at BR, specifically formulated to meet consequent air pollution.
BPCL has been authorized by the PNGRB Board to lay, • Installation of an Independent De-Aromatized
the requirements of the armed forces at high altitudes. In Solvents (DAS) Unit at Mumbai Refinery
Financial Year 2023-24 has been a year of substantial build, operate and expand a City Gas Distribution Network
addition, BPCL became the first in India to be awarded BIS progress, marked by important achievements and strategic in the Geographical Area of Saharanpur District in Uttar The project envisages setting up an independent train of
licenses for N-Butyl Alcohol (IS 361:2009) and Iso-Butyl advancements. Our dedication to operational excellence, Pradesh. The Minimum Work Program, scheduled for DAS unit with 200 TMTPA capacity to meet the growing
Alcohol (IS 9834:1981) produced at KR, granting us the innovation and sustainability, positions us for continued completion in September 2023, was achieved ahead demand for various grades of specialty DAS products such
hallmark of world-class product quality. growth and success in the years ahead. of schedule in June 2023. The approved project cost as D40, D60, D110 and D130, in addition to D80 Grade.
is I 198.80 crore for a period of 25 years, which is the De-aromatized solvents, which are mostly imported, find
Performance of Refineries duration of the exclusivity period. extensive use in consumer products such as household
Mumbai Refinery Kochi Refinery Bina Refinery Total insecticides, mosquito repellents and aerosols. The
• City Gas Distribution Project at Yamunanagar,
Parameters 2022-23 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 2023-24 approved cost of the project is I 405.00 crore. The
Haryana
Refinery Throughput (MMT) 14.66 15.20 16.12 17.54 7.75 7.19 38.53 39.93 project has achieved overall physical progress of 26.5%
Crude Oil Processed (MMT) 14.55 15.05 16.02 17.31 7.84 7.13 38.41 39.50 BPCL has been authorized by the PNGRB Board, to lay, as on March 31, 2024 and is scheduled for completion in
Capacity Utilization (%)* 121.22 125.43 103.33 111.70 100.52 91.45 108.79 111.89 build, operate and expand a City Gas Distribution Network July 2025.
GRM ($/bbl) 15.20 9.62 21.01 15.39 28.18 20.66 20.24 14.14 in the Geographical Area of Yamunanagar District in
* Capacity utilization is the % of actual crude oil processed to the installed/design capacity • POL and LOBS Installation with Receipt Pipelines at
Haryana. The Minimum Work Program (MWP), scheduled
Rasayani, Maharashtra
for completion in September 2023, was achieved ahead
MARKETING During the year 2023-24, product pipelines achieved a of schedule in June 2023. The approved project cost The project involves the construction of a 22-inch POL
The year 2023-24 posed a new set of challenges for BPCL throughput of 18.6 MMTPA, as against 19.06 MMTPA in is I 129.80 crore for a period of 25 years, which is the pipeline and a 10-inch LOBS/DAS pipeline, spanning 43
on the marketing front. While in 2022-23, due to considerable the previous year. Crude pipelines achieved a throughput of duration of the exclusivity period. km from Mumbai Refinery to Rasayani. Additionally, it
withdrawal of private players from the market, the entire 7.14 MMTPA, as against 7.81 MMTPA in the previous year. includes the construction of a Base Oil terminal with a
supply chain of PSUs was stretched and stressed out, in During the year, all standard operating procedures were Ongoing Projects storage tank capacity of 82,600 KL and a POL Installation
2023-24, they came back aggressively due to the improved strictly followed, resulting in ‘nil’ fatality and ‘nil’ Lost Time
• Bina Petchem and Refinery Expansion Project with product storage of approximately 1.84 lakh KL
Accident (LTA). BPCL is always at the forefront to ensure the
business environment, resulting in stiff competition from (BPREP) capacity at Rasayani. The project has achieved overall
all sides.
security and safety of its assets. To enhance the safety and physical progress of 5.7% as on March 31, 2024. The
security of its cross-country pipeline network, a Fiber Optics
The project involves the installation of a Dual Feed project cost is I 2,585 crore, with a completion schedule
During the year 2023-24, BPCL’s market sales volume based Pipeline Intrusion Detection System (PIDS) was Cracker to produce 1,200 KTPA of Ethylene, downstream of May 31, 2026.
increased by 4.33% to 51.04 MMT, as compared to 48.92 commissioned for the Kochi-Coimbatore-Karur Pipeline. units for the production of 1,150 KTPA of Polyethylene
MMT in the previous year. BPCL’s market share amongst the With this, major white oil pipelines have been covered under (HDPE + LLDPE) and 550 KTPA of Polypropylene (PP), • Multi-product Pipeline from Krishnapatnam Coastal
public sector oil marketing companies stood at 27.57% as as well as liquid chemicals such as Benzene, Toluene, Terminal to POL Terminal at Malkapur near Hyderabad
PIDS. PIDS is being commissioned in the 937 km long
on March 31, 2024, as compared to 27.26% at the end of crude pipeline. Xylene, etc. This includes associated units, utilities, The project involves the construction of a 455 km long,
the previous year. This is the highest ever sales volume and off-sites, and the expansion of the Refinery capacity to 16” diameter multi-product pipeline with a throughput
market share achieved by BPCL. MAJOR PROJECTS approximately 11 MMTPA. As on March 31, 2024, the capacity of 4.4 MMTPA, running from Krishnapatnam
Details of major completed/ongoing projects during the year project has achieved an overall physical progress of 1.8% Coastal Terminal to the POL Terminal at Malkapur
A detailed discussion of the performance of the Marketing
are given below. Approved project cost indicated for each and is scheduled for completion in May 2028. The project near Hyderabad. Additionally, the project includes the
function is given in the Management Discussion & Analysis
project is net of input tax credit. cost is I 43,367 crore. construction of additional tankages at Krishnapatnam and
Report (MDA).
Ongole. As on March 31, 2024, the project has achieved
• Polypropylene Unit at Kochi Refinery
Projects Completed in 2023-24 overall physical progress of 53.4%. The approved cost
PIPELINES The project involves setting up a 400 KTPA Polypropylene of the project is ₹1,925.68 crore, and it is scheduled for
• LPG Bottling Plant at Rasayani, Maharashtra
BPCL owns a multi-product pipeline network of 2,600 km Unit and associated facilities, along with revamping completion in October 2025.
with a design capacity of 20.9 million Metric Tonnes Per A new LPG plant with a capacity of 180 TMTPA has been the Petro Fluid Catalytic Cracking (PFCC) Unit for the
• Irugur – Devangonthi Multi-product Pipeline
Annum (MMTPA) and 937 km of crude pipeline with a design constructed at Rasayani. The plant receives its product production of Homo grade Polypropylene at Kochi
capacity of 7.8 MMTPA. Pipeline operations have optimized through the Uran-Chakan LPG pipeline and stores LPG Refinery. The total project cost is I 4,460 crore, with a The project involves laying a 352 km long, 16” diameter
specific energy consumption by 3% over Financial Year in 3x600 MT MSVs. Cylinder filling is carried out by scheduled completion date of October 2027. The project multi-product cross-country pipeline with a throughput
2023-24, avoiding 3,000 MT CO2 emission. 2x24-station electronic carousels and the filled LPG is progressing as per schedule. capacity of 3.5 MMTPA from Irugur (Tamil Nadu) to

77
Directors’ Report (Contd.) was named Innovator of the Year by Federation of Indian such as E20 (Ethanol 20%), Credit pouch-local credit facility,
Petroleum Industry (FIPI). Bharat HiGee Deaeration Preauthorization functionality, Finance portal and many more
Technology won second prize at NEEIA-2023 for energy new enhancements were rolled out under the Advanced
efficiency innovation. The K Model® received the New Loyalty Program solution for our Retail customers.
Devangonthi (Karnataka). The approved cost of the project is ₹ 423.39 crore. The project has achieved overall
Product of the Year Award from Asian Oil & Gas Awards.
project is I 1,724.93 crore. The project has achieved physical progress of 56% as on March 31, 2024 and is Total expenditure on research and development activities
BPCL and Aspen Technology’s collaboration received
overall physical progress of 24.9% as on March 31, 2024 scheduled for completion in June 2025. and innovation initiatives during the year 2023-24 was
multiple awards for digital transformation and operational
and is scheduled for completion in October 2025. ₹ 189.97 crore.
• Common User Facility (CUF) POL Terminal at excellence. Bharat Hi-Star won the PRSI National Award for
• Integrated 2G+1G Ethanol Bio-refinery at Sadashibpur (Meramundali), Odisha R&D efforts in science and technology. The focused R&D
INDUSTRIAL RELATIONS
Bargarh, Odisha efforts during the year 2023-24 resulted in the grant of seven
The project envisages setting up a POL Terminal at
BPCL continued its thrust towards maintaining industrial
patents. Additionally, six new patent applications were filed
To meet the blending targets outlined in the National
Sadashibpur (Meramundali), Odisha on a CUF basis harmony through continuous interface and engagement
during the year.
Biofuel Policy 2018, BPCL is setting up an integrated for PSU OMCs (IOCL, BPCL and HPCL), with BPCL with the Unions. The successful closure of the Long-Term
2G and 1G Bio-Ethanol plant in Bargarh, Odisha, with a as the lead company, to meet the demands of Central/ In addition to the R&D initiatives in the Company, the Settlement (LTS) at the Refineries reflects our collective
total production capacity of 200 Kiloliters (KLs) of Ethanol North Odisha economically. Currently, PSU OMCs do business units have undertaken various innovative initiatives effort in fostering a collaborative workplace atmosphere.
per day. The Ethanol produced at this facility will be not have any depot/terminal located centrally, and large in their constant endeavor to improve processes, increase The unions demonstrated a futuristic and pragmatic
utilized for blending in Motor Spirit (MS). The project, with volumes are met through long distance road movement operational efficiencies and reduce energy consumption. approach towards the current realities and extended their
an approved cost of I 1,557 crore will be mechanically from Paradeep Coastal Terminal. The approved cost steadfast support and commitment to achieve organizational
Some of these innovations are detailed below:
completed by October 2024 and commissioning will start. of the project is I 393.54 crore. The project shall be objectives by partnering in various processes. The overall
completed by March 31, 2026 and the project’s progress Kochi Refinery has carried out process innovations and organizational processes were not hampered by any situation
• Augmentation of Cryogenic Facilities at Uran LPG
is on schedule. digitalization for efficiency improvements, energy and cost of industrial unrest. All organizational and employee-related
Import Terminal in Maharashtra
savings. Revamp of Crude Oil Distillation Unit 3 stabilizer issues were handled with a collaborative approach and
• LPG Plant at Hathua, Dist. Gopalganj, Bihar
The project envisages debottlenecking and augmentation to enable high Naphtha crude processing capability, regular communication was ensured to all employees on
of cryogenic facilities at Uran to meet future import The proposed LPG bottling plant with a rail unloading value maximization initiatives in Propylene Derivatives important issues affecting them and BPCL.
requirements and ensure uninterrupted and smooth facility in Hathua, District Gopalganj, Bihar, will enhance Petrochemicals Project units, implementation of a
supply chain operations to meet the growing LPG demand. BPCL’s bottling capacity to meet the increasing LPG Condensate recovery system for routing hot condensate to CORPORATE SOCIAL RESPONSIBILITY
The approved cost of the project is I 1,164.69 crore. The demand in Bihar and supplies to nearby LPG bottling Sulphur Recovery unit 3 deaerator, modifications for provision
Pursuing its Corporate Social Responsibility (CSR) vision,
project has achieved overall physical progress of 40.5% plants. The project cost is I 340 crore, with a scheduled of Naphtha in place of RLNG for producing Hydrogen in
’Be a Model Corporate Entity with Social Responsibility
as on March 31, 2024 and is scheduled for completion in completion date of August 31, 2026. The project’s the Build-Own-Operate (BOO) plant and enhancement of
committed to Energizing Lives through Sustainable
April 2025. progress is on schedule. equipment reliability and minimization of downtime through
Development’, BPCL recognizes that its responsibilities
the implementation of Operator Driven Reliability (ODR).
• Common User Facility (CUF) POL Terminal at Jammu • Solar Power Project at Prayagraj, Uttar Pradesh extend beyond delivering value to our shareholders; we are
Mumbai Refinery successfully implemented innovative ideas
also accountable to our communities, employees, extended
The project involves constructing a new POL Terminal nder the Net Zero initiative, BPCL has initiated a 71
U to maximize Propylene in the Catalytic Cracking Unit and
networks and the planet.
at Jammu on a CUF basis for the PSU Oil Marketing MWP (DC), 52 MW(AC) solar power project in Prayagraj, installed a first-in-the-world commercially operating double
Companies (OMCs) (IOCL, BPCL and HPCL) with BPCL Uttar Pradesh. The project cost is I 308.3 crore, with a dividing wall column to enhance the De-aromatized Solvent The sustained efforts are towards integration of our social
as the lead company. This new facility will replace the scheduled completion date of August 2, 2025. The project product portfolio. At Bina Refinery, a Micro-turbine in the responsibility into our core business strategy and to foster
existing old depots of OMCs and will strengthen the is progressing as planned. Sulphur Recovery Unit was installed for production of power long-term value for all stakeholders. Through its CSR
marketing logistics infrastructure in the Union Territories to reduce refinery operational expenses and CO2 emissions. programs, the Company touches the lives of millions and
of Jammu & Kashmir (J&K) and Ladakh. The upgrade • City Gas Distribution (CGD) Projects seeks to make a positive difference in their lives. The core
The Business Units have taken forward the Company’s
will cater to the present and future volume demands of
BPCL has been authorized to lay, build, operate and of CSR activities factors in community needs and national
flagship digital initiative, ’Project Anubhav’, which is aimed
the entire J&K and Ladakh, including the requirements of expand the CGD Network in 25 Geographical Areas priorities in the thrust areas of Health and Sanitation,
at reinforcing trust, convenience and personalization to our
the Defence Forces. The approved cost of the project is (GAs), covering a total of 62 districts across the country, Education, Skill Development, Community Development and
consumers and enhancing efficiencies and transparency
I 676.89 crore. The project has achieved overall physical for a period of 25 years, as part of the 6th, 9th, 10th, 11th Environmental Sustainability.
in operations. The Customer Engagement Platform (CEP)
progress of 33% as on March 31, 2024 and is scheduled and 11A rounds of bidding by the Petroleum and Natural provides an exceptional experience to customers, while In the year 2023-24, BPCL undertook various initiatives
for completion in March 2025. Gas Regulatory Board (PNGRB). The approved cost for interacting with BPCL across all our business units. CEP in line with Sustainable Development Goals (SDGs) and
• 50 MW Wind Power Plants in Maharashtra and all 25 GAs is I 47,688.00 crore. Activities in all GAs are also provides innovative cross-selling and up-selling national priorities of ‘Health and Nutrition’ under the thematic
Madhya Pradesh progressing according to the Minimum Work Program opportunities to the Company. IRIS, the digital nerve center area advised by Department of Public Enterprises (DPE).
(MWP) targets set by PNGRB. The MWP has been has been strengthened across Retail, LPG and Industrial The Annual Report on CSR, including composition of the
The projects involve establishing 50 MW (+/-5%) wind achieved in 4 GAs from the 6th round. In the remaining 21 and Commercial business units for real time monitoring of CSR Committee, is enclosed as Annexure B. The details of
power projects in Maharashtra and Madhya Pradesh to GAs, the projects are progressing on schedule. key performance indicators and taking immediate action the CSR policy, projects and programs are available on the
serve Mumbai Refinery and Bina Refinery respectively,
for any exceptions. Customers are now able to avail of website of the Company at https://www.bharatpetroleum.in/
aiming to increase the renewable energy portfolio and RESEARCH AND DEVELOPMENT (R&D) various benefits, including loyalty for BPCL products, at their social-responsibility/csr-reporting.aspx
decrease CO2 emissions. The project cost is I 483.14
The Corporate Research & Development Center (CRDC) fingertips. The application is hosted on the cloud and offers
crore each and is slated for completion by November 30, Out of the total CSR allocation of I 315.68 crore for the
of BPCL is actively pursuing research in areas such as security, flexibility and high availability to customers across
2025. The project’s progress is on schedule. year 2023-24, I 158.19 crore was spent during the year.
niche Petrochemicals, Biofuels, Alternate Energy, Green Retail, LPG, Lubes and I&C business units.
The amounts allocated to ongoing programs to the tune of
• Lube Oil Blending and Filling Plant at Hydrogen and Carbon Dioxide mitigation, in addition to
MAK Connect, a unique solution integrating the QR code I 157.49 crore (including unspent amount of the previous
Rasayani, Maharashtra conventional oil refining and related processes. Details of
solutions with the Secondary Sales Management (SSM) three financial years) remained unspent, because several
significant milestones achieved by CRDC are mentioned in
The project envisages construction of a fully automated system, was launched to achieve complete end-to-end projects were approved across the year 2023-24, with
the Management Discussion & Analysis Report (MDA).
and efficient Lube Oil Blending and Filling Plant with traceability of each Stock Keeping Unit (SKU), offer dynamic implementation spread over more than one year. Further,
modern processing facilities at Rasayani, as a resitement BPCL’s R&D efforts were recognized at various prestigious instant rewards to end customers and reaffirm product payments made to implementing agencies are linked to
of the existing Wadilube plant. The approved cost of the forums during the year 2023-24. Bharat H2Sep Technology genuineness for our lubricant customers. Various features, achievement of key deliverables; thus, actual expenditure

79
Directors’ Report (Contd.) 2023 covered beneficiaries from multiple walks of life. Dube and Kuldeep Yadav also participated and secured a
The messages of Swachhata resonated through multiple commendable Runner-up position as part of the team at the
projects and initiatives, focusing on spreading awareness on World Cup. The prestigious Ranji Trophy also saw BPCL’s
the dangers of one-time use of plastic and motivating people mark with four players – Shivam Dube, Dhawal Kulkarni,
against approved projects spreads beyond the financial The Lifeline Express (hospital on a train) has been one of
to move on to more sustainable alternatives. The initiatives Shreyas Iyer and Tushar Deshpande – contributing to
year. The CSR amount unspent in the current financial year the key programs supported by BPCL, which has increased
covered more than 25,000 activities, which will directly or Mumbai’s Ranji Trophy win. Tushar Deshpande’s winning
has been allocated to approved projects and transferred our healthcare reach to interior geographies. The mission is
indirectly have lasting impact on more than one lakh people. streak continued, as he was part of the team that clinched
to a separate unspent CSR Account, as mandated by the to reduce the burden of avoidable disability in communities
Stepping towards Environmental Sustainability, BPCL has the IPL title alongside teammate Shivam Dube.
Companies Act and the same will be spent in accordance in rural India through screening and early identification
supported 1,400 benches made of recycled plastics in the
with the provisions of the said Act. and medical and surgical intervention. Approx. 2 lakh The winning momentum of BPCL athletes translated to the
Government schools of Sarasvati, Aspirational District of
beneficiaries have been reached through the program so far. national level tournaments as well. Atanu Das continued
CSR initiatives are largely in and around communities in Uttar Pradesh.
his archery dominance by securing a Gold Medal in the
need, aspirational districts or near the Company’s business Towards inclusion and diversity, we have provided assistive
Other campaigns like ‘Swachhata Hi Seva’ and ‘Swachhata National Championship. SV Sunil added another Gold
establishments. To complement the efforts of NITI Aayog aids and appliances to Persons with Disabilities (PWDs) in
3.0’ have also been undertaken, in which the total scrap Medal in the Hockey National Games, while Sanil Shetty
towards the National Nutrition Strategy, BPCL has taken up various locations in India. More than 1,500 beneficiaries
disposal was approximately 1,500 MT. Nurturing our brought home a Gold in Mixed Doubles in Table Tennis.
a ‘Kuposhan Mukht Bharat’ program supporting more than have been supported by way of this initiative. An intervention
environment and ensuring a sustainable future as a basic BPCL sportspersons have much to be proud of, consistently
13,700 undernourished children and mothers, based on for treatment of children with clubfoot disability has been
responsibility, we have planted approximately 65,000 demonstrating their talent and dedication across a wide
the results of the Nutrition Focussed Physical Examination supported by BPCL through financial assistance.
saplings across the Central Railways track of Mumbai. The range of sporting disciplines.
(NFPE). The program intends to bring nutrition to the center
BPCL has been contributing massively to upgrade aim is to plant more than one lakh saplings with this initiative.
stage of the National Development Agenda and lay the
infrastructure at various Government District Hospitals, Public We believe that the act of planting saplings contributes RESERVATION AND OTHER WELFARE
roadmap for targeted action to address India’s nutritional
Health Centers and Community Health Centers. Critical significantly to ecological balance, biodiversity and mitigating MEASURES FOR SCHEDULED CASTES/
needs. BPCL also increased awareness of malnutrition and
lifesaving equipment like Patient Monitors, Ventilators, fully climate change. SCHEDULED TRIBES/OTHER BACKWARD
stunting in seven Government schools of Jhabua district in
automated Biochemistry Analyzer, Operating Microscope, CLASSES AND PERSONS WITH DISABILITIES
Madhya Pradesh.
Biometry Machine and MRI CT Scan Machines have been PROMOTION OF SPORTS BPCL has been following in letter and spirit the Presidential
In the cancer spectrum, BPCL has taken up a cancer care supported under key CSR interventions. BPCL sportspersons continue to be a force to be reckoned Directives and other guidelines issued from time to time by
program for promoting preventive care through cancer with, showcasing their exceptional talent on both, national Ministry of Petroleum & Natural Gas (MoP&NG), Ministry
BPCL is running fully functional hospitals at Kochi and Bina
screening in oral, breast and cervical cancers, and also
Refineries to cater to the needs of the local communities at and international stages throughout the year 2023-24. The of Social Justice and Empowerment and the Department
providing free-of-cost quality cancer treatment to the Asian Games and International Tournaments witnessed of Public Enterprises relating to reservations/concessions
large. The hospital provides general facilities of allopathy along
underprivileged population in 10 Govt./charitable hospitals, a flurry of impressive performances by these dedicated for Scheduled Castes (SCs), Scheduled Tribes (STs), Other
with alternate medical systems like Ayurveda, homeopathy,
along with supporting rehabilitation to cancer survivors.
yoga therapy and local/indigenous medical care. athletes. Cricket fans rejoiced as Shivam Dube and Rahul Backward Classes (OBCs) and Economically Weaker
More than 1.5 lakh beneficiaries have been impacted with Tripathi represented the Indian team in the Asian Games Sections (EWS). An adequate monitoring mechanism has
this pan-India program so far. Academic Excellence Scholarship programs like ‘Medhavi’ and clinched the Gold Medal. Hockey saw a similar display been put in place for sustained and effective compliance
and ‘BPCL Ratna’ have been extended to needy scholars of dominance, with Varun Kumar representing India in the uniformly across the Company.
By harnessing the power of technological advancements,
from the top 20 NITs in India. These scholarships have been Asian Games and securing a Gold Medal. Atanu Das, the
BPCL has taken up initiatives to innovate, collaborate and Rosters are maintained as per the directives and are
provided based on low income family and merit criteria. Arjuna Awardee archer, added to the Company’s pride by
scale our CSR efforts to address healthcare challenges in regularly inspected by the Liaison Officer of the Company
More than 1,000 scholars have been supported by way of winning a Silver Medal in the team event at the Asian Games,
the far-flung rural areas. One such initiative is a Futuristic as well as the Liaison Officer of MoP&NG to ensure proper
these programs. To complement our education initiatives, a feat he repeated at the World Cup. BPCL athletes turned
Healthcare Delivery System in the Aspirational District - Son compliance of the directives.
BPCL has supported more than 50,000 educational desks coaches also got into the act, with Vaibhav Suri (Chess) and
Bhadra, Uttar Pradesh in collaboration with IIT, Ropar. It is
and school bags to Government school children in Uttar Guru Sai Dutt (Badminton) bringing home a Team Silver SC/ST and economically backward students are encouraged
in accordance with the Government policy to strengthen and
Pradesh and Bihar. Medal in the Asian Games. by awarding scholarships to those pursuing education in the
digitalize the primary healthcare systems across the district.
secondary school and up to graduation level.
It serves as a comprehensive solution for non-communicable To promote education initiatives, BPCL has partnered with Manasi Joshi, a star para-badminton player and Arjuna
diseases, across age groups and in rural underserved areas DAV schools to operationalise schools for the community in Awardee, cemented her reputation on the world stage. She BPCL zestfully amalgamates persons with special abilities in
with minimal human intervention and interface through the Refinery premises. To uplift the communities at large, secured a Silver Medal in Women’s Doubles and a Bronze its workforce. The Company complies with provisions under
free-of-cost on-the-spot teleconsultation with specialists. BPCL has supported solar lights, open gyms and drinking Medal in Women’s Singles at the World Championships. Her ‘The Rights of Persons with Disabilities (RPWD) Act, 2016’
Another initiative is to support visually impaired beneficiaries water facilities, including provision of ROs/Tubewells talent continued to shine at the Asian Para Games, where relating to providing equal employment opportunities for
by providing a smart vision assistive wearable device using in various parts of the country, in collaboration with the she bagged a Silver Medal in Doubles and Bronze Medal in Persons with Disabilities (PWDs). BPCL has also formulated
AI mechanism developed by leading IITs. The device helps District Authorities. Singles competitions. Manoj Sarkar, another para-badminton an ‘Equal Opportunity Policy’ and complies with the same.
in object detection, reading, identification of objects, etc. player, showcased his skills by winning a Bronze Medal in
Skill Development Institutes (SDIs) are one of the flagship Details relating to representation of SC/ST/OBC/EWS
BPCL has enabled totally free-of-cost heart surgeries initiatives under the directives of MoP&NG. BPCL has Singles at the World Championships. Joby Mathew, a para- candidates and PWDs are appended as Annexure C.
for needy children with congenital heart disease, by way been supporting various SDIs at Kochi, Bhubaneswar, athlete, further added to the list of accomplishments with a
of providing state-of-the-art infrastructure at Sanjivani Vishakhapatnam, Raebareli, Ahmedabad and Guwahati, Bronze Medal in the World Para Powerlifting Championships. IMPLEMENTATION OF OFFICIAL LANGUAGE
Hospitals at various locations across India. Overall, BPCL with the main objective of providing vocational training to Billiards and snooker players S. Shrikrishna and Manan POLICY
has enabled over 30,000 paediatric cardiac surgeries. a large section of youth and to enhance their employability Chandra brought home Bronze Medals in the IBSF World
In accordance with the Official Language Policy of the
in the Oil & Gas industry and other sectors. We have also Masters Snooker Championship. Chess also saw a win with
Reaching the unreached is the bottom line of BPCL CSR; Government of India, business requirements and customer
been supporting livelihood programs through our skilling Grandmaster Abhijeet Gupta securing a Gold Medal in the
thus, our initiatives have been extended to hardship locations needs, BPCL significantly uses Hindi and other Indian
initiatives. Skill training has been provided to women of Caplin Hastings International Chess Congress 2023.
of Uttarakhand, where communities often struggle to languages. BPCL diligently complied with the Annual Program
access adequate medical services due to geographical and
Karauli district in Rajasthan and Faridabad in embroidery, BPCL’s cricketing talent extends beyond the Asian Games. 2023-24 issued by the Department of Official Language,
zari craft, lac bangle making, etc. enabling self-employment. Suryakumar Yadav, Shreyas Iyer and Kuldeep Yadav Ministry of Home Affairs, Government of India, to implement
seasonal challenges. A state-of-the-art 50 bedded hospital
is being established to cater to the healthcare needs of the The initiatives organized by the Company in connection displayed their prowess by winning the Asia Cup T20. In the official language across the Company. The progressive
underprivileged sections of the local areas. with Swachhata Pakhwada observance from July 1-15, addition to this, BPCL players Suryakumar Yadav, Shivam usage of Hindi was reviewed and evaluated on a quarterly,

81
Directors’ Report (Contd.) 111 executives with the latest CRM technology as our through the e-tendering mode or through Government e
digital backbone. Marketplace (GeM.)
With BPCL going full steam on the digital journey, we are The Company registered a 171% rise in procurement of goods
half-yearly and yearly basis through essential committees, BPCL has constantly endeavored to set new benchmarks handholding our customers across all businesses throughout and services through GeM during the year, as compared to
such as the Official Language Implementation Committee in customer service standards, thereby meeting customer the country to navigate this digital transformation. We the previous year, from I 2,318.52 crore to I 6,293.04 crore.
(OLIC) and the Town Official Language Implementation expectations by consistently offering convenience, services continue to strive to keep our customers safe and well taken
The Company abides by the Public Procurement Policy
Committee (TOLIC) at various levels including regions, and redressing their grievances, if any, through a well- care of, with increased use of technology and AI. We don’t
offices, locations and refineries. for Micro and Small Enterprises (MSE) Order 2012 and its
defined mechanism. only redress the complaints, but the data, thus generated,
subsequent amendments. The Company’s total procurement
is used to improve customer service at the grassroots level.
The Parliamentary Committee on Official Languages value of Goods and Services during 2023-24, excluding
Citizen’s Charter Customer delight remains centric to all our endeavors. ‘Ek
conducted inspections at several BPCL offices/locations Works Contracts, where MSEs could have participated, was
Call…..Sab Solve’ remains our guiding motto even 11 years
and commended the Company’s efforts in implementing At BPCL, internal processes are aligned with the high I 9,821.28 crore, whereas the actual procurement value from
service levels offered to every customer. The concept of the after successful operations.
the official language. To enhance compliance levels, BPCL MSEs was I 3,315.40 crore, i.e. an achievement of 33.76%,
organized Hindi training sessions and workshops on Indic Citizen’s Charter enshrines the trust between the service which exceeds the target of 25%. BPCL also offers Trade
bilingual software, voice-typing and machine translation. provider and its users by ensuring the responsiveness of the Right to Information (RTI)
Receivables electronic Discounting System (TReDS) to its
Various initiatives were undertaken, including Hindi Fortnight/ Corporation in a transparent and accountable manner. BPCL has been successfully complying with the RTI Act from
MSME vendors.
Week, publication of an in-house Hindi Magazine, ‘Rajbhasha the time of its inception in the year 2005 and implemented all
The Citizen’s Charter, published on the corporate website,
Gunjan’, celebrations of notable days and milestones/ the norms stipulated in the RTI Act, 2005. As required under The Company, in its bid to enhance procurement from
provides details of a range of services offered to our
projects, pledges of national importance, observance of the Act, all the relevant details and information along with MSEs, conducted online Vendor Development Programs for
customers, with an overview of the marketing activities
World Hindi Day, the Annual Hindi Coordinators’ Meet, suo motu disclosure under section 4(1)(b) have been hosted MSE SC/ST and MSE Women, wherein over 250 vendors
of the Corporation, policy guidelines and processes for
as well as various competitions, programs and cultural on the Company’s corporate website www.bharatpetroleum. participated and benefitted from detailed presentations
marketing of petroleum products. It covers the mandate of
activities. These events saw wholehearted participation in for better understanding of the public at large. by MSME and NSSHO (National SC ST Hub Offices).
the Corporation, customer rights with respect to standards,
from employees. BPCL also participated in 10 MSME Vendor Development
quality, timeframe for service delivery, the grievance Along with physical RTI applications, the Company also
Programs organized by various MSME DFOs (Development
As in previous years, numerous staff members benefited redressal mechanism, etc. These service levels are revisited receives online RTI applications and addresses the same
and Facilitation Offices). The Company also organized two
from the Corporation’s Official Language Promotion from time to time and updated in line with the changing through the RTI online portal at www.rtionline.gov.in, which
workshops for BPCL vendors to enroll them on TReDS
Scheme. Additionally, to promote Hindi and encourage business needs. is a unified RTI portal of the Government of India.
platforms. In all these programs, vendors were invited and
employees’ children to adopt and use Hindi, those who
From 2005 till March 31, 2024, the Company has successfully their knowledge was enriched by various presentations on
appeared for the Board exams for 10th and 12th classes this Public Grievance Redressal (PG) handled 53,605 RTI applications, 7,633 First Appeals current and future business requirements of the Company
year, were awarded Official Language prizes for outstanding
Public Grievance in BPCL is monitored through the and 1,456 Second Appeals with the Central Information as well as emerging trends/technologies.
performance in the Hindi subject as applicable.
Centralized Public Grievance Redress and Monitoring Commission (CIC), thereby maintaining its commitment to
September 14, 2023 was an unforgettable day for BPCL System (CPGRAMS), which is an online web-enabled portal, transparency and accountability in business operations. Vigilance
when Bharat Petroleum was honored for the first time with (https://www.pgportal.gov.in/), developed by the National
RTI queries were closed on the RTI online portal within the The Vigilance Department’s philosophy is rooted in
the highly prestigious ‘Rajbhasha Kirti Award’ by the Ministry Informatics Center (NIC) and Department of Administrative
stipulated time limit of 30 days. This ensured that no penalty balance. Prevention is the first line of defense as proactive
of Home Affairs in the All India Official Language Conference Reforms and Public Grievances (DARPG).
could be levied for any delays. The Company’s team of 46 measures, robust systems and timely interventions can
and Award Distribution Ceremony organized on the occasion
Grievances received from people through the CPGRAMS Central Public Information Officers (CPIOs) and 18 First avert pitfalls and misconduct. Yet, punitive vigilance should
of Hindi Day in Pune. BPCL was awarded the second
system are centrally scrutinized at the corporate level and Appellate Authorities (FAA) are spread across the country, be used judiciously, as justice demands that wrongdoers be
prize of ‘Rajbhasha Kirti’ for the Corporation’s in-house
sent for redressal to various Business Units/Entities through covering major SBUs like Retail, LPG, Aviation, Mumbai held accountable.
magazine - ‘Rajbhasha Gunjan’. BPCL was awarded as an
a well-established online network, with an escalation matrix Refinery, Kochi Refinery, Bina Refinery and Entities like HR,
‘Outstanding Public Undertaking’ by Aashirwad, Literary- The Vigilance Department is led by the Chief Vigilance Officer
Socio-Cultural Organization for emphatic implementation to ensure timely and qualitative closure. International Trade, Vigilance, CPO and Pipelines, thereby
(CVO), who is supported by a team stationed at Mumbai
ensuring smooth handling of RTI queries.
of the Official Language. At the all-India level, BPCL has BPCL, with its dedicated team, redressed and closed 4,059 headquarters, four regional offices and three refineries. The
also received accolades from TOLIC at various locations grievances out of 4,100 (i.e. 99%) with an average disposal During the year 2023-24, BPCL received 2,939 RTI Queries, CVO advises the management of the Company on all issues
including Chairman’s Office, Roorkee LPG, Kharghar office, time of only 12 days. BPCL has successfully closed 397 358 First Appeals and 216 Second Appeals (CIC Hearings) related to vigilance and helps in achieving BPCL’s motto of
Piyala LPG, Southern Regional Office, Kochi Refinery and Appeals out of 406 received on the CPGRAM portal in and all have been timely processed. ‘Organization Known for Zero Tolerance against Corruption’.
Mathura Installation for excellent Hindi implementation FY 2023-24. Additionally, the CVO serves as the Company’s primary point
during the year. PUBLIC PROCUREMENT: MICRO & SMALL of contact with the Central Vigilance Commission (CVC) and
Customer Care System (CCS) ENTERPRISES the Central Bureau of Investigation (CBI).
CITIZEN’S CHARTER, PUBLIC GRIEVANCE During the FY 2023-24, Central Procurement Organization
‘SmartLine’, the centralized Customer Care System (CCS) The vigilance mechanism operates according to the guidelines
REDRESSAL (PG) & CUSTOMER CARE SYSTEM (Marketing) [CPO(M)] procured goods and services
is a pathbreaking initiative in the Indian oil and gas industry. outlined in the Vigilance Manual and policy circulars from
AND RIGHT TO INFORMATION (RTI) worth I 23,849.35 crore, as against the annual target of
It is the single point of contact for all BPCL customers CVC, as well as directives from the Department of Personnel
The Corporate Marketing entity, as a focused team, on digital or non-digital platforms. Backed by the latest I 22,642.00 crore. This included the Company’s requirement
and Training (DoPT) and the Ministry of Petroleum & Natural
is committed to building a strong brand and nurturing Customer Relationship Management (CRM) technology, we of Ethanol for blending with petrol, purchases and contracts
Gas (MoP&NG). To maintain accountability, the Vigilance
relationships with esteemed customers. The above is (including transportation) for the various Business Units and
can service the customer much better by creating a deeper Department submits annual and quarterly reports detailing
based on the BPCL ethos that customers are the primary
understanding of the customer and presenting a unified face Entities. Additionally, tenders for disposal of scrap worth
reason for its existence and are at the center of its business its activities and achievements to both, the CVC and the
of BPCL to customers. I 232.15 crore were also finalized for marketing locations.
MoP&NG.
philosophy and operations. The above philosophy has As part of the Ethanol Blending Program of the Government
helped the Corporation in the present scenario of a Since its launch in 2013, SmartLine has made 94,86,676 of India, CPO(M) also anchored industry tenders of Ethanol Vigilance in the Company works to improve the ethical
competitive and rapidly changing market, where excellence interactions with customers. CCS continues to be the first amounting to I 48,277.59 crore for the 12th consecutive year. standards and promote good corporate governance by using
in customer service is the most important tool for sustained point of contact for our ever-increasing customer base for The Company awarded Ethanol contracts worth I 14,205.15 a mix of three types of vigilance: Punitive (acting against
business growth. all their queries and grievances. We are a strong team of crore during the year. All the tenders were floated, either wrongdoing), Preventive (putting measures in place to avoid

83
Directors’ Report (Contd.)
misconduct) and Participative (involving employees and SUBSIDIARIES, JOINT VENTURES AND from BPCL to BPRL as on March 31, 2024. BPRL has (IOCL), Oil and Natural Gas Corporation Limited (ONGC)
stakeholders in fostering a culture of integrity). ASSOCIATE COMPANIES recorded a consolidated total income of I 363.73 crore and and GAIL (India) Limited (GAIL). Each of the promoters holds
BPCL has two subsidiaries and 22 Joint Venture Companies a consolidated loss of I 2,043.06 crore for the financial year 12.5% of the equity capital of PLL. BPCL’s equity investment
Preventive Vigilance being the primary tool, we have focused
and Associate Companies as on March 31, 2024. ending March 31, 2024. in PLL currently stands at I 98.75 crore.
on enhancing knowledge and awareness on the operational
aspects of various circulars/guidelines/Standard Operating In Financial Year 2023-24, the BPRL Group’s share of Oil & PLL recorded consolidated revenue from operations of
Details of Company that has become a Subsidiary during the Nil
Procedures (SOPs) issued by the Company, CVC and year 2023-24 Gas production was 2.64 MMTOE. I 52,729.33 crore during the year 2023-24, as against
MoP&NG and common lapses committed. In all, 120 training I 59,899.35 crore recorded in the year 2022-23. The
Details of Company that has become a Joint Venture/ Nil A detailed discussion on the blocks is given in the
sessions were held, covering 3,277 persons during 2023- Associate during the year 2023-24 consolidated profit for the year stood at I 3,525.25 crore,
Management Discussion & Analysis Report (MDA).
24. To ensure that established procedures and practices are Details of Company that has ceased to be a Subsidiary Nil
as compared to I 3,325.82 crore during the year 2022-23.
being followed, surprise inspections were carried out over during the year 2023-24 The consolidated EPS for the year 2023-24 is I 23.50, as
BHARAT OMAN REFINERIES LIMITED (BORL) compared to I 22.17 in the year 2022-23. During the year
the course of the year at 41 locations, 27 retail outlets and Details of Company that has ceased to be a Joint Venture/ Nil
12 LPG distributors. It also involved inspections of major Associate during the year 2023-24 BORL was a subsidiary company of BPCL. Pursuant to order 2023-24, PLL has recommended a final dividend of I 3 per
projects/works/procurements to observe and recommend of the Ministry of Corporate Affairs dated June 22, 2022 and its share, in addition to special interim dividend of I 7 per share
areas of improvement to concerned Departments.
A separate statement containing the salient features of subsequent filing with the respective Registrar of Companies, during the year. In the previous year, PLL had declared a
the financial statements of Subsidiaries/Associates/Joint BORL has been merged with BPCL with effect from special interim dividend of I 7 per share and a final dividend
Other Preventive Vigilance activities carried out throughout Venture Companies in Form AOC-1 pursuant to provisions July 1, 2022. of I 3 per share.
the year included system studies, Chief Technical Examiner of Section 129 (3) of the Act, is attached along with the
(CTE) type inspections, tender files scrutiny and scrutiny financial statement. BHARAT GAS RESOURCES LIMITED (BGRL) INDRAPRASTHA GAS LIMITED (IGL)
of annual property returns. It was ensured that transparent
The Company has placed its financial statements BGRL was a subsidiary company of BPCL. Pursuant to order IGL is a joint venture company promoted by BPCL and GAIL
systems and procedures were adopted to promote fairness, of the Ministry of Corporate Affairs dated August 8, 2022 and its
including the Consolidated Financial Statements and all and set up in December 1998. IGL is a City Gas Distribution
accountability, efficiency and objectivity in all aspects of subsequent filing with the respective Registrar of Companies,
other documents required to be attached thereto, on its (CGD) company supplying natural gas to transport, domestic,
administrative activities. BGRL has been merged with BPCL with effect from commercial and industrial consumers. The operations of IGL
website www.bharatpetroleum.in as per Section 136(1) of
Punitive Vigilance for commission of misconduct and other the Act. Further, the Company has also placed separate August 16, 2022. are spread over NCT of Delhi, Noida and Greater Noida,
malpractices is certainly an important Vigilance function. Annual Reports/audited accounts in respect of each of Ghaziabad and Hapur, Gurugram, Meerut (except areas
During the year, with the purpose of safeguarding the its Subsidiaries on its above website. A copy of the said BPCL-KIAL FUEL FARM PRIVATE LIMITED already authorized), Shamli, Muzaffarnagar, Karnal, Rewari,
interests of stakeholders, Vigilance took timely action in documents is available for inspection and will be provided to (BKFFPL) Kanpur (except areas already authorized), Hamirpur-Fatehpur
concluding complaints as per the guidelines provided by any shareholder of the Company who asks for it. BKFFPL was incorporated in May 2015 with an equity districts, Kaithal, Ajmer, Pali, Rajsamand, Banda, Chitrakoot
the CVC. A summary of investigations handled by Vigilance participation of 74% by BPCL and 26% by Kannur and Mahoba districts. IGL also holds 50% of equity in
during the FY 2023-24 is given below:
The policy for determining material Subsidiaries is posted
International Airport Limited. The company was formed to M/s. Central UP Gas Limited, Kanpur and M/s. Maharashtra
on the Company’s website at the link: https://www. Natural Gas Limited, Pune, which are the joint venture
design, construct, commission and operate the Fuel Farm
Opening Closing bharatpetroleum.in/images/files/Policy%20for%20%20 companies promoted by BPCL and GAIL.
at Kannur International Airport for the supply of ATF on
balance Disposed of Balance Material%20Subsidiaries.pdf
(as on Investigations during the (as on an exclusive basis. The Fuel Farm started operating from The paid-up share capital of IGL is I 140 crore. BPCL had
01/04/2023) during the Year Total Year 31/03/2024)
December 2018, along with the commissioning of Kannur invested I 31.50 crore for 22.5% stake in its equity. The
34 62 96 52 44 BPCL SUBSIDIARY COMPANIES
International Airport. As on March 31, 2024, the authorized company added 90 new Compressed Natural Gas (CNG)
BHARAT PETRORESOURCES LIMITED (BPRL) share capital of the company is I 50 crore and paid-up stations and 3.3 lakh new Piped Natural Gas (PNG) domestic
Timely completion of investigations and disciplinary
share capital is I 9 crore. During the year 2023-24, the connections during the year. As on March 31, 2024, IGL has
proceedings is in the interest of the organization and the BPRL, established in October 2006 as a wholly-owned
fuel throughput was 35,838.58 KL. The company earned a 882 CNG stations and 27 lakh PNG domestic connections.
employee. Time-bound action results in effective punitive subsidiary of BPCL, was tasked with spearheading upstream
revenue from operations of I 9.39 crore in the year 2023-24
action against those found guilty of misconduct and would endeavors. Its portfolio comprises blocks in different phases IGL has registered consolidated revenue from operations
and the profit during the period was I 3.79 crore.
act as a deterrent to others. of exploration, appraisal, development and production. of I 15,456.53 crore and consolidated profit of I 1,983.40
Covering approximately 19,824 sq.kms, about 46% of BKFFPL is being managed under a joint control mechanism. crore for the year ending March 31, 2024, as compared to
Participative Vigilance: To holistically engage all stakeholders,
the acreage owned by BPRL and its subsidiaries is in the Hence, in the consolidated financial statements of the group consolidated revenue from operations of I 15,589.80 crore
Vigilance Awareness Week (VAW) with the theme, ‘Say No
offshore expanse. for the period ending March 31, 2024, the financials have and consolidated profit of I 1,639.65 crore in the previous
to Corruption; Commit to the Nation’ was observed from
been consolidated as a Joint Venture as per the principles of year. The EPS for the year stood at I 28.36, as against I 23.42
October 30, 2023 to November 5, 2023. Along with spreading BPRL holds Participating Interest (PI) in 15 blocks, with eight
Indian Accounting Standards. in the year 2022-23. The IGL Board has recommended
the VAW theme, an awareness campaign was undertaken located in India and seven overseas. Additionally, BPRL has
a final dividend of I 5 per share (face value of I 2 each),
for ‘Public Interest Disclosure and Protection of Informers equity stakes in two Russian entities, which hold licenses for
BPCL JOINT VENTURE COMPANIES AND in addition to an interim dividend of I 14 per share during
(PIDPI)’. A variety of programs were carried out across the four producing blocks in Russia. While BPRL directly holds
ASSOCIATES the year. In the previous year, IGL had declared an interim
country viz. walkathon/cyclothon, seminar/webinar, school PI in domestic blocks, its stakes with respect to blocks in
dividend of I 13 per share (face value of I 2 each) and final
functions, nukkad-natak, vendor/transporter/customer meet, Brazil, Mozambique, Indonesia, UAE and equity stakes in PETRONET LNG LIMITED (PLL) dividend of nil per share.
Gram Panchayat events, Integrity Jingle at retail outlets, etc. Russian entities are held through step-down wholly-owned
PLL was formed in April 1998 for importing Liquefied Natural
subsidiaries or joint ventures (JVs) of the wholly-owned SABARMATI GAS LIMITED (SGL)
Integrity Clubs have been established in seven schools to Gas (LNG) and setting up a LNG terminal with facilities
subsidiaries located in the Netherlands and Singapore.
impart values of honesty and integrity amongst the school like jetty, storage, regasification, etc. to supply natural gas SGL, a joint venture company promoted by BPCL and Gujarat
children. Apart from the quarterly newsletter, ‘Vigilance As on March 31, 2024, BPCL’s investment is I 10,800 crore to various industries in the country. The company has an State Petroleum Corporation (GSPC), was incorporated in
Plus’, three more publications were released during this in the equity capital of BPRL (apart from equity component of authorized share capital of I 3,000 crore and paid-up share June 2006 with an authorized share capital of I 100 crore
year - Compendium of 50 Vigilance Case Studies, Vigilance I 126.37 crore recognized on fair valuation of concessional capital of I 1,500 crore. PLL was promoted by four public for implementing City Gas Distribution projects for supply of
Officers Handbook and Compendium of CVC Circulars. rate loan given to BPRL). There is no loan outstanding sector companies, viz. BPCL, Indian Oil Corporation Limited CNG to the household, automobile, industrial and commercial

85
Directors’ Report (Contd.) 29 Industrial PNG Customers. GNGPL achieved a revenue business of the company is to own, operate and maintain
from operations of I 110.22 crore and a profit of I 1.20 crore aviation fuel farm facilities and to provide into-plane
for the year ending March 31, 2024, as against a revenue of services at Chhatrapati Shivaji Maharaj International Airport
I 78.98 crore and a profit of I 1.78 crore in the previous year. (CSMIA), Mumbai. The facility is being operated on an open-
sectors in Gandhinagar, Mehsana, Aravali, Sabarkantha and sales in the GAs of Buldhana, Nanded and Parbhani
access basis. The revenue to MAFFFL is by way of Fuel
Patan districts of Gujarat. The paid-up share capital of the districts in Maharashtra and Nizamabad, Adilabad, Nirmal,
BHARAT STARS SERVICES PRIVATE LIMITED Infrastructure Charges, payable by the suppliers for utilizing
company is I 20 crore. As on March 31, 2024, BPCL has a Mancherial, Kumuram Bheem Asifabad and Kamareddy
(BSSPL) the facility.
stake of 49.94% in the equity capital of SGL. SGL has set up districts in Telangana, secured under the 11th round within
161 CNG stations and is supplying PNG (Domestic) to 2.98 the first year. Within less than a year of commissioning BSSPL, a joint venture company promoted by BPCL and ST MAFFFL achieved a throughput of 16.24 lakh KL during
lakh customers. SGL has achieved a turnover of I 2,309.99 India’s largest LNG-LCNG Station at Nashik, it is the first and Airport Pte. Ltd., Singapore was incorporated in September 2023-24, which is an increase of 34% from 12.12 lakh KL
crore and a profit of I 302.98 crore for the year ending only such LNG-LCNG station in India to consistently achieve 2007. BSSPL is a service provider and is associated with during the previous year. The increase is due to continuing
March 31, 2024, as against I 2,383.84 crore and I 322.00 a throughput of 1,00,000 Standard Cubic Meters per Day the aviation industry. The authorized and paid-up share recovery in the aviation sector on account of containment
crore respectively for the previous year. The EPS for the (SCMD), which is the highest in India for any CGD entity. capital of BSSPL is I 20 crore. The two promoters have each of COVID-19 and lifting of travel restrictions worldwide.
year stood at I 151.49 as against I 161.00 in the year 2022- subscribed to 50% of the equity share capital of BSSPL and MAFFFL has achieved revenue from operations of I 151.44
MNGL has set up 246 CNG stations and is supplying PNG
23. The company has recommended a final dividend of I 80 BPCL’s present investment stands at I 10 crore. BSSPL also crore and profit of I 63.41 crore for the year ending March
(Domestic) to 8.59 lakh customers. MNGL has achieved
per share, in addition to an interim dividend of I 60 per share has a wholly-owned subsidiary named Bharat Stars Services 31, 2024, as against revenue of I 110.31 crore and profit of
revenue from operations of I 2,993.55 crore and profit of
during the year. In the previous year, SGL had declared (Delhi) Private Limited, which is providing Into-Plane (ITP) I 32.01 crore respectively, during the previous year. EPS for
I 610.12 crore for the year ending March 31, 2024, as against
interim dividend of I 60 per share and a final dividend of nil services at Delhi T-3 International Airport. the year 2023-24 stood at I 3.00, as against I 1.51 in the
revenue of I 2,700.19 crore and profit of I 421.09 crore,
per share. year 2022-23.
respectively, in the previous year. The EPS for the year The company commenced its ITP operations at Bengaluru
2023-24 stood at I 61.01, as against I 42.11 in the year in 2008. BSSPL has now increased its footprints at different
CENTRAL UP GAS LIMITED (CUGL) KANNUR INTERNATIONAL AIRPORT LIMITED
2022-23. The MNGL Board has recommended a final airports across India, which includes major airports like Delhi,
CUGL is a joint venture company set up in February 2005 (KIAL)
dividend of I 12.30 per share, in addition to interim dividend Mumbai, Bengaluru and Chennai. BSSPL also provides
with GAIL as the other partner for implementing projects of I 6 per share during the year. In the previous year, MNGL Business Support Services (manpower services for fuelling KIAL is an unlisted Public Company promoted by the
for supply of CNG to the automobile sector and PNG to the had declared a final dividend of I 12 per share. operations) in the petroleum sector. Presently, the company Government of Kerala to build and operate the airport at
household, industrial and commercial sectors in Kanpur is operating at 78 locations in India. BSSPL has achieved a Kannur at international standards, primarily to cater to the
(including parts of Unnao district), Bareilly and Jhansi in Uttar HARIDWAR NATURAL GAS PRIVATE LIMITED consolidated revenue from operations of I 82.38 crore and travelling needs of the large NRI population in the region,
Pradesh. The company has an authorized share capital of (HNGPL) a consolidated profit of I 9.39 crore for the financial year which travels frequently to various international destinations,
I 60 crore as on March 31, 2024. The joint venture partners and the flourishing business community and tourists. The
HNGPL was incorporated in April 2016 as a joint venture ending March 31, 2024, as against a consolidated revenue
have each invested I 15 crore for an equity stake of 25% from operations of I 63.78 crore and a consolidated profit of authorized share capital of the company is I 3,500 crore and
company with GAIL Gas Limited on a 50:50 basis for
each in the company, while the balance 50% is held by IGL. the paid-up share capital of the company as on March 31,
implementation of a CGD network in the GA of Haridwar I 2.75 crore, respectively, for the previous year.
As on March 31, 2024, CUGL has 87 CNG stations. CUGL 2024 is I 1,338.39 crore, out of which BPCL has contributed
District of Uttarakhand. As on March 31, 2024, the authorized
has achieved revenue from operations of I 690.40 crore and I 216.80 crore. Kannur Airport was commissioned in
share capital of the company is I 90 crore and paid-up DELHI AVIATION FUEL FACILITY PRIVATE
profit of I 71.91 crore for the year ending March 31, 2024, December 2018 and it is one of the four international airports
share capital is I 87.16 crore. HNGPL received I 30 crore LIMITED (DAFFPL)
as against I 746.91 crore and I 85.36 crore, respectively, in Kerala. During the year 2023-24, total aircraft movements
inter-corporate loan from the joint venture partners in the A joint venture company, DAFFPL has been promoted by
for the previous year. The EPS for the year stood at I 11.99, were 10,885 and passenger traffic was approximately 11.72
FY 2020-21, against which I 15 crore principal amount is BPCL, IOCL and Delhi International Airport Limited (DIAL)
as against I 14.23 in the year 2022-23. The company has lakh, as against 11,939 aircraft movements and approximate
outstanding as on March 31, 2024. The five-year Minimum for implementing open-access Aviation Fuel facility for the
recommended a final dividend of I 1.50 per share for the passenger traffic of 12.46 lakh in the previous year. There is
Work Program (MWP) target as per PNGRB authorization new T3, T2 and Cargo terminals at Delhi International Airport.
year 2023-24. In the previous year, CUGL had declared a a decrease in air traffic movement compared to the previous
final dividend of I 4.10 per share.
of 16,905 domestic PNG connections and 830-inch-km Setting up of an Aviation Hydrant System at the T1 terminal year due to grounding of GoAir aircrafts.
pipeline was achieved by the company in 2020-21. As on of Delhi International Airport is on the verge of completion.
March 31, 2024 the company has provided 25,000 plus The authorized and paid-up share capital of the company is
MAHARASHTRA NATURAL GAS LIMITED (MNGL) MATRIX BHARAT PTE LIMITED (MXB)
domestic connections and laid around 1378 inch-km pipeline. I 170 crore and I 164 crore, respectively. BPCL and IOCL
MNGL was set up in January 2006 as a joint venture Further, the company has set up eight CNG stations. HNGPL MXB is a joint venture company incorporated in Singapore
each have subscribed to 37% of the share capital of the joint
company with GAIL for implementing the project for supply achieved a revenue from operations of I 109.89 crore and a in May 2008 for carrying out bunkering business and supply
venture, while the balance 26% is held by DIAL. DAFFPL
of natural gas to the household, industrial, commercial profit of I 5.96 crore for the year ending March 31, 2024, as of marine lubricants in the Singapore market as well as
has achieved revenue from operations of I 80.00 crore and
and automobile sectors in Pune and its nearby areas. The against a revenue of I 91.74 crore and profit of I 2.27 crore international bunkering, including expanding into Asian and
net loss of I 1.17 crore for the year ending March 31, 2024,
company was incorporated with an authorized share capital in the previous year. Middle East markets. The company has been promoted
as against revenue of I 86.50 crore and profit of I 23.09
of I 100 crore. The paid-up share capital of the company is by BPCL and Matrix Marine Fuels L.P. USA, an affiliate of
crore, respectively during the previous year. The EPS for the
I 100 crore. BPCL and GAIL have invested I 22.50 crore GOA NATURAL GAS PRIVATE LIMITED (GNGPL) the Mabanaft group of companies, Hamburg, Germany,
year stood at I (0.07), as against I 1.41 in the year 2022-23.
each in MNGL’s equity capital. Maharashtra Industrial contributing equally to the share capital of $ 4 million. Matrix
GNGPL was incorporated in January 2017 as a joint venture The company has recommended interim dividend of I 0.14
Development Corporation (MIDC), as a nominee of the Marine Fuels L.P. USA has subsequently transferred their
company with GAIL Gas Limited on a 50:50 basis for per share and nil final dividend, as against interim and final
Maharashtra Government, holds 5% equity and the balance share and interest in the joint venture in favor of Matrix
implementation of a City Gas Distribution Project in the GA dividend of I 0.43 and I 0.98 per share respectively during
50% is held by IGL. Marine Fuels Pte Limited, Singapore, another affiliate of
of North Goa. The authorized share capital of the company the previous year. the Mabanaft group, which has been further transferred in
MNGL, while strengthening its roots in the existing is ₹ 80 crore as on March 31, 2024 and the promoters have
favor of Bomin International Holding GmbH, Germany, yet
authorized GA covering Pune and adjoining areas, is also infused I 40 crore each towards equity as on March 31, MUMBAI AVIATION FUEL FARM FACILITY another affiliate of the Mabanaft group. In March 2021, MXB
growing in the Nasik GA and Sindhudurg GA in Maharashtra 2024. The company has already achieved its five-year MWP PRIVATE LIMITED (MAFFFL) carried out capital reduction and the revised share capital
and Ramanagara GA in the state of Karnataka, which were target of providing 9,588 domestic connections and laying
MAFFFL was incorporated in February 2010 by Mumbai of MXB stands at $ 0.50 million, with BPCL’s share being
awarded by PNGRB under the 9th CGD Bidding Round. 650-inch-km pipeline. As on March 31, 2024 the company
International Airport Limited (MIAL). BPCL, IOCL and HPCL $ 0.25 million. The company is not carrying out trading
MNGL has achieved an average sales of 1.42 million Metric has provided gas to 4,560 domestic connections and laid
became joint venture partners with MIAL in October 2014 activities and is in the process of commencing liquidation.
Standard Cubic Meters per Day (MMSCMD) in FY 2023-24, around 768.14 inch-km pipeline in the North Goa GA.
with each having an equity holding of 25%. Presently, BPCL The company has a branch office in India, whose principal
resulting in a stupendous volume growth of over 14% with Further, the company has commissioned nine CNG Stations
has invested an amount of I 52.92 crore towards equity. activities were to provide support services to the Company.
respect to the previous year. The company has commenced in North Goa and is supplying gas to 29 Commercial and
MAFFFL started its operations from February 2015. The The company has ceased its operations in India since July

87
Directors’ Report (Contd.) full diminution in the value of investment has been done in 2021, which was revised by PNGRB to June 30, 2024. Request
the accounts of BPCL. The company is under liquidation. for further extension has been applied to PNGRB.
BHARAT RENEWABLE ENERGY LIMITED (BREL) UJJWALA PLUS FOUNDATION (UPF)

2020 and is in the final stages of winding up of its branch in the company and the balance equity is held by IOCL
office. MXB reported a loss of $ 0.002 million for the year (26%), HPCL (11%) and BPCL (11%). BREL was incorporated in June 2008 for undertaking the UPF was incorporated in July 2017 as a joint venture
ending December 31, 2023, as against a loss of $ 0.04 production, procurement, cultivation and plantation of company among the three PSU Oil Marketing Companies,
million for the year ending December 31, 2022.
GIGL has been authorized to lay two cross-country gas horticulture crops such as Karanj, Jathropha and Pongamia, viz., BPCL, HPCL and IOCL (in the ratio of 25:25:50) under
pipelines, viz., Mehsana to Bathinda Pipeline (MBPL) and trading, research and development, and management of all Section 8 of the Companies Act, 2013 to provide LPG
Bathinda to Gurdaspur (BGPL). The initial sections of the the crops and plantation, including biofuels in the State of connections to poor women who are left out of the Pradhan
KOCHI SALEM PIPELINE PRIVATE LIMITED (KSPPL)
project covering approximately 442 km, viz., Barmer-Pali Uttar Pradesh, with an authorized share capital of I 30 crore. Mantri Ujjwala Yojana. Subsequently, various schemes
BPCL signed a joint venture agreement with IOCL for
Pipeline, Palanpur-Pali Pipeline and Jalandhar-Amritsar The company has been promoted by BPCL with Nandan have been announced by the Government of India, with an
implementation of the Kochi-Coimbatore-Salem LPG
Pipeline are in operation since 2018-19. The company Cleantec Limited (Nandan Biomatrix Limited), Hyderabad objective to expand the coverage/usage of LPG by the poor
Pipeline Project and formed a joint venture company, KSPPL
has successfully commissioned all sections of the MBPL and the Shapoorji Pallonji group, through their affiliate SP in the country. Since the core purpose of the UPF formation
in January 2015, on a 50:50 basis. As on March 31, 2024,
Phase II Project, covering 837 kms out of 940 kms except Agri Management Services Pvt. Ltd. A company petition is getting fulfilled by way of various Government schemes
BPCL has paid an amount of I 637.63 crore towards equity in was filed before the High Court of Judicature at Allahabad announced from time to time, no major activity has been
Section V (Punjab). During the year 2023-24, the company
the company. The project is being executed in four phases. (Lucknow Bench) for winding up BREL. By the judgment undertaken under the UPF.
has transported about 2,109.18 MMSCM gas, as against
The first phase is a 12 km 12” pipeline from Kochi Refinery
approximately 1,246.26 MMSCM in the previous year. GIGL dated December 21, 2015 the company was ordered to
(KR) to IOCL Udayamperoor Bottling Plant and a 152.3 km be wound up and an OL was appointed to proceed in MANAGEMENT DISCUSSION & ANALYSIS
has reported revenue from operations, of I 365.51 crore and
12” pipeline from KR to Palakkad Receipt Terminal (RT). accordance with the provisions of the Companies Act. All REPORT (MDA)
a loss of I 139.28 crore for the year ending March 31, 2024
The 12-km pipeline from KR Dispatch Terminal (DT) to the assets and records of the company have been deposited
as against revenue from operations of I 212.80 crore and a The MDA for the year under review, as stipulated under
Udayamperoor RT was commissioned in August 2017 and with the OL and the OL has since submitted a status request
loss of ₹ 158.36 crore in the previous year. Regulation 34(e) of SEBI (Listing Obligations and Disclosures
during the year 2023-24, 377.79 TMT of LPG was transported to the High Court of Judicature at Allahabad. A reply to the Requirement) Regulations, 2015, is presented in a separate
through this pipeline, as against a quantity of 184.92 TMT report submitted by the OL has been given and the matter is
FINO PAYTECH LIMITED (FINO) section forming part of the Annual Report.
in the year 2022-23. With respect to the 152.3 km pipeline pending in the High Court of Judicature at Allahabad.
from BPCL-KR DT to Palakkad RT, the pipeline has been BPCL acquired shares in FINO in the year 2016-17. As on The forward-looking statements made in the MDA are based
commissioned on August 26, 2023. The second phase is a March 31, 2024, BPCL has made an investment of I 260.17 RATNAGIRI REFINERY AND PETROCHEMICALS on certain assumptions and expectations of future events.
38.6 km 12” pipeline from Puthuvypeen IOCL import terminal crore and holds 21.10% on a fully diluted basis. FINO LIMITED (RRPCL) The Directors cannot guarantee that these assumptions are
to KR, which has been commissioned on October 17, 2023. Payments Bank (FPB) is the main operational subsidiary of accurate or these expectations will materialize. The data,
Ratnagiri Refinery and Petrochemicals Limited (RRPCL) is a
The third and fourth phases are a 62 km 12” pipeline from the company. FPB is a listed company, wherein FINO holds facts, figures and information given in the portions of MDA
joint venture company promoted by IOCL, BPCL and HPCL,
Palakkad RT to Coimbatore RT and a 194 km 8” pipeline a 75% share. other than Company performance have been taken from
with equity participation in the ratio of 50:25:25. RRPCL has
from Coimbatore RT to Salem RT. The Detailed Engineering reports, studies and websites of various credible agencies.
planned to set up an integrated refinery-cum-petrochemical
Survey is completed and 83% of demand notes for crossing PETRONET INDIA LIMITED (PIL)
complex on the west coast of Maharashtra. Saudi Aramco
permissions have been obtained for the third phase of the PIL was formed in the year 1997 as a financial holding CONSERVATION OF ENERGY, RESEARCH
and ADNOC have also signed an MoU to partner in RRPCL
pipeline from Palakkad RT to Coimbatore RT. With respect AND DEVELOPMENT, TECHNOLOGICAL
company to give impetus to the development of a pipeline to jointly execute this project along with IOCL, BPCL and
to the fourth phase of the pipeline from Coimbatore RT to ABSORPTION AND FOREIGN EXCHANGE
network throughout the country. The company carried out HPCL. The allocation of land for the project has been
Salem RT, the reconnaissance survey has been completed EARNINGS AND OUTGO
business through Special Purpose Vehicles (SPVs) and delayed. The Government of Maharashtra has offered land
and 86% of demand notes for crossing permissions have Joint Venture Companies. In the new Pipelines policy, oil in the Ratnagiri District of Maharashtra for the project, which The particulars as prescribed under Sub-Section (3)
been obtained. companies were allowed to establish their own pipeline is under evaluation to ascertain its suitability. (m) of Section 134 of the Companies Act, 2013 read with
network. PIL obtained appropriate approvals and proceeded the Companies (Accounts) Rules, 2014, are enclosed as
GSPL INDIA TRANSCO LTD. (GITL) to liquidate its investments in joint ventures and subsidiaries. IHB LIMITED (IHBL) Annexure A to the Directors’ Report.
GITL is a joint venture of Gujarat State Petronet Ltd. (GSPL), PIL’s equity has been purchased by the respective promoter IHBL is a joint venture company of IOCL, BPCL and HPCL,
IOCL, BPCL and HPCL. GSPL has 52% equity participation MEMORANDUM OF UNDERSTANDING WITH
companies, viz., the Petronet CCK Limited stake has been with equity participation in the ratio of 50:25:25. IHBL was
in the company and the balance equity is held by IOCL MINISTRY OF PETROLEUM & NATURAL GAS
taken over by BPCL, the Petronet MHB Limited stake has incorporated in July 2019 as IHB Private Limited to construct,
(26%), HPCL (11%) and BPCL (11%). been taken over by HPCL and ONGC and the Petronet VK operate and manage the approximately 2,800 km long BPCL has entered into a Memorandum of Understanding
Limited stake has been taken over by IOCL and Reliance Kandla-Gorakhpur LPG Pipeline (KGPL) for meeting the (MoU) for the year 2023-24 with MoP&NG. An MoU for the
GITL has been authorized to lay a 1,881 km long pipeline
Industries Limited (RIL). PIL filed an application before NCLT LPG demand of the bottling plants enroute to the pipeline in year 2024-25 is under finalization.
from Mallavaram to Bhilwara. The initial section of the
project from Reliance Gas Transmission India Limited’s and the paid-up share capital was reduced from I 100 crore the States of Gujarat, Madhya Pradesh and Uttar Pradesh. The Company has achieved an ’Excellent’ performance
interconnection point at Kunchanapalli to Ramagundam to I 1 crore and I 99 crore was returned to its promoters. The company was converted into a public limited company rating for MoU 2022-23, with a composite score of 90%.
Fertilizers & Chemicals Limited’s plant at Ramagundam is BPCL has 16% equity participation in the company, with with effect from April 6, 2021. The pipeline will cater to the
in operation since 2019-20. During the year 2023-24, the current investment of I 0.16 crore. During the year 2018- LPG requirement of 22 LPG bottling plants of IOCL, HPCL BOARD EVALUATION
and BPCL located in the aforementioned States.
company transported approximately 703 MMSCM of gas, 19, shareholders of the company had approved voluntary As per the provisions of Section 134(3)(p) of the Companies
as against 586 MMSCM in the previous year. GITL has winding up of PIL and appointed an Official Liquidator (OL) The Kandla-Gorakhpur Pipeline would connect and meet the Act, 2013, a listed entity is required to include a statement
reported revenue from operations of I 102.85 crore and a for the same. Liquidation of the company is under process. requirement of seven LPG bottling plants of BPCL situated indicating the manner of formal evaluation of performance
loss of I 15.20 crore for the year ending March 31, 2024, as at Hariyala, Indore, Bhopal, Jhansi, Kanpur, Allahabad and of the Board, its Committees and individual Directors.
against revenue from operations of I 103.71 crore and loss PETRONET CI LIMITED (PCIL) Gorakhpur. The approved total cost of the KGPL project was However, the said provisions are exempted for Government
of I 11.85 crore in the previous year. PCIL was set up in the year 2000 for laying a pipeline I 10,088 crore and I 6,363 crore have been incurred till March 31, Companies, as the performance evaluation of the Directors
for evacuation of petroleum products from refineries at 2024 under the project. As on March 31, 2024, BPCL has made is carried out by the Administrative Ministry, i.e., Ministry of
GSPL INDIA GASNET LIMITED (GIGL) Jamnagar/Koyali to feed consumption zones in central India. an equity contribution of I 764.50 crore. The overall progress Petroleum and Natural Gas (MoP&NG), as per laid-down
GIGL is a joint venture of Gujarat State Petronet Ltd. (GSPL), BPCL has an equity participation of 11% in this JV. Promoter achieved for the KGPL Project as on March 31, 2024 is 86%. The evaluation methodology.
IOCL, BPCL and HPCL. GSPL has 52% equity participation companies have decided to exit from PCIL and provision for scheduled completion date of the KGPL project was December

89
Directors’ Report (Contd.) risk management report for approval of the Board of Directors As required under the Regulation 36(3) of SEBI (Listing
with the recommendation of the Audit Committee. The Obligations and Disclosure Requirements) Regulations,
Company’s internal financial controls and risk management 2015, a brief resume of the above Directors who are being
In line with the Companies (Accounts) Rules, 2014, rule 8 (5) on the principles of National Voluntary Guidelines on Social, systems are assessed by the Audit Committee/Board. appointed/reappointed at the AGM is provided in the Notice.
(iiia), in the opinion of the Board, the Independent Directors Environmental and Economic Responsibilities of Business
possess integrity, requisite expertise and experience. as issued by the Ministry of Corporate Affairs, Government DIRECTORS’ RESPONSIBILITY STATEMENT DECLARATION OF INDEPENDENCE
of India. BPCL’s Sustainability Report is in accordance with Pursuant to Section 134(3)(c)/(5) of the Companies Act, The Independent Directors of the Company have provided
PARTICULARS OF EMPLOYEES AND RELATED the Global Reporting Initiative (GRI). 2013, the Directors of the Company confirm that: a declaration confirming that they meet the criteria of
DISCLOSURES independence as prescribed under the Companies Act, 2013
As stipulated under the Listing Regulations, the Business a) In the preparation of the Annual Accounts for the year
The provisions of Section 134(3)(e) of the Companies and SEBI (Listing Obligations and Disclosure Requirements)
Responsibility and Sustainability Report describing the ended March 31, 2024, the applicable Accounting
Act, 2013 are not applicable to a Government Company. Regulations, 2015.
initiatives taken by the Company from the Environmental, Standards have been followed along with proper
Consequently, details of Company’s policy on Directors’ Social and Governance (ESG) perspective is appended as explanation relating to material departures; FAMILIARIZATION PROGRAMS
appointment and other matters are not provided under part of the Annual Report.
Section 178 (3) of the Act. b) The Directors have selected such accounting policies The Company has adopted a policy for the training
Similarly, Section 197 of the Companies Act, 2013 shall not TRANSACTIONS WITH RELATED PARTIES and applied them consistently and made judgments requirements of Board Members. The details thereof with
apply to a Government Company. Consequently, there is no During the year 2023-24, the Company has entered into and estimates that are reasonable and prudent, so as the programs sponsored for familiarization of Independent
requirement of disclosure of the ratio of the remuneration contracts or arrangements with related parties, which to give a true and fair view of the state of affairs of the Directors with the Company are available at the Company’s
of each Director to the median employee’s remuneration were in the ordinary course of business and on an arm’s Company at the end of the financial year and of the web link https://www.bharatpetroleum.in/images/files/
and other such details, including the statement showing length basis. profit and loss of the Company for that period; Details%20of%20Familiarization%20Programs_2024.pdf
the names and other particulars of every employee of the c) he Directors have taken proper and sufficient
T
The required information on transactions with related parties AUDIT COMMITTEE
Company, who, if employed throughout/part of the financial care for the maintenance of adequate accounting
are provided in Annexure G in Form AOC-2 in accordance
year, was in receipt of remuneration in excess of the limits The details of the composition of the Audit Committee,
with Section 134(3) of the Act and Rule 8(2) of the Companies records in accordance with the provisions of the Act
set out in the Rules in terms of Section 197(12) of the Act terms of reference, meetings held, etc. are provided in
(Accounts) Rules, 2014. for safeguarding the assets of the Company and for
read with Rule 5 (1)/(2) of the Companies (Appointment and the Corporate Governance Report, which forms part of
preventing and detecting fraud and other irregularities;
Remuneration of Managerial Personnel) Rules, 2014. The Policy on related party transactions, including material this Report. During the year, there were no cases where
related parties, is available on the Company’s website at the d) The Directors have prepared the annual accounts on a the Board had not accepted any recommendation of the
The Chairman & Managing Director and the Whole-time
link https://www.bharatpetroleum.in/bharat-petroleum-for/ ‘going concern’ basis; Audit Committee.
Directors of the Company did not receive any remuneration
Investors/Revised%20RPT%20Policy.pdf
or commission from any of its Subsidiaries. e) The Directors have laid down internal financial controls
VIGIL MECHANISM
to be followed by the Company and such internal
BPCL being a Government Company, its Directors are PARTICULARS OF LOANS, GUARANTEES OR There exists a vigil mechanism to report genuine concerns
appointed/nominated by the Government of India as per the financial controls are adequate and are operating
INVESTMENTS in the Company. The Company has implemented a Whistle-
Government/DPE Guidelines, which also include fixation of effectively; and
The Company has provided Loans/Guarantees to its Blower Policy to ensure greater transparency in all aspects
pay criteria, determining of qualifications and other matters.
Subsidiaries/Joint Ventures and has made Investments in f) The Directors have devised proper systems to ensure of the Company’s functioning. The objective of the policy
compliance with the provisions of the Companies Act, 2013. compliance with the provisions of all applicable laws and is to build and strengthen a culture of transparency and to
CORPORATE GOVERNANCE The disclosure in this regard, as required under Regulation such systems are adequate and operating effectively. provide employees with a framework for responsible and
The Report on Corporate Governance, together with 34 read with Schedule V of SEBI (Listing Obligations and secure reporting of improper activities.
the Auditors’ Certificate on compliance of Corporate Disclosure Requirements) Regulations, 2015 is given in DIRECTORS AND KEY MANAGERIAL
Governance, is appended as Annexure D as required under The vigil mechanism provides adequate safeguards against
Annexure H. PERSONNEL
Listing Regulations and Department of Public Enterprises victimization of persons who use the mechanism and
Shri Rajkumar Dubey, Director (Human Resources) was has provision for direct access to the Chairperson of the
Guidelines of Corporate Governance for Central Public RISK MANAGEMENT appointed as an Additional Director of the Company w.e.f. Audit Committee in appropriate or exceptional cases. The
Sector Enterprises.
The Company has adopted a Risk Management Charter May 1, 2023. Thereafter, he was appointed as Director details of establishment of this mechanism are disclosed
and Policy for self-regulatory processes and procedures (Human Resources) by the shareholders at the AGM on at the Company’s web link https://www.bharatpetroleum.in/
SECRETARIAL STANDARDS
for ensuring the conduct of the business in a risk-conscious August 28, 2023. images/files/Whistle%20Blower%20Policy%20final.pdf
The Company complies with the mandatory Secretarial manner and for managing risks on an ongoing basis
Standards issued by the Institute of Company Secretaries Shri Suman Billa, Government Nominee Director has ceased
of India. Accordingly, the Company has adopted an Enterprise to be the Director of the Company w.e.f. May 11, 2024 on NUMBER OF MEETINGS OF THE BOARD AND
Risk Management Policy, a Commodity Risk Management account of a change in his assignment in the Government. COMMITTEES OF THE BOARD
SOCIAL, ENVIRONMENTAL, ECONOMIC, Policy and a Financial Risk Management Policy. As per Sixteen meetings of the Board of Directors were held during
the Risk Management Charter and Policy, the company Shri Acharath Parakat Mahalil Mohamedhanish, Government
STAKEHOLDER, CUSTOMER, HEALTH AND the year. The details of Board and Sub-Committee meetings
has identified risks in the categories of (i) Business Nominee Director was appointed as Additional Director of
SAFETY RESPONSIBILITIES AND BUSINESS held during the year and attendance of the members thereat
Excellence (ii) Operations (iii) Information Technology (iv) the Company w.e.f. July 19, 2024, subject to the approval of
RESPONSIBILITY AND SUSTAINABILITY are provided in the Corporate Governance Report, which
REPORT Human Resources (v) Strategic (vi) Financial (vii) Logistics the Shareholders at the ensuing AGM. Notice under Section
forms a part of this Report. The intervening gap between the
(viii) Marketing (ix) Legal and Regulatory (x) Brand (xi) 160 of the Act has been received proposing his candidature
Board meetings was within the period prescribed under the
The Company is committed to be a responsible Corporate
Environment (xii) Security (xiii) Procurement and (xiv) for the appointment as Director at the ensuing AGM. Companies Act, 2013 and the SEBI (Listing Obligations and
Citizen in society, which leads to sustainable growth
and economic development for the nation as well as all
Research and Development.
Shri Vetsa Ramakrishna Gupta, Director (Finance), will Disclosure Requirements) Regulations, 2015.
stakeholders. In order to be a responsible business to meet A Risk Management Committee has been constituted by retire by rotation at the ensuing AGM as per the provisions
its commitment, the Board of Directors of the Company have the Board of Directors for reviewing and recommending the of Section 152 of the Act, and being eligible, has offered ANNUAL RETURN
adopted and delegated to the Sustainability Committee the risk management plan comprising risks assessed and their his candidature for reappointment as Director at the As required under Section 92 (3) of the Companies Act, 2013,
implementation of a Business Responsibility Policy based mitigation plans, along with reviewing and recommending the said meeting. the Annual Return of the Company for the year 2023-24 is

91
Directors’ Report (Contd.) ACKNOWLEDGMENTS business partners and shareholders, empowering us to

The Directors extend heartfelt appreciation to every envision even greater ambitions.
employee for their commitment and exceptional efforts,
available on the Company website at the following link: https:// The Secretarial Audit Report contains observations that which have been instrumental in propelling the company to India is on an extraordinary growth path, with an even more
www.bharatpetroleum.in/Bharat-Petroleum-For/Investors/ during the period under review, the Company has complied new milestones. promising future ahead. Recognizing this vast potential, the
Shareholders-Meetings/Annual-General-Meeting.aspx with the provisions of the Act, Rules, Regulations, Guidelines, Directors remain highly optimistic about India’s prospects
With deepest gratitude, the Directors acknowledge the as the Company accelerates towards an exciting and
Standards, etc. as applicable to the Company, except to the
ADEQUACY OF INTERNAL FINANCIAL invaluable support and guidance received from various
extent as mentioned below: dynamic future.
CONTROLS WITH REFERENCE TO THE Ministries of the Government of India, particularly the Ministry
FINANCIAL STATEMENTS 1) he Company does not have the requisite number
T of Petroleum & Natural Gas, as well as from numerous State
By Order of the Board of Directors
of Independent Directors on the Board as required Governments. This assistance has enabled the Company to
The details are included in the Management Discussion &
under Regulation 17(1)(b) of SEBI (Listing Obligations confidently embrace new challenges and opportunities. Sd/-
Analysis Report (MDA), which forms part of this Report.
and Disclosure Requirement) Regulations, 2015 and Place: Mumbai Krishnakumar Gopalan
STATUTORY AUDITORS Clause 3.1.4 of the DPE Guidelines during the period The Company’s customer-centric approach and emphasis
Date: August 6, 2024 Chairman & Managing Director
May 1, 2023 till March 31, 2024; on innovation have garnered the trust and support of our
The Comptroller & Auditor General of India (C&AG), under
the provisions of Section 139(5) of the Companies Act, 2013, Explanation by the Board to the above observation in the
had appointed M/s. Kalyaniwalla and Mistry LLP, Chartered Secretarial Auditor Report:
Accountants, Mumbai and M/s. K.S. Aiyar & Co, Chartered
Accountants, Mumbai, as Statutory Auditors for the year Bharat Petroleum Corporation Ltd (BPCL) is a Government
2023-24. These appointed auditors will hold office till Company under the Administrative Control of Ministry of
conclusion of the ensuing Annual General Meeting. C&AG is Petroleum and Natural Gas. The nomination/appointment of
in the process for appointment of Statutory Auditors for the all categories of Directors are done by Government of India
Financial Year 2024-25. The Auditors’ Report for the year in accordance with the laid down guidelines of Department
2023-24 does not contain any qualification, reservation or of Public Enterprises. Accordingly, the subject matter of
adverse remark. nomination/appointment of adequate number of Independent
Directors falls under the purview of the Government of
REPORTING OF FRAUDS BY AUDITORS India. BPCL has from time to time communicated to the
The Auditors have not reported any instance of fraud under Ministry of Petroleum & Natural Gas with respect to the
sub-section (12) of Section 143 of the Companies Act 2013. requirement of requisite number of Independent Directors
under SEBI (Listing Obligations & Disclosure Requirements)
COST RECORD AND COST AUDIT Regulations, 2015.
The Company has prepared and maintained cost records, as GENERAL
prescribed under Section 148(1) of the Companies Act, 2013
for the year 2023-24. The Cost Audit Report for the year There were no significant or material orders passed by
2022-23 has been filed with the Ministry of Corporate Affairs the Regulators or Courts or Tribunals impacting the going
before the due date in XBRL format. The Cost Auditors for concern status and Company’s operations in future. The
the year 2022-23 were M/s. R. Nanabhoy & Co., Mumbai Company has not issued equity shares with differential
and M/s. G. R. Kulkarni & Associates, Mumbai. rights/sweat equity shares.
M/s. R. Nanabhoy & Co., Mumbai and M/s. G. R. Kulkarni The Company has an Internal Complaints Committee (ICC)
& Associates, Mumbai, were also appointed as the Cost to address complaints pertaining to sexual harassment in
Auditors for the year 2023-24. The Cost Auditor shall, within the workplace. During the year, three complaints of sexual
a period of 180 days from the closure of the financial year, harassment were received, out of which one has been
forward the Cost Audit Report and the Company is required
disposed of and in the other two complaints (received in
to file the Cost Audit Report within 30 days of receipt of
March 2024), enquiry is in progress.
the same.
The Committee has worked extensively on creating
SECRETARIAL AUDITOR awareness on the relevance of sexual harassment issues.
The Board had appointed M/s. Upendra Shukla, Company Apart from the workshops conducted for employees of the
Secretary, to conduct the Secretarial Audit for the year organization, it is ensured that a session on Prevention of
2023-24. The Secretarial Audit Report for the year ended Sexual Harassment at the Workplace (POSH) is included as
March 31, 2024 is appended as Annexure I to this Report. part of the Induction Training of all new recruits.

93
MANAGEMENT DISCUSSION & ANALYSIS REPORT The GDP growth in 2023-24 is sharply higher than the 6.5%
projected by the Reserve Bank of India at the beginning INR v/s $
87
of the year. The growth in gross value added was 7.2% in
The last couple of years have been dramatic for the global
economy, with pandemic-induced supply chain disruptions,
Risks to the global economic landscape have diminished
in the last few months. According to the IMF, risks to
2023-24, up from 6.7% a year ago. Among the broad sectors
in the economy, industry rebounded during the year. The
primary sector grew 2.1%, below the historical average,
82
77
72
-- ~--
- ......,.,.....
the war in Ukraine and West Asia, the surge in inflation, their projections on GDP growth and inflation are now 67
due to the below-normal southwest monsoon in 2023. The
and monetary policy tightening adding to the uncertainties. broadly balanced. secondary sector grew 9.7% in 2023-24, while the growth in 62
Despite these challenges, the global economy has Apr may Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
The pandemic-induced high budget deficits and the the tertiary sector moderated to 7.6% from double digits in
demonstrated remarkable resilience, maintaining a steady 2023-24 2022-23 2021-22
subsequent increase in debt-to-GDP ratios remain elevated, the previous year.
growth trajectory in 2023. Notwithstanding concerns of
stagflation and recession, the global economy appears to be raising the debt burden of many economies. Interest India’s GDP growth in the last few years seems to have been With its strong growth and sound macroeconomic
on a path towards a soft landing. Inflation, which had reached payments, as a percentage of government revenues, have fuelled by the government’s focus on capital expenditure. fundamentals, India seems to be in the right place to take
multi-decade highs in 2022, has also shown signs of easing, grown sharply post the pandemic, reducing the capacity of Gross fixed capital formation, an indicator of investments in advantage of the China Plus One strategy, which involves
although it remains above targets of pre-pandemic levels many countries to increase capital investments materially. the economy, grew 9.0% in 2023-24. The budget has been multinational companies broadening their supply chains and
in major economies. This global trend of easing inflation focusing on capital expenditure, which has more than tripled production facilities outside China.
Global trade experienced a decline of 1.2% in 2023 due to
is paving the way for potential monetary easing by global in the last five years to ₹11.11 trillion in 2024-25.
central banks, further stabilizing the economic landscape. lingering impacts of high energy costs and inflation. While India continues to be an oasis of growth and stability amid
merchandise exports suffered due to falling commodity As was the case globally, inflation in India moderated in global uncertainties. The country remained the world’s
prices, commercial services, particularly travel and digital 2023-24 due to monetary policy tightening, supply fastest-growing major economy in 2023-24. The Reserve
GLOBAL ECONOMY
services, thrived. The World Trade Organization forecasts management measures, and easing of input cost pressures. Bank of India has projected the Indian economy to grow
Global GDP growth moderated to 3.2% in 2023, from 3.5% Average CPI inflation moderated to 5.4% in 2023-24 from 7.2% in 2024-25, while the IMF has projected it at 7%. The
in 2022, according to the International Monetary Fund (IMF). a trade rebound in 2024 and 2025, though geopolitical
6.7% in the previous year. Barring July and August, when outlook for next year looks buoyant, given the government’s
The IMF projects growth to remain steady at 3.2% in 2024 tensions and economic uncertainties pose significant risks.
vegetable prices pushed up headline inflation, inflation continued focus on capital expenditure. Strong corporate
and 3.3% in 2025. This pace is slower than the historical
With inflation coming down, global central banks are remained within the Reserve Bank of India’s medium-term balance sheets, rising capacity utilization, double-digit credit
annual average of 3.8% between 2000 and 2019. Several target range of 2-6%. growth, a healthy financial sector, and ongoing disinflation
projected to cut interest rates in 2024. However, with the
factors contribute to the moderate growth forecast for this
pace of disinflation slower than expected, the timing of these are likely to aid growth in 2024-25.
year and the next, including high interest rates, the unwinding
cuts is continually being pushed back. CPI Inflation (2012 Base)
of fiscal expansion, the wars in Ukraine and West Asia, GLOBAL OIL & GAS SECTOR TRENDS
8
weak productivity growth, and increasing geo-economic
INDIAN ECONOMY 6 c::::::--.. The world witnessed new fronts open for geopolitical
fragmentation—the policy-driven reversal of cross-border
4
:::::__:::7 ~ - tensions, leading to significant turbulence in the global
economic integration. Global uncertainties notwithstanding, India continues to be
2 energy markets, including the Oil & Gas sector. Volatility
a standout performer. According to the National Statistical
Recent high-frequency data indicators suggest that global 0 remained high, and supply chain disruptions persisted
Office’s provisional estimates, the growth in the Indian Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24
growth is picking up. The Global Manufacturing PMI rose to Monthly CPI Inflation throughout 2023 and well into 2024. There were fluctuations
a 22-month high in May, suggesting a steady improvement economy accelerated to 8.2% in 2023-24 from 7.0% in RBI Tolerance Band
in the availability and prices of key energy commodities,
in 2024 after almost one and a half years of decline. Global 2022-23. This is the fastest GDP growth since 2016-17, if
such as crude oil, natural gas and coal.
headline inflation sharply declined in 2023 but remains one leaves out the pandemic-induced rebound in 2021-22. Core inflation, which excludes volatile food and fuel items,
above targets. The IMF forecasts further moderation to 5.9% The robust growth, in the backdrop of a global slowdown was 3.4% in March, suggesting abating inflationary pressures Last financial year, Brent crude prices saw significant swings.
in 2024 and 4.5% in 2025, with advanced economies leading and high interest rates, has been driven by strong domestic in the economy. Food inflation remained volatile due to Driven by geopolitical tensions and OPEC+ production cuts,
the decline. demand and capital investment. recurrent supply shocks, while fuel has been in deflation prices rose to about $ 85 per barrel in April 2023 to peak
since September due to softening global energy prices. at $ 95 in October due to increased demand and supply
disruptions, including on account of the geopolitical tensions
The RBI maintained its key interest rate at 6.5% despite
in west Asia and also the disruption in the Red Sea route.
easing inflation, aiming to anchor inflation expectations. A
They, however, fell sharply in November and December to
rate cut is anticipated in 2024-25, depending on inflation’s
hit about $ 74 in early December as non-OPEC+ supply
India & World GDP Growth % trajectory and global central bank actions.
strength coincided with slowing growth in global oil demand.
10.00 4.00 In May, S&P Global Ratings raised its outlook on India’s
8.00 3.50 rating to positive from stable, setting the stage for a possible Brent Platts Dated ($/bbl)
Percentage
6.00 3.00 ratings upgrade in India’s sovereign credit rating from the 140
$ trillion
4.00 2.50
120
current ‘BBB-’. The ratings agency said India’s credit rating 100
2.00
-
2.00 could improve over the next 24 months if the government’s 80
IIIII
60
(2.00)
1.50 high debt and interest burden declined due to prudent fiscal 40
(4.00) 1.00
and monetary policies and the economy remained resilient. 20
(6.00)
•• • •• •II I I III III IIIIIII I III 0.50 0
01-Apr-22
16-Apr-22
01-May-22
16-May-22
31-May-22
15-Jun-22
30-Jun-22
15-July-22
30-July-22
14-Aug-22
29-Aug-22
13-Sep-22
28-Sep-22
13-Oct-22
28-Oct-22
12-Nov-22
27-Nov-22
12-Dec-22
27-Dec-22
11-Jan-23
26-Jan-23
10-Feb-23
25-Feb-23
12-Mar-23
27-Mar-23
11-Apr-23
26-Apr-23
11-May-23
26-May-23
10-Jun-23
25-Jun-23
10-Jul-23
25-Jul-23
09-Aug-23
24-Aug-23
08-Sep-23
23-Sep-23
08-Oct-23
23-Oct-23
07-Nov-23
22-Nov-23
07-Dec-23
22-Dec-23
06-Jan-24
21-Jan-24
05-Feb-24
20-Feb-24
06-Mar-24
21-Mar-24
05-Apr-24
20-Apr-24
05-May-24
20-May-24
04-Jun-24
19-Jun-24
(8.00) - The Indian Rupee depreciated 1.4% against the US dollar
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
in 2023-24. The rupee’s depreciation is more a reflection of

the dollar’s appreciation due to record high interest rates in
- India GDP: GDP (current $ trillion) World India

the US than the macroeconomic fundamentals of the Indian
economy. India’s strong economic growth and the projected
foreign portfolio inflows of $ 25 billion to $ 30 billion by March
The latest OPEC+ meeting decided to extend most of its
oil output cuts well into 2025, due to weak demand growth,
high interest rates, and rising production from non-OPEC
2025, due to the inclusion of Indian government bonds on producers. OPEC+ members are currently cutting output by
the global bond indices, are likely to reduce pressure on the a total of 5.86 million barrels per day (bpd), or about 5.7%
rupee in the current financial year. of global demand. Those include 3.66 million bpd of cuts,

95
Management Discussion & Analysis Report (Contd.) in international energy organizations has ensured an India- India’s indigenous crude oil production saw marginal growth
first and people-centric approach in the energy sector. in the fiscal year 2023-24. The total domestic crude oil
In the fiscal year 2023-24, India’s petroleum sector saw production was 29.4 MMT, compared with 29.2 MMT in the
which were due to expire at the end of 2024, and 2.2 million a significant increase in the consumption of petroleum previous fiscal year, indicating a slight increase of 0.6%.
bpd of voluntary output reduction by eight members, set to products. The total consumption rose to 234.3 million Metric India’s refining sector demonstrated remarkable efficiency
Petrol Cracks ($/bbl) and capacity utilization in the fiscal year 2023-24. The total
expire at the end of June 2024. OPEC+ has now agreed to 40 Tonnes (MMT), a 5.06% increase from 223 MMT in the
extend the cuts of 3.66 million bpd by a year until the end 30 fiscal year 2022-23. This surge was driven by key products: crude oil processed by Indian refineries increased to 261.5
of 2025, and prolong the cuts of 2.2 million bpd by three 20 High Speed Diesel (HSD) increased 4% to 89.6 MMT, Motor MMT from 255.2 MMT in the previous year, marking a 2.5%
months until the end of September 2024. 10
Spirit (MS) or petrol grew 6% to 37.2 MMT, Aviation Turbine increase. This growth highlights the country’s ability to meet
0
Fuel (ATF) rose 11% to 8.2 MMT, and Naphtha consumption both, domestic and export demands for petroleum products.
Worries over slow growth in demand from China have Apr may Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar grew 13% to 13.8 MMT. The increased consumption reflects Among refined products, HSD accounted for the largest
weighed on prices alongside rising oil inventories in the 2023-24 2022-23 2021-22 heightened economic activity, greater mobility and robust
developed economies. The expected interest rate cuts by share, followed by MS and ATF. The production of diesel
industrial demand. rose 2% to 115.9 MMT, petrol by 5% to 45 MMT, and ATF
developed countries to boost their economies have not
materialized due to persisting high inflation. Oil suppliers are The global gas market experienced a tumultuous period, by an impressive 14% to 17.1 MMT, reflecting the growing
Growth in consumption of petroleum products 2023-24
worried that unless interest rates ease, the demand for oil marked by unprecedented volatility in 2022. The Russia- demand across the transportation and industrial sectors.
16.0%
will not rise. Ukraine conflict exacerbated existing supply shortages, 14.0%
13.5%
LPG production was flat at 12.8 MMT.
12.0% 11.3%
II I - I
sending prices to record highs and impacting consumers 10.6%
Throughout 2023, gasoline and gasoil cracks were volatile. 10.0%
worldwide, particularly in developing nations. Europe, heavily 8.0% 6.3% Refining Capacity & Crude Oil Processing (MMTPA)
Diesel cracks, in particular, faced pressure on multiple 6.0% 5.1%
reliant on Russian gas, swiftly responded by expanding LNG
I
4.3% 4.2%
fronts. Weak industrial activity and a mild winter in Europe 4.0%
I I
280
import infrastructure and maximizing storage. However, 2.0%
(0.7)% 251.9 255.2
261.5
led to reduced diesel consumption. This, coupled with 0.0% 260
257.2
249.9
254.4
251.2 256.82
the underlying global gas supply constraint persisted,
i
249.9 251.2
a declining share of diesel cars in Europe, resulted in a (2.0)% Diesel Petrol LPG Petcoke Naphtha ATF Others Total 247.6 249.4
210 kb/d annual contraction in 2023 in European gasoil highlighting the market’s vulnerability. 240 241.7
demand. These factors caused diesel cracks to fall sharply, Building on the momentum of the previous year, global LNG Diesel, a major component of petroleum product consumption, 220 221.8
significantly impacting refinery margins, which fell to near trade expanded modestly in 2023. While prices retreated grew 4% over the previous fiscal year, primarily due to the 200
2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
two-year lows by early 2024. Gasoline cracks remained from 2022’s peak, supply limitations continued to influence enhanced movement of goods and increased transportation
Refining Capacity Crude Oil Processing
relatively stronger throughout most of 2023, driven by robust market dynamics. A new liquefaction facility in Indonesia and needs. Petrol consumption also increased substantially, with
personal consumption. reduced demand in Europe and Asia contributed to market a 6 % growth driven by a rise in personal vehicle usage and The gross natural gas production in 2023-2024 was 36,438
rebalancing. Despite these factors, Asia, where gas remains expanding vehicle ownership. The consumption of Liquefied million Metric Standard Cubic Meters (MMSCM), a 5.7%
Global demand for gasoline is set to rise from 27 million
a preferred fuel, increased LNG imports to bolster energy Petroleum Gas (LPG) remained robust, supported by the increase from the previous year. The total natural gas
bpd in 2023-24 to 27.28 million bpd in the following year,
security and diversify its energy mix. government’s continued efforts to promote clean cooking
a modest increase of 0.3 million bpd. Gasoil, on the other consumption, including internal consumption, was 67,512
fuel through schemes like the Pradhan Mantri Ujjwala Yojana
hand, is expected to see a more subdued growth, climbing The United States emerged as a dominant player, MMSCM for the year, a 12.5% increase from the previous
(PMUY). In the fiscal year 2023-24, India’s LPG consumption
from 29.07 million bpd to 29.21 million bpd, representing an accounting for the majority of the increased LNG supply in fiscal year. LNG imports for the fiscal year 2023-24 showed
was 29.7 MMT, compared with 28.5 MMT in 2022-23.
increase of only 0.14 million bpd. 2023. Recognizing the tight supply and geopolitical risks, a significant increase of 20.8% to 31,795 MMSCM or
Gasoline cracks were volatile in 2023-24, influenced by major importers implemented strategic measures, including The country’s crude oil import dependency increased to a $ 13.3 billion.
record high of 87.8%, as domestic production couldn’t keep
factors such as strong US and Asian demand, refinery joint purchasing mechanisms and strategic LNG reserves. Ethanol blending with petrol reached 12.8% in March 2024,
pace with rising consumption. However, the crude oil import
outages and export dynamics. While cracks were robust As prices ease, demand for gas is expected to rise in the
bill reduced by 16% year-on-year due to a sharp decline with cumulative blending from November 2023 to March
in the initial part of the year, they weakened during winter coming years. However, the market may remain tight due to
in global prices and diversified crude oil sources. India, 2024 at 12.0%, showing progress in the government’s
before recovering. For 2024-25, gasoline cracks are challenges in expanding liquefaction capacity and securing
the world’s third-largest consumer of crude oil and one of ethanol blending program. The government has also
expected to remain volatile, with a downward trend in winter sufficient feed gas.
its leading importers, is also a net exporter of petroleum introduced Compressed Bio-Gas (CBG) Blending obligation
due to seasonal demand fluctuations. Factors such as US
products. In 2023-24, India exported 62.4 MMT of petroleum from FY 2025-26. This initiative aims to integrate CBG into
driving season, Asian demand, refinery operations and new INDIAN OIL & GAS SECTOR
products, compared with 61.0 MMT in 2022-23. The value the city gas network, thereby ensuring a greener and more
capacity will impact crack levels. The fiscal year 2023-24 saw significant growth and strategic of these exports was, however, down year-on-year at $ 47.7 efficient energy distribution system. Under the government’s
During H1 of FY 2023-24, gasoil cracks were strong due advancements for India’s Oil & Gas sector. Diversified crude billion in 2023-24 from $ 57.3 billion. Sustainable Alternative Towards Affordable Transportation
to robust demand, refinery issues and export restrictions. oil sources and lower global crude oil prices contributed to
(SATAT) initiative, 58 CBG plants have been commissioned,
However, the outlook for 2024-25 is less optimistic, due a reduced import bill, showcasing the sector’s resilience
to weakening economic conditions and increased refining despite increased petroleum product consumption. The Crude Imports and another 53 are in various stages of completion.
capacity. Factors such as European and Chinese demand, country’s refining capacity continued to expand, meeting 250 100
India is poised to significantly expand its role in global oil
Exch Rate & Indian Crude Basket

both domestic and international demand, while efforts to
90
arbitrage flows, and new refinery start-ups will be crucial in 200 80 markets over the remainder of the decade, driven by robust
determining gasoil crack levels. boost domestic production remained a priority. The strategic
Volume & Value
70 economic growth, demographic shifts and urbanization.

capital investments and the performance of key refiners in 150 60 The country is set to become the largest contributor to
terms of GRMs highlighted the sector’s robust infrastructure 50
Diesel Cracks ($/bbl) and operational efficiency. As India continues to navigate the 100 40
global oil demand growth from now until 2030. Factors
70
30
such as increased urbanization, industrialization, the rise of
60 global energy landscape, the focus remains on enhancing
50 a wealthier middle class with greater mobility and tourism
energy security, expanding refining capacities, and
50 20
40
30 10 aspirations, and efforts to enhance access to clean cooking
promoting sustainable energy practices.
will drive this demand increase. Consequently, by 2030,
20 - -
- -
10
2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
0
Apr may Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
India has a diversified and secure energy portfolio, with its Valume MMT Value $ bn India’s oil demand is projected to rise to 6.6 million bpd, an
2023-24 2022-23 2021-22
basket of import markets comprising 39 countries. A mix of Exchange Rate INR/$ Indian Crude Basket $/bbl increase by nearly 1.2 million bpd, representing over one-
long-term contracts, foreign assets, and a participative role third of the anticipated global increase of 3.2 million bpd.

97
Management Discussion & Analysis Report (Contd.) Growth in LPG demand is expected to decline after seven to positioned to be one of the lowest-cost producers of green
eight years, ceding ground to Piped Natural Gas (PNG), for hydrogen, setting the stage for it to become a leader in this
which massive City Gas Distribution (CGD) grid expansion sector. With the significant decrease in renewable power
is underway, and then to the electrification of cooking. The costs, particularly solar, India can leverage its vast solar and
THREATS & OPPORTUNITIES energy systems, which are heavily reliant on fossil fuels,
CGD network will continue to be an area of growth for energy renewable resources to produce hydrogen through water
Oil and gas sectors, global and domestic, are poised at a to protect consumers and the global economy from such
companies, as there is a greater shift towards urbanization electrolysis. Numerous Indian energy companies, both
price shocks.
critical juncture. In the coming years, they will face numerous and a growing preference for apartment complexes, even in public and private, have outlined ambitious plans for green
challenges as well as opportunities. These years will be Several European countries, hitherto leaders in energy smaller cities. hydrogen production.
marked by significant transitions driven by geopolitical, transition and clean energy investments, have increased
environmental, regulatory and technological changes. India’s Petrochemical sector is on a robust growth trajectory, Amendments to the National Biofuel Policy have
their use of coal for power production, following the spike in
with substantial investments and capacity additions expected accelerated the target for achieving 20% ethanol blending
The recent geopolitical conflict and subsequent energy gas prices caused by Russia’s invasion of Ukraine. India has
to cater to the burgeoning demand, both domestically and in petrol to 2025-26 and broadened the scope of eligible
been advocating for necessary investments in oil and gas
price volatility have underscored the critical importance of internationally. Indian refiners are increasingly focusing on feedstocks. The SATAT initiative promotes CBG, aiming
projects to meet global demand, while also accelerating the
energy security. Developing nations, in particular, have been petrochemical production to diversify their product slate and to establish 5,000 plants by 2024. India is now the world’s
transition to green energy.
severely impacted, with vulnerable populations bearing reduce overdependence on transport fuels. The aim is to third-largest ethanol producer, with blending levels reaching
the brunt of soaring energy costs. This has led to a surge India is on a journey to become a developed nation by 2047. transform India into a net exporter of petrochemicals, while nearly 12% by 2023. The target is to achieve 20% by 2025-
in energy poverty, forcing millions to revert to harmful The growing economy, industrialization and urbanization will maintaining a smaller carbon footprint. This growth in the 26, using sugarcane, maize and surplus rice as feedstock.
cooking methods. As a result, the energy sector is now see its energy demand soar. By some estimates, India will segment is driven by low per-capita consumption, increasing Additionally, the country aims for 5% biodiesel blending by
prioritizing energy security, affordability and sustainability as become the world’s largest source of oil demand growth, export demand and supportive government policies, such as 2030 and has set initial bio-jet fuel blending (SAF) targets of
fundamental pillars for a resilient and equitable energy future. accounting for over one-third of global oil demand growth the Production Linked Incentive Scheme (PLIS), to boost 1% by 2027 and 2% by 2028.
by 2030. India is balancing out investments in clean energy domestic manufacturing and exports.
April 2024 marked the eleventh consecutive month to break India is leading the Global Biofuels Alliance (GBA), a key
and traditional fuels, although the emphasis is heavily on
temperature records, surpassing the pre-industrial average India’s Renewable Energy sector is set for significant growth initiative under its G20 presidency. This alliance aims to
sustainable energy. The nation’s infrastructure-building
by a significant 1.58°C. This unprecedented warming trend and innovation, driven by ambitious capacity expansion enhance international cooperation, increase the use of
mission will see unprecedented investments in the energy
underscores the urgent need for global action to mitigate targets. The goal of reaching 500 GW of renewable energy sustainable biofuels, and support global biofuels trade and
sector. India will continue to expand its energy capacity
climate impacts. capacity by 2030 underscores India’s dedication to a greener national biofuel programs through technical assistance. The
to meet these demands. Projections indicate that India’s
future. The rapid increase in renewable capacity, particularly GBA, initiated by India in collaboration with the United States
The COP28 Climate Summit, held in the UAE in December primary energy demand will double by 2045, implying a
in solar energy, is anticipated to continue at a significant and Brazil, has nine founding members. US and Brazil are
2023, was the first global stocktaking of progress under the surge from the current 19 million barrels of oil equivalent per
pace, strengthening India’s position as a global leader in recognized as global leaders in biofuels, accounting for 52%
2015 Paris climate agreement. While no blanket decisions day to 38 million barrels of oil equivalent per day by 2045.
renewable energy adoption. To harness this momentum, and 30% of global ethanol production, respectively. Despite
were taken to phase out coal, oil and gas, the conference India expects to raise its refining capacity to 450 MMTPA
ongoing investment in renewable energy infrastructure, biofuels’ significant potential, the sector faces challenges
agreed to triple new investments in renewable energy and from 256 MMTPA. In line with the trend, the country will
supportive policies, and technological advancements will such as feedstock supply issues, technological limitations,
transition away from fossil fuels in energy systems. continue to look to step up its exports of petrochemicals and
be crucial. There are several challenges to address in the policy frameworks, and financing.
other finished products. India also aims to achieve Net Zero
Forecasts on future energy demand are highly divergent, coming days, including financing, grid integration, land
by 2070, and this transformation could be massive. India has Recent geopolitical events have starkly revealed the
with organizations like the IEA and OPEC presenting emerged as a significant player in the global energy sector,
availability, and importantly, storage.
vulnerabilities of the global energy system, necessitating
starkly contrasting outlooks. This uncertainty, compounded not only meeting its own needs but also shaping global The government has launched several initiatives to a delicate balance between sustainability goals and
by conflicting net-zero scenarios, undermines investor energy demand. support these ambitious goals. One of the most notable energy security. Reflecting this complex reality, upstream
confidence, jeopardizes energy security, and complicates
India’s economic development and relatively low per-capita
is the PM-Surya Ghar Muft Bijli Yojana, which aims to investments are rebounding significantly in 2024, surpassing
transition planning. Moreover, deep divisions between provide substantial subsidies for residential rooftop solar
fuel consumption will fuel growth in the manufacturing, both recent lows and historical averages. While the long-
developed and developing nations over the pace, pathways, installations. This scheme targets 10 million households and
commerce, transport and agriculture sectors and this is term trajectory points towards a reduced reliance on oil
and financing of the energy transition create additional aims to add 30 GW of solar capacity.
expected to drive significant increases in diesel usage. and gas, these fossil fuels will remain indispensable for the
challenges. The result is a complex and unpredictable energy
Even as the presence of Electric Vehicles grows in India, Last year, India launched the Green Hydrogen Mission, foreseeable future.
landscape, fraught with risks for policymakers, businesses,
and consumers alike. transportation-fuel demand is expected to continue. Diesel aiming to position the country as a global leader in green
will lead the demand for the product mix, according to most hydrogen production and export. The target is to produce RISKS, CONCERNS & OUTLOOK
Addressing the world’s increasing energy demands, while estimates. It could account for almost 50% of all incremental 5 MMT of green hydrogen annually by 2030. The ambitious Energy markets have been characterized by nations’
cutting greenhouse gas emissions, will necessitate a diverse oil demand for the next six years. Due to high economic target is backed by a comprehensive policy framework strategic manoeuvring to secure energy resources amid
array of energy sources and technologies, each advancing growth, demand for ATF will rise by about 6% each year, that includes financial incentives, regulatory support, and global uncertainties. The Russia-Ukraine war and the
at different rates based on domestic conditions, priorities, and the widening base of the middle class will boost infrastructure development. Key components of the mission conflict in West Asia have heightened the concerns over
and financial and technological capabilities. Maintaining tourism, luxury, and pilgrim travel. Jet fuel will be gradually encompass the development of hydrogen production energy security, prompting countries to diversify energy
a global demand-supply balance will be crucial, requiring substituted by Sustainable Aviation Fuel (SAF) due to the plants, electrolyzers, and fuel cell technologies, alongside sources. This geopolitical tension has accelerated the
adequate investment in both fossil & clean energy sectors, Carbon Offsetting and Reduction Scheme for International the establishment of a robust supply chain and storage global shift towards renewables, with nations striving
to prevent significant price shocks. Aviation (CORSIA) mandates. infrastructure. By leading the green hydrogen revolution, for energy independence and stability in an increasingly
India aims to spearhead sustainable energy solutions and volatile landscape.
In recent years, concerns have emerged that the focus on India is focussing heavily on Natural Gas, whose share in
global climate action. This mission gives Indian energy
green energy might lead to severe underinvestment in the oil the energy mix is expected to more than double to 15% from Geopolitical tensions remain a critical threat. Conflicts have
companies opportunities to participate in and benefit from
and gas industry, potentially causing more frequent energy about 6% presently. India’s natural gas demand rose to 64 disrupted energy supply chains and caused volatility in oil
the growing green hydrogen market.
price shocks. At the B20 meeting, part of the G20 meetings billion cubic meters in 2023. The demand for natural gas is and gas prices. This instability threatens energy security
under India’s chairmanship, it was strongly emphasized that expected to rise by 6% in 2024, led by demand from the India’s renewable potential is among the highest globally, for many countries, prompting them to seek alternative
urgent efforts must be made to maintain robust existing fertilizer and power sectors. with abundant renewable energy capacity, India’s is sources and accelerate the transition to renewables, which

99
Management Discussion & Analysis Report (Contd.) PERFORMANCE up of a modern petrochemical complex at BR, to tap into
the synergies of integrating refinery and petrochemical
REFINERIES operations and to increase the petrochemical intensity
BPCL is pleased to report a year of significant achievements index of BR to 20%. Additionally, the capacity of BR would
might not yet be fully capable of meeting demand. The and affordable energy supply. Furthermore, the increasing
in Refining in FY 2023-24. The Refineries processed the be enhanced to 11 MMTPA from the current capacity
transition poses its own set of challenges. While the shift digitization of the energy sector makes it more vulnerable
highest ever crude throughput of 39.93 million Metric Tonnes of 7.8 MMPTA, and it would produce around 2.2 MMTPA
to greener energy sources is necessary to combat climate to cyberattacks on critical infrastructure. Such attacks could
Per Annum (MMTPA), surpassing the previous year’s record petrochemical products.
change, it requires substantial investments in infrastructure, disrupt energy supplies, inflict significant economic damage,
of 38.53 MMTPA. This success comes amidst a backdrop of
technology, grid modernization and access to critical and pose safety risks. Addressing these challenges The major units proposed to be set up in the petrochemical
challenges for the Oil & Gas industry, marked by dwindling
minerals. The intermittency of renewable sources like solar requires coordinated global efforts, innovative technological complex are the Ethylene Cracker and Associated Units
product cracks, volatile prices and dynamic geo-political
and wind further complicates this transition, necessitating advancements, and robust policies to ensure a secure, (ECU Block) of 1,200 Kilo Tonnes per Annum (KTPA)
interventions. Throughput exceeded the design capacity
advanced energy storage solutions and smarter grids, which sustainable, and resilient energy future. capacity, Linear Low Density Polyethylene (LLDPE)/ High
and registered an impressive average capacity utilization of
are still developing. Density Polyethylene (HDPE) units with a total of 1,150 KTPA
India has strategically diversified its crude oil supply 112% vis-à-vis 109% in the previous year.
Polypropylene Unit (PP) of capacity 550 KTPA and Butene-1
Oil & Gas companies operate in a tough combination of sticky sources to mitigate the risks of supply disruptions caused Both Kochi and Mumbai Refineries registered their highest Unit (BU) of capacity 50 KTPA. The major units proposed to
inflation, geopolitical tensions, and economic slowdowns. by geopolitical tensions and to safeguard against price ever throughput in this financial year. The crude processing be set up in the refinery expansion are the Crude Distillation
Rising inflation can increase the cost of energy production, volatility associated with overreliance on a single oil source. of Bina Refinery was impacted when cyclonic storm ‘Biparjoy’ Unit of 4,000 KTPA capacity, Bitumen Unit of 300 KTPA
transportation, and infrastructure development, potentially Additionally, currency fluctuations and global oil demand
leading to higher energy prices. Geopolitical tensions,
stopped operation of the Crude Oil Terminal (COT) and capacity and revamp of the existing Hydrocracker Unit from
variations could impact the cost and stability of these imports. Vadinar Bina Pipeline (VBPL) due to power interruption. Agile
such as conflicts or trade disputes, can disrupt supply 2.6 MMTPA to 3.55 MMTPA. The project scope also includes
and dynamic refinery team along with pipeline team restored capacity augmentation of the Crude Oil Terminal at Vadinar
chains and create volatility in energy markets. Economic With the upgrade of India’s credit rating outlook, the country
the power in record tine without significant upset in refinery and the Vadinar Bina Pipeline. The project is scheduled for
slowdowns, particularly in major economies like the USA, is on track for a rating upgrade in the coming months; this
operation. This performance, along with industry leading completion in 2028.
China, and the EU, can result in decreased investment in should boost India and our Company’s ability to raise funds
in a stable and cost-effective manner. The exchange rate percentage distillate yields, strengthened the Company’s
new projects leading to supply challenges. Furthermore,
position as a reliable and capable supplier of transportation The Lube Oil unit at Mumbai Refinery has been revamped to
regulatory inconsistencies and cybersecurity threats add to has exhibited relatively low volatility despite the two-way enhance its production of industrial solvents. The De-Aromatic
capital flows and uncertain interest rate outlook globally. fuel in a demanding and competitive industry. It is pertinent
the complexity of the energy landscape. Solvent (DAS) Project, which is expected to be commissioned
to note that whilst we made significant achievements this
OPEC+ has influenced global oil prices through production Operating safely and responsibly is crucial in the inherently year, staying true to our motto ’Safety First Safety Must’, by FY 2025-26 intends to meet the increasing demand of
adjustments in recent years. However, the future impact of hazardous oil and gas industry. BPCL prioritizes the safety all three refineries clocked nil LTA (Lost Time Accident) for DAS products, by setting up an independent train of the
these measures is uncertain, as it hinges on factors such of assets and people, along with environmental protection; employees and contract workers in FY 2023-24 despite two DAS Unit with 200 KTPA (Kilo Tonnes per Annum) capacity.
as the global economic recovery, evolving demand patterns, hence, it rigorously enforces established safety systems major turnarounds of Bina and Mumbai Refineries. The Unit will produce DAS products (D40, D60, D80, D110,
and the accelerating energy transition. While an economic and processes while enhancing disaster management D130) and White Oil products [MAK Base Lite (MBL),
BPCL refineries also recorded the highest Gross Refinery Heavy Liquid Paraffin Oil (HLPO) & Light Liquid Paraffin Oil
rebound could boost oil demand, leading to potential price capabilities. Regular workforce training and education
Margin (GRM) amongst PSU OMCs in the FY 2023-24.
increases if supply remains constrained, OPEC+’s ability to ensure adherence to standard procedures, minimizing (LLPO)] on a continuous basis, along with lube oil production
The key to such performance has been the right selection capacity of 450 TMTPA. These products are special grade
maintain coordinated production strategies will be crucial human error. The Company fosters a safety culture through
of crude oil. New crudes were added to crude baskets of
in shaping market dynamics. Ultimately, the effectiveness periodic simulated stress tests and by maintaining assets industrial solvents used in applications like paints, metal
refineries thus ushering in more flexibility. Each refineries rolling, mosquito repellents etc. BPCL is looking forward
of OPEC+’s actions will be determined by external forces, to prevent breakdowns and accidents, thereby ensuring
added at least 3 new crudes to their respective basket in to enhancing the name plate capacity of Mumbai Refinery
including geopolitical tensions, technological advancements, operational efficiency. Significant resources are allocated to
this financial year. The dedicated crude selection and from 12 MMTPA to 16 MMTPA and Kochi Refinery from
and the broader trajectory of global energy policies. these efforts. With advancements in technology and digital
procurement wing of BPCL along with Subject Matter 15.5 MMTPA to 18 MMTPA in the next five years through
The biggest energy market risks stem from supply disruptions, infrastructure, the Company also focuses on mitigating Experts (SME) of Refinery crude planning and processing
cyberattack risks to prevent financial loss, supply chain revamps. The initial project studies for this augmentation are
price volatility, and the energy transition. Geopolitical enabled us to choose the right recipe of challenging but currently in progress.
conflicts or natural disasters can disrupt supply, causing disruptions, and reputational damage. Controlled hackathons discounted crudes in the crude basket. This crucial activity
sudden price spikes that strain economies and fuel inflation. are employed as a preventive measure. facilitated much needed reduction in feed costs. After the successful integration of Niche petrochemicals of
The transition to renewable energy, while necessary for While geopolitical tensions and supply chain disruptions 329 KTPA through the Propylene Derivatives Petrochemical
Processing these crude recipes consistently throughout the
long-term sustainability, also presents challenges. It requires are potential hurdles, BPCL is proactively adapting to the Project (PDPP) at Kochi Refinery, refinery commenced
year was equally challenging. Subject matter experts from
massive investments and can lead to short-term economic evolving energy landscape by diversifying its business project work for integration of bulk petrochemicals at Kochi
refineries made dynamic changes in operating parameters to
disruptions, particularly in regions heavily reliant on fossil and embracing sustainability. The Company’s ambitious through the Polypropylene (PP) unit. Kochi Refinery has the
process these special crude varieties supported ably by risk-
fuel industries. Underinvestment in renewable energy could strategy, ‘Project Aspire,’ which has a planned capital outlay
capability to produce additional Propylene feedstock after
based inspection practices at critical areas. Digitalization ,
exacerbate price spikes as investments in fossil fuels decline. catering to the requirement in the PDPP Unit. With minor
of ₹1.7 lakh crore over five years, will fuel the next wave of innovation and reliability initiatives were given due focus for
To navigate these risks effectively, governments, industries, modification of the existing Petro Fluid Catalytic Cracker
growth. While nurturing the Core businesses of Refining, sustenance of performance excellence. This Data-driven
and international organizations need to collaborate on (PFCC) Unit, Propylene feedstock can be further enhanced.
Marketing and Upstream, we are investing in ‘Future Big decision-making, leveraging digital solutions and a culture of
ensuring stable energy supplies, manageable transitions, This gives an attractive opportunity for setting up a PP unit
Bets’ which are anchored on five key areas: Gas, Non-fuel risk preparedness enabled the refineries to deliver the stellar
and resilient economies. at Kochi Refinery for producing Homo grade Polypropylene,
Retailing, Petrochemicals, Green Energy Businesses, and performance in this financial year.
thereby enhancing the petrochemical portfolio of BPCL.
Regulatory and policy uncertainties pose additional global Digital Ventures. Committed to environmental responsibility,
Bina Petchem and Refinery Expansion Project (BPREP) has The capacity of the proposed PP unit has been considered
risks. Inconsistent policies and changing regulations BPCL is targeting Net Zero emissions for both Scope 1 &
been conceived to expand our refining and petrochemical as 400 KTPA, based on the production and utilization of
create an unstable environment for energy investments. Scope 2 by 2040. This would require a phased capital outlay
production capabilities. The project envisages setting Propylene and market demand.
Countries must establish clear, long-term strategies that of approximately ₹1 lakh crore till 2040 and the Company is
support the energy transition, while guaranteeing a reliable geared for the same.

101
Management Discussion & Analysis Report (Contd.) an increased demand in transportation fuels and industrial 120 ROs across the country covering over 25 cities. Under
applications. This growth has been supported by the the #SilentVoices initiative, 150 Speech & Hearing Impaired
Government’s infrastructural investments and the revival of (SHI) individuals are employed by dealers at ROs. This is
the manufacturing sector. The retail fuel industry grew by just a beginning - the Company aims to proliferate it to a
Digitization continued to play a pivotal role across all the In FY 2023-24, the refineries implemented energy reduction
1.6% on a higher base during FY 2023-24, while the PSU greater number of ROs in the upcoming years.
refinery operations. Ranging from selection and processing initiatives, saving 1,04,875 Metric Tonnes of Oil Equivalent
Oil Marketing Companies (OMCs) registered a de-growth
of crude to dispatch of products, digital tools were leveraged (MTOE) per annum with potential CO2 emission reduction BPCL has expanded its retail outlet network to 21,840
of 2.0%. The degrowth was on account of shifting back of
for deriving optimal solutions. We successfully utilized of 3.4 lakh tonne/per annum. Initiatives such as the ROs with the addition of 809 New Retail Outlets (NROs)
volumes that had come to the PSU OMCs in FY 2022-23,
next-generation technologies like Machine Learning (ML), micro-turbine installation in the SRU let-down steam, heater during FY 2023-24. The Company further strengthened its
due to pricing conditions and restricted operations of the
revamp with efficiency improvement, electrical heat tracing, presence in the highly strategic markets and highways, by
Artificial Intelligence (AI), Robotic Process Automation Private Oil Companies (POCs) during the year. In 2023-
improving condensate recovery, flash steam recovery, heat commissioning an all-time highest record of 18 Company
(RPA) and Advanced Process Control (APC) models. These 24, the above volumes shifted back to industrial customers
improvement with additional exchanger, APC of the de- Owned Company Operated (COCO) Outlets, including a
technologies, alongside new applications and infrastructure and the POCs. BPCL’s retail business segment achieved
aerator, steam saving initiatives like sour water reduction GHAR outlet during the year, taking the tally to 348 COCO
upgrades, were carried out for optimizing refinery growth of 1.1%, clocking volumes of 32.69 million Metric
by rerouting to other process units, stripper reboiler steam outlets. Our signature brand of GHAR - One Stop Trucker
operations, including predictive maintenance-cum-failure Tonnes (MMT) during FY 2023-24. Against this, PSU OMCs
reduction by process integration, etc. were instrumental in Shops (OSTSs) - are strategically located on major highways
detection, process optimization, cost reduction, enhancing registered a negative growth of 2.0% during FY 2023-24.
achieving energy reduction targets. Further details of energy to provide transporters and drivers ‘a home away from
energy efficiency, increasing productivity and improving reduction initiatives are listed in Annexure A. Motor Spirit (MS) i.e. Petrol recorded 5.4% growth, registering home’ experience. BPCL is also participating in National
safety, in all three refineries. Added thrust was given to sales of 10.09 MMT during FY 2023-24, as compared to Highway Authority of India’s (NHAI) Way Side Amenities
Every refinery ensured rigorous environmental compliance 9.58 MMT during FY 2022-23. In the MS retail business,
development of digital solutions for frequently encountered (WSA) plan. WSA will have resting facilities such as parking,
while enhancing their environmental performance. BPCL the Company consistently performed well and registered
situations in refineries. An in-house tool, Government e refineries are dedicated to continuous improvement, working
dormitory, dhaba, etc. for drivers, along with fuel services
a growth in market share every year since FY 2018-19. at the retail outlet, to reduce fatigue of long-distance travel
Marketplace (GeM) Portal RPA Bot was used successfully towards a future where our industry shall thrive alongside a BPCL’s MS retail market share grew the highest among the along the National Highways and National Expressways.
for procurements, the Central Procurement Office (CPO) healthy planet. We are constantly seeking ways to reduce PSU OMCs, by 1.03% in the last five years. The Company’s The Company has successfully won bids for 18 WSAs and
streamlining critical processes, thereby enabling quick our water consumption and treat wastewater to the highest market share in the MS retail business increased by 0.22% three WSAs have been commissioned during FY 2023-24,
extraction of data, automation of manual tasks and standards before returning it to the environment. In the during FY 2023-24 and reached 29.68% among OMCs. two on the Delhi-Mumbai Expressway stretch in Gujarat and
enhancement of productivity. Similarly, an in-house tool last financial year, BPCL has taken measures to enhance
Diesel sales registered a negative growth of 1.6%, with a one in Asam on NH-27 (part of the North-South-East-West
developed for Turnaround Progress Monitoring was rainwater harvesting and cumulatively harvested 6 lakh
sale of 21.58 MMT, as compared to 21.93 MMT sold during corridor).
deployed for monitoring short shutdowns across refineries. Kilo Liters (KLs) of rainwater. Mumbai Refinery reduced 22
lakh KL of fresh water consumption by processing water the last year. The OMCs registered a degrowth of 5.5% in To capitalize on growth opportunities in newer geographical
The Corrosion Control Teams (CCT) Application was also
from sewage treatment plant. We understand the vital role Diesel sales. BPCL’s market share in the High Speed Diesel areas and along upcoming expressway stretches, BPCL
developed in-house and extended to all three refineries (HSD) retail business increased by 1.19% during the year
that healthy forests play in capturing carbon dioxide and plans to commission 4,000 NROs in the next five years.
for live monitoring of corrosion probability in process lines. and reached 29.83% among the OMCs. The Company is
mitigating the effects of climate change and are committed Along with conventional fuels, the Company has ensured
The increased efficiency, enhanced safety and improved
to supporting tree planting initiatives. In the last financial aggressively capturing market share in the alternate fuel the availability of alternate fuels like CNG at its ROs across
environmental performance achieved through digitalization, year, more than 7,500 plants have been planted by the segment at retail outlets (ROs). During FY 2023-24, BPCL geographies, with mechanical completion of 435 CNG
will ensure our long-term sustainability and growth. We are Refineries. In addition, an MoU has been signed with the MP increased its market share of Compressed Natural Gas (CNG) stations and commissioning of 278 CNG stations during
confident that our commitment to digitalization will continue Forest Department for 1 lakh plantation in 90 Hectares (ha) within the OMCs by 1.54%, clocking volumes of 980 the year. With this, the CNG stations are now operational at
to deliver significant value for our stakeholders for years of forest land. Thousand Metric Tons (TMT), attaining market share of 2,031 ROs across the country.
to come. 30.57%.
BPCL Refineries acknowledge the significance of In an era where customer interactions have transcended
BPCL is slated to be a Net Zero Company for Scope 1 and transitioning towards a clean energy future. We are actively BPCL commissioned the Bokaro Depot in Jharkhand to traditional boundaries, the Company stands at the forefront
Scope 2 emissions by 2040. Enhancing energy efficiency is exploring ways to integrate renewable energy sources into strengthen supply to the eastern regions of the country of redefining fuel retailing. BPCL’s innovative customer
one of the major levers for achieving the net-zero targets. our operations and are investing in research and development in a safe and secure manner. In the southern region, full- engagement services not only enhance consumer
of cleaner fuels. We are also exploring Compressed Bio- fledged operations at Krishnapatnam Coastal Installation experiences, but also cement its position as a leader in the
The Company made major strides in energy conservation
and emission reduction during the year, adopting a multi- Gas (CBG) as another alternative fuel using municipal solid (Andhra Pradesh) and Kalaburagi Depot (Karnataka) were energy sector. ‘UFill’, the first of its kind in the industry, was a
waste with support from local administration. The Biogas commenced. In line with the Government’s Ethanol Blending unique customer service initiative which delivers on BPCL’s
pronged approach for prioritizing energy efficiency across
generated is planned to be utilized for production of Green Program (EBP) aimed at achieving multiple outcomes, such promise of ensuring that our customers have complete
its refineries. This included process optimization, advanced
Hydrogen. Our efforts in setting up of solar power plants as addressing environmental concerns, reducing import control over time, technology and transparency as part of
control systems, energy recovery initiatives, equipment
and a bio-methanation plant are fully described in the dependency and providing a boost to the agriculture sector, their fueling experience. After successfully proliferating UFill
upgrades and integration of renewable energy sources. Directors’ Report. BPCL augmented Ethanol tankage capacity from 112 to more than 11,000 ROs, with a customer base of 2.5 crore
These strategies not only led to significant energy savings, Thousand Kilo Litres (TKL) to 135 TKL during the year. The and facilitating 35 million transactions during FY 2023-24,
but also minimized environmental impact and contributed RETAIL Company has achieved the highest ever Ethanol blending BPCL has further taken steps to improve convenience and
to sustainable development. Importantly, BPCL achieved The fiscal year 2023-24 has been a period of strategic of 11.70% during FY 2023-24, as against 10.60% achieved transactional transparency by introducing an enhanced
these goals while maintaining cost-effective operations. transformation and robust growth for the Indian economy, during FY 2022-23. BPCL also achieved Biodiesel blending version of Ufill during the year. The customer is now able
Focus was given to electrification and building flexibility with a continued resurgence across various sectors and of 0.36% during the year. E20 (Ethanol Blended Petrol with to preset the dispensing unit at the RO through the mobile,
for shifting towards cleaner fuels in line with the Net Zero further stabilization after the pandemic-induced disruptions. 20% Ethanol) is made available to customers at more than taking complete charge of the fueling, enhancing trust in
goals. Studies were conducted for switching from liquid During the year, India’s economic narrative of robust recovery 4,000 ROs during the year. the Company.
fuel to gaseous fuel in furnaces and boilers. Renowned and growth was sustained by strong domestic demand, The Company took positive steps towards creating With the objective of ensuring enhanced customer
consultants were identified for energy conservation and strategic policy interventions and a resilient industrial sector. environments that welcome and embrace individuals from experience, BPCL is investing in channel partners and
emission reduction opportunities across the refineries. Low India’s GDP growth rate in 2023-24 reflected a strong all walks of life, ensuring that everyone has equal access strengthening their capabilities. Accordingly, the Company
hanging fruits from these studies are being implemented and economic rebound. to opportunities and resources. In a breakthrough initiative, launched ‘Project Utkarsh’ during FY 2023-24, a capability
engineering studies for mid-term and long-term initiatives Strong economic growth during the year resulted in BPCL launched #SilentVoices on August 15, 2023 to building initiative for dealers. Customized content, covering
are being planned. increased consumption of petroleum products, reflecting promote inclusivity and implemented the same at more than various aspects, has been developed for the structured

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Management Discussion & Analysis Report (Contd.) charging stations. As Tata Motors has rich experience and Pollution Control Board (CPCB) and National Green Tribunal
data on EV vehicles, this tie-up is going to prove vital to the (NGT), and accordingly, implemented the Vapour Recovery
Company’s ambitious plans in the EV segment. BPCL also System (VRS) at 1,858 ROs and 13 Retail Operating
signed an agreement with Trinity Cleantech for setting up Locations to reduce emissions.
training programs, which will empower dealers to adapt to Merchandise Value (GMV) of ₹ 4,013 crore during the year,
three-wheeler fast chargers in UP, which will further improve
the changing market demands, leverage opportunities and a testimony to our customer-centric focus. BPCL-SBI Card, Overall, BPCL’s Retail business maintained its leading
our stakes in this segment.
achieve their full potential. This program is being delivered India’s fastest growing co-branded credit card, has reached position in the industry, exemplifying trust, convenience and
through tie-ups with premier management institutes across a 33 lakh customer base and cardholders have redeemed The Company consistently leads the way in integrating personalization. Our efficient operations and digital solutions
the country. A significant number of dealers were covered 18.73 million litres of free fuel at our fuel stations during cutting-edge technology into fuel retailing, setting industry enhance customer convenience and generate significant
during the year and the initiative will be continued in the year. standards and enhancing customer experience at every value for all stakeholders.
FY 2024-25 as well. The Company has also taken steps to touchpoint. Our technological initiatives are geared towards
BPCL is a pioneer in its loyalty program among the OMCs, with
build the capability of its frontline soldiers - DSMs (Driveway making fuel purchases, not only more efficient, but also more Biofuels
the brand, ‘SmartFleet’, which is serving 1.5 lakhs satisfied
Salesmen) - under ‘Project Sangam’. The objective is to engaging. BPCL’s 19,950 ROs are fully automated, where In line with the Government’s Ethanol Blended Petrol (EBP)
transporters. Further, an Advanced Loyalty Program (ALP),
equip the DSMs with behavioral and functional inputs, so that every fuel transaction happening at the forecourt, along with program, BPCL achieved the highest-ever Ethanol blending
coupled with Application Program Interface (API) integration
they provide enhanced customer service at the forecourt. inventory, is captured in its server. An Integrated Payment percentage of 11.7% (consuming 166.4 crore litres of Ethanol)
with the IT systems of Fleet customers as a value-added
The capability building efforts are through a hybrid approach System (IPS) ensures that the customer pays for the exact
service, has reached more than 100 high-end customers, this year, up from 10.6% in the previous year and aims at
of providing classroom training and use of the mobile app. amount of fueling and all payment solutions are available in a
ensuring their loyalty stays with us forever. Demonstrating exceeding 14% in 2024-25. BPCL has also positioned E20
During FY 2023-24, pilot workshops were done and the full- single Point of Sale (POS) machine at the forecourt.
our commitment to the welfare of those who help keep our (MS with 20% Ethanol blending) at its ROs and has so far
scale roll-out is planned during FY 2024-25. Pre-authorization functionality has been developed and reached 4,279 ROs.
operations moving forward, the Company helped 61 families
In yet another innovative customer centric initiative, the of drivers/helpers with insurance disbursement of ₹2.93 rolled out at all retail outlets, ensuring trust, transparency
The Company has been blending 1G Ethanol produced from
Company has launched ‘BeCafe’ – Brewing Journeys pace-at crore during FY 2023-24. BPCL is committed to helping the and convenience. Pre-authorization is available in loyalty
molasses, sugarcane, damaged foodgrains and surplus
its ROs. At BeCafe, BPCL endeavors to provide state-of- drivers/helpers and their families. payment solutions and UFill enables the customer to preset
rice in petrol across all its locations pan-India. It has also
the-art cafe experience with world class products, ensuring Embracing innovation in its product offerings, BPCL launched
the fuel dispenser for any intended fuel value by making
augmented Ethanol storage capacity at its supply locations,
value for money price ranges. BPCL commissioned 6 digital payment through any UPI app. BPCL’s automation
the new avatar of ‘Speed’ - a premium petrol engineered for from 112 TKL to 135 TKL in the last financial year. BPCL has
BeCafes during FY 2023-24, beginning a new chapter in the system, integrated with IRIS (an AI-driven Digital Nerve
superior performance. This reinvigorated version of Speed ensured Ethanol availability across the length and breadth of
history of the Company. Center) is interconnected through intelligent systems, helps
represents our commitment to providing advanced fuel the country by carrying out movement of EBMS as well as
in analyzing and monitoring the health status of equipment
Keeping in mind the convenience of customers with solutions that enhance the driving experience and engine Ethanol by rail to deficit locations.
and connectivity status at the RO, ensuring all defined
stationary equipment like generators, heavy machinery, life. In a first amongst the OMCs, the new avatar of Speed
standard operating practices are followed. The Automation BPCL is the Industry Coordinator for Ethanol procurement
mobile towers, construction equipment, etc., 49 ‘FuelKarts’ works on Port Fuel Injection (PFI) engines as well as the
System provides an edge for the Company to manage and is spearheading the EBP Program by procuring 1G
were commissioned under BPCL’s Door-to-Door Delivery latest technology Gasoline Direct Injection (GDI) engines. It
various retailing initiatives. Ethanol from multiple sources. The Company’s integrated
of Diesel (DDD) initiative. This unique service model also has friction modifiers, which further help in increasing
1G/2G Bio-ethanol refinery at Bargarh, Odisha, of a combined
meets customer requirement efficiently through pilfer-proof engine life as well as fuel economy. The Company has In a first-of-its-kind initiative in the industry, BPCL has
production capacity of 200 KL per day, is under construction
technology. With this, the total number of these mobile fuel also partnered with Olympic and World Javelin Champion, implemented management of Vehicle Tracking System
and expected to be commissioned in FY 2024-25.
bowsers has increased to 768. Additionally, 48 ’FuelEnts’ Mr. Neeraj Chopra as its vibrant Brand Ambassador (VTS) violations by real-time tracking of 100% tank lorries
The Company’s focus on Biodiesel has gained momentum
(Fuel Entrepreneur start-ups) were commissioned during for Speed. through IRIS. Retail Auto Invoicing System (RAIS 2.0), which
with procurement of 102.6 TKL (8.21 TKL in the last
the year, taking the total number of mobile dispensers run has completely automated end-to-end process of product
As India strides towards a sustainable future, the Company financial year) of Biodiesel in the year 2023-24 and sales
by FuelEnts to 313. BPCL’s ’MAK Quik’ initiative for two- supplies through tank lorries and customer indent execution,
is proud to lead the change in the Electric Vehicle (EV) of 1,390 TKL Biodiesel-blended Diesel (116 TKL sold in
wheeler customers, which provides quick oil change service went live at Sewree Installation. The Company plans to roll
revolution. With the second largest network of EV fast the previous year), thereby achieving a blending of 0.36%
at ROs through an oil change machine, has been extended out RAIS 2.0 at all locations during FY 2024-25.
charging stations across national highways, BPCL is not just (0.03% last year).
to 7,500 ROs during FY 2023-24. For the convenience of facilitating a smoother transition to green mobility, but also In its commitment to enhance safety at Retail Operating
new age truckers (BS-VI vehicles) especially on highways, BPCL has also taken initiatives in the field of production of
setting new benchmarks in infrastructure and accessibility. Locations, BPCL has implemented several initiatives aimed
the Company has introduced Diesel Exhaust Fluid (DEF) Highway Fast Charging Corridors is an innovative concept at fostering a robust safety culture. These initiatives include Compressed Bio-Gas (CBG) from biomass waste/biomass
dispensers at 487 ROs during the year, taking the DEF the Company introduced during FY 2022-23, where EV fast adopting the best practices for safety, increasing awareness sources like agricultural residues, sugarcane press mud,
dispenser network to 745. chargers were installed on strategic highways with distances and providing comprehensive safety training. Key among Municipal solid waste, etc. and issued 382 Letters of Intent
of 100 kms from each other, to address the range anxiety these efforts are simulated fire drills conducted at all our (LOIs) for a total estimated production capacity of about 7
The Company enhances every customer visit with a lakh Tonnes Per Annum (TPA) of CBG. During the year, six
of EV users. Taking forward the concept to proliferate on depots and installations, ensuring preparedness and
spectrum of value-added services at its retail outlets, CBG plants were commissioned by BPCL LOI holders. The
more highways, BPCL has expanded its EV fast charging responsiveness to any emergency.
which underscore BPCL’s commitment to convenience Company added nine more ROs for CBG retailing, increasing
network to 894 stations, majorly on 120 highway corridors.
and a superior customer experience. These services are BPCL is dedicated to fulfilling its commitments towards the number of outlets to 50 with cumulative sales of 6.5 TMT.
During FY 2023-24, the Company also added 40 EV fast
designed to cater to the dynamic needs of our diverse a green environment. All our Retail Operating Locations
charging stations for two-wheelers, in alliance with major BPCL has initiated setting up its own CBG plants and has
customer segments from rural, urban and highway, are Zero Waste to Landfill (ZWL) certified. As a conscious
OEMs like Ola, Ather and Hero, taking the network to 106.
differentiating the Company from competitors. BPCL has corporate citizen, BPCL implemented a ban on single-use obtained in-principle sanction from the Government of
BPCL commissioned 2,443 EV charging stations during Kerala for setting up a 150 TPD CBG plant at Kochi based
continued collaboration with M/s. Fino Payment Services to plastic at all its locations. To reduce power consumption,
FY 2023-24, taking the total to 3,135, along with battery on segregated Municipal Solid Waste.
provide comprehensive banking services to our esteemed all conventional lights at our locations have been replaced
swapping stations. Plans are afoot to expand its EV network
customers, which include Aadhaar Enabled Payment with energy-efficient Light Emitting Diode (LED) lights.
to 7,000 stations in the near future. INDUSTRIAL AND COMMERCIAL (I&C)
System (AePS), Micro ATMs, Domestic Money Transfer, Considering the safety of people and the planet, BPCL
Cash Management System (CMS) and Government to BPCL had signed an MOU with Tata Motors to share insights has eliminated the use of asbestos from all its locations. The Industrial & Commercial Strategic Business Unit (I&C
Citizen (G2C) services. The Company has achieved Gross which will help us in deciding on locations to set up EV The Company strictly follows the directives of the Central SBU) serves as the marketing division of the Company

105
Management Discussion & Analysis Report (Contd.) meet the gas demands of domestic, retail, commercial and The mass awareness for gas proliferation to target
industrial customers. consumers was conducted through an aggressive campaign,
‘Aage Badho PNG Chuno’, during FY 2023-24. BPCL bagged
With the capacity to infuse capex and faster strategic decision-
two awards from PNGRB for this campaign, under the category
dedicated to the Business to Business (B2B) segment. Bunkering remained a strong focus area and with efficient making, BPCL always endeavors to nurture long lasting
of number of registrations and households contacted.
The SBU continued to steadfastly uphold its commitment product placement and smart business deals, VLSFO (Very relationships in the entire life cycle of customers, vendors,
Under the campaign, there were 2,53,341 PNG domestic
to enhancing customer satisfaction through innovative Low Sulphur Fuel Oil) sale of 272 TMT was registered during contractors and all stakeholders in the gas value chain.
connection registrations, 5,02,446 households contacted
solutions, value-driven business relationships and a focused the year at the 3 port locations of Kochi, Mumbai and Kandla.
During the year, the business ensured optimum sourcing and 49,598 cases of ‘last mile connectivity’ completed during
customer orientation. This approach helped it to excel during
I&C has persistently advanced its efforts in promoting through a combination of long-term contracts, spot FY 2023-24.
yet another year marked by complex business dynamics and
the innovative ’Smokeless SKO’ for the Indian Army, purchases, domestic gas purchase through bidding in
significant opportunities. The Company’s commitment to transforming its energy mix
commencing supplies from Bina Refinery. This initiative e-auctions and RLNG tenders and trading on the Indian and positioning itself as a future ready energy company,
The market intelligence and strategy implementation has significantly extended our reach to the far north and Gas Exchange (IGX). The sourcing portfolio is strategically capable of meeting evolving demands for cleaner and
continuously evolved, driven by a profound understanding northeast regions. Throughout the year, I&C has successfully managed to mitigate the risk in a highly volatile gas price more sustainable and innovative energy solutions, has
of customer preferences and a thorough analysis of the commissioned state-of-the-art scattered tankage facilities market. The strategic mix of sourcing portfolio helped ensured uninterrupted supplies of gas to all its customers,
competitive landscape. Particularly in the Petrochemical for the Indian Army at Mudh and in the Kashmir Valley. the Company to optimize purchase cost for maximizing despite a highly volatile market and penetration to newer
segment, the global market’s influence on domestic Additionally, two advanced fuel bowsers were delivered to profitability. During the year 2023-24, BPCL has sourced an geographical areas.
conditions heightened the importance of acquiring real- the Indian Army, ensuring uninterrupted operations at these equivalent of 22 cargoes under long-term contracts, 6 TMT
time data on global production and demand. The I&C team strategic locations. through the e-bidding platform, 6 TMT from RLNG tenders LUBRICANTS
remained responsive to these global shifts, effectively and 84 TMT from IGX.
In co-ordination with the Refineries, the SBU obtained As per the Petroleum Planning & Analysis Cell (PPAC),
penetrating markets traditionally dependent on imports,
Registration Evaluation Authorization and Restriction During 2023-24, the Company has supplied 1,857 TMT the Indian Lubricant market has grown to 4,076 TMT, with
though its dynamic pricing strategies.
of Chemicals (REACH) compliance certification of of Gas to its esteemed customers, spread across various growth of 9% in FY 2023-24. In this period, MAK Lubricants
Furthermore, central to the SBU’s operations and efforts Dearomatized Solvents, which will enable it to market the segments including the refineries. Out of the total sales, registered the highest ever volume of 446 TMT, with a growth
to excel, were the ongoing development of the field force’s product to international markets. 966 TMT was supplied to various customers in Fertilizers, of 16%.
functional skills and the strategic use of technology to ensure Power, Petrochemicals, Steel and other industries. A total of
In pursuit of continuously enhancing the competencies of In pursuit of heightened brand visibility, the MAK Brand has
trust, convenience and personalization. These initiatives 726 TMT was supplied to the refineries-312 TMT to Mumbai
the field staff to deliver superior value, extensive training electrified all media platforms. Collaborations with Shah
were crucial in delivering an enhanced customer experience Refinery and 414 TMT to Kochi Refinery. CGD network sales
sessions were conducted, focused on product knowledge, Rukh Khan’s movie, ’Jawan’ and cricket icon, Rahul Dravid
and in achieving optimal value and volume, despite the contributed 83 TMT, doubling last year’s sales of 41 TMT.
pricing and commercial acumen. joining the MAK family as its Brand Ambassador, the media
challenges encountered during the period.
To support India’s ‘Green Vision’, BPCL has made capex campaign during the World Cup, has entrenched the brand
I&C has steadfastly progressed in its digital transformation in the minds of the audience.
The strategic introduction of new products was met with investment of ₹ 1,920 crore during FY 2023-24 to enhance
journey with ‘Project Anubhav’, implementing numerous
robust market reception, reflecting the capability to innovate its operations for faster expansion of the CGD network and
measures to facilitate the seamless deployment of the feature- Propelling towards the future, the Lubes SBU is committed to
and meet evolving market needs. The I&C SBU’s commitment plans to invest another ₹ 2,500 crore in FY 2024-25.
rich customer engagement portal - HelloBPCL - to enrich innovation and meeting market demands. Introduction of 19
to quality and service excellence was acknowledged new grades, including pioneering products like ‘MAK ADJOL
customer experience and improve overall internal efficiency, The Company achieved another milestone in 12 and
by customers. BANANA and MAK ADJOL TEA, adjuvant oils providing
enabling superior service delivery to our customers. 12A CGD bidding rounds of Petroleum and Natural Gas
The novel approach, in sourcing beyond the refinery and Regulatory Board (PNGRB), by securing 17 districts of
revolutionary organic and biodegradable pest management
innovative solutions in optimizing logistics with robust Through seminars and workshops, structured engagement solutions for banana and tea respectively, and MAK SMART
Jammu & Kashmir including Leh-Ladakh. BPCL and Oil India
technical support, has led to increased customer satisfaction with customers and other stakeholders was ensured for a KOOL, coolant for computer servers, underscore the SBU’s
Limited (OIL) in consortium secured 28 districts of Arunachal
and confidence, reflecting in the increased volumes. variety of business segments, including manufacturing, dedication to excellence. Also, the new product range of
Pradesh state in the 12th CGD bidding round of PNGRB.
infrastructure, pharma and food. Synthetic Lubricants for the car segment, which is Ethanol20
This year, the I&C SBU has not only continued its legacy of With a significant presence in various geographies across
compliant was introduced. With the success of MAK
excellence, but has also pioneered numerous industry firsts, Continuing the legacy of excellent performance, the I&C BU the country, BPCL is a key player in the CGD business.
Drillol, under the Atmanirbhar Bharat Abhiyaan, for drilling
underscoring our unwavering commitment to innovation is committed to sustaining its momentum with strategies in
The Company has owned authorization for 26 Geographical operations in oil exploration, MAK Drillol LV is now ready for
and customer satisfaction. During this fiscal year, the I&C place to circumvent challenges during this pivotal period of
Areas (GAs) on a standalone basis, to develop the CGD deep sea drilling.
SBU achieved record-breaking sales, surpassing 7 MMT in the country’s growth.
network; out of this, 25 GAs, that cover 64 districts, secured With the Company’s extensive network of retail outlets,
volume, with market share of 22.86%, an all-time high that
GAS till 11 and 11A CGD bidding rounds of PNGRB, have been the connect with customers continued to improve through
significantly enhances our market presence. The highest
commissioned. The GAs secured in 12 and 12A bidding
sales were achieved in HSD with major inroads made The Gas SBU of the Company is working towards India’s campaigns at the forecourt. MAK Lubricants broadened its
rounds of PNGRB are slated for commissioning in the secondary network of Retailers and Mechanics through the
in the Defence, State Transport, Railways, Mining and transition to a Gas-based economy. With its tagline of #The
next financial year. BPCL, together with its Joint Venture digital interface, ’HelloBPCL’. In addition, the SBU onboarded
Infrastructure sectors. Good Print on social media, the Gas SBU has devised safe
Companies (JVCs), have secured authorization for 52 GAs 37 new distributors, bolstering our market presence.
and innovative solutions in the above endeavor. To enhance
The team took strategic pricing decisions in the that cover 154 districts. Furthermore, a strategic re-entry into Sri Lanka and strides
value for all its stakeholders, the business has further
Petrochemicals domain, resulting in change of status
upscaled and streamlined its operations, especially in City The Company has mechanically commissioned 671 CNG into the African continent (Kenya, Uganda and Tanzania)
from ‘market followers’ to ‘market drivers’. Being vigilant marked a successful foray into international markets.
Gas Distribution (CGD), for long-term sustainable growth. stations, out of which 440 CNG stations are operational,
to international price movements and being nimble-footed Strategic collaborations have been instrumental in moving
BPCL continues its journey to strengthen its position by meeting customer demand; the balance will be made
helped garner the highest ever volume of 234 TMT. beyond business to areas of development and collaboration
developing the ecosystem across the gas value chain, right operational soon. 150 CNG stations are planned for
with the SBU’s prestigious customers, Kirloskar Oil Engines
Pursuing the strategy of beyond refinery sourcing, the SBU from sourcing to the end consumer. On the supply side, the construction in FY 2024-25. The record high of 1.87 lakh PNG
and TVS Motor Company.
registered a sale of 61 TMT of Bitumen through third party Company is focusing on securing long-term supply, import domestic connections have been added during FY 2023-24,
sourcing and imports, thus enhancing the geographical infrastructure, regassification capacities; on the demand making it a total of 3.31 lakh PNG domestic connections. MAK Lubricants’ digital endeavors have been transformative.
reach in key growth markets. With customized offerings, I&C side, the focus is on gas transport agreements in major BPCL has laid a 2,348 inch-Km steel pipeline as on March Unveiling of MAKonnect, an integrated secondary sales
also achieved the highest ever sales of Hexane and Naphtha. pipelines and establishing and expanding CGD networks to 31, 2024, to expand its reach in the CGD network. management platform for distributors, retailers and DSRs,

107
Management Discussion & Analysis Report (Contd.) plant. Marking a significant step towards automation within Aam Naagrik (UDAN) policy etc., have encouraged domestic
the Company, 25 LPG bottling plants have successfully airlines to place huge aircraft orders. The traffic and ATF
integrated the tank farm management system and SAP. sales surpassed the pre-COVID level, with domestic
During the year, Operations & Maintenance (O&M) services recording the highest ever sales.
has revolutionized the network by providing business insight in the state of Madhya Pradesh through the State Rural
and outsourcing of plant operations and maintenance to a
for informed decision-making and streamlining operations. Livelihood Mission (SLRM). The Aviation SBU achieved sales of 1,901 TMT, as
third party were started at three more LPG plants (Chennai,
Moreover, the MAK QR Code presents an integrated supply compared to 1,738 TMT in 2022-23, with a market share of
LPG business has signed a 15-year agreement with GAIL to Tuticorin and Kurnool), bringing the total to 13 LPG plants
chain solution, enabling SKU tracking and disbursing 25.2%, as against 25.0% in 2022-23, registering a growth
supply 600 TMTPA of Propane valued at ₹ 63,000 crore from operating on O&M services.
rewards for end customers. of 9.4% against the industry’s growth of 8.8%. Focusing on
its LPG import facility at Uran. This reaffirms the Company’s
Augmentation of the cryogenic storage facility at Uran the domestic sector, which is 43.6 % of our total sales, the
With sustainability as core to its business principles, the business commitment to meet the growing needs of the
Terminal is currently in progress, which will enhance storage SBU was able to increase its share from 17.3% to 18.1%,
SBU is ready with innovative packaging solutions like Indian Petrochemical Industry.
infrastructure on the west coast, facilitating higher imports. with a growth of 15.1% compared to the industry’s growth
recycled plastic containers, bamboo packages and tin cans.
As a step towards addressing last mile delivery inefficiencies During the year 2023-24, BPCL procured four LPG rakes, of 9.7%. Major contributors were the Air India group, Indigo
At MAK Lubricants, continuous improvement is ingrained in
in LPG, ‘Pure for Sure’ initiative was launched by Hon’ble taking the total to nine; they boosted our logistics capability, Airlines and Akasa Air. In the international segment, which
our ethos. It is a matter of great pride that BPCL Marketing
Minister of MoP&NG at India Energy Week (IEW) in Goa reduced the placement cost and reduced the bulk movement contributes 53.5% of our total sales, the SBU successfully
Quality Assurance has been accredited as a certification
in February 2024. Tamper-proof seals with QR codes were through road. In addition, the SBU has commissioned a won all major tenders, and added the business of many new
and inspection body by National Accreditation Board for
developed for authentication to ensure availability of the new LPG terminal at Palakkad (Kerala), which optimized international airlines to our portfolio.
Certification Bodies (NABCR).
complete trail of the cylinder from the plant to the customer. the transportation cost and improved reach. Further, the
BPCL’s focus, to earn revenue from development of ATF
As we forge ahead towards the future, MAK Lubricants This would address issues like pilferage/underweight, business was able to manage the same amount of cargoes
infrastructure and operations of fuel facilities, has started
remains steadfast in its commitment to innovation, diversion of refills and overcharging faced in the LPG with just five vessels, without a medium gas carrier vessel,
yielding fruit. The fuel farm and hydrant system have
sustainability and customer satisfaction. delivery ecosystem. thus leading to cost optimization.
been successfully commissioned at Mopa Goa, where the
The LPG business worked on three pillars of growth, Towards our commitment to the greening initiative, Company got the award to design, build, finance and operate
LPG Solar plants of 580 Kilowatt-peak (kWp) capacity were the fuel facilities from GMR Goa International Airport Limited
viz. Safety, Trust and Convenience. Towards our safety
During FY 2023-24, LPG demand witnessed a notable surge commitment, many initiatives were launched like ‘Zero commissioned at various LPG bottling plants, taking the (GGIAL) for a period of 20 years. As domestic growth in
with industry growth of 3.5%. This was driven by reduced Ka Dum’ (the quality challenge which guarantees that all total installed solar power capacity to 3,537 kWp. During the smaller cities is better, we have built Aviation Fuel Stations
prices, enhanced subsidy for Pradhan Mantri Ujjwala LPG cylinders in the market are entirely free from defects, year, BPCL marketed more than 80,000 HTE (High Thermal at Jabalpur (Madhya Pradesh), increasing BPCL’s network to
Yojana (PMUY) customers, Government initiatives, free refill improving trust and enhancing process efficiencies), a safety Efficiency) hotplates with in-house developed patented 67 in 2023-24. Prayagraj (Uttar Pradesh) and Surat (Gujarat)
schemes, promotion of clean energy and rural penetration. campaign, AI chatbot-enabled IVR calling to customer for technology that delivers 74% thermal efficiency, which is the are in the final stage of commissioning.
With added impetus on customer-centric initiatives to self-check inspection of their LPG equipment in the kitchen, highest in the industry.
As a leading ATF marketer and infrastructure provider, BPCL
promote safety at customer premises and enhance customer
etc. To enhance safety awareness among stakeholders High Tensile Strength Steel (HTS) cylinders, which are and Noida International Airport signed an agreement for
experience, the LPG SBU not only ensured sustained
throughout the value chain, Bharatgas Safety Day is approximately 20% lighter than conventional cylinders, are laying a 34 km ATF pipeline from Piyala (Haryana) to Jewar
growth, but also improved its margins.
observed on the 21st day of each month. This initiative, being piloted in three markets. The use of these cylinders (Uttar Pradesh), which will be the main supply source of
The business registered its highest-ever packed LPG sales started in FY 2022-23, is being continued this year as will substantially reduce the physical strain on delivery ATF for the new greenfield open access airport. The work
of 7,928 TMT for the year, attaining growth of 3.37% and well. Our Distributors conducted 96,230 safety clinics in staff, while also generating cost savings. The LPG SBU at Piyala-Jewar ATF pipeline has already started and will
secured the second highest packed LPG sales growth in FY 2023-24. also introduced Fluorocarbon (FKM) O-rings with improved be completed before the start of commercial operations of
the industry. With the objective of ensuring promotion of mechanical strength, to extend the lifespan of O-rings, Noida International Airport.
The LPG SBU has effectively implemented the ’Viksit Bharat
clean fuels and to increase the proliferation of LPG further, besides enhancing safety at customer premises.
Sankalp Yatra’ as part of the Government-driven initiatives. The Aviation SBU is jointly working with BPCL’s Research
another 18.54 lakh customers were enrolled under Ujjwala
This nationwide campaign was slated to raise awareness and To build competency, HSSE officers and Plant In-charges and Development Center and Refinery Projects team to
2.0, taking the total BPCL customer base under the PMUY
achieve saturation of schemes of the Government of India were provided training, and they received the internationally meet the Carbon Offsetting and Reduction Scheme for
scheme to 2.68 crore since the inception of the scheme in
(GOI) in identified geographies. Through extensive outreach acclaimed National Examination Board in Occupational International Aviation (CORSIA) mandate and Government
the year 2016-17. New customer enrolment of 28.64 lakh
activities, the campaign targeted customers in far-flung Safety and Health (NEBOSH) certification. To enrich the of India’s indicative Sustainable Aviation Fuel (SAF)
during the year took BPCL’s domestic LPG customer base to
areas and enrolled potential beneficiaries under the PMUY. knowledge of our staff, the SBU has launched the ‘Eklavya: blending target of 1%, 2% and 5% by 2027, 2028 and
9.35 crore at the end of the year.
A total of 2.47 lakh events were successfully conducted by Knowledge portal’, conducting a daily quiz and having an 2030 respectively, initially for international airlines. As an
To ensure uninterrupted availability of cooking fuel at OMCs under this initiative. Another GOI initiative, a free archive of Sales, Operations, Logistics and Finance manuals. environment conscious business unit, we have started using
home, the Company encouraged customers to opt for Safety Campaign was launched across the country for quick To equip our Distributors with the competencies to face the EV vehicles at our Aviation Fueling Stations. We have also
Double Bottle Connections (DBCs) and upgraded 9.26 lakh safety inspection at customer premises with a discounted challenging business landscape, we trained more than 500 undertaken plantation drives and installed solar lighting at
customers to DBCs. To ensure that Bharatgas is available price for Suraksha hose replacement. Distributorships in IIMs and other premium institutes. our facilities.
at places closer to customers, the business unit added 37
In our continuous efforts to strengthen consumer retailing,
new distributorships during the year, taking the total to 6,252 AVIATION NEW BUSINESSES
the LPG business commissioned 30 ’In & Out’ convenience
distributors as on March 31, 2024. Further, 66 non-domestic The year 2023-24 witnessed phenomenal growth of Indian BPCL’s initiative in offering consumables, durables and
stores at LPG distributorships during the year, taking the
distributors were added by the company to increase the Aviation, promising a bright future for the sector. India has services in rural India has made an imprint in this market
cumulative number to 53.
commercial LPG footprint. BPCL added 1,869 village level already become the third largest domestic Aviation market in segment. The Company’s business model of leveraging its
women entrepreneurs, called ‘Urja Devis’, to boost the LPG bottling achieved the highest ever bottling volume of terms of passengers, after USA and China. We are now likely vast network of retail outlets and LPG distributorships to
Company’s efforts for rural outreach and improve awareness/ 7,939 TMT, recording a growth of 3.1% with capacity utilization to be the third largest for both, domestic plus international create Village Eco Centers and to provide the necessary
accessibility of LPG in rural areas. These entrepreneurs of 100%. LPG bottling plants continued to maintain the passengers combined, by 2026. The Government’s thrust for support to rural women to become village-level entrepreneurs
actively promote clean cooking fuel, educate customers on best practices in Health, Safety, Security and Environment rapid Aviation growth through its several favorable policies, – ‘Urja Devis’, represents the ethos and values that BPCL
safety measures and advocate for non-fuel offerings in rural (HSSE), while maintaining cost leadership. Towards our such as new Greenfield Airports through the PPP (Public has championed over the years. The Urja Devis are BPCL’s
regions. To address the affordability issue of the low-income commitment to technology, we have piloted automation of Private Partnership) mode, operationalization of regional mascots in deep rural areas of the country, taking fuel and
segment of consumers, we are piloting financial assistance the entire LPG bottling operations in the Bengaluru LPG airports in Tier-II and Tier-III towns through the Ude Desh Ka non-fuel offerings to the rural customers.

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Management Discussion & Analysis Report (Contd.) BPCL repositioned itself as a corporate brand dedicated ensure zero downtime, in case of server unavailability. The
to serving the nation with a prominent newspaper insert on website witnessed increased organic traffic by 21.4% over
Independence Day. Published across leading national and the last year.
state-level newspapers in multiple languages, the campaign
The Company has commissioned 191 In & Out stores and • BPCL is putting up a Green Hydrogen Refuelling station,
featured the evocative tagline ‘Hausla Aisa, Bharat Jaisa’, Brand Engagement Through Social Media
enrolled over 1,000 Urja Devis as of March 2024. Going with a capacity of 200 Nm3/hr, along with an indigenously
striking a chord with readers and encapsulating the essence In 2023-24, BPCL achieved high engagement ratio,
forward, BPCL aims to expand aggressively in this space. developed electrolyzer at Kochi along with CIAL. The
of patriotism. This advertisement marked a significant return averaging at 3.5% across all platforms. As proud leaders
The proof of concept of the comprehensive strategy of a Electrolyzer tender has been awarded and EPC tender is
after nearly two decades, reaffirming BPCL’s commitment on ’X’ and ‘LinkedIn’, boasting the highest number of
unique, digitally enabled omnichannel, focusing on the under evaluation.
to its role as a national asset. BPCL left a substantial mark followers among the OMCs, we have amassed a collective
burgeoning rural market, engaging customers through • BPCL has been awarded a Green Hydrogen plant with at the Abu Dhabi International Petroleum Exhibition & fan following of 2.18 crore across all social media platforms.
multiple, integrated digital and physical touchpoints, such as production capacity of 2,000 MTPA through biomass- Conference (ADIPEC) 2023, our section at the India Pavilion Thanks to our compelling business and brand-focused
physical stores, websites, social media and apps, offering a based pathways, under the Strategic Interventions for vividly depicting the Company’s vision of achieving Net Zero content, we’ve achieved remarkable engagement ratios,
seamless shopping experience. Green Hydrogen Transition (SIGHT) scheme through a by 2040, reinforcing our commitment to sustainability and setting new standards in social media excellence.
Solar Energy Corporation of India (SECI) tender. advancement. BPCL created waves, leading the change at
RENEWABLE ENERGY the India Energy Week in Goa, emerging as a beacon of PROJECT ANUBHAV–BPCL’S DIGITAL
In line with national commitments, BPCL intends to diversify BRAND & PUBLIC RELATIONS innovation and sustainability. Our pavilion was a testament TRANSFORMATION INITIATIVE
its energy portfolio by building a robust renewable energy to our unwavering commitment to lead the change towards
Crafting Sector Leadership In the current fiscal year, BPCL continued its journey of
business. The ambition is to build 2 gigawatt (GW) of a brighter and greener future, captivating visitors with its
transformative digital initiatives, aimed at revolutionising
renewable energy capacity by 2025 and 10 GW by 2035, BPCL has strategically utilized diverse media platforms for immersive experiences and forward-thinking initiatives.
marketing strategies and enhancing customer-centric
through organic and inorganic routes. In this context, BPCL fostering heightened brand awareness and loyalty and has
operations. This endeavor encompassed a diverse array of
intends to aggressively pursue various initiatives as part of strived to assert its dominance as a pioneering force in the Awards & Recognition
innovative tools and technologies, meticulously designed
its Net Zero strategy and tap the investment opportunities to energy landscape. Embracing the era of digital connectivity, BPCL shone brightly with nine Excellence Awards from Public to augment customer engagement, streamline operational
propel the journey of energy transition. BPCL has adeptly adapted to the evolving landscape, Relations Council of India (PRCI). A mix of Gold, Silver and processes and foster sustainable business growth.
ensuring relevance and resonance in an age defined by Bronze were received for the best use of social media, best
To explore prospects in this sector, the Renewable Energy dynamic digital interaction. Through these endeavors, the PR case study, rural development communication, website The ‘HelloBPCL’ mobile app and web portal continued to be
(RE) business unit is striving to be a standalone revenue- Company has carved out a distinctive identity in the minds of the year, Annual Report 2022-23, impact in corporate a pivotal marketing platform that is instrumental in facilitating
generating and profit-making business unit, for execution of the audience. communication, best communication film, etc. The accolades seamless customer engagement. Through targeted push
of Renewable Power projects, along with harnessing the in diverse areas exemplify BPCL’s steadfast commitment to notifications and optimized in-app experiences, customers
opportunities of inorganic growth. Pursuing clean energy Maximizing Brand Ambassador Impact excellence, progress and community empowerment. were enabled to navigate effortlessly from order-to-payment,
objectives, the RE BU is diversifying the BPCL product mix The culmination of our Brand Ambassador engagement fostering enhanced engagement and retention. The further
BPCL’s Experience Center achieved a Bronze in the ‘Best enablement for LPG consumers was made possible with the
to include greener energy in future. It plans to make BPCL a journey marked a pivotal moment with the grand launch and
Advance in Augmented and Virtual Reality’ category at the integration of the ‘AadhaarFaceRD’ mobile app from UIDAI,
leading clean and renewable energy company by providing release of our television commercials, setting a new industry
2023 Excellence in Technology Awards by Brandon Hall facilitating the eKYC via facial recognition of 2.7 million LPG
sustainable energy solutions through deployment of standard. An extensive media plan was meticulously curated
Group™️, a renowned US-based research firm. consumers, thereby elevating the customer experience.
technology and innovation in a socially responsible manner. and executed to amplify our association, ensuring maximum
In supporting the cause of nurturing Mother Earth through engagement with our valued customers. Partnering with Asia BPCL’s Brand & PR Team received a Special Commendation The ubiquitous ‘Urja’, the AI-enabled chatbot, continued
cleaner energy solutions, the RE BU is implementing projects Cup on Disney Hotstar OTT, we reached an impressive 6.2 for a significant presence on social media, excellence in to deliver exceptional customer experience on platforms
for the organization to be Net Zero (Scope 1 & 2) by 2040. crore unique two-wheeler and four-wheeler users, while our customer service and the successful launch of various digital such as WhatsApp and the HelloBPCL mobile app, by
TVCs reached 50 lakh households on Connected TV. This campaigns, at the Federation of Indian Petroleum Industry handling over 12 million converzations per year. It enhanced
The following RE projects with a capital outlay of ₹ 1,299.58 campaign also showcased our Pure for Sure initiative, further (FIPI) Oil & Gas Awards 2022. customer support, streamlined communication channels and
crore were sanctioned in 2023-24: enhancing our brand narrative. Additionally, our strategic
BPCL received two awards for ‘Communication Outreach’ gathered invaluable feedback and insights for continuous
positioning of MAK Lubricants as the Associate Broadcasting service enhancement.
Sr. Project Approved Cost and ‘Communication Leadership’ during the 10th PSU
No. Location Capacity (₹ crore) Partner for the ICC World Cup garnered widespread
Awards ceremony organized by Governance Now. Empowering customers fuelling at retail outlets, ‘UFill 2.0’,
1 Ground Mounted Solar 71 MWp DC / 308.32 attention across television and OTT channels. Strategically
project at Prayagraj in UP 52 MW AC timed during key match moments, these campaigns ensured BPCL garnered the ET Brand Equity Brand Disruption Award a unique customer-centric initiative, ensured a meticulous
2 Wind farm projects in 100 MW each 966.26 sustained visibility and strong brand recall, with hashtags 2024 for MAK Lubricants’ ‘Mr. Dependable’ Campaign, for quality and quantity assurance, thereby enhancing customer
Madhya Pradesh and like #MrDependable and #MAKLubricants trending on India creating an inflexion point through this campaign, within the trust. This was one of the three cornerstones of Project
Maharashtra match days, signaling a transformative phase for our brand industry and outside. Anubhav – trust, convenience and personalization. Our CRM
3 Integrated Green Hydrogen 200 Nm3/h 25.00 post-World Cup. tool, ‘Salesbuddy’, helped the Company make the marketing
Plant and Hydrogen efforts more personalized by garnering insights from almost
Media Coverage
Refuelling Station in Kochi, 20 lakh of interactions of customers in FY 2024
Kerala Brand Building Campaigns In the current fiscal year, BPCL achieved its highest-ever
Total 1,299.58 Harnessing the star power of a Bollywood icon, MAK media coverage, with an Advertorial Value Equivalent (AVE) In recent years, BPCL has digitally reimagined its extensive
unveiled a co-branded TV commercial in collaboration with crossing the ₹ 100 crore mark, surpassing last year’s AVE sales and distribution network through its IRIS platform,
RE projects at Bina Refinery (18 MWp) and Kochi Refinery the blockbuster film, ’Jawan’, seamlessly embodying the of ₹ 49 crore, once again the highest among the OMCs. We enabled with AI and the Internet of Things (IOT) system,
(13 MWp) have been commissioned and other solar projects core attributes of our product. Surpassing all projections, also maintained the highest Share of Voice among OMCs, which integrates fuel retailing stations, tank trucks, oil
of 72 MWp and wind projects of 100 MW are under various this initiative ignited immense internal enthusiasm and viz. 44.8%. installations and depots, LPG bottling plants and industrial
stages of execution. revitalized our channel partners and customer base alike. and commercial locations, to ensure efficient and sustained
Leveraging on-ground activations, interactive sessions Informative Website operations for delivering operational excellence. Catering to
In keeping with the National Green Hydrogen Mission, the
with mechanics and partners, and strategic amplification channel and network management needs, BPCL’s mobile
following Green Hydrogen projects are under execution: The website of the Company was upgraded this year to be
across social media platforms and cinema screens, we more vibrant, interesting and enlightening. It was shifted app, ‘MAKonnect’ seamlessly integrated with the HelloBPCL,
• BPCL’s first Green Hydrogen plant of 5 MW Electrolyzer attained an unparalleled level of engagement across all to a new secured server with site redundancy security, to secondary network management tool, bolstering secondary
capacity is being implemented in Bina Refinery. stakeholders. In August 2023, after a prolonged hiatus, sales efficiencies in Lubricants Business.

111
Management Discussion & Analysis Report (Contd.) pan-India business challenge for startups) with grant funding of education in identified premier institutes under the
of ₹ 50 lakh each. meritorious management program.
To amplify the outreach and effectiveness of Ankur, the Aligned with our core belief of nurturing our people
BPCL adopted the cloud-first approach for digital Green Energy Business and Digital Ventures. These areas Company continuously engages with the startup ecosystem capabilities and to provide a best-in-class learning
transformation to provide agility and flexibility to support represent the core and emergent strengths of BPCL, driving in India, including Startup India, leading academic institutions, experience, ‘My Sphere’-a revolutionary new digital learning
digital initiatives. The customized business-centric analytics both, current operations and future expansion. incubators, accelerators and venture capital investors. and management platform-was introduced. Significant thrust
were harnessed through industry leading Analytics platforms was placed on actualization of learning goals identified as
The strategic execution of Project Aspire is organized around The Company has allocated ₹ 50 crore for investment in
to furnish invaluable insights into customer behavior, market part of the talent assessment process. The year witnessed a
four key themes: startups. The objective of these investments is to support
trends and data-driven decision-making. substantial rise in individuals taking complete charge of their
high potential early-stage startups, mainly working in sectors
Enabling businesses to create, manage and optimize fuel ore Business Growth: This theme focuses on nurturing
• C which are affiliated to the areas of business of the Company.
development through creation of an Individual Development
purchase experiences for both B2C and B2B customers, and expanding the Company‘s existing core businesses The Company is planning equity investments in startups
Plan (IDP). We also rolled out a customized development
Commerce Cloud solutions facilitated online ordering for to reinforce its market presence and operational stability. intervention to develop Brand Champions by ‘Building a
through private trusts.
industrial fuels and solvents, recharge options for SmartFleet Timeless Brand’ in collaboration with the Indian School of
trategic Investments: Significant capital is allocated to
• S
Business. The program spanned across four days, aimed at
customers, and lubricant ordering for retailers and channel five strategic areas: Gas, Non-Fuel Retail, Petrochemicals, HEALTH, SAFETY, SECURITY & ENVIRONMENT
partners, driving significant sales through digital channels. sensitizing Brand & PR role holders across businesses and
Green Energy and Digital Ventures. These sectors are (HSSE)
entities to the overarching brand promise and purpose and
Social media management tools were developed to equip identified as transformative bets with the potential to For details on HSSE, refer page 175 under the Business
to enable them to learn the best practices of building strong
businesses to effectively manage multiple social media catalyze substantial growth. Responsibility and Sustainability Report.
brands from successful organizations. In collaboration with
accounts, schedule posts and track engagement metrics,
• F
oundation Strengthening: The project emphasizes the L&T Institute of Project Management (IPM), we facilitated
bolstering the HelloBPCL brand and facilitating impactful HUMAN RESOURCES
a five-day classroom based preparatory program towards
enhancing foundational components of the Company‘s
social media marketing strategies. We are committed to fostering a dynamic and capable Project Management Professional (PMP) certification. This
operations, including Research & Development,
workforce to drive our business objectives forward. program targets a cohort of 100 Project Managers across
BPCL’s unwavering commitment to leveraging digital tools financing mechanisms, digital transformation and
and platforms has positioned it at the forefront of innovation, strengthening partnerships.
Through a meticulous recruitment process, robust training Refineries and Entities, to further bolster project execution
programs and ongoing development initiatives, we strive capabilities in respect of mega projects initiated as part of
enabling the organization to seize new opportunities,
• O
rganizational Development: It prioritizes to cultivate a workforce, that is not only proficient in their Project Aspire.
optimize marketing endeavors and deliver unparalleled
experiences that drive customer satisfaction and loyalty. organizational fortification and substantial investment respective roles, but also adaptable to the ever-evolving
demands of the industry. Our dedication to employee By fostering a culture of innovation and empowerment, we
in talent development, aiming to build a resilient and
growth and empowerment serves as the cornerstone of not only unlock the full potential of our workforce, but also
CORPORATE STRATEGY forward-thinking workforce.
our organizational ethos. We recognize that the growth inspire them to push boundaries, challenge norms, and
The past couple of years has been tumultuous for the global As the Company continues to implement Project Aspire of our organization is closely linked to the growth of our redefine what’s possible. Through various engagement
energy sector, characterized by significant geopolitical within defined timelines, this strategic initiative positions the employees. Guided by this belief, we have initiated a series programs and platforms, we provide our employees with
uncertainty, the reshaping of energy trade routes, and Company to leverage new opportunities and foster growth of strategic endeavors. These initiatives are meticulously the tools, resources and opportunities they need to thrive.
heightened and volatile energy prices. Concurrently, these in a dynamic global energy landscape, thereby creating To cultivate and proliferate the innovation potential of
crafted to unlock the inherent talents and capabilities of
events have catalyzed substantial long-term policy shifts, long-term value for its shareholders, while committing to individuals and teams, the Ideas platform was launched
our workforce, thereby fostering a culture of innovation
refocusing attention on energy security and the diversification in a new avatar with a host of new and exciting features.
sustainability and innovation. and excellence that resonates through every aspect of our
of supplies and domestic production. With the aim of harnessing the collective strength of
Corporate Strategy is evaluating M&A opportunities in organization. With an objective to empower employees to
India is emphasizing ‘universal energy access and just, take charge of their careers, an opportunity was provided to employees and achieving a symphony of synergy, the
sectors like non-fuel, renewables, hydrogen, biofuels etc.
affordable, and inclusive energy transitions’. This policy express career aspirations and achievements on an online alternate learning platforms were elevated and transformed
to meet the long-term aspiration of BPCL to become an
direction aligns with global environmental goals and portal. The initiative witnessed active participation of 95% to introduce a ‘Talent Triathlon: Aspire, Achieve, Inspire’.
integrated energy company.
underscores India’s commitment to fostering an energy of our target audience. To celebrate the unique strengths The Talent Triathlon amalgamated three flagship events of
sector that is both sustainable and equitable. of our employees with a spotlight on their areas of growth, ours-Socratix (the case study challenge), Mercurix (the art
Project Ankur of storytelling/story writing), and Biz-X (the online business
stated career aspirations and a roadmap for our future,
This underscores the critical need for sustained investment Over the last few years, India has become home to a simulation challenge) in a team-based format culminating
comprehensive Talent Review Discussions were conducted
in oil and gas to meet the energy needs of India while flourishing ecosystem for startups. Under the ’Startup for 1,172 officers, who were selected for Phase One of in ‘The Ultimate Challenge’, a thrilling fusion of intellectual
transitioning to low carbon solutions in a responsible manner. India’ initiative, Department for Promotion of Industry and challenges and outbound experiences. An overwhelming
discussions this year. All line managers were facilitated and
In the midst of these global shifts and national policy Internal Trade (DPIIT) has recognized 1,23,900 companies equipped, through comprehensive orientation sessions, to number of 1,160 officers registered for the challenge.
alignments, The Company’s Project Aspire emerges as a as startups as on March 2024. Equipped with agile ways of lead such discussions in respect of their team members. Taking strides towards our endeavor to promote a culture
strategic response, designed to leverage these new realities working, technology-driven businesses have adopted an that is open, values employee opinion and creates the best
In line with the learning aspirations of the organization, as well
and position the company for future growth. innovative approach to solve challenges in various sectors; employee experience, the second edition of the ‘Voice of
as to groom future leaders, a host of learning opportunities
hence, startups have emerged as a favourite destination Employee’ survey was launched. The survey received a
were introduced, extended as well as sustained, such
Project Aspire for angel investors, venture capital funds and corporates tremendous response, with 88% of our officers sharing
as General Management Programs and Management
Project Aspire, spearheaded by the Corporate Strategy for investments. their inputs.
Development Programs at premier institutes, Flagship
team, is designed to significantly enhance the Company’s The Company, in its own way, has become part of India’s Inhouse Leadership Development Programs- ‘eXcelerator’ We hold our employees’ welfare in the highest regard,
overall business and financial performance. The project startup growth story with its startup initiative, ‘Project Ankur’ and ‘eXceed’, mandatory, custom and outbound learning viewing them not just as contributors to our success, but
targets a doubling of profits from the 2021-22 baseline. As supporting budding and promising startups through grant programs, etc., leading to around 40% increase in learning as valued individuals whose well-being is paramount. With
a pivotal element of the Company’s growth strategy, the funding and collaboration since 2016. The Company, with an hours vis-a-vis last year. To meet the learning aspirations of this philosophy guiding our actions, we have implemented
initiative involves a capital expenditure commitment of Up to
initial fund of ₹ 25 crore, has supported 25 startups in various each individual and to enable them to take charge of their a wide array of comprehensive initiatives tailored to ensure
₹ 1.7 lakh crore over five years.
sectors with grant funding of up to ₹ 1.5 crore per startup in growth, a comprehensive education policy was introduced, their health, happiness and holistic development. Promoting
The Project Aspire is built on eight pillars: Refining, Phase I. As part of Phase II, BPCL has supported six more leading to revision in the existing education assistance the philosophy of ‘a healthy mind resides in a healthy body’,
Marketing, Non-Fuel Retail, Gas, Upstream, Petrochemical, startups through BPCL Startup Grandslam Season#1 (a scheme and introduction of a policy for full-time sponsorship Fitness Premier League (FPL) 1.0 was launched as a

113
Management Discussion & Analysis Report (Contd.) Company also initiated comprehensive cyber security conferred their prestigious award–‘Mentor–Energy Segment’
assessment through a third party Government Auditor, with on BPCL.
the objective of identifying and addressing security issues
ITRM has proven to be an invaluable asset for the Company
early and reducing risks. The audit covered the systems of
one-of-a-kind initiative to promote wellness through sports. This year, the BPCL ESE team spearheaded a Mental in creating value through identifying new geographies for
Information Technology (IT), Operational Technology (OT)
The initiative saw an overwhelming response of over 1,700 Health Awareness Campaign in October 2023. On October sourcing better-value crude oils, efficient freight management
and Digital initiatives.
participants across multiple events, including the MAK 10, 2023, on World Mental Health Awareness Day, a Mental by leveraging all options available in the market, containing
Cup for cricket, badminton and lawn tennis tournaments. Well-being Pledge was taken by the Board members BPCL was ranked among the Top 10 accreditations the risk of volatile prices through effective risk management
Under FPL 1.0, Step-A-Thon, a four-week health challenge and BPCL employees at the team level, to reiterate our worldwide for Customer Centers of Expertise by SAP. and meeting the challenges of the ever-changing and
garnered remarkable engagement with more than 1,300 commitment to employee well-being. There were various dynamic oil markets. These achievements are a result of
employees setting an example of excellence and teamwork online contests, emotional well-being polls and seminars at INTERNATIONAL TRADE & RISK MANAGEMENT synergies that are nurtured through interactions with various
by collectively achieving 5.3 crore steps. locations organized in this awareness month. (ITRM) stakeholders. ITRM has been successful in mitigating the
BPCL’s ITRM setup is responsible for all activities related to geopolitical and concentration risks by diversifying the
To encourage leaders to focus on holistic mental well-being,
EMPLOYEE SATISFACTION ENHANCEMENT the import of crude, import/export of products and Commodity crude basket across geographies and suppliers. With robust
two residential wellness retreats were organized, covering
(ESE) Risk Management through derivative transactions. policies and a sound governance framework, and a world-
41 leaders. The goal was to unwind, rejuvenate and help
The ESE Entity of the Company works dedicatedly in its class team of dedicated manpower, ITRM will continue to
the participants rediscover their authentic selves, through To meet the requirement of BPCL Refineries, ITRM procures contribute to the Company’s journey towards excellence.
endeavor to make BPCL ’A Great Place to Work’.” The team exposure to self-experiential ancient healing techniques, crude oil, both indigenously and through imports. After
continually focuses on touching and positively impacting as well as modern scientific methodologies. The program considering the domestic demand and supply situation, RESEARCH AND DEVELOPMENT (R&D)
employees’ lives to ensure a productive, vibrant and received excellent feedback. Participants also carried back petroleum products are imported and exported. Allied
energized workforce. with them some daily routine practices, including morning R&D is crucial for business growth and sustainability, with
services of ship chartering and operations are also facilitated
and night rituals, spurring them on the path to happiness, Intellectual Property Rights from R&D offering market
BPCL believes in creating awareness and sensitizing by ITRM. Further, the ITRM setup includes an active
good health and a satisfying life. differentiation and promoting indigenous technologies
employees about emotional health and promoting a Derivatives Desk engaged in risk management activities via
for ’Atmanirbhar Bharat’. BPCL’s Corporate Research
psychologically safe environment. ESE role holders visit Apart from the regular location visits, webinars and the paper (financial derivatives) market.
& Development Center (CRDC) focuses on niche
locations to strengthen the employee connect and provide awareness programs, we organized a conclave called ‘Thrive During the financial year, 39.86 MMT of crude oil was Petrochemicals, Biofuels, Alternate Energy, Green Hydrogen
them with an opportunity to share their concerns, personal 24: Nourish to Flourish’ on March 12, 2024 on the theme, procured for BPCL group refineries. Three new grades of and Carbon Dioxide mitigation.
grievances, etc. In 2023-24, the ESE team members visited ’Empowering Mindful Leadership’. The conclave aimed to crude oil were procured for processing during the year.
82 locations and had interactions with 1,103 employees. help leaders nourish themselves through various topics During the year 2023-24, CRDC achieved significant
Continuing its success in procuring spot crude oil through
pertinent to mindful leadership, including self-awareness, milestones in Green Hydrogen. At India Energy Week,
The key initiative of ESE is Roshni Plus, an Employee its own Crude Oil Trading Desk, 16.89 MMT were sought
Assistance Program (EAP). Through this initiative, self-care, compassion and presence. They also explored through spot procurement in the financial year, thereby
CRDC showcased and demonstrated an indigenous
the path to developing a resilient workforce and ensuring alkaline electrolyzer, jointly developed with Bhabha Atomic
professional psychological counselling services are made capturing opportunities in the oil market across the globe.
psychological safety in the workplace. The sessions Research Center (BARC), for Green Hydrogen production.
available to all employees and their dependent family The Trading Desk follows a comprehensive trading policy
were conducted in varied formats, such as a fireside chat A Green Hydrogen refueling station for buses is being set
members. The EAP vendor ensures that the services are and has a robust governance framework, that ensures the
with senior leaders, learning hour, laughter therapy and up at Cochin International Airport (CIAL). To foster the spirit
provided in a confidential and cost-free manner. Thus, highest levels of controls in spot crude oil procurement are
panel discussions. of collaboration, an MOU was inked with M/s. Kirloskar Oil
employees have easy access to professional psychological met at all times.
Engines Ltd. for the joint development of H-CNG and H2-
counselling services in dealing with any kind of anxiety or
INTEGRATED INFORMATION SYSTEM (IIS) The year 2023-24 was again a volatile one for the crude, ICE based Gensets.
stress arising out of personal or professional reasons.
product and freight market and all exhibited high variations in
BPCL is continuously treading a digital transformation journey As part of import substitution, R&D programs were
ActivLife webinars are conducted fortnightly on subjects price levels. A flare-up in global geopolitical threats and risks
towards improving processes, increasing productivity, undertaken to develop pathways to produce niche process
around work-life balance, mindfulness and healthy habits. to oil trade and supply chains were major contributors to the
enhancing customer value and convenience. This involves chemicals and catalysts using refinery streams. To valorize
We have conducted 22 webinars, which were attended by volatility seen in the prices of both oil and freight, throughout
business process re-engineering to leverage the capabilities the acrylic acid production in KR, CRDC developed
1,919 participants. There were nine offline seminars, which the year. International Trade rose to the challenge and
of digital technologies and improve the engagement of polyacrylic acid-based additives for industrial water
covered 247 participants across locations. There are varied proactively met the challenges of the new order in the world
internal and external stakeholders, viz. automation of CNG treatment, Carbomer 940 for cosmetic applications, and
e-publications on topics related to work life and emotional oil market and ensured maximum value to the Corporation
accounting, intelligent asset management application, processes to produce Methacrylic Acid (MAA) and Maleic
health, which include 25 Interconnect newsletters published through excellent planning and efficient execution.
warehousing solution for consumer retailing business, etc. Anhydride (MAN) from isobutylene streams. Likewise,
fortnightly, a quarterly e-magazine, ‘Prerna’ covering
The ITRM Chartering team was always cognizant of the advancements were made in carbon capture and utilization
various relevant topics in the realm of the science of positive The IS and LPG teams, along with other OMCs & Public
freight arbitrage that arises periodically between Suez to accomplish the corporate Net Zero 2040 vision. Efforts
psychology, as well as a section on personal motivational Financial Management System (PFMS), under the guidance
max and VLCC vessels and captured significant value for continued to develop cost-effective and energy-efficient CO2
stories of employees. There were 17 ESE mailers sent to of MoP&NG, enabled the Beneficiary Master process on
BPCL by exploiting such arbitrage opportunities throughout capture processes. CRDC’s well-proven HiGee technology
employees via corporate broadcast with links to insightful the Common LPG Data Platform (CLDP). The team also
the year. is being augmented to capture CO2 via energy efficient
articles, and self-assessments for employees to benefit in worked on extending the CLDP platform for Phase I & II of
solvents developed in-house. Similarly, a Simulated Moving
respect of holistic well-being. the LPG subsidy processing to eligible beneficiaries along Over the years, ITRM has collaborated and rendered
Bed process is being developed that captures CO2 via
with advanced MIS. System support was provided for assistance to all major commodity exchanges in India
Another initiative of BPCL ESE is ‘Sahkarmi Mitra’. There are adsorption with high efficiency and low energy requirement.
implementation of various Government initiatives e.g., facial and contributed in developing the commodity derivative
totally 68 Sahkarmi Mitras, each one being nominated from New products, namely anode grade coke and EPA grade test
recognition based eKYC, State Schemes, etc. eco-system in the country for effective risk management.
employees at larger locations. They act as the emotional fuel (diesel) were developed by carrying out successful trials
Recognizing these efforts, the Multi Commodity Exchange
first-aid and normalize conversations around mental health. BPCL conducted a security exercise which simulates real at KR. Likewise, JP-7 grade aviation fuel was developed in
(MCX), the leading commodity exchange of the country,
These Sahkarmi Mitras are given soft skills training to hone world attack techniques, with the purpose of enhancing collaboration with DRDO.
their talents. security controls implemented in different IT systems. The

115
Management Discussion & Analysis Report (Contd.) During the year 2023-24, the concession produced 17.95 around the Afungi Project Site during end March 2021, the
million Metric Tonnes of Oil Equivalent (MMTOE) (BPRL consortium has declared force majeure.
share:0.54 MMTOE). Also, notably, BPCL Group Refineries
The Government of Mozambique is working towards the re-
could access approximately 4.02 million barrels (0.54 MMT)
The Product & Application Development Center’s (P&AD) Further, BPRL’s wholly-owned subsidiary in Singapore, i.e., establishment of peace and resolving the security situation.
of Das Blend Crude Oil as its equity oil share from the
R&D team is working on developing novel automotive, BPRL International Singapore Pte Ltd. (BISPL) holds 33% The Mozambican military, along with joint forces from
Lower Zakum Concession. BPRL International Ventures B V
industrial and eco-friendly lubricant formulations to meet each in two Special Purpose Vehicles (SPV), i.e., Taas Rwanda and the Southern African Development Community
received dividend of $ 13.80 million in the FY 2023-24.
business demands. These include fuel efficient engine India Pte Ltd. (TIPL) and Vankor India Pte Ltd. (VIPL), which (SADC), continue their operations in the region.
oil compatible with ultra-modern heavy-duty diesel hold 29.9% and 23.9% in the Russian entities LLC Taas- The long-term plan in the Concession is to further extend During the year 2023-24, in order to contribute to
commercial vehicles, engine oils compatible with biofuel, Yuryakh Neftegazodobycha (TYNGD) and JSC Vankorneft, and sustain the oil plateau through its future development the stabilization of livelihoods of the communities in
a high-performance heavy-duty diesel engine oil for the respectively. BISPL further holds 50% stake in Urja Bharat plan, which shall be implemented in three phases. The Northern Cabo Delgado, the project implemented
auxiliary power unit, engine and transmission system of new Pte Ltd. (UBPL) in Singapore, which is the Operator of Long-term Development Plan-1 is currently under review various comprehensive socio-economic initiatives under
generation defence equipment, universal tractor transmission Onshore Block 1 concession in Abu Dhabi with 100% by stakeholders. ‘Pamoja Tunaweza’, aimed at generating revenues for the
oil for high horsepower tractors and a non-staining hydraulic PI. The subsidiary in India, viz., Bharat PetroResources communities, developing the local economy, preserving the
oil for the aluminium industry. Lubes R&D also developed a JPDA Limited, held PI in a block in Timor Leste, which has Onshore Block 1 Concession biodiversity and promoting human rights.
fully synthetic air compressor oil for effective lubrication of been relinquished. BPRL, jointly with IOCL, was awarded the Onshore Block 1
severe duty reciprocating compressors, a high-performance There has been an improvement in the security situation
Concession as Operator with 100% PI in March 2019 under
long-life gas engine oil with the potential to extend engine CURRENT STATUS OF BLOCKS and the project is expected to restart soon after receiving
the Abu Dhabi 2018 Block Bid Round. The block is held by
oil drain interval for buses and on-highway light and heavy- satisfactory assurances regarding the security in Cabo
OVERSEAS ASSETS Urja Bharat Pte Ltd, a 50:50 joint venture company of wholly-
duty trucks (BS-VI) running on CNG and an innovative single Delgado province.
owned subsidiaries (WOS) of BPRL and IOCL, incorporated
phase synthetic immersion coolant for data center servers, Russia in Singapore.
as a smart liquid cooling solution. Brazil
BPRL, along with Oil India Ltd. (OIL) and Indian Oil
Onshore Block 1 covers an area of 6,162 sq.km located in IBV Brasil Petroleo Limitada (IBV), incorporated in Brazil, a
During the year, research by the CRDC team resulted in the Corporation Ltd. (IOCL), jointly referred to as the Indian
the Al Dhafra region around Ruwais City and the refining joint venture company of BPRL Ventures BV with 63.24%
grant of seven patents. Also, six new patent applications Consortium (IC), holds 23.9% stake in JSC Vankorneft;
complex, including the coastal region to the west. There are shareholding, as on March 31, 2024 and Videocon Energy
were filed during the year. BPCL’s R&D department is and 29.9% stake in LLC TYNGD through joint ventures
two existing undeveloped discoveries in the area, named Brazil Ltd. (VEBL), step-down subsidiaries of BPRL and
generating revenue by implementing and commercializing Vankor India Pte Ltd. (VIPL) and Taas India Pte. Ltd. (TIPL),
Ruwais and Mirfa, in addition to available prospects/leads Videocon Industries Limited, respectively, currently holds PI
various R&D solutions. respectively, both incorporated in Singapore.
for exploration. The drilling and testing of appraisal wells in three deep-water blocks in two concessions.
In JSC Vankorneft, the remaining stake is held by LLC in Ruwais Discovery were completed in 2021, and the
EXPLORATION AND PRODUCTION OF CRUDE Vostok (50.1% ) and ONGC Videsh Vankorneft Pte Ltd. presence of hydrocarbons was established. The approval Sergipe Alagoas (BM-SEAL-11) Concession
OIL AND GAS THROUGH WHOLLY-OWNED (26%). During the year 2023-24, JSC Vankorneft produced of the Ruwais Field development plan was received from IBV holds 40% PI in the concession and the remaining 60%
SUBSIDIARY BPRL approximately 8.91 million Metric Tonnes (MMT) of oil and the Regulator in April 2024. After execution of Ruwais is held by the Operator, Petrobras. The Concession currently
4.41 billion cubic metres (BCM) of gas (BPRL’s effective Production Concession agreements (PCA), development consists of two blocks - SEAL-M-426 and SEAL-M-349. The
Operations of the Company
share being 0.70 MMT of oil and 0.35 BCM of gas). During related activities shall commence. Operator, on behalf of the Concessionaires, submitted the
Bharat PetroResources Limited (BPRL), the upstream arm
the year, the IC received a dividend amounting to Rub 8.59 Field Development Plans to the Regulator (ANP) in November
of BPCL, has Participating Interest (PI) in fifteen blocks, of In the remaining part of the block area, four exploratory wells
billion, i.e., approximately $ 92.1 million (with BPRL’s effective 2022. Currently, procurement activities are ongoing for the
which eight are in India and seven overseas, along with equity have been drilled successfully, the presence of hydrocarbons
share being approximately $ 30.4 million). Floating Production Storage & Offloading (FPSO) unit and
stakes in two Russian entities holding the license to four has been established in two wells and testing operations
other long-lead items.
producing blocks in Russia. Five of the eight blocks in India In LLC TYNGD, the stake is held along with RN Upstream are ongoing.
were acquired under different rounds of the New Exploration LLC (50.1%), a Rosneft Group company, and BP (20%).
Campos (BM-C-30) Concession
Licensing Policy (NELP), one block was awarded under During the year 2023-24, TYNGD produced approximately Mozambique
5.14 MMT of oil and 5.04 BCM of gas (BPRL’s effective share In the BM-C-30 Concession, IBV holds 35.71% PI and
Discovered Small Fields (DSF) Bid Round 1 and two blocks BPRL, through its Netherlands based step-down subsidiary
PetroRio Jaguar Petroleo Ltda as the Operator holds
were awarded under the Open Acreage Licensing Policy being 0.51 MMT of oil and 0.50 BCM of gas). During the company BPRL Ventures Mozambique B.V., holds 10% PI in
64.286% PI. IBV had initiated Arbitration against the
(OALP) Bid Round I. Out of the seven overseas blocks, three year, the IC received dividend amounting to Rub 16.3 billion, Offshore Area 1, Rovuma Basin Concession in Mozambique.
Operator in the International Chamber of Commerce (ICC)
are in Brazil, two in the United Arab Emirates (UAE) and one i.e., approximately $ 175 million (with BPRL’s effective share Total E&P Mozambique Area 1 Limitada, a wholly-owned
London against Exclusive Operations for development of the
each in Mozambique and Indonesia. being approximately $ 57.8 million). step-down subsidiary of Total S.A. is the Operator with
Wahoo Discovery by the Operator. On April 12, 2024, IBV
26.5% PI, and the other consortium partners are Mitsui E&P
BPRL has wholly-owned subsidiary companies located received the final award of the Arbitration proceedings and
United Arab Emirates (UAE) Mozambique Area 1 Ltd. (20%), ENH Rovuma Área Um, S.A.
in the Netherlands, Singapore and India. The subsidiary its claims were dismissed. Hence, it was further appealed in
(15%), ONGC Videsh Rovuma Ltd. (10%), Beas Rovuma
located in the Netherlands, i.e., BPRL International BV, in Lower Zakum Concession the High Court, London.
Energy Mozambique Ltd. (10%) and PTTEP Mozambique
turn, has four wholly-owned subsidiary companies, viz.,
BPRL, along with IOCL and OVL, hold a 10% stake in the Area 1 Ltd. (8.5%). Further, Arbitration proceedings are also ongoing at ICC
BPRL Ventures BV, BPRL Ventures Mozambique BV, BPRL
offshore producing oil asset, Lower Zakum Concession New York with Ovintiv under the Share Sale Agreement and
Ventures Indonesia BV and BPRL International Ventures BV. Following the discovery of vast quantities of natural gas
in Abu Dhabi, UAE. The Indian Consortium’s share in the the same is being defended by BPRL.
in Rovuma Offshore Area 1 off the coast of northern
BPRL Ventures BV has 63.24% stake in IBV Brasil Petroleo Lower Zakum Concession is held through Falcon Oil &
Mozambique, Area 1 consortium partners announced Final
Limitada, which currently holds PI in three blocks in offshore Gas B.V., an SPV incorporated in the Netherlands, in which Indonesia
Investment Decision (FID) on June 18, 2019 to initially
Brazil. BPRL Ventures Mozambique BV has PI of 10% in BPRL holds 30% shares through its step-down subsidiary BPRL has a PI of 16.2%, held through its step-down
develop a 2x6.56 MMTPA-Train onshore LNG project
a block in Mozambique, and BPRL Ventures Indonesia BV BPRL International Ventures B.V in the Netherlands. The subsidiary BPRL Ventures Indonesia BV. PT Pertamina
for monetization of the gas discovered from the offshore
holds PI of 16.2% in a block in Indonesia. BPRL, through other partners are Abu Dhabi National Oil Company (60%), Hulu Energi Nunukan Company (PHENC), a wholly-owned
Golfinho-Atum discovery area.
BPRL International Ventures BV, has 30% stake in Falcon JODCO (10%, a wholly-owned subsidiary of Japan’s INPEX subsidiary of Pertamina, the National Oil Company of
Oil and Gas BV, which holds 10% stake in the Lower Zakum Corporation), China National Petroleum Corporation (10%), After FID, while the project was on schedule and within Indonesia, has the balance 83.8% PI in the consortium and
Concession in offshore Abu Dhabi, UAE. Italy’s ENI (5%) and France’s Total S.A. (5%). the budget till March 2021, due to the security incidents is the Operator. The Production Sharing Contract (PSC) was

117
Management Discussion & Analysis Report (Contd.) completed. Due to complications during drilling of the MWP Recognizing the vital role that Micro, Small and Medium
commitment well SDYA-1, it was plugged and abandoned. Enterprises (MSMEs) play in socio-economic growth,
The Operator has requested DGH/MoPNG for a three-year employment opportunities, eradication of poverty, etc. the
extension for drilling of a replacement well in the block. Company has created a separate cell for MSMEs to ensure
signed on December 12, 2004 and is valid for a period of 30 CY/ONDSF/Karaikal/2016 (Onshore Cauvery Basin,
Response from DGH is awaited. uninterrupted and prompt payments to them. Further, the
years, i.e., till 2034. The block is located in shallow waters Tamil Nadu)
Company has implemented Trade Receivables electronic
offshore of Bunyu Island in the Tarakan basin of North BPRL was awarded the Karaikal Contract Area in the AA-ONHP-2017/12 (Assam Arakan Basin, Assam and Discounting System (TReDS), which is a digital platform to
Kalimantan province. Discovered Small Field (DSF) Bid Round of 2016 with 100% Arunachal Pradesh) support MSMEs to get their invoices financed at a competitive
The minimum work program committed as per the PSC under PI. The Petroleum Mining Lease (PML) for the block is rate, facilitating timely payment through an auction, where
The Government of India awarded the block
the exploration phase has been completed. The results awaited from the State Govt. of Tamil Nadu, and support of multiple registered financiers can participate.
AAONHP-2017/12 to OIL under OALP I Bid Round. BPRL
of the appraisal drilling program, geological, geophysical DGH has been sought to expedite the same.
farmed into the block with a PI of 10% in December 2019. The Consequent to the focussed efforts for facilitating MSME
and reservoir studies, along with an independent reserve other consortium partners of the block are OIL (60% PI) as
Non-Operated Blocks bill discounting, there has been a considerable increase in
certification, have indicated substantial reduction in the Operator, IOCL (20% PI) and Numaligarh Refineries Limited the quantum and value of MSME bills discounted for the
recoverable oil and gas resource volume from the Parang (10% PI). The exploration period has been extended for one
CY-ONN-2002/2 (Madanam Field, Onshore Cauvery year 2023-24. BPCL discounted 5,122 invoices valued at
discovery. Various options are being evaluated to decide the year and is valid till November 23, 2024. The committed
Basin, Tamil Nadu) ₹ 616 crore during the current year, as against ₹ 318 crore
way forward in the block, including submission of a revised Minimum Work Program (MWP) in the block is completed
BPRL has PI of 40% in an On-land block CY-ONN-2002/2 in during the previous year 2022-23.
Plan of Development, by the Operator. except for drilling of two wells. Statutory clearances are being
the Cauvery basin, with ONGC being the Operator with 60%
obtained for MWP wells from the respective authorities. INTERNAL CONTROL SYSTEM AND ITS
BLOCKS IN INDIA PI. During FY 2023-24, 68,102 MT of oil (BPRL share: 27,241
MT) and 27.54 mmscm of gas (BPRL share: 11.01 mmscm) ADEQUACY
Blocks Relinquished During the Year
Operated Blocks has been produced from the block. A limited quantity of The Company has a robust internal control system (including
natural gas is being monetized and was sold to GAIL since Potiguar (BM-POT-16) Concession, Brazil Internal Financial Controls over Financial Reporting)
CB-ONN-2010/8 (Onshore Cambay Basin, Gujarat) Q4, FY 2023-24. that facilitates efficiency, reliability and completeness
IBV held 20% PI in the BM-POT-16 concession along
Under NELP-IX Bid Round, a BPRL-led consortium was of accounting records and timely preparation of reliable
with the Operator, Petrobras (30% PI), BP (30% PI) and
awarded one on-land block CB-ONN-2010/8, in Cambay CY-ONN-2004/2 (Onshore Cauvery Basin, Tamil financial and management information. The internal control
Petrogal (20% PI). The Concessionaires have withdrawn
basin. BPRL is the Lead Operator with 25% PI and the Nadu) system ensures compliance with all applicable laws and
from the Concession and necessary approvals from the
other consortium partners are GAIL (India) Ltd. - 25% BPRL has PI of 20% in this block, and ONGC with PI of regulations, facilitates optimum utilization of resources and
Regulator have been received. Final settlement amongst the
PI (Jt. Operator), Engineers India Ltd. (EIL) - 20% PI, BF 80% is the Operator of the block. The Field Development protects the Company’s assets and interests of investors.
Consortium partners is ongoing.
Infrastructure Ltd. (BFIL) - 20% PI and Monnet Ispat & Energy Plan (FDP) was approved on July 13, 2017 and the first two The Company has a clearly defined organizational structure,
Ltd. (MIEL) - 10% PI. Due to MIEL’s cash call payment default developmental wells drilled did not yield the desired results, well-documented decision rights, as well as detailed
BUSINESS PROCESS EXCELLENCE CENTER
under the Joint Operating Agreement (JOA), the other non- due to which additional sub-surface studies are being manuals and operating procedures for its business units and
(BPEC)
defaulting parties have agreed to distribute MIEL’s 10% PI in carried out. service entities, to ensure orderly and efficient conduct of
proportion to their existing share. The Business Process Excellence Center (BPEC) is a its business.
centralized setup for handling various business processes
During the initial exploration period, two discoveries were CB-ONN-2010/11 (Onshore Cambay Basin, Gujarat) The internal control systems (including Internal Financial
enhancing efficiency, standardization, and optimization of
made, and the Field Development Plan was approved by CB-ONN-2010/11, the onshore block, was awarded by manpower resources across the organization, covering Controls over Financial Reporting) are reviewed on an
Directorate General of Hydrocarbons (DGH). However, the Government of India to a consortium consisting of processing of non-hydrocarbon vendor payments including ongoing basis and necessary changes are carried out to
in view of unviable project economics, BPRL submitted a GAIL (Operator), BPRL, Engineers India Ltd. (EIL), BF Site Rentals, Accounts Receivable, Centralized Payroll, align with the changing business/statutory requirements.
relinquishment proposal to DGH, which is under approval. Infrastructures Ltd. (BFIL) and Monnet Ispat & Energy Ltd. Post-Retirement Benefits and Centralized GST. The Company has implemented role-based authorization to
Miscellaneous closure activities such as Plugging and (MIEL), under NELP IX Bid Round. Due to MIEL’s cash ensure necessary controls in ERP, to have a high degree of
Abandonment (P&A) and Site Restoration (SR) activities for call payment default under the Joint Operating Agreement During the journey towards centralization, digital data integrity and professional standards. The SAP system
four dry wells have been completed. P&A and SR activities (JOA), the other non-defaulting parties have agreed to transformation and automation, BPEC has migrated various provides an inbuilt audit trail for all business transactions
for two discovery wells shall be completed after obtaining distribute MIEL’s 15% PI in proportion to their existing share. allied processes associated with standard processes that have taken place at any point of time. The Company has
approval from DGH for relinquishment. Also, due to non-participation of BFIL in the development namely, customer account clearing, collection management, a whistle-blower policy and an anti-fraud policy to address
phase of the block, the revised PI for the block stands as dispute management through enhanced internal controls, fraud risks.
CB-ONHP-2017/9 (Onshore Cambay Basin, Gujarat) GAIL 47.06%, BPRL 29.41% and EIL 23.52%. The Field improvement in working capital management, meaningful
insights through data analytics as well as automation and The Company’s independent Audit function, consisting
The block CB-ONHP-2017/9 in Cambay basin, Gujarat Development Plan of Galiyana was approved on February
standardization of processes, resulting in optimum utilization of professionally qualified persons from accounting,
was awarded to BPRL under OALP Bid Round-I, and the 10, 2020. The field development was completed in 2023 and
of resources, benchmarking best practices, excellence in engineering, IT and marketing domains, reviews the
Revenue Sharing Contract (RSC) of the block was signed crude oil production commenced on March 18, 2023. Total
execution and commitment for compliance. business processes and controls to assess the adequacy
with the Government. of India on October 1, 2018. BPRL is crude oil production in FY 2023-24 was 6,446 bbls (870 MT)
of the internal control system through risk-focused audits.
the Lead Operator in the block with PI of 60% and ONGC is at the Consortium level (BPRL Share: 256 MT). BPEC processed 5.18 lakh vendor invoices amounting The Internal Audit Department plans the annual audit plan
the partner with 40% PI. to ₹ 30,374 crore, with a substantial number of invoices to cover various aspects of the business. The audit reports
AA-ONN-2010/3 (Assam Arakan Basin, Assam) processed within 10 days of receipt at BPEC. The Digital
Based on integrated interpretation of seismic and well data published by the Internal Audit Department are shared
AA-ONN-2010/3, an On-land block, was awarded by the Invoice Management (DIM) Portal is an initiative allowing with the Statutory/Government Auditors, who review the
of existing wells in the block, three prospective locations
Government of India to a consortium consisting of OIL, vendors to upload their invoices seamlessly on a real time efficacy of internal financial controls. The Audit Committee/
were identified for drilling of exploratory wells. Drilling of
ONGC and BPRL under NELP IX Bid Round. OIL with 40% basis. Due to the constant efforts made by BPEC, the volume Board regularly reviews significant findings of the Internal
three wells Vanthwadi #01 (VTW#01), Varsola (VSL#01) &
PI is the Operator of the block. BPRL has 20% PI and ONGC of invoices uploaded by vendors digitally has increased, from Audit Department, covering operational, financial and
Virol (VRL#01) has been completed up to target depth and
holds 40% PI in the block. The Minimum Work Program 82% during the year 2022-23 to 84% in the current financial other areas and provides guidance on internal controls, to
testing of wells is in progress.
(MWP) committed by the consortium in the block has been year, resulting in transparency, reducing the processing time ensure governance commensurate with the operations of
and promoting the green initiative. the Corporation.

119
Management Discussion & Analysis Report (Contd.) ANNEXURE TO THE DIRECTORS’ REPORT
ANNEXURE-A
DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS Particulars in regard to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and
S.
Outgo pursuant to the Companies (Accounts) Rules, 2014
No. Ratio Type Unit 2023-24 2022-23 Variation (in %) Explanation for Changes
1 Debtors Turnover Ratio No. of Days 5.43 5.63 -3.52% A. CONSERVATION OF ENERGY
6.13%
2 Inventory Turnover Ratio No. of Days 29.21 27.52
Mumbai Refinery (MR)
3 Interest Coverage Ratio Times 23.97 3.99 500.75% The Interest Coverage Ratio has increased
(Profit Before Interest during the current year mainly on account of (i) Steps taken for impact on conservation of energy
and Tax + Depreciation)/ increase in Profit coupled with decrease in
Finance cost Finance cost nergy conservation and transition towards Net Zero was a major business goal during the year for BPCL. MR
E
successfully completed various energy conservation initiatives, which were instrumental in achieving Specific
4 Current Ratio Times 0.88 0.77 14.67% Higher Debt repayment and increase in Equity
is due to higher profitability in the current year Energy Consumption of 60.9 MBN for the financial year. The performance is attributed to sustained operation at
5 Debt-Equity Ratio Times 0.25 0.69 -63.58% higher intake level of energy efficient Crude Distillation Unit-4(CDU-4), higher capacity utilization of secondary
process units, energy champion schemes and various energy conserving efforts undertaken during the year.
6 Operating Profit Margin % 6.91 0.26 2,540.56% The increase in Operating Profit Margin Ratio A total of 26 Energy Conservation (ENCON) schemes were implemented, which saved 49,374 MTOE/year and
Ratio (OPM) is mainly due to increase in the refinery and reduced CO2 emission by 15,528 MT/year. These achievements were possible due to the following steps taken:
OPM = (Profit before marketing margins in the current year
Exceptional Items and • Unit wise daily monitoring of steam leaks to achieve zero steam leaks.
Tax minus Other Income)/
Sales • Continuous monitoring and control of all parameters of Furnaces & Boilers.
7 Net Profit Margin Ratio % 5.26 0.35 1,401.04% The Net Profit Margin Ratio has increased • Improvement in preheat, furnace efficiency and operational performance of the CDU-4, Catalytic Cracking
mainly on account of higher Profit after Tax
Unit (CCU), Fluid Catalytic Cracking Unit (FCCU), Continuous Catalyst Regeneration Unit (CCR) and Gasoline
8 Return on Net Worth % 35.72 3.60 893.15% The Return on Net Worth has increased Treating Unit (GTU) during Turnaround 2023.
mainly on account of higher Profit after Tax
• Continuous recovery of flare gas with the help of the Flare Gas Recovery System (FGRS) and stringent
monitoring of process conditions to control flare loss.
• Continuous Survey of Pressure Safety Valves (PSV)/Pressure Control Valves (PCV) to identify passing valves
and rectification to reduce flare loss.
• Periodical Survey of Compressed Air and Nitrogen leaks and rectification.
• Implementation of various Advanced Process Control (APC) strategies in process units to reduce
energy consumption.
• Usage of an ‘Energy Analytics Dashboard’ and ‘Unit Daily EII Monitoring’ for online monitoring of Refinery
Process Performance along with MBN/EII.
• Replacement of conventional cooling tower fan blades in all the cooling towers and various process units with
new energy efficient e-Glass Epoxy-Fibre Reinforced Plastic (e-FRP).
• Implementation of Electric Heat Tracing (EHT) in offsite congealing lines.
• De-aerator pressure optimization of the Boiler House De-aerator.
(ii) Steps taken by the Company for utilizing alternate sources of energy
Cumulative solar power generation for 2023-24 was 1,195.884 MWH/Annum from the Solar Power Plant installed
at the Refinery & BPCL staff colony in Chembur, Mumbai.
(iii) The capital investment on energy conservation and estimated savings

Energy Savings
Capital
Sr. Investment Fuel Power
No. Description of Schemes (K crore) (MT/Year) (MWh/Year)
1 Stripping steam optimization in C3/C4 Splitter in CCU NIL 262
2 DHDS De-aerator pressure optimization NIL 238
3 Replacement of one BCW CT fan blade in CPP BCW cooling 0.03 62.3
towers with new generation energy efficient e-FRP blades
4 NHGU PSA adsorbent replacement impact As part of 8,533
Project Development
Report (PDR)
5 Boiler House (BH) BFW pump offloading NIL 300
6 Tank 116 (VLSFO service) steam to coils isolated for steam NIL 714
savings

121
Energy Savings (iii) The capital investment on energy conservation and estimated savings
Capital
Sr. Investment Fuel Power Energy Savings
No. Description of Schemes (K crore) (MT/Year) (MWh/Year) Capital
Sr. Investment Fuel Power
7 DM water/Pure condensate routing optimization in DHDS/CCR 1.65 952 No Description of Schemes (K crore) (MT/Year) (MWh/Year)
and CDU-3 through NHGU
1 Preheat Improvement in CDU-3 by passing LK and HK re- NIL 3,256
8 BH De-aerator pressure optimization NIL 3,633 boiling medium
9 Electrical Heat Tracing (EHT) Phase-1 in offsite congealing lines 31.25 4,829 -5,954.0 2 Routing of CDU-3 Hot VGO to the Vacuum Gas Oil Hydro NIL 2,116
10 CDU-3 crude column top pressure optimization NIL 1,000 De-Sulphurization (VGOHDS) unit thereby reducing steam
heating in the VGOHDS unit
11 Tank 117 (VLSFO service) steam to coils isolated for steam NIL 714
savings 3 DCU heater A & heater B pass headers modification 0.25 1,901
12 Replacement of AFC fan blades in CCR (6) with new generation 0.16 332.4 4 Various APC initiatives implementation in FY 2023-24: NIL 6,324
energy efficient e-FRP blades 1. PDO LP Oxo section, BuOH and 2EH section
13 Replacement of fan blades in BCW cooling towers (CPP 2, 0.16 205.9 2. UB10 & HRSG for steam reduction
FCCU 1, GTU 1) with new generation energy efficient e-FRP blades 3. KHDS for steam and FG optimization
14 Replacement of fan blades in RCW cooling towers (CCR 3, 0.16 409.3 4. DHDT and VGO HDT Preheat Improvement
DHT 2) with new generation energy efficient e-FRP blades 5. APC revamp of CDU-2 and FCC units
15 Replacement of fan blades in SCW cooling towers (MOC 4, 0.43 4,542.7 6. ynamic SOx limit in DCU and CDU-3 thereby increasing
D
CDU-4 7, RMP 2) with new generation energy efficient e-FRP heater efficiencies
blades
5 Installation of sour water coalescer on sour water line in DCU 6.00 999
16 CCR revamp As part of Turnaround 2,200 for oil recovery
17 NHT shutdown impact and feed maximization As part of Turnaround 733 6 Cold Flash drum off-gas from VGOHDS routed to NHT-1 NIL 950
reducing H2 intake and reducing excess Fuel Gas in CEMP-II
18 CDU-4 shutdown initiative impact As part of Turnaround 11,667
7 Fuel gas connectivity to old Refinery from IREP thereby 0.28 950
19 Diversion of VDU hot well gases to flare instead of local venting As part of Turnaround 48
reducing flaring and reducing fuel oil consumption in refinery
(isolation of steam-to-steam ring)
8 Routing KHDS off gases to Biturox incinerator to avoid flaring: 0.09 770
20 CCU shutdown initiative impact As part of Turnaround 4,233
Approx. reduction of 2 TPD of HC gas
21 FCCU shutdown initiative impact As part of Turnaround 2,419
9 Use of Nitrogen as stripping medium instead of steam in KHDS NIL 729
22 GTU shutdown initiative impact As part of Turnaround 233
10 Routing of excess FG from IREP to CEMP-II to reduce flare loss 0.45 500
23 Steam traps & leak management in CDU-4, CCU, FCCU, CCR, NIL 1,614
11 Use of improved Catalyst in VGOHDS NIL 3,906
GTU, DHDS, ARU units & Utility area (SD jobs)
12 Use of improved Catalyst in DHDS NIL 2,604
24 Hot feed to RFU ex-CDU-4 NIL 1,071
13 In DHDT Unit, 55 AFC metallic blades have been replaced with 0.47 1,704
25 CDU-4 crude column top pressure optimization NIL 2,267
e-FRP blades
26 86-P-03 Turbine in DM Plant area offloaded ;NIL 1,786
14 Stopping Fuel Oil circulation in MSBP after fuel gas NIL 274 639
Total 33.84 49,446 -401.4 rationalization scheme implementation
15 In PDA unit, replacing small rating motors (P-13A/B and 0.35 511
Kochi Refinery (KR) P-17A/B) with higher rating which has helped in running only
one pump instead of two parallel pumps
(i) Steps taken for impact on conservation of energy 16 In CDU-2 unit, replacing small rating motors (Pumps CP232A&B 0.4 1,278
- RCO Pump) with higher rating and change in impeller diameter
pecific Energy Consumption has reduced to 62.6 MBN at KR. BPCL-KR implemented 22 major Energy
S
has helped in running only one pump instead of two parallel
Conservation Schemes, having potential savings of 31,345 MTOE/year with potential reduction of CO2 pumps
emission by 97,169 MT/year. 17 Energy conservation initiatives in PDPP: NIL 388 213
The following were the areas of major improvement: (a) AFC Power optimization in PDO unit
(b) Diversion of PDO Recycle compressor purge to FG system
• Integration of refinery fuel gas system across all blocks to avoid flare loss and minimize fuel oil consumption.
18 Energy conservation initiatives in CDU-2: Stopping FO firing in 0.05 577 2,113
• Maximizing hot feed from CDU-3 to downstream units. furnaces, direct routing of Raffinate for SBP production, feed
pump impeller trimming etc.
• Delayed Coker Unit (DCU) heater pass modifications. 19 Energy Improvement Schemes in CDU-3: Replacing small 1.53 2,982
rating motors (Heavy Naphtha and HVGO pumps) with higher
• Implementation of APC in all Refinery Units, Petrochemical Units and Utilities.
rating which has helped in running only one pump instead of two
• Use of Nitrogen as stripping medium instead of steam in the Kerosene Hydro De-Sulphurization Unit (KHDS). parallel pumps, bringing CDU-3 heater ID fan in VFD mode
20 Reduction in size of steam systems: Stoppage of SCAPH in 0.05 1,405
• Conversion of air fin cooler fan blades from metallic to e-FRP. DHDT, Steam optimization in NHTCCR SCAPH, Removal of
redundant lines in SRU-3 and utilities
• Impeller modifications and motor replacement for pumps to avoid two pumps operation in parallel due to
21 Operational improvements: VGO HDS recycle gas Anti-surge NIL 984 2,190
higher load.
opening reduction, MSBP RGC (MNC01) loading reduction to
50% from 75%, Taken VGO HDS PRT inline, routing of hot lean
(ii) Steps taken for utilizing alternate sources of energy amine from SRU-3 to VGO HDT thereby stoppage of amine
preheater in VGO HDT
• 3.37 MWp Solar plant at Rainwater Harvesting Pond was commissioned in February 2024.
22 Energy conservation initiatives in MSBP: installation of FRIC 0.30 665
• 6.0 MWp Solar plant at CISF Colony was commissioned in March 2024. insulation on hot oil system valves, Routing of condensate to
DHDS Utility Boiler De-aerators
• 3.83 MWp Solar plant at Shore Tank Farm was commissioned in June 2024.
Total 10.2 29,298 11,630

123
Bina Refinery (BR) B. TECHNOLOGY ABSORPTION
(i) Steps taken for impact on conservation of energy Mumbai Refinery (MR)
R’s Specific Energy Consumption was 66 MBN in 2023-24, as against 67.2 MBN in the previous year.
B
i) The efforts made towards technology absorption and the benefits derived such as product
A total of 11 ENCON schemes were implemented, which helped BR save 24,156 MTOE/year and reduce CO2
improvement, cost reduction, product development or import substitution:
emission by 89,071 MT/year.
• MR successfully produced Group III 100N Base Oil.
The following are the measures taken up at BR for energy conservation:
• MR received a US patent for ‘Advanced Process Control in a Continuous Catalytic Regeneration Reformer’ in
• Steam Network Management and quarterly surveys of flare control valves and PSVs passing by ultrasonic May 2023, after receiving the Indian patent in May 2019.
leak detector were continued through external expert agencies.
• A new product, De-aromatized Solvent D40/D100/D130 grade, was dispatched for the first time from MR.
• Continuous monitoring and control of all parameters of Furnaces & Boilers, continuous recovery of flare
gas through the Flare Gas Recovery System, optimization of process unit parameters through APC to ii) In case of imported technology (imported during last three years reckoned from the beginning of
sustain energy performance at optimum level. the financial year):
• Installation of Micro Turbine in SRU MP to LP Let-down with power generating capacity of 2.5 MW.
a. The details of technology imported and the year of import:
• Energy efficient blades installed in place of conventional blades in process fin fan coolers for power saving. S.No Unit – Technology Licensor Year
• Replacement of conventional lamps with LED lamps for power saving in refinery. 1 Lube Oil Base Stock (LOBS) Revamp (300 to 450 KTPA) M/s. CLG, USA 2022
2 Kerosene Hydrotreater (KHT) M/s. Haldor Topsoe, Denmark 2023
• Refinery Cooling Tower turbine kept on hot standby to reduce CPP PRDS losses.
• CAPH Replacement in HCU Fired heater to reduce fuel consumption. b. Has technology been fully absorbed?
• Replacement of orifice flowmeter by ultrasonic flow meter in CDU/VDU & DCU. Yes.
(ii) Steps taken for utilizing alternate sources of energy c. If not absorbed, areas where this has not taken place, reasons thereof and future plans of action.
• 14MWp Solar Power project commissioned in August 2023 as a part of our Net Zero initiative. Not Applicable.
• Setting up a 2.15 MT/day Green Hydrogen plant utilizing 5 MW electrolyzer, engineering work for the same
Kochi Refinery (KR)
is under progress.
i) The efforts made towards technology absorption and the benefits derived such as product
(iii) The capital investment on energy conservation and estimated savings improvement, cost reduction, product development or import substitution:
Capital
Energy saving a) Heavy Oxo Alcohol, a new product was added to the KR product portfolio.
Investment Fuel Power
S.N. Description of Schemes (K crore) (MT/year) (MWh/Year) b) In collaboration with CRDC, KR completed the trial run and produced Green Anode grade coke in the Delayed
1 14MWp Solar Power plant 91.68 25,760 Coker unit.
2 Installation of Micro Turbine in SRU MP to LP Let-down with 12.14 9,600 c) he Environment Protection Agency (EPA) USA grade Diesel trial run was completed successfully in the
T
power generator VGOHDS Unit on February 1, 2024. Discussions are on with potential customers and delivery of product is
3 Replacement of conventional lamps with LED lamps 5.86 3,490 being worked out.
4 Energy efficient FRP blades in AFCs of Refinery process units 2.56 6,013
d) erox upgradation to treat feed with mercaptans up to 400 ppm from the existing 250 ppm was successfully
M
5 RCT turbine on hot standby to reduce CPP PRDS losses NIL 9,760
completed in September 2023.
6 Stopping the standby seal pot blower in Boiler-2 achieved NIL 160
through pulley resizing of seal pot blowers e) In order to resolve the persistent moisture issue in KHDS products, Nitrogen stripping was provided to the
7 VGO Pump impeller trimming to save power NIL 200 KHDS Fractionator (KV-3) bottom (in place of steam) in May 2023, eliminating the issue effectively.
8 CAPH Replacement in HCU Fired Heater to reduce fuel NIL 685
consumption ii) In case of imported technology (imported during the last three years reckoned from the beginning
9 Replacement of orifice flowmeter by ultrasonic flow meter in NIL 261 of the financial year):
CDU/VDU & DCU (9) No technology has been imported during the last three years.
10 ARU and SWS Reboiler steam reduction by 10 TPH by cleaning NIL 7,143
of tube bundle
11 Installation of new globe valves in STG LP extraction header NIL 3,571
which will facilitate LP steam optimization and increase waste
heat recovery in HGU unit
Total 112.24 11,660 54,983

125
Bina Refinery (BR) 21. Energy Efficient Furnace and Heat Exchanger operation
i) The efforts made towards technology absorption and the benefits derived such as product 22. Software for real-time Crude Assay for crude distillation monitoring and optimization
improvement, cost reduction, product development or import substitution: 23. Software for predicting crude blend compatibility and optimization
R has made efforts in implementing the following to obtain the benefits of the latest technology developments and
B
24. Simulation models for refinery units
advances during 2023-24:
25. Niche/Specialty Solvent development
• BR has broadened its range of products by introducing Army Grade Kerosene, which is characterized by
Low Smoke and Low Aromatic content, and Ethanol Blended Motor Gasoline (EBMS) to its selection. These 26. Niche Catalyst development and catalytic processes
additions reflect the refinery’s ongoing efforts to diversify and enhance its product offerings.
27. Crude Oil Pipeline Corrosion Inhibitor development
• BR has taken a significant step towards improving Sulfur recovery by loading an indigenous catalyst into the Tail
28. Anode grade Coke production process
Gas Treating Unit (TGTU) reactor. This move, not only supports domestic industries, but also showcases the
refinery’s commitment to adopting locally-sourced, high-quality solutions for its operations. 29. Waste Plastic usage in road construction
• The installation of electrical tracing in the Cyclemax (Continuous Catalyst Regeneration) Unit’s upper air line is 30. Biofuel compatible Engine Oils
an enhancement to prevent corrosion caused by HCl condenzation. This upgrade has significantly improved the
31. Universal Tractor Transmission Oil developed for high horsepower tractors
system’s reliability, ensuring more consistent and secure operations within the refinery.
32. Fully synthetic Air Compressor Oil for severe duty Reciprocating compressors
• BR has enhanced its operational reliability by installing online analyzers for Iron (Fe), Chloride (Cl), and pH in
the CDU. These analyzers facilitate real-time monitoring of key corrosion parameters, forming an integral part 33. Single phase synthetic immersion coolant for data center servers
of the Comprehensive Chemical Treatment Program.
34. Non-staining Hydraulic oil for the Aluminum industry
ii) In case of imported technology (imported during last three years reckoned from the beginning of
(ii) Benefits derived as a result of the above R&D
the financial year):
1. orporate Research and Development Center (CRDC) has developed the world’s most energy efficient LPG stove
C
No technology has been imported during the last three years.
with thermal efficiency of >74%. So far 1.7 lakh units have been sold with net revenue generation of I 3.5 crore
through royalty.
RESEARCH & DEVELOPMENT (R&D)
2. Indigenously manufactured Super Absorbent Polymer (SAP) product has been certified by M/s. Swara Baby
(i) Specific area in which R&D has been carried out: Products Pvt. Ltd. and M/s. Bapuji for diapers and other industrial applications. Based on the certification, the
1. Green Hydrogen. clients have placed an order for a supply of 4 MT of SAP.
2. Carbon dioxide (CO2) capture & utilization 3. 2,500 MT per day HiGee deaerator system is being installed at KR in collaboration with M/s. Engineers India
A
Limited (EIL). This will result in steam saving worth I 2.3 crore per annum.
3. High Efficiency Domestic Petroleum Natural Gas (PNG) Cooking Stove
4. ussian crude processing using the K Model in Bina Refinery yielded I 82 crore benefit by averting compatibility/
R
4. Integrated solar and wind energy generation and storage system
fouling issues and selecting compatible crudes.
5. Super Absorbing Polymer (SAP) commercialization
5. At India Energy Week, CRDC showcased and demonstrated an indigenous alkaline electrolyzer, jointly developed
6. Niche petrochemicals and Petrochemical processes with BARC, for Green Hydrogen production. Hon’ble Prime Minister, Shri Narendra Modi and MoPNG Minister,
Shri Hardeep Singh Puri appreciated the Company’s efforts towards Hydrogen economy and Atmanirbhar
7. Di-methyl Ether Demonstration
Bharat initiatives.
8. Development of Polyacrylic acid-based additives for industrial water treatment
6. CRDC and EIL collaborated to develop desalter technology, deployed at KR CDU III unit’s first stage desalter.
9. Green Silica production from Biorefinery waste Post-implementation, efficiency increased by 1% with low salt range crude oils and 4–6% with higher salt range
crude oils.
10. Biodegradable plastics production
7. A 6,500 MT green anode grade coke production trial at KR was successfully completed in November 2023. The
11. Bio-methanation using biomass feedstock
product met the requisite specifications and can be manufactured viably on a continuous basis.
12. Sustainable Aviation Fuel (SAF)/Bio-ATF (Aviation Turbine Fuel)
8. In-house formulated process chemicals for furnace and heat exchanger cleaning, as well as sulfur pit deodorization,
13. Diesel-Ethanol Blends for Automotive Applications resulted in savings of I 1.75 crore.
14. EPA grade Diesel production process 9. BU support activities towards catalyst and additive evaluation, corrosion sample analyses, BPMARRK software
S
usage, crude and fuel testing led to a value addition of I 13.96 crore.
15. JP-7 grade Aviation Fuel
16. Membrane based Hydrogen recovery from refinery off-gases
17. HiGee Technology for deaeration of Boiler Feed Water
18. Novel reactor designs
19. Indigenous Desalter technology
20. Process Intensification/Energy efficient processes

127
(iii) Future R&D areas ANNEXURE TO THE DIRECTORS’ REPORT

1. Net Zero processes and technologies
ANNEXURE-B
2. Hydrogen Carriers
ANNUAL REPORT ON CSR ACTIVITIES
3. Pathways to a Circular Economy
1. Brief outline on CSR Policy of the Company:
4. Renewable and Alternate Energy
“ We are a Model Corporate Entity with Social Responsibility” is one of the vision statements of Bharat Petroleum
5. Bio-Products/Bio-chemicals Corporation Limited (BPCL). Recognizing its equal responsibility towards the community near its business units and
6. Battery and Storage technologies far-flung communities, BPCL has contributed steadily towards the goal of achieving sustainable development over
the years. As per the Companies Act, 2013 we have our CSR policy and guidelines in place, the highlights of the
7. Graphene production same being:
8. Engine R&D • In every financial year, at least 2% of average net profits of the Company made during the three immediately
9. Waste to energy and fuels preceding financial years is earmarked for undertaking CSR activities.
10. Crude to Chemicals • BPCL has a CSR Committee of the Board headed by an Independent Director, which regularly reviews and monitors
all CSR projects.
11. Electrochemical CO2 reduction processes
• A robust governance structure with a dedicated team of CSR professionals strives towards identifying and
12. Photocatalytic conversion of CO2 implementing impactful social projects, which are in alignment with the areas specified under Schedule VII of the
13. E-fuels Companies Act, 2013. The Company takes up CSR projects largely in the five core thrust areas of:
14. Strategy to handle Petrochemical plant effluents − Health & Sanitation
15. Residue upgradation to value added Chemicals and products − Education
16. Niche Petrochemical product development − Environmental Sustainability
− Skill Development
(iv) Expenditure on R&D during 2023-24
− Community Development
Expenditure
Particulars (K in crore)
2. Composition of CSR Committee:
Revenue/Recurring Expenditure 58.52
Capital Expenditure 37.35 No. of meetings of No. of meetings of CSR
Sr. CSR Committee Committee attended
Total 95.87 No. Name of Director Designation/Nature of Directorship held during the year during the year
i. Dr. (Smt.) Aiswarya Biswal Independent Director, Chairperson 11 11
C. FOREIGN EXCHANGE EARNINGS AND OUTGO ii. Shri Vetsa Director (Finance), Member 11 8
The details of foreign exchange earnings and outgo are given below: Ramakrishna Gupta
iii. Shri Suman Billa Government Nominee Director, 11 8
(I in crore) Member
Particulars 2023-24 2022-23 iv. Shri Ghanshyam Sher Independent Director, Member 11 11
Earnings in Foreign Exchange 13,011.82 15,708.29 v. Smt. Kamini Chauhan Government Nominee Director, 11 6
- Includes receipt of K 1,857.39 crore (previous year I 1,917.63 crore) in Indian currency out Ratan Member
of total foreign currency billings made to foreign airlines and K 602.05 crore (previous year
I 507.13 crore) of INR exports to Nepal and Bhutan of I&C, Lubes and Retail customers vi. Dr. (Smt.) Sushma Agarwal Independent Director, Member (w.e.f. 27.04.2023) 11 11
Foreign Exchange Outgo 2,06,913.77 2,31,848.17 vii. Shri Rajkumar Dubey Director (Human Resources), Member (w.e.f. 11 11
- On account of purchase of Raw Materials, Capital Goods, Chemicals, Catalysts, Stores 01.05.2023)
spares, International trading activities etc.
3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects
approved by the Board are disclosed on the website of the Company.
The details of the CSR committee, CSR policy & projects approved by the Board are available on the website of the
Company on https://www.bharatpetroleum.in/social-responsibility/social-responsibility.aspx
4. Provide the executive summary along with web-link(s) of Impact Assessment of CSR Projects
carried out in pursuance of sub-rule (3) of rule 8, if applicable
BPCL has been conducting impact assessment of CSR projects to monitor and evaluate the actual impact created on
the ground through its CSR Projects. BPCL has taken cognizance of sub-rule (3) of rule 8 of the Companies (Corporate
Social Responsibility Policy) Rules, 2014 as notified w.e.f. 22.01.2021. Accordingly, impact assessment of most of
the eligible projects has been completed. Brief of indicative impact assessment reports is given in Annexure IA, and
the relevant reports are made available on the website: https://www.bharatpetroleum.in/CSR/CSR-Reporting/Impact-
Assessment-Reports.aspx

129
(I in crore) 8 Whether any capital assets have been created or acquired through Corporate : Yes
5. (a) Average net profit of the company as per sub-section (5) of section 135 : 10,314.09 Social Responsibility amount spent in the Financial Year
(b) Two percent of average net profit of the company as per sub-section (5) of section 135 : 206.29 If yes, enter the number of Capital Assets created/acquired : 4,034
(c) Surplus arising out of the CSR Projects or programs or activities of the previous financial years : 0.47 These assets have been created and handed over to the respective entity/Authority/beneficiary of the project.
(d) Amount required to be set off for the financial year, if any : - Furnish the details relating to such asset(s) so created or acquired through Corporate : As mentioned above assets have
Social Responsibility amount spent in the Financial Year. been created and handed over to the
(e) Total CSR obligation for the financial year [(b)+(c) - (d)] : 315.68# respective entity/Authority/beneficiary of
#Includes I 108.92 crore on account of unspent B/F from FY 2020-21, 2021-22 & 2022-23 transferred to Unspent CSR Account before due dates the project. These details are enclosed
as Annexure IB.
6. (a) Amount spent on CSR Projects (both on ongoing projects and other than ongoing projects) : 153.41
(b) Amount spent in Administrative Overheads : 4.73 9. Specify the reason(s) if the company has failed to spend two per cent of the average net profit as per
sub- section (5) of section 135.
(c) Amount spent on Impact Assessment, if applicable : 0.05
(d) Total amount spent for the Financial Year [(a)+(b)+(c)] : 158.19 Corporate Social Responsibility (CSR) has been deeply rooted with BPCL’s business strategy, thereby fostering
inclusive and sustainable development for society with a strong focus on the neglected sections of the community.
(e) CSR amount spent or unspent for the Financial Year: BPCL weighs its performance by its Triple Bottom Line contribution to building economic, social and environmental
Amount Unspent
stability. Throughout its journey, BPCL has piloted several projects in the development sector PAN-India. Several
projects were approved during the 2nd, 3rd and 4th quarters of FY 2023-24, with implementation spread over more than
Total Amount transferred to Unspent CSR Account Amount transferred to any fund specified under Schedule VII as
as per sub section (6) of section 135 per second proviso to sub-section (5) of section 135 one year. Further, payments made to implementing agencies are linked to achievement of key deliverables. The actual
Total Amount Spent
for the Financial Amount Amount
expenditure against approved projects rolls beyond the financial year.
Year (K in crore) (K in crore) Date of transfer Name of the Fund (K in crore) Date of transfer
The CSR amount unspent in the current FY has been allocated to approved projects and transferred to separate
158.19 87.58 30-04-2024 N.A. N.A. N.A. unspent CSR Accounts as mandated by the Companies Act and the same will be spent in accordance with provisions
(f) Excess amount for set off, if any: NA of the said Act.
Sl.
No. Particular Amount Sd/- Sd/- Sd/-
(1) (2) (3) Shri Rajkumar Dubey Shri Vetsa Ramakrishna Gupta Dr. (Smt.) Aiswarya Biswal
(i) Two percent of average net profit of the company as per sub-section (5) of N.A. Director (Human Resources) Director (Finance) Chairperson – CSR Committee
section 135
(ii) Total amount spent for the financial year N.A. Date: July 19, 2024
(iii) Excess amount spent for the financial year [(ii)-(i)] N.A.
(iv) Surplus arising out of the CSR projects or programs or activities of the previous financial years, if any N.A.
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] N.A.
7. Details of Unspent Corporate Social Responsibility amount for the preceding three Financial Years
Amount transferred to a
Amount Amount
Fund as specified under
transferred to Balance Amount Amount remaining to
Schedule VII as per second
Unspent CSR in Unspent CSR spent be spent in
proviso to sub-section (5) of
Account under Account under in the succeeding
section 135, if any
sub-section (6) subsection (6) Financial Financial
Sl. Preceding Financial of section 135 of section 135 Year Amount Years Deficiency,
No. Year(s) (K in crore) (K in crore) (K in crore) (K in crore) Date of transfer (K in crore) if any
1. FY 2020-21 17.01 4.75 4.75 N.A. N.A. Nil -
2. FY 2021-22 39.40 24.18 19.61 N.A. N.A. 4.57 -
3. FY 2022-23 79.99 79.99 14.65 N.A. N.A. 65.34 -
TOTAL 108.92 39.01 N.A. N.A. 69.91

131
Annexure IA-Executive Summary of Impact Assessments for Projects Completed in the Previous Financial Year
132
SI. Budget Expenditure Implementation
No. Title of the project (K in crore) (K in crore) Agency Location Executive Summary
1 Procurement of medical 1.99 1.59 Cachar Cancer Cachar Assam The project aims to improve surgical accuracy, enhance surgeons’ efficiency, and ensure
equipment for operation theatre Hospital and Research better diagnostic and treatment outcomes for cancer patients at Cachar Cancer Hospital,
at Cachar Cancer Hospital and Center (CCHRC) and Assam. This initiative recognizes the crucial need to focus on enhancing the precision of
Research Center in association Office of the Deputy diagnosis, thereby improving patient outcomes and overall well-being. A total of 2,522 patients
with District Administration, Commissioner received diagnosis and treatment, including a surgical microscope (which reduced the
Cachar, Assam surgery time), video bronchoscope (extremely useful for diagnosis or therapeutic procedures)
and anesthesia workstation.
2 Provision of quality medical 0.88 0.86 Impact India Kumuram Bheem This initiative aims to reduce avoidable disabilities by providing medical and surgical
healthcare services through Foundation (IIF) Asifabad (Aspirational services to underserved communities. The project focuses on early screening, treatment
the Lifeline Express (Hospital District), Telangana and awareness for various ailments such as blindness, deafness and cancer. It also involves
on a train) in Kumuram Bheem community outreach activities, training local volunteers, and ensuring follow-up care, thereby
Asifabad (Aspirational District), improving healthcare access and outcomes in rural India. All orthopedic patients reported
Telangana significant improvement in mobility post-surgery; likewise, vision was enhanced for those

who underwent cataract surgery and patients who received hearing aids reported greatly
improved hearing ability.
3 Establishing a new Govt. 13.54 11.11 Directorate of Sembodai, The establishment of a new Government ITI at Sembodai, Nagapattinam District, under
Industrial Training Institute (ITI) Employment and Nagapattinam District Vision New India 2022, aims to bolster technical education infrastructure in the region.
at Sembodai, Nagapattinam Training This initiative seeks to meet the growing demand for skilled manpower by offering state-
District under Vision New India of-the-art training facilities aligned with industry standards. The ITI will focus on providing
2022 comprehensive vocational training in trades essential for local industries, enhancing
employability and fostering economic development in the District. New machinery and
equipment have provided a superior hands-on experience to students. Smart classrooms
are regularly used for theoretical visual learning and practical demonstrations, enhancing the
learning experience.
4 Expansion of infrastructure 5.82 5.37 Manav Sadhan Vikas Sindhudurg District, The project involves the expansion of infrastructure facilities, including the construction of
facilities at Manav Sadhan Sanstha (MSVS) Maharashtra new buildings and the acquisition of equipment at Manav Sadhan Vikas Sanstha’s School
Vikas Sanstha’s School of Nursing in Anav, Kudal Tehsil, Sindhudurg District, Maharashtra. This initiative aims
of Nursing at Anav, Kudal to enhance educational resources and create a conducive environment for learning and
Tehsil, Sindhudurg District, teaching. The project focuses on modernizing facilities to support comprehensive nursing
Maharashtra education and practical training, thereby improving student outcomes and preparing them
effectively for healthcare professions. Specialized labs, such as the community health lab
and maternal and child health nursing lab, significantly improved hands-on training.
5 Construction of 1,000 individual 2.80 2.80 Habitat for Humanity Balangir The project involves the construction of 1,000 individual toilet blocks in Balangir District,
toilet blocks in Balangir District, India Trust (HFHI) District, Odisha Odisha to address sanitation challenges and improve access to clean and hygienic sanitation
Odisha facilities. The project’s focus is on enhancing public health outcomes, promoting better
sanitation practices, and contributing to socio-economic development in the local communities
of the District. Apart from the cessation of open defecation, the initiative improved cleanliness
in the entire district, hand-washing practices were adopted, sanitary napkins are now being
used and water purification has started.
SI. Budget Expenditure Implementation

No. Title of the project (K in crore) (K in crore) Agency Location Executive Summary
6 Development of affordable 29.30 16.24 Tata Education and Darrang District, The project aims to establish a comprehensive cancer care facility through a collaboration
cancer care for the population Development Trust Assam between Tata Education and Development Trust (TEDT), BPCL and Assam Cancer
in Darrang District, Assam (TEDT) Care Foundation (ACCF). The initiative seeks to provide accessible, affordable and
standardized cancer treatment, focusing on early detection, prevention and high-quality
care. By developing a multi-level infrastructure, including diagnostic services and advanced
treatment centers, the project aspires to enhance cancer care accessibility in Assam
and position the region as a hub for cancer research and education. The hospital has
significantly improved the quality of life for patients, with greater ease of access contributing
to improved treatment compliance and outcomes, underscoring the hospital’s clinical
effectiveness, substantial financial subsidies, effective treatment and care interventions,
focus on health literacy and awareness, augmented patient-staff interaction, fostering a
supportive care environment, and enhanced community trust and satisfaction with the
healthcare services provided.
7 Skill development of 4.55 4.38 Center for Research Aspirational districts The project objective is to provide technical skills to unemployed youth in eight aspirational
underprivileged youth from eight and Industrial Staff of Madhya Pradesh districts of Madhya Pradesh including Damoh, Chhatarpur, Rajgarh, Singrauli, Barwani, Guna,
aspirational districts of Madhya Performance (CRISP) including Damoh, Vidisha and Khandwa. This initiative recognizes the crucial need to impart skills to youth from
Pradesh Chhatarpur, Rajgarh, marginalized communities, thereby enhancing their financial stability and improving their
Singrauli, Barwani, employment opportunities. A significant majority of participants demonstrated substantial
Guna, Vidisha and increases in their income, indicating a positive shift in their financial empowerment. Some
Khandwa continued in a job that they got during placement, and some opted for self-employment
in a similar trade, suggesting greater confidence, independence and better long-term
economic stability.
8 Healthcare projects under Bina 4.10 3.74 Vivekananda Kendra 22 villages in the This healthcare project is undertaken at 22 villages in the vicinity of Bina Refiney - primary
Refinery vicinity of Bina healthcare through the provision of the Mobile Medical Unit (MMU) which serves the
Refinery community at their villages, and secondary (specialist level) healthcare through Swasthya
Sewa Yojana (SSY) at the Vivekananda Kendra – Bina Refinery (VK-BR) hospital. The VK-BR
Corporate Overview
hospital is a 30-bedded full-fledged hospital constructed by Bina Refinery in 2008 and handed
over to Vivekananda Kendra, a registered public trust, for operations and management.
Healthcare beneficiaries for the past three years at the Hospital are approx. 85,000. The
hospital provides core diagnostic services like pathology, x-ray and ultrasonography (USG);
specialist medical services like pediatrics, obstetrics & gynaecology, anesthesia, general
surgery, ophthalmology, ENT, urology, physiotherapy, medicine and dental, are provided
through visiting consultants. The hospital also has an in-house pharmacy store.
Sd/- Sd/- Sd/-

Statutory Reports
Shri Rajkumar Dubey Shri Vetsa Ramakrishna Gupta Dr. (Smt.) Aiswarya Biswal
Director (Human Resources) Director (Finance) Chairperson – CSR Committee
Financial Statements
133
ANNEXURE IB - Details of assets created or acquired through CSR amount spent in current Financial Year
134
Pincode CSR Amount Details of Entity/Authority/Beneficiary of the Registered Owner
of the Spent and
Sl. Property Utilized CSR Registration
No. Short Particulars of the Property or Asset(s) or Asset(s) Date of Creation (K in crore) Number Implementing Agency Name Registered Address
1 Sewing Machine Overlock Machine, Table 322255 01-06-2023 0.25 CSR00022651 Falah Handicraft Society J-3/31, Sangam Vihar, New Delhi 110080
Fixing Chairs
2 Stainless Steel Vessels and Critical Kitchen 583123 25-12-2023 0.49 CSR00000286 Akshay Patra Foundation Harekrishna Hill, Chord Road, Rajajinagar,
Equipment in Kitchens 522302 Bangalore KA06, Karnataka 560010
3 Multiple Medical Equipment 121004 05-08-2023 0.12 CSR00004649 Sonu Nav Chetna Foundation 273, Bhim Sen Colony, near Yadav Dairy,
Ballabgarh, Faridabad, Haryana 121004
4 Procurement of Medical Equipment 603001 22-12-2023 0.42 CSR00000956 Thuvakkam Welfare Association No. 112, 2nd floor, Arcot Road, Alwarthirunagar,
Chennai 600087
5 Installation of Tube Well (Hand pumps) 743347 31-08-2023 0.91 CSR00001189 South Sundarban Janklyan Sangh Vill. Raghunathpur, PO- Madhabnagar,
to 23-11-2023 Dist. South 24 Parganas, West Bengal 743374

6 Establishment of Modular Theatre for 632401 31-03-2024 0.50 CSR00055135 Caring the Least of Mankind Trust (CLM) 82/33, Zion Nagar, Ranipet, 632401
Cleft and Craniofacial Surgery at Scudder
Memorial Hospital, Ranipet
7 Renovation of Toilets and Procurement of 2 531116 31-03-2024 0.05 BPCL In-house A.P. Residential School, Narasipatnam Anakapalli, Visakhapatnam Road, Peda
Computer Sets Boddepalle, Andhra Pradesh-531116
8 One Fully Automated Biochemistry Analyzer 400012 26-10-2023 0.48 CSR00012161 Rotary Club of Mumbai West Coast A/4/13 Siddharta Nagar, SV Road, Goregaon west,
Charitable Trust Mumbai-400062
9 Procurement of Medical Equipment 600013 31-03-2024 0.50 CSR00032439 The Government Stanley Medical College 1, Old Jail Rd, George Town, Chennai,
and Hospital Tamil Nadu-600001
10 Hospital Equipment and Furniture 682030 12-02-2024 0.96 CSR00054262 Thrikkakara Municipal Co-operative Sea Port, Airport Road, Kakkanad
Hospital Society Ltd. PO Kochi-682030
11 Office Tables and Chairs 400074 28-02-2024 0.01 CSR00011262 Gajaraben Nanubhai Desai Public 104, Ravji Premaji Apartment, S.V. road,
Charitable Trust Borivali West, Mumbai-400092
12 Construction of Vivekanand Block 623501 20-04-2024 1.89 CSR00006101 Ramkrishna Math Ramkrishna Math, No. 01, Raja Arnamanai Mele
Street, Ramanathpuram-623501
13 NEOFLY - Customized Wheelchair, 600066 31-03-2024 0.40 CSR00004320 Indian Institute of Technology Madras (IIT) IIT-M, Sardar Patel Road, Chennai-600036
Beneficiary Identification, Clinical
Assessment
NEOBOLT - Motorized Add-on Helmet
14 Multiple Liquid Nitrogen Containers and 411058 22-11-2023 & 0.02 CSR00000259 BAIF Institute for Sustainable Livelihoods BAIF Bhavan, Dr. Manibhai Desai Nagar, Warje,
Laptop 07-12-2023 and Development Pune, Maharashtra-411058
15 Solar based RO Plants Installation and 271310 07-01-2024 0.74 CSR00017913 Bramhi Foundation Vilage Charniya, Post Bargav, Gonda,
Commissioning at Multiple Locations 271603 to 21-02-2024 Uttar Pradesh-271002
271003

of the Spent and
16 Multiple Medical Equipment 500081 24-11-2023 0.00 CSR00005664 Sushena Health Foundation Sarag Building, Flat. No. 101, Arunodaya Colony,
Image Garden Road, Madhapur, Hyderabad
Telangana-500081
17 Installation of Online Continuous Effluent 600036 31-03-2024 0.28 CSR00007235 Cancer Institute (W.I.A) Dr. Krishnamurthi Campus, 38, Sardar Patel Road,
Monitoring System (OCEMS) Guindy, Chennai 600036
18 Artificial Limbs and Appliances 209217 30-03-2024 0.80 CSR00000532 Artificial Limbs Manufacturing Corporation GT Road, Kanpur-209217
of India (ALIMCO)
19 1 Cardiac Ambulance with Medical 400027 14-11-2023 0.34 CSR00007427 Balaji Heart Hospital and Diagnostic Victoria Road, Cross Lane III, Sant Satva Marg
Equipment Center (Charitable Trust) Byculla (E), Mumbai-400027
20 Installation of Water Vending Machine 203001 25-04-2024 0.15 CSR00004490 Pro-Seed Foundation Trust F-219, Sector-18, Rohini, New Delhi 110089
21 Installation of 3 Nos. Solar Based RO 246701 31-03-2024 0.12 CSR00001481 Anmolshivaya Trust F-2/284, Sangam Vihar, South Delhi-110062
Systems in Hospital
22 Installation of 15KW Solar Plant at Shri Ram 224123 11-02-2024 0.23 CSR00023789 Gramin Vikas Sewa Samiti Village Bhaisahiya Post Dudhaura District Basti,
Ved Vidyalaya, Karsewakpuram, Ayodhya, Uttar Pradesh 272002
Uttar Pradesh
23 Installation of Solar RO Water System 261206 21-01-2024 0.12 CSR00001464 Srishti Social & Educational Welfare E-7 A/398, Sangam Vihar, New Delhi 110062
221601 Society
222002
24 Installation of Water Vending Machine 246762 30-04-2024 0.21 CSR00004490 Pro-Seed Foundation Trust F-219, Sector-18, Rohini, New Delhi 110089
25 Installation & Commissioning of 2 Nos. of 204215 22-02-2024 0.12 CSR00025041 Udyam Social Welfare Trust CD-150B, Vishakha Enclave, Pritampura,
Solar based RO Plants and 2 Nos. of Water 202138 New Delhi 110034
Corporate Overview
Coolers in 2 blocks of Hathras, Uttar Pradesh

26 Installation of ICU Equipment 682018 12-12-2023 0.25 CSR00003059 Sree Sudheendra Medical Mission Chittoor Road,
to 01-01-2024 Kacheripady 682018
27 Multiple Medical Equipment 685509 13-10-2023 0.19 CSR00028609 National Health Mission, Idukki National Health Mission Arogyakeralam Idukki
to 29-12-2023 Painavu PO District Collectorate Complex
Kuyilimala, Idukki District 685603
28 Diagnostic Kit to ASHA Workers 400615 21-12-2023 0.80 CSR00000040 Citizens Association of Child Rights 1, Prabhav Society, 2nd Road, TPS III, Santacruz
400605 to 16-02-2024 (CACR) East, Mumbai, Maharashtra 400055
400601
Statutory Reports
29 Upgradation of Daycare Home for Differently 636010 30-03-2024 0.46 CSR00005611 Our Lady of the Poor Charitable AnbuIIIam Nattamangalam Amanikondalampatti
Challenged Children Trust Salem, Tamil Nadu 636010
30 150 LMP(9NM3/hr) Oxygen Plant at AP 682313 07-02-2024 0.33 CSR00024800 AP Varkey Mission AP Varkey Mission Hospital, Arakkunnam Piravom
Varkey Mission Hospital Arakunnam PO Road, Thottapady, Arakkunnam,
Thottapady Ernakulam Kerala 682314
135
of the Spent and
136
31 Sanitary Napkin and Incinerator Machine at 205135 09-01-2024 0.11 CSR00001481 Anmolshivaya Trust F-2/284, Sangam Vihar,
Government Schools 283135 to 11-01-2024 South Delhi-110062
227816
32 Supply and Installation of Sanitary Napkin 221717 14-01-2024 0.15 CSR00001481 Anmolshivaya Trust F-2/284, Sangam Vihar,
Vending and Incinerator Machine at 277304 to 17-01-2024 South Delhi-110062
Government schools 277202
221709
33 Supply and Installation of Solar Street Lights 251318 29-01-2024 2.24 CSR00045438 Mohit Bansal Memorial Trust (MBMT) B-124, Jyoti Colony 100 Feet Road, Shahdara,
including Maintenance for One Year 246731 to 21-03-2024 New Delhi-110093
247775
250401
34 Toilet Blocks 751016 31-03-2024 0.23 BPCL In-house Saraswati Sishu Vidya Mandir School Saraswati Sishu Vidya Mandir School, BDA Colony,

Chandrasekharpur, Bhubaneswar 751016
35 Diagnostic Kits to ASHAs (Accredited Social 401603 27-02-2024 0.47 CSR00000040 Citizens Association for Child Rights. 1, Prabhav Society, 2nd Road, TPS III,
Health Activists) 401604 to 29-02-2024 Santacruz East, Mumbai-400055
36 Equipment for Mobile Primary Healthcare 683104 28-06-2023 0.00 CSR00002364 Center for Migration and Inclusive PMC 1229, Near Town Hall, Perumbavoor,
Clinic to 27-03-2024 Development (CMID) Ernakulam Dist. Kerala 683542
37 AI Based Smart Vision Glasses 520008 19-03-2024 0.49 CSR00017534 Rotary Club of Madras East (RCME) Rajperi's Trimeni Towers, 1st Floor, 147, GN Chetty
531145 Road, T. Nagar, Chennai-600017
533005
582101
38 NICU Facilities Medical Equipment 500010 15-05-2023 0.45 CSR00050243 Marpu Foundation Plot No. 11, DDC, Bollarum, Secunderabad,
500014 Hyderabad, Telangana 500010
503305
39 Multiple Medical Equipment Supply to 627116 31-03-2024 0.36 CSR00013486 Anbhalayaa Foundation No. 12/4, New Anandha Nagar, PN Pudur
Primary Health Center Wadawalli, Coimbatore, Tamil Nadu 641041
40 Dustbins 122017 18-01-2024 0.04 CSR00060021 Swasth Naari Sashakt Naari 2158, Palam Vihar, Sector 2, Gurgaon,
Haryana 122017
41 20KW Solar Panel 625001 01-04-2024 0.11 CSR00017534 Rotary Club of Madras East (RCME) Rajperi's Trimeni Towers, 1st Floor, 147,
GN Chetty Road, T.Nagar, Chennai-600017
42 Medical Equipment at 3 Community Health 586101 31-03-2024 0.47 CSR00000475 Sambhav Foundation 182, 1st floor, 2nd Main Road, 2nd Cross,
Centers (CHCs) Nagarabhavi Main Road, Canara Bank Colony
Bengaluru, Karnataka 560072
43 Upgradation of Vishranthi Home 600041 31-03-2024 0.12 CSR00037625 Vishranthi Charitable Trust AVM Rajeswari Gardens, No. 4/227, MGR Salai,
Palavakkam, Chennai-600041
44 Procurement of Equipment for Smart Class 600079 20-03-2024 0.05 CSR00002806 Ramakrishna Math Sri Ramakrishna Math Chennai No. 31,
and Photo Copier Machine Mylapore 600004

of the Spent and
45 Installation of Solar Semi High Mast Lights 223223 26-03-2024 0.25 CSR00011233 Prayas Welfare and Educational Trust 88-C, Block - AP, Pitampura,
at various locations 276303 New Delhi 110034
276142
46 Ultrasound Machine to MLB Medical and 284001 29-03-2024 0.44 CSR00012639 Nitya Foundation H-28 Om Complex, Laxmi Nagar,
Associated Hospital Jhansi New Delhi 110092
47 Installation of Sanitary Napkin Vending 110040 27-02-2024 0.15 CSR00055073 Mission Foundation Moh-Shobhaganj, Sasaram, Rohtas 821115 (Bihar)
Machine 110042
110082
110081
110085
48 Supply and Installation of 2 Open Gyms 271201 21-01-2024 0.11 CSR00001464 Srishti Social & Educational Welfare E-7 A/398, Sangam Vihar,
271805 Society New Delhi 110062
49 Procurement of Desktops 560090 31-03-2024 0.10 CSR00030005 REWA 16, Sai Niwas, 7th Phase, Bangalore-560090
50 Medical Equipment 600013 31-03-2024 0.48 CSR00025111 Jeeva Anbalayam Trust #35, Hyder Garden 4th Street, Chennai 600012
51 Multiple Medical Equipment for Akhand Jyoti 277001 19-09-2023 1.53 CSR00000858 Yugrishi Shriram Sharma Acharya Yugrishi Shriram Sharma Acharya Charitable Trust,
Eye Hospital 854304 Charitable Trust (YSSACT) 16 C, Seal Lane, Kolkata, WB 10,
848114 West Bengal 700015
841219
52 2 Stadiums in Ghatkopar 400075 26-09-2022 9.26 BPCL In-house Railway Police Colony Ghatkopar East, Mumbai-400075 Maharashtra
53 Construction of Kissan Samman Bhavan 841412 27-03-2023 0.48 BPCL In-house BPCL In-house Project Block - Jalalpur Dist- Saran, Bihar
54 Construction of Toilets and Water Facilities 415637 12-12-2022 0.12 CSR00033581 Navnirmiti Foundation, Ukshi Trust Market Gate, 3rd floor, A wing, Priyadarshani
Corporate Overview
in New Vision English Medium School Apartment, Dr. Jadhav Dental Clinic, Padmavati
Devi Marg, IIT, Powai, Mumbai-400076
55 Construction of Toilets 605001 31-03-2024 0.47 CSR00001033 Gramalaya Trust C62B, 10th Cross, West Extension, Thillainagar,
Tiruchirapalli 620018
56 Construction of Community Halls in Purnia 854326 20-06-2023 0.99 CSR00023463 Uttar Pradesh Small Industries 110, Industrial State, Fazal Ganj,
854205 Corporation Ltd. Kanpur 208012, UP
57 Sanitary Napkin Machine 421601 27-02-2023 0.01 CSR00003967 LAHS Pratishthan Post Washala, Taluka Shahapur, District Thane
58 Multiple Medical Equipment 400001 10-03-2023 17.70 CSR00003775 Tata Education and Development Trust Homi Mody Street, Fort,
(TEDT) Mumbai-400 001
Statutory Reports
59 MSC with 80 Plug & Play Models with 781035 26-06-2023 0.16 CSR00043158 Seva Sahayog Foundation Seva Sahayog Foundation, 2nd Floor, Soman
Placards, Manual, Wooden Platform Electric 782403 Building, Behind Hotel Classic, Old Nagardas Road,
Connections in Multiple Schools 781023 Andheri East 400069
781025
60 Installation of 3 Nos. of Solar Based RO 261605 05-01-2023 0.13 CSR00011233 Prayas Welfare and Educational Trust 88-C, Block - AP, Pitampura,
plants in lakhimpur Kheri District Dhaurahra, 261141 New Delhi 110034
Uttar Pradesh 261505

137
of the Spent and
138
61 Installation of 5 Solar based RO Water 228118 02-02-2024 0.22 CSR00013510 Sankalp Foundation 108-C, Block AP, Pitampura,
Systems in Sultanpur 222302 New Delhi 110034
228001
62 Installation of 2 Open Air Gyms in Balia 277401 31-03-2024 0.10 CSR00011233 Prayas Welfare and Educational Trust 88-C, Block - AP, Pitampura, Delhi 110034
District, Uttar Pradesh in Partnership with 277209
Prayas Welfare and Educational Trust
63 RO Water Project Installation in Schools 847421 13-05-2023 0.12 CSR00017366 Al-Ayesha Foundation 303, Gulsan Plaza,
847402 Ali Nagar Anisabad, Patna 800002
64 Sanitary Napkin Vending Machine and 465693 14-07-2023 0.19 CSR00014697 Apnelog B-4, Kanti Nagar Extension, Near Welcome Metro
Incinerator Machine along with Distribution 465661 to 17-07-2023 Station, Delhi 110051
of Sanitary Napkins 465689
465683

465674
65 Installation of CT Scan Machine 685589 27-03-2023 0.25 CSR00045746 Bishop Vayalil Medical Center (BVMC), Bishop Vayalil Medical Center (BVMC),
Moolammattom Moolammattom, Idduki - 685 589
66 Two Units of Community Toilets 110048 26-05-2021 0.35 CSR00000633 Gramin Vikas Trust Plot No. 60, Block A, Kailash Colony,
New Delhi 110048
67 Ophthalmic IOL Master 700 Optical 600006 31-03-2024 0.45 CSR00002623 Sankara Nethralaya Medical Research Foundation (Sankara Nethralaya)
Biometer Equipment 41/18, College Road, Chennai - 600 006
68 Potable Water 712148 30-09-2020 0.83 BPCL In-house District Administration, Ramanathapuram District Administration, Ramanathapuram
69 Infrastructure Facilities 851129 31-03-2023 0.34 BPCL In-house BPCL In-house Project Late Dewki Nandan Singh Rajriyakrit Madhya
Vidyalaya Ramnagar, Ramdiri, Dist. Begusarai, Bihar
70 Renovation of Traffic Training Park 700017 31-08-2023 0.62 BPCL In-house Commissioner of Police, Kolkata/ Park Circus, Ballygunge, Kolkata,
BPCL In-house West Bengal 700017
71 Supply and Installation of 3 Nos. of Solar 230131 10-02-2024 0.13 CSR00013510 Sankalp Foundation 108-C, Block AP, Pitampura, New Delhi 110034
Based RO Water Systems 230133
158970
72 3 Tesla MRI Machines 400071 31-03-2024 11.50 CSR00003265 Sushrut Hospital and Research Center 365, Sant Vershaw Kakkaya Marg, Swastik Park,
(SHRC) Chembur, Mumbai Chembur, Mumbai, Maharashtra 400071
73 Lift Irrigation System in Sonori Village 412301 09-09-2023 0.90 CSR00025402 Grampanchayat, Sonori Grampanchayat, Sonori, Taluka - Purandar, Pune
Purandar, Pune, Maharashtra
74 GI Portable Cabin 400089 01-04-2023 0.17 CSR00000040 Citizens Association for Child Rights 1, Prabhav Society, 2nd Road, TPS III,
400071 (CACR) Santacruz East, Mumbai 400055
400074
75 Hemoglobin Testing Meter and Strips to 400005 15-02-2023 0.69 CSR00000040 Citizens Association for Child Rights 1, Prabhav Society, 2nd Road, TPS III,
BMC PHCs 400004 (CACR) Santacruz East, Mumbai 400055
400034

of the Spent and
76 Installation of 4 Nos. RO Systems at 203202 31-03-2024 0.10 CSR00009077 Bhartiya Samajik Sewa Sansthan (BSSS) Bhartiya Samajik Sewa Sansthan, 94 C, DDA Flats,
Gulaothi Pitampura, New Delhi 110034
77 Multiple Medical Equipment 562101 14-03-2023 0.97 CSR00000226 Prashanthi Bala Mandira Trust (PBT) Sri Sathya Sarla Memorial Hospital, Mudenahalli,
to 28-03-2023 Chikkaballapur, Dist. Karnataka 562101
78 Asus Laptop 15.6" 400043 09-03-2023 0.01 CSR00003360 Myna Mahila Foundation 10/11 34A Natwar Parekh Compound,
Intel Core 13-111564 Govandi West, Mumbai 400043
79 Baling Machine 400074 15-02-2023 0.03 CSR00003967 LAHS Pratishthan Post Washala, Taluka Shahapur, District Thane
80 Installation of 4 Nos. Open Gyms and 231210 25-04-2024 0.25 CSR00063930 Nayan Parivartan Foundation F-306, Tower-15, Nirala Estate, Greater Noida
Supply of Gym Equipment at Sonbhadra, 231206 West, Uttar Pradesh
Uttar Pradesh 231205
221309
81 Installation of 5 Solar based R.O Water 222302 02-02-2024 0.13 CSR00013510 Sankalp Foundation 108-C, Block AP, Pitampura,
Vending Machines 228145 New Delhi 110034
237812
82 Installation & Commissioning of 2 Nos. Solar 247341 15-03-2024 0.01 CSR00036300 Avsar Charitable Trust D-1, 500 C, First Floor, Sangam Vihar,
based RO Plants and 1 No. Water Cooler 247341 New Delhi 110062
83 Installation of Solar Street Light 271403 31-03-2024 0.15 CSR00004490 Pro-Seed Foundation F-219, Sector-18, Rohini,
New Delhi 110089
84 Multiple Sports Equipment 470113 12-01-2024 to 0.03 CSR00002912 Samanvay Mandapam Hari Clinic, Station Road, Bina, Madhya Pradesh
29-03-2024
Corporate Overview
Sd/- Sd/- Sd/-

Shri Rajkumar Dubey Shri Vetsa Ramakrishna Gupta Dr. (Smt.) Aiswarya Biswal
Director (Human Resources) Director (Finance) Chairperson – CSR Committee
Statutory Reports

139
ANNEXURE TO THE DIRECTORS’ REPORT ANNUAL STATEMENT SHOWING REPRESENTATION OF THE PERSONS WITH BENCHMARK
DISABILITIES (PwBD) IN SERVICE AS ON JANUARY 1, 2024 AND NO. OF APPOINTMENTS OF PwBD -
ANNEXURE-C (RECRUITMENT/PROMOTION) DURING THE CALENDAR YEAR 2023
ANNUAL STATEMENT SHOWING THE REPRESENTATION OF SCHEDULED CASTES (SCs), Total number of NUMBER OF PwBD EMPLOYEES (as on 01.01.2024) NO. OF APPPOINTMENTS (2023)
SCHEDULED TRIBES (STs), OTHER BACKWARD CLASSES (OBCs), ECONOMICALLY WEAKER Employees (as
SECTIONS (EWS) AS ON JANUARY 1, 2024 AND NUMBER OF APPOINTMENTS MADE DURING THE GROUP on 01.01.2024) TOTAL VH HH OH LD VH HH OH LD
PRECEDING CALENDAR YEAR, 2023 [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11]
Group-A 5,672 109 13 9 87 -- 1 -- 2 --
Name of the Public Sector Enterprise: BHARAT PETROLEUM CORPORATION LTD. Group-B 1,190 27 4 2 21 -- -- -- -- --
Representation of SCs/STs/OBCs/EWS Number of appointments made during the calendar year 2023 Group-C 1,172 26 6 9 11 -- -- -- -- --
(As on 1.1.2024) By Direct Recruitment By Promotion By Other Methods Group-D/Ds 579 10 0 3 7 -- -- -- -- --
Total TOTAL 8,613 172 23 23 126 0 1 0 2 0
number of
Groups Employees SCs STs OBCs EWS Total SCs STs OBC EWS Total SCs STs Total SCs STs OBCs EWS
VH stands for Visually Handicapped (persons suffering from blindness and low vision)
[1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19]
HH stands for Hearing Handicapped (persons suffering from hearing impairment-deaf and hard of hearing)
Group-A 5,672 917 360 1,345 30 376 71 31 67 23 18 0 0 - - - - -
Group-B 1,190 167 46 292 - - - - - - - - - - - - - - OH stands for Orthopaedically Handicapped/Locomotor Disability (including persons suffering from cerebral palsy, acid
Group-C 1,172 145 53 473 - - - - - - - - - - - - - - attack victims, dwarfism, muscular dystrophy and leprosy cured)
#Group-D/Ds 579 106 43 182 - - - - - - - - - - - - - - LD or ID stands for Learning Disability/Intellectual Disability (persons with autism, intellectual disability, specific learning
Total 8,613 1,335 502 2,292 30 376 71 31 67 23 18 0 0 0 0 0 0 0 disability and mental illness)
# Group D & Ds is merged. No employee currently in group Ds.
ANNUAL STATEMENT SHOWING THE REPRESENTATION OF SCHEDULED CASTES (SCs),

SCHEDULED TRIBES (STs), OTHER BACKWARD CLASSES (OBCs), ECONOMICALLY WEAKER
SECTIONS (EWS) IN VARIOUS GROUP “A” SERVICES AS ON JANUARY 1, 2024 AND NUMBER OF
APPOINTMENTS MADE IN THE SERVICE IN VARIOUS GRADES IN THE YEAR 2023
Name of the Public Sector Enterprise: BHARAT PETROLEUM CORPORATION LTD.

Representation of SCs/STs/OBCs/
EWS (as on 01.01.2024) Number of Appointments made during the calendar year 2023
Total Number of Employees By Direct Recruitment By Promotion By Other Methods
JG Pay Scales (in K) Total SCs STs OBCs EWS Total SCs STs OBCs EWS Total SCs STs Total SCs STs OBCs EWS
[1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19] [20]
A0 30000-120000 258 29 121 - 19 4 - 6 - 18 - - - - - - -
A 40000-140000 166 13 7 62 - - - - - - - - - - - - - -
A1 50000-160000 432 72 30 87 25 357 67 31 61 23 - - - - - - - -
A2 60000-180000 159 10 4 34 2 - - - - - - - - - - - - -
B 70000-200000 1,074 168 73 307 3 - - - - - - - - - - - - -
C 80000-220000 1,258 204 84 323 - - - - - - - - - - - - - -
D 90000-240000 892 162 71 203 - - - - - - - - - - - - - -
E 100000-260000 718 148 55 133 - - - - - - - - - - - - - -
F 120000-280000 416 75 28 54 - - - - - - - - - - - - - -
G 120000-280000 197 24 7 17 - - - - - - - - - - - - - -
H 120000-280000 60 9 1 3 - - - - - - - - - - - - - -
I 150000-300000 37 3 - 1 - - - - - - - - - - - - - -
J 180000-340000 4 - - - - - - - - - - - - - - - - -
K 200000-370000 1 - - - - - - - - - - - - - - - - -
TOTAL 5,672 917 360 1,345 30 376 71 31 67 23 18 0 0 0 0 0 0 0

141
specified under Regulation 26 of SEBI

ANNEXURE TO THE DIRECTORS’ REPORT
Memberships held in Committees as
(Listing Obligations and Disclosure
Bharat Petroleum Corporation Ltd.

Requirements) Regulations 2015
ANNEXURE-D
Stakeholders’ Relationship
Stakeholders’ Relationship
REPORT ON CORPORATE GOVERNANCE
Committee: Member
Committee: Member
-
-
1) Company’s philosophy on Code of Governance
Bharat Petroleum Corporation Limited’s (“the Company/BPCL”) philosophy on Corporate Governance has been to
ensure protection of stakeholders’ interest through transparency, full disclosures, empowerment of employees,
Particulars of Directors as on March 31, 2024 including their attendance at the Board/Members’ Meetings during the Financial Year 2023-24
collective decision-making and social initiatives.
2) Composition of Board of Directors

As per the Articles of Association of the Company, the number of Directors shall not be less than three and not more
1. Ratnagiri Refinery and Petrochemicals Limited

than sixteen.
Details of Directorships held in other Companies
2. Petronet LNG Limited (Listed Company)

s on March 31, 2024, the BPCL Board comprised 13 Directors consisting of 5 Whole-time (Executive)
A
Directors including Chairman & Managing Director, 2 Non-Executive Nominee Directors of Government of India
representing Ministry of Petroleum and Natural Gas, Government of India and Government of Kerala respectively
1. Bharat PetroResources Limited
2. Bharat PetroResources Limited

(Government Nominee Directors) and 6 Non-Executive Independent Directors.
1. Bharat PetroResources Ltd.

Dr. (Smt.) Sushma Agarwal, was appointed as Independent Director on the Board by appointing her as an Additional
-
Director w.e.f. 10.03.2023. Thereafter, she was appointed as Independent Director by the shareholders at the Annual
(Nominee Director)
General Meeting held on 28.08.2023.
General Meeting (as on March 31, 2024)

Shri Krishnakumar Gopalan, was appointed as an Additional Director and Chairman & Managing Director of the
Company w.e.f. 17.03.2023. Thereafter, he was appointed as Chairman & Managing Director by the shareholders at the
Annual General Meeting held on 28.08.2023.
Director:
Director:
Director:
Shri Rajkumar Dubey, was appointed as an Additional Director & Director (Human Resources) of the Company w.e.f.
01.05.2023. Thereafter, he was appointed as Director (Human Resources) by the shareholders at the Annual General
Meeting held on 28.08.2023.
the last Annual
*Percentage computed by considering the meetings attended with the total meetings held during the Director’s tenure.
Attendance at
Shri Suman Billa, Government Nominee Director has ceased to be the Director of the Company w.e.f. 11.05.2024 on
Attended
Attended
Attended
Attended
Attended
account of a change in his assignment.
Shri Acharath Parakat Mahalil Mohamedhanish, Government Nominee Director was appointed as Additional Director
year and percentage thereof

Attendance out of 16 Board
of the Company w.e.f. 19.07.2024, subject to the approval of the Shareholders at the ensuing Annual General Meeting.
Meetings held during the
100
100
100
100
94
BPCL has taken up with the Government of India for nomination of one additional Independent Director to fulfill the
%
requirements under Regulation 17 (1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(‘Listing Regulations’).
No. of Meetings
Attended
In line with Regulation 17(1A) of the Listing Regulations, no person aged seventy-five years or more was appointed or
15*
16
16
16
15
continued as a Non-Executive Director in the Company.
During the Financial Year 2023-24, all meetings of the Board and the Annual General Meeting were chaired by the
B.Tech (Chemical Engineering)

Chairman & Managing Director.
Bajaj Institute of Management
College of Engineering, MBA

B.E (Mechanical) from Delhi
Management from Jamnalal
B.Tech (Electrical Engineer)
Management from Mumbai

Post Graduate in Finance
Management & Research
Promotion of Enterprises,
The Directors neither held membership of more than 10 Committees nor acted as Chairperson of more than 5
from S.P Jain Institute of

from NIT Tiruchirappalli,
from NIT Tiruchirappalli,

Academic Qualifications
International Center for

Committees as specified in Regulation 26 of the Listing Regulations and Clause 3.3.2 of the Guidelines on Corporate
Engineering) from NIT

Allahabad, MBA from
B.Com, ACA, AICWA
Masters in Financial
B.Tech (Mechanical
Governance for Central Public Sector Enterprises issued by Department of Public Enterprises across all the companies
Ljubljana, Slovenia
in which they were Directors.
The required information as indicated in Part A of Schedule II of Regulation 17(7) of the Listing Regulations and
University
Annexure IV to Guidelines on Corporate Governance for Central Public Sector Enterprises were made available to the
Studies
Board of Directors.
Matrix setting out the skills/expertise/competence of the Board of Directors
Shri Vetsa Ramakrishna Gupta

Chairman & Managing Director
(Additional charge as Director

BPCL being a Government Company, all the Directors are appointed as per the nominations from the Government
Director (Human Resources)

Shri Krishnakumar Gopalan
of India based on the required skills, competencies and expertise. The Company has a competent Board with the
(Human Resources) up to
Shri Sukhmal Kumar Jain

background and knowledge of the Company’s Business and also of finance, accounts and general administration.
Whole-time Directors
Names of the Directors
Shri Rajkumar Dubey

Director (Refineries)
Shri Sanjay Khanna
Director (Marketing)
The Board comprises Directors with diverse experience, qualifications, skills, expertise etc. which are aligned with the
(w.e.f. 01.05.2023)
Director (Finance)
Company’s business, overall strategy, corporate ethics, values and culture, etc.
30.04.2023)
Details regarding the Board Meetings, Annual General Meeting, Directors’ attendance thereat, Directorships and
Committee positions held by the Directors are provided herewith.

143
144
Attendance at specified under Regulation 26 of SEBI
No. of Meetings the last Annual Details of Directorships held in other Companies (Listing Obligations and Disclosure
Names of the Directors Academic Qualifications Attended % General Meeting (as on March 31, 2024) Requirements) Regulations 2015
Non-Executive Directors
(a) Government Nominee Directors
Smt. Kamini Chauhan Ratan IAS 8 50 Not Attended 1. Indian Strategic Petroleum Reserves Ltd.
AS&FA, Ministry of Petroleum and B.Com, L.L.B. and L.LM.
Natural Gas
Shri Suman Billa IAS 13 81 Not Attended Chairman: -
Principal Secretary, (Industries & M Phil, 1. Travancore Titanium Products Limited
NORKA), Government of Kerala British Chevening Gurukula
Scholar at the London School Director:

of Economics. 1. The Kerala Minerals and Metals Ltd.
2. Malabar Cements Limited
3. Overseas Keralites Investments and
Holdings Limited
4. INKEL Limited
5. Kerala State Industrial Development
Corporation Limited
6. The Kerala Industrial Corridor Development
Corp. Limited
7. Additional Skill Acquisition Program Kerala
8. NORKA-ROOTS (Sec 25 Company)
Non-Executive Directors
(b)Part-time(Independent Directors)
Shri Pradeep Vishambhar Agrawal Fellow member of the Institute 16 100 Attended Director: Audit Committee: Member
Independent Director of Chartered Accountants 1. Vital Care Pvt. Limited Bharat Petroleum Corporation Ltd.
of India and member of
the Institute of Company 2. Interpharm Biotech Private Limited
Secretaries of India. 3. Shine Pharmaceuticals Limited
4. Bhoomi Medicaments Limited
5. Vadodara Smile Foundation
6. Shashvat Vikas Prabodhan Parishad
7. Vadodara City Police Parivaar Kalyan Foundation

Attendance at specified under Regulation 26 of SEBI
No. of Meetings the last Annual Details of Directorships held in other Companies (Listing Obligations and Disclosure
Names of the Directors Academic Qualifications Attended % General Meeting (as on March 31, 2024) Requirements) Regulations 2015
Shri Ghanshyam Sher M.Com, 16 100 Attended - -
Independent Director M.A. (Political Science),
M.A. (Economics),
L.L.B.
Dr. (Smt.) Aiswarya Biswal Bachelor of Dental Surgery, 16 100 Attended - Stakeholder’s Relationship
Independent Director Masters in Management from Committee: Member
University of Liverpool, United Bharat Petroleum Corporation Ltd.
Kingdom.
Prof. (Dr.) Bhagwati Prasad M.Com (Gold Medalist), 16 100 Attended - Audit Committee: Member
Saraswat Ph.D in Financial Evolution Bharat Petroleum Corporation Ltd.
Independent Director of Drugs & Pharmaceutical
Companies in India. Stakeholder’s Relationship
Committee: Chairman
Shri Gopal Krishan Agarwal Fellow member of the Institute 16 100 Attended Director: Audit Committee: Chairman
Independent Director of Chartered Accountants of 1. Genuine Creations Private Limited Bharat Petroleum Corporation Ltd.
India,
MA (Economics), 2. Jaladhikar Foundation Stakeholder’s Relationship
B.Com (Hons). 3. Professional Data System Private Limited Committee: Member
4. Gangotri Overseas Private Limited Bharat Petroleum Corporation Ltd.
Corporate Overview
5. ICSI Institute of Insolvency Professionals

6. Voguestock Commodities Limited
Dr. (Smt.) Sushma Agarwal M.Sc. and Ph.D in Botany 16 100 Attended - Stakeholder’s Relationship
Independent Director Committee: Member
(w.e.f. 27.04.2023)
Note: Details of the familiarization programs imparted to the Independent Directors are available on the website of the Company: https://www.bharatpetroleum.com/About-BPCL/Our-Policies.aspx
Statutory Reports

145
Board Meetings c) Major accounting entries involving estimates based on the exercise of judgment by Management.
Sixteen Board Meetings were held during the Financial Year 2023-24 on the following dates:- d) Significant adjustments made in the financial statements arising out of audit findings.
May 1, 2023 May 15, 2023 May 22, 2023 June 28, 2023 e) Compliance with listing and other legal requirements relating to the financial statements.
July 17, 2023 July 26, 2023 September 26, 2023 October 13, 2023
f) Disclosure of any related party transactions.
October 27, 2023 November 29, 2023 December 19, 2023 January 29, 2024
February 2, 2024 February 12, 2024 March 15, 2024 March 26, 2024
g) Modified opinion(s) in the draft audit report;
5) Reviewing with the Management, the quarterly financial statements before submission to the Board for approval;
The Company was in compliance with Regulations 17(2) and 17(2A) of the Listing Regulations regarding the minimum number
of Board Meetings, maximum time gap between two Board meetings and quorum requirement in each Board Meeting. 6) Reviewing with the management, the statement of uses/application of funds raised through an issue (public issue,
rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the
In line with Regulation 17(3) of the Listing Regulations, the Board has reviewed the compliance of all laws applicable to
offer document/prospectus/notice and the report submitted by the monitoring agency monitoring the utilization of
the Company, as well as steps taken by the listed entity to rectify instances of non-compliances.
proceeds of a public or rights issue or preferential issue or qualified institutions placement, and making appropriate
In line with Regulation 17(5) of the Listing Regulations, the Board has adopted a Code of Conduct for the Directors and recommendations to the Board to take up steps in this matter;
also for the Senior Management of the Company and the same has been posted on the website of the Company. There
7) Reviewing and monitoring the Auditor’s independence and performance, and effectiveness of the audit process;
is a system in the organization of affirming compliance with the Code of Conduct by the Board members and Senior
Management Personnel of the Company. A declaration of compliance signed by the Chairman & Managing Director 8) Approval or any subsequent modification of transactions of the Company with related parties;
of the Company is enclosed with this Annual Report. The Code of Conduct has suitably incorporated the duties of the
9) Scrutinizing inter-corporate loans and investments;
Independent Directors as envisaged in the Companies Act, 2013.
10) Valuation of undertakings or assets of the Company, wherever it is necessary;
There are no inter-se relationships between our Board members. None of the Non-Executive Directors of BPCL have
any pecuniary relationship/transaction with the Company during the Financial Year. 11) Evaluating internal financial controls and risk management systems;
During the year, all recommendations made by the Committees were accepted by the Board. The declarations have 12) R
eviewing, with the Management, performance of the Statutory and Internal Auditors and adequacy of the internal
been received from the Independent Directors about meeting the criteria of independence as laid down under Section control systems;
149(6) of the Companies Act, 2013 and Regulation 16(1) (b) of the Listing Regulations. In the opinion of the Board,
13) R
eviewing the adequacy of the Internal Audit function, if any, including the structure of the Internal Audit department,
the Independent Directors fulfill the conditions of independence specified in the said Act and Regulations and are
staffing and seniority of the official heading the department, reporting structure coverage and frequency of
independent of the management.
internal audit;
3) Board Committees 14) Discussing with the Internal Auditors any significant findings and follow up thereon;
A) Audit Committee 15) R

eviewing the findings of any internal investigations by the Internal Auditors into matters where there is suspected
fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board;
BPCL’s Audit Committee comprises three Independent Directors. The role, powers and functions of the Audit Committee
were specified and approved by the Board. The quorum for the meetings of the Committee is one-third of the total 16) Discussing with the Statutory Auditors before the audit commences, about the nature and scope of audit as well
number of members or two members, whichever is higher, with the presence of at least two Independent Directors. The as post-audit discussion to ascertain any area of concern;
members possess the requisite knowledge of finance & accounting for effective functioning of the Audit Committee.
17) L
ooking into the reasons for substantial defaults in the payment to the Depositors, Debenture Holders, Shareholders
Smt. V Kala, Company Secretary acts as the Secretary to the Audit Committee.
(in case of non-payment of declared dividends) and Creditors;
he Head of Internal Audit is an invitee to the Audit Committee and therefore attends and participates in the said
T
18) Reviewing the functioning of the Whistle-Blower Mechanism;
meetings. In addition, Whole-time Directors are also invited to attend the Audit Committee meetings, as and when
required. The Statutory Auditors and Cost Auditors are invited to attend and participate in the meetings for relevant 19) Reviewing the follow up action on the audit observations of the C&AG Audit.
agendas of the Audit Committee.
20) R
eviewing the follow up action on the recommendations of the Committee on Public Undertakings (COPU)
As on March 31, 2024, the Audit Committee comprised Shri Gopal Krishan Agarwal, Independent Director, as the of Parliament.
Chairman with Shri Pradeep Vishambhar Agrawal and Prof. (Dr.) Bhagwati Prasad Saraswat, Independent Directors as
21) Provide an open avenue of communication between the Independent Auditor, Internal Auditor and the Board
its members.
of Directors.
The role of the Audit Committee covers all matters specified in Regulation 18 read with Part C of Schedule II of the
22) A
pproval of appointment of CFO (i.e. the whole-time Director (Finance) or any other person heading the finance
Listing Regulations, Section 177 of the Companies Act, 2013 and Guidelines on Corporate Governance for Central
function or discharging that function) after assessing the qualifications, experience and background, etc. of
Public Sector Enterprises.
the candidate;
The role and responsibilities of the Audit Committee include the following:
23) Carrying out any other function as mentioned in the ‘Terms of reference’ to the Audit Committee.
1) verseeing the Company’s financial reporting process and the disclosure of its financial information to ensure that
O
24) Reviewing the utilization of loans and/or advances from/investment by the holding company in the subsidiary
the financial statements are correct, sufficient and credible;
exceeding rupees 100 crore or 10% of the asset size of the subsidiary, whichever is lower, including existing loans/
2) Recommending to the Board the fixation of audit fees; advances/investments.
3) Approval of payment to Statutory Auditors for any other services rendered by them; 25) C
onsider and comment on rationale, cost-benefits and impact of schemes involving merger, demerger,
amalgamation etc., on the listed entity and its shareholders.
4) Reviewing, with the Management, the Annual Financial Statements and Auditor’s Report thereon before submission
to the Board for approval, with particular reference to: The Audit Committee has been sufficiently empowered by the Board of Directors with the following powers:
a) atters required to be included in the Directors’ Responsibility Statement to be included in the Board’s Report
M 1) To investigate any activity within its terms of reference.
in terms of clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013.
2) To seek information on and from any employee.
b) Changes, if any, in accounting policies and practices and reasons for the same.
3) To obtain outside legal or other professional advice, subject to the approval of the Board of Directors.

147
4) To secure attendance of outsiders with relevant expertise, if it considers necessary. Four meetings of the PEC were held during the Financial Year 2023-24 on the following dates:
5) To protect whistle-blowers. May 14, 2023 September 25, 2023 December 19, 2023 February 1, 2024
The Audit Committee shall mandatorily review the following information:

Attendance at the Projects Evaluation Committee Meetings during the Financial Year 2023-24
1) Management discussion and analysis of financial condition and results of operations;
No of meetings
2) Management letters/letters of internal control weaknesses issued by the Statutory Auditors; Names of the Members attended %
Shri Pradeep Vishambhar Agrawal, Chairman 4 100
3) Internal audit reports relating to internal control weaknesses; Shri Vetsa Ramakrishna Gupta, Member 4 100
4) The appointment, removal and terms of remuneration of the Chief Internal Auditor shall be subject to review by the Shri Suman Billa, Member 4 100
Audit Committee. Shri Ghanshyam Sher, Member 4 100
Dr. (Smt.) Sushma Agarwal, Member (w.e.f. 27.04.2023) 4 100
5) Statement of deviations as per the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(a) Quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to Stock C) Nomination and Remuneration Committee
Exchange(s) in terms of Regulation 32(1). The Nomination and Remuneration Committee (NRC) formulates and reviews policies related to remuneration/
(b) nnual statement of funds utilized for purposes other than those stated in the offer document/prospectus/
A perquisites/incentives of employees within the parameters of Guidelines issued by the Government of India. The term of
notice in terms of Regulation 32(7); reference, role, powers and functions of the NRC were specified and approved by the Board. The NRC has formulated
a policy to decide the annual bonus/variable pay pool and policy for its distribution across the executives and non-
6) he Audit Committee shall also review the financial statements, in particular, the investments made by the unlisted
T unionized supervisors, as per the guidelines of DPE.
subsidiary company;
As on March 31, 2024 the NRC comprised Shri Ghanshyam Sher, Independent Director as Chairman, Prof (Dr.)
All the Subsidiary Companies of the Company are managed by their respective Boards and the Management. Bhagwati Prasad Saraswat and Dr. (Smt.) Aiswarya Biswal, Independent Directors and Smt. Kamini Chauhan Ratan,
The Financial Statements of the Subsidiary Companies including investments made, if any, are reviewed by their Government Nominee Director as its members. Director (Finance) and Director (Human Resources) are invitees for the
respective Audit Committee/Board. The performance of the Subsidiary Companies and the minutes of their Board meetings of the NRC. Shri Krishnakumar Gopalan, Chairman & Managing Director and Shri Suman Billa, Government
meetings are placed at the Board meetings of the Company. Any significant transaction or arrangement entered Nominee Director were permanent invitees for the meetings of the NRC w.e.f December 30, 2023.
into by the Subsidiary Companies is also reported to the Board of Directors of the Company.
Two meetings of the NRC were held during the Financial Year 2023-24 on July 17, 2023 and December 19, 2023.
7) Certification/declaration of financial statements by the Chief Executive Officer and Chief Finance Officer.
Eleven meetings of the Audit Committee were held during the Financial Year 2023-24 on the following dates: Attendance at the Nomination and Remuneration Committee Meetings during the Financial Year 2023-24
No of meetings
May 15, 2023 May 22, 2023 July 17, 2023 July 26, 2023 Names of the Members attended %
September 25, 2023 October 27, 2023 November 27, 2023 December 14, 2023 Shri Ghanshyam Sher, Chairman 2 100
January 29, 2024 March 19, 2024 March 27, 2024 Prof (Dr.) Bhagwati Prasad Saraswat, Member 2 100
Dr. (Smt.) Aiswarya Biswal, Member 2 100
Attendance at the Audit Committee Meetings during the Financial Year 2023-24 Smt. Kamini Chauhan Ratan, Member 1 50
No of meetings
PCL is a Government Company and as per the MCA circular, exemptions have been given to Government Companies
B
Names of the Members attended % from applicability of Section 178 (2), (3), (4) of the Companies Act, 2013 for appointment/removal of Director, formulating
Shri Gopal Krishan Agarwal, Chairman 11 100 the criteria for determining qualification, positive attributes and independence of Director and recommending to the
Shri Pradeep Vishambhar Agrawal, Member 11 100 Board a policy, relating to the remuneration for the Directors and evaluation of performance of the Board, committees
and individual Directors. The performance of the Independent Directors is monitored by the Government of India based
Prof (Dr.) Bhagwati Prasad Saraswat, Member 11 100
on their laid down criteria.
he Committee at its meetings held on July 26, 2023, October 27, 2023 and January 29, 2024 reviewed the
T
Quarterly Financial Statements as on June 30, 2023, September 30, 2023 and December 31, 2023 respectively. D) Stakeholders Relationship Committee
Further, Annual Financial Statements as on March 31, 2024 were reviewed by the Committee at its meeting held
he role of the Stakeholders’ Relationship Committee is to specifically look into the redressal of grievances of
T
on May 9, 2024 before the same were submitted to the Board for approval.
shareholders, debenture holders (and other security holders) including complaints related to transmission of shares,
non-receipt of Annual Report, non-receipt of declared dividends, etc. and other additional roles as covered under the
B) Project Evaluation Committee
Listing Regulations.
he Project Evaluation Committee (PEC) comprises three Independent Directors, one Government Nominee Director
T
and Director (Finance). During the Financial Year 2023-24, Dr. (Smt.) Sushma Agarwal, Independent Director was appointed as a member of
the Committee w.e.f. April 27, 2023.
The PEC evaluates, guides implementation, monitors, reviews, assesses deliverables, provides recommendations and
advice to the Board for projects costing I 500 crore and above, including investments in Subsidiaries/Joint Ventures. As on March 31, 2024 the Stakeholders’ Relationship Committee comprised Prof (Dr.) Bhagwati Prasad Saraswat,
Independent Director as Chairman, Dr. (Smt.) Aiswarya Biswal, Shri Gopal Krishan Agarwal and Dr. (Smt.) Sushma
During the Financial Year 2023-24, Dr. (Smt.) Sushma Agarwal, Independent Director was appointed as a member of Agarwal, Independent Directors, Shri Vetsa Ramakrishna Gupta, Director (Finance) and Shri Sukhmal Kumar Jain,
the Committee w.e.f. 27.04.2023. Director (Marketing) as its members.
s on March 31, 2024, the PEC comprised Shri Pradeep Vishambhar Agrawal, Independent Director as the Chairman,
A The Committee, at its meeting held on March 26, 2024 reviewed the services rendered to the shareholders/investors
Shri Ghanshyam Sher and Dr. (Smt.) Sushma Agarwal, Independent Directors, Shri Vetsa Ramakrishna Gupta, including response to complaints/communications from the shareholders of the Company. The said meeting was
Director (Finance) and Shri Suman Billa, Government Nominee Director as its members. Shri Suman Billa, Government attended by all the members of the Committee.
Nominee Director ceased to be the member of the committee w.e.f. 11.05.2024 on his cessation as Director.
uring the Financial Year 2023-24, 15 complaints were received from shareholders through SEBI, BSE and NSE, which
D
Head (Planning) is a permanent invitee for the meetings of the PEC. were all attended to and resolved on priority basis.
Smt. V Kala, Company Secretary, acts as the Compliance Officer for matters related to investor relations.

149
E) Corporate Social Responsibility Committee 2. To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks
The terms of reference of the Corporate Social Responsibility (CSR) Committee broadly comprise: associated with the business of the Company;
1. In every Financial Year, utilizing at least 2% of average net profits of the Company made during the three immediately 3. o monitor and oversee implementation of the risk management policy, including evaluating the adequacy of risk
T
preceding financial years towards CSR activities as specified in Schedule VII of the Companies Act, 2013; management systems;
2. Providing guidance and suggestions on CSR activities to the CSR role holders and to monitor its progress, bringing 4. To periodically review the risk management policy, at least once in two years, including by considering the changing
greater transparency and experience in the execution of CSR activities of the Company etc. industry dynamics and evolving complexity;
Dr. (Smt.) Sushma Agarwal, Independent Director was appointed as member of the Committee w.e.f. 27.04.2023 5. To keep the Board of Directors informed about the nature and content of its discussions, recommendations and
actions to be taken;
Shri Rajkumar Dubey, Director (Human Resources) was appointed as member of the Committee w.e.f. 01.05.2023
6. The appointment, removal and terms of remuneration of the Chief Risk Officer (if any) shall be subject to review by
As on March 31, 2024, the Committee comprised Dr. (Smt.) Aiswarya Biswal, Independent Director, as Chairperson, Shri the Risk Management Committee.
Ghanshyam Sher and Dr. (Smt.) Sushma Agarwal, Independent Directors, Shri Suman Billa and Smt. Kamini Chauhan
Ratan, Government Nominee Directors, Shri Vetsa Ramakrishna Gupta, Director (Finance) and Shri Rajkumar Dubey, 7. The Risk Management Committee shall coordinate its activities with other committees, in instances where there
Director (Human Resources) as its members. is any overlap with activities of such committees, as per the framework laid down by the Board of Directors.
Shri Suman Billa, Government Nominee Director ceased to be the member of the Committee w.e.f. 11.05.2024. 8.
Review and recommend the risk management plan comprising risks assessed and their mitigation plans,
identification of corporate level risks and their mitigation plans for approval of the Board with the recommendation
Eleven Meetings of the Corporate Social Responsibility Committee were held during the Financial Year 2023-24 on the of the Audit Committee;
following dates:
9. Review and recommend the Risk Management Report consisting of status of risk mitigation plans (including
May 15, 2023 July 17, 2023 September 25, 2023 reporting of risks by businesses) to the Audit Committee/Board;
October 26, 2023 November 9, 2023 November 30, 2023
10.
Review and recommend the statement to be published in the Board’s Report indicating development and
December 15, 2023 January 29, 2024 *March 15, 2024 implementation of the risk management policy for the Company;
*March 15, 2024 March 23, 2024
11. Review and recommend any other proposal in relation to Risk Management to be put up to the Audit Committee/
* Two CSR Meetings were held on the same day at a reasonable gap. Board.
Attendance at the Corporate Social Responsibility Committee Meetings: During the Financial Year 2023-24, two meetings of the Risk Management Committee were held on July 25, 2023 and
December 14, 2023.
No of meetings
Names of the Members attended %
Attendance at the Risk Management Committee Meetings:
Dr. (Smt.) Aiswarya Biswal, Chairperson 11 100
Shri Vetsa Ramakrishna Gupta, Member 8 73 No of meetings
Names of the Members attended %
Shri Suman Billa, Member 8 73
Shri Gopal Krishan Agarwal, Chairman 2 100
Smt. Kamini Chauhan Ratan, Member 6 55
Shri Vetsa Ramakrishna Gupta, Member 2 100
Shri Ghanshyam Sher, Member 11 100
Shri Sanjay Khanna, Member 2 100
Dr. (Smt.) Sushma Agarwal, Member (w.e.f. 27.04.2023) 11 100
Shri Ghanshyam Sher, Member 2 100
Shri Rajkumar Dubey, Member (w.e.f. 01.05.2023) 11 100
Shri Pradeep Vishambhar Agrawal, Member 2 100
F) Risk Management Committee

G) Sustainable Development Committee
egulation 21 of the Listing Regulations requires the Company to constitute a Risk Management Committee. In
R
The terms of reference of the Sustainable Development Committee are to oversee, approve, provide budgetary
compliance thereto, the Board had constituted the Risk Management Committee.
allocation and monitor the projects covered under Sustainable Development projects as part of the business plan of
As on March 31, 2024, the Committee comprised Shri Gopal Krishan Agarwal, Independent Director as Chairman, business units. Besides involving an enduring and balanced approach to environmental responsibilities, the terms of
Shri Ghanshyam Sher and Shri Pradeep Vishambhar Agrawal, Independent Directors, Shri Vetsa Ramakrishna Gupta, reference also include reviewing of the ‘Business Responsibility and Sustainability Report’, which is placed to the Board
Director (Finance) and Shri Sanjay Khanna, Director (Refineries) as its members. for information on an annual basis.
Shri Krishnakumar Gopalan, the Chairman & Managing Director and Smt. Kamini Chauhan Ratan, Government Dr. (Smt.) Sushma Agarwal, Independent Director was appointed as member of the Committee w.e.f. 27.04.2023.
Nominee Director are permanent invitees for the meetings of the RMC.
As on March 31, 2024, the Committee comprised Dr. (Smt.) Aiswarya Biswal, Independent Director, as Chairperson,
The roles and responsibilities of the Risk Management Committee include the following: Shri Vetsa Ramakrishna Gupta, Director (Finance), Shri Sanjay Khanna, Director (Refineries), Shri Ghanshyam Sher,
Shri Gopal Krishan Agarwal and Dr. (Smt.) Sushma Agarwal, Independent Directors as its members.
1. To formulate a detailed risk management policy which shall include:
Three meetings of the Sustainable Development Committee were held during the Financial Year 2023-24 on May 14, 2023,
• A framework for identification of internal and external risks specifically faced by the listed entity, in particular
July 17, 2023 and July 25, 2023, which were attended by all the members.
including financial, operational, sectorial, sustainability (particularly, ESG related risks), information, cyber
security risks or any other risk as may be determined by the Committee.
H) Separate Meeting of Independent Directors
• Measures for risk mitigation including systems and processes for internal control of identified risks During the Financial Year 2023-24, one separate meeting of the Independent Directors was held on September 11, 2023,
• Business continuity plan. which was attended by all the members, wherein the Independent Directors reviewed various parameters for assessing
the quality, quantity and timelines of flow of information between the Company, Management and the Board to effectively
and reasonably perform their duties.

151
4) Remuneration to Directors 5) General Body Meetings

BPCL being a Government Company, appointment and remuneration of Whole-time Directors are determined by the a. The details of the Annual General Meetings and Extraordinary General Meetings during the last three years are
Government of India. The Government Nominee Directors do not receive any remuneration from the Company. The given below:
Independent Directors received sitting fees of I 40,000/- for each of the Board/Sub-Committee Meetings attended by
Meeting details Date and Time of the Meeting Venue
them during the Financial Year 2023-24. The amount of sitting fees payable to the Independent Directors was fixed
by the Board. Performance Linked Incentives are payable to the Whole-time Functional Directors as employees of the 68th Annual General Meeting September 27, 2021 at 10.30 a.m. Video- Conferencing/Other Audio Visual Means
Company, as per the policy applicable to all employees of the Company. 69th Annual General Meeting August 29, 2022 at 10.30 a.m. Video- Conferencing/Other Audio Visual Means
MCA convened meeting vide order Meeting of Equity Shareholders on Video- Conferencing/Other Audio Visual Means
Details of remuneration paid/payable to the Whole-time Directors during the Financial Year 2023-24 are dated 14.02.2022 for the scheme April 21, 2022 at 10.00 a.m.
of amalgamation of Bharat Oman
as follows:- Meeting of Secured Creditors on
Refineries Limited with Bharat
April 21, 2022 at 12.00 p.m.
Petroleum Corporation Limited and
All elements of remuneration packages of the Director their respective shareholders Meeting of Unsecured Creditors on
i.e. salary, benefits, bonus, pension, etc. April 21, 2022 at 01.30 p.m.
Contribution to Other Benefits MCA convened meeting vide order Meeting of Equity Shareholders on Video- Conferencing/Other Audio Visual Means
Salary & Provident Fund & & Perquisites Performance Total
dated 21.10.2021 for the scheme June 3, 2022 at 10.00 a.m.
Name of Director Allowances (₹) Other Funds (₹) (₹) Related Pay (₹) (₹)
of amalgamation of Bharat Gas
Meeting of Secured Creditors on
Shri Krishnakumar Gopalan 40,76,827 8,96,902 19,86,958 15,96,947 85,57,634 Resources Limited with Bharat
June 3, 2022 at 12.00 p.m.
Chairman and Managing Director Petroleum Corporation Limited and
their respective shareholders Meeting of Unsecured Creditors on
Shri Vetsa Ramakrishna Gupta 35,21,418 7,74,712 20,62,317 12,56,667 76,15,114
June 3, 2022 at 01.30 p.m.
Director (Finance)
70th Annual General Meeting August 28, 2023 at 10.30 am Video- Conferencing/Other Audio Visual Means
Shri Sukhmal Kumar Jain 40,26,480 8,85,826 26,07,739 16,08,710 91,28,755
b. he details of Special Resolutions passed and Resolutions requiring requisite majority in the previous Annual
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Shri Sanjay Khanna 40,85,044 8,98,710 23,94,356 15,53,623 89,31,733 General Meetings, Extraordinary General Meetings and MCA convened Meetings held in the last three years are
Director (Refineries)
given below:
Shri Rajkumar Dubey 38,18,582 8,22,947 15,45,612 - 61,87,141
Director (Human Resources) Meeting details Date and Time of the Special Resolutions passed at the Meeting
(w.e.f. 01.05.2023)
MCA convened meeting vide Order Meeting of Equity Shareholders: To consider and approve the proposed Scheme of
TOTAL 1,95,28,351 42,79,097 1,05,96,982 60,15,947 4,04,20,377 dated 14.02.2022 for the scheme April 21, 2022 at 10.00 a.m. Amalgamation of Bharat Oman Refineries Limited
of amalgamation of Bharat Oman with Bharat Petroleum Corporation Limited and
Service Contracts : As per terms & conditions of appointment communicated by the Administrative Ministry. Refineries Limited with Bharat their respective shareholders
April 21, 2022 at 12.00 p.m.
(i.e. from the date of taking over charge of the post or till the date of superannuation or until Petroleum Corporation Limited and
further orders, whichever is earlier)
April 21, 2022 at 01.30 p.m.
Notice period : Three months. MCA convened meeting vide Order Meeting of Equity Shareholders on To receive, consider and approve the proposed
dated 21.10.2021 for the scheme June 3, 2022 at 10.00 a.m. Scheme of Amalgamation of Bharat Gas Resources
Severance fees : Nil of amalgamation of Bharat Gas Limited with Bharat Petroleum Corporation Limited
Resources Limited with Bharat and their respective shareholders.
Stock Options : Nil June 3, 2022 at 12.00 p.m.
Petroleum Corporation Limited and
on-Executive Directors did not hold any shares, stock options or any convertible securities in the Company during the
N June 3, 2022 at 01.30 p.m.
Financial Year 2023-24.
70th Annual General Meeting August 28, 2023 at 10.30 am 1. Appointment of Dr. (Smt.) Sushma Agarwal as
s BPCL is a Government of India company, the performance related pay is based on criteria fixed by the Government
A Independent Director.
2. To amend the Articles of Association of the
of India. Company.
The sitting fees paid to the Independent Directors for attending the meetings of the Board/Committee during the
No Extraordinary General Meeting of the Members was held during Financial Year 2023-24.
Financial Year 2023-24 are given below:
The statement to be annexed to the Notice as referred to in sub-section (1) of Section 102 of the Companies Act,
Name of the Director Amount in (₹)
2013 for each item of special business transacted at the above meetings had set forth clearly the recommendation
Shri Gopal Krishan Agarwal 14,40,000 of the Board to the shareholders on each of the specific items as specified under Regulation 17(11) of the
Shri Pradeep Vishambhar Agrawal 17,20,000 Listing Regulations.
Prof. (Dr.) Bhagwati Prasad Saraswat 16,00,000
c. Postal Ballot
Dr. (Smt.) Aiswarya Biswal 16,40,000
Shri Ghanshyam Sher 15,60,000 During the Financial Year 2023-24, the Postal Ballot Notice dated February 23, 2024 was issued to seek approval
of the Members and the following Special Resolution was passed-To amend the object clause of the Memorandum
Dr. (Smt.) Sushma Agarwal 14,40,000
of Association of the Company.
The Independent Directors are not entitled to any remuneration other than the sitting fees and are not entitled to any
Voting Pattern
stock options.
Sr.
No. Type of Resolution Particulars % Votes in favor % Votes against
1. Special Approval to amend the object clause of the Memorandum of 99.9981 0.0019
Association of the Company

153
Procedure for Postal Ballot Debt Securities The details of listing of Non-Convertible Debentures issued by the Company are given below:
In compliance with provisions of Section 108, Section 110 and other applicable provisions of the Act read with the BPCL Debentures 2020 Series I Listed on wholesale debt market segment of BSE and NSE
(I 1995.20 crore issued on July 6, 2020)
Companies (Management and Administration) Rules, 2014 (Rules), MCA Circulars, Regulation 44 of the Listing ISIN: INE029A08065
Regulations and the Secretarial Standards-1 (SS-1) issued by the Institute of Company Secretaries of India (ICSI), Security code: 959690
the Company had provided remote e-voting facility to all the Members of the Company. The Company engaged BPCL Debentures 2026 (I 1000 crore Listed on wholesale debt market segment of NSE
the services of National Securities Depository Limited (NSDL) for availing the services of remote e-voting for issued on October 26, 2021)
conducting the Postal Ballot to enable the Members to cast their votes electronically. ISIN: INE322J08040
Security Code: 973554
Smt. V. Kala, Company Secretary was authorized by the Board of Directors to conduct the Postal Ballot and to sign BPCL Debentures 2026 Series I Listed on wholesale debt market segment of BSE and NSE
and send the Notices to the Members and in compliance with Rule 22(5) of the above Rules, Smt. Ragini Chokshi, (I 935.61 crore issued on
Practicing Company Secretary (C.P. No. 1436), Ragini Chokshi & Co. (Membership No.2390) was appointed as March 17, 2023)
Scrutinizer for conducting the Postal Ballot process in a fair and transparent manner. ISIN: INE029A08073
Security code: 974677
The voting period commenced on Tuesday, February 27, 2024 at 9.00 (IST) a.m. and ended on Wednesday, March Debenture Trustee SBI CAP Trustee Company Ltd.
27, 2024 at 5.00 (IST) p.m. The cut-off date, for the purpose of determining the number of Members, was Friday, Apeejay House, 6th Floor, 3, Dinshaw Wachha Road, Churchgate, Mumbai 400 020 Tel 022-4302 5555
February 16, 2024 and the total number of Members as on the cut-off date was 7,02,699. Fax 022-2204 0465
The Scrutinizer, after the completion of scrutiny, submitted her report to Smt. V. Kala, Company Secretary, who was Details of Credit Rating obtained by BPCL along with revisions:
duly authorized by the Chairman & Managing Director to accept, acknowledge and countersign the Scrutinizer’s
Rating at the Rating at
Report, as well as declare the voting results in accordance with the provisions of the Act, the Rules framed Rating beginning of Changes the end of
thereunder and the Secretarial Standard - 2 issued by the Institute of Company Secretaries of India. Instruments Agency the year during the year the year Rating as on date
Non-Convertible Debenture CRISIL CRISIL AAA/ No change CRISIL AAA/ CRISIL AAA/
he Scrutinizer’s Report, along with details of the voting results in the format specified under Regulation 44
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Stable Stable Stable
of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 were submitted to the Bombay 1. BPCL Debentures 2019-Series I*
Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE) and also placed on the 2. BPCL Debentures 2020-Series I
Company’s website. 3. BPCL Debentures 2023-Series I*
No Special Resolution is proposed to be conducted through Postal Ballot as on the date of this Annual Report. 4. BPCL Debentures 2023-Series II*
5. BPCL Debentures 2026
6) Means of Communication of Financial Performance 6. BPCL Debentures 2026-Series I
In order to give wider publicity and to reach the Members and the general public, the financial results were published in Non-Convertible Debenture CARE CARE AAA/ No change CARE AAA/ CARE AAA/
Stable Stable Stable
various editions of leading newspapers. 1. BPCL Debentures 2019-Series I*
2. BPCL Debentures 2020-Series I
he Audited/Unaudited Financial Results (annual/quarterly) along with the Auditor’s Report/Limited Review Report, as
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the case may be, were filed with the Stock Exchanges. 3. BPCL Debentures 2026-Series I
Non-Convertible Debenture ICRA ICRA AAA/ No change ICRA AAA/ ICRA AAA/
he financial results of the Company are also displayed on the website of the Company at www.bharatpetroleum.in and
T Stable Stable Stable
1. BPCL Debentures 2023-Series I*
the websites of BSE and NSE.
2. BPCL Debentures 2023-Series II*
Several investor meets were held during the year and the presentations are available on https://www.bharatpetroleum. 3. BPCL Debentures 2026
in/Bharat-Petroleum-For/Investors/Financial-Performance/Investors-Presentation.aspx
Bank Facilities Long-term CRISIL CRISIL AAA/ No change CRISIL CRISIL
Stable AAA/ AAA/Stable
7) General Shareholders’/Members information: Stable
As per SEBI Regulations, BPCL shares can be traded only in dematerialized form. Bank Facilities-Short-Term CRISIL CRISIL A1+ No change CRISIL A1+ CRISIL A1+
Annual General Friday, August 30, 2024 at 10.30 a.m. IST Commercial Papers CRISIL CRISIL A1+ No change CRISIL A1+ CRISIL A1+
Meeting: Date, Time The Company is conducting the meeting through VC/OAVM pursuant to the MCA Circulars. For details Senior Unsecured Debt-Foreign Currency Fitch BBB- No change BBB- BBB- (Stable)
and Venue please refer to the Notice of this AGM. (Stable) (Stable)
Financial Year BPCL follows the financial year from April to March. The Unaudited Results/Audited Results for the four Senior Unsecured Debt-Foreign Currency Moody's Baa3 (Stable) No change Baa3 (Stable) Baa3 (Stable)
quarters/year end were taken on record by the Board on the following dates and published in the Economic
Times, Maharashtra Times and Navbharat Times: *BPCL Debentures 2019-Series I, BPCL Debentures 2023-Series I, BPCL Debentures 2023-Series II have been repaid during the year
Period Ended Date of the Board Meeting Date of publication Unaudited/Audited and hence the ratings for those debentures were withdrawn on repayment. These debentures have been delisted from the respective stock
exchanges.
Apr-Jun 2023 July 26, 2023 July 27, 2023 Unaudited
Jul-Sep 2023 October 27, 2023 October 28, 2023 Unaudited
Oct-Dec 2023 January 29, 2024 January 30, 2024 Unaudited
Jan-Mar 2024 May 9, 2024 May 10, 2024 Audited
FY 2023-24 May 9, 2024 May 10, 2024 Audited
Dividend Payment Date of Board Meeting approving declaration of Amount per equity Date of Payment of the
Dates Interim Dividend for Financial Year 2023-24 share for face value Dividend on:
of K 10
Interim Dividend: November 29, 2023 I 21 December 22, 2023
The Board has recommended a final dividend of I 21 per equity share of face value of I 10 each (pre-bonus), which translates into
final dividend of I 10.50 per equity share of face value of I 10 per equity share (post-bonus). The dividend, if approved at the ensuing
Annual General Meeting, will be paid within one month from the date of the AGM.
Record Date Friday, August 9, 2024

155
Listing on Stock The Company’s shares are listed on the following Stock Exchanges: Plant Locations Mumbai Refinery: Bharat Petroleum Corporation Ltd., Mahul, Mumbai 400 074
Exchanges & Name of Stock Exchange Security Code/Symbol Kochi Refinery: Bharat Petroleum Corporation Ltd., Ambalamugal, Kochi 682 302
Security Code
BSE Ltd. 500547 Bina Refinery: Administrative Building, Refinery Complex, Post BORL Residential Complex,
Phiroze Jeejeebhoy Towers, Bina, Sagar District-470 124, Madhya Pradesh.
Dalal Street, Fort, Mumbai 400 001.
Lubricant Plants: Wadilube LOBP, Mallet Road, Chinchbunder, Wadibunder, Mumbai-400 009
National Stock Exchange Ltd. BPCL
Sewree C-Installation, Sewree Fort Road, Sewree (East), Mumbai-400 015
Exchange Plaza, Plot No. C/1 Bandra Kurla Complex,
Bandra (E), Mumbai 400 051. LOBP Tondiarpet, Post Box No.1152, 35 Vaidyanatha Mudali Street,
Tondiarpet, Chennai-600 081
The Listing Fees have been paid for the year 2023-24 to both the above Exchanges.
LOBP Budge Budge, 2 Graham Road, P.O. Budge Budge,
ISIN Number For National Securities Depository Ltd. (NSDL) & Central INE029A01011
Dist. 24-Parganas [South], Budge Budge 700 137
Depository Services India Ltd. (CDSL) for equity shares
MAK Lube Plant, Hastinapur Yojna, Village-Tilla Shahbajpur, Loni,
Market Price Data High, low during each month in the last financial year Please see Annexure I
Dist. Ghaziabad 201 102
Performance in comparison to broad based indices i.e. BSE 100 Please see Annexure II
Address for The Secretarial Department General Manager (Capital Issues Division),
Correspondence Bharat Petroleum Corporation Ltd. Data Software Research Co. Pvt. Ltd.
Registrar and Shri Benjamin Rajaratnam Bharat Bhavan, 4&6, Currimbhoy Road, 19, Pycrofts Garden Lane,
Transfer Agents General Manager (Capital Issues Division), Ballard Estate, Mumbai 400 001 Off. Haddows Road, Nungambakkam, Chennai-600 006
Data Software Research Co. Pvt. Ltd. Tel. 022-2271 3170 Ph: +91-44-2821 3738/2821 4487
19, Pycrofts Garden Road, Off. Haddows Road, Nungambakkam, Chennai- 600 006 Email: [email protected] Email: [email protected]
Ph: +91-44-2821 3738/2821 4487
Email [email protected]
Investor Service Center
Share Transfer In line with the present statutory provisions, issue of duplicate shares, transmission of shares, transfer of equity
System shares, etc. can be effected only in dematerialized mode through the depositories. The procedure for various BPCL’s Investors’ Service Center (ISC), by Data Software Research Co. Pvt. Ltd., our Registrar & Share Transfer
investor service requests is available on the website of the Company on: Agents has been functioning at the Registered Office of the Company at the following address to cater to the needs of
https://www.bharatpetroleum.in/bharat-petroleum-for/Investors/Procedure-Related-to-Investor-Service-request. the Members/Investors:
aspx
A Committee comprising two Whole-time Directors considers the requests for transmission of shares, Data Software Research Co. Pvt. Ltd. (DSRC)
dematerialization of shares, etc. Requests for dematerialization of shares are processed and confirmation is C/o. Bharat Petroleum Corporation Ltd.
given to the respective depositories viz. NSDL and CDSL within 15 days. Bharat Bhavan No.1,
Distribution of No. of 4 & 6 Currimbhoy Road, Ballard Estate, Mumbai 400 001
shareholding as on Shareholders shares held % of holding
Tel. No. 022 – 2271 3170
March 31, 2024 1) Government of India 1,14,91,83,592 52.98 Email: [email protected]
2) Government of Kerala 1,86,66,666 0.86
The various procedures relating to investor service requests can be accessed on https://www.bharatpetroleum.in/
3) BPCL Trust for Investments in Shares 3,29,60,307 1.52
bharat-petroleum-for/Investors/Procedure-Related-to-Investor-Service-request.aspx
4) Mutual Funds/UTI 19,82,44,336 9.14
5) Financial Institutions/Banks 2,98,07,796 1.37 urther, BPCL has designated an exclusive e-mail ID: [email protected] for the purpose of communication from
F
Members including investor complaints.
6) Insurance Companies 23,38,69,265 10.78
7) Foreign Institutional Investors 36,43,61,008 16.80
8) Management Discussion & Analysis Report
8) Bodies Corporate 77,59,075 0.36
A detailed chapter on Management Discussion & Analysis is attached to the Directors’ Report.
9) Others 13,44,00,699 6.19
Total 2,16,92,52,744 100.00 9) Other Disclosures
Distribution of shareholding on number of shares held by the shareholders and shareholding pattern are given in a. Details of ‘Related Party Disclosures’ are shown in Notes forming part of Accounts. The related party transactions
Annexure III.
were recommended/approved by the Audit Committee/Board. The Corporation has incurred certain expenses on
Dematerialization of Out of the shares held by the Shareholders, 99.03% are held in dematerialized form and the balance in physical
behalf of the subsidiaries/joint ventures as co-promoter and such expenses are recoverable subsequently from
shares and liquidity form as on March 31, 2024.
The Company has not issued any GDRs/ADRs/Warrants, etc. the subsidiaries/joint venture companies. There were no transactions of material nature that may have potential
conflict with the interests of the Company at large.
b. he Company was compliant with the Listing Regulations and DPE Guidelines on Corporate Governance up
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to April 30, 2023. However, on appointment of one Whole-time Director with effect from May 1, 2023, BPCL’s
Board comprised five Whole-time Directors, two Government Nominee Directors and six Independent Directors.
Hence, the Company did not have the requisite number of Independent Directors on the Board, as required under
Regulation 17(1)(b) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 during the period
1.5.2023 till 31.3.2024.
BPCL is a Government Company under the administrative control of Ministry of Petroleum and Natural Gas. The
nomination/appointment of all categories of Directors is done by the Government of India in accordance with
the laid down guidelines of the Department of Public Enterprises. Accordingly, the subject matter of nomination/
appointment of Independent Director falls under the purview of the Government of India. BPCL has from time to
time communicated to the Ministry of Petroleum & Natural Gas for the nomination of one Independent Director.
c. The Company has complied with the provisions of Regulation 24 of the Listing Regulations relating to Corporate
Governance requirements in respect of the subsidiaries.

157
d. BPCL has also implemented the Whistle-Blower Policy, which provides a vigil mechanism to ensure greater p. In line with the Listing Regulations, the Company has implemented the various policies which are disclosed on
transparency in all aspects of the Company’s functioning. It also provides employees with a framework/procedure the website of the Company under the link: https://www.bharatpetroleum.in/bharat-petroleum-for/Investors/Our-
for responsible and secure reporting of improper activities, without fear of victimization and no personnel has been Policies.aspx
denied access to the Audit Committee/Board.
q. Risk Management Policy
e. Details of compliances with mandatory requirements and adoption of the non-mandatory requirements:
The Risk Management Policy of the Corporation identifies that it has direct and substantial price risk exposure
he Company has been adhering to the applicable statutory provisions of regulatory authorities including SEBI,
T to certain commodities such as Crude Oil, Petroleum Products, Freight, Precious metals, Petrochemicals and
Stock Exchanges and Depositories. There has been no instance of non-compliance of any provisions of law, Metals and the policy provides the broad framework and governance for undertaking Risk Management activities
guidelines from regulatory authorities and matters related to the capital markets during the last three years, except in these commodities.
as stated above.
PCL is exposed to currency risk in the normal course of its business activities, which is mitigated by a
B
In addition to compliance of mandatory requirements, the Company has fulfilled the following discretionary comprehensive Financial Risk Management Policy to identify the most effective and efficient ways of managing the
requirements as specified in Part E of Schedule II of Regulation 27 of the Listing Regulations:- currency risks. The Company uses derivative instruments (mainly foreign exchange forward contracts) judiciously
and based on requirement to mitigate the foreign exchange risks in line with the above policy.
i Shareholders’ Rights: The Company has adopted requirements with regard to sending of quarterly/
half-yearly financial results to the Members of the Company.
Exposure in Commodities
ii. The Company has moved towards a regime of Standalone and Consolidated Financial Statements with Exposure in % of such exposure hedged through commodity derivatives
unmodified audit opinion. INR towards Exposure in Quantity
Domestic market International market
the particular terms towards the
iii. s on March 31, 2024, the Company has not extended any loans to persons in whom the Directors
A commodity particular commodity
Commodity Name (K crore) (Qty. TMT) OTC Exchange OTC Exchange Total
were interested.
Raw Material 14,088 2,683 0% 0% 0% 0% 0%
f. The web link for policy for determining ‘material’ subsidiaries is as follows: https://www.bharatpetroleum.in/bharat- (Crude Oil)
petroleum-for/Investors/Our-Policies.aspx Finished Products 26,070 3,513 0% 0% 0% 0% 0%
g. The web link for revised policy on dealing with related party transactions is as follows:https://www.bharatpetroleum.
Notes:-
in/bharat-petroleum-for/Investors/Our-Policies.aspx. The policy also covers material related party transactions as
required under Regulation 23 of the Listing Regulations. The policy is reviewed by the Board of Directors once i. Raw Material consists of Crude Oil Closing, In transit and In process Inventory as on March 31, 2024.
in three years. The policy on Related Party Transactions covers inter-alia all provisions of Regulation 24 of the
ii. Finished Products majorly consist of Gasoline, Gasoil, SKO, Naphtha, ATF, Furnace Oil (FO), LNG, Lubricants
Listing Regulations.
and LPG Closing Inventories as on March 31, 2024.
h. The web link for policy dealing with familiarization programs imparted to Independent Directors is as follows:
iii. The exposure value is the value of the Closing Inventory as on March 31, 2024.
https://www.bharatpetroleum.in/bharat-petroleum-for/Investors/Our-Policies.aspx.
iv. uring the Financial Year 2023-24, BPCL hedged product crack spreads (Difference between Product price
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i. uring the financial year, there were no funds raised by way of preferential allotment, bonds or through issue of
D
and Dubai Crude Oil price) and Ocean Freight through Swaps/Options in the international Over the Counter
non-convertible debentures.
market towards the refinery margin to cover the operating expenses of the refinery and ocean freight expenses.
j. certificate from Shri Upendra Shukla, Practising Company Secretary, certifying that none of the Directors on the
A
v. PCL is an Oil Refining and Marketing Company and pricing of major petroleum products naturally hedge
B
Board of the Company have been debarred or disqualified from being appointed or continuing as Directors of the
Crude purchase prices to a large extent.
companies by SEBI, Ministry of Corporate Affairs or any such statutory authority is enclosed herewith.
r. During the year, three complaints of sexual harassment were received, out of which one has been disposed of and
k. PCL nominates Directors for relevant training programs/seminars conducted by reputed Institutions/SCOPE/
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in the other two complaints (received in March 2024), enquiry is in progress.
IICA etc. Further, strategy workshops are held to deliberate strategic issues, policy decisions, etc. The Report of
the Board of Directors to the Shareholders included the minimum information specified in Part A Schedule II of the s. Total fees of the current Statutory Auditors, M/s. K.S. Aiyar & Co., and M/s. Kalyaniwalla and Mistry LLP, on a
Listing Regulations read with Regulation 17(7). consolidated basis, for FY 2023-24, in respect of all services availed from them, are as follows:
l. CEO and CFO Certification: The Chairman & Managing Director and Director (Finance) have certified to the Board Particulars Amount (in K)
in accordance with Part B of Schedule II of Regulation 17(8) of the Listing Regulations. Audit fees 98,60,000
m. No Shares are kept under demat/unclaimed suspense account. Fees for other services – Certification 56,57,000
Reimbursement of expenses 13,64,418
n. here are no items of expenditure in the books of account, which are not for the purpose of Business. Further, no
T
expenses were incurred, which were personal in nature, and incurred for the Board of Directors and Top Management TOTAL 1,68,81,418
of the Company. Administrative & Office expenses and Finance expenses constitute 0.62% and 0.53% of the total t. Particulars of senior management including the changes therein since the close of the previous financial year are
expenses respectively for the Financial Year 2023-24, as against 0.55% and 0.61% in the previous year. Employee mentioned under ‘Management Team’ at the beginning of the Annual Report.
Benefit expenses and Repair, Maintenance, Stores and Spares, as a percentage of total expenses constitute 0.75%
& 0.51% for the Financial Year 2023-24, as against 0.52% & 0.39% in the previous year. There is a decrease in u. etails of ‘Loans and advances in the nature of loans to firms/companies in which Directors are interested by name
D
Finance expenses during the year (from 0.61% to 0.53%), mainly due to decrease in average borrowing during this and amount’ are covered in Annexure H
year, as compared to the previous year. Increase in the Administrative & Office expenses during the year (from 0.55% v. Details of material subsidiaries of the listed entity – BPCL has no material subsidiary.
to 0.62%) was mainly due to higher expenses on account of rent, utilities, insurance etc.
o. ursuant to the requirements of SEBI (Prohibition of Insider Trading) Regulations, 2015, the Company has in place
P
‘The Code for Prevention of Insider Trading in the Securities of BPCL’ and ‘Code of Practices and Procedures for
Fair Disclosure of Unpublished Price Sensitive Information’. The Company Secretary is the Compliance Officer for
the implementation of the said Codes.

159
ANNEXURE I ANNEXURE III
BPCL MARKET PRICE DATA DISTRIBUTION OF SHAREHOLDING AS ON MARCH 31, 2024

NO. OF
BSE NSE NO. OF EQUITY SHARES HELD SHAREHOLDERS NO. OF SHARES % OF TOTAL
High Low Monthly Volume High Low Monthly Volume
UP TO 5000 7,18,291 9,20,06,175 4.24
APRIL 2023 - MARCH 2024 (K per share) (K per share) (No. of shares) (K per share) (K per share) (No. of shares)
5001 TO 10000 3,514 2,24,10,443 1.03
April 358.35 327.05 27,58,407 358.30 327.00 5,30,58,132 10001 TO 50000 947 1,95,17,786 0.90
May 374.85 352.30 23,81,418 374.90 356.35 6,43,22,408 50001 TO 100000 215 1,53,05,055 0.70
June 380.35 354.70 27,24,540 380.45 354.60 6,74,74,577 100001 TO 500000 349 8,06,62,548 3.72
July 397.80 363.10 28,49,726 397.90 363.15 7,77,25,911 500001 TO 1000000 116 8,01,78,257 3.70
August 379.70 339.10 45,85,086 379.80 339.10 7,73,02,445 1000001 TO 2000000 63 8,99,41,877 4.15
September 368.85 340.60 33,20,248 368.75 340.55 8,98,36,129 2000001 TO 3000000 22 5,42,37,670 2.50
October 357.75 331.50 26,65,307 357.70 331.45 7,28,68,645 3000001 AND ABOVE 54 1,71,49,92,933 79.06
November 438.30 349.80 50,54,883 438.75 350.55 14,14,92,405 Total 7,23,571 2,16,92,52,744 100.00
December 482.05 422.05 84,94,672 482.50 432.45 22,64,26,718
January 517.85 445.20 1,32,27,169 517.85 445.10 19,72,14,781
February 687.65 499.05 1,85,06,676 687.95 499.10 31,87,63,432
March 652.80 556.60 70,06,299 653.00 556.40 15,96,80,902 SHAREHOLDING PATTERN OF BPCL AS ON MARCH 31, 2024 (PERCENTAGE)
MARKET CAPITALIZATION/SHARES TRADED DURING APRIL 1, 2023 TO MARCH 31, 2024 6.19
BSE NSE 0.36 • Government of India 52.98
No. of Shares traded 7,35,74,431 1,54,61,66,485 • Government of Kerala 0.86
No. of Shares 2,16,92,52,744 2,16,92,52,744 52.98 • BPCL Trust for Investments in Shares 1.52
Highest Share Price (₹) • Mutal Funds/UTI 9.14
Lowest Share Price (₹)

687.65 687.95
16.80
• Financial Institutions/Banks 1.37
327.05 327.00
• Insurance Companies 10.78
Closing Share Price as on March 31, 2024 (₹) 602.30 602.40
• Foreign Institutional Investors 16.80
Market Capitalization as on March 31, 2024 (I in crore) 1,30,654.09 1,30,67,578.53
• Bodies Corporate 0.36
10.78
• Others 6.19
ANNEXURE II
1.37
9.14
BPCL MARKET PRICE MOVEMENT IN COMPARISON TO BSE 100 INDICES
1.52 0.86
Share Prices/BSE 100 monthly High

23,449.26
900 23,215.50 25,000
22,421.33 22,847.06
---·-----·-·-•-·
23,500
800 20,739.20
22,000
·--·-·--•---•-·
19,016.63 19,584.39
20,303.00 20,187.72 20,689.46 20,339.17
22,500
700
/·--
18,352.75
19,000
BPCL Share Price
687.65 17,500
-·-·
600 652.8
·-·__
16,000
•
BSE 100
500 14,500
517.85 13,000
400
·-•---•-·- 380.35 397.8 379.7
..........-
.........
438.3
482.05
11,500
10,000
CODE OF CONDUCT DECLARATION
300 358.35 374.85 368.85 357.75
8,500 I hereby declare that all the Board Members & Senior Management Personnel have affirmed compliance with the
200 7,000 Code of Conduct as adopted by the Board of Directors for the year ended March 31, 2024.
5,500
100 4,000
2,500 Sd/-
0 1,000
Krishnakumar Gopalan
Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Place: Mumbai Chairman & Managing Director
Date: July 19, 2024 Bharat Petroleum Corporation Limited
-•- BPCL Share Price
-•- BSE 100

161
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS COMPLIANCE CERTIFICATE IN CORPORATE GOVERNANCE UNDER SEBI (LISTING OBLIGATIONS
AND DISCLOSURE REQUIREMENTS) REGULATION, 2015
[pursuant to Regulation 34(3) and Schedule V Para C sub-clause (10)(i) of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015]
The Members of
To, Bharat Petroleum Corporation Ltd.
The Members of
1. The Corporate Governance Report prepared by Bharat Petroleum Corporation Limited (hereinafter ‘the Company’),
contains the details as specified in regulations 17 to 27, clauses (b) to (i) and (t) of sub-regulation 2 of Regulation
Bharat Bhavan, Ballard Estate
46 and para C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and
Mumbai 400 001
Disclosure Requirements) Regulations, 2015 as amended (listing regulations) (‘applicable criteria’) for the year ended
I have examined the relevant registers, records, books, forms, returns and disclosures received from the Directors of March 31, 2024 as required by the Company for annual submission to the stock exchange.
Bharat Petroleum Corporation Limited, (CIN L23220MH1952GOI008931), having Registered Office at Bharat Bhavan, 4& 6
Currimbhoy Road, Ballard Estate, Mumbai 400 001 (the Company), produced before me by the Company for the purpose of MANAGEMENT’S RESPONSIBILITY
issuing this Certificate in accordance with Regulation 34(3) read with Schedule V Para-C Sub-clause 10(i) of the Securities 2. The preparation of the Corporate Governance Report is the responsibility of the management of the Company including
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. the preparation and maintenance of all relevant supporting records and documents. This responsibility also includes
In my opinion and to the best of my information and according to the verification (including Director Identification Number the design, implementation and maintenance of internal control relevant to the preparation and presentation of the
(DIN) status at the portal www.mca.gov.in) as considered necessary and explanation furnished to me by the Company and Corporate Governance Report.
its officers, I hereby certify that none of the Directors on the Board of the Company as stated below for the financial year 3. The management alongwith the Board of Directors are also responsible for ensuring that the Company complies with
ended on March 31, 2024 were debarred or disqualified from being appointed or continuing as Directors of companies by the conditions of corporate governance as stipulated in the listing regulations, issued by the Securities and Exchange
the Securities and Exchange Board of India and/or Ministry of Corporate Affairs: Board of India.
Date of First
Sr. Appointment in the
No. Name of the Director DIN Company
AUDITOR’S RESPONSIBILITY
1) Shri Krishnakumar Gopalan 09375274 17/03/2023 4. Pursuant to the requirements of the listing regulations, my responsibility is to provide a reasonable assurance in the
(Chairman & Managing Director) form of an opinion whether, the Company has complied with the conditions of Corporate Governance as specified in
2) Shri Vetsa Ramakrishna Gupta 08188547 07/09/2021 the listing regulations.
Director (Finance)
3) Shri Pradeep Vishambhar Agrawal 00048699 12/11/2021 5. I conducted my examination of the Corporate Governance Report in accordance with the Guidance Notes on Certification
(Independent Director) of Corporate Governance issued by the Institute of Company Secretaries of India (‘ICSI’).
4) Shri Gopal Krishan Agarwal 00226120 12/11/2021
(Independent Director) 6. The procedures selected depend on the Auditor’s judgment, including the assessment of the risks associated in
5) Shri Bhagwati Prasad Saraswat 09396479 12/11/2021 compliance of the Corporate Governance Report with the applicable criteria. Summary of procedures performed include:
(Independent Director)
i) Read and understood the information prepared by the Company and included in its Corporate Governance Report.
6) Dr. (Smt.) Aiswarya Biswal 09396589 12/11/2021
(Independent Director) ii) btained and verified that the composition of the Board of Directors with respect to executive and non-executive
O
7) Shri Ghanshyam Sher 09396915 12/11/2021 directors has been met through out the reporting period.
(Independent Director)
8) Shri Sanjay Khanna 09485131 22/02/2022 iii) btained and read the Register of Directors as on March 31, 2024 and verified that atleast one Independent
O
Director (Refineries) Woman Director was on the Board of Directors through out the year.
9) Shri Suman Billa 00368821 16/03/2022
(Government Director) iv) Obtained and read the minutes of the following committee meetings/other meetings held during the period
10) Shri Sukhmal Kumar Jain 09206648 22/08/2022 April 1, 2023 to March 31, 2024:
a) Board of Directors;
11) Smt. Kamini Chauhan Ratan 09831741 21/12/2022
(Government Director) b) Audit Committee;
12) Dr. (Smt.) Sushma Sushilkumar Agarwal 10065236 10/03/2023
(Independent Director) c) Annual General Meeting (AGM)
13) Shri Rajkumar Dubey 10094167 01/05/2023
Director (Human Resources) d) Nomination and Remuneration Committee
Ensuring the eligibility for appointment/continuing as Director on the Board is the responsibility of the Management of the e) Stakeholders’ Relationship Committee
Company. My responsibility is to express an opinion based on verification of documents/information available to me. This f) Corporate Social Responsibility Committee
certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which
the Management has conducted the affairs of the Company. g) Risk Management Committee.
Sd/- v) Obtained necessary declaration of Directors of the Company.
(U.C. SHUKLA) vi) Obtained and read policy adopted by the Company for related party transactions.
COMPANY SECRETARY vii) P
erformed necessary inquiries with the management and also obtained necessary specific representation
FCS: 2727/CP: 1654 from management.
UDIN: F002727F000782880
Peer Review Certificate No. 1882/2022
Place: Mumbai
Date: July 19, 2024

163
OPINION COMPLIANCE CERTIFICATE OF CORPORATE GOVERNANCE GUIDELINES ISSUED BY

7. Based on the procedures performed by me as referred in paragraph 6 above and according to the information and DEPARTMENT OF PUBLIC SECTOR ENTERPRISES.
explanation given to me, I am of the opinion that the Company has complied with the conditions of Corporate Governance
as stipulated in the aforesaid provisions of SEBI LODR as applicable for the year ended March 31, 2024 except that the The Members of
Company did not have requisite number of Independent Directors on the Board as required under Regulation 17(1)(b) Bharat Petroleum Corporation Limited
of SEBI (Listing Regulations and Disclosure Requirements) Regulations, 2015 during the period from May 1, 2023 to
March 31, 2024. I have examined the compliance of the conditions of Corporate Governance by Bharat Petroleum Corporation Limited for
the financial year ended March 31, 2024, as stipulated in Guidelines on Corporate Governance for Central Public Sector
OTHER MATTERS AND RESTRICTION ON USE Enterprises, 2010, issued by the Department of Public Enterprises, Government of India.
8. As informed by the management, the Company being a Government Company, performance evaluation of the Board, The Compliance of conditions of Corporate Governance as stipulated in the Guidelines is the responsibility of management.
Independent Directors and Committees is done by the Government of India. My examination was limited to the procedures and implementation thereof adopted by the Company for ensuring the
compliance of the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on financial
9. his report is neither an assurance as to the future viability of the Company nor the efficiency for effectiveness with
T
statements of the Company.
which the management has conducted the affairs of the Company.
In my opinion and to the best of my information and according to explanation given to me, I certify that the Company has
10. This report is solely for the purpose of enabling the Company to comply with its obligations under the listing regulations
complied with the conditions of Corporate Governance as stipulated in the Guidelines on Corporate Governance for Central
with reference to compliance with relevant regulations of Corporate Governance and should not be used by any other
Public Sector Enterprises, 2010 issued by the Department of Public Sector Enterprises except –
person or for any other purpose.
i) the Company did not have requisite number of Independent Directors on the Board as required under Clause 3.1.4 of
Sd/-
DPE Guidelines during the period May 1, 2023 till March 31, 2024.
(U.C. SHUKLA)
I further state that such compliance is neither an assurance as to the further viability of the Company nor the efficiency or
COMPANY SECRETARY
effectiveness with which the management has conducted the affairs of the Company.
FCS: 2727/CP: 1654
UDIN: F002727F000782968
Sd/-
(U.C. SHUKLA)
Place: Mumbai
Date: July 19, 2024 COMPANY SECRETARY
FCS: 2727/CP: 1654
UDIN: F002727F000783012
Place: Mumbai
Date: July 19, 2024

165
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT III. Operations
19. Number of locations where plants and/or operations/offices of the entity are situated:
SECTION A: GENERAL DISCLOSURES Location Number of Plants

National 1. Refineries: 3 (Mumbai, Bina, and Kochi)
I. Details of the listed entity 2. Retail (Installations/Depots/TOPs): 80
3. LPG Bottling Plants: 54 (Including Mumbai Refinery)
1 Corporate Identity Number (CIN) of the Listed Entity L23220MH1952GOI008931 4. Lube Blending Plants: 5
5. Aviation: Locations/Fueling Stations/on-wheels: 67
2 Name of the Listed Entity Bharat Petroleum Corporation Limited
6. Cross country Pipelines: 3,537 km consisting of 22 Nos. of pipeline locations.
3 Date of Incorporation 03-11-1952 7. Head Office: 1
4 Registered office address Bharat Bhavan 4&6, Currimbhoy Road, Ballard Estate, 8. Regional Offices: 4
Mumbai-400 001 9. Total = 236
5 Corporate Address Bharat Bhavan 4&6, Currimbhoy Road, Ballard Estate, International Nil
Mumbai-400 001
6 E-mail [email protected] 20. Markets served:
7 Telephone (022) 22713170
a. Number of locations
8 Website https://www.bharatpetroleum.in/
Locations Number
9 Financial year for which reporting is being done 2023-24
10 Name of the Stock Exchange(s) where shares are listed 1) National Stock Exchange (NSE) National (No. of states)(Including Union Territories) 28 States 8 UTs
2) Bombay Stock Exchange (BSE) International (No. of countries) 9 (Nepal, Bhutan, Sri Lanka, Bangladesh, Kenya, Tanzania, Uganda,
UAE, Oman)
11 Paid-up capital I 2,169.25 crore as on March 31, 2024 i.e., 2,16,92,52,744 equity
shares of I 10 each
12 Name and contact details of the person who may be contacted Name: Ms. V. Kala b. What is the contribution of exports as a percentage of the total turnover of the entity?
in case of any queries on the BRSR report Designation: Company Secretary Total Sales of Lubes: I 4,053 Cr
Email: [email protected]
Telephone: 022-24173170 Export Sales of Lubes: I 55 Cr
13 Reporting boundary - Are the disclosures under this report BPCL Standalone Basis (i.e. excluding JV's and Subsidiaries)
made on a standalone basis (i.e. only for the entity) or on a
Contribution of exports as percentage of the total turnover of Lubes: 1.36%
consolidated basis (i.e. for the entity and all the entities which
form a part of its consolidated financial statements, taken c. A brief on types of customers
together).
Bharat Petroleum Corporation Limited (BPCL) is a leading company in the Oil and Gas sector, providing services
14 Whether the company has undertaken reasonable assurance Yes
to both retail and bulk customers. Through its extensive network of retail outlets and LPG distributorships, BPCL
of the BRSR Core?
ensures a consistent and reliable supply of fuel and related services to its diverse customer base. In addition to serving
15 Name of assurance provider Intertek India Private Limited
retail customers, BPCL also caters to the energy needs of bulk customers, which include the Defense Forces, Indian
16 Type of assurance obtained Reasonable Railways, State government organizations, State transport undertakings, power producers, etc. This comprehensive
approach allows BPCL to play a crucial role in meeting the energy demands of multiple sectors, which include industries
II. Products/Services and retail consumers across the country.
17. Details of business activities (accounting for 90% of the turnover): IV. Employee
21. Details as at the end of Financial Year: Details as on March 31, 2024
S. % of turnover the
No. Description of the Main Activity Description of the Business Activity entity
1 Manufacturing Coke and refined petroleum products 100% a. Employees and workers (including differently abled)*:
18. Products/services sold by the entity (accounting for 90% of the entity’s turnover):
Total Male Female
S.
No. Particulars (A) No. (B) % (B/A) No. (C) % (C/A)
S. % of total turnover
No. Product/Service NIC Code Contributed. Employees
1 HSD 466/473 45% 1 Permanent (D) 5,596 5,069 90.6% 527 9.4%
2 LPG 466/473 16% 2 Other than permanent (E) 1 0 0.0% 1 0.0%
3 MS 466/473 20% 3 Total employees (D + E) 5,597 5,069 90.6% 528 9.4%
4 Bitumen 466 2% Workers
5 ATF 466 4% 4 Permanent (F) 2,910 2,763 94.9% 147 5.1%
6 Naphtha 466 2% 5 Other than permanent (G)** 25,847 25,208 97.5% 639 2.5%
7 RLNG 466/473 2% 6 Total employees (F + G) 28,757 27,971 97.3% 786 2.7%
8 FO 466 2% * The permanent employees does not include two Employees on lien.
9 Lubes and Greases 466/473 1% ** Average contract labor strength (includes both Project & Non-Project numbers)
Note: Contract labor are engaged by contractors for non-core, sporadic and peripheral nature of jobs as per “Contract for Services”. The
number is dynamic and changes depending on projects/works being undertaken.

167
Business Responsibility and Sustainability Report (Contd.) Indicate whether

Does the entity
indicated at column
Holdings/ A, participate in the
subsidiary/ Business Responsibility
S. Name of the holding/subsidiary/associate associate/joint % of shares held by initiatives of the listed
b. Differently abled employees and workers No. companies/joint ventures (A) venture listed entity entity? (Yes/No)
Total Male Female 18 Haridwar Natural Gas Pvt. Ltd. Associate 50% No
S.
No. Particulars (A) No. (B) % (B/A) No. (C) % (C/A) 19 IHB Ltd. Associate 25% No
Differently abled employees 20 Indraprastha Gas Ltd. Associate 22.50% No
1 Permanent (D) 108 97 89.8% 11 10.2% 21 Kannur International Airport Ltd. Associate 16.20% No
2 Other than permanent (E) 0 0 0 0 0 22 Kochi Salem Pipeline Private Ltd. Associate 50% No
3 Total employees (D + E) 108 97 89.8% 11 10.2% 23 Maharashtra Natural Gas Ltd. Associate 22.50% No
Differently abled workers 24 Matrix Bharat Pte Ltd. Associate 50% No
4 Permanent (F) 62 58 93.5% 4 6.5% 25 Mumbai Aviation Fuel Farm Facility Pvt. Ltd. Associate 25% No
5 Other than permanent (G) NA NA NA NA NA 26 Petronet CI Ltd. Associate 11% No
6 Total employees (F + G) 62 58 93.5% 4 6.5% 27 Petronet India Ltd. Associate 16% No
28 Petronet LNG Ltd. Associate 12.50% No
*We are currently not capturing data for differently abled workers (Other than permanent); however, we are setting up a process for
capturing the data in the future. 29 Ratnagiri Refinery and Petrochemicals Ltd. Associate 25% No
30 Sabarmati Gas Ltd. Associate 49.94% No
22. Participation/inclusion/representation of women 31 Ujjwala Plus Foundation Associate N/A (Section 8 Co. Limited No
by guarantee. Guaranteed
Total No. and % of females
obligation of BPCL is I 5 lakh
(A) No. (B) % (B/A) i.e. 25% of total guaranteed
Board of Directors 13 3 23.1% obligation)
Key Management Personnel 6 1 16.7% * Shares are held by Subsidiary
** BPCL-KIAL Fuel Farm Private Ltd. is treated as a Joint venture for consolidation of accounts as per IndAS
23. Turnover Rate for permanent and workers (Disclose trends for the past 3 years)
^ Shareholding on fully diluted basis
FY 2023-24 FY 2022-23 FY 2021-22
Male % Female % Other % Total % Male % Female % Other % Total % Male % Female % Other % Total %
CSR details
Permanent employees 6.17 5.50 0.00 6.11 6.01 10.67 0.00 6.41 6.68 10.79 0.00 7.07
Permanent workers 7.49 10.20 0.00 7.63 7.51 8.70 0.00 7.57 8.84 13.79 0.00 9.09 25. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013 - Yes
(ii) Turnover (in ₹ crore) - 5,05,475.73
24. (a) Names of holding/subsidiary/associate companies/joint ventures (iii) Net worth (in ₹ crore) - 71,934.50
Does the entity

Indicate whether indicated at column Transparency and disclosures compliances
Holdings/ A, participate in the
subsidiary/ Business Responsibility
S. Name of the holding/subsidiary/associate associate/joint % of shares held by initiatives of the listed
26. Complaints/grievances on any of the principles (principles 1 to 9) under the National Guidelines on
No. companies/joint ventures (A) venture listed entity entity? (Yes/No) Responsible Business Conduct (NGBRC):
1 Bharat PetroResources Limited Subsidiary *100% No FY 2023-24 FY 2022-23
2 Bharat PetroResources JPDA Limited Subsidiary *100% No Number of Number of
complaints complaints
3 BPCL-KIAL Fuel Farm Pvt. Ltd. Subsidiary **74% No Grievance Redressal Number of pending Number of pending
4 BPRL International BV Subsidiary *100% No Mechanism in Place (Yes/No) complaints resolution at complaints resolution
If Yes, then provide web-link for filed during close of the filed during at close of
5 BPRL International Singapore Pte. Ltd. Subsidiary *100% No c grievance redress policy the year year Remarks the year the year Remarks
6 BPRL International Ventures BV Subsidiary *100% No Communities https://www.bharatpetroleum. 4100 117 The average 4071 79 The average
7 BPRL Ventures BV Subsidiary *100% No in/images/files/BPCL-Citizen's- Disposal time is Disposal time is
Charter-Jan-2023.pdf 12 day. 12 day.
8 BPRL Ventures Indonesia BV Subsidiary *100% No
Investors https://www.bharatpetroleum. 0 0 - 0 0 -
9 BPRL Ventures Mozambique BV Subsidiary *100% No (other than in/bharat-petroleum-for/
10 Bharat Renewable Energy Ltd. Associate 33.33% No shareholders) Investors/Contact%20
Information%20for%20
11 Bharat Stars Services Pvt. Ltd. Associate 50% No
Investor%20Grievances.pdf
12 Central U.P. Gas Ltd. Associate 25% No
Shareholders https://www.bharatpetroleum. 15 0 52 0 -
13 Delhi Aviation Fuel Facility Pvt. Ltd. Associate 37% No in/Bharat-Petroleum-For/
Investors/Procedure-Related-
14 FINO PayTech Ltd. Associate ^21.1% No
to-Investor-Service-request.
15 Goa Natural Gas Pvt. Ltd. Associate 50% No aspx
16 GSPL India Gasnet Ltd. Associate 11% No
17 GSPL India Transco Ltd. Associate 11% No

169
Business Responsibility and Sustainability Report (Contd.) 27. Overview of the entity’s material responsible business conduct issues
Please indicate material responsible business conduct and sustainability issues pertaining to environmental and
social matters that present a risk or an opportunity to your business, rationale for identifying the same, approach
FY 2023-24 FY 2022-23 to adapt or mitigate the risk along-with its financial implications, as per the following format:
Number of Number of
complaints complaints Indicate
Grievance Redressal Number of pending Number of pending whether
Mechanism in Place (Yes/No) complaints resolution at complaints resolution risk or
If Yes, then provide web-link for filed during close of the filed during at close of S. Material issue opportunity Rationale for identifying the Positive/negative
c grievance redress policy the year year Remarks the year the year Remarks No. identified (R/O) risk/opportunity Approach to adapt or mitigate implications
Employees https://www.bharatpetroleum. 3 0 Nil 10 1 Resolved in 1 Economic Risk Economic performance is a To achieve sustainable financial returns and Negative implications as it
and workers in/images/files/BPCL-Citizen's- FY 2023-24 Performance risk for BPCL as it directly mitigate climate change risks, the company will affect the profitability of
Charter-Jan-2023.pdf impacts the company’s has committed to achieving Scope 1 and the company.
financial strength, including Scope 2 Net Zero emissions by 2040.
Customers https://www.bharatpetroleum. 5,89,594 1022 99.82% of 4,55,565 939 Resolved in revenue growth, cost
in/images/files/BPCL-Citizen's- complaints FY 2023-24 optimization, profitability, and
Charter-Jan-2023.pdf were resolved shareholder value, which is
with closure also impacted due to higher
time of two crude oil prices, geopolitical
days and the conflicts, and market risks.
remaining ones
were addressed 2 Being a Risk Being a responsible Regularly engage with diverse stakeholders Negative Implication as
and closed Responsible corporate organization to understand their concerns and maintain non-compliance with
satisfactorily Corporate subjects the business to positive relationships. Implement CSR projects regulatory requirements
within 3 days of regulatory risk owing to aligned with business goals to contribute would lead to penalties and
registration non-compliance concerns. positively to communities and enhance litigation.
Ethical business practices, reputation. Embed sustainability into decision- Non-compliance can
Value chain https://www.bharatpetroleum. 17 1 The complaint 9 1 Resolved in transparency, adherence making to mitigate environmental and social lead to legal penalties,
partners in/images/files/BPCL-Citizen's- pending FY 2023-24 to legislation, and CSR risks while driving long-term value. Enhance reputational damage, and a
(Vendors- Charter-Jan-2023.pdf resolution was programs have a substantial transparency in governance practices to build loss of investor confidence.
Bidders) received in last impact on external trust and credibility. Working with industry,
week of March impressions that might government, and non-profits to address shared
2024. have implications for the challenges and promote best practices.
Others https://www.bharatpetroleum. Vig – 62, Vig – 38, Vig - 29 Vig - 34 - organization.
(Please in/vigilance/vigilance.aspx PIDPI - 1 PIDPI - 0 3 Compliance to Risk Compliance with governance Conduct regular compliance risk assessments. Negative Implication
Specify) https://www.bharatpetroleum. Governance regulations is crucial for Develop and implement remediation plans as identifying risks and
in/PIDPI-booklet/index.html" maintaining legal standing, promptly. Establish clear escalation procedures opportunities related
ensuring transparency, and whistleblower mechanisms. Strengthening to governance helps
Note: upholding ethical business of internal audit functions. Collaborate with BPCL mitigate legal and
practices, and building legal advisors and industry peers. regulatory compliance
1. he Company has a well-defined vigilance framework which provides a platform to employees, Directors, vendors, suppliers, and other
T
trust among stakeholders. risks, foster stakeholder
stakeholders to lodge their grievances/complaints.
Regulatory changes, trust, and demonstrate
2. Shareholders of the Company can send their grievances to the Company Secretary. The Company has created a designated email-ID ssc@ evolving standards, commitment to ethical
bharatpetroleum.in exclusively for investors to raise their grievances. and global governance governance.
frameworks pose risks if not
3. BPCL has in place a robust and easily accessible Customer Care System (CCS), enabling customers to provide their feedback, complaints,
adhered to, affecting BPCL's
or suggestions.
reputation and financial
4. BPCL addresses the complaints lodged by citizen on Centralized Public Grievance Redress and Monitoring System (CPGRAMS) portal performance.
within the stipulated time.
4 Product Risk Ensuring product security is BPCL ensures the safe transportation of Negative implications
Security vital to maintaining customer petroleum products through safety standards include risks such as
trust in product quality, and capacity-building programs, high standards tampering, theft, or
safety, hazardous nature, of vehicular safety, inclusive development of contamination, which can
and brand reputation. transport crews, regular training for PCVO lead to financial losses and
With increasing concerns crew, DSM, and delivery staff, and identifying damage to reputation.
about product safety and opportunities to replace existing modes of
counterfeit activities, failure transportation with safer alternatives like
to address these risks could pipelines.
result in a loss of market
competitiveness and legal
liabilities.
5 Efficient Water Risk Water is a critical resource Efficient water management significantly Negative implications
Management in various aspects of BPCL's enhances BPCL's corporate value by reducing include risks such as
operations, including refining environmental impact, lowering operating water shortages, pollution
processes and cooling costs, increasing productivity, and mitigating incidents, and regulatory
systems. Effective water risks related to water shortages and regulatory non-compliance, which
management is essential compliance. This streamlines manufacturing can impact operational
for ensuring sustainable processes and improves operational efficiency. continuity and stakeholder
operations, particularly in perception.
regions experiencing water
scarcity.

171
Business Responsibility and Sustainability Report (Contd.) Indicate

whether
risk or
S. Material issue opportunity Rationale for identifying the Positive/negative
No. identified (R/O) risk/opportunity Approach to adapt or mitigate implications
Indicate
whether 11 Availability Risk Securing a dependable BPCL takes a comprehensive approach to Negative Implication.
risk or of Raw supply of raw materials ensure the availability of raw materials and Reliance on limited
S. Material issue opportunity Rationale for identifying the Positive/negative Materials/ and energy sources is a energy security, recognizing the importance of global suppliers may
No. identified (R/O) risk/opportunity Approach to adapt or mitigate implications Energy cornerstone of BPCL's diversification of supply chain. This involves expose the company to
6 Energy Use Opportunity BPCL's efforts to transition BPCL's strategic focus on energy resource Positive implications Security operational resilience and optimizing current supply chain, seeking geopolitical risks and loss
and Transition to sustainable energy management and transitioning to sustainable include aligning with long-term sustainability. out alternative sources and investing in of production.
sources and optimize energy energy sources is crucial for its long-term value global energy transition Risks related to inadequate renewable energy solutions. By leveraging
use are critical for reducing creation. This approach ensures environmental trends, enhancing supply include import technological advancements and forging
emissions and ensuring sustainability, drives cost efficiency, enhances BPCL's competitiveness, disruptions will lead to loss strategic partnerships, BPCL aims to reduce
long-term resilience. competitiveness, and positions the company mitigating climate- of production, increased its reliance on volatile markets and geopolitical
Opportunities include for future growth, demonstrating BPCL's related risks, adopting costs, vulnerability to market factors, thereby safeguarding its operations
future regulatory changes, commitment to financial viability, environmental low-carbon technology, fluctuations and potentially and maintaining a competitive edge in an ever-
market and technological responsibility, and technological advancement. and contributing to a compromising business changing landscape.
disruptions, and new sustainable energy future. continuity.
sources of energy. Failure 12 Inclusive Risk Embracing inclusive BPCL's commitment to inclusive development Negative Implication.
to adapt to changing energy Development development practices goes beyond mere compliance with Neglecting inclusivity
landscapes could result in within BPCL's operations is regulations; it is deeply ingrained in its concerns may invite
increased costs, penalties, pivotal for fostering social corporate ethos. Through initiatives that regulatory scrutiny and
and stranded assets. equity and driving shared prioritize community engagement, capacity violation of human rights
7 Occupational Risk Prioritizing occupational Conduct comprehensive risk assessments, Negative implications prosperity. Risks stemming building, and economic empowerment, BPCL policy.
Health & health and safety is essential develop robust safety management systems, include the failure to from inadequate inclusivity seeks to create lasting positive impacts on the
Safety to protect employees and provide safety training, foster a proactive ensure a safe work measures encompass societies it operates in.
maintain productivity. Risks safety culture, and monitor safety performance environment, which could dissatisfaction among
include workplace accidents, metrics. Identifying occupational health and result in legal liabilities and marginalized stakeholders,
injuries, and regulatory safety risks enables BPCL to implement robust penalties. community unrest, and
non-compliance, which safety protocols, provide adequate training and reputational damage, all
can compromise human personal protective equipment, conduct regular of which could hinder the
well-being, lead to financial safety audits, and promote a culture of safety company's social license to
losses, damage reputation, awareness. operate.
and cause employee 13 Talent Risk Effectively managing talent At BPCL, talent management means Negative Implication.
disengagement. Management is indispensable for BPCL to nurturing potential and fostering a culture of Neglecting talent
8 Managing & Risk Minimizing environmental BPCL conducts operations with minimal Negative implications attract, retain, and develop continuous learning and development. By management may lead to
Minimizing impact is crucial for environmental and ecological impacts, focusing include the failure to a skilled workforce capable offering career advancement and a supportive loss of skilled manpower,
Environmental mitigating climate change on natural resources such as soil, water, manage environmental of driving innovation and work environment, BPCL attracts top talent competitive edge and
Impact and preserving natural air, and biodiversity. Suitable management risks, which could result in sustaining growth. Risks and retains them for the long-term. Through increased recruitment
resources. Risks include and mitigation measures are implemented legal sanctions, community associated with inadequate targeted training programs and mentorship costs.
air and water pollution, throughout the project lifecycle. backlash, and operational talent management include initiatives, BPCL ensures that its workforce
habitat destruction, and disruptions. talent shortages, diminished remains agile and adaptable, ready to tackle
regulatory fines. By employee engagement, and the challenges of future.
integrating environmental decreased organizational
considerations into its agility, potentially hindering
operations, BPCL can the company's ability to
enhance environmental respond to market dynamics.
stewardship, mitigate 14 R&D Opportunity Investing in research BPCL's approach to research and development Positive Implication. By
reputational risks, and and development (R&D) is characterized by a relentless pursuit of prioritizing R&D, BPCL
contribute to sustainable is imperative for BPCL innovation and commitment to stay ahead of can foster a culture of
development goals. to stay ahead of market the curve. Through strategic partnerships and innovation, accelerate
9 Asset Integrity Risk Maintaining asset integrity BPCL ensures process safety in line with Negative implications trends, innovate new collaborations with leading research institutes product development
& Process and process safety is the American Petroleum Institute's (API) include the failure to products, and enhance and startups. BPCL gains access to cutting- cycles, and deliver
Safety essential to prevent recommended practices and standards. ensure asset integrity and operational efficiency. edge technologies and fresh perspectives, solutions that meet ever
accidents and protect human Identifying risks in asset integrity and process safety, which could Opportunities associated enabling it to develop solutions that addresses changing customer
lives and the environment. process safety enables BPCL to implement result in financial losses with R&D investment include the evolving needs of its customers. demands.
Risks include equipment preventive maintenance programs, conduct and a loss of public trust. technological advancements,
failures, leaks, and risk assessments, upgrade infrastructure, and competitiveness, and
operational errors, which can enhance emergency response capabilities. increased market relevance.
lead to catastrophic incidents 15 Data Integrity Risk Safeguarding data integrity BPCL recognizes the critical importance of Negative Implication.
and reputational damage. & Cyber and cybersecurity is data integrity and cybersecurity in today's Neglecting data integrity
10 Human & Risk Upholding human and BPCL adopts a proactive stance towards Negative implications Security paramount for protecting digital landscape and has implemented a and cybersecurity
Labor Rights labor rights within BPCL's upholding human and labor rights by include not only non- BPCL's valuable assets, comprehensive strategy to safeguard its measures may result
operations is fundamental integrating them into every facet of its compliance with Intellectual Property information assets. BPCL has state-of-the- in loss of Inytellectual
to fostering a culture of operations. This approach involves fostering regulations but also the knowledge and ensuring art cybersecurity tools and protocols which Property, customer data
ethical responsibility and a culture of continuous learning and cultivation of a negative compliance with regulations. enhances data secuity. Through regular and disruption of business
social accountability. Risks personal development. BPCL has adopted work environment as a Risks stemming from data training and simulated cyber-attack exercises, continuity.
stemming from overlooking a Human Rights policy based on national result of policy violations. breaches, cyber-attacks, and BPCL ensures that its workforce remains
human and labor rights and international standards, ensuring non- data manipulation include vigilant and prepared to respond effectively to
encompass potential labor discrimination based on caste, religion, financial losses, reputational potential threats.
disputes, safety violations, disability, gender, age, race, color, ancestry, harm, and legal liabilities,
and breaches of fair labor marital status, or affiliation with any religious, that can severely impact the
practices. union, or minority group. company's brand image and
stakeholder trust.

173
Business Responsibility and Sustainability Report (Contd.) Web Links given below* Governance practices of the Safety Systems and
Principle 1: h ttps://www.bharatpetroleum.in/images/files/ Standard Operating Practices (SOPs) are regularly
CodeOfConduct_BPCL.pdf monitored and reviewed to ensure safe working
conditions and operations across all locations. Safety
Indicate Principle 2: https://www.bharatpetroleum.in/Sustainability/
whether Culture assessments are carried out at a set periodicity
risk or Health- Safet y- Securit y-and- Environment / to assess the status and actions are put in place to
S. Material issue opportunity Rationale for identifying the Positive/negative Policies.aspx enhance the safety culture to the generative stage.
No. identified (R/O) risk/opportunity Approach to adapt or mitigate implications
Principle 3: h ttps://www.bharatpetroleum.in/images/files/ A Workmen Safety perception survey is on the anvil,
16 Product Risk Ensuring product BPCL's approach to product stewardship Negative Implication.
Stewardship & stewardship and delivering and customer satisfaction is driven by a deep Failing to meet customer Human-Rights-Policy.pdf using a software tool to analyse the data. Risk Based
Customer customer satisfaction are understanding of its customers' needs and a expectations may lead Process Safety (RBPS) Management was successfully
Satisfaction imperative for BPCL to relentless pursuit of excellence. By prioritizing to loss of customers and Principle 4: https://www.bharatpetroleum.in/Sustainability/ implemented and monitored in all the three Refineries
maintain its competitive quality control and continuous improvement, revenue. Health- Safet y- Securit y-and- Environment / of BPCL.
edge and foster long-term BPCL ensures that its products and services Policies.aspx
customer loyalty. Risks exceeds customer expectations and meets The Corporate Safety Management System (CSMS),
associated with lapses national and global standards. Through Principle 5: h ttps://www.bharatpetroleum.in/images/files/
in product stewardship proactive engagement and feedbacks from which includes addition of two new technical standards
Human-Rights-Policy.pdf
includes product quality, multiple channels, BPCL remains agile and and 12 Life Saving Rules (LSR) across the organization
communication of safe responsive to changing market dynamics. Principle 6: https://www.bharatpetroleum.in/Sustainability/ (Refinery and Marketing BUs), was strictly adhered
handling, responsible to by BPCL, to achieve standardization and establish
disposal, meeting regulatory Health- Safet y- Securit y-and- Environment /
requirements could erode Policies.aspx uniform understanding. The revised CSMS is being
market share and revenue implemented, including regular monitoring of the
streams. Principle 7: https://www.bharatpetroleum.in/Sustainability/ system effectiveness across the organization through
Health- Safet y- Securit y-and- Environment / compliance measurement audits, surprise dip stick
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES Policies.aspx audits etc. Internal and External Audits are an integral
Principle 8: h t tps:// w w w.bharatpetroleum.c om/Social - part of the verifying mechanism to ensure safe operations
This section is aimed at helping businesses demonstrate the structures, policies and processes put in and compliance of audit recommendations has always
Responsibility/Corporate-Social-Responsibility/
place towards adopting the NGRBC Principles and Core Elements. been our topmost priority. External Safety Audits
Visionand-Policy.aspx
The National Guidelines for Responsible Business Conduct (NGRBC) as prescribed by the Ministry of Corporate Affairs advocates nine (ESAs) are frequently undertaken by the Oil Industry
principles referred as P1-P9 as given below: Principle 9: http://www.bharatpetroleum.com/PDF/Citizen_ Safety Directorate (OISD), Petroleum and Natural Gas
P1 Businesses should conduct and govern themselves with integrity in a manner that is ethical, transparent, and accountable Charter.pdf Regulatory Board (PNGRB), Factory Inspectorate
P2 Businesses should provide goods and services in a manner that is sustainable and safe and other statutory bodies, and recommendations are
P3 Businesses should respect and promote the well-being of all employees, including those in their value chains Governance, leadership, and oversight implemented in a time-bound manner.
P4 Businesses should respect the interests of and be responsive towards all its stakeholders
P5 Businesses should respect and promote human rights 7. Statement by director responsible for the Various technological interventions were used like the
P6 Businesses should respect, protect, and make efforts to restore the environment business responsibility report, highlighting Industrial Internet of Things (IIoT) based Wireless Asset
P7 Businesses when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and transparent ESG related challenges, targets and Monitoring System, robotic cleaning of confined places,
P8 Businesses should promote inclusive growth and equitable development achievements (listed entity has flexibility cloud-based HSSE portal, Cyber Security System
P9 Businesses should engage with and provide value to their consumers in a responsible manner regarding the placement of this disclosure) of the IT network, manpower monitoring system,
Health, Safety, Security and Environmental initiatives camera feed and drones used in turnaround safety
Disclosure questions P1 P2 P3 P4 P5 P6 P7 P8 P9 surveillance in refineries. The Electronic Work Permit
have always been a core business activity of BPCL.
Policy and management processes All the Business Units and Entities in BPCL adhere to System (e-WPS), with the Integrated Risk Information
1. a. Whether your entity’s policy/policies cover each principle Yes Yes Yes Yes Yes Yes Yes Yes Yes the commanding principle of ‘Safety First, Safety Must’. System (IRIS) for monitoring all ultra critical activities
and its core elements of the NGRBCs. (Yes/No) to augment safety across business units, was also
The objective is to achieve zero incidents, effective
b. Has the policy been approved by the Board? (Yes/No) Yes Yes Yes Yes Yes Yes Yes Yes Yes containment of hydrocarbons and mitigation of associated implemented. The technology of the Vehicle Tracking
c. Web-link of the policies, if available. Web Links given below* hazards. The organization’s endeavor is to achieve its System (VTS)/Electromechanical (EM) Digital locks
2. Whether the entity has translated the policy into procedures. Yes Yes Yes Yes Yes Yes Yes Yes Yes mission of ‘Zero Incidents, Zero Harm and Zero Excuses’. was also integrated with IRIS at the central command
(Yes/No) and control center, ensuring Industrial Transport
PCL has a well-structured Emergency Response
B Discipline Guidelines (ITDG) for recording, monitoring
3. o the enlisted policies extend to your value chain partners?
D Yes Yes Yes Yes Yes Yes Yes Yes Yes
(Yes/No) Disaster Management Plan (ERDMP) which and corrective actions against enroute violations, which
encompasses Preparedness, Mitigation, Planning had an impact on reduction of in-transit accidents
4. Name of the national and international codes/certifications/ BPCL has framed various policies that conform to different applicable
labels/standards (e.g. Forest stewardship council, Fairtrade, statute/guidelines/rules/policies etc., issued by the Government of India and Restoration (PMPR). Mock drills, as per PNGRB collectively (Retail and LPG SBUs). Further, BPCL
Rainforest alliance, Trustee) standards (e.g. SA 8000, from time to time. Industry practices, national/international standards guidelines, are regularly conducted and reviewed became the first OMC to introduce e-KYC for LPG
OHSAS, ISO, BIS) mapped to each principle. are kept in view while formulating the policies. Standards such as to ensure emergency preparedness at all locations. customers through face recognition in both, customer
ISO 9001/14001/45001/50001/8001/2701/14064, BIS, OISD etc., as
Incident Reporting is a very critical activity with respect and operator applications, clocking 27 lakh registrations
applicable, are widely adopted across the company.
to disseminating the learnings across the organization. to ensure customer integrity.
5. Specific commitments, goals, and targets set by the entity BPCL has set forth several goals and targets in line with the NGRBC
The incidents reported are thoroughly investigated, Root
principles, focusing on energy, community development, and
6. erformance of the entity against the specific commitments,
P Cause Analysis is carried out and circulated online to he Pipeline Entity has implemented an interlock Bypass
T
environmental sustainability. The company remains committed to
goals and targets along-with reasons in case the same are Online Authorization System to enhance process safety
achieving SDG, Net Zero commitments under the Paris Agreement, all stakeholders, to accelerate collaborative learning for
not met.
UNGC, etc. For more details on BPCL's goals and performance please safer operations and greater adoption of best practices. with mapping of the Geographical Information System
refer to BPCL's Sustainability Report. (GIS), to enable comprehensive data management of all
As on March 31, 2024, Kochi Refinery has achieved
83.24 million man-hours without Loss Time Accident the pipelines on a single platform with concurrent access
(LTA), Bina Refinery has achieved 20.01 million man- from anywhere at any time. With the commissioning of
hours without LTA, and Mumbai Refinery has achieved the Pipeline Intrusion Detection System (PIDS) in the
14.29 million man-hours without LTA for employees. Cochin Coimbatore Karur Pipeline (CCKPL), all major

175
Business Responsibility and Sustainability Report (Contd.) environment. The capacity of renewable energy was This year, BPCL has planted more than 1,60,000 trees
increased from 62.3 MW to 94.89 MW and Energy to improve the green cover and enhance biodiversity
Efficient Lighting (EEL) capacity was increased from by using the Miyawaki technique (multi-layered dense
63.52 MW to 71.05 MW during the year. Mumbai forestation), seed bombing and conventional methods.
product pipelines of BPCL are covered under our state- ₹ 1,275 crore approximately. About 17,252 ROs have been
Refinery, Bina Refinery, Pipelines, Retail, LPG and The cumulative total of trees planted at various BPCL
of-the-art technology. Altogether, 13 tapping attempts provided with a solar system/solar lights. BPCL is setting up
Aviation locations have implemented 100% energy locations has crossed the mark of 10.5 lakh, which
were averted using this technology across the network. a pilot plant of 2 TPD Temperature-Programd Desorption
efficient lights and other locations have planned to helped in increasing CO2 sinks by sequestering 23,600
The Pipeline Entity achieved zero LTA and fatalities for (TPD) of Green Hydrogen to study the intricacies, and
26 years consecutively. then to scale up to meet Green Hydrogen requirements in
achieve this target by 2025. MTCO2e. Bina Refinery and the Forest Department, MP
the refineries. BPCL is also setting up a Green Hydrogen BPCL has blended 166.42 crore litre ethanol with MS signed a MoU for their partnership to develop a greenbelt
Training and development form an integral part of the on 90 ha forest land at Kanjia range, Khurai, Vanmandal
refuelling station at Kochi using indigenous Bhabha Atomic in FY 2023-24 and achieved a blending percentage of
organization’s competency building program. Corporate North Sagar, MP with a total investment of ₹ 1.96 crore
Research Center (BARC) technology. BPCL has also 11.7%. It has sold 243 TKL of E20 (MS blended with
HSSE arranged and imparted training on various topics in 5 years’ project duration, starting from July 2024.
been awarded a Green Hydrogen production capacity of 20% ethanol) through 4,422 ROs across India. BPCL
of HSSE for more than 3,930 man-hours, covering 2,794
2,000 MTPA through Bio-Mass based pathways under also blended 9.45 crore litre of Biodiesel with HSD BPCL has been proactively and continuously working
participants. Besides, self-paced mandatory online training
the Strategic Interventions for Green Hydrogen Transition and achieved a blending percentage of 0.36 % in towards increasing the Rainwater Harvesting (RWH)
through M/s. Dupont for HSSE role holders on 14 strategic
(SIGHT) scheme through a Solar Energy Corporation of FY 2023-24.
modules was implemented through HR department, on capacity, to reduce the dependency on other sources
India (SECI) tender.
an online portal through the ’My Sphere’ application, as a BPCL is setting up a 1G and 2G Bio-Ethanol Refinery
of water. The total catchment area under RWH has
part of the competency building program for management BPCL is in the process of identifying viable Carbon with a capacity of 100 KL/day each at Baulsingha Village, increased from 11.95 lakh sqm to 13.49 lakh sqm,
staff. HSSE also organized high impact webinars on Capture, Utilization and Storage (CCUS) technologies Bargarh District, Odisha. The plant is in advanced which helped in saving 640 TKL of water during
Health (mental health and lifestyle improvement), Safety which can be implemented in its refineries to capture construction, which will be mechanically completed by the year FY 2023-24. BPCL is implementing the
(organizational safety) and Environment (net zero, lifecycle CO2 emissions. These emerging technologies will be October 2024 and final commissioning by March 2025. The recommendations of the RWH study carried out
assessment, waste management, sustainability etc.) adopted gradually with a focus on Scope 1 emissions. In 2G Ethanol Plant shall utilize around 480 MT of agricultural at Mumbai Refinery, to increase the share of fresh
across BPCL for employees. The Refineries conducted alignment with the Net Zero goals of BPCL, Corporate waste (rice straw) as feedstock, whereas the 1G Ethanol water from rainwater and reduce dependency on
training programs on process safety management, Research and Development Center (CRDC) is working Plant shall utilize around 230 MT of surplus/damaged Brihanmumbai Municipal Corporation.
contractor safety management on scaffolding, the on various CCUS technologies, such as Carbon rice grain as feedstock to produce 100 KL of Ethanol per
e-permit system, turnaround management, maintenance Capture from Refinery off gases, Simulated Moving day each. Both these plants are being designed for Zero As a responsible corporate citizen, with an obligation
activities etc. Safety talks were delivered to all PCVO Bed Adsorption (SMB), Methanol production from CO2 Liquid Discharge (ZLD) requirements. Once operational, towards prevention of soil contamination, BPCL carried
crews, which focussed on training them about the captures and Sustainable Aviation Fuel (SAF). it shall be a one-of-a-kind bio-refinery in India with both, out a third party audit to get its locations certified for
importance of adhering to traffic rules, and thorough check 2G and 1G Ethanol production and designed for ZLD ‘Zero Waste to Landfill’. Thereafter, all the refineries
of the vehicle before leaving the premises. The drivers are
BPCL has benchmarked its Sustainability Initiatives on
requirements. The expected total emission reduction from and marketing locations are certified for ‘Zero Waste
Environment, Social and Governance (ESG) parameters to Landfill’ except KR, which shall complete the
encouraged to be aware of all first aid actions in case of an Bargarh Bio-Ethanol refinery at full design capacity will be
on the Dow Jones Sustainability Index (DJSI) platform certification by September 2024.
emergency and are provided with a Transport Emergency around 1.1 lakh MTCO2e per year.
and was ranked the eighth best Company globally in
Card (TREM). BPCL is following the 5R rule of Waste Management,
the Oil and Gas sector for the year 2023-24. BPCL also The initiatives on renewables have resulted in annual
BPCL is wholly devoted to address the issues of climate benchmarked its performance on the Carbon Disclosure reduction of GHG emissions by approximately 376 i.e., Refuse, Reduce, Reuse, Repurpose and Recycle
change and believes that a comprehensive solution, Project (CDP) Platform of Sustainability and Climate TMTCO2e. Additionally, other sustainable initiatives waste in all its operations. The Lubricants BU has taken
which includes efficient use of energy, technological Change, representing the Company’s transition towards such as Ujjwala Yojana, transportation of product a license for Extended Producer’s Responsibility (EPR)
advancements, energy transition alternatives like environmental stewardship, and maintaining its rating at through pipelines, use of Biofuel in MS and HSD and under the brand owner category for lubricant packaging
renewable energy, biofuels and Green Hydrogen are ’Management Level’, which is the best in the Indian Oil energy conservation activities, have helped in reduction plastic containers and disposed of approximately 4,891
the need of the hour for ensuring environmental safety and Gas sector and on par with the international peer of emissions by approximately 8.27 MMTCO2e, totalling MT of plastic waste responsibly during FY 2023-24.
and a sustainable ecosystem. group. The organization’s Sustainability performance 8.64 MMTCO2e for the year 2023-24. The Company has adopted composting in a big way
and initiatives were recognized during the year by to dispose of organic waste from the refineries and
BPCL has set a target to become Net Zero for its PCL’s primary thrust is on highways to develop Highway
B
renowned institutions and agencies through a number marketing locations in a responsible manner.
Scope 1 and Scope 2 Greenhouse Gas (GHG) emissions Fast Charging Corridors. BPCL has established 120
of awards and accolades such as The Energy and
by 2040, in line with the nation’s objective of achieving corridors covering more than 35,000 kms distance BPCL has conducted a pilot Life Cycle Assessment
Resources Institute (TERI), Confederation of Indian
Net Zero emissions by 2070. BPCL has carried out a on the highways. BPCL has already set up 2,443 EV (LCA) study from the cradle to the grave at Wadilube
Industry (CII), Federation of Indian Petroleum Industry
detailed study of all its business units and identified charging stations at Retail Outlets in FY 2023-24 making Installation, where blending of Lubricants takes place.
(FIPI), Golden Peacock, Economic Times, etc.
various short-term and long-term levers to reduce it a cumulative total of 3,135 EV charging stations. The project was carried out by National Institute of
emissions to achieve Net Zero targets. Renewable The latest report on Sustainability was published for the BPCL has signed an MOU with TATA Motors to share Industrial Engineering (NITIE), one of the leading
Energy (RE) has been identified as one of the key thrust year 2022-23, following sector specific GRI Standards insights and decide locations to set up 7,000 charging research institutes in Mumbai using Gabi software.
areas, with the objective of addressing in-house power and other global frameworks, and mapped with United stations. BPCL has signed an agreement with Trinity This helped in identifying the possible hotspots for
requirements through renewable sources. Nations’ 17 Sustainable Development Goals. The Cleantech for setting up three-wheeler fast chargers in improvement and alternatives that could reduce energy
Sustainable Development Report of BPCL is assured UP. BPCL has also allied with major original equipment consumption, biodiversity and environmental impacts.
For setting up major solar projects, land parcels within
by an independent third party, as per Accounting Ability manufacturers (OEMs) like Ola, Ather and Hero for
BPCL and its subsidiaries have been identified and
1000 AS third edition (AA1000 AS V3) ’Type 2 Moderate two-wheeler fast chargers. Further, BPCL has expanded BPCL is committed to leverage sustainable development,
feasibility studies are in progress. A solar project of 18
level’, and International Standards of Assurance its CNG network and mechanically completed 435 CNG operational efficiency, and improved processes and
Megawatt peak (MWp) has been commissioned at Bina
Engagement (ISAE) 3000. stations and commissioned 278 CNG stations during technologies, in order to reduce resource consumption,
Refinery and 4.6 MWp floating solar at Kochi Refinery.
FY 2023-24, making it a cumulative total of 2,031 CNG in line with the national policy and in compliance with
Commissioning of another 8.4 MWp is under final stages. The organization is continuously implementing various
stations across the country. These initiatives will help related regulatory norms, to conserve and sustain the
Work is in progress for two wind projects of 50 Megawatt initiatives in the direction of minimizing the operational
in reduction of Scope 3 emissions and maintaining a natural and social ecosystems as an integral element of
(MW) each, in Madhya Pradesh and Maharashtra and impacts on the environment and firmly believes that
clean environment. our business.
71 MWp DC solar at Prayagraj, with a total investment of clean energy alternatives shall help in protecting the

177
Business Responsibility and Sustainability Report (Contd.) SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE
This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core Elements with
key processes and decisions. The information sought is categorized as “Essential” and “Leadership”. While the essential
8. Details of the highest authority responsible for implementation and oversight of the business indicators are expected to be disclosed by every entity that is mandated to file this report, the leadership indicators may be
responsibility policy/policies voluntarily disclosed by entities which aspire to progress to a higher level in their quest to be socially, environmentally and
ethically responsible.
The Sustainable Development Committee has been established by the Board which is responsible for implementing
and overseeing principles identified in NGRBC in line with existing policies at BPCL.
Principle 1 - Businesses should conduct and govern themselves with integrity, and in a manner that is
ethical, transparent, and accountable.
9. Does the entity have a specified committee of the Board/Director responsible for decision-making on
sustainability-related issues? (Yes/No). If yes, provide details. Essential Indicators
Yes, BPCL has a Sustainable Development Committee (SDC) in place responsible for decision-making pertaining
to sustainability related issues. The committee examines sustainability initiatives every six months and provides 1. Percentage coverage by training and awareness programs on any of the principles during the financial year:
recommendations for further improvement. Total number of % of persons in respective
training and awareness category covered by the
The key members of the committee are: Segment programs held Topics/principles covered under the training and its impact awareness programs
Board of directors 1 Induction workshop for Independent Directors – where 100%
1. Dr. (Smt.) Aiswarya Biswal, Chairperson-DIN No.9396589 presentation was made on provisions of Companies Act, 2013
pertaining to Board Meetings, Board committees, effective
2. Shri. Vetsa Ramakrishna Gupta-DIN No-8188547
element for engagement with the Board and emerging trends in
3. Shri. Ghanshyam Sher-DIN No.9396915 Board governance and India Energy Week
Key managerial 1 Induction workshop for KMP’s – where presentation was 100%
4. Shri. Sanjay Khanna-DIN No.-9485131 personnel made on provisions of Companies Act, 2013 pertaining to
Board Meetings, Board committees, effective element for
5. Shri. Gopal Krishan Agarwal-DIN No.-226120 engagement with the Board and emerging trends in Board
governance and India Energy Week
6. Dr. (Smt.) Sushma Agarwal-DIN No.-10065236 Employees other 234 Safety, Behavioral, Functional, Technical, Human Rights and 100%
than BoD and KMPs Well-Being
10. Details of review of NGRBCs by the company: Workers 462 Safety, Technical, Skill Upgradation and Well-Being 100%
Indicate whether the review was undertaken

by Director/committee of the board/any Frequency(Annually/half-yearly/quarterly/ 2. Details of fines/penalties/punishment/award/compounding fees/settlement amount paid in proceedings
other committee any other – please specify) (by the entity or by directors/KMPs) with regulators/law enforcement agencies/judicial institutions in the
Subject for review P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9 financial year, in the following format (Note: the entity shall make disclosures on the basis of materiality as
Performance against above policies and Yes Yes Yes Yes Yes Yes Yes Yes Yes Half Yearly specified in Regulation 30 of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and as
follow up action disclosed on the entity’s website):
Compliance with statutory requirements Yes Yes Yes Yes Yes Yes Yes Yes Yes As and when Required
Monetary
of relevance to the principles, and the
rectification of any non-compliances Name of the regulatory/ Has an appeal
NGRBC enforcement agencies/ been preferred?
Principles judicial institution Amount (INR) Brief of the Case (Y/N)
11. Has the entity carried out independent assessment/evaluation of the working of its policies by an Penalty/fine NA Nil Nil NA NA
external agency? (Yes/No). If yes, provide the name of the agency. Settlement NA Nil Nil NA NA
P1 P2 P3 P4 P5 P6 P7 P8 P9
Compounding Fee NA Nil Nil NA NA
No No No No No No No No No
Non-Monetary
Name of the regulatory/ Has an appeal
12. If answer to question (1) above is “No” i.e., not all principles are covered by a policy, reasons to be NGRBC enforcement agencies/ been preferred?
stated:
Principles judicial institution Brief of the Case (Y/N)
Imprisonment Nil Nil NA NA
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9 Punishment Nil Nil NA NA
The entity does not consider the principles NA NA NA NA NA NA NA NA NA
material to its business (Yes/No) 3. Of the instances disclosed in Question 2 above, details of the Appeal/Revision are preferred in cases where
The entity is not at a stage where it is in NA NA NA NA NA NA NA NA NA monetary or non-monetary action has been appealed.
a position to formulate and implement the
policies on specified principles (Yes/No) Case details Name of the regulatory/enforcement agencies/judicial institutions
The entity does not have the financial or/ NA NA NA NA NA NA NA NA NA NA NA

human and technical resources available for
the task (Yes/No) 4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available,
It is planned to be done in the next financial NA NA NA NA NA NA NA NA NA provide a web link to the policy.
year (Yes/No) Yes, The company has an Anti-fraud policy for all employees including part time employees for establishment of various
Any other reason (please specify) NA NA NA NA NA NA NA NA NA procedures and controls to minimize the chances of fraud, submission of report to competent authority etc. This is an
internal policy and available on company’s internal website.

179
Business Responsibility and Sustainability Report (Contd.) I in crore

Parameters Metrics FY 2023-24 FY 2022-23
Share of RPTs in a. i) Purchases (Purchases with related parties) 13,096.62 35,240.21
ii) Total Purchases 3,80,730.35 4,28,973.29
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law
iii) Purchases (Purchases with related parties as % of Total 3.44% 8.22%
enforcement agency for the charges of bribery/corruption. Purchases)
FY 2023-24 FY 2022-23 b. i). Sales (Sales to related parties) 979.01 4,133.61
ii) Total Sales 5,05,475.73 5,32,104.86
Directors Nil Nil
iii) Sales (Sales to related parties as % of Total Sales) 0.19% 0.78%
KMPs Nil Nil c. i) Loans & advances given to related parties 164.49 612.98
Employees NIl Nil ii) Total loans & advances 2,192.73 2,706.39
Workers NIl Nil iii) Loans & advances given to related parties as % of Total loans & 7.50% 22.65%
advances
d. i) Investments in related parties 8,388.84 8,794.72
6. Details of complaints with regard to conflict of interest: ii) Total Investments made 14,458.02 13,872.35
FY 2023-24 FY 2022-23 iii) Investments in related parties as % of Total Investments made 58.02% 63.40%
Number Remarks Number Remarks
Number of complaints received in relation to issues of conflict of Nil Nil Nil Nil Leadership Indicators
interest of the directors
1. Awareness programs conducted for value chain partners on any of the Principles during the financial year:
Number of complaints received in relation to issues of conflict of Nil Nil Nil Nil
interest of the KMP’s % of value chain partners
Total number covered (by value of business
of awareness Category of Value chain partners done with such partners)
7. Provide details of any corrective action taken or underway on issues related to fines/penalties/action taken by programs held Topics/principles covered under the training covered under the awareness programs
regulators/law enforcement agencies/judicial institutions, on cases of corruption and conflicts of interest. 30 Conducted Safety training on SOPs, use of Compressor Operators, Dealers, 100%
firefighting equipment & fire extinguishers DSMs, LCV/HCV drivers,
Not Applicable etc(P3, 6,9) supervisors & helpers at CNG
stations.
8. Number of days of accounts payables 356 Conducted Location HSSE Committee PMC, Contractors supervisors & 100%
Meetings, Conducted Contractor Safety workmen, outsourced contract
I in crore Meetings (P3, 6,9) staff
Number of days of accounts payables FY 2023-24 FY 2022-23 162 Safety Awareness Programs on safe uses of PNG-Domestic/Industrial/ 100%
i) Accounts payable x 365 daysx 9,545,527.45 99,17,223.38 Natural Gas (P3, 6,9) Commercial customers
67 Awareness program on sustainability and Net BPCL Officers 100%
ii) Cost of goods/services procured 404,933.67 4,55,163.04
zero (P2,6)
iii) Number of days of accounts payables 23.58 21.79 3 Catch Them Young Program was Conducted School Students 100%
for Educating Young India about Natural Gas.
9. Open-ness of Business: Provide details of concentration of purchases and sales with trading houses, (P8)
3 HSSE Training for officers on CNG/PNG BPCL Officers 100%
dealers, and related parties along with loans and advances and investment, with related parties, in the
Operations(P3,6)
following format:
250 Smart Baney PNG Chuney Program For Domestic Customers 100%
I in crore Conducted for Customers as part of PNG
Drive(3,6,9)
Parameters Metrics FY 2023-24 FY 2022-23
57 Conducted Health Check up Program(P3,6) Contract workman and LCV/ 100%
Concentration of a. i) Purchases from trading houses 66,593.17 71,831.50 HCV operators
Purchases ii) Total purchases 3,80,730.35 4,28,973.25 1 PESO Workshop at Kharghar (P3,6) Officers from Ahmednagar & 100%
iii) Purchases from trading houses as % of total purchases 17.49% 16.74% Aurangabad GA
b. Number of trading houses where purchases are made 12 10 1 GIS Mapping by external trainer Mr. Subhajeet Officers from Ahmednagar & 100%
c. i) Purchases from top 10 trading houses 64,705.23 71,831.50 Guha (Success Manager from M/s ESRI India, Aurangabad GA
ii) Total purchases from trading houses 66,593.17 71,831.50 Mumbai) at Aurangabad Pipelines office (P3,6)
iii) Purchases from top 10 trading houses as % of total purchases 97.16% 100.00% 1 SS Tubing Installation Training by external Officers from Ahmednagar & 100%
from trading houses trainer M/s Swagelok, Pune at Aurangabad Aurangabad GA
Concentration of a. i) Sales to dealer/distributors 3,61,252.31 3,62,449.21 pipeline office (P3,6)
Sales ii) Total Sales 5,06,911 5,35,651 1 Gail Gas training on CGD (P3,6) BPCL Officers 100%
iii) Sales to dealer/distributors as % of total sales 71.27% 67.67% 1 Safety at Project Sites – Working with Cranes Officers from Ahmednagar & 100%
b. Number of dealers/distributors to whom sales are made 27,746 26,945 and on Scaffolding (P3,6) Aurangabad GA
c. i) Sales to top 10 dealers/distributors 1,994 2,198
ii) Total Sales to dealer/distributors 3,61,252.31 3,62,449.21 2. Does the entity have processes in place to avoid/manage conflict of interests involving members of the
iii) Sales to top 10 dealers/distributors as % of total sales to dealer/ 0.55% 0.61% Board? (Yes/No) If yes, provide details of the same.
distributors
Yes, the Company has established a ‘Code of Conduct for Board Members and Senior Management Personnel’
to prevent conflicts of interest wherein the directors must sign a declaration stating that they will not participate in
situations which are directly or indirectly in conflict with the Company’s interests. The Code prohibits directors from
making decisions on matters where they have a personal conflict of interest or believe there will be one. The Companies
Act of 2013 requires Directors to disclose their interests on Form MBP-1, which must be submitted in the board meeting.
The Board is informed of any transactions in which a director has an interest, post which the concerned director(if any)
is not involved in the discussion. The code can be accessed through the link provided: https://www.bharatpetroleum.in/
images/files/CodeOfConduct_BPCL%207.3.24.pdf

181
Business Responsibility and Sustainability Report (Contd.) responsible disposal of hazardous waste like spent clay containing oil or residues containing oil, employing safe landfilling
methods facilitated by Treatment, Storage, and Disposal Facilities (TSDF). For critical waste streams like bio-medical
waste, BPCL relies on incineration, a process predominantly managed by government hospitals.
Principle 2 - Businesses should provide goods and services in a manner that is sustainable and safe.
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes/No). If yes,
Essential Indicators whether the waste collection plan is in line with the EPR plan submitted to Pollution Control Boards? If not,
provide steps taken to address the same.
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the he Plastic Waste Management Rules mandate Extended Producers Responsibility (EPR) for managing plastic waste
T
environmental and social impacts of product and processes to total R&D and capex investments made by packaging. BPCL, a lubricant manufacturer and packaging company, has been granted EPR for plastic waste recycling
the entity, respectively in the Indian market. The policy was notified on February 16, 2022, and the waste collection plan aligns with the EPR
FY 2023-24 (in %) FY 2022-23 (in %) Details of improvements in environmental and social impacts plan submitted with the Pollution Control Board. In 2023-24, BPCL Lubes collected 4891 MT of plastic waste and
R&D 100% 100% Expenditure in new and energy efficient refining processes, new formulation reprocessed it through a CPCB-approved party, which is used in manufacturing various everyday plastic items.
developments, green hydrogen implementation, emerging green energy
technologies Leadership Indicators
Capex 0.32% 0.14% R&D facilities augmentation, Development of new facilities for Biofuels,
polymer & Petchem, Alternate energy 1. Has the entity conducted Life Cycle Perspective/Assessments (LCA) for any of its products (for manufacturing
industry) or for its services (for service industry)? If yes, provide details in the following format?
2. a. Does the entity have procedures in place for commercial applications, aiming to achieve “Net Zero” Whether conducted
sustainable sourcing? (Yes/No) goals and meet the “Swachh Bharat Mission” targets. % of total Boundary for which the by an independent Results communicated in the public
Name of product/ Turnover Life Cycle Perspective/ external agency (Yes/ domain (Yes/No) If yes, provide the
The company abides by the Public Procurement
The Plastic Waste Management Rules mandate NIC Code service contributed Assessment was conducted No) web-link.
Policy for Micro and Small Enterprises (MSE) Extended Producers Responsibility (EPR) for managing 46610 Blending of 0.60% BPCL Wadilube Plant Yes, National Yes, Yes results communicated
Order 2012 and its subsequent amendments. The plastic waste packaging. In 2023-24, BPCL Lube lubricants and Facility Institute of Industrial through Annual Report FY 2022-23
company’s total procurement value of Goods and additives Engineering (NITIE) (https://www.bharatpetroleum.in/pdf/
collected 4891 MT of plastic waste and reprocessed it OurFinancial/Complete-BPCL-AR-
Services during 2023-24, excluding Works Contracts, through an approved party. 2022-23---English-Final-9fc811.pdf)
where MSEs could have participated was I 9,821.28
crore whereas the actual procurement value from E-Waste is being disposed as per E-waste
Management Rules 2022 requirements. BPCL has also 2. If there are any significant social or environmental concerns and/or risks arising from production or
MSEs was I 3,315.40 crore, i.e., an achievement of
made a waste management manual for the benefit of disposal of your products/services, as identified in the Life Cycle Perspective/Assessments (LCA) or
33.76% thereby exceeding the target of 25%. The
locations. E-waste disposal is centrally monitored by through any other means, briefly describe the same along-with action taken to mitigate the same.
company also offers Trades Receivable Discounting
Scheme (TReDS) to its MSME Vendors. IS Department. Name of Product/Service Description of the risk/concern Action Taken
Hazardous waste includes spent catalysts, oily sludge,

Lubricants Climate Change-The carbon footprint of 1. 0 kWh Solar plant installed which led to 18%
2
s an effort to enhance procurement from MSEs,
A producing 1 litre of lubricant at Wadilube is reduction in impact caused
the Company held online Vendor Development and oily sludge from refineries. Spent catalysts contain 1.34 Kg CO2 2 The Recycling of plastic waste was able to reduce
Programs for MSE SC/ST and MSE Women, precious metals and are sent to recyclers for recovery, the overall impacts due to plastic waste by 0.33%.
in which over 250 vendors participated and co-processing, or incineration. Oily sludge from storage Metal Depletion-metal depletion was 9.81*10-4 Kg Recycling of metals at site has reduced impact
received extensive presentations from MSME and tanks and Effluent Treatment Plants is treated and Cu equivalent for making 1 litre of lubricant. by 0.39%
NSSHO (National SC/ST Hub office) authorities. blended with finished products. Unused sludge is either Freshwater consumption-Fresh water 1. The percentage reduction of water footprint due to
The firm also took part in ten MSME Vendor bio-remediated or incinerated. consumption in Wadilube facility for one liter of recycling of steam water as condensate accounted
lubricant is 7.9*10-4 m³ for 4.58%
Development Programs hosted by several MSME Kitchen waste, generated in refinery towns and 2. Water footprint of the lubricant from cradle to
DFOs (Development and Facilitation Offices). The canteens, is treated in waste management plants grave is reduced by 14.85%.
company also conducted two workshops for BPCL to convert it into biogas and manure. Biomedical
vendors to enroll them in TReDS platforms. In all waste is managed according to the Biomedical Waste 3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing
of these events, vendors were welcomed, and their Management Rules, 2016, and batteries are disposed off industry) or providing services (for service industry).
expertise was expanded by various presentations through registered recyclers through a buy back policy. Recycled or reused input material to total material
on the company’s existing and future business

Non-hazardous wastes are managed through the FY 2023-24 FY 2022-23
requirements, as well as emerging trends. Indicate input material
reduction, reuse, and recycling process. Oily Sludge, Catalyst and Flare Gas 0.23% Data not maintained at present
and would be provided in
b. If yes, what percentage of inputs were
Waste Management System at BPCL: subsequent years.
sourced sustainably?
33.76% inputs were sourced sustainably.
BPCL’s waste management system operates on a
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused,
clear categorization of waste into hazardous and non-
recycled, and safely disposed of.
3. Describe the processes in place to safely hazardous types, each with specific disposal methods
and recycling strategies. Within the hazardous category, FY 2023-24 FY 2022-23
reclaim your products for reusing, recycling,
and disposing at the end of life, for (a) Plastics materials like spent catalysts and slop oil undergo a Safely Safely
Re-used Recycled disposed Re-used Recycled disposed
(including packaging) (b) E-waste (c) Hazardous recycling process, either through authorized recyclers
or internal reprocessing for reuse. On the other hand, Plastics (including packaging) Nil Nil 4,891 Nil Nil 3,172
waste and (d) other waste.
non-hazardous waste, including light waste, plastic E-waste Nil Nil Nil Nil Nil 3.63
PCL R&D is exploring the use of mixed plastic waste
B
waste, and canteen waste, follows a different route. Hazardous waste 90,387 1,15,862 5,957 Nil Nil 28,842
in environmentally friendly and sustainable ways, such
These materials are either internally recycled or sold to Other waste (Non-Hazardous waste)
as road making at refineries and retail outlets. The Nil 11,901 Nil Nil Nil 9,052
authorized vendors, serving various purposes like the
proposal is to evaluate this through certified bodies for
production of bio-manure. Moreover, BPCL ensures the

183
Business Responsibility and Sustainability Report (Contd.) 2. Details of retirement benefits.

FY 2023-24 FY 2022-23
Deducted and Deducted and
No. of employees No. of workers deposited with No. of employees No. of workers deposited with
5. Reclaimed products and their packaging materials (as a percentage of products sold) for each product category. covered as a % of covered as a % of the authority covered as a % of covered as a % of the authority
Benefits total employees total workers (Y/N/N.A.) total employees total workers (Y/N/N.A.)
Reclaimed products and their packaging materials as % of
Indicate Product Category total products sold in respective category. PF 100% 100% Yes 100% 100% Yes
Gratuity 100% NA NA 100% NA NA
Packaging Material Nil
ESI NA 100% NA NA 100% NA
Principle 3 - Businesses should respect and promote the well-being of all employees, including those Note:EPS portion deducted and deposited with RPFC. EPF administered by Corporation’s IPF trust.
in their value chains.

3. Accessibility of workplaces
Essential Indicators
re the premises/offices of the entity accessible to differently abled employees and workers, as per the
A
1. a. Details of measures for the well-being of employees. requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken
by the entity in this regard.
% of employees covered by
Yes, The company’s premises are accessible to differently abled employees and workers.
Health Accident Maternity Paternity Day care
insurance insurance benefits benefits facilities
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If
Total Number Number Number Number Number
Category (A) (B) % (B/A) (C) % (C/A) (D) % (D/A) (E) % (E/A) (F) % (F/A) so, provide a web link to the policy.
Permanent employees Yes, The company has an equal opportunity policy in place as per the Rights of Persons with Disabilities Act, 2016. The
Male 5,069 5,069 100% 5,069 100% NA NA 5,069 100% 5,069 100% policy can be accessed through the following link: https://www.bharatpetroleum.in/images/files/EOP%20BPCL(3).pdf
Female 527 527 100% 527 100% 527 100% NA NA 527 100%
5. Return to work and Retention rates of permanent employees and workers that took parental leave.
Total 5,596 5,596 100% 5,596 100% 527 100% 5,069 100% 5,596 100%
Other than Permanent employees Permanent employees Permanent workers
Gender Return to work rate Retention rate Return to work rate Retention rate
Male NA NA NA NA NA NA NA NA NA NA NA
Male 100% 96.62% 100% 99.04%
Female 1 1 100% 1 100% 1 100% NA NA 1 100%
Female 100% 100% NA NA
Total 1 1 100% 1 100% 1 100% NA NA 1 100%
Total 100% 96.84% 100% 99.04%
b. Details of measures for the well-being of workers:
% of workers covered by
6. Is there a mechanism available to receive and redress grievances for the following categories of employees
and workers? If yes, give details of the mechanism in brief.
Health Accident Maternity Paternity Day care
insurance insurance benefits benefits facilities (If Yes, then give details of the mechanism in brief)
Total Number Number Number Number Number Permanent workers The Company has always valued open and transparent communication, encouraging employees to share
Category (A) (B) % (B/A) (C) % (C/A) (D) % (D/A) (E) % (E/A) (F) % (F/A)
their concerns with their Line Managers, HODs, HR, ESE Department, or the Senior Leadership Team.
Other than permanent
Permanent workers The Company has maintained an open-door policy, granting all employees access to the Leadership Team
workers
Male 2,763 2,763 100% 2,763 100% NA NA 2,763 100% 2,763 100% regardless of hierarchy. To address issues, the Company has established systems and processes such as
Permanent employees the Grievance Management System (Samadhan Portal), Safety Committees, Internal Committee (POSH),
Female 147 147 100% 147 100% 147 100% NA NA 147 100% Whistle-blower Policy, and Human Rights Policy.
Other than permanent
Total 2,910 2,910 100% 2,910 100% 147 100% 2,763 100% 2,910 100% employees The Employee Satisfaction Enhancement (ESE) department aims to proactively engage with employees,
Other than Permanent workers understand their concerns, and resolve them while maintaining confidentiality. Employees can register
grievances with their line Manager, embedded HR, or directly with the independent Employee Satisfaction
Male BPCL, a responsible global corporate citizen, ensures that contractors follow applicable Enhancement Department. The process and FAQs for approaching ESE are available on the Company’s
laws such as the Minimum Wages Act, Payment of Wages Act, Employee Provident Intranet.
Female
Funds Act, Employee State Insurance Act (subject to applicability), Worman’s
Total New recruits are educated on the Code of Conduct, Discipline and Appeal Rules (CDA Rules)/Standing
Compenzation Act and Contract Labor (Regulation & Abolition) Act. BPCL provides
Orders and the Prevention of Sexual Harassment (POSH) at the workplace. Additionally, the Company
welfare amenities such as clean drinking water, clean toilets for all contract workers
provides a Public Grievance Redress Mechanism for customers and the general public, and designates
on sites. All contract workers receive annual/half-yearly health check-ups on-site.
Central Public Information Officers (CPIO) and Appellate Authority under the Right to Information Act, 2005.
They receive first-aid training. Regular awareness activities, including Health Talks and
Swachhta Pakhwada, are also carried out regularly to educate contract workers on
social and personal development concerns. 7. Membership of employees and workers in association(s) or Unions recognized by the listed entity:
FY 2023-24 FY 2022-23
c. Spending on measures towards well-being of employees and workers (including permanent and other No. of employees/ No. of employees/
than permanent) in the following format: workers in the workers in the
respective respective
FY 2023-24 FY 2022-23 Total employees category, who Total employees/ category, who
workers in the are part of the workers in the are part of the
Cost incurred on well-being measures as a % of total revenue of the company. 0.0395% 0.0399% respective association(s) or respective association(s) or
Category category (A) Union (B) % (B/A) category (C) Union (D) % (D/C)
Total permanent employees 5,596 0 0.00% 5,583 0 0.00%
Male 5,069 0 0.00% 5,105 0 0.00%
Female 527 0 0.00% 478 0 0.00%
Total permanent workers 2,910 2,810 96.56% 3,130 3,006 96.04%
Male 2,763 2,687 97.25% 2,969 2,869 96.63%
Female 147 123 83.67% 161 137 85.09%

185
Business Responsibility and Sustainability Report (Contd.)

BPCL has established Process Safety Events safety problems, and improving practices.
identification and Measurement System in Committees are formed with equal participation
accordance with American Petroleum Institute from workers and management to address
(API) Recommended Practice (RP) 754 Standard, safety concerns and audit recommendations, in
8. Details of training given to employees and workers:
ensuring that process safety events are monitored, accordance with legislative requirements.
FY 2023-24 FY 2022-23 recorded, and analyzed. Process Safety
On health and On skill On health and On skill BPCL urges all functional leaders, supervisors,
safety measures upgradation safety measures upgradation
Management (PSM) principles are implemented
workers, and contract personnel to implement safe
Total* % % Total % % to create safe workplaces and prevent disasters.
practices in daily routines, operational planning,
Category (A) No. (B) (B/A) No. (C) (C/A) (D) No. (E) (E/D) No.(F) (F/D) BPCL undertakes regular safety audits to identify
and development activities. The workforce is
Employees hazards, ensure compliance with standard operating
Male 5,069 5,069 100% 5,069 100% 5,105 5,105 100% 5,105 100%
encouraged to report safety concerns and provide
procedures, and assess the performance of the
100% 100% safety suggestions to enhance overall safety
Female 527 527 100% 527 100% 478 478 478 company’s safety measures. External Safety Audits
5,583 5,583 5,583 management. BPCL has safety policies and SOPs
Total 5,596 5,596 100% 5,596 100% 100% 100% (ESA) are undertaken by the OISD, PNGRB, and the
Workers in place to prevent incidents, injuries, and exposure
Petroleum & Explosives Safety Organization (PESO),
Male 27,971 27,971 100% 27,971 100% 26,797 26,797 100% 26,797 100% to risks for employees, contractors, customers, tank
and the Surprise Dip Stick Audit (SDSA) mechanism
Female 786 786 100% 786 100% 647 647 100% 647 100% truck drivers, and communities where they operate.
was further strengthened to ensure compliance with
Total 28,757 28,757 100% 28,757 100% 27,444 27,444 100% 27,444 100%
12 Life Saving Rules (LSR) at locations.
d. o the employees/workers of the entity have
D
9. Details of performance and career development reviews of employees and workers: access to non-occupational medical and
c. hether you have processes for workers
W
FY 2023-24 FY 2022-23
healthcare services?
to report the work-related hazards and to
Category Total (A) No. (B) % (B/A) Total (C) No. (D) % (D/C) remove themselves from such risks. Yes, BPCL focuses on Occupational Health and
Employees
Safety (OHS) to prevent accidents and hazards
Yes. BPCL encourages employees to report
in the workplace. The company extends its
Male 5,069 5,069 100% 5,105 5,105 100% potential risks, hazardous situations, and near
commitment to customers and communities
Female 527 527 100% 478 478 100% misses. Incidents recorded in the portal system
nearby. As per the Factories Act, BPCL conducts
Total 5,596 5,596 100% 5,583 5,583 100% are thoroughly examined, Root Cause Analysis is
half yearly medical check-ups for employees and
conducted, and the results are shared publicly with
Workers contract labors working in operating locations and
all stakeholders to promote collaborative learning
Male 27,971 2,763 9.88% 26,797 2,969 11.08% refineries. Additionally, the company maintains
and safer operations. Awareness initiatives
Female 786 147 18.70% 647 161 24.88% a first-aid kit at all locations, provides 20% of
highlight the need of reporting near misses to
Total 28,757 2,910 10.12% 27,444 3,130 11.41%
employees with first-aid training and refresher
both workers and contractors. Safety Committee
courses, and maintains an OHS center accessible
meetings and Monthly Safety Theme activities are
to employees and workers.
10. Health and safety management system: b. hat are the processes used to identify work-
W essential for raising awareness, communicating
related hazards and assess risks on a routine
a. hether an occupational health and safety
W and non-routine basis by the entity? 11. Details of safety related incidents, in the following format:
management system has been implemented
BPCL has developed a Corporate Safety
FY 2023-24 FY 2022-23
by the entity? (Yes/No). If yes, what is the
Management System (CSMS) to manage health and Safety incident/number Category Inside plant Inside plant
coverage of such a system? Lost Time Injury Frequency Rate (LTIFR) (per one-million-person hour worked) Employees 0 0
safety risks at an “As Low as Reasonably Practical
Yes, BPCL has implemented a comprehensive (ALARP)” level and drive improvement across the Workers 0.038 0.066
Health, Safety, and Environment Policy to reduce company. The system prescribes minimum safety No. of incidents Employees Nil Nil
environmental impact in its operations. The management system compliance requirements Workers 100 144
refineries have been certified for ISO 9001, ISO Total recordable work-related injuries Employees Nil Nil
and is applicable to all operations, assets, facilities,
14001, ISO 45001, and ISO 50001 for Energy Workers 3 13
employees, contractors, and stakeholders. A portal
Management systems. Risks and opportunities No. of fatalities Employees Nil Nil
has been developed for capturing incident reporting,
are identified with mitigation strategies and leading, and lagging indicators, which are critical for
Workers 1 4
detailed Hazard Identification and Risk High consequence work-related injury or ill-health (excluding fatalities) Employees Nil Nil
learning and disseminating learnings for corrective/
Workers Nil Nil
Assessment (HIRA) and aspect impact (AI) are preventive actions. Hazard Identification & Risk
prepared and documented. BPCL HSSE policies Analysis (HIRA) studies have been conducted at all *Including in the contract workforce
provide direction to maintain a productive and operating locations, along with Threat Vulnerability
safe workplace. Every location has a HSSE role & Risk Assessment and Security Audits. Risks 12. Describe the measures taken by the entity to for their quality, environmental, occupational health,
holder, with the primary responsibility of ensuring and Opportunities are identified with mitigation ensure a safe and healthy workplace. and safety management systems. A safe workplace is
adherence to the HSSE Policy. Safety protocols strategies, and a detailed HIRA and Aspect Impact BPCL emphasizes on the safety of all its company achieved through various safety management systems,
and SOPs are available to limit incidents, mishaps, (AI) has been prepared and documented for all personnel and ensures their participation in including Operation and Maintenance Procedure,
injuries, and exposure to hazards. The Corporate refinery and marketing locations. Quantitative comprehensive “Safety in the Workplace” training Work Permit System, Personnel Safety using PPEs,
Safety Management System (CSMS) and 12 Risk Analysis (QRA) and Hazard & Operability program at operational sites in compliance with Trainings, Risk Analysis and Management, Process
Life Saving Rules (LSR) are adhered to across study (HAZOP) are also conducted in line with 175 legislative standards. The HSE policy emphasizes Safety Management, Management of Change, Safety
the organization to achieve standardization and requirements of Oil Industry Safety Directorate the use of appropriate technology to reduce the Audit, Employee Participation in building Safety Culture,
enhance safety culture. (OISD) and Petroleum and Natural Gas Regulatory environmental effect of activities. Refineries and Incident Investigation and Analysis, Emergency
Board (PNGRB) guidelines. marketing business units now have ISO 9001:2015, Planning and Response, and Safety in Facility Design/
ISO 14001:2015, and ISO 45001:2018 certifications Construction.

187
Business Responsibility and Sustainability Report (Contd.) 3. Provide the number of employees/workers having suffered high consequence work-related injury/ill-health/
fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in
suitable employment or whose family members have been placed in suitable employment:
To ensure a healthy workplace, safety aspects are Work Permit Systems include Job Safety Analysis, No. of employees/workers that are rehabilitated
and placed in suitable employment or whose
considered during the design stage, with Safety working at height, Incident Reporting System, and Safety family members have been placed in suitable
Integrity Level (SIL) 3 being considered in process Meetings at various levels. Capability building includes Total no. of affected employees/workers employment
parameters. Asset integrity is maintained by following training at entry, refresher, and workshops. Emergency FY 2023-24 FY 2022-23 FY 2023-24 FY 2022-23
the latest applicable standards/guidelines. Firefighting Response & Disaster Management Plan (ERDMP) is Employees Nil Nil Nil NA
facilities conform to OISD and NFPA standards. prepared and approved according to Petroleum and Workers 1 4 Nil NA
Earthing systems are installed according to IS3043, Natural Gas Regulatory Board (PNGRB) guidelines.
and an Integrated Management System is implemented Regular mock drills assess readiness, and safety audits 4. Does the entity provide transition assistance health, mental well-being, financial literacy, and
comprising ISO 9001, ISO 14001, and 45001. are conducted to assess compliance levels. Off-the-job programs to facilitate continued employability and personal development. These programs cover health
safety is also practiced for the welfare of employees the management of career endings resulting from management, fitness regimens, stress management,
and their families. retirement or termination of employment? (Yes/No) and coping strategies for emotional resilience. They
BPCL is committed towards welfare of its retired also equip employees with knowledge on investment
13. Number of complaints on the following made by employees and workers employees and has revamped its online portal which strategies, retirement planning, pension schemes, and
FY 2023-24 FY 2022-23 offers a practical and user-friendly platform with features financial management, ensuring financial stability post-
like self-updating personal contacts and mobile phone retirement. These sessions provide BPCL employees
Pending Pending
resolution resolution availability. The company also provides comprehensive with a holistic toolkit for a rewarding and healthy
Filed during at the end of Filed during at the end of retired life, demonstrating the company’s unwavering
the year year Remarks the year year Remarks pre-retirement training programs, focusing on physical
commitment to its workforce beyond their tenure.
Working conditions 0 0 Nil 0 0 Nil
Health & safety 0 0 Nil 0 0 Nil 5. Details on assessment of value chain partners:
% of value chain partners (by value of business
14. Assessments for the year done with such partners) that were assessed
% of your plants and offices that were assessed (by entity or statutory authorities or third parties) Health and safety conditions (Dealers, distributors & transporters) 100%
Health and safety practices 100% Working conditions (Dealers, distributors & transporters) 100%
Working conditions 100%
6. Provide details of any corrective actions taken or underway to address significant risks/concerns arising
15. Provide details of any corrective action taken or Leadership Indicators from assessments of health and safety practices and working conditions of value chain partners.
underway to address safety-related incidents (if Value Chain Partner Health and Safety Concerns Major Efforts Undertaken
any) and on significant risks/concerns arising 1. Does the entity extend any life insurance or any
Contractors Executing Life risks due to: 1. Contractors and workmen undergo a mandatory induction program
from assessments of health & safety practices compensatory package in the event of death of (A)
various Project Works 1) Fall from height during work prior to commencing work, focusing on safety rules, regulations,
and working conditions. Employees (Y/N) (B) Workers (Y/N). at Project locations SOPs, CSMS objectives, Project HSSE Manager, and Assurance
execution.
Employees - Yes, The company has internal schemes Plan.
BPCL operating locations follow several regulatory 2) Fall and trapped inside
criteria, such as Petroleum and Explosives Safety that cover both accidental and non-accidental deaths, Excavated Pit and buried due 2. hey are required to use PPE, comply with 12 Lifesaving rules, and
T
to soil collapse have a mitigation plan for construction hazards.
Organization(PESO), Petroleum and Natural Gas and the compenzation payable is determined according
3) Trapped inside confined 3. HIRA/Hazop Study is conducted before work commences, and
A
Regulatory Board (PNGRB) rules, BIS, and API to the scheme’s provisions.
space & life risk due to contractors are required to have a HSSE supervisor before job
standards. They have clear operating procedures, orkers - Yes, The company has internal policies
W suffocation, Fire situation execution.
manuals, and verified ERDMP documentation. All for permanent workers that cover accidental and 4) Fire accident due to working 4. egular safety awareness enhancement activities, such as Toolbox
R
safety-related incidents are quickly reported and non-accidental fatalities, with compenzation provided in Hazardous area (Brown Talks, Safety Committee Meetings, and site visits, are organized to
ensure safety and deal with violations through CAPA.
examined by competent team members, based on depending on the scheme terms, whilst indirect workers are Field locations)
their severity. BPCL guarantees that remedial steps 5. A competency building and safety awareness development program
protected by ESIC or the Employees Compensation Act. 5) Material handling and
was organized for contractor workers at regional, HQ, and site
are taken to eliminate possible events, while ensuring accident due to failure
of lifting equipment, levels. The program included construction safety, first-aid training,
that they are appropriate to the problem and hazards 2. Provide the measures undertaken by the entity to unconducive site condition and standard operating procedures (SOPs), with 1,661 participants
identified. The lessons learned from these accidents ensure that statutory dues have been deducted and 4,983 training manhours.
are shared with stakeholders, and remedial measures and deposited by the value chain partners. 6. In 2023-24, 83,94,852 man-days were worked at project sites
are monitored and assessed on a regular basis. without LTA.
The contractor is responsible for paying wages to
Safety audits evaluate the efficacy of corrective action 7. Contractors and employees are encouraged to report any Near-
all contract workers on a timely basis, and before miss and breaches pertaining to Life Saving Rules(LSR). This year,
implementation. Significant hazards associated with
processing their monthly bills, they must produce a copy 395 Near misses and 381 LSR breaches were reported across all
health and safety are mitigated by technological/
of the wage record, PF/ESI challans, and remittances 58 project locations.
digitizal interventions, competency development on 8. 5 health check-up camps were organized, benefiting 1,525
9
of PF/ESI dues for their contract workers. Wage payout
safety aspects through workshop/training, periodic contract workers around the project site.
is done electronically through NEFT transfer directly
monitoring and review. Mobile Cascade crew/ CNG leakage during filling LCV • The maintenance checklist includes a visual inspection of stainless
into the contract labour’s bank accounts. To ensure
CNG stations cascade at Mother Station steel tubing and a soap solution test of threaded joints.
100% compliance with the contract requirements, the
• Advisory note issued regarding the safe transit of CNG cascades
contractor must pay electronically/via NEFT transfer. via LCV/HCV.
The primary employer’s representative authenticates
• 400 safety campaigns were conducted focussing on handling
and verifies the disbursement of wages. emergency situations involving 4,000 customers including drivers,
dealers, compressor operators.

189
Business Responsibility and Sustainability Report (Contd.) Whether

identified as Channels of communication Frequency of
vulnerable & (Email, SMS, Newspaper, engagement
marginalized Pamphlets, Advertisement, (Annually/half-yearly/ Purpose and scope of engagement including
Stakeholder group (Yes/ Community meetings, Notice quarterly/others – key topics and concerns raised during such
Value Chain Partner Health and Safety Concerns Major Efforts Undertaken group No) board, Website), Other please specify) engagement
TT Crew Road Transport of hazardous/ • 8,164 TT Crew members received defensive driving instruction Suppliers & Yes (MSME/ Contractors Vendor meets, As per Requirement 1.
ourcing Materials, Equipment, and Services
S
flammable fuels (DDT). Contractors SC/ST Inspection visits to facility, 2.
Electronic tendering, HSSE policy training,
vendors) emails and phone calls, supply chain advisory notes, contract labor
• 7,380 TT crew m embers received simulator-based DDT training. Tenders safety, vendor awareness initiatives, etc.
• 148 Health checkup camps conducted. Dealers and No Award Functions, Meetings Periodic and Need 1. Product quality
Distributors and training sessions, based 2. Constant supply
Retail Network/Dealers/ Fire accidents during product Mock drills on emergency situations were held at several ROs in Individual Interactions 3. Facility maintenance
Distributors transfer accordance with the ERDMP to boost staff confidence and skills. 4. Safety during product handling
5. Technological improvements
Shareholders No Public disclosures on AGM, Quarterly Enhancing growth and profitability, integrating
& Investors Financial performance, reports, Quarterly sustainable development practices, refining
Annual General Meeting, investor meets, operational efficiencies, and embracing new
LPG delivery chain/ Safe delivery and usage of LPG • Safety clinics conducted - 46,381 Press briefing & social media Press Releases technologies to uphold ethical governance.
Customers cylinders Customers No Customer Meeting Customer Regular 1. Innovating processes, embracing eco-friendly
• Training to Distributor Show room staff - 2,343
Satisfaction Survey, technologies, delivering quality products
• Delivery Staff of Distributors for PDC checks - 3,217 telephonic feedback, Online and services, addressing grievances, and
• SOP training to Direct Customers - 335 communication survey soliciting feedback.
• Training to showroom staff - 2,475 2. Offering competitive prices, ensuring product
quality and quantity, and maintaining high-
quality service standards.
Principle 4 - Businesses should respect the interests through diverse channels, fostering transparent and Employees Yes Career progression, Personal interactions Fostering a safe and healthful workplace promotes
of and be responsive to all its stakeholders. effective communication to build trust and enduring (Women/SC/ Occupational Health and Performance a culture of ongoing education, provides avenues
relationships. Regular engagement assists BPCL in ST) Safety requirements appraisal for career advancement and professional
Essential Indicators development, and ensures swift resolution of
reviewing and integrating stakeholder expectations into grievances.
strategic planning and business activities. Communities Yes Face to face meetings Periodic CSR initiatives are put into action to support
1. Describe the processes for identifying key
& NGOs through implementing community progress, offering skill training to
stakeholder groups of the entity. In addition to routine stakeholder engagement, BPCL
partners to execute CSR enhance livelihood prospects, and establishing an

Bharat Petroleum Corporation Limited (BPCL) is conducted a formal survey this year to solicit feedback. projects/programs or through exit strategy to maintain project sustainability.
committed to upholding a corporate governance The company has devised mechanisms to identify district administration, etc.
philosophy that aims to protect the interests of internal and external stakeholders based on their
stakeholders through principles of transparency, influence and impact on sustainability performance Leadership Indicators targets through the SDC. The committee ensures
comprehensive disclosures, employee empowerment, as part of its sustainability reporting process. Internal that stakeholder feedback informs decision-making
stakeholders include employees, investors, and 1. Provide the processes for consultation between processes, underscoring BPCL’s commitment to
collective decision-making, and social initiatives.
shareholders, while external stakeholders encompass stakeholders and the board on economic, transparency and responsiveness.
BPCL identifies key stakeholders as those significantly
government and regulatory bodies, industry environmental, and social topics or if consultation
affected by its operations or capable of influencing
associations, customers, competitors, communities is delegated, how is feedback from such 2. Whether stakeholder consultation is used to
them. Regular engagement with stakeholders enables
BPCL to understand their expectations regarding and NGOs, dealers and distributors, suppliers and consultations provided to the board. support the identification and management of
environmental, social, and governance matters. The contractors, media, and industry trade associations.
Bharat Petroleum Corporation Limited (BPCL) is environmental, and social topics (Yes/No). If so,
company collaborates with stakeholders to promptly dedicated to sustainability and ethical business provide details of instances as to how the inputs
address sustainability challenges and communicates practices. It has instituted procedures to facilitate received from stakeholders on these topics were
dialogue between stakeholders and the board regarding incorporated into the policies and activities of the
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each Environmental, Social, and Governance (ESG) matters. entity.
stakeholder group. The company actively engages in surveys, focus Stakeholder consultation plays a pivotal role in

groups, and stakeholder meetings to gather input on its identifying areas for enhancement in corporate
Whether
identified as Channels of communication Frequency of sustainability endeavors. environmental and social endeavors. For instance:
vulnerable & (Email, SMS, Newspaper, engagement
marginalized Pamphlets, Advertisement, (Annually/half-yearly/ Purpose and scope of engagement including
BPCL has established a Board-level Sustainable When engaging in CSR initiatives or environmental
Stakeholder group (Yes/ Community meetings, Notice quarterly/others – key topics and concerns raised during such Development Committee (SDC), composed of two full- conservation projects beyond BPCL’s boundaries,
group No) board, Website), Other please specify) engagement
time Directors and four Independent Directors, with input and feedback from stakeholders such as
Government No Official Meetings/MoU Memorandum of 1. To understand goals and objectives an independent director leading the committee. The
& Regulators Reviews, Monthly/periodic Understanding with 2. To engage in official initiatives communities and regulatory bodies are actively
project updates Electronic Regulators Periodic 3. For undertaking community developments Sustainable Development Committee is responsible for sought. BPCL consistently takes steps to enhance
Communications, Public Meetings with projects overseeing strategy and monitoring the implementation its products, such as transitioning from BS-IV to BS-
Disclosures, Conclaves/ Regulators 4. For new policy developments and ministry of key sustainability initiatives. Twice a year, the VI grade fuels, improving fuel and lubricant efficiency,
Seminars/events etc directives Sustainable Development Committee assesses tailoring fuels for colder climates, incorporating Ethanol
Industry No Emails, Meetings Periodic and need 1. SE and intercompany product transfer risks,
H sustainability efforts, reviews material topics, evaluates
& Trade Conferences, events, base Meetings among other industry issues. blending in petrol, advancing toward renewable
Associations Seminars, Virtual Platforms 2. Collaboration to commercialize technologies/
stakeholder engagement, and examines Environmental, energy and biofuels, navigating the Energy Transition,
products or conduct joint research, etc. Social, and Governance (ESG) metrics overseen by the establishing EV charging infrastructure, and developing
3. Grievances and complaints redressal. Corporate HSSE department. a roadmap toward Net Zero emissions, all through
The board receives regular updates on the company’s collaboration with government bodies, customers, and
sustainability performance and progress towards ESG other stakeholders.

191
Business Responsibility and Sustainability Report (Contd.) 3. Details of remuneration/salary/wages
a. Median remuneration/wages:
Male Female
3. Provide details of instances of engagement with, Additionally, initiatives are carried out for communities
Median Median
and actions are taken to, address the concerns of in Aspirational Districts identified by NITI Aayog. remuneration/ remuneration/
vulnerable/marginalized stakeholder groups. salary/wages salary/wages
The CSR Vision of BPCL is to “Be a Model Corporate of respective of respective
BPCL engages with communities through its CSR Entity with Social Responsibility committed to Number category Number category
department and project partners. Issues identified Energizing Lives through Sustainable Development,” Board of Directors (BoD) 5 50,25,019.71 0 NA
during these interactions are prioritized and presented Key managerial personnel* 0 NA 1 38,47,200.00
aiming to foster enduring relationships with various
for management evaluation. The company undertakes Employees other than BoD and KMP 5,064 22,32,154.50 527 21,74,767.13
communities. BPCL emphasizes that its most significant
initiatives aimed at empowering, uplifting, and Workers 2,763 10,74,239.95 147 17,77,801.50
achievements are not solely financial but also those
fostering overall community development as a result of that benefit marginalized communities in small towns *All BoDs are KMPs and their median remuneration/salary/wages has been disclosed in the above section. Therefore not considered
these interactions. and villages.
b. Gross wages paid to females as % of total wages paid by the entity, in the following format:
BPCL focuses on addressing the needs of
PCL’s CSR initiatives primarily focus on five core
B
disadvantaged, vulnerable, and marginalized FY 2023-24 FY 2022-23
thrust areas:
stakeholders by implementing activities, programs, and Gross wages paid to females as % of total wage* 8.63% 8.59%
initiatives for their welfare, with the goal of achieving • Education
• Environmental Sustainability *This is exclusive of wages paid to KMP.
holistic and sustainable development. CSR projects
and activities target the welfare of Scheduled Castes • Skill Development Note 1: For computing the compensation, we have considered only regular heads of compensation (one-time payments and perquisites are
(SC), Scheduled Tribes (ST), Other Backward Classes • Health & Sanitation excluded). The major components are – Basic Pay, Stagnation Increments, Dearness allowance, HRA, Cafeteria Allowance.
(OBC), and other economically weaker sections. • Community Development
Note 2: The Companies Act, 2013 contains a provision relating to calculation of median salaries of employees. However, the requirements
is exempt for Government Companies. In view thereof, the median salaries of employees and permanent workers has not been computed.
Principle 5 - Businesses should respect and promote human rights
4. Do you have a focal point (individual/committee) As a law-abiding corporate citizen, we ensure that
responsible for addressing human rights impacts the contractors fully comply with their obligations
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the or issues caused or contributed to by the under various statutes including Minimum Wages
entity, in the following format: business? (Yes/No) Act, Payment of Wages Act, Employee Provident
es, BPCL has a Human Rights Policy duly approved
Y Funds Act, Employee State Insurance Act, Contract
FY 2023-24 FY 2022-23
by the Board recently. Corporation believes in equal Labor (Regulation & Abolition) Act etc. as applicable.
No. of No. of
opportunity for its employees and ensures that there Provisions of welfare amenities including clean drinking
employees/ employees/
workers workers is no discrimination based on caste, tribe, religion, or water, clean toilet facilities, rest rooms etc. are extended
Category Total (A) covered (B) % (B/A) Total (C) covered (D) % (D/C) to all contract labor working in the premises of BPCL.
region in providing various welfare facilities (including
Employees
but not limited to) to employees health, efficiency, Annual/Half Yearly Onsite Health Check-Up Camps are
Permanent 5,596 5,596 100% 5,583 5,583 100% financial well-being, social status, satisfaction, conducted for all contract labor. They are also provided
Other than permanent 1 1 100% 1 1 100% employment, growth, remuneration, or development. training in first-aid on a continuous basis. Additionally,
Total employees 5,597 5,597 100% 5,584 5,584 100% BPCL, being a responsible organization, complies by all several awareness programs such as Health Talks,
the national and international Human Rights standards. Swachhta Pakhwada etc. are conducted on a regular
Workers
Our philosophy of an energized workplace has resulted basis to educate the contract labor on various social as
Permanent 2,910 2,910 100% 3,130 3,130 100%
in best-in-class HR practices which incorporate state well as personal development aspects.
Other than permanent 25,847 25,847 100% 24,314 24,314 100%
of the art facilities for rightful working and joyful living In addition, all our vendor contracts include explicitly
Total workers 28,757 28,757 100% 27,444 27,444 100% infusing high energy. All employees are treated with stated terms and conditions (under General Conditions
dignity and BPCL has developed a strong and mutually of Contract) for protection of human rights. Furthermore,
2. Details of minimum wages paid to employees and workers beneficial association with its workforce. the Company has a public grievance system/grievance
FY 2023-24 FY 2022-23 redressal system for the general public. Grievance
mployee Satisfaction Enhancement (ESE) department
E
Equal to More than Equal to More than
is a unique and innovative initiative taken by the Mechanism is also available in public domain and can
minimum wage minimum wage minimum wage minimum wage
Company in our endeavor to make BPCL ‘A Great also be accessed online as given in Chapter 14 of Citizen
Total % % Total % % Charter on BPCL website for customer complaints.
Category (A) No. (B) (B/A) No. (C) (C/A) (D) No. (E) (E/D) No. (F) (F/D) Place to Work’. ESE also strives to protect human
Employees rights of all employees and resolve cases of violation
of human rights. ESE’s primary focus area is to reach 5. Describe the internal mechanisms in place to
Permanent 5,596 0 0% 5,596 100% 5,583 0 NA 5,583 100% redress grievances related to human rights
out to maximum number of employees in a proactive
Other than permanent 1 0 NA 1 100% 1 0 NA 1 100% issues.
manner, to listen to them, to understand their issues
Total employees 5,597 0 0% 5,597 100% 5,584 0 NA 5,584 100% and concerns and aim to resolve them. All issues/
BPCL is committed to preventing unlawful
Workers grievances brought to the notice of ESE are dealt with discrimination and harassment of its employees and
Permanent 2,910 0 0% 2,910 100% 3,130 0 NA 3,130 100% utmost confidentiality. The ‘Samadhan’ portal is also value chain partners. The company conducts human
Other than permanent 25,847 0 0% 25,847 100% 24,314 0 NA 24,314 100% available to resolve HR related queries online. rights reviews and impact assessments throughout the
Total workers 28,757 0 0% 28,757 100% 27,444 0 NA 27,444 100% value chain. A Grievance Redressal Procedure is in
place to record and resolve grievances, with all issues
Note: For other than permanent workers, as per the statutory obligations, it is ensured that contract labor are paid not less than the applicable
minimum wages as per the guidelines issued from GOI from time to time. The contractor is primarily responsible to ensure timely payment
of wages to all contract labor. As an established process, the contractor submits proof of payment of wages along with their monthly bills.

193
handled with confidentiality. ESE aims to address the relevant SBU or Entity Head, and employees are 11. Provide details of any corrective actions taken or promptly resolving public complaints. These complaints
genuine grievances and provide feedback for system informed before closing of cases. The entire process underway to address significant risks/concerns are consistently overseen through the Centralized
and policy improvements. Employees can approach flow and FAQs regarding the ESE procedure are arising from the assessments at Question 9 above. Public Grievance Redress and Monitoring System
ESE in various ways, including face-to-face, telephonic, published on the company’s Intranet for ease of access PCL has established a defined Grievance Redressal
B (CPGRAMS), an online web-based system accessible
letter, or email. Unresolved issues are escalated to to all employees. Procedure for employees, which allows them to file at https://www.pgportal.gov.in/. CPGRAMS was
grievances within certain time frames. All units/regions/ developed by the National Informatics Center (NIC)
6. Number of complaints on the following made by employees and workers: head offices have an internal committee established in collaboration with the Department of Administrative
FY 2023-24 FY 2022-23 under the Sexual Harassment of Women at Workplace Reforms and Public Grievances (DARPG). It’s worth
Act, 2013. BPCL also has an Employee Satisfaction noting that there were no alterations to the business
Pending Pending
resolution resolution Enhancement team that communicates with employees processes during the fiscal year 2023-24.
Filed during at the end Filed During at the end
the year of year Remarks the year of year Remarks through multiple channels, including online, to better
understand their concerns and frustrations. Plans are 2. Details of the scope and coverage of any human
Sexual harassment 3 2 1 upheld & 1 0 1 upheld & closed.
in place to improve employee satisfaction via wellness, rights due diligence conducted
closed.
Discrimination at workplace Nil Nil NA Nil Nil -
employee connection, and timely grievance resolution. All sites uphold full compliance with statutory regulations,
a commitment reinforced by routine internal inspections
Child labor Nil Nil NA Nil Nil -
Leadership Indicators that ensure thorough due diligence in this regard.
Forced labor/Involuntary labor Nil Nil NA Nil Nil -
Wages Nil Nil NA Nil Nil - 1. Details of a business process being modified/ 3. Is the premise/office of the entity accessible to
Other human rights-related issues 3 0 Nil 10 1 Grievances are recorded introduced as a result of addressing human rights differently abled visitors, as per the requirements
through igloo platform over grievances/complaints. of the Rights of Persons with Disabilities Act,
the Company's intranet
The Public Grievance Redressal framework within 2016?
BPCL extends across various business units, providing Yes.
7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and a robust online platform for receiving, escalating, and
Redressal) Act, 2013, in the following format:
FY 2023-24 FY 2022-23 4. Details on assessment of value chain partners:
Total Complaints reported under Sexual Harassment on of Women at Workplace 3 1 % of value chain partners (by value of business
(Prevention, Prohibition and Redressal) Act, 2013 (POSH) done with such partners) that were assessed
Complaints on POSH as a % of female employees/workers 0.23% 0.09% Sexual harassment
Complaints on POSH upheld 1 1 Discrimination at workplace
Child labor
Nil
8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases. Forced/involuntary labor
In accordance with the ‘Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, Wages
2013’, BPCL established an Internal Committee (IC) in each Region/Refinery. The Regional/Refinery IC is supervised Others – please specify
by the Central Internal Committee. The identities of the complainant, respondent, witnesses, and evidence acquired
throughout the inquiry process, as well as committee recommendations and employer actions, are kept secret and not 5. Provide details of any corrective actions taken or underway to address significant risks/concerns arising
disclosed to the public or media. Violations of confidentiality agreements may result in disciplinary action under the from the assessments at Question 4 above.
said Act.
NA
9. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
Principle 6: Businesses should respect and make efforts to protect and restore the environment.
Yes, the Human rights requirements are part of the business agreements and contracts.
10. Assessments of the year
1. Details of total energy consumption (in Joules or multiples) and energy intensity:
% of your plants and offices that were assessed
(by the entity or statutory authorities or third parties) Parameter(in TJ) FY 2023-24 FY 2022-23
Child labor 100% For Renewable Sources
Forced/involuntary labor 100% Total electricity consumption (A) 181.62 125.26
Sexual harassment 100% Total fuel consumption (B) 0 0
Discrimination at workplace 100% Energy consumption through other sources (C) 0 0
Wages 100% Total energy consumed from renewable sources (A+B+C 181.62 125.26
Others – (Compliance of different statutory provisions as per CLRA) 100% From non-renewable sources
Total electricity consumption (D) 4,135.52 3,655.68
Total fuel consumption (E) 122,619.99 123,668.40
Energy consumption through other sources (F) - 0
Total energy consumed from non-renewable sources (D+E+F) 126,755.51 127,324.08

195
Business Responsibility and Sustainability Report (Contd.) 5. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage
and implementation.
Mumbai Refinery: ZLD is not implemented in MR, although certain efforts have been made, such as 100% recycling of

Parameter(in TJ) FY 2023-24 FY 2022-23 processed water from the Effluent Treatment Plant (ETP) and purified water from the sewage treatment facility is utilized
as raw cooling water.
Total energy consumed (A+B+C+D+E+F) 126,937 127,449
Energy intensity per rupee of turnover (Total energy consumed / Revenue from operations) 0.25 0.24 K
ochi Refinery: ZLD is not implemented in KR, however the process effluent water at Kochi Refinery is processed in
(TJ/ Cr K) effluent treatment plants before being recycled to a reverse osmosis-based demineralisation facility (RODM). Domestic
Gross Revenue from operations in Cr 506,911.00 533,467.55 sanitary water is processed in two Sewage Treatment Plants (STP), with the treated water recycled back to the effluent
Energy intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP) 5.06 4.83 treatment plant.
(Factor for multiplication: Using Worldbank conversion factor of 20.22 as per 2023)
(Total energy consumed / Revenue from operations adjusted for PPP) ( TJ/ Cr K) B
ina Refinery: Yes, BR has implemented mechanism for Zero Liquid Discharge (ZLD). The initiatives taken for the
same are given below:
Sales Throughput MMT 51.04 48.92
Energy intensity in terms of physical output(TJ / MMT) 2,487 2,605 1) ffluent generated is treated in Latest technology membrane-based Effluent Treatment Plant (ETP) of 9000 KLD
E
Energy intensity (optional) – the relevant metric may be selected by the entity. - - capacity which includes Sequential Batch Reactor (SBR) and Membrane Bio Rector(MBR) having physical, chemical
and biological treatment of wastewater. Treated effluent is further treated in Reverse Osmosis Demineralization
2. Does the entity have any sites/facilities identified as designated consumers (DCs) under the performance, plant (RO-DM) and used in boilers.
achieve, and trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under 2. Robust waste water treatment, enabling to achieve 100% recycling of ETP treated water to RO plant
the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action
taken if any. 3. Recycling and treatment of storm channel water
ll BPCL Refineries have been identified as Designated consumers under PAT(Perform Achieve Trade) Scheme. PAT
A 4. Segregating and utilizing high TDS stream in DFDS system
Cycle II was completed in FY 2018-19 and PAT VI Cycle was completed in FY 2022-23. No new PAT Cycle has
5. Utilizing low TDS (<1500 ppm) RO reject water for green belt watering.
been declared by Bureau of Energy Efficiency (BEE) for FY 2023-24. A time-bound action plan is being developed by
Refineries to achieve PAT objectives.
6. Please provide details of air emissions (other than GHG emissions) by the entity:
3. Provide details of the following disclosures related to water, in the following format: Parameter Unit FY 2023-24 FY 2022-23
Parameter FY 2023-24 FY 2022-23 NOx Metric Tonnes 6,293 7232

Water withdrawal by source (in '000 kilolitres) SOx Metric Tonnes 14,993 8596
(i) Surface water 27,553 28,186.32 Particulate matter (PM) Metric Tonnes 905 776
(ii) Groundwater 483 658.12 Persistent organic pollutants (POP) Metric Tonnes 0 0
(iii) Third-party water (municipal, tanker and AAI water supplies) 4,564 4,647.83
Volatile organic compounds (VOC) Metric Tonnes 0 0
(iv) Seawater/desalinated water 25,652 28,329.60
Hazardous air pollutants (HAP) Metric Tonnes 0 0
(v) Others (RCF and Rainwater) 2,829 2,831.91
Total volume of water withdrawal (in ‘000 kilolitres) (i + ii + iii + iv + v) 61,081 64,654 Others – Please specify. Metric Tonnes 0 0
Total volume of water consumption (in '000 kilolitres) 34,684 35,309
Gross Revenue from operations in Cr 5,06,911.00 5,33,467.55 7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) and its intensity:
Water intensity per rupee of turnover (water consumed/turnover) (KL/Cr) 68.42 66.19 Parameter Unit FY 2023-24 FY 2022-23
Water intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP) (Total water 1,383.50 1,338.33
Total Scope 1 emissions (Break-up of the GHG into CO2, million Metric tonnes of CO2 9.71 9.68
consumption / Revenue from operations adjusted for PPP) ( KL/CR I)
CH4, N2O, HFCs, PFCs, SF6, NF3, if available) equivalent
Total Scope 2 emissions (Break-up of the GHG into CO2, million Metric tonnes of CO2 0.82 0.72
Water intensity in terms of physical output (KL/MMT) 680 722
CH4, N2O, HFCs, PFCs, SF6, NF3, if available) equivalent
Water intensity (optional) – the relevant metric may be selected by the entity - -
Total Emissions (Scope 1 + Scope 2) million Metric tonnes of CO2 10.53 10.40
equivalent
4. Provide the following details related to water discharged:
Gross Revenue from operations crore I 506,911.00 533,467.55
Parameter FY 2023-24 FY 2022-23
Total Scope 1 and Scope 2 emissions per rupee of turnover Metric Tonne of CO2 equivalent 20.77 19.50
Water discharge by destination and level of treatment (in 000 kiloliters). (Total Scope 1 and Scope 2 GHG emissions/Revenue from per crore Rupees
(i) To Surface water 1,993 2,397 operations
- No Treatment Nil Nil Total Scope 1 and Scope 2 emission intensity per rupee Metric Tonne of CO2 equivalent 420.05 394.36
- With treatment-please specify level of treatment 1,993 2,397 of turnover adjusted for Purchasing Power Parity (PPP) per crore Rupees
(ii) To Groundwater 18 15 (Total Scope 1 and Scope 2 GHG emissions/Revenue from
- No treatment 0 Nil operations adjusted for PPP)
- With treatment – please specify level of treatment 18 15 Sales Throughput MMT 51.04 48.92
(iii) To Seawater 24,370 26,913 Total Scope 1 and Scope 2 emission intensity in terms of million Metric tonnes of CO2 0.206 0.213
- No treatment - Nil physical output equivalent per million Metric
- With treatment-please specify level of treatment 24,370 26,913 Tonne of Throughput
(iv) Sent to third parties 0 Nil Total Scope 1 and Scope 2 emission intensity (optional) – - -
- No treatment 0 Nil the relevant metric may be selected by the entity
- With treatment-please specify level of treatment 0 Nil
(v) Others 16 8
- No treatment 16 8
- With treatment-please specify level of treatment 0 Nil
Total water discharged (in kiloliters) 26,396 29,333

197
Business Responsibility and Sustainability Report (Contd.) KOCHI REFINERY

KR: Capital Energy Savings
Sr. Investment
No. Description of Schemes for FY 2023-24 (K crore) Fuel MT/Year Power MWh/Year
8. Does the entity have any project related to reducing greenhouse gas emission? If yes, then provide details.
1 Preheat Improvement in CDU3 by passing LK and HK re-boiling medium NIL 3,256 -
Mumbai Refinery: Energy Conservation Measures 2 Routing of CDU3 Hot VGO to VGOHDS unit thereby reducing steam NIL 2,116 -
heating in VGOHDS unit
MR: Capital Energy Savings
Sr. Investment 3 DCU heater A & heater B pass headers modification 0.25 1,901 -
No. Description of Schemes for FY 2023-24 (K crore) Fuel MT/Year Power MWh/Year
4 Various APC initiatives implementation in FY'23-24:
1 Stripping steam optimization in C3/C4 Splitter in CCU NIL 262 -
1. PDO LP Oxo section, BuOH and 2EH section
2 DHDS De-aerator pressure optimization NIL 238 -
2. UB10 & HRSG for steam reduction
3 Replacement of 1 no. BCW CT fan blades in CPP BCW cooling 0.03 - 62.3
3. KHDS for steam and FG optimization
towers with new generation energy efficient E-FRP blades NIL 6,324 -
4. DHDT and VGO HDT Preheat Improvement
4 NHGU PSA adsorbent replacement impact As part of PDR 8,533 -
5. APC revamp of CDU2 and FCC units
5 Boiler House (BH) BFW pump offloading NIL 300 -
6. ynamic SOx limit in DCU and CDU3 thereby increasing heater
D
6 Tank 116 (VLSFO service) steam to coils isolated for steam savings NIL 714 -
efficiencies
7 DM water/Pure condensate routing optimization in DHDS/CCR and 1.65 952 -
5 Installation of sour water coalescer on sour water line in DCU for oil 6 999 -
CDU3 through NHGU
recovery.
8 BH De-aerator pressure optimization NIL 3,633 -
6 Cold Flash drum off-gas from VGOHDS routed to NHT-1 reducing H2 NIL 950 -
9 Electrical Heat Tracing (EHT) Phase-1 in offsites congealing lines 31.25 4,829 -5,954 intake and reducing excess Fuel Gas in CEMP-II
10 CDU3 crude column top pressure optimization NIL 1,000 - 7 Fuel gas connectivity to old Refinery from IREP thereby reducing 0.28 950 -
11 Tank 117 (VLSFO service) steam to coils isolated for steam savings NIL 714 - flaring and reducing fuel oil consumption in refinery
12 Replacement of AFC fan blades in CCR (6 nos.) with new generation 0.16 - 332.4 8 Routing KHDS off gases to Biturox incinerator to avoid flaring: 0.09 770 -
energy efficient E-FRP blades Approx. reduction of 2 TPD of HC gas.
13 Replacement of fan blades in BCW cooling towers (CPP 2 nos., 0.16 - 205.9 9 Use of Nitrogen as stripping medium instead of steam in KHDS NIL 729 -
FCCU 1 no., GTU 1 no.) with new generation energy efficient E-FRP 10 Routing of excess FG from IREP to CEMP-II to reduce flare loss 0.45 500 -
blades
11 Use of New/improved Catalyst in place of old catalyst in VGOHDS NIL 3,906 -
14 Replacement of fan blades in RCW cooling towers (CCR 3 nos., DHT 0.16 - 409.3
12 Use of New/improved Catalyst in place of old catalyst in DHDS NIL 2,604 -
2 nos.) with new generation energy efficient E-FRP blades
13 In DHDT Unit, 55 AFC metallic blades have been replaced with 0.47 - 1,704
15 Replacement of fan blades in SCW cooling towers (MOC 4 nos., 0.43 - 4,542.7
e-Glass Epoxy FRP type blades
CDU4 7 nos., RMP 2 nos.) with new generation energy efficient
E-FRP blades 14 Stopping Fuel Oil circulation in MSBP after fuel gas rationalization NIL 274 639
scheme implementation
16 CCR revamp As part of TA 2,200 -
15 In PDA unit, replacing small rating motors (P-13A/B and P-17A/B) 0.35 - 511
17 NHT shutdown impact and feed maximization As part of TA 733 -
with higher rating which has helped in running only one pump instead
18 CDU4 shutdown initiative impact As part of TA 11,667 - of two parallel pumps
19 Diversion of VDU hotwell gases to flare instead of local venting As part of TA 48 - 16 In CDU2 unit, replacing small rating motors (Pumps CP232A&B - 0.4 - 1,278
(isolation of steam-to-steam ring) RCO Pump) with higher rating and change in impeller diameter has
20 CCU shutdown initiative impact As part of TA 4,233 - helped in running only one pump instead of two parallel pumps.
21 FCCU shutdown initiative impact As part of TA 2,419 - 17 Energy conservation initiatives in PDPP:
22 GTU shutdown initiative impact As part of TA 233 - (a) AFC Power optimization in PDO unit NIL 388 213
23 Steam traps & Leak Management in CDU4, CCU, FCCU, CCR, GTU, NIL 1,614 - (b) Diversion of PDO Recycle compressor purge to FG system
DHDS, ARU units & Utility area (SD jobs) 18 Energy conservation initiatives in CDU2: Stopping FO firing in 0.05 577 2,113
24 Hot feed to RFU ex CDU4 NIL 1,071 - furnaces, direct routing of Raffinate for SBP production, feed pump
impeller trimming etc
25 CDU4 crude column top pressure optimization NIL 2,267 -
19 Energy Improvement Schemes in CDU3: Replacing small rating 1.53 - 2,982
26 86-P-03 Turbine in DM Plant area offloaded NIL 1,786 - motors (Heavy Naphtha and HVGO pumps) with higher rating which
Total 33.84 49,446 -401.4 has helped in running only one pump instead of two parallel pumps,
bringing CDU3 heater ID fan in VFD mode.
Note: Total MTOE savings includes Fuel and Power savings
20 Reduction in size of steam systems: Stoppage of SCAPH in DHDT, 0.05 1,405 -
Steam optimization in NHTCCR SCAPH, Removal of redundant lines
in SRU3 and utilities
21 Operational improvements: VGO HDS recycle gas Antisurge opening NIL 984 2,190
reduction, MSBP RGC (MNC01) loading reduction to 50% from 75%,
Taken VGO HDS PRT inline, routing of hot lean amine from SRU3 to
VGO HDT thereby stoppage of amine preheater in VGO HDT.
22 Energy conservation initiatives in MSBP: installation of FRIC 0.3 665 -
insulation on Hot oil system valves, Routing of condensate to DHDS
Utility boiler De-aerators
Total 10.22 29,298 11,630
Note: Total MTOE savings includes Fuel and Power savings

199
Business Responsibility and Sustainability Report (Contd.) Kochi Refinery • Steam Network Management and Quarterly
(i)
Steps taken for impact on conservation surveys of flare control valves and PSVs
of energy passing by ultrasonic leak detector were
continued through external expert agencies.
BINA REFINERY pecific energy consumption (MBN) has reduced
S
Energy saving up to 62.6 at KR. BPCL-KR implemented 22 nos. • Continuous monitoring & control of all
BR: Capital parameters of Furnaces & Boilers, continuous
Investment Fuel Power of Major Energy Conservation Schemes, having
S.N. En-con measures implemented in 2023-24 (K crore) (MTOE/year) (MWH/Year) the potential savings of 31345 MTOE per year recovery of flare gas through Flare Gas
1 14MWp Solar Power plant 91.68 - 25,760 with potential reduction of CO2 emission by 97169 Recovery System, optimization of process
MT per year. The following were the areas of unit parameters through Advance Process
2 Installation of Micro Turbine in SRU MP to LP Let-down with power 12.14 - 9,600
generator major improvement. Control (APC) to sustain energy performance
3 Replacement of conventional lamps with LED lamps 5.86 - 3,490
at optimum level.
• Integration of refinery fuel gas system across
4 Energy efficient FRP blades in AFC's of Refinery process units 2.56 - 6,013 all blocks to avoid flare loss and minimize fuel • Installation of Micro Turbine in SRU MP to LP
5 RCT turbine on hot standby to reduces CPP PRDS losses NIL - 9,760 oil consumption. Let-down with power generating capacity of
6 Stopping the standby seal pot blower in Boiler-2 achieved through NIL - 160 2.5 MW.
pulley resizing of seal pot blowers
• Maximizing hot feed from Crude Distillation Unit
3 (CDU3) to downstream units. • Energy efficient blades installed in place of
7 VGO Pump impeller trimming to save power NIL - 200 conventional blades in process fin fan coolers
8 CAPH Replacement in HCU Fired heater to reduce fuel consumption NIL 685 - • Delayed Coker Unit (DCU) heater for power saving.
9 Replacement of orifice flowmeter of by ultrasonic flow meter in CDU/ NIL 261 - pass modifications.
VDU & DCU (9 nos) • Replacement of conventional lamps with LED
• Implementation of Advanced Process Control lamps for power saving in refinery.
10 ARU and SWS Reboiler steam reduction by 10 TPH by cleaning of NIL 7,143 - (APC) in all Refinery Units, Petrochemical Units
tube bundle
and Utilities. • Refinery Cooling Tower turbine kept on hot
11 Installation of new globe valves in STG LP extraction header which NIL 3,571 - standby to reduces CPP PRDS losses.
will facilitate the LP steam optimization and increase waste heat • Use of nitrogen as stripping medium instead of
recovery in HGU unit steam in Kerosene Hydrodesulphurization Unit • CAPH Replacement in HCU Fired heater to
Total 112.24 11,660 54,983 (KHDS). reduce fuel consumption.
Note: Total MTOE savings includes Fuel and Power savings • Conversion of Air fin Cooler fan blades from • Replacement of orifice flowmeter of by
metallic to e-Glass Epoxy Reinforced Plastic ultrasonic flow meter in CDU/VDU & DCU.
Mumbai Refinery • Continuous recovery of flare gas with the help (e-FRP). (ii)
Steps taken for utilizing alternate sources
(i)
Steps taken for impact on conservation of Flare Gas Recovery System (FGRS) and
• Impeller modifications and motor replacement of energy
of energy stringent monitoring of process conditions to
control flare loss. for pumps to avoid 2 pumps operation in parallel • 14MW Solar Power project commissioned in
nergy conservation and transition towards Net
E due to higher load. August 2023 as a part of Net Zero initiative.
Zero was a major business goal during the year for • Continuous Survey of Pressure Safety Valves
(PSV)/Pressure Control Valves (PCV) to (ii)
Steps taken for utilizing alternate sources • Setting up a 2.15 MT/day Green Hydrogen plant
BPCL. MR successfully completed various energy
identify passing valves and rectification to of energy utilizing 5 MW electrolyzer, engineering work
conservation initiatives, which were instrumental
in achieving Specific Energy Consumption reduce flare loss. • 3.2 MWp Solar plant at Rainwater Harvesting for the same is under progress.
(SEC) of 60.9 MBN for the financial year. The • Periodical Survey of Compressed air and Pond was commissioned in February 2024.
performance is attributed to sustained operation Marketing Business Units
Nitrogen leaks and rectification. • 6.0 MWp Solar plant at CISF Colony was
at higher intake level of energy efficient CDU4, CNG: Further BPCL has expanded its CNG network
• Implementation of various Advance Process commissioned in March 2024.
(Crude Distillation Unit) higher capacity utilization and mechanically completed 435 CNG stations and
of secondary process units, energy champion Control (APC) strategies in process units to • 3.7 MWp solar plant at Shore Tank Farm under commissioned 278 CNG stations during FY 2023-
schemes and various energy conserving efforts reduce energy consumption. construction and expected to be commissioned 24, making it a cumulative total of 2031 CNG stations
undertaken during the year. A total of 26 numbers • Usage of “Energy Analytics Dashboard” & “Unit by June 2024. across the country.
of Energy Conservation (ENCON) schemes were Daily EII Monitoring” for on-line monitoring of Solarization: BPCL has around 5700 number of Retail

implemented, which saved 49374 MTOE/year and Refinery process Performance along with MBN/EII. Bina Refinery
outlet where minimum 1 KwP solar capacity has been
reduced CO2 emission by 15528 MT/Year. These
(i)
Steps taken for impact on conservation
• Replacement of conventional cooling tower fan provided. Solar lights have been provided at 17252
achievements were possible due to the following of energy
blades in all the Cooling towers and various Retail outlets which is 80% of total Retail Outlets of
steps taken:
process units with new energy efficient eFRP. “ Specific Energy Consumption” was 66 MBTU/ BPCL. Approx. 41 GWh of electricity is generated
• Unit wise daily monitoring of steam leaks to (e Glass epoxy Fibre Reinforced Plastic) BBL/NRGF (MBN) in 2023-24 as against 67.2 from Solar energy during FY 2023-24. As an incentive
achieve zero steam leaks. MBN in the previous year. A Total of 11 Encon BPCL is providing subsidy of I 2 lakh or 50% of invoice
• Implementation of Electric heat tracing in value whichever is lower to Dealer for setting up Solar
• Continuous monitoring & control of all schemes were implemented which helped BR
offsite Pipelines. systems at ROs. BPCL target is to install additional
parameters of Furnaces & Boilers. to save 24,156 MTOE/year and to reduce CO2
• De-aerator pressure optimization of the emission by 89,071 MT/Year. 2500 solar systems at ROs with installed capacity of
• Improvement in Preheat, Furnace Efficiency & Boiler House. minimum 1 KW each during FY 2024-25.
Operational performance of Crude Distillation The following are the measures taken up at BR for
(ii)
Steps taken by the Company for utilizing energy conservation. EV charging: BPC has installed 3135 EV charging
Unit-4 (CDU4), Catalytic Cracking Unit
alternate sources of energy stations including 14 Battery Swapping Station across
(CCU), Fluid Catalytic Cracking Unit (FCCU),
Continuous Catalyst Regeneration unit Cumulative solar power generation for 2023-24
(CCR) & Gasoline Treating Unit (GTU) during was 1195.884 MWH/Annum from Solar Power
Turnaround 2023. Plant installed at Mumbai Refinery.

201
country. This also includes 894 fast charging stations fast charging stations for 4-wheelers on 150 highway 10. Briefly describe the waste management practices c. Oily Sludge
for 4-wheelers on 120 highway corridors and around fast charging corridors during FY 2024-25. adopted in your establishments. Describe the
In refineries, oily sludge waste generated
106, 2-wheeler fast charging stations, covering around strategy adopted by your company to reduce
Aviation BU: Laying of ATF pipeline from Piyala to Jewar
during handing over of equipment/tankages,
35,000 km. BPCL has also made alliance with Tata the usage of hazardous and toxic chemicals in
Airport at the cost of I 138 crore to obviate any need of turnarounds or routine operations etc. is
Motors, MG Motors, Ola Electric, Hero Motocorp, Ather your products and processes and the practices
Tank Lorry movement for product replenishment. collected and sent to weathering pit. After
Energy, RACEnergy and Voltup for developing EV infra adopted to manage such wastes.
recovery of oil by chemical and mechanical
ecosystem. BPCL has planned to add another 3,500
1. Plastics (including packaging) methods, residual sludge from weathering pit
is sent for Bioremediation which is a process
9. Provide details related to waste management by the entity, in the following format: BPCL, a lubricant manufacturer and packaging
that uses naturally occurring microorganizms
company, is required to establish a system for
Parameter FY 2023-24 FY 2022-23 to transform harmful substances to non-toxic
managing plastic waste generated for product sales
Total waste generated (in metric tonnes) compounds. As per Hazardous Waste Rules,
under Extended Producers Responsibility (EPR). In
Plastic waste (A) 4,891.00 5,000.00 2016, oil content in sludge waste should be
2023-24, BPCL’s Lubricant business unit collected
E-waste (B) 0.00 3.63 less than 0.5% before it can be disposed-off.
4891 MT of plastic waste and reprocessed it through
Bio-medical waste (C) 0.00 0.00 a CPCB-approved party, which used the processed In marketing locations oily sludge is disposed
Construction and demolition waste (D) 61.88 - plastic for various everyday use products. off either through incineration or bioremidiation
Battery waste (E) 41.84 - as per Hazardous Waste Management Rules.
Radioactive waste (F) 0.00 NA
2. E-waste
BPCL follows e-waste disposal guidelines as per 4. Kitchen waste
Other Hazardous waste. Please specify, if any. (G) 2,12,206.00 1,53,794.78
E-waste Management Rules 2022. BPCL has PCL refineries have installed a biogas plant to
B
Other Non-hazardous waste generated (H). Please specify, if any. 11,901.00 9,052.22
also made a waste management manual for the process kitchen waste and generate biogas, which
(Break-up by composition i.e. by materials relevant to the sector)
benefit of locations. E-waste disposal is centrally is used in kitchens. The residue is then used as
Total (A+B + C + D + E + F + G + H) 2,29,102 1,67,851 monitored by IS Department. In FY 2023-24, 0 compost for gardening.
Gross Revenue from operations in Cr I 5,06,911.00 5,33,468 tons of e-waste was disposed.
Marketing locations also compost organic waste
Waste intensity per rupee of Turnover (Total waste generated /Revenue from operations) ( MT/ Cr I) 0.45 0.32
using mechanical or vermicompost methods. In
Waste intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP) (Total waste 9.14 6.38 3. Hazardous waste
2023-24, 400 tonnes of compost was generated
generated / Revenue from operations adjusted for PPP) ( MT/ Cr I) a. Spent Catalyst for gardening purposes.
PCL refineries comply with CPCB
B
Waste intensity in terms of physical output(MT/MMT) 4,489 3,431
regulations and recycle recoverable catalysts 5. Biomedical waste
Waste intensity (optional) – the relevant metric may be selected by the entity. - - through licensed re-processors for metal
The Bio-Medical Waste Management Rules,
recovery. Solid hazardous waste is disposed 2016 are followed for storage and treatment of
or each category of waste generated, total waste recovered through recycling, re-using or other recovery
F of in an approved SPCB facility, with safety biomedical waste, which is primarily generated
operations (in metric tonnes) features like impermeable liners and rain in the Occupational Health Centers. The disposal
Parameter FY 2023-24 FY 2022-23 protection, and groundwater pollution levels of the biomedical waste is done through SPCB
Category of waste are periodically monitored. approved outsourced agency.
(i) Recycled 1,27,763 1,58,143 b. Slop oil
6. Batteries
(ii) Re-used 90,387 0
ily sludge waste from equipment transfers,
O Batteries are disposed of through a registered
(iii) Other recovery operations 137 0
turnarounds, and routine operations is collected recycler through a buy back policy.
Total 2,18,287 1,58,143 from refineries and sent to a weathering pit
for oil recovery. The balance sludge quantity 7. Fly Ash Waste
For each category of waste generated, total waste disposed of by nature of disposal method (in metric tonnes) is either sent for Bioremediation/incineration
ly Ash wastes generated at Bina Refinery due to
F
Parameter FY 2023-24 FY 2022-23
or as per guidelines of Hazardous Waste
Petcoke/Coal is disposed through cement plants/
Management. Slop oil from process units is
Category of waste Brick manufacturers who further use it for cement/
reprocessed in a crude distillation column.
(i) Incineration 1,280 2,390 brick manufacturing in line with PCB guidelines.
Slop oil at marketing and pipeline locations is
(ii) Landfilling 3,057 4,143 recycled before blending in the product system
(iii) Other disposal operations 6,374 3,176 after ensuring product quality norms.
Total 10,711 9,709

203
11. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife 13. Is the entity compliant with the applicable environmental law/regulations/guidelines in India; such as the
sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones, etc.) Water (prevention and control of pollution) Act, Air (prevention and control of pollution) Act, Environment
where environmental approvals/clearances are required, please specify details in the following format: Protection Act, and rules there under (Y/N). If not, provide details of all such non-compliances, In the
Whether the conditions of environmental If no, the reasons
following format:
approval/clearance are being complied with? thereof and
Specify the law/ Any fines/penalties/
S. Location of operations/ (Y/N) If no, the reasons thereof and corrective corrective action
regulation/guidelines action taken by regulatory
No. offices Type of operations action taken, if any. taken, if any.
S. which was not Provide details of the agencies such as pollution
1 Mumbai Refinery Refinery operations Yes, and compliance report is being sent to NA No complied with non-compliance control boards or by courts Corrective action taken if any
MoEFF&CC periodically 1 CPCB Guidelines ref. BPCL has been directed 2 crore by CPCB BPCL has provided VRS compliance
2 Krishnapatnam Coastal Additional Tankage provision at CRZ and EC approvals vide Letter no 80/ NA B-13011/1/2019-20/ to pay Environmental details as per directions of Hon’ble SC.
Installation Installation APCZMA/CRZ/2018 CRZ(III), and EC order AQM/10802-10847 compensation of I 2 crore We have represented to CPCB for waiver
no. SEIAA/AP/NLR/IND/02/2018/505 were dated 7.1.2020 by CPCB vide their letter ref of I 2 crore environmental compensation,
obtained. no. EQ-11099/20/2021-AQM- which is pending for disposal.
HO-CPCB-HO5361 dated BPCL has provided documentary proof that
3 Vizag Jetty "Laying new 20˝ pipeline (service Consent For Operations (CFO) from APPCB NA 12.10.2023 for not installing
HSD) at Vizag Jetty and PESO approval has been obtained. VRS was installed within the Time lines for
VRS within the timelines all ROs.
Online application for CRZ approval from prescribed by the Hon’ble
MoEF was submitted by E&P on 18.10.2023 Supreme Court and CPCB. One DODO RO where VRS was not
after obtaining NOC from local APPCB on installed on time by the dealer, MS sale
09.10.2023. Approval is still awaited. was stopped.
4 Rasayani Mumbai New Lubricant plant under CTE obtained dated 22.12.21 NA In case of penalty the same would be
commissioning recovered from Dealer.
5 Uran Terminal Augmentation of Cryogenic project Clearance from MPCB (Maharashtra Pollution NA 2 Under Environment Unscientific greenbelt National Green Tribunal
at Uran Terminal Control Board) Protection Act developed by Kochi Refinery (NGT) judgment, Southern
2. Clearance from MCZMA (Maharashtra Zone, Chennai imposed
Coastal Zone Management Authority) I 2 crore for environmental
3. Clearance from MOEF&CC (Ministry of compensation of unscientific
Environment Forest & Climate Change) greenbelt developed by NA
4. Approval from APCCF (Additional Kochi Refinery and the
Principal Chief Conservator of Forest) Hon’ble Supreme Court
Mangrove Cell, Maharashtra granted stay for imposing
5. Approval from Hon. Mumbai High Court the BPCL to deposit a
penalty of I 2 crore.
6 Kochi Refinery_ Jetty Laying heat traced pipeline from Yes, and compliance report is being sent to NA
area South Tanker Berth to kochi Refinery. MoEFF&CC periodically
7 Kochi Refinery_Shore Installation of additional tanks to store Yes, and compliance report is being sent to NA Leadership Indicators
Tank Farm crude oil. MoEFF&CC periodically
8 Kochi Refinery_ Jetty Extending 20” pipeline from North Yes, and compliance report is being sent to NA
1. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):
area Jetty Reclamation pit (NJRP) to MoEFF&CC periodically
Cochin oil terminal (COT) & North For each facility/plant located in areas of water stress, provide the following information:
Tanker Berth (NTB), along with
associated facilities at cochin Port (i) Name of the area: NIL
Trust Jetty area and modification
(ii) Nature of operations: NA
within within Refinery for loading
white oil products like Reformate, (iii) Water withdrawal, consumption and discharge: NIL
Naphtha, MS, HSD etc.
9 Jammu CUF Construction of POL Terminal for EC not required for the location hence was NA Parameter FY 2023-24 FY 2022-23
OMCs not taken. EIA study was conducted by M/s Water withdrawal by source (in kilolitres)
ABC Techno Labs.CTE Obtained vide PCB/
digital/20011379065 dated 03 11.2020. NOC (i) Surface water - -
from Department of Wildlife vide WLWJ/2932- (ii) Groundwater - -
34 dated 09.01.2020.
(iii) Third party water - -
(iv) Seawater/desalinated water - -
12. Details of Environmental Impact Assessments of projects undertaken by the entity based on applicable
laws, in the current financial year: (v) Others - -
Total volume of water withdrawal (in kilolitres) - -
Results communicated
Name and brief details Whether conducted by an in public domain Relevant Total volume of water consumption (in kilolitres) - -
of project EIA Notification No. Date external agency?(Yes)/No) (Yes/No) weblink
Water intensity per rupee of turnover (Water consumed/turnover) - -
Jammu Commun User SEIAA/2017/26/413-15 11.12.2017 Yes, by ABC Techno Labs No Nil
Water intensity (optional) – the relevant metric may be selected by the entity - -
Facility (CUF)
Water discharge by destination and level of treatment (in kilolitres)
(i) Into surface water - -
- No treatment - -
- With treatment – please specify the level of treatment - -

205
Parameter FY 2023-24 FY 2022-23 4. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve
(ii) Into groundwater - - resource efficiency, or reduce impact due to emissions/effluent discharge/waste generated, please provide
- No treatment - - details of the same as well as the outcome of such initiatives:
- With treatment – please specify the level of treatment - - Details of the initiative (Web-link, if any, may be
S.No Initiative undertaken provided along-with summary) Outcome of the initiative
(iii) Into seawater - -
1 Setting up of 2G Bio-Ethanol Plant BPCL is constructing a plant in Bargarh District, Expected total emission reduction from
- No treatment - - Odisha to produce 100 Kilo Liters per Day of 2nd Bargarh Bio-refinery (at full design
- With treatment – please specify the level of treatment - - Generation (2G) Bio-Ethanol and 1st Generation capacity) shall be around 1.1 lakh tons
(1G) Bio-Ethanol. The plant will produce fuel CO2 eq. per Year.
(iv) Sent to third parties - -
grade Ethanol for blending in petrol, in line with
- No treatment - - the Government of India’s Ethanol Blended Petrol
(EBP) Program and achieving 20% blending
- With treatment – please specify the level of treatment - -
by 2025. The plant is in advanced stage of
(v) Others - - construction, which will be mechanically completed
- No treatment - - by October 2024 and final commissioning by March
2025. The 2G plant will use 480 tons of agricultural
- With treatment – please specify the level of treatment - - waste (Rice straw) as feedstock, while the 1G plant
Total water discharged (in kilolitres) - - will use 230 tons of surplus/damaged Rice grain.
The plant will also use 300 tons of Rice straw daily
as fuel in the boiler.
2. Please provide details of total Scope 3 emissions & their intensity:
2 Development of High efficiency LPG stoves available in the market gives a An average household consumes 180-
Parameter Unit FY 2023-24 FY 2022-23 PNG Stove thermal efficiency of 68%. When the LPG stove 200 SCM of NG annually, and a 15%
is used for Piped Natural Gas (PNG) without any efficiency increase can save 30 SCM
Total Scope 3 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, Thousand Metric 151,749 141,175.24
modification, its efficiency drops down to <45%. of gas annually which is equivalent
PFCs, SF6, NF3, if available) tonnes of CO2
Hence, the PNG operator retrofits LPG stove to reduction of 50-55 kg CO2 per
equivalent
for PNG use (change of injector only!). Although household annually.
Gross Revenue from operations crore 506,911.00 533,467.55 it improves the efficiency, it doesn’t regain the
Total Scope 3 emissions per rupee of turnover MTCO2e / Cr I 299.36 264.64 efficiency to full extent and remains at 55-60%.
This calls for requirement of modification in burner
Total Scope 3 emission intensity (optional) – the relevant metric may be - - top, pan support and the mixing tube. With this
selected by the entity objective, BPCL Corporate R&D Center has
developed a domestic stove of 74% efficiency for
Note: Scope 3 emission also included in Rail movement of product for FY 2023-24.
PNG use, tested at standard conditions.
3 Waste Plastic Road As part of Corporations initiative to address the BPCL has successfully utilized 250 MT
3. With respect to the ecologically sensitive areas reported at Question 11 of essential indicators above, EPR targets, CRDC developed a product from of plastic waste, preparing 14 waste
provide details of significant direct & indirect impact of the entity on biodiversity in such areas along with end-of-life plastic waste and developed a process plastic stretches across the country,
prevention and remediation activities. for its environmentally friendly application in and received EPR Certificate for its
roads, RO’s, footpaths and allied applications. The utilization. This has also helped in
There is no significant impact on neighborhood ecology and biodiversity because of the refineries product and process has been patented by BPCL. reduction of carbon emission to the
operations as BPCL has suitably designed ETP and taken all other necessary measures to remain within In view of getting the accreditation from competent extent of 750 MT CO2e.
permissible limits of treated effluent quality as per Minimum National Standards (MINAS). authority, BPCL has signed an Memorandum of
Agreement (MoA) with Central Road Research
To prevent any impact in Coastal Regulation Zone (CRZ) areas, the following are ensured: Institute, New Delhi (CSIR-CRRI) to undertake
the feasibility study to use waste plastic in road
• There is no process-water discharge from refinery in creek area. construction. The report will assit in getting
accreditation for BPCL process.
• Sea discharge of sea-cooling water and storm water is done in compliance with the CRZ conditions.
4 Scale up of indigenous alkaline Currently, electrolyzer technology for Green The technology demonstration of a
• Pipelines corrosion control, painting and Operation & Maintenance practices are ensured. electrolyzer technology jointly with hydrogen production is available with only few 500 kW electrolyser system is under
BARC. foreign suppliers. BPCL has taken up a very construction and later shall be scaled
• Further, in case of remote likelihood of any leak, suitable mitigation measures (spill response - containment and ambitious initiative of scaling up India’s first and up. This techonology will help in
recovery) are in place. most efficient alkaline electrolyzer technology for genereation of green hydrogen and
Green Hydrogen production in collaboration with reduction of carbon emissions.
Bhabha Atomic Research Center (BARC). BPCL
has led the initiative by entering into technology
licensing with BARC, scaling up the electrolyzer
components through third parties.
5 Setting up EV charging stations To promote the faster adoption of EVs in India A robust charging network spread
market, BPCL is developing an EV charging across country would address discovery
ecosystem. BPCL has already set up 3135 EV and range anxiety of the EV customers
charging stations till March 2024. and thus would lead to faster adoption
of EVs. It will further lead to reduction in
tailpipe emission from the vehicles.

207
Business Responsibility and Sustainability Report (Contd.) S.No Initiative undertaken

Details of the initiative (Web-link, if any, may be
provided alongwith summary Outcome of the initiative
4 Solarization of RO BPCL has around 5,700 number of Retail outlet The solarization of BPCL’s retail outlets reduces
where minimum 1 kWp solar capacity has been greenhouse gas emissions and operational costs,
Details of the initiative (Web-link, if any, may be provided. Solar lights have been provided at enhancing BPCL’s reputation in sustainable
S.No Initiative undertaken provided along-with summary) Outcome of the initiative 17,252 Retail outlets which is 80% of total Retail practices. Solarizing depots, installations, LPG
6 Setting up MSW based Project will be completed by February 2025 5.6 TPD CBG, 28 TPD Fermented Outlets of BPCL. Approx. 41 GWh of electricity is plants, and COCO outlets further integrates
Compressed Bio Gas (CBG) plant Organic manure and 100 TPD Liquid generated from Solar energy during FY 2023-24. renewable energy into BPCL’s operations, setting
in Brahmapuram Kochi Fermented Organic Manure shall be As an incentive BPCL is providing subsidy of I 2 a strong example for the industry.
produced. CBG shall be used as a lakh or 50% of invoice value whichever is lower to
partial replacement of RLNG to produce Dealer for setting up Solar systems at ROs. BPCL
hydrogen. target is to install additional 2,500 solar systems at
ROs with installed capacity of minimum 1 KW each
7 Renewable energy a) Installation of 6.9 MW floating solar power The renewable power produced from during FY 2024-25.
plant at Kochi Refinery solar plant will directly reduce fossil
b) Installation of 6 MW solar power plant at fuel based electricity and Scope-2 5 EV charging station BPCL has installed 3,135 EV charging stations The installation of EV charging stations by
Kochi Refinery CISF Colony emissions. including 14 Battery Swapping Station across BPCL reduces greenhouse gas emissions and
country. This also includes 894 fast charging promotes contribution to a sustainable future. The
stations for 4-wheelers on 120 highway corridors development of fast-charging highway corridors
5. Does the entity have a business continuity and risk assessment and consequence analysis, prior and around 106, 2-wheeler fast charging stations, ensures that EV users can travel long distances
disaster management plan? Give details in 100 to finalizing the ERDMPs. In accordance with covering around 35,000 km. BPCL has also made with ease, promoting greater EV adoption and
alliance with Tata Motors, MG Motors, Ola Electric, enhancing BPCL’s reputation as a leader in
words/web link. PNGRB Regulations, the company has mutual aid
Hero Motocorp, Ather Energy, RACEnergy and sustainable energy solutions.
PCL has developed a comprehensive Emergency
B agreements with nearby industries to strengthen Voltup for developing EV infra ecosystem. BPCL
Response Disaster Management Plan (ERDMP) that cooperative disaster response activities. has planned to add another 3,500 fast charging
stations for 4-wheelers on 150 highway fast
complies with the PNGRB ERDMP Regulation 2010 (as • Regular three-tier mock drills are an essential charging corridors during FY 2024-25.
amended in September 2020) and certified by a PNGRB- component of BPCL’s strategy for emergency
accredited third party. Preparedness, Mitigation, Planning, readiness. These drills are conducted regularly 7. Percentage of value chain partners (by the value of business done with such partners) that were assessed
and Restoration (PMPR) are all included in this plan. The and undergo periodic reviews to enhance response for environmental impacts.
Board of Directors’ approval of the ERDMPs shows BPCL’s strategies based on insights and suggestions.
dedication to compliance with PNGRB Regulations. Nil
BPCL is equipped with both stationary and mobile
firefighting equipment and systems at its facilities,
• In order to provide a comprehensive framework for PRINCIPLE 7: Businesses, when engaging in influencing public and regulatory policy, should do so in
readiness, the ERDMPs cover road transportation, supported by trained firefighting teams ready to
a manner that is responsible and transparent.
retail outlet network, and city gas distribution in manage emergencies proficiently.
addition to refineries, pipelines, and marketing • BPCL has implemented a Pandemic Emergency Essential Indicators
operating locations. Response Plan (PERP) at multiple sites to ensure
1. a. Number of affiliations with trade and industry chambers/associations.
• BPCL performs comprehensive pre-emergency uninterrupted operations and efficient crisis
management during health-related emergencies. 11
planning, which includes hazard identification,
b. List the top 10 trade and industry chambers/associations (determined based on the total members of
6. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What
such a body) the entity is a member of/affiliated to.
mitigation or adaptation measures have been taken by the entity in this regard.
Reach of trade and
Details of the initiative (Web-link, if any, may be industry chambers/
S.No Initiative undertaken provided alongwith summary Outcome of the initiative S. associations
1 Promoting Pipeline BPCL operates large Cross Country Pipelines Pipeline reduced the stress on overworked No. Name of the trade and industry chambers/associations State/National
Transportation network with total Pipelines lengths of approx. rail and road infrastructure besides reducing 1 Center for High Technology (CHT) National
3537 Km. Cumulative throughput of petroleum environmental consequences associated with rail 2 Oil Industry Development Board (OIDB) National
products as per this financial year was 25.731 and vehicle transportation. Presently, pipelines
3 Federation of Indian Chambers of Commerce & Industry(FICCI) National
MMT against target of 26.285 MMT. are the most sustainable mode of transportation
and helps in reduction of approx. 75% of 4 Federation of Indian Petroleum Industry (FIPI) National
emissions as compared to rail trasportation. 5 National Research Development Corporation (NRDC) National
2 Sustainable Aviation BPCL’s R&D centers are working on Sustainable The introduction of SAF will ensure emission 6 Society of Indian Automobile Manufacturers (SIAM) National
Fuel(SAF) Aviation Fuel (SAF) from captured CO2 and green reduction and carbon neutrality. 7 The Advertising Standards Council of India National
hydrogen, aiming to meet the Carbon Offsetting 8 Confederation of Indian Industries (CII) State and National
and Reduction Scheme for International Aviation 9 Standing Conference of Public Enterprises (SCOPE) National
(CORSIA) mandate. The Sustainable Aviation Fuel
(SAF) is under approval stage. 10 World LPG Forum International
3 Ethanol Blending BPCL has undertaken the initiative of ethanol The ethanol blending initiative by BPCL has
blending to reduce the consumption of fossil fuels. multiple positive outcomes. 2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by
BPCL is actively working on blending ethanol with 1. It contributes to the reduction of greenhouse the entity, based on adverse orders from regulatory authorities.
petrol as part of its commitment to promote cleaner gas emissions and air pollution, thereby
Name of authority Brief of the case Corrective action taken
fuel alternatives. The initiative involves sourcing supporting environmental sustainability.
ethanol from various feedstocks, including 2. It decreases the reliance on imported crude No corrective action has been taken
sugarcane, agricultural residues, etc. and blending oil, enhancing the country’s energy security.
it with petrol to create a more sustainable fuel 3. It benefits the agricultural sector by providing
option. This initiative aligns with the government’s farmers with an additional revenue stream
target of achieving a 20% ethanol blend (E20) by and promoting rural development.
2025. 4. The use of ethanol-blended petrol results
in lower vehicular emissions, leading to
improved air quality and public health.

209
Business Responsibility and Sustainability Report (Contd.) 5. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers
employed on a permanent or non-permanent/on contract basis) in the following locations, as % of total wage
cost
Leadership Indicators FY 2023-24 FY 2022-23

1. Rural
1. Details of public policy positions advocated by the entity: i) Disclose wages paid to persons employed (including employees or workers 2,19,61,085.67 7,65,145.72
Frequency of review employed on a permanent or non-permanent/on contract basis)
Whether information by board(Annually/half ii) Total Wage Cost 73,49,19,051.4 81,55,41,828.8
S. Method resorted for available in the public yearly/quarterly/others Web-link, if
No. Public policy advocated such advocacy domain? (Yes/No) – please specify) available iii) % of Job creation in Rural areas 2.99 0.09
1 Compressed Biogas under the Through interactions Yes As and when basis https://satat.co.in/ 2. Semi-urban
Sustainable Alternative towards with government, satat/
i) Disclose wages paid to persons employed (including employees or workers 1,07,86,991.66 68,516.11
Affordable Transportation (SATAT) Financial Institutions,
employed on a permanent or non-permanent / on contract basis)
Regulatory Authorities
and other related ii) Total Wage Cost 42,55,69,366.10 46,87,96,087.30
agencies iii) % of Job creation in Semi-Urban areas 2.53 0.01
2 National Policy on Biofuels Though Yes As and when basis https://mopng.gov. 3. Urban
representations in in/en/page/11
inter-governmental i) Disclose wages paid to persons employed (including employees or workers 7,65,03,779.87 45,93,521.55
committees employed on a permanent or non-permanent / on contract basis)
ii) Total Wage Cost 4,18,63,45,937.00 4,22,68,35,882.00
BPCL ensures compliance to the applicable Legislations, policies, standards and guidelines laid down by various
iii) % of Job creation in Urban areas 1.83 0.11
authorities and MoP&NG. BPCL participates in consultative committee meetings for setting up policy frameworks by
4. Metropolitan
Government or regulatory departments. Besides BPCL also participates in the development of standards, guidelines
by providing inputs to various Ministries of Government of India and other bodies e.g. MoP&NG, MoEF&CC, CPCB, Oil i) Disclose wages paid to persons employed (including employees or workers 14,59,72,115.40 74,83,541.97
employed on a permanent or non-permanent / on contract basis)
Industry Safety Directorate (OISD), Petroleum and Natural Gas Regulatory Board (PNGRB), Center for High Technology
(CHT), Bureau of Indian Standards (BIS) etc. towards advancement of public good and nation building. ii) Total Wage Cost 12,41,00,19,137.00 12,71,12,89,662.00
iii) % of of Job creation in Metropolitan area 1.18 0.06
PRINCIPLE 8: Businesses should promote inclusive growth and equitable development. Note: Information on wages paid is only provided for management staff as no workers were recruited during FY 2022-23 and FY 2023-24.
Leadership Indicators
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in
1. Provide details of actions taken to mitigate any negative social impacts identified in the social impact
the current financial year.
assessments (Reference: Question 1 of essential indicators above):
Results
Whether conducted by communicated Details of negative social impact identified Corrective action taken
Name and brief independent external in public domain. Nil
details of project SIA notification No. Date of notification agency (Yes/No) (Yes/No) Relevant weblink
NIL
2. Provide the following information on CSR projects undertaken by your entity in designated aspirational
districts as identified by government bodies:
2. Provide information on the project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being
undertaken by your entity: S. Amount spent
No. State Aspirational district (In ₹)
No. of project affected families 1 Assam Darrang 9,15,515
S Name of project for % of PAFs covered Amounts paid to PAFs
No. which R&R is ongoing State District (PAFs) by R&R in the FY (In K) 2 Bihar Purnia, Begusarai, Aurangabad 1,23,76,462
NIL 3 Jharkhand Bokaro 13,23,763
4 Madhya Pradesh Damoh, Chhatarpur, Rajgarh, Singrauli, Barwani, Guna, Vidisha, Khandwa 99,03,249
3. Describe the mechanisms to receive and redress grievances of the community. 5 Meghalaya Ribhoi 11,96,860
6 Odisha Dhenkanal 79,65,000
BPCL is committed to social responsibility and has implemented CSR initiatives in areas such as health, education,
7 Rajasthan Karauli 24,50,240
women’s empowerment, vocational skill development, cleanliness, and sanitation to help target populations. The
8 Tamil Nadu Ramanathapuram 1,89,83,470
company conducts frequent monitoring, evaluation, and impact assessment studies on its CSR initiatives to resolve
9 Uttar Pradesh Chitrakoot, Shrawasti, Sonbhadra 71,64,217
any objections from communities, even though no complaints have been reported. Feedback and concerns from 10 Multiple States Barwani, Ramnathanpuram, Shrawasti, Mewat, Balangir 1,10,000
evaluations are reviewed and addressed as needed. Total 6,23,88,777
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers: Note: In addition to above mentioned expenditure spent on projects undertaken partially at Aspirational Districts/other districts -
FY 2023-24 FY 2022-23 * ₹ 1.21 crore spent on Aspirational Districts/other districts.

Directly sourced from MSMEs/small producers 33.76% (PAN BPCL) 36.66% (PAN BPCL)
3. (a) Do you have a preferential procurement policy where you give preference to purchase from suppliers
Directly from within India Not Available Not Available
comprising marginalized/vulnerable groups?
The company abides by the Public Procurement Policy for Micro and Small Enterprises (MSE) Order 2012 and
its subsequent amendments. The company’s total procurement value of Goods and Services during 2023-24,
excluding Works Contracts, where MSEs could have participated was I 9,821.28 crore whereas the actual
procurement value from MSEs was I 3,315.40 crore, i.e., an achievement of 33.76% which exceeds the target of
25%. The company also offers Trades Receivable Discounting Scheme (TReDS) to its MSME Vendors.

211
(b) From which marginalized/vulnerable groups do you procure? 2. Turnover of products and/or services as a percentage of turnover from all products/services that carry
BPCL procures from marginalized/vulnerable groups such as Micro & Small Enterprises (MSE), (MSMEs), MSE information about:
(SC/ST, Women), and Start-ups. As a % to total
turnover
(c) What percentage of total procurement (by value) does it constitute? Environmental and social parameters relevant to the product 100%
Procurement from MSE = I 3,315.40 crore, 33.76% Safe and responsible usage 100%
Procurement from MSE SC/ST = I 111.63 crore, 1.14% Recycling and/or safe disposal 100%
Procurement from MSE Women = I 129.07 crore, 1.31% Note: Material safety data sheets (MSDS) are published online and disseminated to all stakeholders on a regular basis to ensure safe
material handling throughout transportation and use.
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity
(in the current financial year), based on traditional knowledge: 3. Number of consumer complaints in respect of the following:
Owned/acquired Benefit shared FY 2023-24 FY 2022-23
S. Basis of calculating
No. Intellectual property based on traditional knowledge (Yes/No) (Yes/No) benefit share Received during Pending resolution Received during Pending resolution
the year at end of year Remarks the year at end of year Remarks
Nil Nil Nil Nil Nil
Data privacy Nil Nil Nil Nil Nil Nil
Advertising Nil Nil Nil Nil Nil Nil
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property-related Cyber-security Nil Nil Nil Nil Nil Nil
disputes wherein usage of traditional knowledge is involved. Delivery of essential Nil Nil Nil Nil Nil Nil
services
Name of the authority Brief the Case Corrective action taken
Restrictive trade practices Nil Nil Nil Nil Nil Nil
N.A Unfair trade practices Nil Nil Nil Nil Nil Nil
Other Nil Nil Nil Nil Nil Nil
6. Details of beneficiaries of CSR projects:
No. of persons % of beneficiaries 4. Details of instances of product recalls on account of safety issues.
benefited from CSR Amount of money from vulnerable and
S.No CSR project projects Spent in Cr marginalized groups Number Reason for Recall
1 Health and Sanitation 58,92,602 98.47 64% Voluntary recalls NIL NIL
2 Education 5,63,854 14.96 72% Forced recalls NIL NIL
3 Environmental Sustainability 2,500 1.11 100%
4 Skill Development 2,791 20.62 100% 5. Does the entity have a framework/policy on cyber disclose any information or withdraw consent to
security and risks related to data privacy? If process any Personal Information that has already
5 Community Development and Others 6,90,263 17.05 54%
available, provide a web link to the policy. been provided, then the company will retain the
right to restrict or prohibit the provision of any
PRINCIPLE 9: Businesses should engage with and provide value to their consumers in a responsible Yes, BPCL has a privacy policy in place which clearly
states the purpose of collecting personal information services that need such information.
manner.
of users with detailed description of what kind of c) rievance Officer: To exercise any of these
G
Essential Indicators information is collected and purpose for the same along rights, please contact Mr. Saurabh Jain, DGM,
with the various ways for which the information is used. (PR & Brand) (jains4512@bharatpetroleum.
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback. The company has taken various steps to ensure that in). The inquiry will be addressed within
PCL created an AI-powered chatbot called ‘Urja’ to provide its clients with a pleasant self-service experience and
B personal information shared by various users including reasonable timeframe.
faster resolution of complaints. Urja is the first chatbot of its sort in the Indian oil and gas business, supporting 13 dealers, vendors, distributors, customers is accurate
languages. To improve BPCL’s client experience through digital integration, the chatbot Urja is now available on the and updated and also ensures that user rights are The privacy policy also encompasses various policies
company’s website to answer questions from both types of consumers such as Business-to-Business (B2B) and adhered to through following measures: for user data privacy and confidentiality of information
Business-to-Consumer (B2C). As part of Project Anubhav Urja, a unified communication platform connects all BPCL which highlights the commitment of the company
a) Data Access: The user has the right to inspect, towards adhering to user rights and maintaining
communication across numerous platforms, harmonizing all customer interactions with a consistent and single voice.
amend, and delete their personal information. confidentiality of data received.
BPCL has established the Customer Care SmartLine (1800 22 4344), a single window system to listen to queries,
b)
Consent Withdrawal: the user has the right not The policy can be accessed through the following link:
suggestions, feedback and compliments related to any of our products and offerings. SmartLine is our all India contact
to reveal any Personal Information that he/she https://www.bharatpetroleum.in/images/files/bpcl%20
center for consumers across five marketing SBUs i.e. Retail (Petrol Pumps), LPG, Lubes, I&C, Aviation. SmartLine
consider confidential and can withdraw his/her -%2 0 p r i vac y %2 0 p o li c y %2 0 -%2 0 c o r p o r ate%2 0
also functions as a 24x7 Emergency Helpline(Gas Leakage) to provide immediate assistance. This Toll-Free number
consent from the company if one has previously website%20final.pdf”
is a direct connect between our customers and field teams through which customers can connect with BPCL anytime.
submitted such data. If the user declines to
The system is so configured that an SMS/Email confirmation is triggered at the time of registration and closure of a
customer interaction.

213

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Total Quality. Assured.
Intertek
E-20, Block – B1
Mohan Co-operative
Industrial Area, Mathura Road
Tel +91 11 4159 5460
Fax +91 11 4159 5475
intertek.com
New Delhi – 110044, India

6. Provide details of any corrective actions taken • Important instructions are printed on the body/cover
or underway on issues relating to advertising, of products like LPG and lubricants.
and delivery of essential services; cyber security
• BPCL’s SAKSHAM project aims to encourage
and data privacy of customers; re-occurrence sustainable consumption through awareness Independent Reasonable Assurance Statement to Bharat Petroleum Corporation Limited on
of instances of product recalls; penalty/action campaigns, competitions, debates, and their Business Responsibility & Sustainability Report (BRSR) FY2023-24-Core Disclosures.
taken by regulatory authorities on the safety of consultations with consumers, employees, and
products/services. dealer representatives. To,
No consumer complaint received with respect to Cyber The Management and Board of Directors
Security or Data Privacy. Hence there is no corrective 3. Mechanisms in place to inform consumers of any of Bharat Petroleum Corporation Limited (BPCL)
action taken or underway on issues related to it. risk of disruption/discontinuation of essential Bharat Bhawan, Currimbhoy Road,
services. Ballard Estate, Mumbai – 400001
7. Provide the following information relating to data BPCL maintains regular communication with bulk/retail
breaches: customers via offices and channel partners on product Introduction
availability and disruption. The company also employs Intertek India Private Limited ("Intertek") was engaged by Bharat Petroleum Corporation Limited (“BPCL”) to
a. Number of instances of data breaches several communication channels, including press, provide an independent reasonable assurance on its consolidated BRSR (Business Responsibility & Sustainability
NIL media, social media, app platforms, SMS, and physical Report) core disclosures for FY2023-24 as part of their Annual Report (“the Report”).
notices, to alert customers.
b. Percentage of data breaches involving Scope
personally identifiable information of 4. Does the entity display product information on the The scope of the Report comprises the reporting period of FY2023-24. The Report is prepared by BPCL based on
customers product over and above what is mandated as per SEBI's (Securities and Exchange Board of India) BRSR guidelines. The assurance was performed in accordance with
local laws? the requirements of International Federation of Accountants (IFAC) International Standard on Assurance
NIL Engagement (ISAE) 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial
BPCL displays product information prominently on the
Information.
c. Impact, if any, of the data breaches lubricant product’s package label wherever feasible.
The information provided on the product labels are
NIL Objective
as per National/International Standards as applicable
The objective of this reasonable assurance exercise was by reviewing objective evidence and confirming whether
e.g., BIS, API, DIN. etc. Another feature has also been
Leadership Indicators any evidence existed that the sustainability related disclosures in alignment with BRSR requirements, as declared
added on lubricant label i.e., QR Code to trace and
in the Report, were not accurate, complete, consistent, transparent and free of material error or omission in
track the product movement. Furthermore, BPCL’s final
1. Channels/platforms where information on accordance with the criteria outlined below.
products comply with all essential product requirements
products and services of the entity can be
and standards, with transparent information regarding
accessed. Intended Users
their manufacture, safe handling, and consumption.
The details about the company’s product portfolio This Assurance Statement is intended to be a part of the Annual Report of Bharat Petroleum Corporation Limited.
Material Safety Data Sheet (MSDS) of all products has
and services provided can be accessed through the been published on the BPCL website. BPCL handles
Responsibilities
website:https://www.bharatpetroleum.in/ and disposes of all sorts of waste in accordance with
The management of BPCL is solely responsible for the development of the Report and its presentation.
legislative norms and recommendations.
Management is also responsible for the design, implementation and maintenance of internal controls relevant to
2. Steps taken to inform and educate consumers
the preparation of the Report so that it is free from any material misstatement or error.
about safe and responsible usage of products and/ a) id your entity carry out any survey with
D
or services. regard to consumer satisfaction relating to
Intertek’s responsibility, as agreed with the management of BPCL, is to provide assurance and express an opinion
the major products/services of the entity,
• LPG Panchayats are organized in rural areas. on the data and assertions in the Report based on our verification following the assurance scope and criteria given
significant locations of operation of the entity,
below. Intertek does not accept or assume any responsibility for any other purpose or to any other person or
• LPG Safety Clinics are held throughout businesses. or the entity as a whole? (Yes/No)
organization. This document represents Intertek’s independent and balanced opinion on the content and accuracy
unit on an All-India basis. he Customer Engagement Platform (CEP)
T of the information and data held within the Report.
• Videos on safety are demonstrated in cinema halls, is being implemented by the Project Anubhav
public places like bus stops, railway stations, metros, team and it provides a comprehensive overview Assurance Scope
and airports. of the customers across the organization to the The assurance has been provided for selected sustainability performance disclosures as per BRSR core disclosures
respective strategic Business Units and Entities. with reference to SEBI’s “BRSR Core - Framework for assurance and ESG disclosures for value chain” vide circular
• Stickers regarding 1906 (leakage call center) are
The BPCL Customer Care System (CCS) did not no. SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated July 12, 2023, presented in the Report. The assurance
placed in consumers’ kitchens.
perform any structured surveys in 2023-24. However, boundary included data and information of various business units i.e. Refineries, LPG, Retail, Pipeline, Aviation,
• Specialized surveys, such as lubricant surveys, BPCL receives consumer input on a regular basis Lubricants and Corporate office in Mumbai. Our scope of assurance included verification of internal control
are conducted. through a various methods and channels. systems, data and information on core disclosures reported as summarized in the table below:
Bharat Petroleum Corporation Limited| BRSR FY2023-24 | Reasonable Assurance

Statement Page 1 of 3

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intertek
intertek
BRSR-Core Disclosures Rajkot LPG, Loni LPG, Bina - Kanpur Pipeline, Budge Budge Lubricants, Chandigarh Aviation, Mumbai corporate
• Total scope 1 and scope 2 emissions. office along with stakeholder interviews with regards to the reporting and supporting records for the fiscal year
• GHG emissions intensity (scope 1 and 2). 2023-24. Our assurance task was planned and carried out during the month of June to July 2024. The assessment
• Water consumption, water consumption Intensity and water discharge by destination and levels of treatment. included the following:
• Total energy consumed, percentage of energy consumed from renewable sources and energy intensity. • Review of the Report that was prepared in accordance with the SEBI’s BRSR guidelines.
• Waste Generation (category wise), Disposal, Recovered, Re-used and Intensity. • Review of processes and systems used to gather and consolidate data.
• Cost incurred on well-being measures of employees and workers as a percentage of total revenue of the company. • Examined and reviewed documents, data and other information made available by BPCL digitally or at a
• Safety related incidents for employees and workers (LTIFR + Fatality + Permanent Disabilities) including selected operational site.
contractual workforce. • Conducted physical interviews with key personnel responsible for data management at selected locations.
• Gross wages paid to females as percentage of total wages paid. • Assessment of appropriateness of various assumptions, estimations and thresholds used by BPCL for data
• Complaints on POSH analysis.
• Input material sourced (from MSMEs/ small producers and from within India) • Review of BRSR core disclosures for the duration from April 1, 2023, to March 31, 2024.
• Enabling inclusive development (Job creation in smaller towns and wages paid) • Appropriate documentary evidence was obtained to support our conclusions on the information and data
• Instances involving loss / breach of data of customers and Number of days of accounts payable. reviewed.
• Concentration of purchases & sales done with trading houses, dealers and related parties. Also, loans and
advances & investments with related parties. Conclusions
Intertek reviewed BRSR core disclosures provided by BPCL in its consolidated Business Responsibility and
Assurance Criteria Sustainability Report (BRSR). Based on the procedures performed as above, evidence obtained, and the
Intertek conducted the assurance work in accordance with requirements of 'Reasonable Assurance' procedures information and explanations given to us along with the representation provided by the management and subject
as per the following standard: to inherent limitations outlined above in this report. In our opinion, BPCL’s data and information on BRSR core
• International Standard on Assurance Engagements (ISAE) 3000 (revised) for ‘Assurance Engagements disclosures for the period of April 1, 2023, to March 31, 2024, included in the Report, is, in all material respects, in
other than Audits or Reviews of Historical Financial Information’. accordance with the SEBI’s BRSR core disclosures on reasonable assurance basis.
• International Standard on Assurance Engagements (ISAE) 3410 for ‘Assurance Engagements on
Greenhouse Gas Statement Intertek’s Competence and Independence
Intertek is a global provider of assurance services with a presence in more than 100 countries employing
A reasonable assurance engagement involved assessing the risks of material misstatement of the BRSR core approximately 43,500 people. The Intertek assurance team included competent sustainability assurance
indicators/parameters whether due to fraud or error, responding to the assessed risks as necesary in the professionals, who were not involved in the collection and collation of any data except for this assurance opinion.
circumtances along with a materiality threshold level of 5% was applied. Assessment of compliance and materiality Intertek maintains complete impartiality towards any people interviewed.
was undertaken against the stated calculation methodology and criteria.
For Intertek India Pvt. Ltd.
Limitations
We have relied on the information, documents, records, data, and explanations provided to us by BPCL for the
purpose of our review.
The assurance scope excludes:
SANDEEP Digitally signed by
SANDEEP VIG
• Any disclosures beyond those specified in the Scope section above. VIG Date: 2024.07.12
17:47:03 +05'30'
• Data and information falling outside the defined reporting period and boundary. Poonam Sinha Shilpa Naryal Sandeep Vig
• Data pertaining to the Company’s financial performance, strategy, and associated linkages articulated in
the Report if any. Intertek-Verifier Head of Sustainability Director-Business Assurance
• Assertions made by the Company encompassing expressions of opinion, belief, aspiration, expectation, Intertek South Asia & MENAP Intertek India & MENAP
forward-looking statements, and claims related to Intellectual Property Rights and other competitive 10th Jul 2024 12th Jul 2024 12th Jul 2024
issues.
While we considered the effectiveness of management’s internal controls when determining the nature and
No member of the verification team (stated above) has a business relationship with Bharat Petroleum Corporation Limited stakeholders beyond that
extent of our procedures, our assurance engagement was not designed to provide assurance on internal controls. is required of this assignment. No form of bribe has been accepted before, throughout and after performing the verification. The verification team has
not been intimidated to agree to do this work, change and/or alter the results of the verification. The verification team has not participated in any
The procedures did not include testing controls or performing procedures related to checking of aggregation or form of nepotism, self-dealing and/or tampering. If any concerns or conflicts were identified, appropriate mitigation measures were put in place,
documented and presented with the final report. The process followed during the verification is based on the principles of impartiality, evidence, fair
calculation of data within software/IT systems. presentation and documentation. The documentation received and reviewed supports the conclusion reached and stated in this opinion.
Methodology
Intertek performed assurance work using risk-based approach to obtain the information, explanations and
evidence that was considered necessary to provide a reasonable level of assurance. The assurance was conducted
by desk reviews and visit to Refineries and marketing-operating locations on sample basis (which contributes more
than 90% of data) i.e. Mumbai Refinery, Kochi Refinery, Bina Refinery, Jobner Retail, Irugur Retail, Manmad Retail,
Bharat Petroleum Corporation Limited| BRSR FY2023-24 | Reasonable Assurance Page 2 of 3 Bharat Petroleum Corporation Limited| BRSR FY2023-24 | Reasonable Assurance Page 3 of 3
Statement Statement

217
ANNEXURE TO THE DIRECTORS’ REPORT

ANNEXURE-E
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA
COMMENTS OF THE COMPTROLLER The preparation of financial statements of Bharat Petroleum Corporation COMMENTS OF THE The preparation of consolidated financial statements of Bharat Petroleum Corporation
AND AUDITOR GENERAL OF INDIA Limited for the year ended March 31, 2024 in accordance with the financial COMPTROLLER AND Limited for the year ended March 31, 2024 in accordance with the financial reporting
UNDER SECTION 143(6)(b) OF THE reporting framework prescribed under the Companies Act, 2013 (Act) is the AUDITOR GENERAL OF framework prescribed under the Companies Act, 2013 (Act) is the responsibility of the
COMPANIES ACT, 2013 ON THE responsibility of the management of the company. The statutory auditors INDIA UNDER SECTION management of the company. The statutory auditors appointed by the Comptroller and
FINANCIAL STATEMENTS OF BHARAT appointed by the Comptroller and Auditor General of India under section 143(6)(b) READ WITH Auditor General of India under section 139(5) read with section 129(4) of the Act are
PETROLEUM CORPORATION LIMITED 139(5) of the Act are responsible for expressing opinion on the financial SECTION 129(4) OF THE responsible for expressing opinion on the financial statements under section 143 read with
FOR THE YEAR ENDED MARCH 31, statements under section 143 of the Act based on independent audit COMPANIES ACT, 2013 section 129(4) of the Act based on independent audit in accordance with the standards on
2024 in accordance with the standards on auditing prescribed under section ON THE CONSOLIDATED auditing prescribed under section 143(10) of the Act. This is stated to have been done by
143(10) of the Act. This is stated to have been done by them vide their FINANCIAL STATEMENTS them vide their Audit Report dated May 9, 2024.
Revised Audit Report dated July 17, 2024 which supersedes their earlier OF BHARAT PETROLEUM
I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary
Audit Report dated May 9, 2024. CORPORATION LIMITED
audit under section 143(6)(a) read with section 129(4) of the Act of the consolidated financial
FOR THE YEAR ENDED
I, on behalf of the Comptroller and Auditor General of India, have statements of Bharat Petroleum Corporation Limited for the year ended March 31, 2024.
MARCH 31, 2024
conducted a supplementary audit of the financial statements of Bharat We conducted a supplementary audit of the financial statements of (Annexure-I) but did
Petroleum Corporation Limited for the year ended March 31, 2024 under not conduct supplementary audit of the financial statements of (Annexure-II) for the year
section 143(6)(a) of the Act. This supplementary audit has been carried ended on that date. Further, section 139(5) and 143(6)(a) of the Act are not applicable to
out independently without access to the working papers of the statutory (Annexure-III) being private entities incorporated in foreign countries under the respective
auditors and is limited primarily to inquiries of the statutory auditors and laws, for appointment of their Statutory Auditor and for conduct of supplementary audit.
company personnel and a selective examination of some of the accounting Accordingly, Comptroller and Auditor General of India has neither appointed the Statutory
records. After the audit, comment of C&AG was issued on July 15, 2024 Auditors nor conducted the supplementary audit of these companies. This supplementary
pointing out that the Auditors have not reported the gross amount involved audit has been carried out independently without access to the working papers of the
in disputed cases as per Para (vii)(b) of CARO, 2020 and instead reported statutory auditors and is limited primarily to inquiries of the statutory auditors and company
the amount after netting off deposits made under protest to authorities. personnel and a selective examination of some of the accounting records. After the audit,
Based on the comment, the Auditors have reported the gross amount in comment of C&AG was issued on July 15, 2024 pointing out that the company has not
their Independent Auditors’ Report. disclosed prior period error as per the provisions of IndAS-8. Based on the comment, the
company disclosed the same in Note No- 58 to the Financial Statements.
On the basis of my supplementary audit, nothing significant has come to
my knowledge which would give rise to any comment upon supplement to On the basis of my supplementary audit nothing significant has come to my knowledge
statutory auditors’ report under section 143(6)(b) of the Act. which would give rise to any comment upon or supplement to statutory auditors’ report
under section 143(6)(b) of the Act.
For and on behalf of the
Comptroller & Auditor General of India For and on behalf of the
Comptroller & Auditor General of India
Sd/-
Place: Mumbai Sandip Roy Sd/-
Date: July 18, 2024 Director General of Commercial Audit, Mumbai Place: Mumbai Sandip Roy
Date: July 18, 2024 Director General of Commercial Audit, Mumbai
Annexure-I Annexure-II Annexure-III

Audit Conducted Audit Not Conducted Audit Not Applicable
Accounts Received and
NRC issued/ being issued Accounts not received
(A) Subsidiaries: (A) Subsidiaries: (A) Subsidiaries:
Bharat PetroResources Limited Nil Nil Nil
(B) Joint Ventures: (B) Joint Ventures: (B) Joint Ventures:
Mumbai Aviation Fuel Farm Facility Private Limited Delhi Aviation Fuel Facility Sabarmati Gas Limited Matrix Bharat Pte Ltd.
Private Limited
Kochi Salem Pipeline Private Limited Central UP Gas Limited Bharat Stars Services
Private Limited
Goa Natural Gas Private Limited
Ratnagiri Refinery & Petrochemical Limited
Maharashtra Natural Gas Limited
Haridwar Natural Gas Private Limited
BPCL-KIAL Fuel Farm Facility Private Limited
IHB Ltd
(C) Associates: (C) Associates: (C) Associates:
GSPL India Transco Limited Nil Nil Petronet LNG Limited
Indraprastha Gas Limited Fino Paytech Limited
GSPL India Gasnet Limited Kannur International
Airport Limited

219
ANNEXURE TO THE DIRECTORS’ REPORT Sr.

No. Particulars Audit Report Para No. Management Response
ANNEXURE-F 8 Avoidable Report No. 33 BPCL had taken land on lease from Kolkata Port Trust (KoPT) for Haldia
expenditure of of 2022, Para 2.1 installation. In 2009, there was a sudden escalation in the rental by KoPT,
Details of pending C&AG Audit paras I 16.93 crore due to which was disputed by BPCL as the demand was not in line with the TAMP
delay in renewal of notification and continued to pay at the old rates. After due approvals from BPCL’s
Sr. lease Management and KPT’s Management, final payment was made on 30.11.2018.
No. Particulars Audit Report Para No. Management Response The avoidable expenditure of I 16.93 crore stated in the report contains
1 Irregular Payment of Report No. 24 of The one-time stagnation relief of I 4.58 crore for the period Jan. 2002 to Dec. 2006 unavoidable expenditure due to the implication of rate change and taxes.
Stagnation Relief 2009-10, Para No. 11.4.1 was allowed with the approval of the Board of Directors in the background of an In line with the CAG Suggestions, system improvements/modifications have been
exceptional & peculiar industrial relations scenario and it is neither considered for carried out for timely settlement of such issues.
any consequential benefits nor for the purpose of the 2007 pay revision. 9 Supply Logistics Report No. 13 of 2022 Appropriate response to the points pertaining to BPCL has been submitted to
2 Irregular payment Report No. 21 With respect to encashment of Half Pay Leave/Earned Leave/Sick Leave at the Operations of MS, (Performance Audit) Ministry of Petroleum and Natural Gas for necessary action at their end.
towards encashment of 2015, Para No. 8.1 time of superannuation/separation, an amount of I 17.64 crore over and above HSD and LPG
of Half Pay Leave/ the ceiling of 300 days was paid by BPCL. DPE has empowered CPSEs to frame in Oil Marketing
Earned Leave/Sick their leave rules vide its OM dated 03.08.2017 w.e.f 01.01.2017. BPCL is, thus, Companies
Leave as well of in compliance of DPE guidelines w.e.f. 01.01.2017 and onwards. Further, w.r.t
Employers share of recovery for the past period, DoPT O.M. dated 02.03.2016 stated that recoveries
EPF Contribution on from separated employees are impermissible in law in view of a Supreme
Leave encashment Court judgment.
Employers share of EPF Contribution on Leave encashment is not applicable
to BPCL.
3 Extension of credit Report No. 15 BPCL had entered into a Fuel Supply Agreement (FSA) with Kasargod Power
facility to a defaulter of 2016, Para No. 1.1 Corporation Private Limited (KPCPL) which inter alia contained clauses on
company without Liquidated damages for minimum offtake quantity and interest on delayed payment.
security led to On payment defaults by KPCPL and disallowance of concessional sales tax, BPCL
non-recovery of filed an arbitration petition to demand the outstanding amounts. While the arbitration
I 23.50 crore panel awarded the claim towards fuel related payments, interest on delayed payment
and tax liabilities in favor of BPCL, it denied amount payable towards shortfalls in
minimum offtake quantity as per FSA. Aggrieved by the arbitration order, BPCL as
well as KPCPL filed an appeal in the Commercial Court, Ernakulam, Kerala. The
appeals are still pending for disposal.
4 Undue Benefit Report No. 9 of 2017, Oil & Gas Central Public Sector Enterprises fall under “Public Utility Service” under
extended to the Para No. 18.2 the Industrial Disputes Act, 1947. Further, Oil refining operations/Petrochemical
executives in industries are identified as a hazardous process under the Factories Act, 1948. The
the form of shift expenses on shift duty are thus in the nature of operational expenses being paid for
allowance amounting inconvenience caused due to odd hours of work which affects the body’s “circadian
to I 22.17 crore clock”. The 3rd PRC recommendation had also viewed that compenzation/
reimbursement towards such work related/administrative expenditure should not be
treated as perks/allowances of individual executives/non-unionized supervisors and
should be considered outside the purview of the recommended ceiling on perks
and allowances.
5 Irregular payment in Report No. 11 Mementos worth I 20,000 were distributed by BPCL to its employees for
contravention of DPE of 2018, Para 9.2 celebration of various landmark milestones achieved. The amount has since been
guidelines recovered from all the staff and the same has been communicated to MOP&NG
vide letter dated 25.10.2021 for onward submission to C&AG.
6 Irregular expenditure Report No. 13 Long Service Award (LSA) was introduced based on DPE guidelines of 14.02.1983
on employee of 2019, Para 6.1 in terms of which there is no objection in honoring the employees on completion of
under long service meritorious service milestones. Though there was a prohibition on CPSEs for giving
award scheme in away commemorative awards in cash or kind on company specific milestones,
contravention of DPE drew a clear distinction between awarding the long service rendered by
Ministry’s guidelines the employee and milestones achieved by the Company. Hence, there is no
contravention of any DPE guidelines.
7 Implementation of Report No. 18 As of April 1, 2024, 19,950 retail outlets (ROs) are automated with robust and
De-regulation of of 2020, Para 9.4 wireless automation systems. These automated ROs are equipped with VSAT/
pricing of Petroleum Broadband/SIM. Further, Wireless FCC which has a GSM SIM card for back-up
products connectivity is available at automated ROs. Automation of the remaining and new
• Lack of ROs is a continuous process which is being carried out in a timely manner.
automation of BPCL has implemented the Interlocks system in ROs preventing further sales
ROs/sustained if the retail selling price is not automatically changed. This Interlock has been
connectivity, implemented at 18,172 ROs (as on April 1, 2024). Necessary internal guidelines
• change of prices have been issued on carrying out the requisite no. of inspections and the retail
by dealers, outlet inspection report has been suitably modified to capture price change logs.
lower Inspection
of ROs by
OMCs

221
ANNEXURE TO THE DIRECTORS’ REPORT ANNEXURE TO THE DIRECTORS’ REPORT

ANNEXURE-G ANNEXURE-I
Form No. AOC -2 SECRETARIAL AUDIT REPORT

(Pursuant to clause (h) of sub-section (3) of Section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014) FOR THE FINANCIAL YEAR ENDED MARCH 31, 2024
Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties [Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
referred to in Subsection (1) of Section 188 of the Companies Act, 2013 including certain arm’s length transactions (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
under third proviso thereto.
To,
1. Details of contracts or arrangements or transactions not at arm’s length basis The Members,
Bharat Petroleum Corporation Limited,
Salient
Nature of Duration of Terms of the Transaction I have conducted the Secretarial Audit of the compliance (c) he Securities and Exchange Board of India
T
Contract/ the Contract/ Contracts/ Values in Amount Paid of applicable statutory provisions and the adherence to (Issue and Listing of Non-Convertible Securities)
Sr. Name of the Nature of Arrangement/ Arrangement/ Arrangements/ FY 2023-24 Date of Board as Advances
No. Related Party Relationship Transactions Transactions Transactions (K crore) Approval (K crore) good corporate governance practices by Bharat Petroleum Regulations, 2021;
Corporation Limited (hereinafter called ‘the Company’).
NIL (d) he Securities and Exchange Board of India
T
Secretarial Audit was conducted in a manner that provided
(Share Based Employee Benefits and Sweat
2. Details of material contracts or arrangements or transactions at arm’s length basis me a reasonable basis for evaluating the corporate conducts/
Equity) Regulations, 2021.
statutory compliances and expressing my opinion thereon.
Salient I report that during the year under review, there was no
Nature of Duration of Terms of the Transaction Based on my verification of the Company’s books, papers,
action/event in pursuance of –
Contract/ the Contract/ Contracts/ Values in Amount Paid minute books, forms and returns filed and other records
FY 2023-24 Date of Board
Sr. Name of the Nature of Arrangement/ Arrangement/ Arrangements/ as Advances
maintained by the Company and also the information (a) he Securities and Exchange Board of India
T
No. Related Party Relationship Transactions Transactions Transactions (K crore) Approval (K crore)
provided by the Company, its officers, agents and authorized (Issue of Capital and Disclosure Requirements)
NIL
representatives during the conduct of secretarial audit, I Regulations, 2018; except that the Board of
Note: The threshold for determining the material transaction has been considered in line with rule no. 15 (3) of Companies (Meetings of hereby report that in my opinion, the Company has, during Directors in its meeting held on June 28, 2023
Boards and its powers) Rules, 2014.
the audit period covering the financial year ended on had passed necessary resolution for issue of
For and on behalf of the Board of Directors March 31, 2024, complied with the statutory provisions listed further Equity capital to its existing shareholders
hereunder and also that the Company has proper Board by way of rights issue. However, the issue has
Sd/- process and compliance mechanism in place to the extent, not progressed.
Place: Mumbai G Krishnakumar in the manner and subject to the reporting made hereinafter.
Date: May 9, 2024 (b) he Securities and Exchange Board of India
T
Chairman & Managing Director
I have examined the books, papers, minute books, forms (Delisting of Equity Shares) Regulations, 2021;
and returns filed and other records maintained by Bharat
(c) he Securities and Exchange Board of India
T
Petroleum Corporation Limited for the financial year ended
(Buy-back of Securities) Regulations, 2018; and
on March 31, 2024 according to the provisions of:
ANNEXURE-H
(d) he Securities and Exchange Board of India
T
(i)
The Companies Act, 2013 (the Act) and the rules
Disclosure as required under Regulation 34(3), Schedule V of the SEBI (Listing Obligations and Disclosure (Registrar to an Issue and Share Transfer Agents)
made thereunder;
Requirements) Regulations, 2015 Regulations, 1993 regarding the Companies Act
(ii)
The Securities Contracts (Regulation) Act, 1956 and dealing with the client.
(H in crore)
(‘SCRA’) and the rules made thereunder;
Maximum Amount Outstanding (vi) B
ased on the certificate given by the Company Secretary
Balance as on during the period (iii) The Depositories Act, 1996 and the Regulations and of the Company, it appears that the following Acts/
Particulars March 31, 2024 March 31, 2023 2023-24 2022-23 Bye-laws framed thereunder; Guidelines are specifically applicable to the Company:
a) Loans and advances in the nature of Loans:
(iv) F
oreign Exchange Management Act, 1999 and the (a) Oil fields (Regulation and Development) Act, 1948;
(i) To Subsidiary Company rules and regulations made thereunder to the extent (b) The Petroleum Act, 1934;
a) Bharat PetroResources Limited - 455.00 455.00 2,190.00 of Foreign Direct Investment (FDI), Overseas Direct
(c) Mines and Minerals (Regulation and Development)
(ii) o Joint Venture - Haridwar Natural Gas Private
T 7.50 11.25 11.25 15.00 Investment (ODI); and External Commercial Borrowing
Act, 1957;
Limited (ECB). As informed by the management, the Company
(iii) To Firms/Companies in which directors are - - - - does not have any FDI, ODI and ECB. (d) etroleum and Minerals Pipelines (Acquisition of
P
interested Right-of-user Inland) Act, 1962;
(v) The following Regulations and Guidelines prescribed
b) Investment by the loanee in the shares of BPCL and its - - - - (e) Oil Mines Regulations, 1984;
subsidiary company under the Securities and Exchange Board of India Act,
1992 (‘SEBI ACT’):- (f) Petroleum & Natural Gas Rules, 1959;
(g) Petroleum Rules, 2002;
(a) he Securities and Exchange Board of India
T
(Substantial Acquisition of Shares and Takeovers) (h) The Oil Industry (Development) Act, 1974;
Regulations, 2011; (i) The Energy Conservation Act, 2001;
(b) he Securities and Exchange Board of India
T (j)
Petroleum & Natural Gas Regulatory Board
(Prohibition of Insider Trading) Regulations, 2015; Act, 2006;
(k) etroleum & Mineral Pipelines (Acquisition of
P
Rights of User in Land) Act, 1962.

223
I have also examined compliance with the applicable clauses I further report that – ANNEXURE A
of the following:
• The Board of Directors of the Company is constituted
(i) Secretarial Standards with regard to the Meetings of with proper balance of Executive Directors and
the Board of Directors (SS-1) and General Meetings Non-Executive Directors. However, the Company did To,
(SS-2) issued by ‘The Institute of Company Secretaries not have required number of Independent Directors The Members,
of India’; as required under Regulation 17(1)(b) of SEBI (Listing Bharat Petroleum Corporation Limited,
Obligations and Disclosure Requirements) Regulations,
(ii) EBI (Listing Obligations and Disclosure Requirements)
S My report of even date is to be read with this letter.
2015 and Clause 3.1.4 of DPE Guidelines during the
Regulations, 2015 read with Listing Agreement entered
period May 1, 2023 to March 31, 2024. 1. Maintenance of secretarial record is the responsibility of the management of the Company. My responsibility is to
into by the Company with the Stock Exchanges; and
express an opinion on these secretarial records based on my audit.
• The changes in the composition of the Board of Directors
(iii) Guidelines on Corporate Governance for Central Public
that took place during the year under review were carried 2. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
Sector Enterprises, 2010 as issued by the Department
out in compliance with the provisions of the Act. correctness of the contents of the secretarial records. The verification was done on the test basis to ensure that correct
of Public Enterprises, Government of India (‘DPE
facts are reflected in secretarial records. I believe that the process and practices, I followed, provide reasonable basis
Guidelines’). • Adequate notice was given to all Directors to schedule the
for my opinion.
Board Meetings. Further, the agenda and detailed notes
During the year under review, the Company has complied
on agenda were sent at least seven days in advance and a 3. I have not verified the correctness and appropriateness of financial records and books of accounts of the Company.
with the provisions of the Act, Rules, Regulations,
system exist for seeking and obtaining further information
Guidelines, Standards, etc. mentioned above subject to the 4. herever required, I have obtained the management representation about the compliance of the laws, rules and
W
and clarifications on the agenda items before the meeting
following observations: regulations and happening of events etc.
and for meaningful participation at the meeting.
1) The Company does not have the requisite number 5. The compliance of the provisions of corporate and other applicable laws, rules, regulations and standards is the
• As per the minutes of the meeting duly recorded and
of Independent Directors on the Board as required responsibility of the management. My examination was limited to the verification of procedure on test basis.
signed by the Chairman, decisions of the Board were
under Regulation 17(1)(b) of SEBI (Listing Obligations
unanimous and no dissenting views have been recorded. 6. he Secretarial Audit Report is neither an assurance as to future viability of the Company nor of the efficacy or
T
and Disclosure Requirement) Regulations, 2015 and
effectiveness with which the management has conducted the affairs of the Company.
Clause 3.1.4 of the DPE Guidelines during the period I further report that there are adequate systems and
May 1, 2023 till March 31, 2024; processes in the Company commensurate with the size and
Sd/-
operation of the Company to monitor and ensure compliance
As informed by the management, the Company being a (U.C. SHUKLA)
with applicable laws, rules, regulations and guidelines.
Government Company, evaluation of all the Directors is
COMPANY SECRETARY
done by the Government of India. I further report that during the audit period, there was no
FCS: 2727/CP: 1654
such event having a major bearing on the Company’s affairs
I further report that the compliance by the Company of
in pursuance to the laws, rules, regulations, guidelines,
applicable financial laws like direct and indirect tax laws has Place: Mumbai
standards referred to hereinabove.
not been reviewed in this audit since the same has been Date: July 19, 2024
subject to review by statutory financial auditor and other Sd/-
designated professionals. (U.C. SHUKLA)
COMPANY SECRETARY
FCS: 2727/CP: 1654
UDIN: F002727F000782583
Place: Mumbai
Date: July 19, 2024
Note: This report is to be read with my letter of even date which is annexed as ‘Annexure A’ and forms an integral part of
this report.

225
PERFORMANCE PROFILE
Particulars 2023-24 2022-23 2021-22* 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 Particulars 2023-24 2022-23 2021-22* 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15
1. Refinery Thruput (TMT) 12. What the Company Owed (₹ crore)
Imported 36,024 35,556 32,331 22,746 27,447 26,139 23,795 20,421 18,028 17,661 i) Share Capital@ 2,136 2,129 2,129 2,093 1,967 1,967 1,967 1,311 656 723
Indigenous 3,902 2,974 3,559 3,658 4,464 4,867 4,746 4,970 6,087 5,694 ii) Other Equity 72,539 49,867 49,516 52,452 31,248 34,771 32,164 28,357 26,667 21,744
TOTAL 39,926 38,530 35,890 26,404 31,911 31,006 28,541 25,391 24,115 23,355 iii) Total Equity (i +ii) 74,675 51,996 51,645 54,545 33,215 36,738 34,131 29,668 27,323 22,467
2. Production Quantity (TMT) 37,305 35,941 33,686 25,123 30,240 29,340 26,946 24,206 22,965 22,149 iv) Borrowings 18,767 35,855 33,615 26,315 41,875 29,099 23,351 23,159 15,857 13,098
Light Distillates % 31.14 32.08 32.96 35.05 30.99 28.85 29.50 30.05 28.90 27.93 v) Lease Liability 9,114 8,920 8,601 7,845 5,943 - - - - -
Middle Distillates % 58.42 57.63 57.07 55.34 58.21 58.13 59.58 59.83 60.27 59.65 vi) Deferred Tax Liability (net) 6,671 7,068 5,866 4,472 5,967 6,169 4,956 3,502 2,622 1,708
Heavy Ends % 10.44 10.29 9.97 9.61 10.80 13.02 10.93 10.12 10.83 12.42 vii) Non-Current Liabilites 2,323 2,161 1,693 1,426 2,010 1,850 1,569 1,554 1,288 1,180
3. Fuel and Loss as % of Refinery 6.0 6.2 5.9 4.9 5.2 5.4 5.6 4.7 4.8 5.2 Total Funds Employed 1,11,550 1,06,000 1,01,421 94,603 89,010 73,856 64,007 57,883 47,090 38,453
Throughput ** (iii + iv + v + vi + vii)
4. Market Sales (MMT) 51.04 48.92 42.51 38.74 43.10 43.07 41.21 37.68 36.53 34.45 13. Internal Generation (₹ crore) 27,559 8,229 3,828 17,231 1,133 7,449 8,759 4,723 6,516 5,989
5. Petrochemicals Production& (MT) 2,32,729 1,97,154 92,337 - - - - - - - 14. Value Added (₹ crore) 68,696 35,458 42,298 47,465 25,703 30,888 28,318 25,903 24,885 20,569
6. Lubricants Production (MT) 4,66,067 3,90,223 4,14,373 3,63,880 3,22,450 2,47,910 3,27,049 2,93,791 2,95,509 2,87,649 15. Earnings in Foreign Exchange (₹ crore) 13,012 15,708 14,831 6,616 15,168 13,220 10,371 10,152 7,138 12,364
7. Market Participation (%) 25.4 25.0 24.7 24.4 24.5 24.5 23.8 22.8 22.9 23.3 16. Ratios
8. Marketing Network i) Gross Profit before Depreciation, 9.1 2.5 5.0 7.0 2.9 4.4 5.3 5.5 5.9 4.1
Interest, Exceptional items & Tax as %
Installations 24 16 16 16 15 14 13 13 13 13
of Sales and Other Income
Depots 97 108 107 106 108 109 110 115 118 114
ii) Profit after Tax as % of average Total 42.1 3.6 21.4 43.4 7.7 20.1 25.0 28.2 28.3 24.3
Aviation Service Stations 63 61 56 57 58 56 50 43 40 35 Equity
Total Tankages (million KL) 4.28 4.25 4.02 3.86 3.95 4.02 3.95 3.70 3.60 3.52 iii) Gross Profit before Depreciation, 51.7 15.1 26.6 28.8 14.3 24.4 28.8 34.7 41.3 31.5
Interest, Exceptional items & Tax as %
Retail Outlets 21,840 21,031 20,063 18,637 16,234 14,802 14,447 13,983 13,439 12,809 of Average Capital Employed***
LPG Bottling Plants 53 53 54 53 52 52 51 51 50 50 iv) Profit before Tax as % of Average 39.5 2.5 19.2 30.3 3.9 17.0 22.0 28.5 33.5 22.2
LPG Distributors 6,252 6,244 6,213 6,165 6,110 5,907 5,084 4,684 4,494 4,044 Capital Employed***
LPG Customers (No. million) 94.63 91.79 89.39 85.53 83.42 78.33 66.63 60.60 50.6 45.8 v) Profit After Tax as % of Average Capital 29.6 2.1 13.9 25.5 3.9 11.6 15.6 20.7 22.8 15.2
Employed ***
9. Manpower (Nos.) 8,508 8,713 8,594 9,251 11,249 11,971 12,019 12,484 12,623 12,687
vi) Debt Equity Ratio*** 0.25 0.69 0.65 0.48 1.26 0.79 0.68 0.78 0.58 0.58
10. Sales and Earnings (₹ crore)
17. Basic Earning per Share (₹) # 125.21 8.78 53.41 96.44 13.64 36.26 40.55 40.87 35.88 23.44
i) Sales and Other Income (excluding 5,09,302 5,30,023 4,35,016 3,06,192 3,30,372 3,39,693 2,79,447 2,43,464 2,18,072 2,47,552
subsidy) 18. Diluted Earning per Share (₹)# 125.21 8.78 53.41 96.12 13.64 36.26 40.55 40.87 35.88 23.44
ii) Gross Profit before Depreciation, 46,569 13,140 21,655 21,475 9,721 14,948 14,772 13,430 12,801 10,515 19. Book Value per Share (₹)# 349.55 244.18 242.53 260.62 168.87 186.78 173.53 150.84 138.92 103.57
Interest, Exceptional items & Tax 20. Dividend^
iii) Depreciation 6,750 6,347 5,418 3,978 3,787 3,189 2,653 1,891 1,845 2,516 i) Percentage 420 40 160 790 165 190 210 325 310 225
iv) Interest 2,473 3,216 2,209 1,328 2,182 1,319 833 496 565 583 ii) Amount (₹ crore) 9,111 868 3,471 17,137 3,579 4,122 4,555 4,700 2,242 1,627
v) Exceptional items (Income)/Expenses 1,798 1,360 (1,643) (6,449) 1,081
Note: The figures from 2015-16 onwards are as per Indian Accounting Standards
vi) Profit before Tax 35,548 2,217 15,672 22,618 2,671 10,440 11,286 11,043 10,391 7,416
vii) Tax 8,874 347 4,308 3,576 (12) 3,308 3,310 3,004 3,335 2,331 * Details have been re-stated to give effect of Merger of Bharat Oman Refineries Limited and Bharat Gas Resources Limited
viii) Profit after Tax 26,674 1,870 11,363 19,042 2,683 7,132 7,976 8,039 7,056 5,085 ** The Figures of Fuel & Loss reported do not include the external fuel used in Refineries
11. What the Company Owned (₹ crore)
& Consists of Acrylic Acid, N Butanol, ISO Butanol, 2 Ethyl Hexanol,Super Absorbent Polymer, Butyl Acrylate and 2 Ethyl Hexyl Acrylate
i) Gross Property, Plant and Equipment 1,28,487 1,19,647 1,10,651 87,960 79,290 62,858 53,594 46,761 37,700 49,475
@ The share capital from 2015-16 onwards is after adjustment of "BPCL Trust for Investment in Shares" and "BPCL ESPS Trust".
(including Right of use, Capital Work-in- # Adjusted for bonus shares issued
Progress and investment property) ^ Dividend includes proposed dividend
ii) Net Property, Plant and Equipment 95,519 92,270 88,804 71,286 66,456 53,554 47,436 43,060 35,872 27,981
*** Excluding Lease liabilities as per IND AS 116.
(including Right of use, Capital Work-in-
Progress and investment property)
iii) Net Current Assets 2,401 594 (1,658) 5,064 3,604 4,866 878 151 (65) (991)
iv) Non-Current Assets 13,630 13,136 14,275 18,253 18,950 15,436 15,693 14,672 11,283 11,463
Total Assets Net (ii + iii + iv) 1,11,550 1,06,000 1,01,421 94,603 89,010 73,856 64,007 57,883 47,090 38,453

227
SOURCES AND APPLICATION OF FUNDS SALES VOLUME
` in crore (TMT)
Particulars 2023-24 2022-23 2021-22 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2023-24 2022-23 2021-22 2020-21 2019-20
SOURCES OF FUNDS Market Market Market Market Market
Share Share Share Share Share
OWN
Particulars Sales (%) Sales (%) Sales (%) Sales (%) Sales (%)
Profit after Tax 26,674 1,870 8,789 19,042 2,683 7,132 7,976 8,039 7,056 5,085
Light Distillates:
Foreign Exchange Gain credited to Foreign - - - - 29 - - 286 - -
Currency Monetary Item Translation Difference Naphtha 1,220 37.1 823 28.2 865 29.1 947 31.2 885 27.0
Account (Net of amortization) LPG (Bulk & Packed) 8,146 26.2 7,916 26.5 7,644 26.5 7,299 26.2 6,870 25.9
Capital Grants received / (Reversed) (Net of - - - - - - - - - 3 Motor Spirit 10,110 29.6 9,597 29.4 8,139 29.2 7,199 28.6 7,808 28.7
amortization)
Special Boiling Point 66 53.3 58 52.2 54 50.0 52 50.5 41 46.9
Adjustment on account of Transitional Provisions - - - - - (40) (78) - - -
Spirit/Hexane
Depreciation 6,750 6,347 4,754 3,978 3,787 3,189 2,653 1,888 1,838 2,524
Benzene 89 37.8 94 45.2 77 30.2 69 28.2 68 28.8
Deferred Tax Provision (398) 1,202 411 (1,496) (202) 1,213 1,454 880 588 347
Toluene 33 100.0 36 100.0 26 100.0 26 100.0 28 100.0
Equity instruments through OCI 858 37 309 136 (313) (64) (15) 183 (182) -
Polypropylene Feedstock/ 192 68.4 194 71.2 260 75.9 211 66.4 194 63.8
Income from "BPCL Trust for Investment in 93 22 260 323 496 364 297 526 260 -
Propylene
Shares" & "BPCL ESPS Trust"
Proceeds from issue of equity shares by "BPCL - - - 5,512 - - - - - -
Regasified - LNG 1,047 5.9 869 5.5 1,017 7.2 934 7.8 782 6.5
Trust for Investment in Shares" Others 917 28.4 805 28.4 607 28.2 410 29.8 504 30.9
Proceeds from allotment of equity Shares - - 462 - - - - - - - Sub Total 21,820 20,392 18,689 17,147 17,180
to employees on account of "BPCL ESPS
SCHEME" Middle Distillates:
Proceeds from sale of equity Shares of "BPCL 379 - - - - - - - - - Aviation Turbine Fuel 1,901 25.1 1,738 25.0 1,049 22.3 796 22.5 2,005 26.4
ESPS Trust"
Superior Kerosene Oil 137 19.0 138 19.1 280 15.8 309 14.8 398 15.1
Employee Stock option Granted - - 77 941 - - - - - -
High Speed Diesel 23,174 28.8 22,843 28.1 18,818 27.6 17,481 27.2 19,864 26.9
Remeasurement of defined benefit plan 99 (277) (21) (68) (185) (138) 24 (51) (93) -
Light Diesel Oil 143 21.9 146 23.0 169 22.2 143 20.1 139 23.0
BORROWINGS
Mineral Turpentine Oil 117 43.3 103 49.5 162 48.5 159 45.3 86 45.3
Loans (net) - 2,240 - - 12,776 5,749 191 7,302 2,864 -
Sub Total 25,472 24,968 20,478 18,888 22,492
Lease Liability 193 320 749 1,902 5,943 - - - - -
Others:
Deposits for container 807 611 803 626 911 1,881 1,405 1,695 1,124 1,183
Decrease in current/Non-Current items - - 9,390 - - - - - - 9,533
Furnace Oil 586 13.0 659 17.9 620 13.1 554 12.9 626 13.6
Adjustment on account of Deletion/ 264 217 187 157 254 139 147 52 38 (28) Low Sulphur Heavy Stock 114 14.2 101 15.9 35 9.4 15 4.5 11 3.2
Re-classification, etc. Bitumen 883 15.7 857 16.4 828 16.3 819 15.3 741 14.8
Total 35,719 12,589 26,171 31,053 26,179 19,426 14,056 20,800 13,493 18,647 Petcoke 1,088 17.4 1,011 16.0 999 18.7 647 14.6 1,321 23.4
APPLICATION OF FUNDS
Lubricants 459 25.0 387 21.5 421 26.6 373 24.9 306 22.8
Capital Expenditure 9,260 8,228 5,337 6,532 9,810 9,633 7,123 9,128 9,946 8,494
Others 384 25.7 352 16.0 353 14.9 295 14.4 427 15.7
Right of Use Asset 1,004 1,802 1,144 2,148 7,231 - - - - -
Sub Total 3,514 3,367 3,256 2,703 3,432
Addition in Net Block of assets due to PCCKL - - - - - - 54 - - -
merger Petrochemicals& 234 190 84 - -
Foreign Exchange loss debited to Foreign - - - - - 96 140 - 106 157 Grand Total 51,040 25.37 48,916 25.07 42,507 24.65 38,738 24.35 43,104 24.52
Currency Monetary Item Translation Difference
Account (including amortization) & Consists of Acrylic Acid, N Butanol, ISO Butanol, 2 Ethyl Hexanol,Super Absorbent Polymer, Butyl Acrylate and 2 Ethyl Hexyl Acrylate
Dividend (incl interim dividend) 5,423 1,302 14,751 4,555 5,315 3,905 3,182 5,640 2,784 1,627 Note: Market Share is based on Sales Volumes of Public Sector Oil Companies as per despatches.
Tax on distributed profits - - - - 919 648 420 998 497 294
Repayment of Loans (net) 17,088 - 2,192 15,560 - - - - - 7,224
Investment (net) 614 1,094 2,748 1,138 149 770 1,025 1,790 12 851
Increase in current / Non-Current items 2,330 163 - 1,119 2,755 4,374 2,113 3,244 148 -
Total 35,719 12,589 26,171 31,053 26,179 19,426 14,056 20,800 13,493 18,647
From 2022-23 onwards, figures are after merger of Bharat Oman Refineries Limited (BORL) and Bharat Gas Resources Limited (BGRL).
The figures from 2015-16 onwards are as per Indian Accounting Standards.

229
PRODUCTION HOW VALUE IS GENERATED
(TMT) ₹ in crore
Particulars 2023-24 2022-23 2021-22 # 2020-21 2019-20 Particulars 2023-24 2022-23
Light Distillates: Value of Production (Refinery) 235,314 261,699
Naphtha 1,568 1533 1,698 2,039 1,854 Less: Direct Materials Consumed (205,049) (229,640)
LPG 1,864 1786 1,630 1,321 1,529 Added Value 30,265 32,059
Motor Spirit 7,814 7824 7,316 5,055 5,646 Marketing Operations 36,019 1,215
Special Boiling Point Sprit/Hexane 56 57 52 50 42 Value added by Manufacturing & Trading Operations 66,284 33,274
Benzene 89 94 78 67 68 Add: Other Income and prior period items 2,412 2,184
Toluene 34 37 26 25 29 Total Value Generated 68,696 35,458
Polypropylene Feedstock/Propylene 191 199 258 210 198
Ind. Reformate - 0 45 39 -
Others - 0 - - 6 HOW VALUE IS DISTRIBUTED
Sub Total 11,616 11,530 11,103 8,806 9,372
₹ in crore
Middle Distillates:
Particulars 2023-24 2022-23
Aviation Turbine Fuel 1,958 1796 1,004 516 1,520
1. OPERATIONS
Superior Kerosene Oil 194 175 210 236 187
Operating & Service Costs 18,568 19,554
High Speed Diesel 18,994 18195 17,325 12,507 15,403
Impairment of Investment 1,798 1,360
Light Diesel Oil 147 127 177 174 135
2. EMPLOYEES' BENEFITS
Mineral Turpentine Oil 121 102 165 157 88
Salaries, Wages & Bonus 2,694 2,094
Lube Oil Base Stock 380 318 344 312 269
Other Benefits 864 3,558 670 2,764
Others - 0 - - -
3. PROVIDERS OF CAPITAL
Sub Total 21,794 20,713 19,225 13,902 17,602
Interest on Borrowings 2,473 3,216
Heavy Ends:
Dividend after netting off Trust shares 5,330 7,803 1,279 4,495
Petcoke 1,327 1309 1,197 548 921
4. INCOME TAX & DIVIDEND TAX 9,410 (944)
Furnace Oil 1,222 1127 986 868 1,195
5. RE-INVESTMENT IN BUSINESS
Low Sulphur Heavy Stock 134 108 28 13 7
Depreciation 6,750 6,347
Sulphur 385 346 336 184 283
Deferred Tax (535) 1,291
Bitumen 827 808 808 776 761
Retained Profit (including Debenture Redemption 21,344 27,559 591 8,229
Others - 0 3 26 99 Reserves)
Sub Total 3,895 3,698 3,358 2,415 3,266 Total Value Distributed 68,696 35,458
Grand Total 37,305 35,941 33,686 25,123 30,240
Particulars 2023-24 2022-23 2021-22 # 2020-21 2019-20

Petrochemical Production* (MT) 2,32,729 1,97,154 92,337 - -
Lubricants Production (MT) 4,66,067 3,90,223 4,14,373 3,63,880 3,22,450
Quantity of LPG Filled in Cylinders (MT) 75,08,080 73,20,943 71,54,007 68,57,289 64,73,466
* Consists of Acrylic Acid, N Butanol, ISO Butanol, 2 Ethyl Hexanol,Super Absorbent Polymer, Butyl Acrylate and 2 Ethyl Hexyl Acrylate
# Details have been re-stated to give effect of Merger of Bharat Oman Refineries Limited and Bharat Gas Resources Limited

231
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF BHARAT PETROLEUM CORPORATION LIMITED Sr.

No. Key Audit Matter Auditors’ Response
Report on the Audit of the Standalone Ind AS Financial Statements 2. Computation of Expected Credit Loss (ECL): Our audit approach consisted testing of the design implementation
Trade receivables and loans granted under the Pradhan and operating effectiveness of the internal controls and substantive
Opinion Mantri Ujwala Yojana (PMUY) scheme constitute a significant testing as follows:
1. We have audited the accompanying Standalone Indian Accounting Standards (“Ind AS”) Financial Statements of component of the total current assets of the Corporation. At each • In respect of loans granted under PMUY, the Corporation has
reporting date, the Corporation recognizes Lifetime ECL on Trade adopted a methodology for calculating ECL in terms of Ind AS 109
Bharat Petroleum Corporation Limited (“the Corporation”), which comprise the Balance Sheet as at March 31, 2024, the
Receivables using a ‘simplified approach’ and 6 months ECL on
Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement (Financial Instruments), based on the broad category of active and
loans are granted under the PMUY scheme wherein we relied
of Changes in Equity for the year ended on that date, and a summary of the Material Accounting Policies and other on Management’s estimates regarding probability of default rates inactive consumers and last refill date with expected loan recovery
explanatory information (hereinafter referred to as “the Standalone Ind AS Financial Statements”). linked to age-wise bucketing of the corresponding asset. Since, period. We checked the working of the same and it is in line with
this is a technical matter based on probable outcome of default, the common methodology document shared with us.
2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Ind we considered this as a Key Audit Matter.
• We have evaluated the methodology for age-wise bucketing of
AS Financial Statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and trade receivables and key assumptions underlying the probability
give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read of default estimates on the same, to ascertain that the same
with the Companies (Indian Accounting Standards) Rules, 2015, as amended (“Ind AS”), and other accounting principles were broadly in-line with the Corporation’s historical default rates
generally accepted in India, of the state of affairs of the Corporation as at March 31, 2024, the profit and total comprehensive and have considered available information regarding the current
income, its cash flows and changes in equity for the year ended on that date. economic scenario.
We selected a few samples outstanding receivable cases having
Basis for Opinion different overdue periods and checked that the computation of ECL has
been appropriately carried out in line with the Corporation’s policy.
3. We conducted our audit of the Standalone Ind AS Financial Statements in accordance with the Standards on Auditing
(“SAs”) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described 3. Evaluation of Contingent Liabilities: The following audit procedures were carried out in this regard:
in the Auditors’ Responsibilities for the Audit of the Standalone Ind AS Financial Statements section of our report. Contingent liabilities disclosed are in respect of items which • We examined sample items above the threshold limit for
We are independent of the Corporation in accordance with the Code of Ethics issued by the Institute of Chartered in each case are above the threshold limit. The Corporation
determination of contingent liabilities and obtained details of
Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone Ind has material uncertain positions including matters under
dispute which involves significant judgment to determine the completed Excise, VAT/ Sales Tax/ Goods and Service Tax
AS Financial Statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other
possible outcome of these disputes. Contingent liabilities are (GST), Entry Tax assessments, demands as well as other
ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit not recognized in the Standalone Ind AS Financial Statements disputed claims against the Corporation as on March 31, 2024.
evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Ind AS but are disclosed unless the possibility of an outflow of
The Corporation has obtained opinion from external experts /
Financial Statements. economic resources is considered remote. In view of significant
management estimate and judgement involved, we considered consultants in various disputed matters. We have relied upon
this as a Key Audit Matter. such opinions and litigation history where the Corporation
Key Audit Matters
has concluded that possibility of cash outflow is remote while
4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the preparing its Standalone Ind AS Financial Statements.
Standalone Ind AS Financial Statements of the current period. These matters were addressed in the context of our • We have assessed the Management’s underlying assumptions
audit of the Standalone Ind AS Financial Statements as a whole, and in forming our opinion thereon, and we do not in estimating the possible outcome of such disputed claims/
provide a separate opinion on these matters. We have determined the matters described below to be the key audit cases against the Corporation, based on records and judicial
matters to be communicated in our report: precedents made available.
Sr. 4. Inventories: Our audit approach involved the following combination of test of control
No. Key Audit Matter Auditors’ Response Verification and valuation of Inventories and related write down, design, implementations, operating effectiveness and substantive
1. Valuation of Investment in E&P Subsidiary (Refer Note 7 The following procedures were carried out in this regard: if any, is a significant area requiring Management’s judgment testing in respect of verification and valuation of inventories:
and Note 56): of estimates and application of accounting policies that have • We evaluated the system of inventory monitoring and control. It
• We evaluated the design, implementation and operating
significant effect on the amounts recognized in the Standalone was observed that inventory has been physically verified by the
The Corporation has an investment of I 10,926.37 crore in 100% effectiveness of key controls in relation to the annual impairment Ind AS Financial Statements. Accordingly, we considered this as
subsidiary Bharat Petro Resources Ltd. (BPRL). This subsidiary Management during the year at reasonable intervals.
testing activity carried out by the Corporation for its investments a Key Audit Matter.
along with its stepdown subsidiaries, JVs & Associates holds • Our audit teams have also physically verified on sample basis,
participating interest in various oil/ gas blocks for exploration & in Subsidiary.
the Inventories at various locations and compliance with cut
evaluation, development, and production activities (E&P). • We reviewed the audited consolidated Ind AS Financial
off procedures. However, since physical verification at certain
The Corporation’s realization from these E&P investments is Statements of BPRL for FY 2023-24 and the independent
dependent on the continued successful operations/ development locations was not possible for us, in such cases we have
auditors’ report thereon.
of reserves resulting in expected earnings and revenue growth relied on the physical verification of inventory carried out by
• We assessed the Management’s explanation regarding key
of the respective companies. BPRL has relinquished or the Management.
impaired certain oil and gas blocks on account of changes in factors which have led to significant diminution in value of BPRL’s
• In respect of inventory lying with third parties, we have ascertained
circumstances and prospects of the blocks. assets vis-à-vis the previous year and consequent trigger for
that these have substantially been confirmed by them. We also
The above factors have impacted the value in use of BPRL’s impairment of the Corporation’s investment in the same.
examined the system of records maintenance for stocks lying at
assets and consequently the Corporation’s impairment analysis • We evaluated the impairment analysis carried out during the year
in respect of its Investment in BPRL. Accordingly, we considered by the Corporation, which included an independent comparison
third party locations.
this as a Key Audit Matter. • We have also tested the values considered in respect of Net
of externally and internally assessed value in use of BPRL’s
realisable value, cost of products and verified these on sample
Net Assets with carrying cost of investment in BPRL in the
basis with the inventory valuation and accounting entries posted
Corporation’s Books of Account.
in this regard.

233
Independent Auditors’ Report (Contd.)
Sr. Information Other than the Standalone Ind AS Financial Statements and Auditors’ Report Thereon
5. The Corporation’s Board of Directors is responsible for the preparation of the other information. The other information
5. Property, Plant & Equipment: Our audit approach involved the following combination of test of
comprises the information included in the Management Discussion and Analysis, Board’s Report including Annexures
Estimates of useful lives and residual value of Property, Plant control design, implementations and operating effectiveness and
to Board’s Report, Business Responsibility Report, Corporate Governance and Shareholder’s Information, but does not
and Equipment is a significant area requiring Management substantive testing in respect of verification and recording of Property,
judgment of estimates and application of accounting policies Plant & Equipment: include the Standalone Ind AS Financial Statements and our audit report thereon.
that have significant effect on the amounts recognized in the • We examined whether the Corporation has maintained proper
Standalone Ind AS Financial Statements. Accordingly, we
Our opinion on the Standalone Ind AS Financial Statements does not cover the other information and we do not express
records showing full particulars, including quantitative details and any form of assurance thereon.
considered this as a Key Audit Matter.
situation of fixed assets.
• The physical verification of Property, Plant and Equipment 6. In connection with our audit of the Standalone Ind AS Financial Statements, our responsibility is to read the other
(except LPG Cylinders and pressure regulators with customers) information and, in doing so, consider whether the other information is materially inconsistent with the Standalone
has been carried out by the Management in accordance with Ind AS Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be
the phased program of verification of all assets and necessary materially misstated.
accounting entries based on such physical verification have been 7. If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
appropriately posted which were verified by us. we are required to report that fact to those charged with governance.
• Changes in the useful life and residual value of class of assets
were adopted based on internal evaluation and was also The Other information is expected to be made available to us after the date of this auditors’ report and if we conclude that
comparable with other entities in the same industry. there is a material misstatement therein, we are required to communicate the matter to those charged with governance.
• We have tested the computation of depreciation on sample basis.
6. Goodwill: Our Audit Procedures included Test of Details in respect of the
Board of Directors /Management’s Responsibility for the Standalone Ind AS Financial Statements
The Corporation tests for impairment of Goodwill at the reporting following: 8. The Corporation’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to
date, or whenever events or circumstances indicate that the a) Obtained an understanding from the management with respect the preparation of these Standalone Ind AS Financial Statements that give a true and fair view of the financial position,
implied fair value of goodwill is less than its carrying amount. to process and controls followed by the Corporation to perform financial performance including the other comprehensive income, cash flows and changes in equity of the Corporation
Accordingly, we considered this as a Key Audit Matter. annual impairment test related to goodwill.
in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also
b) Obtained the impairment analysis model from the management
includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
and reviewed their conclusions.
the assets of the Corporation and for preventing and detecting frauds and other irregularities; selection and application
c) We assessed the reasonableness of the assumptions used and
appropriateness of the valuation methodology applied. of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design,
d) Tested the discount rate and long-term growth rates used in
implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the
the forecast including comparison to economic and industry accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone
forecasts where appropriate. Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud
e) Assessed and validated the adequacy and appropriateness of or error.
the disclosures made by the management in the standalone
financial statements. 9. In preparing the Standalone Ind AS Financial Statements, management is responsible for assessing the Corporation’s
7. Information Technology Our procedures included: ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
A significant part of the Corporation’s financial reporting process We focused our audit on those IT systems and controls that are concern basis of accounting unless management either intends to liquidate the Corporation or to cease operations, or
is heavily reliant on IT systems with automated processes and relevant to preparation of financial statements for financial year ended has no realistic alternative but to do so.
controls over the capture, storage and extraction of information. March 31, 2024.
A fundamental component of these processes and controls is 10. The Corporation’s Board of Directors /Management is responsible for overseeing the Corporation’s financial
As audit procedures over IT Systems and controls require specific
ensuring appropriate user access and change management expertise, we involved our IT specialist. reporting process.
protocols exist and being adhered to.
Our review of the IT Controls covers the following areas:
These protocols are important because they ensure that access Auditors’ Responsibilities for the Audit of the Standalone Ind AS Financial Statements
and changes to IT systems and related data are made and • Physical and Logical Security;
authorized in an appropriate manner. As our audit sought to • Change Management; 11. Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS Financial Statements as a
place a high level of reliance on IT systems and application • Backup, Business Continuity and whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes
controls related to financial reporting, high proportion of the our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
• IT Operations.
overall audit effort was in Information Technology (IT) Systems
Our assessment of the IT Controls is performed according to the accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or
and Controls.
following approach: error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
We focused our audit on those IT systems and controls that are
significant to the Corporation’s financial reporting process. • Understanding the IT environment. economic decisions of users taken on the basis of these Standalone Ind AS Financial Statements.
Accordingly, we considered this as a Key Audit Matter. • Information gathering about the control framework surrounding 12. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
the IT environment. throughout the audit. We also:
• Evidence gathering with respect to Control testing.
• Review of Implementation of controls testing. • Identify and assess the risks of material misstatement of the Standalone Ind AS Financial Statements, whether due
• Review of limited cases to identify whether there had been to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
unauthorized or inappropriate access or changes made to critical is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
IT systems and related data. resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.

235
• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that 20. As required by Section 143(3) of the Act, based on our audit we report that:
are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
our opinion on whether the Corporation has adequate internal financial controls system in place and the operating
were necessary for the purposes of our audit.
effectiveness of such controls.
b) In our opinion, proper books of account as required by law have been kept by the Corporation so far as it appears
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
from our examination of those books.
related disclosures made by management.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
Cash Flow and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
of account.
significant doubt on the Corporation’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditors’ report to the related disclosures in the Standalone Ind AS d) In our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the Ind AS specified under
Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the Section 133 of the Act.
audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the
e) In view of exemption given vide notification no. G.S.R. 463(E) dated June 5, 2015, issued by Ministry of Corporate
Corporation to cease to continue as a going concern.
Affairs, provisions of Section 164(2) of the Act regarding disqualification of directors, are not applicable to
• Evaluate the overall presentation, structure and content of the Standalone Ind AS Financial Statements, including the Corporation.
the disclosures, and whether the Standalone Ind AS Financial Statements represent the underlying transactions and
f) With respect to the adequacy of the internal financial controls over financial reporting of the Corporation and the
events in a manner that achieves fair presentation.
operating effectiveness of such controls, refer to our separate Report in “Annexure C”.
13. Materiality is the magnitude of misstatements in the Standalone Ind AS Financial Statements that, individually or
g) Being a Government Corporation, pursuant to the notification number GSR 463(E) dated June 5, 2015 issued by
in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial
the Government of India, the provisions of Section 197 of the Act are not applicable to the Corporation.
statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of
our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in h) With respect to the other matters to be included in the Auditors’ Report in accordance with Rule 11 of the Companies
the Ind AS standalone financial statements. (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to
the explanations given to us:
14. We communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during i. The Corporation has disclosed the impact, if any, of pending litigations on its financial position in its Standalone
our audit. Ind AS Financial Statements. (Refer Note 63 of the Standalone Ind AS Financial Statements;)
15. We also provide those charged with governance with a statement that we have complied with relevant ethical ii. The Corporation has made provision, as required under the applicable law or accounting standards, for
requirements regarding independence, and to communicate with them all relationships and other matters that may material foreseeable losses, if any, on long-term contracts including derivative contracts.
reasonably be thought to bear on our independence, and where applicable, related safeguards.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
16. From the matters communicated with those charged with governance, we determine those matters that were of most Protection Fund by the Corporation.
significance in the audit of the Standalone Ind AS Financial Statements of the current period and are therefore the key
i) (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material
audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure
either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed
about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated
funds or share premium or any other sources or kind of funds) by the Corporation to or in any other person
in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public
or entity, including foreign entity (“Intermediaries”), with the understanding, whether recorded in writing or
interest benefits of such communication.
otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Corporation (“Ultimate Beneficiaries”) or provide
Other Matter
any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
17. The Corporation is having ‘six’ independent directors, ‘five’ executive directors (including the Chairman and Managing
director) and ‘two’ government nominee directors on its Board of Directors. Accordingly, the Board of the Corporation (b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material
does not have an optimum combination of executive and non-executive directors, as per Regulation 17(1) of the SEBI either individually or in the aggregate) have been received by the Corporation from any person or entity,
(Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended. including foreign entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise,
that the Corporation shall, whether, directly or indirectly, lend or invest in other persons or entities identified
Our Opinion is not modified in respect of the above matter. in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries;
Report on Other Legal and Regulatory Requirements
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances,
18. As required by the Companies (Auditors’ Report) Order, 2020 (“the Order”) issued by the Central Government in
nothing has come to our notice that has caused us to believe that the representations under sub-clause (i)
terms of Section 143(11) of the Act, and on the basis of verification of the books and records of the Corporation, as
and (ii) of Rule 11(e) of the Companies (Auditor and Auditors) Rules, 2014, as provided under (a) and (b)
we considered appropriate and according to the information and explanations given to us, we give in “Annexure A” a
above, contain any material misstatement.
statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.
j) As stated in Note 24 to the standalone Ind AS financial statements, the Board of Directors of the Corporation have
19. As required by Section 143(5) of the Act, we give in “Annexure B”, a statement on the matters specified by the
proposed final dividend for the year which is in accordance with Section 123 of the Act to the extent it applies to
Comptroller and Auditor General of India for the Corporation.
declaration of dividend. Final dividend paid during the year in respect of the previous year is in accordance with
Section 123 of the Act.

237
Independent Auditors’ Report (Contd.) ANNEXURE A TO INDEPENDENT AUDITORS’ REPORT
k) Based on our examination which included test checks, the Corporation has used an accounting software for [Referred to in paragraph 18 under ‘Report on Other Legal and Regulatory Requirements’ in the Independent Auditors’
maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has Report of even date to the members of Bharat Petroleum Corporation Limited (“the Corporation”) on the Standalone Ind AS
operated throughout the year for all relevant transactions recorded in the software. Further, during the course of Financial Statements as of and for the year ended March 31, 2024]
our audit we did not come across any instance of audit trail feature being tampered with.
To the best of our information and according to the explanations provided to us by the management of the Corporation and
As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting under the books of account and records examined by us in the normal course of audit we state that:
Rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory
(i) (a) A. The Corporation is maintaining proper records showing full particulars, including quantitative details and
requirements for record retention is not applicable for the year ended March 31, 2024.
situation of Property, Plant and Equipment;
B. The Corporation is maintaining proper records showing full particulars of Intangible assets;
For Kalyaniwalla & Mistry LLP For K. S. Aiyar & Co
(b) As per information and explanations given to us, physical verification of Property, Plant and Equipment (except
Chartered Accountants Chartered Accountants
LPG Cylinders and pressure regulators with customers) has been carried out by the Management during the year
ICAI FRN: 104607W/W100166 ICAI FRN: 100186W
in accordance with the phased program of verification of all assets over three years. As informed, no material
discrepancies were noticed on such verification;
Sd/- Sd/-
Sai Venkata Ramana Damarla Rajesh S. Joshi (c) According to the information and explanations given to us and on the basis of our examination of the records of
Partner Partner the Corporation, the title deeds of all the immovable properties (other than properties where the Corporation is
M. No. 107017 M. No. 038526 a lessee and the lease agreements are duly executed in favor of the lessee) disclosed in the Standalone Ind AS
UDIN: 24107017BKERTS3327 UDIN: 24038526BKEKRQ3726 Financial statements are held in the name of the Corporation, except in cases given in Statement 1 and title deeds
Place: Mumbai Place: Mumbai held in the name of the subsidiaries 'Bharat Gas Resources Limited (BGRL)' and 'Bharat Oman Refineries Limited
Date: May 9, 2024 Date: May 9, 2024 (BORL)' are in the process of getting transferred in the name of the Corporation). These subsidiaries have been
amalgamated with the Corporation as per the Ministry of Corporate Affairs (MCA) orders approving the scheme of
amalgamation; (Refer Note 45 to the standalone financial statements)
(d) As per the information obtained and explanations given to us, the Corporation has not revalued its Property, Plant
and Equipment (including Right-of-Use assets) or intangible assets or both during the year;
(e) As per the information obtained and explanations given to us, no proceedings have been initiated or are pending
against the Corporation for holding any benami property under the Benami Transactions (Prohibition) Act, 1988
(45 of 1988) and rules made thereunder.
(ii) (a) The inventory (excluding stocks with third parties and goods in transit) has been physically verified by the
Management during the year at reasonable intervals. In respect of inventory lying with third parties, these have
substantially been confirmed by them. In our opinion, the coverage and procedure of such verification is appropriate
considering the size and nature of the business of the Corporation. As per the information and explanations given
to us, no material discrepancies of 10% or more in the aggregate for each class of inventory were noticed on the
said physical verification carried out by the Management;
(b) The Corporation has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from
banks or financial institutions on the basis of security of current assets. As per the information obtained and
explanations given to us and as disclosed/ demonstrated by the records/ reconciliations produced to us for our
verification, the quarterly returns or statements filed by the Corporation with such banks and financial institutions
are in agreement with the books of account of the Corporation.
(iii) (a) During the year if the Corporation has made investments in, provided any guarantee or security or granted any
loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships
or any other parties, accordingly, we have to report as under:
(I in crore)
Advances in
Particular Guarantees Security Loans nature of loans
Aggregate amount granted/ provided during the year
- Subsidiary 5,467.43 -
- Joint Venture - -
- Associate 159.00
- Others - 39.86
Balance outstanding as at balance sheet date
- Subsidiary 20,040.68 -
- Joint Venture 753.50 7.50
- Associate 159.00 -
- Others - 1,253.91

239
Annexure A to Independent Auditors’ Report (Contd.)
(b) As per the information obtained and explanations given to us, the investments made, guarantees provided, security (e) The Corporation has not taken any funds from any entity or person on account of or to meet the obligations of its
given and the terms and conditions of the grant of all loans and advances in the nature of loans and guarantees subsidiaries, associates or joint ventures. Therefore, the question of reporting on details thereof with nature of
provided are not prejudicial to the Corporation’s interest; such transactions and the amount does not arise;
(c) In respect of loans and advances in the nature of loans, as per the terms of loans, the principal amount is not due (f) The Corporation has not raised loans during the year on the pledge of securities held in its subsidiaries, joint
during the year. The Corporation has been regular in the receipt of interest towards the same; ventures or associate companies. Therefore, the question of reporting on details thereof and default, if any, in
repayment of such loans raised does not arise.
(d) There is no amount overdue for more than ninety days so the question of taking reasonable steps to recover
principal and interest does not arise; (x) (a) The Corporation did not raise any money by way of initial public offer or further public offer (including debt
instruments) during the year. Therefore, the question of reporting of its application, delays or default and subsequent
(e) No loan or advance in the nature of loan granted which has fallen due during the year, has been renewed or
rectification, if any, does not arise;
extended or fresh loans granted to settle the overdues of existing loans given to the same parties. Therefore, the
question of specifying the aggregate amount of such dues renewed or extended or settled by fresh loans and the (b) According to the information and explanations given to us and based on our examination of the books and records,
percentage of the aggregate to the total loans or advances in the nature of loans granted during the year does the Corporation has not made any preferential allotment or private placement of shares or convertible debentures
not arise; (fully, partially or optionally convertible) during the year. Therefore, the question of complying with Section 42 and
Section 62 of the Act and reporting on its utilization does not arise.
(f) The Corporation has not granted any loans or advances in the nature of loans either repayable on demand or
without specifying any terms or period of repayment. Therefore, the question of specifying the aggregate amount, (xi) (a) During the course of our examination of the books and records of the Corporation, carried out in accordance with
percentage thereof to the total loans granted, aggregate amount of loans granted to Promoters, related parties as the generally accepted auditing practices in India and according to the information obtained and explanations given
defined in clause (76) of Section 2 of the Act, does not arise. to us, we did not come across any fraud committed by the Corporation and no material fraud on the Corporation
have been noticed or reported during the year;
(iv) In our opinion and according to the information obtained and explanations given to us, the Corporation has complied
with the provisions of Section 185 and Section 186 of the Act, with respect to the loans, investments, guarantees (b) We, have not filed any report under Sub-Section 12 of Section 143 of the Companies Act, 2013 in Form ADT-4 as
and securities. prescribed under rule 13 of the Companies (Audit and Auditors) Rules, 2014 with the Central Government;
(v) In our opinion and according to the information obtained and explanations given to us, the Corporation has not accepted (c) As per the information obtained and explanation given by the Corporation, no Whistle-blower complaint has been
any deposits from public and it does not have any amounts which are deemed to be deposits within the provisions of received by the Corporation during the year.
Sections 73 to 76 of the Act read with The Companies (Acceptance of Deposits) Rules, 2014 and other relevant
(xii) In our opinion and according to the information obtained and explanations given to us, the Corporation is not a Nidhi
provisions of the Act.
Company. Accordingly, paragraph 3(xii)(a, b and c) of the Order are not applicable to the Corporation.
(vi) Maintenance of cost records has been specified by the Central Government under Section 148(1) of the Act and the
(xiii) According to the information obtained and explanations given to us and based on our examination of the records of the
rules framed thereunder for the products manufactured by the Corporation. Such accounts and records as prescribed
Corporation, all transactions entered into by the Corporation with the related parties are in compliance with Sections
have been so made and maintained. We have not, however, made a detailed examination of the same with a view to
177 and 188 of the Act where applicable and details of such transactions have been disclosed in the Standalone Ind AS
determining whether they are accurate or complete.
Financial Statements, as required by the applicable Indian Accounting Standards.
(vii) (a) The Corporation is generally regular in depositing with appropriate authorities, undisputed statutory dues including
(xiv) (a) The Corporation has an internal audit system commensurate with the size and nature of its business;
Goods and Service Tax, Provident Fund, Employees’ State Insurance, Income-Tax, Sales-Tax, Service Tax, Duty
of customs, Duty of Excise, Value Added Tax, Cess and any other statutory dues applicable to it. According to (b) We have considered, the reports of the internal auditor for the year under audit, issued to the Corporation during
the information and explanations given to us, no undisputed amounts payable in respect of Goods and Service the year.
Tax, Provident Fund, Employees’ State Insurance, Income-Tax, Sales-Tax, Service Tax, Duty of customs, Duty of
(xv) According to the information obtained and explanations given to us and based on our examination of the records, the
Excise, Value Added Tax, Cess and any other statutory dues applicable to it, were outstanding, as on the last day
Corporation has not entered during the year into non-cash transactions with directors or persons connected with them.
of the financial year, for a period of more than six months from the date they became payable.
Accordingly, paragraph 3(xv) of the Order is not applicable.
(b) According to the information obtained and explanation given to us, the statutory dues referred to in (vii)(a) above,
(xvi) The Corporation is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly,
which have not been deposited on account of any dispute, are as per Statement 2.
paragraph 3(xvi) (a,b,c and d) of the Order are not applicable.
(viii) No transactions have been surrendered or disclosed as income during the year in the tax assessments under Income
(xvii) The Corporation has not incurred cash losses in the current financial year and in the immediately preceding financial year.
Tax Act, 1961 (43 of 1961), which were not recorded in the books of account. Therefore, question of recording of the
income during the year which was previously unrecorded in the books of account does not arise. (xviii) There has not been any resignation of the statutory auditors during the year.
(ix) (a) According to the information obtained and explanations given to us, the Corporation has not defaulted in repayment (xix) According to the information obtained and explanations given to us and on the basis of the financial ratios, ageing and
of loans or other borrowings or in the payment of interest thereon to any lender. Therefore, the question of reporting expected dates of realization of financial assets and payment of financial liabilities, other information accompanying
on the period and amount of default does not arise; the financial statements, our knowledge of the Board of Directors and management plans, we are of the opinion that
no material uncertainty exists as on the date of the audit report that Corporation is capable of meeting its liabilities
(b) The Corporation is not a declared wilful defaulter by any bank or financial institution or other lender;
existing as at the date of balance sheet as and when they fall due within a period of one year from the balance sheet
(c) According to the information obtained and explanations given to us, the term loans were applied for the purpose date. We, however, state that this is not an assurance as to the future viability of the Corporation. We further state
for which the loans were obtained; that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any
assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by
(d) On an overall examination of the financial statements of the Corporation, Funds raised on short-term basis have,
the Corporation as and when they fall due.
prima-facie, have not been utilized during the year for long-term purposes. For the purpose of reporting under this
clause, LPG Deposits received have not been considered as short-term funds as the amounts to be repaid during
next 12 months are expected to be insignificant;

241
Annexure A to Independent Auditors’ Report (Contd.) STATEMENT 1 (REFER CLAUSE i (c) OF ANNEXURE A)
(xx) (a) There are no unspent amount towards Corporate Social Responsibility (CSR) on other than ongoing projects, I in crore
requiring a transfer the unspent amount to a Fund specified in Schedule VII to the Act within a period of six months Whether
of the expiry of the financial year in compliance with second proviso to Sub-Section (5) of Section 135 of the Gross promoter, Period held
carrying director or – indicate
said Act; Description of value No. of their relative range, where Reason for not being held
property K in crore Cases Held in name of or employee appropriate in name of Corporation*
(b) In respect of on-going projects, the Corporation has transferred amount remaining unspent as at the year end to a
Land 144.46 14 a) Rajaswa Vibag, Jiladikari, Udhamsingh No 1928-2023 Registration Pending with
special account with in a period of 30 days from the end of the said financial year in compliance with the provisions Nagar, Authorities (In one of the
of sub-section (6) of Section 135 of the said Act. case, Title Deed is in the
b) Railways,
name of Joint Owner)
c) Karnataka Industrial Areas
Development Board (KIADB),
d) Hindusthan Petroleum Corporation
Chartered Accountants Chartered Accountants Limited (HPCL),
ICAI FRN: 104607W/W100166 ICAI FRN: 100186W e) Government of Kerala,
f) Government of Maharashtra,
Sd/- Sd/- g) Deputy Salt Commissioner, Bombay,
Sai Venkata Ramana Damarla Rajesh S. Joshi h) Telangana State Industrial Infrastructure
Partner Partner Corporation,
M. No. 107017 M. No. 038526 i) Others
UDIN: 24107017BKERTS3327 UDIN: 24038526BKEKRQ3726 Right-of-Use 0.51 01 Karnataka Industrial Area Development No 01-04-1983 Land Allotment Case
Place: Mumbai Place: Mumbai Assets Authority (KIADB)
Date: May 9, 2024 Date: May 9, 2024 Land 1.23 04 a) British India Company Limited, No 1994-2004 Legal Dispute
b) District Magistrate Mathura,
c) Railways,
d) Andhra Pradesh Industrial Infrastructure
Company (APIIC),
Land 2.28 02 Andhra Pradesh Industrial Infrastructure No 1985 Land Allotment Case
Company (APIIC)
(Refer Additional information in respect of Notes 2 to 6 (Part S), of the standalone financial statements)
Note: Original ‘54’ Title deeds amounting to I 70.31 crore (which includes ‘21’ Title deeds held in the name of erstwhile
subsidiary BORL) are not available with the Corporation. However, the same have been verified based on copies made
available to us for verification.

243
STATEMENT 2 (REFER CLAUSE vii (b) OF ANNEXURE A) ANNEXURE B TO INDEPENDENT AUDITORS’ REPORT
AMOUNTS INVOLVED AND FORUM WHERE DISPUTE IS PENDING SHALL BE MENTIONED. [Referred to in paragraph 19 under “Report on Other Legal and Regulatory Requirements” in the Independent Auditors’
Sr. Forum where dispute is Amount Period block to
Report of even date to the Members of Bharat Petroleum Corporation Limited (“the Corporation”) on the Standalone Ind AS
No. Name of the Statute Nature of dues pending (K in crore) which it relates^ Financial Statements as of and for the year ended March 31, 2024]
1 Central Excise Act, 1944 Duty, interest and penalty for Supreme Court 2,403.29 2000-2010
cases relating to determination of
High Court 41.58 2000-2015 CAG DIRECTIONS FOR THE YEAR 2023-24
assessable value, Cenvat credit etc.
Appellate Tribunal* 2,802.24 1990-2023 1. Whether the Company has system in place to process all the accounting transactions through IT
Appellate Authority** 59.43 1995-2022 system? If yes, the implications of processing of accounting transactions outside IT system on the
Adjudicating Authority*** 0.00 2010-2020 integrity of the accounts along with the financial implications, if any, may be stated.
Total 5,306.54 The Corporation has a system in place to process all the accounting transactions through its implemented IT system
2 Customs Act, 1962 Duty, Interest and Penalty for Appellate Tribunal * 4.58 1995-2015 (SAP). As such, we have not come across any accounting transactions processed outside IT systems which would have
cases relating to determination of an impact on the integrity of the accounts or any financial implications.
Appellate Authority** 6.61 2010-2015
valuation etc.
Total 11.19
2. Whether there is any restructuring of an existing loan or cases of waiver/write off of debts/ loans/
3 Income Tax Act, 1961 Tax, Interest and Penalty demands Appellate Authority** 223.91 2005-2023
towards various income tax interest etc. made by a lender to the Company due to the Company’s inability to repay the loan? If
Adjudicating Authority*** 0.23 2005-2023
disputes yes, the financial impact may be stated. Whether such cases are properly accounted for? (In case,
Total 224.14 lender is a Government company, then this direction is also applicable for statutory auditor of
4 Sales Tax/ VAT/ GST Tax, Interest and Penalty demands Supreme Court 364.20 1995-2010 lender company).
Legislations towards various Sales Tax/ VAT/
High Court^^ 402.70 1995-2020 There has been no case of restructuring of an existing loan or cases of waiver/ write off of debts/ loans/ interest etc.
GST disputes
Appellate Tribunal* 3,428.72 1985-2020 made by a lender to BPCL due to the BPCL’s inability to repay the loan in FY 2023-24.
Adjudicating Authority*** 0.44 2020-2024 3. Whether funds (grants/subsidy etc.) received/ receivable for specific schemes from Central/ State
Total 4,877.49
Government of its agencies were property accounted for/ utilized as per its term and conditions?
List the cases of deviation.
5 Finance Act, 1994 (Service Tax) Duty, Interest and Penalty for cases Supreme Court 39.32 2005-2015
relating to Service Tax disputes Funds (grants/subsidy etc.) received/ receivable for specific schemes from Central/ State Government of its agencies
High Court 20.26 2000-2005
were properly accounted for/ utilized as per its terms and conditions.
Appellate Tribunal* 1,302.45 2005-2020
Total 1,367.69 For Kalyaniwalla & Mistry LLP For K. S. Aiyar & Co
6 The Environment Protection Compenzation for environmental Supreme Court 67.50 2020-2022 Chartered Accountants Chartered Accountants
Act,1986 damage caused by VOX pollutants ICAI FRN: 104607W/W100166 ICAI FRN: 100186W
7 Bombay Provincial Municipal Property Tax High Court 6.29 2010-2020
Corp. Act, 1949 Sd/- Sd/-
Adjudicating Authority 41.74 1995-2013
Total 48.03 Sai Venkata Ramana Damarla Rajesh S. Joshi
8 Maharashtra Municipal Council/ Manmad Export Fees Case High Court 22.15 1995-2000 Partner Partner
Nagarpanchayat Industrial M. No. 107017 M. No. 038526
Township Act UDIN: 24107017BKERTS3327 UDIN: 24038526BKEKRQ3726
9 National Green Tribunal Act, Compenzation for Green Belt Supreme Court 2.00 2017-2022 Place: Mumbai Place: Mumbai
2010 Development
Date: May 9, 2024 Date: May 9, 2024
10 The Delhi Municipal Corporation Property Tax High Court 59.52 2005-2015
Act, 1957
11 The New Delhi Municipal Property Tax Appellate Authority 3.84 2020-2024
Council Act, 1994
Adjudicating Authority 1.07 2020-2024
Total 4.91
12 Indian Stamp Act, 1889 Stamp Duty Revenue Board of MP 52.74 2020-2024
Grand Total 12,043.90
Remarks:
Dues Include Penalty & Interest, wherever applicable.
* Appellate Tribunal includes Sales Tax Tribunal, CESTAT and ITAT.
** Appellate Authority includes Commissioner Appeals, Assistant Commissioner Appeals, Deputy Commissioner Appeals, Joint Commissioner
Appeals and Deputy Commissioner Commercial Taxes Appeals.
*** Adjudicating Authority includes Collector of Sales Tax, Sales Tax Officer and Deputy Commissioner Sales Tax, Joint / Deputy/ Additional
Commissioner of Commercial Taxes etc.
^ Period block shall indicate the period interval in which all the disputes under that authority have taken place.
^^ Does not include I 80.14 crore deposited with the Court as per Garnishee Order for which the credit is not yet given by the Sales Tax Department.

245
ANNEXURE C TO INDEPENDENT AUDITORS’ REPORT
[Referred to in paragraph 20(f) under ‘Report on Other Legal and Regulatory Requirements’ in the Independent Auditors’ INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE
Report of even date to the members of Bharat Petroleum Corporation Limited on the Standalone Ind AS Financial Statements STANDALONE IND AS FINANCIAL STATEMENTS
for the year ended March 31, 2024] Because of the inherent limitations of internal financial controls with reference to the Standalone Ind AS Financial Statements,
including the possibility of collusion or improper management override of controls, material misstatements due to error or
REPORT ON THE INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE STANDALONE fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to
IND AS FINANCIAL STATEMENTS UNDER CLAUSE (i) OF SUB-SECTION 3 OF SECTION 143 OF THE the Standalone Ind AS Financial Statements to future periods are subject to the risk that the internal financial control with
COMPANIES ACT, 2013 (“THE ACT”) reference to the Standalone Ind AS Financial Statements may become inadequate because of changes in conditions, or that
We have audited the internal financial controls with reference to the Standalone IndAS financial statements of Bharat the degree of compliance with the policies or procedures may deteriorate.
Petroleum Corporation Limited (“the Corporation”) as of March 31, 2024, in conjunction with our audit of the Standalone Ind
AS Financial Statements of the Corporation for the year ended on that date. OPINION
In our opinion, to the best of our information and according to the explanations given to us, the Corporation has, in all
MANAGEMENT’S RESPONSIBILITY WITH REFERENCE TO THE STANDALONE IND AS FINANCIAL material respects, an adequate internal financial controls with reference to standalone financial statements and such internal
STATEMENTS financial controls were operating effectively as at March 31, 2024, based on the criteria for internal financial control over
The Corporation’s Management is responsible for establishing and maintaining internal financial controls based on the financial reporting established by the Corporation considering the essential components of internal control stated in the
internal control with reference to the Standalone Ind AS Financial Statements established by the Corporation considering the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.
essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls with reference
to the Standalone Ind AS Financial Statements issued by the Institute of Chartered Accountants of India (the ‘ICAI’). These
responsibilities include the design, implementation and maintenance of adequate internal financial controls that were For Kalyaniwalla & Mistry LLP For K. S. Aiyar & Co
operating effectively for ensuring the orderly and efficient conduct of its business including adherence to Corporation’s Chartered Accountants Chartered Accountants
policies, safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the ICAI FRN: 104607W/W100166 ICAI FRN: 100186W
accounting records, and the timely preparation of reliable financial information, as required under the Act.
Sd/- Sd/-
AUDITORS’ RESPONSIBILITY Sai Venkata Ramana Damarla Rajesh S. Joshi
Our responsibility is to express an opinion on the Corporation’s internal financial controls with reference to the Standalone Partner Partner
Ind AS Financial Statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of M. No. 107017 M. No. 038526
Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the ICAI and the Standards on Auditing UDIN: 24107017BKERTS3327 UDIN: 24038526BKEKRQ3726
specified under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both issued by Place: Mumbai Place: Mumbai
the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform Date: May 9, 2024 Date: May 9, 2024
the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were
established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls
system with reference to the Standalone Ind AS Financial Statements and their operating effectiveness. Our audit of internal
financial controls with reference to the Standalone Ind AS Financial Statements included obtaining an understanding of
internal financial controls with reference to the Standalone Ind AS Financial Statements, assessing the risk that a material
weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our audit opinion on the Corporation’s internal financial controls system
with reference to the Standalone Ind AS Financial Statements.
MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE STANDALONE IND

AS FINANCIAL STATEMENTS
A Corporation’s internal financial control with reference to the Standalone Ind AS Financial Statements is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles. A Corporation’s internal financial control
with reference to the Standalone Ind AS Financial Statements includes those policies and procedures that:
1. Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the Corporation;
2. Provide reasonable assurance that transactions are recorded as necessary to permit preparation of Standalone Ind AS
financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures
of the Corporation are being made only in accordance with authorizations of management and directors of the
Corporation; and
3. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition
of the Corporation’s assets that could have a material effect on the financial statements.

247
TO THE MEMBERS OF BHARAT PETROLEUM CORPORATION LIMITED Forum where Period block
Sr. dispute is Amount to which it
Revision in Independent Auditors Report dated May 9, 2024, on Standalone Financial Statements of Bharat Petroleum No. Name of the Statute Nature of dues pending Gross Amount deposited Net Amount relates ^
Corporation Limited for the year ended on March 31, 2024 5 Finance Act, 1994 Duty, Interest and Penalty Supreme Court 39.32 0.00 39.32 2005-2015
(Service Tax) for cases relating to Service
Bharat Petroleum Corporation Limited (the ‘Corporation’), being a Government Company, the Comptroller & Auditor General High Court 20.26 0.00 20.26 2000-2005
Tax disputes
of India (C&AG) has carried out supplementary audit of the Corporation pursuant to provisions of Section 143 (6) of the Appellate 1,329.11 26.66 1,302.45 2005-2020
Companies Act, 2013. Tribunal*
Appellate 5.78 0.12 5.66 2000-2020
Upon Supplementary audit, the C&AG has issued one comment under section 143(6)(b) of the Companies Act, 2013 on our Authority**
Report as Statutory Auditors of the Corporation with respect to Para (vii)(b) of Annexure “A” to our Audit report dated May
Total 1,394.47 26.78 1,367.69
09, 2024.
6 The Environment Compenzation for Supreme Court 67.50 0.00 67.50 2020-2022
Pursuant to the comment made by C&AG for enabling a better understanding of the financial statements and the related Protection Act ,1986 environmental damage
audit report, we hereby make consequent revision in our audit report dated May 09, 2024 at Para (vii)(b) of Annexure “A” to caused by VOX pollutants
the aforesaid audit report on Standalone Financial Statements of the Corporation and making additional disclosures relating 7 Bombay Provincial Property Tax High Court 10.71 4.42 6.29 2010-2020
Municipal Corp. Act,
to “Gross Amount” of disputed Statutory Dues that are not deposited and the “Amounts Deposited” by inserting two columns Adjudicating 47.96 6.22 41.74 1995-2013
1949
for the same. Authority
Total 58.67 10.64 48.03
The Revision carried out is in Para (vii)(b) of Annexure “A” of our audit report dated May 9, 2024, on standalone financial
8 Maharashtra Manmad Export Fees Case High Court 23.15 1.00 22.15 1995-2000
statements of the Corporation, so as to disclose the columns of “Gross Amount” and “Amount Deposited” in the table below.
Municipal Council/
“Net Amount” which is not deposited was already disclosed in our aforesaid report. Nagarpanchayat
Industrial Township
The revised Para (vii)(b) including remarks thereto, of Annexure “A” to our audit report dated May 9, 2024, on standalone Act
financial statements of the Corporation, should now be read as under:
9 National Green Compenzation for Green Supreme Court 2.00 0.00 2.00 2017-2022
Tribunal Act, 2010 Belt Development
Forum where Period block
Sr. dispute is Amount to which it 10 The Delhi Municipal Property Tax High Court 62.95 3.43 59.52 2005-2015
No. Name of the Statute Nature of dues pending Gross Amount deposited Net Amount relates ^ Corporation Act, 1957
1 Central Excise Act, Duty, interest and penalty Supreme Court 2,462.89 59.60 2,403.29 2000-2010 11 The New Delhi Property Tax Appellate 3.86 0.02 3.84 2020-2024
1944 for cases relating to
High Court 44.33 2.75 41.58 2000-2015 Municipal Council Authority
determination of assessable Act, 1994
value, Cenvat credit etc. Appellate 2,824.37 22.13 2,802.24 1990-2023 Adjudicating 1.17 0.10 1.07 2020-2024
Tribunal* Authority
Appellate 59.93 0.50 59.43 1995-2022 Total 5.03 0.12 4.91
Authority** 12 Indian Stamp Act, Stamp Duty Revenue Board 52.74 0.00 52.74 2020-2024
Adjudicating 0.00 0.00 0.00 2010-2020 1889 of MP
Authority*** Grand Total 12,744.14 700.24 12,043.90
Total 5,391.52 84.98 5,306.54
Remarks
2 Customs Act, 1962 Duty, Interest and Penalty Appellate 4.58 0.00 4.58 1995-2015
for cases relating to Tribunal * Dues Include Penalty & Interest, wherever applicable.
determination of valuation * Appellate Tribunal includes Sales Tax Tribunal, CESTAT and ITAT.
Appellate 6.61 0.00 6.61 2010-2015
etc.
Authority**
** Appellate Authority includes Commissioner Appeals, Assistant Commissioner Appeals, Deputy Commissioner Appeals, Joint Commissioner
Total 11.19 0.00 11.19 Appeals and Deputy Commissioner Commercial Taxes Appeals.
3 Income Tax Act, 1961 Tax, Interest and Penalty Appellate 545.97 322.06 223.91 2005-2023 *** Adjudicating Authority includes Collector of Sales Tax, Sales Tax Officer and Deputy Commissioner Sales Tax, Joint / Deputy/ Additional
demands towards various Authority** Commissioner of Commercial Taxes etc.
income tax disputes
Adjudicating 0.23 0.00 0.23 2005-2023 ^ Period block shall indicate the period interval in which all the disputes under that authority have taken place.
Authority***
^^ includes Rs.80.14 crore deposited with the Court as per Garnishee Order for which the credit is not yet given by the Sales Tax Department.
Total 546.2 322.06 224.14
4 Sales Tax/ VAT/ GST Tax, Interest and Penalty Supreme Court 411.71 47.51 364.2 1995-2010 Except for the above, there is no change in our audit report and audit opinion on standalone financial statements
Legislations demands towards various
High Court^^ 509.14 106.44 402.7 1980-2020
of the Corporation for the year ended on March 31, 2024.
Sales Tax/ VAT/ GST
disputes Appellate 3,496.31 67.59 3,428.72 1985-2020
Tribunal*
Appellate 711.12 29.69 681.43 1985-2020 Chartered Accountants Chartered Accountants
Authority**
Adjudicating 0.44 0.00 0.44 2020-2024
Authority*** Sd/- Sd/-
Total 5,128.72 251.23 4,877.49 Sai Venkata Ramana Damarla Rajesh S. Joshi
Partner Partner
M. No. 107017 M. No. 038526
UDIN: 24107017BKERUV8683 UDIN: 24038526BKEKTH2446
Place: Mumbai Place: Mumbai
Date: July 17, 2024 Date: July 17, 2024

249
STANDALONE BALANCE SHEET STANDALONE STATEMENT OF PROFIT AND LOSS

as at March 31, 2024 for the year ended March 31, 2024
(I in crore) (I in crore)
As at As at Particulars Note No. 2023-24 2022-23
Particulars Note No. March 31, 2024 March 31, 2023
Income
I ASSETS
(1) Non-Current Assets I) Revenue from operations 36 5,06,911.36 5,33,467.55
(a) Property, Plant and Equipment 2 84,714.91 84,460.25
(b) Capital Work-In-Progress 3 8,679.72 5,645.05 II) Other income 37 2,412.46 2,183.99
(c) Investment Property 4 0.09 0.01
III) Total Income (I + II) 5,09,323.82 5,35,651.54
(d) Goodwill 5 1,203.98 1,203.98
(e) Other Intangible Assets 5 818.56 931.99 IV) Expenses
(f) Intangible Assets Under Development 6 101.77 28.33
(g) Financial Assets Cost of materials consumed 38 2,12,853.15 2,34,305.39
(i) Investments in Subsidiaries, Joint Ventures and Associates 7 8,388.84 8,794.72
(ii) Other Investments 8 1,778.51 800.49 Purchases of Stock-in-Trade 39 1,65,232.84 1,99,884.14
(iii) Loans 9 903.78 1,520.57 Changes in inventories of Finished goods, 40 (1,991.69) (975.21)
(iv) Other Financial Assets 10 301.73 238.09
Stock-in-trade and Work-in-progress
(h) Income Tax Assets (Net) 11 477.44 485.95
(i) Other Non-Current Assets 12 1,779.79 1,296.54 Excise duty expense 58,898.21 60,342.88
Total Non-Current Assets 1,09,149.12 1,05,405.97
(2) Current Assets Employee benefits expense 41 3,558.48 2,763.97
(a) Inventories 13 42,835.05 38,064.70
(b) Financial Assets Finance costs 42 2,473.01 3,216.48
(i) Investments 14 4,290.67 4,277.14 Depreciation and amortization expense 2,4,5 6,750.11 6,347.48
(ii) Trade Receivables 15 8,328.17 6,721.86
(iii) Cash and Cash Equivalents 16 516.33 1,881.32 Other expenses 43 24,203.32 26,189.75
(iv) Bank Balances other than Cash and Cash Equivalents 17 3,974.31 239.12
(v) Loans 18 136.91 142.62 Total Expenses (IV) 4,71,977.43 5,32,074.88
(vi) Other Financial Assets 19 1,237.41 1,098.88
V) Profit before Exceptional Items & Tax (III - IV) 37,346.39 3,576.66
(c) Current Tax Assets (Net) 20 827.36 968.90
(d) Other Current Assets 21 1,655.22 2,016.09 VI) Exceptional Items - Expenses / (Income) 68 1,798.02 1,359.96
63,801.43 55,410.63
Assets Held-For-Sale 22 42.42 16.80 VII) Profit before Tax (V - VI) 35,548.37 2,216.70
Total Current Assets 63,843.85 55,427.43
TOTAL ASSETS 1,72,992.97 1,60,833.40
VIII) Tax expense 28
II EQUITY AND LIABILITIES 1. Current tax 9,412.06 352.18
Equity
(a) Equity Share Capital 23 2,136.29 2,129.45 2. Deferred tax (537.20) 37.32
(b) Other Equity 24 72,538.51 49,866.89
Total Equity 74,674.80 51,996.34 3. Short/(Excess) provision of earlier years 0.01 (42.90)
Liabilities Total Tax expense (VIII) 8,874.87 346.60
(1) Non-Current Liabilities
(a) Financial Liabilities IX) Profit for the year (VII - VIII) 26,673.50 1,870.10
(i) Borrowings 25 8,489.83 19,441.60
(ia) Lease Liabilities 25a 8,600.13 8,264.75 X) Other Comprehensive Income
(ii) Other Financial Liabilities 26 70.82 68.89
(i) Items that will not be reclassified to profit or loss
(b) Provisions 27 183.34 178.53
(c) Deferred Tax Liabilities (Net) 28 6,670.63 7,068.31 (a) Remeasurements of the Defined Benefit Plans 131.74 (370.61)
(d) Other Non-Current Liabilities 29 2,070.12 1,912.51
Total Non-Current Liabilities 26,084.87 36,934.59 (b) Equity instruments through Other Comprehensive Income-net change in 961.61 42.35
(2) Current Liabilities fair value
(a) Financial Liabilities
(i) Borrowings 30 10,277.06 16,413.20 (ii) Income tax relating to items that will not be reclassified to profit or loss (137.22) 88.16
(ia) Lease Liabilities 30a 513.60 655.59
Other Comprehensive Income (X) 956.13 (240.10)
(ii) Trade Payables 31
(a) Total Outstanding Dues Of Micro Enterprises and Small Enterprises 276.77 273.58 XI) Total Comprehensive Income for the year (IX+X) 27,629.63 1,630.00
(b) Total Outstanding Dues Of Creditors Other Than Micro Enterprises and 28,016.65 23,737.26
Small Enterprises XII) Basic and Diluted Earnings per Equity share (Face value ` 10 each) 54 125.21 8.78
(iii) Other Financial Liabilities 32 22,507.72 21,116.96
(b) Other Current Liabilities 33 7,064.61 7,023.18 Material Accounting Policy Information 1
(c) Provisions 34 2,975.38 2,682.70
(d) Current Tax Liabilities (Net) 35 601.51 - Notes forming part of Financial Statements 44 to 69
Total Current Liabilities 72,233.30 71,902.47
Total Liabilities 98,318.17 1,08,837.06
TOTAL EQUITY AND LIABILITIES 1,72,992.97 1,60,833.40 For and on behalf of the Board of Directors As per our attached report of even date
For and on behalf of
Material Accounting Policy Information 1
Notes forming part of Financial Statements 44-69
Sd/-
For and on behalf of the Board of Directors As per our attached report of even date G. Krishnakumar Kalyaniwalla & Mistry LLP K.S. Aiyar & Co
For and on behalf of Chairman and Managing Director Chartered Accountants Chartered Accountants
Sd/- DIN: 09375274 ICAI FR No. 104607W/W100166 ICAI FR No. 100186W
G. Krishnakumar Kalyaniwalla & Mistry LLP K.S. Aiyar & Co
Chairman and Managing Director Chartered Accountants Chartered Accountants
DIN: 09375274 ICAI FR No. 104607W/W100166 ICAI FR No. 100186W
Sd/- Sd/- Sd/- Sd/-
VRK Gupta V. Kala Sai Venkata Ramana Damarla Rajesh S. Joshi
Sd/- Sd/- Sd/- Sd/-
VRK Gupta V. Kala Sai Venkata Ramana Damarla Rajesh S. Joshi Director (Finance) Company Secretary Partner Partner
Director (Finance) Company Secretary Partner Partner DIN: 08188547 Membership No. 107017 Membership No. 038526
DIN: 08188547 Membership No. 107017 Membership No. 038526
Place: Mumbai Place: Mumbai


251
STANDALONE STATEMENT OF CASH FLOWS STANDALONE STATEMENT OF CASH FLOWS

for the year ended March 31, 2024 for the year ended March 31, 2024
(I in crore) (I in crore)
For the year ended March 31, 2024 March 31, 2023
A Net Cash Flow from Operating Activities Cash and Cash equivalents as at March 31, 2023 March 31, 2022
Net Profit Before Tax (After Exceptional Items) 35,548.37 2,216.70 Cash on hand 13.86 23.46
Adjustments for: Cheques and drafts on hand 2.04 5.56
Depreciation & Amortization Expense 6,750.11 6,347.48 Balance with Bank 415.42 479.24
Finance Costs 2,473.01 3,216.48 Deposits with Banks with original maturity of less than three months 1,450.00 875.69
Foreign Exchange Fluctuations 210.46 313.02 Less: Bank Overdraft - (103.50)
(Profit)/ Loss on sale of Property Plant and Equipment/ Non-current assets held for sale (net) 0.11 10.69 Total (a) 1,881.32 1,280.45
(Profit)/ Loss on Sale of Mutual Funds/ Investments (56.72) (17.88) Cash and Cash equivalents as at March 31, 2024 March 31, 2023
Interest Income (1,219.77) (703.02) Cash on hand 34.19 13.86
Dividend Income (367.34) (800.50) Cheques and drafts on hand 3.30 2.04
Expenditure towards Corporate Social Responsibility 206.76 191.63 Balance with Bank 378.84 415.42
Impairment of Investments in Subsidiary/ Associate 1,798.02 1,359.96 Deposits with Banks with original maturity of less than three months 100.00 1,450.00
Other Non-Cash items 538.76 (608.12) Total (b) 516.33 1,881.32
Operating Profit before Working Capital Changes 45,881.77 11,526.44 Net Increase/(Decrease) in Cash and Cash equivalents (b - a) (1,364.99) 600.87
(Invested in)/Generated from:
Inventories (5,008.35) 4,111.75 DISCLOSURE TO CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES
Trade Receivables (1,593.24) 2,847.07 (I in crore)
Other Receivables (160.79) (674.94) Total liabilities from
Current Liabilities & Payables 5,462.34 (6,344.90) financing activities
Particulars (excluding bank overdraft)
Cash generated from /(used in) Operations 44,581.73 11,465.42
As at March 31, 2022 33,511.03
Direct Taxes Paid (8,658.21) (709.54)
Cash flows 1,164.74
Paid for Corporate Social Responsibility (161.31) (91.83)
Non-cash changes
Net Cash from/(used in) Operating Activities 35,762.21 10,664.05
a) Foreign exchange movement 1,156.82
B Net Cash Flow from Investing Activities
b) Recognition of deferred income and its amortization 13.57
Purchase of Property Plant and Equipments/ Intangible Assets/ Capital Advance (8,796.96) (7,376.83)
c) Fair value changes 8.64
Sale of Property Plant and Equipments 34.13 42.68
As at March 31, 2023 35,854.80
Receipt of Capital Grant 215.10 554.49
Investments, Loans and Advances - Subsidiaries, Joint Ventures and Associates
(I in crore)
GSPL India Gasnet Limited (Equity) (35.12) -
Total liabilities from
Bharat PetroResources Limited (Equity) (1,325.00) (2,200.00) financing activities
Kochi Salem Pipeline Private Limited (Equity) - (80.00) Particulars (excluding bank overdraft)
IHB Ltd. (Equity) - (250.00) As at March 31, 2023 35,854.80
Goa Natural Gas Private Limited (Equity) - (10.00) Cash flows (17,245.69)
Bharat PetroResources Limited (Loan - Net) 455.00 1,735.00 Non-cash changes
Haridwar Natural Gas Private Limited (Loan) 3.75 3.75 a) Foreign exchange movement 125.69
Fino PayTech Ltd. (Equity) - 27.47 b) Recognition of deferred income and its amortization 20.05
Kochi Salem Pipeline Private Limited (Advance against Equity) (76.99) (10.64) c) Fair value changes 12.04
Haridwar Natural Gas Private Limited (Advance against Equity) - (21.38) As at March 31, 2024 18,766.89
Cochin International Airport Limited (Advance against Equity) - (16.41)
The Statement of Cash Flows is prepared in accordance with Ind AS 7 as notified by Ministry of Corporate Affairs.
Proceeds from Sale of Mutual Funds (Net) 56.72 2.32
Investments in Bank Deposits more than 3 months (Net) (3,675.00) - For and on behalf of the Board of Directors As per our attached report of even date
Interest Received 1,115.87 619.16 For and on behalf of
Dividend Received 367.34 583.08
Sd/-
Net Cash from/(used in) Investing Activities (11,661.16) (6,397.31)
C Net Cash Flow from Financing Activities
Proceeds from Sale of Shares held by ESPS Trust 398.10 -
Direct Tax Paid on proceeds from Sale of Shares held by ESPS Trust (19.50) -
Payment of Lease Rentals (Principal Component) (660.96) (630.01)
Sd/- Sd/- Sd/- Sd/-
Payment of Lease Rentals (Interest Component) (691.91) (687.59)
Short-term Borrowings (Net) 78.36 (290.98) VRK Gupta V. Kala Sai Venkata Ramana Damarla Rajesh S. Joshi
Proceeds from Long-term Borrowings 202.16 7,111.42 Director (Finance) Company Secretary Partner Partner
Repayment of Long-term Borrowings (17,526.21) (5,655.70) DIN: 08188547 Membership No. 107017 Membership No. 038526
Interest Paid (1,917.28) (2,231.44)
Place: Mumbai
Dividend Paid (5,328.80) (1,281.57)
Date: May 9, 2024
Net Cash from/(used in) Financing Activities (25,466.04) (3,665.87)
D Net Increase/(Decrease) in Cash and Cash equivalents (A+B+C) (1,364.99) 600.87

253
STANDALONE STATEMENT OF CHANGES IN EQUITY
for the year ended March 31, 2024
254
(I in crore)
As at March 31, 2024 As at March 31, 2023
(A) Equity Share Capital No. of Shares Amount No. of Shares Amount
Balance at the beginning of the reporting period 2,16,92,52,744 2,169.25 2,16,92,52,744 2,169.25
Changes in Equity Share Capital due to prior period errors - - - -
Restated balance at the beginning of the current reporting period 2,16,92,52,744 2,169.25 2,16,92,52,744 2,169.25
Changes in Equity Share Capital - - - -
Balance at the end of the reporting period 2,16,92,52,744 2,169.25 2,16,92,52,744 2,169.25
Less: Adjustment for Shares held by "BPCL Trust for Investment in Shares" (Refer Note No. 45) (3,29,60,307) (32.96) (3,29,60,307) (32.96)
less: Adjustment for shares held by “BPCL ESPS Trust” (Refer Note No. 45) - - (68,36,948) (6.84)

Balance at the end of the reporting period after Adjustment 2,13,62,92,437 2,136.29 2,12,94,55,489 2,129.45
(I in crore)
Reserves & Surplus Equity
Instruments
Debenture Reserve on through Other BPCL Trust
Capital Redemption Business General Securities Retained Comprehensive for Investment BPCL ESPS
Reserve Reserve Combination Reserve Premium Earnings Income in Shares Trust
(B) Other Equity [Note 24] [Note 24] [Note 24] [Note 24] [Note 24] [Note 24]*^ [Note 24] [Note 24] [Note 24] Total
Balance as at April 1, 2022 (20.76) 1,335.09 - 32,775.56 6,306.19 9,062.62 147.15 (74.39) (15.43) 49,516.03
Profit for the year - - - - - 1,870.10 - - - 1,870.10
Other Comprehensive Income for the year - - - - - (277.33) 37.23 - - (240.10)
Dividends - - - - - (1,301.55) - - - (1,301.55)
Income from "BPCL Trust for Investment in - - - - - 19.78 - - - 19.78
Shares" (Refer Note No. 45)
Income of "BPCL ESPS Trust" (Net of Tax) - - - - - 2.63 - - - 2.63
(Refer Note No. 45)
Transfer to Debenture Redemption Reserve - 50.00 - - - (50.00) - - - -
Transfer to General Reserve from Debenture - (1,135.09) - 1,135.09 - - - - - -
Redemption Reserve
Balance as at 31st Mar 2023 (20.76) 250.00 - 33,910.65 6,306.19 9,326.25 184.38 (74.39) (15.43) 49,866.89
STANDALONE STATEMENT OF CHANGES IN EQUITY (Contd.)

(I in crore)
Reserves & Surplus Equity
Instruments
Debenture Reserve on through Other BPCL Trust
Capital Redemption Business General Securities Retained Comprehensive for Investment BPCL ESPS
Reserve Reserve Combination Reserve Premium Earnings Income in Shares Trust
(B) Other Equity [Note 24] [Note 24] [Note 24] [Note 24] [Note 24] [Note 24]*^ [Note 24] [Note 24] [Note 24] Total
Balance as at April 1, 2023 (20.76) 250.00 - 33,910.65 6,306.19 9,326.25 184.38 (74.39) (15.43) 49,866.89
Profit for the year - - - - - 26,673.50 - - - 26,673.50
Other Comprehensive Income for the year - - - - - 98.58 857.55 - - 956.13
Dividends - - - - - (5,423.13) - - - (5,423.13)
Income from "BPCL Trust for Investment in - - - - - 82.40 - - - 82.40
Shares" (Refer Note No. 45)
Income of "BPCL ESPS Trust" (Net of Tax) - - - - - 10.96 - - - 10.96
(Refer Note No. 45)
Issue of Equity Shares out of shares held by - - - - 356.33 - - - 15.43 371.76
"BPCL ESPS Trust" (Refer Note No. 45)
Transfer to Reserve on Business Combination - - 1,720.13 - - (1,720.13) - - - -
from Retained Earnings
Transfer to General Reserve from Retained - - - 4,000.00 - (4,000.00) - - - -
Earnings
Corporate Overview
Transfer to General Reserve from Debenture - (250.00) - 250.00 - - - - - -

Redemption Reserve
Balance as at March 31, 2024 (20.76) - 1,720.13 38,160.65 6,662.52 25,048.43 1,041.93 (74.39) - 72,538.51
*Includes accumulated Gain/(Loss) on account of remeasurements of Defined Benefit plans (Net of Tax) as on March 31, 2024 I (709.83) crore [Previous Year I (808.41) crore].
Încludes re-measurement gain of Nil (Previous Year: I 1,720.13 crore) recognized in the consolidated financial statements on acquisition of Bharat Oman Refineries Limited, subsequently recorded in Standalone Financial
Statements on its merger with the Corporation (Refer Note No. 44).
For and on behalf of the Board of Directors As per our attached report of even date
Statutory Reports
Sd/-
Sd/- Sd/- Sd/- Sd/-

Director (Finance) Company Secretary Partner Partner
Place: Mumbai
Date: May 9, 2024
255
Corporate OvervieW Statutory Reports Financial Statements
NOTES TO STANDALONE FINANCIAL STATEMENTS NOTES TO STANDALONE FINANCIAL STATEMENTS

CORPORATION OVERVIEW 1.3.2. Direct expenses incurred during construction period on capital projects are capitalized. Other expenses
Bharat Petroleum Corporation Limited referred to as “BPCL” or “the Corporation” was incorporated on November 3, 1952. of the project group which are allocated to projects costing above the threshold limit are also capitalized.
BPCL is a Government of India Enterprise listed on Bombay Stock Exchange Limited and National Stock Exchange of India Expenditure incurred on enabling assets are capitalized.
Limited. The Corporation is engaged in the business of refining of crude oil and marketing of petroleum products. It has 1.3.3. Gas distribution systems is classified as Property, Plant and Equipment when it is capable of operating in the
refineries in Mumbai, Kochi and Bina, LPG bottling plants and Lube blending plants at various locations. The Corporation’s manner intended by management.
marketing infrastructure includes vast network of Installations, Depots, Retail Outlets, Aviation Fuelling Stations and
LPG distributors. 1.3.4. Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with
the expenditure will flow to the Corporation.
AUTHORIZATION OF FINANCIAL STATEMENTS 1.3.5. Expenditure on assets, other than plant and machinery, LPG cylinders and pressure regulators, not exceeding
The Financial Statements were authorized for issue in accordance with a resolution of the Board of Directors in its meeting the threshold limit are charged to revenue.
held on May 9, 2024.
1.3.6. Spare parts which meet the definition of Property, Plant and Equipment are capitalized as Property, Plant and
Equipment in case the unit value of the spare part is above the threshold limit. In other cases, the spare part
1. STATEMENT OF MATERIAL ACCOUNTING POLICY INFORMATION
is inventorized on procurement and charged to Statement of Profit and Loss on consumption.
1.1. Basis for Preparation: 1.3.7. The residual values and useful lives of Property, Plant and Equipment are reviewed at each financial year end
The Financial Statements are prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section and changes, if any, are accounted in line with revisions to accounting estimates.
133 of the Companies Act, 2013 (“Act”) read with Companies (Indian Accounting Standards) Rules, 2015; and the other
1.3.8. In respect of the capital goods common for both GST and non-GST products, the GST input tax credit is taken
relevant provisions of the Act and Rules thereunder.
on the eligible portion based on GST and non-GST product ratio in the month of procurement and the ineligible
The Financial Statements have been prepared under historical cost convention basis, except for certain assets and portion is capitalized. Subsequently, this ratio is reviewed every month as per the GST provisions and the
liabilities measured at fair value. differential GST amount arising due to changes in the ratio is capitalized beyond the materiality threshold.
The Corporation has adopted all the Ind AS and the adoption was carried out during FY 2016-17 in accordance with 1.3.9. The Corporation has elected to use the exemption available under Ind AS 101 to continue the carrying
Ind AS 101 First-time adoption of Indian Accounting Standards. The transition was carried out from Generally Accepted value for all of its Property, Plant and Equipment as recognized in the Financial Statements as at the date of
Accounting Principles in India (Indian GAAP) as prescribed under Section 133 of the Act, read with Rule 7 of the transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of
Companies (Accounts) Rules, 2014, which was the “Previous GAAP”. transition (April 1, 2015).
The Corporation’s presentation and functional currency is Indian Rupees (I). All figures appearing in the Financial
1.4. Depreciation
Statements are rounded to the nearest crore (I crore) except where otherwise indicated.
Depreciation on Property, Plant and Equipment are provided on the straight line basis, over the estimated useful lives
1.2. Use of Judgments and Estimates of assets (after retaining the estimated residual value of Up to 5%). These useful lives and residual value has been
determined as prescribed in the Schedule II of the Act, except in following cases:
The preparation of the Corporation’s Financial Statements requires management to make judgments, estimates and
assumptions that affect the reported amounts of revenue, expenses, assets, liabilities and the accompanying disclosures 1.4.1. Plant & Machinery at Retail Outlets (other than Storage tanks and related equipments) are depreciated over
along with contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that a useful life of 15 years based on the technical assessment.
require material adjustments to the carrying amount of assets or liabilities affected in future periods. The Corporation
1.4.2. Electronic carousels along with its downstream equipment and aviation refuelling equipment classified
continually evaluates these estimates and assumptions based on the most recently available information.
as plant and machinery are depreciated over a useful life of 15 years based on the technical assessment
In particular, information about significant areas of estimates and judgments in applying accounting policies that have (Previous Year: 25 years).
the most significant effect on the amounts recognized in the Financial Statements are as below:
1.4.3. The Dispensing Units for MS/HSD classified under Dispensing Pumps are depreciated over a useful life of 10
• Assessment of functional currency; years based on technical assessment (Previous Year: 15 years).
• Financial instruments; 1.4.4. Computer equipments are depreciated over a period of 3 years and Mobile phones are depreciated
over a period of 2 years based on internal assessment. Electronic and electrical equipments provided to
• Estimates of useful lives and residual value of Property, Plant and Equipment and Intangible assets;
management staff under furniture on hire scheme are depreciated over a period of 4 years as per internal
• Valuation of Inventories; assessment. Other furniture items provided to management staff are depreciated over a period of 6 years as
per internal assessment.
• Measurement of recoverable amounts of Cash-Generating Units;
1.4.5. Solar Panels are depreciated over a period of 25 years based on the technical assessment of useful life and
• Measurement of Defined Benefit Obligations and actuarial assumptions;
applicable warranty conditions.
• Provisions including loss allowances;
1.4.6. Moulds, used for the manufacturing of the packaging material for Lubricants, are depreciated over a period of
• Evaluation of recoverability of Deferred Tax Assets; and 5 years based on technical assessment of useful life.
• Contingencies. 1.4.7. In case of assets covered under specific agreements, e.g. assets at Railway Consumer Depots, etc., useful
life is as per terms of agreement or as per Schedule II of the Act, whichever is lower.
Revisions to accounting estimates are recognized prospectively in the Statement of Profit and Loss in the period in
which the estimates are revised and in any future periods affected. 1.4.8. Items of Property, Plant and Equipment costing not more than the threshold limit are depreciated at 100% in
the year of acquisition except LPG Cylinders and Pressure Regulators which are depreciated over a useful
1.3. Property, Plant and Equipment life of 15 years based on the technical assessment.
1.3.1. Property, Plant and Equipment are stated at cost net of accumulated depreciation and accumulated impairment
losses, if any.

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1.4.9. Components of the main asset that are significant in value and have different useful lives as compared to 1.5.2.6. The Corporation has elected to use the exemption available under Ind AS 101 to continue the carrying
the main asset are depreciated over their estimated useful life. Useful life of such components has been value for all of its intangible assets as recognized in the Financial Statements as at the date of transition
assessed based on historical experience and internal technical assessment. to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition
(April 1, 2015).
1.4.10. Depreciation on spare parts specific to an item of Property, Plant and Equipment is based on life of the related
Property, Plant and Equipment. In other cases, the spare parts are depreciated over their estimated useful life
1.6. Investment Property
based on the technical assessment.
1.6.1. Investment properties are stated at cost net of accumulated depreciation and accumulated impairment losses,
1.4.11. Depreciation is charged on additions/deletions on pro-rata monthly basis including the month of if any.
addition/deletion.
1.6.2. Any gain or loss on disposal of investment property calculated as the difference between the net proceeds
1.4.12. The Residual value of LPG Cylinders (other than Composite LPG Cylinders) and Pressure Regulators from disposal and the carrying amount of the Investment Property is recognized in Statement of Profit
have been estimated at 25% of the original cost based on the historical experience and internal technical and Loss.
assessment. The residual value of Composite LPG Cylinders is estimated at 10% of the original cost based
on technical assessment. 1.6.3. On transition to Ind AS i.e. April 1, 2015, the Corporation has re-classified certain items from Property, Plant
and Equipment to investment property. For the same, Corporation has elected to use the exemption available
1.4.13. The residual value of catalyst having precious/noble metals is estimated at the cost of the precious/noble under Ind AS 101 to continue the carrying value for such assets as recognized in the Financial Statements as
metal content in catalyst which is expected to be extracted at end of their useful life, plus 5% of original cost of at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at
catalyst excluding cost of precious/noble metals based on the experience and internal technical assessment. the date of transition (April 1, 2015).
1.4.14. In respect of immovable assets constructed on leasehold land, useful life as per Schedule II or lease period
of land (including renewable/likely renewable period) whichever is lower is considered. 1.7. Borrowing Costs
1.7.1. Borrowing costs that are attributable to the acquisition or construction of qualifying assets (i.e. an asset that
1.5. Intangible Assets necessarily takes a substantial period of time to get ready for its intended use) are capitalized as a part of the
cost of such assets. All other borrowing costs are charged to the Statement of Profit and Loss.
1.5.1. Goodwill:
1.7.2. Investment Income earned on the temporary investment of funds of specific borrowings pending their
1.5.1.1.
Goodwill that arises on a business combination in accordance with Ind AS 103 ‘Business
expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.
Combinations’ is subsequently measured net of any accumulated impairment losses. Goodwill is
not amortized but is tested for impairment annually.
1.8. Non-current Assets/Disposal Group Held for Sale
1.5.2. Other Intangible Assets 1.8.1. Non-current assets classified as held for sale are measured at the lower of carrying amount and fair value
less costs of disposal (Up to 5% of the acquisition value)
1.5.2.1. Intangible assets are carried at cost net of accumulated amortization and accumulated impairment
losses, if any. Expenditure on internally generated intangibles, excluding development costs, is not
1.9. Leases
capitalized and is reflected in Statement of Profit and Loss in the period in which such expenditure
is incurred. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset to lessee for
a period of time in exchange for consideration.
1.5.2.2. Assets where entire output generated is committed to be sold to entities providing public services
for almost entire useful life of the asset are classified as intangible assets as per the requirements Corporation shall reassess whether a contract is, or contains, a lease if the terms and conditions of the contract
of applicable Ind AS and are amortized (after retaining the residual value, if applicable) over their are changed.
useful life or the period of the agreement, whichever is lower.
1.9.1. As a Lessee
1.5.2.3. In cases where, the Corporation has constructed assets on behalf of public infrastructure entities
At the commencement date, corporation recognizes a right-of-use asset at cost and a lease liability at present
and the Corporation has only a preferential right to use, these assets are classified as intangible
value of the lease payments that are not paid at commencement date.
assets and are amortized (after retaining the residual value, if applicable) over their useful life or the
period of the agreement, whichever is lower. The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability
(at present value) adjusted for any lease payments made at or prior to the commencement date of the lease
1.5.2.4. Intangible assets with indefinite useful lives, such as right of way which is perpetual and absolute
plus any initial direct costs less any lease incentives (at present value) except for leases with a term of twelve
in nature, are not amortized, but are tested for impairment annually. The useful lives are reviewed
months or less (short-term leases) and low value leases. For these short-term and low value leases, the
at each period to determine whether events and circumstances continue to support an indefinite
Corporation recognizes the lease payments as an operating expense. Lease of items such as IT Assets
useful life assessment for that asset. If not, the change in useful life from indefinite to finite is made
(tablets, personal computers, mobiles, POS machines etc.), small items of office furniture etc. are treated as
on a prospective basis. The impairment losses on intangible assets with indefinite life is recognized
low value.
in the Statement of Profit and Loss.
The lease liability is initially measured at amortized cost at the present value of the future lease payments.
1.5.2.5. Expenditure incurred for creating / acquiring other intangible assets above threshold limit from
The lease payments are discounted using the Corporation’s incremental borrowing rate computed on periodic
which future economic benefits will flow over a period of time, is amortized over the estimated
basis based on lease term. Lease liabilities are re-measured with a corresponding adjustment to the related
useful life of the asset or five years, whichever is lower, on a straight line basis, from the time the
right-of-use asset if the Corporation changes its assessment, whether it will exercise an extension or a
intangible asset starts providing the economic benefit. In other cases, the expenditure is reflected in
termination option.
the Statement of Profit and Loss in the year in which the expenditure is incurred. The amortization
period and the amortization method for an intangible asset with a finite life are reviewed at each Right-of-use assets are depreciated over the lease term on systematic basis and Interest on lease liability is
year end. The amortization expense on intangible asset with finite useful lives and impairment charged to Statement of Profit and Loss as Finance cost.
losses in case there is an indication that the intangible asset may be impaired, is recognized in the
The Corporation has elected not to apply Ind AS 116 “Leases” to Intangible assets.
Statement of Profit and Loss.

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1.9.2. As a Lessor 1.12. Revenue Recognition

A lessor shall classify each of its leases as either an operating lease or a finance lease.
1.12.1. Sale of goods

1.9.2.1. Finance leases Revenue from the sale of goods is recognized when the performance obligation is satisfied by transferring the
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental related goods to the customer. The performance obligation is considered to be satisfied when the customer
to ownership of an underlying asset. obtains control of the goods.
Corporation shall recognize assets held under a finance lease in its balance sheet and present Revenue from the sale of goods includes excise duty and is measured at the transaction price received or
them as a receivable at an amount equal to the net investment in the lease. receivable (after including transaction price allocations related to arrangements involving more than one
performance obligation), net of returns, taxes or duties collected on behalf of the Government and applicable
1.9.2.2. Operating leases trade discounts or rebates.
A lease is classified as an operating lease if it does not transfer substantially all the risks and Revenue is allocated between loyalty programs and other components of the sale. The amount allocated to
rewards incidental to ownership of an underlying asset. the loyalty program is deferred, and is recognized as revenue when the Corporation has fulfilled its obligation
to supply the products under the terms of the program.
Corporation shall recognize lease payments from operating leases as income on systematic basis
in the pattern in which benefit from the use of the underlying asset is diminished. Any upfront fees earned by the Corporation with no identifiable performance obligation are recognized as
revenue on a systematic basis over the period of the Contract.
1.10. Impairment of Non-financial Assets
Where the Corporation acts as an agent on behalf of a third party, the associated income is recognized on a
1.10.1. Non-financial assets other than inventories, deferred tax assets and non-current assets classified as held for net basis.
sale are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any
such indication exists, or when annual impairment testing for an asset is required, the Corporation estimates Claims in respect of subsidy on LPG and SKO, from Government of India are booked on in-principle acceptance
the asset’s recoverable amount. The recoverable amount is the higher of the asset’s or Cash-Generating thereof on the basis of available instructions / clarifications, subject to final adjustments as stipulated.
Unit’s (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an 1.12.2. Interest income is recognized using Effective Interest Rate (EIR) method.
individual asset, unless the asset does not generate cash inflows that are largely independent of those from
other assets or groups of assets. 1.12.3. Dividend is recognized when right to receive the payment is established, it is probable that the economic
benefits associated with the dividend will flow to the entity and the amount of dividend can be measured reliably.
1.10.2. The carrying amount of Goodwill arising from business combination is allocated to CGUs or groups of CGUs
that are expected to benefit from the synergies of the combination. 1.12.4. Income from sale of scrap is accounted for on realization.
1.10.3. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered 1.12.5. Claims other than subsidy claims on LPG and SKO, from Government of India are booked when there is a
impaired and is written down to its recoverable amount. reasonable certainty of recovery.
1.11. Inventories 1.13. Classification of Income / Expenses

1.11.1. Inventories are stated at cost or net realizable value, whichever is lower. Cost of inventories comprises 1.13.1. Income / expenditure (net) in aggregate pertaining to prior year(s) above the threshold limit are corrected
of expenditure incurred in the normal course of business in bringing inventories to their present location retrospectively in the first set of Financial Statements approved for issue after their discovery by restating the
including appropriate overheads apportioned on a reasonable and consistent basis and are determined on comparative amounts and / or restating the opening Balance Sheet for the earliest prior period presented.
the following basis: 1.13.2. Prepaid expenses Up to threshold limit in each case, are charged to revenue as and when incurred.
• Crude oil, traded goods and finished products other than lubricants are determined on First in First 1.13.3. Deposits placed with Government agencies / local authorities which are perpetual in nature are charged to
out basis. revenue in the year of payment.
• Other raw materials, packages, lubricants and stores and spares are determined on weighted average basis.
1.14. Employee Benefits
• The cost of Work-in-Progress is determined at raw material cost plus cost of conversion.
1.14.1. Short-term employee benefits
1.11.2. Customs duty on Raw materials/Finished goods lying in bonded warehouse are provided for at the applicable
rates except where liability to pay duty is transferred to consignee. Short-term employee benefits are recognized as an expense at an undiscounted amount in the Statement of
Profit and Loss of the year in which the related services are rendered.
1.11.3. Excise duty on finished stocks lying at manufacturing locations is provided for at the assessable value
applicable at each of the locations based on end use. 1.14.2. Post-employment benefits
1.11.4. The net realizable value of finished goods and stock in trade are based on the inter-company transfer prices
Defined Contribution Plans:
and final selling prices (applicable at the location of stock) for sale to oil marketing companies and retail
consumers respectively. For the purpose of stock valuation, the proportion of sales to oil marketing companies Obligations for contributions to defined contribution plans such as pension are recognized as an expense in
and retail consumers are determined on all India basis and considered for stock valuation at all locations. the Statement of Profit and Loss as the related service is provided. Prepaid contributions are recognized as
an asset to the extent that a cash refund or a set-off in future payments is available.
1.11.5. Raw Materials held for use in the production of finished goods are not written down below cost except in
cases where raw material prices have declined and it is estimated that the cost of the finished goods will Defined Benefit Plans:
exceed their net realizable value.
The Corporation’s net obligation in respect of defined benefit plans such as gratuity, other post-employment
1.11.6. Obsolete, slow moving, surplus and defective stocks are identified at the time of physical verification of stocks benefits etc., is calculated separately for each plan by estimating the amount of future benefit that the
and where necessary, provision is made for such stocks.

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employees have earned in the current and prior periods, discounting that amount and deducting the fair value 1.16. Investment in Subsidiaries, Joint Ventures and Associates
of any plan assets. Investments in equity shares of Subsidiaries, Joint Ventures and Associates are recorded at cost and reviewed for
The calculation of defined benefit obligation is performed at each reporting period end by a qualified actuary impairment at each reporting date.
using the Projected Unit Credit method. When the calculation results in a potential asset for the Corporation,
the recognized asset is limited to the present value of the economic benefits available in the form of any future 1.17. Government Grants
refunds from the plan or reductions in future contributions to the plan. 1.17.1. Government grants are recognized where there is reasonable assurance that the grant will be received and
all attached conditions will be complied with.
The current service cost of the defined benefit plan, recognized in the Statement of Profit and Loss as part
of employee benefit expense, reflects the increase in the defined benefit obligation resulting from employee 1.17.2. When the grant relates to an expense item, it is recognized in Statement of Profit and Loss on a systematic
service in the current year, benefit changes, curtailments and settlements. Past service costs are recognized basis over the periods that the related costs, for which it is intended to compensate, are expensed.
immediately in the Statement of Profit and Loss. The net interest is calculated by applying the discount rate to
1.17.3. Government grants relating to Property, Plant and Equipment are presented as deferred income and are
the net balance of the defined benefit obligation and the fair value of plan assets. This net interest is included
credited to the Statement of Profit and Loss on a systematic and rational basis over the useful life of the asset.
in employee benefit expense in the Statement of Profit and Loss.
Re-measurements which comprise of actuarial gains and losses, the return on plan assets (excluding amounts 1.18. Provisions, Contingent Liabilities and Capital Commitments
included in the net interest on the net defined benefit liability (asset)) and the effect of the asset ceiling (if any, 1.18.1. Provisions are recognized when there is a present obligation (legal or constructive) as a result of a past
excluding amounts included in the net interest on the net defined benefit liability (asset)), are recognized in event, it is probable that an outflow of resources embodying economic benefits will be required to settle the
Other Comprehensive Income. obligation and a reliable estimate can be made of the amount of the obligation.
1.14.3. Other Long-term Employee Benefits 1.18.2. The expenses relating to a provision is presented in the Statement of Profit and Loss net of reimbursements,
if any.
Liability towards other long-term employee benefits - leave encashment and long service awards etc., are
determined on actuarial valuation by qualified actuary by using Projected Unit Credit method. 1.18.3. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that
reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the
The current service cost of other long-terms employee benefits, recognized in the Statement of Profit and
provision due to the passage of time is recognized as a finance cost.
Loss as part of employee benefit expense, reflects the increase in the obligation resulting from employee
service in the current year, benefit changes, curtailments and settlements. Past service costs are recognized 1.18.4. Contingent liabilities are possible obligations whose existence will only be confirmed by future events not
immediately in the Statement of Profit and Loss. The interest cost is calculated by applying the discount rate wholly within the control of the Corporation, or present obligations where it is not probable that an outflow of
to the balance of the obligation. This cost is included in employee benefit expense in the Statement of Profit resources will be required or the amount of the obligation cannot be measured with sufficient reliability.
and Loss. Re-measurements are recognized in the Statement of Profit and Loss.
1.18.5. Contingent liabilities are not recognized in the Financial Statements but are disclosed unless the possibility
of an outflow of economic resources is considered remote.
1.15. Foreign Currency Transactions
1.18.6. Contingent liabilities and Capital Commitments disclosed are in respect of items which in each case are
1.15.1. Monetary Items: above the threshold limit.
Transactions in foreign currencies are initially recorded at their respective exchange rates at the date the
transaction first qualifies for recognition. 1.19. Fair Value Measurement
Monetary assets and liabilities denominated in foreign currencies are translated at exchange rates prevailing 1.19.1. The Corporation measures certain financial instruments at fair value at each reporting date.
on the reporting date. 1.19.2. Certain accounting policies and disclosures require the measurement of fair values, for both financial and
Exchange differences arising on settlement or translation of monetary items (except for long-term foreign non- financial assets and liabilities.
currency monetary items outstanding as of March 31, 2016) are recognized in Statement of Profit and Loss 1.19.3. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
either as profit or loss on foreign currency transaction and translation or as borrowing costs to the extent transaction between market participants at the measurement date in the principal or, in its absence, the
regarded as an adjustment to borrowing costs. most advantageous market to which the Corporation has access at that date. The fair value of a liability also
The Corporation has elected to continue the policy adopted under Previous GAAP for accounting the foreign reflects its non-performance risk.
exchange differences arising on settlement or translation of long-term foreign currency monetary items 1.19.4. The best estimate of the fair value of a financial instrument on initial recognition is normally the transaction
outstanding as of March 31, 2016 i.e. foreign exchange differences arising on settlement or translation of price – i.e. the fair value of the consideration given or received. If the Corporation determines that the fair
long-term foreign currency monetary items relating to acquisition of depreciable assets are adjusted to the value on initial recognition differs from the transaction price and the fair value is evidenced neither by a
carrying cost of the assets and depreciated over the balance life of the asset and in other cases, if any, quoted price in an active market for an identical asset or liability nor based on a valuation technique that uses
accumulated in “Foreign Currency Monetary Item Translation Difference Account” and amortized over the only data from observable markets, then the financial instrument is initially measured at fair value, adjusted to
balance period of the liability. defer the difference between the fair value on initial recognition and the transaction price. Subsequently that
difference is recognized in Statement of Profit and Loss on an appropriate basis over the life of the instrument
1.15.2. Non-Monetary items: but no later than when the valuation is wholly supported by observable market data or the transaction is
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using closed out.
the exchange rates at the dates of the initial transactions.

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1.19.5. While measuring the fair value of an asset or liability, the Corporation uses observable market data as far as Debt Instruments at Fair Value Through Other Comprehensive Income (FVOCI)
possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the A ‘debt instrument’ is measured at the fair value through Other Comprehensive Income if both the following
valuation technique as follows: conditions are met:
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. The asset is held within a business model whose objective is achieved by both
• Level 2: inputs other than quoted prices included in Level 1 that are observable for the assets or liability, either • collecting contractual cash flows and selling financial assets; and
directly (i.e. as prices) or indirectly (i.e. derived from prices).
• contractual terms of the asset give rise on specified dates to cash flows that are SPPI on the principal
• Level 3: inputs for the assets or liability that are not based on observable market data (unobservable inputs). amount outstanding.
1.19.6. When quoted price in active market for an instrument is available, the Corporation measures the fair value of the After initial measurement, these assets are subsequently measured at fair value. Interest income under
instrument using that price. A market is regarded as active if transactions for the asset or liability take place with Effective Interest method, foreign exchange gains and losses and impairment losses are recognized in the
sufficient frequency and volume to provide pricing information on an ongoing basis. Statement of Profit and Loss. Other net gains and losses are recognized in Other Comprehensive Income.
1.19.7. If there is no quoted price in an active market, then the Corporation uses valuation techniques that maximise the
use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique Debt Instruments at Fair Value Through Profit or Loss (FVTPL)
incorporates all of the factors that market participants would take into account in pricing a transaction. Fair Value through Profit or Loss is a residual category for debt instruments. Any debt instrument, which does
not meet the criteria for categorization at amortized cost or as FVOCI, is classified as FVTPL.
1.19.8. The Corporation regularly reviews significant unobservable inputs and valuation adjustments. If the third party
information, such as broker quotes or pricing services, is used to measure fair values, then the Corporation After initial measurement, any fair value changes including any interest income, foreign exchange gain and
assesses the evidence obtained from the third parties to support the conclusion that these valuations meet the losses, impairment losses and other net gains and losses are recognized in the Statement of Profit and
requirements of Ind AS, including the level in the fair value hierarchy in which the valuations should be classified. Loss separately.
1.20. Financial Assets Equity Investments

All equity investments within the scope of Ind AS 109 are measured at fair value. Such equity instruments
1.20.1. Initial Recognition and Measurement
which are held for trading are classified as FVTPL. For all other such equity instruments, the Corporation
Trade Receivables and debt securities issued are initially recognized when they are originated. All other decides to classify the same either as FVOCI or FVTPL. The Corporation makes such election on an
financial assets are initially recognized when the Corporation becomes a party to the contractual provisions of instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable.
the instrument. All financial assets are recognized initially at fair value plus, in the case of financial assets not
recorded at fair value through profit or loss (FVTPL), transaction costs that are attributable to the acquisition For equity instruments classified as FVOCI, all fair value changes on the instrument, excluding dividends, are
of the financial asset. However, trade receivables that do not contain a significant financing component are recognized in Other Comprehensive Income (OCI). Dividends on such equity instruments are recognized in
measured at transaction price. the Statement of Profit and Loss.
Equity instruments included within the FVTPL category are measured at fair value with all changes recognized
1.20.2. Subsequent Measurement in the Statement of Profit and Loss.
Subsequent measurement is determined with reference to the classification of the respective financial assets.
Based on the business model for managing the financial assets and the contractual cash flow characteristics 1.20.3. De-recognition
of the financial asset, the Corporation classifies financial assets as subsequently measured at amortized A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets)
cost, fair value through Other Comprehensive Income or fair value through profit or loss. is primarily derecognized (i.e. removed from the Corporation’s Balance Sheet) when:
Debt Instruments at Amortized Cost The rights to receive cash flows from the asset have expired, or
A ‘debt instrument’ is measured at the amortized cost if both the following conditions are met: The Corporation has transferred its rights to receive cash flows from the asset or has assumed an obligation to
pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement;
The asset is held within a business model whose objective is
and either:
• To hold assets for collecting contractual cash flows, and
• The Corporation has transferred substantially all the risks and rewards of the asset, or
• Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of
• The Corporation has neither transferred nor retained substantially all the risks and rewards of the asset,
principal and interest (SPPI) on the principal amount outstanding.
but has transferred control of the asset.
After initial measurement, such financial assets are subsequently measured at amortized cost using the
On de-recognition, any gains or losses on all debt instruments (other than debt instruments measured at
Effective Interest Rate (EIR) method. Amortized cost is calculated by taking into account any discount or
FVOCI) and equity instruments (measured at FVTPL) are recognized in the Statement of Profit and Loss.
premium and fees or costs that are an integral part of the EIR. The EIR amortization is included in finance
Gains and losses in respect of debt instruments measured at FVOCI and that are accumulated in OCI are
income in the Statement of Profit and Loss. The losses arising from impairment are recognized in the
reclassified to profit or loss on de-recognition. Gains or losses on equity instruments measured at FVOCI that
are recognized and accumulated in OCI are not reclassified to profit or loss on de-recognition.
If there is revision in estimates of receipts/contractual cash flows, gross carrying amount of the financial
assets are recalculated at period end as the present value of the estimated future contractual cash flows that 1.20.4. Impairment of Financial Assets
are discounted at the financial asset’s original effective interest rate due to revision in estimates of receipts. In accordance with Ind AS 109, the Corporation applies Expected Credit Loss (“ECL”) model for measurement
Adjustment, if any, is recognized as income or expense in Statement of Profit and Loss. and recognition of impairment loss on the financial assets measured at amortized cost and debt instruments
measured at FVOCI.

265

Loss allowances on receivables from customers are measured following the ‘simplified approach’ at an
amount equal to the lifetime ECL at each reporting date. In respect of other financial assets such as loan to fair value on the date on which a derivative contract is entered into and are subsequently measured at fair value with
LPG Consumers, debt securities and bank balances, the loss allowance is measured at 12 month ECL only if the changes being recognized in the Statement of Profit and Loss. Derivatives are carried as financial assets when the
there is no significant deterioration in the credit risk since initial recognition of the asset or asset is determined fair value is positive and as financial liabilities when the fair value is negative.
to have a low credit risk at the reporting date. The fair valuation gains or losses on foreign currency derivatives measured at FVTPL are grouped along with Gain or
loss on foreign currency transactions and translations and presented under “Other Income” or “Other expenses”, as the
1.21. Financial Liabilities case may be, since these derivatives constitute hedges from an economic perspective and may not qualify for hedge
accounting under Ind AS 109.
1.21.1. Initial Recognition and Measurement
Financial liabilities are initially recognized when the Corporation becomes a party to the contractual provisions 1.24. Offsetting of Financial Instruments
of the instrument.
Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet, if there is a
Financial liability is initially measured at fair value minus, for an item not at fair value through profit and loss, currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to
transaction costs that are directly attributable to its acquisition or issue. realize the assets and settle the liabilities simultaneously.
1.21.2. Subsequent Measurement 1.25.Taxes on Income

Subsequent measurement is determined with reference to the classification of the respective financial liabilities.
1.25.1. Current Tax
Financial Liabilities at Fair Value through Profit or Loss (FVTPL) Income-tax Assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
A financial liability is classified as at Fair Value through Profit or Loss (FVTPL) if it is classified as held-for-
substantively enacted, by the end of reporting period.
trading or is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value
and changes therein, including any interest expense, are recognized in Statement of Profit and Loss. Current Tax items are recognized in correlation to the underlying transaction either in the Statement of Profit
and Loss, Other Comprehensive income or directly in equity.
Financial Liabilities at amortized cost
After initial recognition, financial liabilities other than those which are classified as FVTPL are subsequently 1.25.2. Deferred Tax
measured at amortized cost using the Effective Interest Rate (“EIR”) method. Deferred tax is provided using the Balance Sheet method on temporary differences between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Amortized cost is calculated by taking into account any discount or premium and fees or costs that are an
integral part of the EIR. The amortization done using the EIR method is included as finance costs in the Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when
Statement of Profit and Loss. the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or
substantively enacted at the reporting date.
1.21.3. De-recognition
Deferred Tax items are recognized in correlation to the underlying transaction either in the Statement of Profit
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. and Loss, Other Comprehensive Income or directly in equity.
When an existing financial liability is replaced by another from the same lender on substantially different
terms, or the terms of an existing liability are substantially modified, such an exchange or modification is 1.26.Classification of Assets and Liabilities as Current and Non-Current:
treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the
All assets and liabilities are classified as current or non-current as per the Corporation’s normal operating cycle
respective carrying amounts is recognized in the Statement of Profit and Loss.
(considered as 12 months) and other criteria set out in Schedule III of the Act.
1.22. Financial Guarantees

1.27. Cash and Cash Equivalents
Financial guarantee contracts issued by the Corporation are those contracts that require a payment to be made to
Cash and cash equivalents in the Balance Sheet include cash at bank, cash, cheque, draft on hand and demand
reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance
deposits with an original maturity of less than three months, which are subject to an insignificant risk of changes
with the terms of the debt instrument. Financial guarantee contracts are recognized initially as a liability at fair value,
in value.
adjusted for transaction costs that are directly attributable to the issuance of the guarantee. Subsequently, the liability
is measured at the higher of the amount of loss allowance determined as per impairment requirements of Ind AS 109 For the purpose of Statement of Cash Flows, Cash and cash equivalents include cash at bank, cash, cheques and
and the fair value initially recognized less cumulative amortization. drafts on hand, net of outstanding bank overdrafts as they are considered an integral part of the Corporation’s cash
management. The Corporation considers all highly liquid investments with a remaining maturity at the date of purchase
1.23. Derivative Financial Instruments of three months or less and that are readily convertible to known amounts of cash to be cash equivalents.
The Corporation uses derivative financial instruments to manage the commodity price risk and exposure on account of
fluctuation in interest rate and foreign exchange rates. Such derivative financial instruments are initially recognized at

267
268
each case
in each case
Threshold Item
Pressure Regulators
1.28.Cash Flows
Prepaid expenses in each case

activities are segregated.
GST on common capital goods per item per month

Financial Statements as given below:
Allocation of other expenses to projects costing in each case
Income / expenditure (net) in aggregate pertaining to prior year(s)

Depreciation at 100% in the year of acquisition except LPG Cylinders and
Disclosure of Contingent liabilities and Capital Commitments in each case

Expenditure incurred for creating / acquiring other intangible assets in each case
Capitalization of spare parts meeting the definition of Property, Plant and Equipment
Expenditure on certain items of Property, Plant and Equipment charged to revenue in
1.4.8
1.3.8
1.3.6
1.3.5
1.3.2
1.18.6
1.13.2
1.13.1
1.5.2.5
Accounting
Policy Reference
NOTES TO STANDALONE FINANCIAL STATEMENTS
I
I
Unit
I lakh
I lakh
I lakh
I lakh
I lakh
I crore
I crore
5
5
5
5
50
10
300
Value
5,000
1,000
Threshold Limit
1.29. The Corporation has Adopted Materiality Threshold Limits in the Preparation and Presentation of
or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing
of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income
Cash flows are reported using the indirect method, whereby net profit before tax is adjusted for the effects of transactions
NOTE 2 PROPERTY, PLANT AND EQUIPMENT

(` in crore)
Gross Block Depreciation Net Carrying Amount
Reclassifications Reclassifications
/ Deductions / Deductions
On Account Of On Account Of
As at Other Retirement / As at Up to For the Retirement / Up to As at As at
Particulars April 1, 2023 Additions Adjustments Disposal March 31, 2024 March 31, 2023 period Disposal March 31, 2024 March 31, 2024 March 31, 2023
Freehold Land* 2,612.75 176.36 - 0.87 2,788.24 - - - - 2,788.24 2,612.75

Buildings including Roads* 12,610.76 919.21 - 25.93 13,504.04 3,264.51 587.45 5.77 3,846.19 9,657.85 9,346.25
Plant and Equipments* 46,439.74 2,442.32 57.75 421.80 48,518.01 11,729.16 2,934.56 270.41 14,393.31 34,124.70 34,710.58
Furniture and Fixtures* 1,620.35 364.62 - 18.20 1,966.77 628.79 170.97 17.28 782.48 1,184.29 991.56
Vehicles 91.21 15.64 - 5.00 101.85 51.67 10.11 3.00 58.78 43.07 39.54
Office Equipments* 1,793.54 218.58 - 51.39 1,960.73 1,119.77 215.37 50.85 1,284.29 676.44 673.77
Railway Sidings 468.81 17.95 - (17.65) 504.41 137.08 35.10 2.79 169.39 335.02 331.73
Tanks and Pipelines* 18,142.95 917.74 - 25.70 19,034.99 3,251.14 737.71 7.25 3,981.60 15,053.39 14,891.81
Dispensing Pumps 4,136.10 343.78 - 6.34 4,473.54 1,352.95 393.23 5.07 1,741.11 2,732.43 2,783.15
LPG Cylinders and Allied 11,284.13 614.19 - 3.16 11,895.16 3,083.99 537.24 1.41 3,619.82 8,275.34 8,200.14
Equipments
Right-of-Use Assets* 12,154.10 1,003.71 - 882.87 12,274.94 2,275.13 980.83 825.16 2,430.80 9,844.14 9,878.97
(Refer Note 49)
Total 1,11,354.44 7,034.10 57.75 1,423.61 1,17,022.68 26,894.19 6,602.57 1,188.99 32,307.77 84,714.91 84,460.25
Previous Year 1,03,119.54 8,709.26 617.46 1,091.82 1,11,354.44 21,527.19 6,205.29 838.29 26,894.19 84,460.25 81,592.35
Corporate OvervieW
* These include assets which are given on Operating Leases, the details thereof are included in Note 49.
Statutory Reports

269

NOTE 3 CAPITAL WORK-IN-PROGRESS (CWIP)
(` in crore)
As at March
31, 2023
210.35
275.11
35.95
82.35
328.23
931.99
1,010.01
(` in crore)
As at
March 31, 2023
1,203.98
1,203.98
1,203.98
Net Carrying Amount

(` in crore)
Net Carrying Amount

As at As at
Particulars March 31, 2024 March 31, 2023
As at March
31, 2024
210.35
259.57
32.25
78.17
238.22
818.56
931.99
Capital work-in-progress
As at
March 31, 2024
1,203.98
1,203.98
1,203.98
Property, Plant & Equipment under erection/ construction 7,298.41 4,973.48
Capital stores including those lying with contractors 1,025.77 395.59
Capital goods-in-transit 4.81 6.49
Up to March
31, 2024
-
77.46
30.93
124.57
427.05
660.01
483.34
Allocation of Construction Period expenses 2023-24 2022-23
Opening balance 269.49 251.63
Up to
March 31, 2024
-
-
-
Add: Expenditure during the year -
Establishment charges including Employee Benefit
Reclassifications
/ Deletions
-
-
-
0.52
-
0.52
7.00
127.63 151.12
expenses
Borrowing costs 16.66 8.77
Amortization
Others 2.21 11.15
For the year

-
-
-
415.99 422.67
Impairment
Less: Allocated to assets capitalized /charged off during the (65.26)
For the
year
-
26.61
3.70
29.75
117.13
177.19
170.37
(153.18)
year
Closing balance pending allocation 350.73 269.49
Total 8,679.72 5,645.05
Up to
March 31, 2023
-
-
-
Up to March
31, 2023
-
50.85
27.23
95.34
309.92
483.34
319.97
Note: The above details are net of Provision for CWIP K 350.99 crore (Previous year ` 348.56 crore)
NOTE 4 INVESTMENT PROPERTY
As at March
31, 2024
210.35
337.03
63.18
202.74
665.27
1,478.57
1,415.33
(` in crore)
As at
March 31, 2024
1,203.98
1,203.98
1,203.98
/ Deductions / Deductions
As at On Account Of As at Up to On Account Of Up to As at As at
April March March For the March March March
Reclassifications
/ Deletions
-
-
-
0.46
-
0.46
(58.23)
Retirement / Retirement /
Particulars 1, 2023 Additions Disposal 31, 2024 31, 2023 year Disposal 31, 2024 31, 2024 31, 2023
Buildings 0.17 - - 0.17 0.16 - - 0.16 0.01 0.01
Additions
-
-
-
Gross Amount
Right-of-use Assets (0.14) 0.14 # (0.06) 0.06 0.08
TOTAL 0.17 - (0.14) 0.31 0.16 # (0.06) 0.22 0.09 0.01
Gross Block
Previous Year 0.17 - - 0.17 0.14 0.02 - 0.16 0.01 0.03
Other
Adjustments
-
-
-
-
-
-
-
NOTE 5 GOODWILL & OTHER INTANGIBLE ASSETS
# Amount I 15,500/-
As at
April 1, 2023
1,203.98
1,203.98
1,203.98
The Corporation’s investment properties consists of office premises rented out to third parties.
Additions
-
11.07
-
25.51
27.12
63.70
27.12
Information Regarding Income and Expenditure of Investment Property
(` in crore)
As at April
1, 2023
210.35
325.96
63.18
177.69
638.15
1,415.33
1,329.98
Rental Income derived from Investment Properties 1.07 1.07
Less - Depreciation # 0.02
Profit arising from Investment Properties before other direct operating expenses 1.07 1.05
B. Other Intangible Assets

# Amount I 15,500/-
(No. of Years)
Goodwill on Business Combination
Useful Life
Indefinite
The other direct operating expenses on the investment properties are not separately identifiable and the same are not likely
Up to 30
Up to 5
Up to 5
to be material.
20
As at March 31, 2024 and March 31, 2023, the fair value of the property is K 12.22 crore and ` 12.02 crore respectively. These
fair values of the investment property are categorized as Level 2 in the fair valuation hierarchy and has been determined
Service Concession
Software/ Licenses
A. Goodwill
Process Licenses
by external, independent property valuer (registered valuer as per Companies Act, 2013), having appropriate recognized
(Refer Note 48)

Previous Year
Arrangements
professional qualifications and recent experience in the location and category of the property being valued.
Previous Year
Right of Way
Right-to-Use
Particulars
Particulars
Total
Total
271

NOTE 6 INTANGIBLE ASSETS UNDER DEVELOPMENT (IAUD) k) Depreciation and amortization for the year is K 6,779.76 crore (Previous year ` 6,375.68 crore) from which, after
reducing -
(` in crore)
Gross Amount i) Depreciation on decapitalization of K 8.75 crore (Previous year ` 11.36 crore) and
Capitalization as
As at Intangible Asset/ As at ii) Depreciation on reclassification of assets of K 20.90 crore (Previous year ` 16.84 crore) the
Particulars April 1, 2023 Additions Deletions March 31, 2024
Net Depreciation and amortization for the year charged to Statement of Profit and Loss is K 6,750.11 crore (Previous year
Right of Way 0.33 44.89 0.33 44.89
` 6,347.48 crore).
Software / License 22.87 43.17 14.29 51.75
l) Deduction from accumulated depreciation on account of retirement / disposal / reclassifications during the year is
Process Licenses 5.13 - - 5.13
K 1,189.52 crore (Previous year ` 845.29 crore).
Total 28.33 88.06 14.62 101.77
Previous Year 17.27 24.71 13.65 28.33 m) The Corporation has assessed the useful life of Right of Way as indefinite where the same is perpetual in nature.
There are no internally generated Intangible Assets. n) Further residual value of certain pipelines has been re-assessed as Nil, resulting in increase in depreciation by K 10.92
crore and similar impact in future years over remaining useful life.
Note: The above details are net of Provision for IAUD K 53.66 crore (Previous year: ` 53.66 crore)
o) Ageing of Capital Work-in-progress (CWIP) is as follows:
Additional Information in Respect of Note Nos. 2 to 6:
a) Freehold land includes K 4.63 crore (Previous year ` 2.20 crore) which, not being in the Corporation’s possession and As at March 31, 2024
being under dispute, has been provided for in books of accounts. (` in crore)
b) Buildings include Ownership Flats having gross block of K 46.44 crore (Previous year ` 44.94 crore) in proposed / Amount in CWIP for a period of
existing co-operative societies and others. Less than More than

CWIP 1 year 1 – 2 years 2 – 3 Years 3 years Total
c) The Corporation has elected to continue the policy adopted under Previous GAAP for accounting the foreign exchange Projects in progress 4,679.82 2,962.87 348.77 660.21 8,651.67
differences arising on settlement or translation of long-term foreign currency monetary items outstanding as of Projects temporarily suspended 9.03 14.32 1.82 2.88 28.05
March 31, 2016 i.e. foreign exchange differences arising on settlement or translation of long-term foreign currency
Total 4,688.85 2,977.19 350.59 663.09 8,679.72
monetary items relating to acquisition of depreciable assets are adjusted to the carrying cost of the assets and
depreciated over the balance life of the asset. Accordingly, “Other adjustments” include capitalization of foreign
As at March 31, 2023
exchange differences (net) of K 57.75 crore (Previous year ` 617.46 crore).
(` in crore)
d) Additions include capitalization of borrowing costs of K 1.21 crore (Previous year ` 0.97 crore).
Amount in CWIP for a period of
e) Freehold Land, Plant and Equipment, Tanks and Pipelines, Railway Sidings, Buildings etc. jointly owned in varying Less than More than
extent with other Oil Companies / Railways / Port Trust: Gross Block K 951.27 crore (Previous year ` 935.56 crore), CWIP 1 year 1 – 2 years 2 – 3 Years 3 years Total
Cumulative Depreciation K 203.28 crore (Previous year ` 163.56 crore), Net Block K 747.99 crore (Previous year Projects in progress 2,976.21 1,387.52 594.95 666.91 5,625.59
` 772.00 crore). Further CWIP includes K 47.50 crore (Previous year ` 20.57 crore) on account of projects being Projects temporarily suspended 14.24 1.83 0.28 3.11 19.46
executed jointly. Total 2,990.45 1,389.35 595.23 670.02 5,645.05
f) During the year, useful life of product dispensing units for MS/HSD have been reviewed by the Corporation and changed
from existing 15 years to 10 years based on independent technical assessment resulting in increase in depreciation by p) Ageing of Intangible Assets under Development (IAUD) is as follows:
K 145.20 crore.
g) Further useful life of electronic carousel & its downstream equipment and aviation refuelling equipment (including
(` in crore)
refuellers & dispensers) classified under Plant & Machinery has been changed from 25 years to 15 years based on
Amount in IAUD for a period of
technical assessment resulting in increase in depreciation by K 22.96 crore and K 18.66 crore respectively.
Less than More than
h) CWIP balance of 2G Ethanol Bio-Refinery project at Bargarh are secured against charge of K 37.50 crore created in IAUD 1 year 1 – 2 years 2 – 3 Years 3 years Total
favor of Center for High Technology (CHT), a society under the administrative control of MoPNG. Projects in progress 77.02 19.58 0.04 5.13 101.77
Total 77.02 19.58 0.04 5.13 101.77
i) Compenzation from third parties in respect of items of Property, Plant and Equipment / Capital work in progress that
were impaired, lost or given up during the year included in Statement of Profit and Loss is K 32.58 crore (Previous year
` 22.62 crore). As at March 31, 2023
j) Gross Block Reclassifications / Deductions on account of Retirement / Disposal includes: (` in crore)

i) On account of retirement / disposal during the year K 1,139.97 crore (Previous year ` 864.81 crore) Less than More than
IAUD 1 year 1 – 2 years 2 – 3 Years 3 years Total
ii) Assets classified as held for sale K 205.24 crore (Previous year ` 106.66 crore)
Projects in progress 22.80 0.40 - 5.13 28.33
iii) Decapitalization of K 79.38 crore (Previous year ` 62.80 crore) Total 22.80 0.40 - 5.13 28.33
iv) Deduction on account of reclassifications during the year K 0.52 crore (Previous year ` 0.68 crore).

273

q) For Capital Work-in-progress (CWIP), Whose Completion is Overdue or has Exceeded its Cost Compared s) Details of Immovable Properties not Held in the Name of Corporation
to its Original Plan, CWIP completion schedule is as follows:
CWIP as at March 31, 2024 Gross
Relevant line Description carrying Reason for not being
(` in crore)
item in the of item of value Property held since held in the name of
To be completed in Balance sheet property (` crore) Title deeds held in the name of which date the Company
Less than 1–2 2–3 More than PPE Land 1.50 Rajaswa Vibag, Jiladikari, Udhamsingh Nagar June 30, 2006 Registration pending
Particulars Project Name 1 year years Years 3 years
PPE Land 0.66 British India Corporation Limited March 19, 2004 Legal Case
Projects in progress 2G Ethanol Biorefineries 1,021.43 - - -
PPE Land 0.00* DISTRICT MAGISTRATE MATHURA March 31 2002 Legal Case
Projects in progress Pipeline from Krishnapatnam to Hyderabad - 588.99 - -
PPE Land 0.01 Railways April 1, 1984 Registration pending
Projects in progress Setting Up Polypropylene at Rasayani & Petro Resid - - - 291.10
PPE Land 0.02 Railways December 1,1994 Legal Case
Fluidized Catalytic Cracker at Mumbai Refinery
PPE Land 0.55 Andhra Pradesh Industrial Infrastructure September 1, 1998 Legal Case
Projects in progress Others 520.21 94.54 3.08 -
Corporation (APIIC)
Projects temporarily suspended Others 17.64 - - 17.80
PPE Land 0.00^ Others April 1, 1928 Registration pending
PPE Land 0.08 Andhra Pradesh Industrial Infrastructure April 1, 1985 Land Allotment Case
CWIP as at March 31, 2023 Corporation (APIIC)
(` in crore) PPE Land 73.94 Andhra Pradesh Industrial Infrastructure March 18, 2023 Registration pending
Corporation (APIIC)
To be completed in
Less than 1–2 2–3 More than
PPE Land 0.75 Karnataka Industrial Area Development Authority December 1, 1990 Registration pending
Particulars Project Name 1 year years Years 3 years (KIADB)
Projects in progress Setting Up Polypropylene at Rasayani & Petro Resid 290.76 - - - PPE Land 0.41 Karnataka Industrial Area Development Authority March 1, 1992 Registration pending
Fluidized Catalytic Cracker at Mumbai Refinery (KIADB)
Projects in progress Turnaround for Hydro Cracker Unit /Diesel Hydro 147.21 - - - PPE Land 0.00& Others April 1, 1928 Registration pending
Treater unit at Bina Refinery PPE Land 3.43 Karnataka Industrial Area Development Authority March 1, 1997 Registration pending
Projects in progress Others 402.43 29.45 58.45 - (KIADB)
Projects temporarily suspended Others 9.12 0.21 - 0.11 PPE Right-of-use 0.51 Karnataka Industrial Area Development Authority April 1, 1983 Land Allotment Case
assets (KIADB)
r) For Intangible Assets under Development (IAUD), whose Completion is Overdue or has Exceeded its PPE Land 2.21 Special Thasildar April 1,1985 Land Allotment Case
Cost Compared to its Original Plan, IAUD Completion Schedule is as follows: PPE Land 6.14 Hindustan Petroleum Corporation Limited (HPCL) November 15, 2019 Registration pending
(Jointly owned)
IAUD as at March 31, 2024 PPE Land 0.06 Government of Kerala April 1, 1971 Registration pending
(` in crore) PPE Land 57.86 Government of Kerala August 31,2023 Registration pending
To be completed in PPE Land 0.05 Government of Maharashtra March 1, 1998 Registration pending
Less than 1–2 2–3 More than PPE Land 0.33 Deputy Salt Commissioner,Bombay March 1, 1998 Registration pending
Particulars Project Name 1 year years Years 3 years
PPE Land 0.00# Others April 1, 1928 Registration pending
Projects in progress Others 40.24 - - -
* ` 49,050, ^ ` 344, &` 2,289, # ` 50
IAUD as at March 31, 2023 Pursuant to Ministry of Corporate Affairs (MCA) orders sanctioning the Scheme of Amalgamation of erstwhile subsidiaries
BORL and BGRL, received by the Corporation on June 22, 2022 and August 8, 2022 respectively, assets of erstwhile
(` in crore)
subsidiaries have been vested and amalgamated in the books of the Corporation and accounted for during the previous year
To be completed in
as per Ind AS 103 “Business Combination”. The process of updating the name of the Corporation in respect of immovable
Particulars Project Name 1 year years Years 3 years properties of erstwhile subsidiaries BORL and BGRL is in progress.

275

t) Details of Immovable Properties not Held in the Name of Corporation NOTE 7 INVESTMENTS IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES
I in crore
As at March 31, 2023 No. of units
As at As at As at As at
Gross Particulars March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Relevant line Description carrying Reason for not being
item in the of item of value Property held since held in the name of Investment in Subsidiary
Balance sheet property (` crore) Title deeds held in the name of which date the Company Unquoted
PPE Land 1.50 Rajaswa Vibag, Jiladikari, Udhamsingh Nagar June 30, 2006 Registration pending Equity shares of [K 10 each (Fully Paid up)]
PPE Land 0.66 British India Corporation Limited March 19, 2004 Legal Case Bharat PetroResources Limited (BPRL)* 10,80,00,00,000 9,47,50,00,000 10,926.37 9,601.37
PPE Land 0.00* District Magistrate Mathura March 31, 2002 Legal Case Investment in Joint Ventures
PPE Right-of-use 1.06 Industrial Infrastructure Development March 1, 1998 Registration Pending Unquoted
assets Corporation, Odisha Equity Shares of [K 10 each (Fully Paid up)]
PPE Land 0.01 Railways April 1, 1984 Registration Pending Delhi Aviation Fuel Facility Private Limited 6,06,80,000 6,06,80,000 60.68 60.68
PPE Land 0.02 Railways December 1, 1994 Legal Case Maharashtra Natural Gas Limited 2,24,99,700 2,24,99,700 22.50 22.50
PPE Land 0.55 Andhra Pradesh Industrial Infrastructure September 1, 1998 Legal Case Sabarmati Gas Limited 99,87,400 99,87,400 122.40 122.40
Corporation (APIIC) Central UP Gas Limited 1,49,99,600 1,49,99,600 15.00 15.00
PPE Land 0.00# Others April 1, 1928 Registration Pending Bharat Stars Services Private Limited 1,00,00,000 1,00,00,000 10.00 10.00
PPE Land 3.43 Karnataka Industrial Areas Development Board March 1, 1997 Registration Pending Bharat Renewable Energy Limited 33,60,000 33,60,000 3.36 3.36
(KIADB) Mumbai Aviation Fuel Farm Facility Private Limited 5,29,18,750 5,29,18,750 52.92 52.92
PPE Land 0.08 Andhra Pradesh Industrial Infrastructure April 1, 1985 Land Allotment Case Kochi Salem Pipeline Private Limited 56,06,40,000 55,00,00,000 560.64 550.00
Corporation (APIIC) BPCL-KIAL Fuel Farm Facility Private Limited 66,60,000 66,60,000 6.66 6.66
PPE Land 0.75 Karnataka Industrial Areas Development Board December 1, 1990 Registration Pending Haridwar Natural Gas Private Limited 4,35,80,000 2,22,00,000 43.58 22.20
(KIADB) Goa Natural Gas Private Limited 4,00,00,000 4,00,00,000 40.00 40.00
PPE Land 0.41 Karnataka Industrial Areas Development Board March 1, 1992 Registration Pending Ratnagiri Refinery and Petrochemical Limited 5,00,00,000 5,00,00,000 50.00 50.00
(KIADB)
IHB Limited 76,45,00,000 76,45,00,000 764.50 764.50
PPE Land 0.00@ Others April 1, 1928 Registration Pending
Equity Shares of [USD 1 each (Fully Paid up)]
PPE Land 0.00& Others April 1, 1928 Registration pending Matrix Bharat Pte. Ltd. 2,50,000 2,50,000 1.05 1.05
PPE Land 6.14 Hindustan Petroleum Corporation Limited (HPCL) November 15, 2019 Registration pending Investment in Associates
(Jointly owned)
Quoted
PPE Land 0.06 Government of Kerala April 1, 1971 Registration pending Equity Shares
PPE Land 0.05 Government of Maharashtra March 1, 1998 Registration Pending Petronet LNG Limited [I 10 each (Fully Paid up)] 18,75,00,000 18,75,00,000 98.75 98.75
PPE Land 0.33 Deputy Salt Commissioner, Bombay March 1, 1998 Registration Pending Indraprastha Gas Limited [I 2 each (Fully Paid up)] 15,75,00,400 15,75,00,400 31.50 31.50
PPE Land 73.94 Telangana State Industrial Infrastructure March 18, 2023 Registration pending Unquoted
Corporation (TSIIC)
Equity Shares of [K 10 each (Fully Paid up)]
* ` 49,050; # ` 344; @ ` 2,289; & ` 50 GSPL India Gasnet Limited 24,32,37,505 20,81,22,128 243.24 208.12
GSPL India Transco Limited 6,67,70,000 6,67,70,000 66.77 66.77
Pursuant to Ministry of Corporate Affairs (MCA) orders sanctioning the Scheme of Amalgamation of erstwhile subsidiaries
Petronet CI Limited 15,84,000 15,84,000 1.58 1.58
BORL and BGRL, received by the Corporation on June 22, 2022 and August 8, 2022 respectively, assets of erstwhile
Fino PayTech Limited 2,79,91,070 2,79,91,070 260.17 260.17
subsidiaries have been vested and amalgamated in the books of the Corporation and accounted for during the year as
per Ind AS 103 “Business Combination”. The process of updating the name of the Corporation in respect of immovable Equity Shares of [K 0.10 each (Fully Paid up)]
properties of erstwhile subsidiaries BORL and BGRL is in progress. Petronet India Limited 1,60,00,000 1,60,00,000 0.16 0.16
Equity Shares of (K 100 each (Fully Paid up))
Kannur International Airport Limited 2,16,80,000 2,16,80,000 216.80 216.80
Impairment in the value of investments
Bharat PetroResources Limited (Refer Note No. 56) (5,190.77) (3,392.75)
GSPL India Transco Limited (14.08) (14.08)
Bharat Renewable Energy Limited (3.36) (3.36)
Petronet CI Limited (1.58) (1.58)
Total 8,388.84 8,794.72
Aggregate amount of Unquoted Securities 8,258.59 8,664.47
Aggregate amount of Quoted Securities 130.25 130.25
Market value of Quoted Securities 11,725.29 11,038.89
Aggregate amount of Impairment in the value of 5,209.79 3,411.77
investments
*Includes Equity component of K 126.37 crore (Previous year I 126.37 crore) recognized on Fair Valuation of concessional rate loan given to
Subsidiary (BPRL).

277

NOTE 8 OTHER INVESTMENTS NOTE 10 OTHER FINANCIAL ASSETS

No. of units K in crore (Unsecured, considered good unless otherwise stated)
I in crore
Particulars March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
As at As at
Investment in Equity Instruments Designated at Fair Particulars March 31, 2024 March 31, 2023
Value through Other Comprehensive Income
Security Deposits
Equity Shares of (K 10 each (Fully Paid up))
Considered Good 218.92 183.69
Quoted
Considered Doubtful 2.48 2.27
Oil India Limited* 2,67,50,550 2,67,50,550 1,605.30 673.18
Less: Allowance For Doubtful (2.48) (2.27)
Unquoted
Claims
Cochin International Airport Limited* 1,64,06,250 1,31,25,000 173.20 127.30 Considered Good 1.91 2.08
Investment in Debentures at Amortized cost Considered Doubtful 19.07 18.96
Unquoted Less: Allowance For Doubtful (19.07) (18.96)
5% Debentures (Fully Paid up) of 1 1 0.01 0.01 Bank Deposits with more than twelve Months Maturity
East India Clinic Limited Considered Good* 3.91 3.89
Investment in Equity Instruments Designated at Fair Considered Doubtful 0.02 0.02
Value through Profit or Loss
Unquoted Advances against Equity#
Equity Shares of Kochi Refineries Employees Consumer 500 500 # # Kochi Salem Pipeline Private Limited 76.99 10.64
Co-operative Society Limited (Fully Paid up)
Haridwar Natural Gas Private Limited - 21.38
#Value I 5,000/-
Cochin International Airport Limited - 16.41
Ordinary Shares (Fully Paid up) of Sindhu 6 6 ## ##
Bharat Renewable Energy Limited 0.54 0.54
Resettlement Corporation Limited
##Value I 19,000/-
Total 301.73 238.09
Total 1,778.51 800.49
Aggregate amount of Unquoted Securities 173.21 127.31 * Includes Deposits of K 3.91 crore (Previous Year I 3.89 crore) that have been pledged / deposited with Local Authorities/bank.
Aggregate amount of Quoted Securities 1,605.30 673.18 # Advance against Equity Shares (pending allotment).
Market value of Quoted Securities 1,605.30 673.18
Aggregate amount of Impairment in the value of - - NOTE 11 INCOME TAX ASSETS (NET)
investments
I in crore
* The Corporation has designated these investments at Fair Value through Other Comprehensive Income since these investments are intended to As at As at
hold for long-term purposes. No such investments were disposed off during the year and accordingly, there have been no transfers of the cumulative Particulars March 31, 2024 March 31, 2023
gains or losses on these investments. Advance Payment of Income Tax (Net of provision) 477.44 485.95
Total 477.44 485.95
NOTE 9 NON-CURRENT LOANS
(Unsecured, considered good unless otherwise stated) NOTE 12 OTHER NON-CURRENT ASSETS
(Unsecured, considered good unless otherwise stated)
I in crore
As at As at I in crore
As at As at
Loans to Subsidiary Particulars March 31, 2024 March 31, 2023
Bharat PetroResources Limited - 455.00 Capital Advances
Loan to Joint Venture Considered Good 244.56 275.56
Haridwar Natural Gas Private Limited (Secured) 3.75 7.50 Considered Doubtful 0.35 0.28
Loans to Employees (including accrued interest) (Secured) 421.52 445.38 Less: Allowance For Doubtful (0.35) (0.28)
Loans to Others: Advance to Associate
Considered Good* 531.69 658.07 Petronet LNG Limited 61.70 80.00
Significant increase in credit risk* Advance to Employee Benefit Trusts (Refer Note No. 50) 129.41 -
109.12 49.31
Prepaid Expenses 345.60 279.80
Credit Impaired* 34.60 23.37
Claims and Deposits
Less: Loss Allowance (196.90) (118.06)
Total 903.78 1,520.57
*Includes K 457.18 crore (Previous Year: I 519.27 crore) pertaining to Loans given to Consumers under Pradhan Mantri Ujjwala Yojana scheme. Less: Allowance For Doubtful (121.44) (129.18)
Total 1,779.79 1,296.54

279

NOTE 13 INVENTORIES NOTE 15 TRADE RECEIVABLES

(Refer Note No. 1.11) (Unsecured unless otherwise stated)
I in crore I in crore
Particulars March 31, 2024 March 31, 2023 Particulars March 31, 2024 March 31, 2023
Raw Materials 12,548.07 9,903.71 Considered good* 8,516.73 6,953.83
[Including In transit K 4,590.13 crore (Previous Year I 3,331.71 crore)] Less: Loss Allowance (188.56) (231.97)
Work-In-Progress 2,540.69 3,007.82 Total 8,328.17 6,721.86
Finished Goods 18,948.79 16,848.94
* Includes Debts secured by Bank guarantee/Letter of Credit/Deposit K 986.29 crore (Previous Year I 728.42 crore).
Stock-In-Trade 7,121.26 6,762.29 Trade receivables pledged as collateral (Refer Note No. 30)
[Including In Transit K 1,505.99 crore (Previous Year I 2,070.47 crore)]
Stores and Spares 1,644.64 1,500.72 Ageing of Trade Receivables as at March 31, 2024:
[Including In Transit K 2.57 crore (Previous Year I 2.09 crore)] I in crore
Packaging Materials 31.60 41.22 Outstanding for following periods from the due date
Total 42,835.05 38,064.70 Less than 6 months More than
Particulars Unbilled Not due 6 months -1 year 1-2 Years 2-3 Years 3 years Total
The Write Down of Inventories to Net Realisable Value during the year amounted to K 238.14 crore (Previous Year: Undisputed Trade Receivables - 7.03 6,610.10 1,646.20 57.25 49.73 10.21 55.12 8,435.64
I 270.06 crore). The Reversal of Write Down during the year amounted to K 0.14 crore (Previous Year: I #) due to Increase Considered good
in Net Realisable Value of the Inventories. The Write Down or Reversal of Write Down have been included under ‘Cost of Disputed Trade Receivables - 18.45 1.14 0.49 0.39 6.01 1.98 52.63 81.09
Materials Consumed’ or ‘Changes in Inventories of Finished Goods, Stock-in-trade and Work-In-Progress’ in the Statement Considered good
of Profit and Loss. Total 25.48 6,611.24 1,646.69 57.64 55.74 12.19 107.75 8,516.73
# Value I 21,952.62
Ageing of Trade Receivables as at March 31, 2023:
Inventories pledged as Collateral (Refer Note No. 30)
I in crore
NOTE 14 INVESTMENTS Outstanding for following periods from the due date
Less than 6 months More than
I in crore Particulars Unbilled Not due 6 months -1 year 1-2 Years 2-3 Years 3 years Total
As at As at Undisputed Trade Receivables - 18.85 5,145.94 1,557.54 60.50 42.19 10.38 58.36 6,893.76
Particulars March 31, 2024 March 31, 2023 Considered good
Investments at Fair Value through Profit or Loss Disputed Trade Receivables - 18.45 1.22 0.42 0.63 0.82 0.69 37.84 60.07
Quoted Considered good
Investments in Government Securities of Face Value K 100 each (fully paid up) Total 37.30 5,147.16 1,557.96 61.13 43.01 11.07 96.20 6,953.83
6.90% Oil Marketing Companies GOI Special Bonds 2026* 880.34 877.02
7.95% Oil Marketing Companies GOI Special Bonds 2025* 10.84 10.89 NOTE 16 CASH AND CASH EQUIVALENTS
6.35% Oil Marketing Companies GOI Special Bonds 2024* 2,115.72 2,097.35 I in crore
8.20% Oil Marketing Companies GOI Special Bonds 2024 * 904.50 911.83 As at As at
7.59% Government Stock 2026# 379.27 380.05
Balances with Banks:
Total 4,290.67 4,277.14
On Current Accounts 378.84 415.42
*These Securities of Face Value K 3,882.37 crore (Previous Year Nil) have been kept as Collateral against borrowings through Clearcorp Repo
Order Matching System (CROMS) segment of Clearing Corporation of India Limited. (Refer Note 30) Deposits with Banks with original maturity of less than three months 100.00 1,450.00
Cheques and drafts on hand 3.30 2.04
# These Securities of Face Value K 370.00 crore (Previous year I 370.00 crore) have been kept as Collateral Security with Clearing Corporation of
India Limited for limits in Triparty Repo Settlement System. (Refer Note 30) Cash on hand 34.19 13.86
Aggregate amount of Quoted Securities 4,290.67 4,277.14 Total 516.33 1,881.32
Market value of Quoted Securities 4,290.67 4,277.14
Aggregate amount of Impairment in the Value of Investments - -

281

NOTE 17 BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS

I in crore
I in crore
As at As at
As at As at
Dues From Related Parties
Deposits with Banks with original maturity of 3 - 12 months# 3,676.44 1.28
Dues From Subsidiary 3.56 4.21
Earmarked Balances
Dues From Joint Ventures and Associates 5.38 234.32
Unspent CSR funds 69.91 28.93
Advances and Recoverables
Unclaimed Dividend 32.04 31.07
Balance with bank for CUF facility 6.52 -
Deposits with banks towards FAME Subsidy^ 189.40 177.84
Total 3,974.31 239.12
Total 1,237.41 1,098.88
# Includes Deposit of K 1.44 crore (Previous Year I 1.28 crore) that has been pledged/deposited with Local Authorities/Court.
* Includes Deposit of Nil (Previous Year: I 0.07 crore) that has been pledged/deposited with Local Authorities/ Court/ Bank.
^ Earmarked on account of grant received from Government of India under FAME India Scheme Phase II for installation and commissioning of
Electric Vehicle charging stations. NOTE 20 CURRENT TAX ASSETS (NET)
I in crore
NOTE 18 CURRENT LOANS
As At As At
(Unsecured, considered good unless otherwise stated) Particulars March 31, 2024 March 31, 2023
Advance Income Tax (Net Of Provision For Taxation) 827.36 968.90
I in crore
Total 827.36 968.90
As at As at
Loan to Joint Venture NOTE 21 OTHER CURRENT ASSETS
Haridwar Natural Gas Private Limited (Secured) 3.75 3.75 (Unsecured, considered good unless otherwise stated)
Loans to employees (including accrued interest) (Secured) 68.17 64.99 I in crore
Loans to Others As at As at
Considered Good* 70.96 79.22 Particulars March 31, 2024 March 31, 2023
Significant Increase In Credit Risk* 14.84 4.68 Advances Other than Capital Advances
Credit Impaired* 3.01 1.79 Other Advances Including Prepaid Expenses

Total 136.91 142.62 Considered Doubtful 18.78 25.63

* Includes K 56.29 crore (Previous Year I 57.85 crore) pertaining to Loans given to consumers under Pradhan Mantri Ujjwala Yojana scheme.
Advance to Associate
NOTE 19 OTHER FINANCIAL ASSETS Petronet LNG Limited 18.30 18.30

Claims 5.69 20.27
(Unsecured, considered good unless otherwise stated)
Project Surplus Material 206.43 230.90
I in crore Less: Provision for Project Surplus (7.03) (2.63)
As at As at Recoverables on account of GST, Customs, Excise, etc. 1,156.35 1,408.14
Total 1,655.22 2,016.09
Security Deposits - 5.20
Bank Deposits with remaining maturity of less than twelve Months* - 0.07
NOTE 22 ASSETS HELD-FOR-SALE
Interest Accrued on Bank Deposits
I in crore
As At As At
Considered Doubtful 0.02 0.02 Particulars March 31, 2024 March 31, 2023
Less: Allowance For Doubtful (0.02) (0.02) Assets Held-for-Sale 42.42 16.80
Derivative Asset - 18.74 Total 42.42 16.80
Receivable From Central Government/State Governments
Non-Current Assets Held-for-Sale consist of items such as Plant and equipment, Dispensing pumps, etc. which have been
identified for disposal due to replacement/ obsolescence of Assets which happens in the normal course of business. These
Assets are expected to be disposed off within the next twelve months. On account of re-classification of these Assets, an
Less: Allowance For Doubtful (222.94) (229.65) Impairment loss of K 46.10 crore during the year (Previous Year: I 31.50 crore) has been recognized in the Statement of
Profit and Loss. (Refer Note No. 43)

283

NOTE 24 OTHER EQUITY

NOTE 23 EQUITY SHARE CAPITAL
I in crore
I in crore
As at As at
As at As at Particulars March 31, 2024 March 31, 2023
Capital Reserve (20.76) (20.76)
i. Authorised
Debenture Redemption Reserve - 250.00
11,93,50,00,000 Equity Shares 11,935.00 11,935.00
General Reserve 38,160.65 33,910.65
(Previous Year 11,93,50,00,000 Equity Shares)
Equity Instruments through Other Comprehensive Income 1,041.93 184.38
ii. Issued, Subscribed and Paid-up
Securities Premium (Refer Note No.45) 6,662.52 6,306.19
2,16,92,52,744 (Previous Year 2,16,92,52,744) Equity Shares Fully Paid-Up
2,169.25 2,169.25
Reserve on Business Combination 1,720.13 -
Less - "BPCL Trust For Investment in Shares" [No. of Equity Shares 3,29,60,307 (32.96) (32.96)
(Previous Year 3,29,60,307)].(Refer Note No. 45) Retained Earnings 25,048.43 9,326.25
Less - "BPCL ESPS Trust" [No. of Equity Shares Nil (Previous Year 68,36,948)]. - (6.84) BPCL Trust for Investment in Shares (Refer Note No.45) (74.39) (74.39)
(Refer Note No. 45) BPCL ESPS Trust (Refer Note No.45) - (15.43)
Total 2,136.29 2,129.45 Total 72,538.51 49,866.89
iii. The Corporation has only one class of Shares namely Equity Shares having par value of I 10 per share. Each Holder
I in crore
of Equity Shares is entitled to one vote per Equity Share. In the event of liquidation of the Corporation, the holders of
Equity Shares will be entitled to receive the remaining assets of the Corporation in proportion to the number of Equity As at As at
Shares held.
Capital Reserve:
The Corporation declares and pays dividend in Indian Rupees. The final dividend, if any, proposed by the Board of Opening balance (20.76) (20.76)
Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting. Additions/(Deletions) during the year - -
The Board of Directors in the meeting held on May 9, 2024, has recommended issue of bonus shares in the ratio of 1 Closing balance (20.76) (20.76)
equity share of I 10 each for every 1 existing equity share of I 10 each, which is subject to approval by the shareholders Debenture Redemption Reserve:
of the Corporation. Such bonus shares, if approved by members of the Company shall rank pari-passu with the existing Opening balance 250.00 1,335.09
equity shares. Add: Transfer from Retained Earnings - 50.00
Less: Transfer to General Reserve (250.00) (1,135.09)
iv. Reconciliation of No. of Equity Shares
Closing balance - 250.00
As at As at
Particulars March 31, 2024 March 31, 2023 General Reserve:
A. Opening Balance 2,16,92,52,744 2,16,92,52,744 Opening balance 33,910.65 32,775.56
B. Shares Issued - - Add: Transfer from Debenture Redemption Reserve 250.00 1,135.09
C. Shares Bought Back - - Add: Transfer from Retained earnings 4,000.00 -
D. Balance at the end of the reporting period 2,16,92,52,744 2,16,92,52,744 Closing balance 38,160.65 33,910.65
Equity Instruments through Other Comprehensive Income:
v. Details of Shareholders holding more than 5% shares Opening balance 184.38 147.15
Particulars As at March 31, 2024 As at March 31, 2023 Additions / (Deletions) during the year (net of tax) 857.55 37.23
Promoter Name % of total shares No. of Shares % of total shares No. of Shares Closing balance 1,041.93 184.38
The President of India 52.98 1,14,91,83,592 52.98 1,14,91,83,592 Securities Premium: (Refer Note No. 45)
Life Insurance Corporation of India 9.12 19,78,82,045 9.53 20,68,32,188 Opening balance 6,306.19 6,306.19
Add: Sale of Equity Shares held by "BPCL ESPS Trust" (net of tax) 356.33 -
vi. Shareholding of Promoters Closing Balance 6,662.52 6,306.19
BPCL Trust for Investment in Shares: (Refer Note No. 45)
Shares held by the Promoters at the end of the year
Opening balance (74.39) (74.39)
Additions/(Deletions) during the year - -
% of total % Change % of total % Change
Promoter Name No. of Shares shares during the year No. of Shares shares during the year
Closing balance (74.39) (74.39)
The President of India 1,14,91,83,592 52.98 - 1,14,91,83,592 52.98 - BPCL ESPS Trust: (Refer Note No. 45)
Total 1,14,91,83,592 52.98 1,14,91,83,592 52.98 - Opening balance (15.43) (15.43)

Add: Sale of Equity Shares 15.43 -
Closing balance - (15.43)
Reserve on Business Combination
Opening Balance - -
Add: Transfer from Retained earnings 1,720.13 -
Closing balance 1,720.13 -

285

I in crore Proposed Dividends on Equity Shares not recognized:

Retained Earnings:
Final Dividend for the year* [K 21 per share (Pre Bonus) (Previous year: I 4 per share)] 4,555.43 867.70
Opening balance 9,326.25 9062.62
Total 4,555.43 867.70
Add: Profit for the year as per Statement of Profit and Loss 26,673.50 1,870.10
Less: Remeasurements of Defined Benefit plans (net of tax) 98.58 (277.33) * For FY 2023-24, The Board of Directors has recommended final dividend of I 21/- per Equity Share (pre-bonus)(Face Value: I 10/- per equity share),
which translates into final dividend of I 10.50/- per Equity Share (post-bonus)(Face Value: I 10/- per equity share), subject to approval of shareholders.
Less: Transfer to Debenture Redemption Reserve - (50.00)
Less: Transfer to General Reserve (4,000.00) -
NOTE 25 BORROWINGS
Less: Transfer to Reserve on Business Combination (1,720.13) -
I in crore
Less: Interim Dividends for the year: K 21 per share (Previous year: I Nil per share) (4,555.43) -
Less: Final Dividend for FY 2022-23: K 4 per share (Previous year: I 6 per share for FY 2021-22) (867.70) (1,301.55)
Particulars Current # Non-Current Current # Non-Current
Add: Income from "BPCL Trust for Investment in Shares" (Refer Note No. 45) 82.40 19.78 Debentures & Bonds
Add: Income of "BPCL ESPS Trust " (Net of Tax) (Refer Note No. 45) 10.96 2.63 Unsecured
Closing balance*^ 25,048.43 9,326.25 5.85% Unsecured Non-Convertible Debentures 2023 - - 599.94 -
Total 72,538.51 49,866.89 5.75% Unsecured Non-Convertible Debentures 2023 - - 839.81 -
8.02% Unsecured Non-Convertible Debentures 2024 - - 999.94 -
*Includes accumulated Gain/(Loss) on account of remeasurements of Defined Benefit plans (Net of Tax) as on March 31, 2024 K (709.83) crore 6.11% Unsecured Non-Convertible Debentures 2025 - 1,995.13 - 1,995.08
[Previous Year I (808.41) crore].
6.27% Unsecured Non-Convertible Debentures 2026 - 999.60 - 999.45
Încludes re-measurement gain of Nil (Previous Year: I 1,720.13 crore) recognized in the consolidated financial statements on acquisition of Bharat 7.58% Unsecured Non-Convertible Debentures 2026 - 935.53 - 935.50
Oman Refineries Limited, subsequently recorded in Standalone Financial Statements on its merger with the Corporation (Refer Note No. 44). 4% US Dollar International Bonds 2025 - 4,163.22 - 4,100.75
Term Loan
Nature and Purpose of Reserves Secured

From Banks
Capital reserve
Term Loan* - - 650.22 2,185.13
It represents Capital Reserve appearing in the Financial Statements of erstwhile Kochi Refineries Limited (KRL) transferred
Unsecured
on amalgamation and difference between the Investment made in Petronet CCK Limited (PCCKL) and the Share Capital

From Banks
received during the acquisition when the first time control was obtained.
Foreign Currency Loans - - 6,160.00 -
Term Loan
3,034.79 69.59 1.29 9,003.88
Debenture Redemption Reserve
From Others
Debenture Redemption Reserve represents reserve created out of the profits of the Corporation available for distribution to Interest Free Loan from Govt. of Kerala - 44.08 - 40.61
Shareholders which is utilized for redemption of Debentures/Bonds.
Interest Free Loan from Govt. of Madhya Pradesh - 282.68 - 181.20
Total 3,034.79 8,489.83 9,251.20 19,441.60
General Reserve
# Classified under Current Borrowings (Refer Note No. 30)
General Reserve represents appropriation of Retained Earnings and are available for distribution to Shareholders.
Terms of Repayment Schedule of Long-term borrowings (Gross Amount) as at March 31, 2024:
Securities Premium
Coupon Rate of
The amount received in excess of the par value adjusted with additional cost of Equity Shares, if any, has been classified Particulars Interest K in crore Maturity
as Securities Premium. The same can be utilized for issuance of Bonus Shares, charging off Equity related expenses, etc. Non-Current
Interest Free Loan from Govt. of Madhya Pradesh - 810.00 10-Apr-37
Reserve on Business Combination Interest Free Loan from Govt. of Kerala - 100.00 30-Mar-34
Reserve on Business Combination represents re-measurement gain recognized in the consolidated financial statements on 6.27% Unsecured Non-Convertible Debentures 2026 6.27% 1,000.00 26-Oct-26
acquisition of Bharat Oman Refineries Limited, subsequently recorded in Standalone Financial Statements on its merger 7.58% Unsecured Non-Convertible Debentures 2026 7.58% 935.61 17-Mar-26
with the Corporation. 6.11% Unsecured Non-Convertible Debentures 2025 6.11% 1,995.20 06-Jul-25
4% US Dollar International Bonds 2025 4.00% 4,168.70 08-May-25
Retained Earnings Term Loan: HDFC T-Bill Based 69.59 Quarterly repayment
Retained Earnings (excluding accumulated balance of remeasurements of Defined Benefit Plans (Net of Tax) and (30-06-2025 to 31-03-2027)
re-measurement gain on acquisition of Bharat Oman Refineries Limited) represents surplus/accumulated earnings of the Current
Corporation and are available for distribution to Shareholders. Term Loan: HDFC T-Bill Based 34.79 Quarterly repayment
(30-06-2024 to 31-03-2025)
Term Loan: Canara Bank Repo Based 3,000.00 29-Dec-24
*These loans are secured against first charge on the entire fixed assets (movable and immovable), both present and future, located at Corporation’s
factory site at Bina (Madhya Pradesh), Vadinar (Gujarat) and other places of erstwhile Bharat Oman Refineries Ltd.
The borrowings from banks and financial institutions have been used for the purposes for which such loans were taken.

287

NOTE 25a LEASE LIABILITIES NOTE 28 TAX EXPENSE AND DEFERRED TAX LIABILITIES (NET) (Contd.)
I in crore
(c) Amounts recognized directly in equity
Particulars Current # Non-Current Current # Non-Current I in crore
Lease Liabilities 513.60 8,600.13 655.59 8,264.75 2023-24 2022-23
Total 513.60 8,600.13 655.59 8,264.75
Tax (expense)/ Tax (expense)/
# Classified under Current Lease Liabilities (Refer Note No. 30(a)) Particulars Before tax benefit Net of tax Before tax benefit Net of tax
Dividend Income of "BPCL ESPS Trust"
NOTE 26 OTHER FINANCIAL LIABILITIES (Refer Note 45)
I in crore Current Tax 17.09 (6.13) 10.96 4.10 (1.47) 2.63

As at As at Sale of Equity shares held by BPCL
Particulars March 31, 2024 March 31, 2023 ESPS Trust (Refer Note 45)
Security/Earnest Money Deposits 15.39 10.37
Current Tax 375.83 (19.50) 356.33 - - -
Retiral Dues 55.43 58.52
Total 70.82 68.89 TOTAL 392.92 (25.63) 367.29 4.10 (1.47) 2.63
NOTE 27 PROVISIONS (d) Reconciliation of effective tax rate

I in crore 2023-24 2022-23
As at As at Particulars % K in crore % K in crore
Provision for employee benefits (Refer Note No. 50) 183.34 178.53 Profit before tax 35,548.37 2,216.70
Total 183.34 178.53 Tax using the Company’s domestic tax rate 25.168% 8,946.81 25.168% 557.90
Tax effect of:
NOTE 28 TAX EXPENSE AND DEFERRED TAX LIABILITIES (NET) Expenses not deductible for tax purposes 0.254% 90.23 2.231% 49.46
(a) Amounts recognized in profit and loss Income for which Deduction/ Exemption available -0.414% (147.17) -9.266% (205.39)
Adjustments recognized in current year in relation to the tax of prior years 0.000% 0.01 -1.935% (42.90)
I in crore
Others -0.042% (15.01) -0.562% (12.47)
Current tax expense (A) Income Tax Expense 24.966% 8,874.87 15.636% 346.60
Current year* 9,412.06 352.18
Short/(Excess) provision of earlier years** (2.29) (1,296.02) (e) Movement in deferred tax balances
Deferred tax expense (B) I in crore
Origination and reversal of temporary differences (537.20) 37.32 As at March 31, 2024
Net balance Recognized Recognized Recognized
Short/(Excess) provision of earlier years** 2.30 1,253.12 As at April in profit Recognized in Short/ directly in Net Deferred Deferred
Tax expense recognized in the statement of profit and loss (A+B) 8,874.87 346.60 Particulars 1, 2023 or loss in OCI (Excess) equity Balance tax asset tax liability
Total Short/ (Excess) Provision of Earlier Years 0.01 (42.90) Deferred tax Asset / (Liabilities)
Property, plant and equipment (9,205.97) (116.77) - - - (9,322.74) - (9,322.74)
(b) Amounts recognized in Other Comprehensive Income Intangible assets (71.21) 13.39 - - - (57.82) - (57.82)
I in crore Derivatives (4.58) 4.58 - - - - - -
2023-24 2022-23 Investments 837.39 449.12 (104.06) - - 1,182.45 1,182.45 -

Tax (expense)/ Tax (expense)/ Trade and other receivables 58.38 (10.92) - - - 47.46 47.46 -
Particulars Before tax benefit^ Net of tax Before tax benefit^ Net of tax
Loans and borrowings 276.22 13.71 - - - 289.93 289.93 -
Items that will not be reclassified to Employee benefits 384.73 84.71 (33.16) (2.30) - 433.98 433.98 -
profit or loss
Deferred income 41.71 (6.91) - - - 34.80 34.80 -
Remeasurements of the defined benefit 131.74 (33.16) 98.58 (370.61) 93.28 (277.33)
plans Provisions 171.36 (8.24) - - - 163.12 163.12 -
Equity instruments through Other 961.61 (104.06) 857.55 42.35 (5.12) 37.23 Other Current liabilities 354.92 166.28 - - - 521.20 521.20 -
Comprehensive Income- net change in Other items 88.74 (51.75) - - - 36.99 36.99 -
fair value
Tax assets/ (Liabilities) (7,068.31) 537.20 (137.22) (2.30) - (6,670.63) 2,709.93 (9,380.56)
Total 1,093.35 (137.22) 956.13 (328.26) 88.16 (240.10)
^Deferred Tax (expense)/benefit

289

NOTE 28 TAX EXPENSE AND DEFERRED TAX LIABILITIES (NET) (Contd.) NOTE 30 CURRENT BORROWINGS
I in crore
(f) Movement in deferred tax balances
As at As at
I in crore Particulars March 31, 2024 March 31, 2023
Loans Repayable on Demand
Net balance Recognized Recognized Recognized Secured
As at April in profit Recognized in Short/ directly in Net Deferred Deferred From Banks
Particulars 1, 2022 or loss in OCI (Excess)** equity Balance tax asset tax liability
Working Capital Loans / Cash Credit* 1,475.00 1,850.00
Deferred tax Asset / (Liabilities) Current maturities of long-term borrowings (Refer Note No.25) - 650.22
Property, plant and equipment (8,838.07) (367.90) - - - (9,205.97) - (9,205.97) From Others
Clearcorp Repo Order Matching System (CROMs)** 1,699.96 -
Intangible assets (101.39) 30.18 - - - (71.21) - (71.21)
Triparty Repo Settlement System (TREPS)*** 299.83 -
Derivatives 67.96 (72.54) - - - (4.58) - (4.58) Unsecured
Inventories 68.80 - - (68.80) - - - - From Banks
Working capital loans / Cash Credit 2,100.00 1,900.00
Investments 458.67 383.84 (5.12) - - 837.39 837.39 -
Foreign Currency Loans - Revolving Credit 1,667.48 3,412.00
Trade and other receivables 49.41 8.97 - - - 58.38 58.38 - Current maturities of long-term borrowings (Refer Note No.25) 3,034.79 6,161.29
Loans and borrowings 276.51 (0.29) - - - 276.22 276.22 - Current maturities of long-term borrowings (Refer Note No.25) - 2,439.69
Employee benefits 454.43 (181.51) 93.28 18.53 - 384.73 384.73 - Total 10,277.06 16,413.20
Deferred income 30.23 11.48 - - - 41.71 41.71 - * Secured in favor of the participating banks ranking pari passu inter-alia by hypothecation of raw materials, finished goods, stock- in- process, book
debts, stores, components and spares and all movables both present and future. [Refer Note no. 13 and 15]
Provisions 144.89 26.47 - - - 171.36 171.36 -
Other Current liabilities 177.82 177.10 - - - 354.92 354.92 - **The Corporation has Triparty Repo Settlement System limits from Clearing Corporation of India Limited, the borrowing against which was
K 299.83 crore as at March 31, 2024 (Previous Year Nil). These limits are secured by 7.59% Government Stock 2026 of face value aggregrating to
Unabsorbed Depreciation** 1,202.85 - - (1,202.85) - - - -
K 370.00 crore (Previous Year I 370.00 crore).[Refer Note no. 14]
Other items 141.86 (53.12) - - - 88.74 88.74 -
***The Corporation has Clearcorp Repo Order Matching Systems (CROMs) limits from Clearing Corporation of India Limited, the borrowing against
Tax assets/ (Liabilities) (5,866.03) (37.32) 88.16 (1,253.12) - (7,068.31) 2,213.45 (9,281.76)
which was K 1,699.96 crore as at March 31, 2024 (Previous Year Nil). These limits are secured by Oil Marketing Companies GOI Special Bonds of
face value aggregrating to K 3,882.37 crore (Previous Year Nil).[Refer Note no. 14]
The Corporation offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets & current tax liabilities
and the deferred tax assets & deferred tax liabilities related to income taxes levied by the same tax authority. The borrowings from banks and financial institutions have been used for the purposes for which such loans were taken.
*It includes K 0.06 crore pertaining to tax liability of "BPCL ESPS Trust" (Previous Year: ₹0.18 crore) The quarterly returns or statements of current assets filed by the Corporation with banks or financial institutions are in agreement with the books
of accounts for FY 2022-23 and FY 2023-24.
**Pursuant to merger of BORL with the Corporation, the Corporation utilized unabsorbed depreciation of erstwhile BORL while filing Income Tax
Return in FY 2021-22. Accordingly, the deferred tax on the unabsorbed depreciation has been reversed in short/ (excess) in previous year and
correspondingly, current tax also has been reduced in short/ (excess) pertaining to earlier years. (Refer Note No. 44) NOTE 30a CURRENT LEASE LIABILITIES
I in crore
NOTE 29 OTHER NON-CURRENT LIABILITIES
As at As at
As at As at Current Maturities of Lease Liabilities (Refer Note No. 25a) 513.60 655.59
Total 513.60 655.59
Deferred Income and Others * 2,070.12 1,912.51
Total 2,070.12 1,912.51
NOTE 31 TRADE PAYABLES
* Deferred Income includes unamortized portion of Government Grants amounting to K 1,448.45 crore (Previous year I 1,327.49 crore), comprising
mainly of works contract tax reimbursement, interest free loan received from State Governments as part of the fiscal incentives sanctioned for I in crore
projects, grant received from Government of India under FAME India Scheme Phase II for installation and commissioning of Electric Vehicle As at As at
charging stations and grants received for technology development. Particulars March 31, 2024 March 31, 2023
Total Outstanding Dues of Micro Enterprises and Small Enterprises (Refer Note No. 62) 276.77 273.58
Total Outstanding Dues of Creditors Other than Micro Enterprises and Small Enterprises 28,016.65 23,737.26
(Refer Note No. 46)
Total 28,293.42 24,010.84

291

Ageing of Trade Payables as at March 31, 2024: NOTE 33 OTHER CURRENT LIABILITIES
Outstanding for following periods from As at As at
the due date Particulars March 31, 2024 March 31, 2023
Less than More than Advances From Customers 925.06 1,106.00
Particulars Unbilled Not due 1 year 1-2 Years 2-3 Years 3 years Total
Statutory Liabilities 5,635.05 5,721.18
Undisputed Trade Payables
Others (Deferred income etc.)* 504.50 196.00
Micro Enterprises and Small Enterprises - 276.37 - - - - 276.37
Total 7,064.61 7,023.18
Others 1,539.90 23,264.32 1,285.42 88.28 25.94 79.65 26,283.51
Disputed Trade Payables * Deferred Income includes unamortized portion of Government Grants amounting to K 114.31 crore (Previous year: I 95.73 crore), comprising
mainly of works contract tax reimbursement, interest free loan received from State Governments as part of the fiscal incentives sanctioned for
Micro Enterprises and Small Enterprises - 0.40 - - - - 0.40 projects, grant received from Government of India under FAME India Scheme phase II for installation and commissioning of Electric Vehicle
Others 391.56 7.72 325.51 789.50 23.01 195.84 1,733.14 charging stations and grants received for technology development.
Total 1,931.46 23,548.81 1,610.93 877.78 48.95 275.49 28,293.42

NOTE 34 PROVISIONS
Ageing of Trade Payables as at March 31, 2023: I in crore
I in crore As at As at
Outstanding for following periods from
the due date Provision For Employee Benefits (Refer Note No. 50) 2,223.29 2,202.27
Less than More than Others (Refer Note No. 57)* 752.09 480.43
Total 2,975.38 2,682.70
Undisputed Trade Payables
* Above includes deposits/ claims made of K 83.35 crore (Previous year I 90.19 crore) netted of against provisions.
Others 720.08 20,784.39 522.06 34.34 44.70 46.42 22,151.99
NOTE 35 CURRENT TAX LIABILITIES (NET)
Disputed Trade Payables
I in crore
As at As at
Others 362.94 15.21 999.33 19.90 27.51 160.38 1,585.27 Particulars March 31, 2024 March 31, 2023
Total 1,083.02 21,073.18 1,521.39 54.24 72.21 206.80 24,010.84 Current Tax Liabilities (Net of Taxes paid) 601.51 -
Total 601.51 -
NOTE 32 OTHER FINANCIAL LIABILITIES
I in crore NOTE 36 REVENUE FROM OPERATIONS
Interest Accrued but not due on Borrowings 196.39 349.70
(A) (i) Sales
Security/Earnest Money Deposits 1,115.85 1,026.76
Petroleum products* 5,05,201.18 5,25,623.52
Deposits For Containers*^ 17,516.50 16,709.42
Crude oil 252.41 852.68
Unclaimed Dividends** 32.04 31.07
5,05,453.59 5,26,476.20
Dues to Micro Enterprises and Small Enterprises (Refer Note No. 62) 433.46 307.74
ii) Subsidy from Central and State Governments# 22.14 5,628.66
Derivative Liability - 0.55
5,05,475.73 5,32,104.86
CSR Liability (Refer Note No. 58) 157.49 108.92
(B) Other operating revenues 1,435.63 1,362.69
Other Liabilities 3,055.99 2,582.80
Total 5,06,911.36 5,33,467.55
Total 22,507.72 21,116.96
*The MoPNG, vide letter dated 30.04.2020 had conveyed to Oil Marketing Companies (OMCs) that where Market Determined Price (MDP) of LPG
* Includes deposits received under Rajiv Gandhi Gramin LPG Vitrak Yojana and Pradhan Mantri Ujjwala Yojana (Central Scheme) K 4,206.33 crore cylinders is less than its Effective Cost to Customer (ECC), the OMCs will retain the difference in a separate buffer account for future adjustment.
(Previous year I 3,839.44 crore). The deposit against these schemes have been funded from CSR fund and Government of India. The cumulative net negative buffer as on March 31, 2023 of I 848.74 crore have been recognized as a part of Revenue from operation upon its
recovery during the period April to March 2024.
^ Based on past trends, it is expected that settlement towards the deposit for containers would be insignificant in next 12 months.
# During the previous year, one-time grant of I 5,582.00 crore for under recoveries from sale of Domestic LPG has been shown under “Subsidy from
** No amount is due at the end of the period for credit to Investor Education and Protection Fund. Central and State Governments”.

293

NOTE 37 OTHER INCOME NOTE 40 CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE AND WORK-IN-
I in crore
PROGRESS
Particulars 2023-24 2022-23 I in crore
Interest Income on Particulars 2023-24 2022-23
Instruments measured at FVTPL 296.23 296.23 Value of opening stock of

Instruments measured at amortized cost 923.54 368.03 Finished goods 16,848.94 13,627.71
Income Tax Refund - 38.76 Stock-in-trade 6,762.29 8,616.14
Dividend Income Work-in-progress 3,007.82 3,399.99
Dividend income – Subsidiaries, Joint Ventures and Associates 314.78 748.34 26,619.05 25,643.84
Dividend income from non-current equity instruments at FVOCI 52.56 52.16 Less: Value of closing stock of
Net gains on fair value changes of Finished goods 18,948.79 16,848.94
Instruments measured at FVTPL@ 70.26 - Stock-in-trade 7,121.26 6,762.29
Derivatives measured at FVTPL$ 12.57 - Work-in-progress 2,540.69 3,007.82
Gain on Buy Back of Shares by Associate Company - 15.56 28,610.74 26,619.05
Write back of liabilities no longer required 5.15 17.34 Net (increase) / decrease in inventories of Finished goods, Stock-in-trade and (1,991.69) (975.21)
Work-in-progress
Others* 737.37 647.57
Total 2,412.46 2,183.99
NOTE 41 EMPLOYEE BENEFITS EXPENSE
@ Current
year amount includes gain on sale of investments of K 56.72 crore. During previous year, Net losses on fair value changes of Instrument
I in crore
measured at FVTPL of I 162.81 crore has been grouped under Other Expenses.
$During previous year, Net losses on fair value changes of Derivatives measured at FVTPL of I 1,055.81 crore has been grouped under Other
Salaries and Wages 2,693.95 2,093.51
Expenses.
Contribution to Provident and Other funds (Refer Note No. 50) 220.94 295.89
* Includes amortization of capital grants K 97.19 crore (Previous year: I 85.67 crore)
Staff Welfare Expenses 643.59 374.57
Total Employee benefits expense 3,558.48 2,763.97
NOTE 38 COST OF MATERIALS CONSUMED
I in crore
NOTE 42 FINANCE COSTS
I in crore
Opening stock 9,903.71 15,119.95
Add: Purchases 2,15,497.51 2,29,089.15
Interest Expense* 2,342.75 2,884.85
Less: Closing stock (12,548.07) (9,903.71)
Other Borrowing Costs 9.54 28.29
Total 2,12,853.15 2,34,305.39
Interest on shortfall in payment of income tax 82.65 -
Exchange differences regarded as an adjustment to borrowing costs 38.07 303.34
NOTE 39 PURCHASES OF STOCK-IN-TRADE
Total 2,473.01 3,216.48
I in crore
* Includes I 691.91 crore (Previous year: I 682.17 crore) recognized during the year as interest cost against Lease Liabilities as per IND AS 116.
Petroleum products 1,64,774.36 1,98,752.64
Crude oil 252.41 852.68
Others 206.07 278.82
Total 1,65,232.84 1,99,884.14

295

NOTE 43 OTHER EXPENSES NOTE 44 BUSINESS COMBINATIONS UNDER COMMON CONTROL

I in crore
(A) Bharat Oman Refineries Limited (BORL)
BORL was incorporated in 1994 as a Joint Venture between the Corporation and OQ S.A.O.C. (formerly known as
Transportation 10,368.37 9,330.76
Oman Oil Company S.A.O.C.). BORL was mainly engaged in the business of refining crude oil to produce and supply
Irrecoverable Taxes and other levies 2,089.78 2,683.33 various petroleum products.
Repairs, maintenance, stores and spares consumption 2,439.21 2,067.65
The Corporation held 63.38% stake in BORL (i.e. 1,53,82,16,114 Equity Shares) as on April 1, 2021 and additionally
Power and fuel 13,873.60 15,092.26
acquired balance 36.62% of Equity Shares (i.e. 88,86,13,336 equity shares) in BORL vide a Share Purchase
Less: Consumption of fuel out of own production (10,263.73) (11,071.40) Agreement (SPA) with Joint Venture Partner OQ S.A.O.C. (formerly known as Oman Oil Company S.A.O.C.) (“OQ”) on
Power and fuel consumed (net) 3,609.87 4,020.86 June 30, 2021, for a consideration of I 2,399.26 crore. By way of this transaction, BORL became wholly owned
Packages consumed 220.14 212.77 subsidiary of the Corporation.
Net losses on fair value changes of
Further, the Corporation acquired the remaining share warrants of BORL, held by Government of Madhya Pradesh, for
Instruments measured at FVTPL^ - 162.81 a consideration of I 72.65 crore (including Stamp Duty).
Derivatives measured at FVTPL# - 1,055.81
As per the requirement of Ind AS 103, the Corporation, in the Consolidated Financial Statements for FY 2021-22, has
Office Administration, Selling and Other expenses
recognized a gain on remeasurement of Investment held prior to above acquisition of I 1,720.13 crore as an Exceptional
Rent 665.85 868.07 Item and Goodwill of I 1,203.98 crore on account of change in control.
Utilities 497.03 415.58
Subsequently, the Board of Directors of the Corporation, at their meeting held on October 22, 2021 approved the
Terminalling and related expenses 243.62 238.03
Scheme of Amalgamation (BORL Scheme) for merger of BORL with the Corporation. Application seeking approval of
Travelling and conveyance 284.47 255.23
the BORL Scheme was subsequently filed with Ministry of Corporate Affairs, New Delhi. The copy of order sanctioning
Remuneration to auditors the BORL Scheme was received by the Corporation on June 22, 2022 and upon filing the same with Registrar of
Audit fees 0.99 0.85 Companies on July 1, 2022, BORL stands merged with the Corporation. The BORL Scheme has become effective from
Fees for other services – Certification 0.57 0.61 the appointed date of October 1, 2021.
Reimbursement of expenses 0.14 0.12
Sub-Total 1.70 1.58
(B) Bharat Gas Resources Limited (BGRL)
Bad debts and other write offs 2.87 77.56 BGRL was incorporated in 2018 as a Wholly Owned Subsidiary of the Corporation with the main objective of carrying
activities relating to the gas business. BGRL was engaged in City Gas Distribution (CGD) business, supplying natural
Allowance for doubtful debts & advances (net) 2.92 175.74
gas to CGD market segments i.e., CNG Domestic, PNG Domestic, CNG Industrial/Commercial and PNG Industrial/
Loss on sale of Property, Plant and Equipment / non-current 0.11 10.69
assets held for sale (net) Commercial.
Net losses on foreign currency transactions and The Board of Directors of the Corporation, at its meeting held on March 22, 2021, approved the Scheme of Amalgamation
translations (BGRL Scheme) for merger of BGRL with the Corporation. Application seeking approval of the BGRL Scheme was
Exchange losses/(Gains) on foreign currency forwards (0.55) (0.79) subsequently filed with Ministry of Corporate Affairs, New Delhi. The copy of order sanctioning the BGRL Scheme was
and Principal Only Swap contracts received by the Corporation on August 8, 2022 and upon filing the same with Registrar of Companies on August 16,
Exchange losses/(Gains) on transactions and 184.51 1,498.60 2022, BGRL stands merged with the Corporation. The BGRL Scheme has become effective from the appointed date of
translations of other foreign currency assets
April 1, 2021.
and liabilities
Sub-Total 183.96 1,497.81
(C) Impact of Business Combinations
CSR Expenditure (Refer Note No. 58) 206.76 191.63
The Corporation has recorded all the assets, liabilities and reserves of BORL and BGRL vested in it pursuant to the
Impairment loss@ 46.10 31.50
respective merger schemes by applying the principles as set out in Appendix C of IND AS 103 ‘Business Combinations’
Others$ 3,340.56 2,892.34 and prescribed under Companies (Indian Accounting Standards) Rules, 2015 issued by the Institute of Chartered
Sub-Total – Office Administration, Selling and Other 5,475.95 6,655.76 Accountants of India. Accordingly, the Standalone Financial Statements for FY 2021-22 of the Corporation have been
expenses restated, on account of BORL merger from the date of obtaining control i.e. June 30, 2021 and on account of BGRL
Total 24,203.32 26,189.75 merger from the beginning of the preceding financial year i.e. April 1, 2021.
^ During current year, Net gains on fair value changes of Instrument measured at FVTPL of K 70.26 crore has been grouped under Other Income.
Amount of previous year includes gain on sale of investments of I 2.32 crore. NOTE 45
# During current year, Net gains on fair value changes of Derivatives measured at FVTPL of I 12.57 crore has been grouped under Other Income. As per the scheme of amalgamation of the erstwhile Kochi Refineries Limited (KRL) with the Corporation approved by
the Government of India, 3,37,28,737 equity shares of the Corporation were allotted (in lieu of the shares held by the
@ Includes Impairment Loss on Non-current assets held for sale of K 46.10 crore (Previous Year: I 31.50 crore). Corporation in the erstwhile KRL) to a Trust (“BPCL Trust for Investment in Shares”) for the benefit of the Corporation in the
$ Includes K 333.44 crore (Previous Year: I 292.34) towards first refill and hot plate given under Pradhan Mantri Ujjwala Yojana 2.0 FY 2006-07. Pursuant to the Bonus Shares issuances by the Corporation, ”BPCL Trust for Investment in Shares” held
20,23,72,422 equity shares of the Corporation as at April 1, 2020.
“During FY 2020-21, Corporation had announced BPCL Employee Stock Purchase Scheme (ESPS) 2020 and created
“BPCL ESPS Trust” for the purpose of acquiring shares for allotting to eligible employees. Accordingly, “BPCL ESPS Trust”
had purchased 4,33,79,025 Equity shares from “BPCL Trust for Investment in Shares” in October 2020. The proportionate
cost of ”BPCL Trust for Investment in Shares” was recognized as cost of shares held by “BPCL ESPS Trust”.

297

Further, during FY 2020-21, 12,60,33,090 Equity Shares were sold from “BPCL Trust for Investment in Shares” via Bulk NOTE 48 SERVICE CONCESSION ARRANGEMENTS
Deal on Stock Exchange for Net Consideration of I 5,511.79 crore. Accordingly, Securities Premium of I 5,101.31 crore was The Corporation has entered into service concession arrangements with entities supplying electricity (“The
recognized after adjusting the corresponding cost of I 410.48 crore (including Face Value of Equity Shares of I 126.03 crore) Regulator”) to construct, own, operate and maintain a wind energy based electric power generating station (“Plant”).
under Total Equity. Under the terms of agreement, the Corporation will operate and maintain the Plant and sell electricity generated to the
During FY 2021-22, Corporation allotted 3,65,42,077 shares to eligible employees on exercise of options by employees Regulator for a period which covers the substantial useful life of the Plant which may be renewed for such further period as
under BPCL Employee Stock Purchase Scheme (ESPS) 2020. Accordingly, Securities Premium of I 1,204.88 crore was may be mutually agreed upon between the parties. The Corporation will be responsible for any maintenance services during
recognized after adjusting the corresponding cost of I 119.01 crore (including Face Value of Equity Shares of I 36.54 crore) the concession period.
under Total Equity. The Corporation in turn has the right to charge the Regulator agreed rate as stated in the service concession arrangement.
Further, during FY 2023-24, 68,36,948 Equity Shares were sold from “BPCL ESPS Trust” via block Deal on Stock Exchange The fair value towards the construction of the Plant has been recognized as an Intangible Asset and is amortized over the
for Net Consideration of I 378.60 crore (Net of Tax). Accordingly, Securities Premium of I 356.33 crore was recognized after useful life of the asset or period of contract whichever is less.
adjusting the corresponding cost of I 22.27 crore (including Face Value of Equity Shares of I 6.84 crore) under Total Equity.
Consequent to the above, “BPCL ESPS Trust” and “BPCL Trust for Investment in Shares” held NIL and 3,29,60,307 equity NOTE 49: DISCLOSURES AS PER IND AS 116 LEASES
shares of the Corporation respectively as at March 31, 2024. The Corporation enters into lease arrangements for land, godowns, office premises, staff quarters, third party operating
plants, tank lorries, time charter vessels and others. Pursuant to Ministry of Corporate Affairs Notification dated
The cost of the original investment together with the additional contribution to the corpus of above trusts have been reduced
March 30, 2019, Ind AS 116 “Leases” applicable w.e.f. April 1, 2019 is adopted by the Corporation using modified retrospective
from “Paid-up Share Capital” to the extent of face value of the shares and from “Other Equity” under separate reserves for
method wherein, at the date of initial application, the lease liability is measured at the present value of remaining lease
the balance amount. The income received from “BPCL Trust for Investment in Shares” and the impact on consolidation of
payments and Right-of-Use asset has been recognized at an amount equal to lease liability adjusted by an amount of any
“BPCL ESPS Trust” has been recognized directly under “Other Equity”.
prepaid expenses. Under Ind AS 116 “Leases”, at commencement of lease, the Corporation recognizes Right-of-use asset
Accordingly the details of shares held by “BPCL Trust for Investment in Shares” and “BPCL ESPS Trust” and its corresponding and corresponding Lease Liability. Right-of-Use asset is depreciated over lease term on systematic basis and Interest on
cost adjustment in Total Equity is as under: lease liability is charged to Statement of Profit and Loss as Finance cost.

A. Leases as Lessee
Corresponding Cost adjusted under Corresponding Cost adjusted under
a) The following is the detailed breakup of Right-of-Use assets (by class of underlying assets) included in Property, Plant
Paid-up Share Paid-up Share
Capital Other Equity Capital Other Equity and Equipment (Refer Note 2)
No. of No. of
Particulars shares K in crore K in crore shares K in crore K in crore I in crore
BPCL Trust for Investment in Gross Block Depreciation Net Carrying Amount
Shares
Opening Balance 3,29,60,307 32.96 74.39 3,29,60,307 32.96 74.39 As at / Deductions As at Up to / Deductions Up to As at As at
April On Account Of March March For the On Account Of March March March
Movements during the year - - - - - - Particulars 1, 2023 Additions Conclusion 31, 2024 31, 2023 Year Conclusion 31, 2024 31, 2024 31, 2023
Closing Balance 3,29,60,307 32.96 74.39 3,29,60,307 32.96 74.39 1 Land 6,323.87 441.73 74.07 6,691.53 743.05 254.40 18.49 978.96 5,712.57 5,580.82
BPCL ESPS Trust 2 Buildings 71.51 80.91 5.33 147.09 26.92 23.52 3.20 47.24 99.85 44.59
including
Opening Balance 68,36,948 6.84 15.43 68,36,948 6.84 15.43
Roads
Less: Shares sold via Block (68,36,948) (6.84) (15.43) - - -
3 Plant and 4,844.36 13.91 - 4,858.27 996.38 298.66 - 1,295.04 3,563.23 3,847.98
deal on Stock exchange Equipments
Closing Balance - - - 68,36,948 6.84 15.43 4 Tanks and 111.36 9.88 - 121.24 41.61 27.36 - 68.97 52.27 69.75
Pipelines
NOTE 46 5 Vessels 803.00 457.28 803.47 456.81 467.17 376.89 803.47 40.59 416.22 335.83
Total 12,154.10 1,003.71 882.87 12,274.94 2,275.13 980.83 825.16 2,430.80 9,844.14 9,878.97
The Corporation has numerous transactions with other oil companies. The outstanding balances (included under Trade
Payables / Trade Receivables, etc.) to/ from them and certain other outstanding credit and debit balances are subject Previous Year 10,480.42 1,801.83 128.15 12,154.10 1,334.15 964.24 23.26 2,275.13 9,878.97 9,146.27
to confirmation/ reconciliation. Adjustments, if any, arising therefrom are not likely to be material on settlement and are
b) The following expenses have been charged to Statement of Profit and Loss during the period
accounted as and when ascertained.
I in crore
NOTE 47 Particulars 2023-24 2022-23
Cabinet Committee of Economic Affairs (CCEA) Government of India, in its meeting held on November 20, 2019, had Interest on Lease Liabilities 691.91 682.17
accorded in-principle approval for strategic disinvestment of Government of India’s Shareholding in the Corporation. Vide its Expenses relating to short-term leases 1,825.81 1,650.37
letter dated June 3, 2022, the Government of lndia conveyed the decision of Alternative Mechanism to call off the present Expenses relating to leases of low value items 11.31 6.20
process for strategic disinvestment of the Corporation. Accordingly, all the activities in connection with the disinvestment
Expenses relating to variable lease payments (not included in measurement of lease liabilities) 6,397.38 6,147.71
process have been discontinued at the Corporation’s end.
c) Total Cash outflow for leases during FY 2023-24 is K 8,846.92 crore (Previous year I 8,379.19 crore)
d) Income from Sub leasing of Right-of-use assets recognized in statement of profit and loss during FY 22-23 is
K 0.99 crore (Previous year ` 0.98 crore)

299

e) Maturity Analysis of Lease Liabilities as per Ind AS 116 Leases NOTE 50 EMPLOYEE BENEFITS
I in crore [A] Post Employment Benefit Plans:
Contractual Cash Flows
As at March 31, 2024 Up to 1 year 1-3 years 3-5 years More than 5 years Total
Defined Contribution Scheme
Undiscounted Cash outflows 1,182.00 2,083.16 1,891.11 11,741.17 16,897.44 Defined Contribution Scheme (DCS) was introduced effective January 1, 2007 and a defined percentage of the salary of
eligible employees out of their total entitlements on account of superannuation benefits is contributed by the Corporation
I in crore towards the same. A portion of Up to 10% of the salary of the eligible employees is currently being contributed to GOI
Contractual Cash Flows managed PFRDA (Pension Fund Regulatory and Development Authority) National Pension Scheme (NPS) and the
balance is being contributed to separate Trusts managed by the Corporation.
Undiscounted Cash outflows 1,262.66 1,809.12 1,809.16 12,509.15 17,390.09 I in crore
Amount recognized in the Statement of Profit and Loss 2023-24 2022-23
B. Leases as Lessor Defined Contribution Scheme 30.78 109.06
Operating Leases
Defined Benefit Plans
a) The Corporation enters into operating lease arrangements in respect of lands, commercial spaces, storage and
The Corporation has the following Defined Benefit Plans:-
distribution facilities etc. The details are as follows:
Gratuity:
The Corporation has a Defined Benefit Gratuity plan managed by a Trust. Trustees administer the contributions made
I in crore
to the Trust, investments thereof etc. Based on actuarial valuation, the contribution is paid to the trust which is invested
Furnitures in plan assets as per the investment pattern prescribed by the Government. Gratuity is paid to a staff member who has
Freehold Plant and Tanks & and Office ROU
Particulars Land Buildings Equipments Pipelines Fixtures Equipment Assets put in a minimum qualifying period of 5 years of continuous service, on superannuation, resignation, termination or to
Gross Carrying Amount 25.43 103.34 3.95 0.86 7.56 2.68 2.94 his nominee on death.
Accumulated depreciation - 19.25 2.80 0.01 5.32 2.06 0.58
Other Defined Benefits include:
Depreciation for the year - 2.98 0.18 0.00 0.23 0.05 0.13
(a) Post Retirement Medical Scheme (managed by a Trust) for eligible employees, their spouse, dependent children
and dependent parents;
(b) Pension / Ex-Gratia scheme to the retired employees who are entitled to receive the monthly pension / ex-gratia
I in crore
for life;
Furnitures
Freehold Tanks & Office
Particulars Land
Plant and
Buildings Equipments Pipelines
and
Fixtures Equipment
ROU
Assets
(c) Death in service / Permanent Disablement benefit given to the spouse of the employee / employee, provided the
deceased’s family / disabled employee deposits with the Corporation, retirement dues such as Provident Fund,
Gross Carrying Amount 25.43 93.41 3.56 0.86 7.08 2.62 1.02
Gratuity, Leave Encashment etc., payable to them;
Accumulated depreciation - 16.77 2.63 0.01 5.15 2.05 0.31
Depreciation for the year - 2.84 0.19 # 0.20 0.05 0.10 (d) Resettlement allowance paid to employees to permanently settle down at the time of retirement;
# I 6,949 (e) Felicitation benefits to retired employees on reaching the age related milestones; and
b) Income earned from Operating Leases recognized in statement of profit and loss during FY 2023-24 is K 37.61 crore (f) The Corporation makes contribution towards Provident Fund, which is administered by the trustees. The
(Previous year ` 31.58 crore) [Of which Variable lease payments that do not depend on index or rate is K 11.26 crore Corporation has an obligation to fund any shortfall on the yield of the trust’s investments over the interest rates
(Previous year ` 12.18 crore)] declared by the Government under EPF scheme.
c) The maturity analysis of lease payments receivable under Operating leases is as follows: These defined benefit plans expose the Corporation to actuarial risks, such as longevity risk, interest rate risk, and
market (investment) risk.
I in crore
As at March 31, 2024 Within 1 year 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years > 5 years Total
Undiscounted Lease Payments 3.18 3.15 1.56 0.97 0.31 3.19 12.36
receivable
I in crore
receivable

301

Movement in net Defined Benefit (asset)/ liability I in crore
I in crore Post Retirement

Gratuity Medical Ex-Gratia Scheme Gratuity
Post Retirement
Gratuity Medical Ex-Gratia Scheme Gratuity Funded Funded Funded Non-Funded
Funded Funded Funded Non-Funded Particulars 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23
Particulars 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 g) Investment pattern for Fund
a) Reconciliation of balances of Defined Benefit Obligations Category of Asset
Defined Obligations at the beginning 825.87 842.00 2,258.45 1,812.07 633.03 642.40 - 11.58 Government of India Securities (%) 14.51 16.29 18.47 24.22 11.25 13.46 - -
of the year Corporate Bonds (%) 2.36 1.35 25.37 32.43 24.00 22.69 - -
Change in plan on common control - 11.31 - - - - - (11.31) Insurer Managed funds (%) 78.80 81.32 - - - - - -
transaction#
State Government Securities (%) 2.96 0.46 42.05 35.45 56.06 54.73 - -
Interest Cost 61.50 60.47 170.06 132.10 47.41 46.83 - 0.25
Others (%) 1.37 0.58 14.11 7.90 8.69 9.12 - -
Current Service Cost 13.64 13.76 43.68 32.23 6.20 6.67 - -
Total (%) 100.00 100.00 100.00 100.00 100.00 100.00 - -
Past Service Cost - - 213.09 (22.09) - - - -
The estimates for future salary increases, considered in actuarial valuation, take into account inflation, seniority, promotion and other
Liability Transferred in/ Acquisitions 0.21 - - - - - - -
relevant factors.
Benefits paid (84.08) (89.76) (96.96) (101.61) (49.47) (48.08) - (0.31)
The expected return on plan assets is based on market expectation at the beginning of the period, for returns over the entire life of the
Actuarial (Gains)/ Losses on obligations related obligations.
-Changes in financial Assumptions 17.34 (15.33) 281.44 (36.44) 13.51 (9.71) - (0.54) For the funded plans, the trusts maintain appropriate fund balance considering the analysis of maturities. Projected Unit credit method is
-Experience adjustments 33.54 3.42 (467.97) 442.19 3.21 (5.08) - 0.33 adopted for Asset-Liability Matching.
Defined Obligations at the end of the year 868.02 825.87 2,401.79 2,258.45 653.89 633.03 - - In respect of investments made by Post Retirement Medical Benefits Trust, total Provision as at March 31, 2024 was
K 25.50 crore (as at March 31, 2023: I 25.50 crore).
b) Reconciliation of balances of Fair Value of Plan Assets
Past Service cost in respect of Post Retirement Medical Benefits is recognized during both FY 2023-24 and FY 2022-23 on account of
Fair Value at the beginning of the year 816.36 842.45 1,960.77 1,913.29 615.70 196.26 - -
amendment in the member eligibility criteria of the scheme.
Interest income (i) 60.78 60.51 147.65 141.58 46.12 32.89 - - # During
FY 2022-23, Gratuity Unfunded scheme of erstwhile BORL has been merged with BPCL Gratuity Fund and thereafter the liability for
Return on Plan Assets, excluding interest 0.41 6.53 31.65 (2.55) (5.65) 3.92 - - the same has been assumed by Corporation in respect of all its employees (Refer Note 44).
income (ii)
-
Actual Return on Plan assets (i+ii) 61.19 67.04 179.30 139.03 40.47 36.81 -
Movement in net Defined Benefit (asset)/ liability
Contribution by employer 9.51 - 486.30 - 17.33 430.71 - -
I in crore
Contribution by employee - - 1.79 1.27 - - - -
Death / Permanent Re-settlement Burmah Shell Felicitation
Assets transferred in/ Acquisitions 0.21 - - - - - - - disablement Allowance Pension Scheme
Amount Reimbursed by Trust - (9.43) - - - - - - Non-Funded Non-Funded Non-Funded Non-Funded
Benefits paid (83.03) (83.70) (96.96) (92.82) (49.39) (48.08) - - Particulars 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23
Fair Value of Plan Assets at the end of the 804.24 816.36 2,531.20 1,960.77 624.11 615.70 - - a) Reconciliation of balances of Defined Benefit Obligations
year Defined Obligations at the beginning 8.03 9.87 16.29 16.60 45.59 53.39 74.05 71.58
c) Liability/(Asset) recognized in 63.78 9.51 (129.41) 297.68 29.78 17.33 - - of the year
Balance sheet (a-b) Interest Cost 0.59 0.60 1.22 1.20 3.35 3.58 5.55 5.25
d) Amount recognized in Statement of Profit and Loss Current Service Cost - - 3.44 3.56 - - 1.37 1.37
Current Service Cost 13.64 13.76 43.68 32.23 6.20 6.67 - - Benefits paid (6.73) (7.21) (3.04) (2.01) (9.53) (10.66) (2.93) (2.83)
Past Service Cost - - 213.09 (22.09) - - - - Actuarial (Gains)/ Losses on obligations
Interest Cost 61.50 60.47 170.06 132.10 47.41 46.83 - 0.25 - Changes in financial Assumptions 0.33 (3.57) 0.50 (0.31) 0.19 (0.83) 2.06 (0.90)
Interest income (60.78) (60.51) (147.65) (141.58) (46.12) (32.89) - - - Experience adjustments 5.48 8.34 5.80 (2.75) 0.14 0.11 (0.90) (0.42)
Contribution by employee - - (1.79) (1.27) - - - - Defined Obligations at the end of the year 7.70 8.03 24.21 16.29 39.74 45.59 79.20 74.05
Expenses for the year 14.36 13.72 277.39 (0.61) 7.49 20.61 - 0.25 b) Liability/(Asset) recognized in 7.70 8.03 24.21 16.29 39.74 45.59 79.20 74.05
e) Amount recognized in Other Comprehensive Income Remeasurements Balance Sheet
Actuarial (Gains)/ Losses c) Amount recognized in Statement of Profit and Loss
- Changes in financial assumptions 17.34 (15.33) 281.44 (36.44) 13.51 (9.71) - (0.54) Current Service Cost - - 3.44 3.56 - - 1.37 1.37
- Experience adjustments 33.54 3.42 (467.97) 442.19 3.21 (5.08) - 0.33 Interest Cost 0.59 0.60 1.22 1.20 3.35 3.58 5.55 5.25
Return on plan assets excluding net interest (0.41) (6.53) (31.65) 2.55 5.65 (3.92) - - Expenses for the year 0.59 0.60 4.66 4.76 3.35 3.58 6.92 6.62
cost
Total 50.47 (18.44) (218.18) 408.30 22.37 (18.71) - (0.21)
f) Major Actuarial Assumptions
Discount Rate (%) 7.22 7.50 7.24 7.53 7.21 7.49 - 7.64
Salary Escalation (%) 8.00 8.00 NA NA NA NA - 5.00
Expected Return on Plan assets (%) 7.22 7.50 7.24 7.53 7.21 7.49 - NA

303

I in crore The expected future cash flows as at March 31, 2024 are as follows
Death / Permanent Re-settlement Burmah Shell Felicitation
disablement Allowance Pension Scheme I in crore
Non-Funded Non-Funded Non-Funded Non-Funded Post Death/

Retirement Exgratia Permanent Resettlement Burmah shell Felicitation
Particulars 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 Gratuity - Medical - scheme- Disablement- allowance- Pension- Scheme -
Particulars Funded Funded Funded Non funded Non funded Non-Funded Non-Funded
d) Amount recognized in Other Comprehensive Income Remeasurements
Actuarial (Gains)/ Losses Projected benefits payable in future years from the date of reporting
- Changes in financial assumptions 0.33 (3.57) 0.50 (0.31) 0.19 (0.83) 2.06 (0.90) 1st following year 93.15 107.35 49.45 5.07 2.99 9.36 3.98
- Experience adjustments 5.48 8.34 5.80 (2.75) 0.14 0.11 (0.90) (0.42) 2nd following year 67.09 123.29 49.43 1.60 1.44 6.50 3.71
Total 5.81 4.77 6.30 (3.06) 0.33 (0.72) 1.16 (1.32) 3rd following year 88.98 131.27 49.09 1.31 2.28 5.33 3.97
Discount Rate (%) 7.17 7.30 7.22 7.50 7.17 7.35 7.24 7.53 4th following year 89.90 140.54 48.77 1.06 2.41 4.33 4.66
5th following year 87.65 150.16 48.36 0.86 2.38 3.47 5.03
Sensitivity analysis Years 6 to 10 371.52 914.87 232.60 2.53 10.56 8.83 30.86
Sensitivity analysis for significant actuarial assumptions, showing how the defined benefit obligation would be affected,
considering increase/decrease of 1% as at March 31, 2024 is as below: Other details as at March 31, 2024
I in crore
I in crore
Post Death/
Post Death/ Retirement Exgratia Permanent Resettlement Burmah shell Felicitation
Retirement Exgratia Permanent Resettlement Burmah shell Felicitation Gratuity - Medical - scheme- Disablement- allowance- Pension- Scheme -
Gratuity - Medical - scheme - Disablement allowance - Pension - Scheme - Particulars Funded Funded Funded Non funded Non funded Non-Funded Non-Funded
Particulars Funded Funded Funded - Non funded Non funded Non-Funded Non-Funded
Weighted average duration 9.00 15.52 8.58 6.00 9.00 4.05 10.27
+ 1% change in rate of (58.77) (306.13) (45.72) (2.48) (1.70) (1.05) (6.70) of the Projected Benefit
Discounting Obligation(in years)
- 1% change in rate of 68.34 391.54 53.41 2.66 2.00 1.13 7.98 Prescribed contribution for next 78.43 - 29.78 - - - -
Discounting year (I in crore)
+ 1% change in rate of 11.95 - - - - - - Mortality Table
Salary increase
- During Employment Indian Assured Lives Mortality 2012-14 (Urban)
- 1% change in rate of (14.00) - - - - - -
Salary increase - After Employment Indian Individual AMT (2012-15)
Sensitivity analysis for significant actuarial assumptions, showing how the defined benefit obligation would be affected, [B] Provident Fund
considering increase/decrease of 1% as at March 31, 2023 is as below:
The Corporation’s contribution to the Provident Fund is remitted to a separate trust established for this purpose based
I in crore on a fixed percentage of the eligible employees’ salary and charged to Statement of Profit and Loss. Shortfall, if any, in
Post Death/ the fund’s revenues based on the EPFO specified rate of return, will need to be made good by the Corporation and is
Retirement Exgratia Permanent Resettlement Burmah shell Felicitation charged to Statement of Profit and Loss. The actual return earned by the fund has been higher than the EPFO specified
Gratuity - Medical - scheme - Disablement allowance - Pension - Scheme -
Particulars Funded Funded Funded - Non funded Non funded Non-Funded Non-Funded
minimum rate of return in most of the earlier years. During FY 2022-23, subsequent to the merger of Bharat Oman
Refineries Limited (BORL) with the Corporation, provident fund contributions of employees of erstwhile BORL, which
+ 1% change in rate of (55.94) (250.68) (44.31) (2.71) (1.11) (1.21) (6.34)
Discounting were earlier deposited with the Regional Provident Fund Commissioner (RPFC), are now being remitted to Provident
Fund Trust managed by the Corporation.
- 1% change in rate of 65.02 307.42 51.78 2.92 1.29 1.29 7.54
Discounting During FY 2023-24, there was no settlement of defaulted securities, However, during FY 2022-23, settlement of certain
+ 1% change in rate of 12.06 - - - - - - defaulted securities (against which provisions were created in earlier periods) were completed. The provision against
Salary increase
certain defaulted securities as on March 31, 2024 is K 94.17 crore (Previous year I 94.17 crore). Against the provision,
- 1% change in rate of (14.01) - - - - - - the advance given by the Corporation to the Trust stands at K 88.73 crore as on March 31, 2024 (Previous year I 88.73
Salary increase
crore). The Fund balance is sufficient to meet the fund obligations as on March 31, 2024 and March 31, 2023.
Sensitivity for significant actuarial assumptions is computed by varying one actuarial assumption used for the valuation
I in crore
keeping all other actuarial assumptions constant.
As at As at
Present Value of benefit obligation 5,624.03 5,347.16

305

NOTE 51 RELATED PARTY TRANSACTIONS II Retirement Benefit Fund/ Trusts

1 Indian Provident Fund of BPCL
a) Names of the Related parties
2 Pension Fund of BPCL
I Joint Venture & Associate Companies
3 BPCL Employees Post Retirement Medical Benefits Trust
1 Indraprastha Gas Limited (Including IGL Genesis Technologies Limited)
4 Gratuity Fund of BPCL
2 Petronet India Limited*
5 BPCL Monthly Ex-Gratia Trust
3 Petronet CI Limited*
4 Petronet LNG Limited (including Petronet Energy Limited) III Key Management Personnel
5 Maharashtra Natural Gas Limited 1 Shri Krishnakumar Gopalan, Chairman & Managing Director (w.e.f. March 17, 2023)
6 Central UP Gas Limited 2 Shri Vetsa Ramakrishna Gupta, Director (Finance) (w.e.f. September 7, 2021). He was holding additional charge of
Director (Human Resources) (w.e.f. January 1, 2022 Up to April 30, 2023) and additional charge of C&MD (w.e.f.
7 Sabarmati Gas Limited November 1, 2022 Up to March 17, 2023).
8 Bharat Stars Services Private Limited (Including Bharat Stars Services (Delhi) Private Limited) 3 Shri Sanjay Khanna, Director (Refineries) (w.e.f. February 22, 2022)
9 Bharat Renewable Energy Limited* 4 Shri Sukhmal Kumar Jain, Director Marketing (w.e.f.August 22, 2022)
10 Matrix Bharat Pte. Ltd.@ 5 Shri Raj Kumar Dubey, Director HR (w.e.f. May 1, 2023)
11 Delhi Aviation Fuel Facility Private Limited 6 Shri Arun Kumar Singh, Chairman & Managing Director (Up to October 31, 2022). He was holding additional
12 Kannur International Airport Limited charge of Director (Marketing) (Up to August 21, 2022)
13 GSPL India Gasnet Limited 7 Smt. V. Kala, Company Secretary (w.e.f. February 13, 2020)
14 GSPL India Transco Limited 8 Shri Harshadkumar P. Shah, Independent Director (Up to July 15, 2022)
15 Mumbai Aviation Fuel Farm Facility Private Limited 9 Shri Pradeep Vishambhar Agrawal, Independent Director (w.e.f. November 12, 2021)
16 Kochi Salem Pipeline Private Limited 10 Shri Ghanshyam Sher, Independent Director (w.e.f. November 12, 2021)
17 BPCL-KIAL Fuel Farm Private Limited 11 Dr. (Smt) Aiswarya Biswal, Independent Director (w.e.f. November 12, 2021)
18 Haridwar Natural Gas Private Limited 12 Prof. (Dr.) Bhagwati Prasad Saraswat, Independent Director (w.e.f. November 12, 2021)
19 Goa Natural Gas Private Limited 13 Shri Gopal Krishnan Agarwal, Independent Director (w.e.f. November 12, 2021)
20 FINO PayTech Limited (including Fino Payments Bank and Fino Finance Private Limited) 14 Smt. Kamini Chauhan Ratan, Government Nominee Director (w.e.f. December 21, 2022)
21 Ratnagiri Refinery and Petrochemicals Limited 15 Shri Gudey Srinivas, Government Nominee Director (Up to September 25, 2022)
22 Ujjwala Plus Foundation (Section 8 Company)^ 16 Shri Suman Billa, Government Nominee Director (w.e.f. March 16, 2022)
23 IBV (Brasil) Petroleo Ltda. 17 Dr. (Smt) Sushma Agarwal, Independent Director (w.e.f. March 10, 2023)
24 Taas India Pte.Ltd. 18 Smt. Yatinder Prasad, Govt. Nominee Director (w.e.f. October 29, 2022 Up to December 20, 2022)
25 Vankor India Pte.Ltd. b) The nature wise transactions and outstanding balances at period end with the above Joint Ventures
26 Falcon Oil & Gas B.V. and Associates are as follows:
I in crore
27 Mozambique LNG1 Company Pte.Ltd.
S.
28 Moz LNG1 Holding Company Ltd. No. Nature of Transactions 2023-24 2022-23
1 Purchase of goods (i) 13,096.62 15,053.47
29 Moz LNG1 Financing Company Ltd.
2 Sale of goods (ii) 979.01 1,006.26
30 Mozambique LNG1 Co. Financing, LDA 3 Rendering of Services 85.86 74.73
31 LLC TYNGD 4 Receiving of Services 468.98 266.77
5 Interest Income 0.89 1.01
32 JSC Vankorneft
6 Dividend Income 314.78 748.34
33 Urja Bharat Pte. Ltd.
7 Investment in Equity# 67.14 535.00
34 IHB Limited 8 Management Contracts (Employees on deputation/ consultancy services) 17.84 15.61
* Companies in the process of winding up

9 Lease Rentals Income 2.35 0.66
10 Lease Rentals and other charges paid 0.26 0.24

307

I in crore d) Details relating to the personnel referred to in Item No. III above:
S. I in crore
No. Nature of Transactions 2023-24 2022-23
11 Guarantee given during the period 159.00 -
Key Managerial Personnel
12 Guarantee received during the period 13.00 -
Short-term employee benefits 4.15 2.87
13 Refundable deposit given 0.15 0.09
Post-employment benefits 0.51 0.53
14 Repayment of Loan given 3.75 3.75
Other long-term benefits 0.04 0.46
15 Buy back of shares - 27.46
Others (including sitting fees to non-executive directors) 0.94 0.79
16 Advance against Equity# 77.53 32.56
17 Provision for Advance against Equity at year end 0.54 0.54
e) The transactions and outstanding at period end with Retirement Benefit Fund/ Trust are as follows:
18 Receivables as at year end (including Loans & Deposits) 91.49 299.37
I in crore
19 Advance given outstanding at year end 80.00 98.30
20 Payables as at year end 1,382.77 572.74
Contribution to Retirement Benefit Funds/ Trusts 688.57 604.19
21 Advance received outstanding at year end 3.76 3.83
Outstanding balance of advance given to Retirement Benefit Funds/ Trusts 129.41 -
22 Guarantees given (Outstanding) 912.50 753.50
Contribution payable to Retirement Benefit Funds/ Trusts 147.22 383.79
23 Guarantees received (Outstanding) 103.21 90.21
(i) Major transactions entered with Petronet LNG Limited: K 7,644.73 crore (Previous period: I 9,140.75 crore), Falcon NOTE 52 DUES FROM DIRECTORS / OFFICERS
Oil And Gas B.V.: K 2863.35 crore (Previous period: I 3,693.45 crore), Indraprastha Gas Limited: K 1,423.08 crore Dues from Directors is K 0.01 crore (Previous year: I 0.05 crore) and Dues from Officers is K 9.09 crore (Previous year:
(Previous period: I 1,204.63 crore) I 4.74 crore).
(ii) Major transactions entered with Sabarmati Gas Ltd.: K 509.27 crore (Previous period: I 524.78 crore) and Indraprastha
Gas Limited: K 464.41 crore (Previous period: I 481.21 crore) NOTE 53 IN COMPLIANCE WITH IND AS – 27 ‘SEPARATE FINANCIAL STATEMENTS’, THE REQUIRED
INFORMATION IS AS UNDER:
The outstanding balances are unsecured (except Loans and gurantees outstanding) and are being settled in cash
Percentage of ownership Interest
except advance against equities which are settled in equity. Principal place of
Sr. business / country As at As at
#Investment in equity is shown as a transaction only on allotment of shares. Pending such allotment, any amount paid as advance against equity is No Particulars of incorporation March 31, 2024 March 31, 2023
shown as a balance outstanding at period end. Subsidiaries
@ Pursuant to in-principal approval of Board of corporation at its meeting held on October 27, 2023, process for voluntary winding up has been initiated. 1 Bharat PetroResources Limited India 100.00% 100.00%
Joint ventures and associates
^ Ujjwala Plus Foundation is a Joint Venture of IOCL, BPCL and HPCL with fund contribution in the ratio of 50:25:25 respectively which was
incorporated as a company limited by guarantee (without share capital) under Section 8 of Companies Act, 2013 whereunder the Corporation has 1 Indraprastha Gas Limited India 22.50% 22.50%
undertaken a guarantee to contribute I 0.05 crore at the time of winding up if required. Board of Corporation at its meeting held on October 27, 2023 2 Petronet India Limited^ India 16.00% 16.00%
has accorded in-principal approval for closure of Ujjwala plus foundation.
3 Petronet CI Limited^ India 11.00% 11.00%
c) In the ordinary course of its business, the Corporation enters into transactions with other Government controlled entities 4 Petronet LNG Limited India 12.50% 12.50%
(not included in the list above). The Corporation has transactions with other Government-controlled entities, including 5 Central UP Gas Limited India 25.00% 25.00%
but not limited to the following:
6 Maharashtra Natural Gas Limited India 22.50% 22.50%
• Sales and purchases of goods and ancillary materials; 7 Sabarmati Gas Limited India 49.94% 49.94%
• Rendering and receiving of services; 8 Bharat Stars Services Private Limited India 50.00% 50.00%
9 Bharat Renewable Energy Limited^ India 33.33% 33.33%
• Receipt of dividends;
10 Matrix Bharat Pte. Ltd.@ Singapore 50.00% 50.00%
• Loans and advances; 11 Delhi Aviation Fuel Facility Private Limited India 37.00% 37.00%
• Depositing and borrowing money; 12 Kannur International Airport Limited India 16.20% 16.20%
13 GSPL India Gasnet Limited India 11.00% 11.00%
• Guarantees; and
14 GSPL India Transco Limited India 11.00% 11.00%
• Uses of public utilities. 15 Mumbai Aviation Fuel Farm Facility Private Limited India 25.00% 25.00%
These transactions are conducted in the ordinary course of business on terms comparable to those with other entities 16 Kochi Salem Pipeline Private Limited India 50.00% 50.00%
that are not government controlled entities. 17 BPCL-KIAL Fuel Farm Private Limited India 74.00% 74.00%
18 Haridwar Natural Gas Private Limited India 50.00% 50.00%

309

Percentage of ownership Interest BPRL and an impairment loss of K 1,798.02 crore (Previous year I 1,359.96 crore) has been recognized based on the value
Principal place of
Sr. business / country As at As at in use of assets as on March 31, 2024. Such impairment loss is shown as an exceptional item in Statement of Profit and
No Particulars of incorporation March 31, 2024 March 31, 2023 Loss for the year ended March 31, 2024. The accumulated impairment loss on investments in BPRL as of March 31, 2024 is
19 Goa Natural Gas Private Limited India 50.00% 50.00% K 5,190.77 crore (Previous year I 3,392.75 crore).
20 FINO Paytech Limited India 21.10% 21.10%
21 Ratnagiri Refinery And Petrochemicals Limited India 25.00% 25.00% NOTE 57 PROVISIONS
22 IHB Limited India 25.00% 25.00% In compliance of Ind AS 37 on "Provisions, Contingent Liabilities and Contingent Assets", the required information is as under:
Notes: I in crore
^ Companies in the process of winding up. Opening Additions during Utilization during Reversals during Closing
Nature balance the year the year the year balance
Further, Ujjwala Plus Foundation is a Joint Venture of IOCL, BPCL and HPCL with fund contribution in the ratio of 50:25:25 respectively which
was incorporated as a company limited by guarantee (without share capital) under Section 8 of Companies Act, 2013. Board of Corporation at its Excise 205.85 184.48 - 3.75 386.58
meeting held on October 27, 2023 has accorded in-principal approval for closure of Ujjwala plus foundation. Customs 3.24 - - 0.30 2.94
@ Pursuant to in-principal approval of Board of corporation at its meeting held on October 27, 2023, process for voluntary winding up has been initiated. Service Tax 0.90 - 0.82 0.08 -
VAT/ Sales Tax/ Entry Tax/ GST 277.91 99.85 7.47 24.85 345.44
NOTE 54 EARNINGS PER SHARE (EPS) Property Tax 82.72 47.41 23.88 30.97 75.28
Basic EPS is derived by way of dividing the profit or loss for the year attributable to equity holders by the weighted average Others - 25.20 - - 25.20
number of Equity shares outstanding during the year, whereas Diluted EPS factors the effects of all dilutive potential
Total 570.62 356.94 32.17 59.95 835.44
ordinary shares.
Previous year 371.52 379.37 155.35 24.92 570.62
S.
No. Particulars 2023-24 2022-23 The above provisions are made based on estimates and the expected timing of outflows is not ascertainable at this stage.
i. Profit attributable to equity holders of the Corporation for Basic and Diluted earnings 26,673.50 1,870.10 Above includes provision of K 83.35 crore (Previous year: I 90.19 crore) for which deposits have been made.
per equity share (K in crore)
ii. Weighted average number of ordinary shares for Basic & Diluted EPS NOTE 58 DISCLOSURE IN RESPECT OF EXPENDITURE ON CORPORATE SOCIAL RESPONSIBILITY
Issued ordinary shares as at April 1, (Nos. in crore) 216.93 216.93 ACTIVITIES
Less: Weighted average No. of shares held by "BPCL Trust for Investment in Shares" (Nos. in (3.30) (3.30) I in crore
crore)
Less: Weighted average No. of Shares held by "BPCL ESPS Trust" (Nos. in crore) (0.60) (0.68)
a) Unspent CSR Expenditure carried forward from previous year (Opening Provision)@ 108.92 45.96
Weighted average number of shares for calculating Basic & Diluted EPS (in crore) 213.03 212.95
b) Amount required to be spent by the Corporation during the year 206.29 190.95
iii. Basic & Diluted EPS (K / share) 125.21 8.78
c) Surplus arising out of the CSR projects/programs or activities 0.47 0.68
d) Amount spent during the year (on purposes other than construction / acquisition of assets 158.19 128.67
NOTE 55 ENERGY SAVING CERTIFICATES (ESCerts) controlled by the Corporation)*#
As at March 31, 2024, the Corporation holds 2,06,937 Nos. (Previous year 2,06,937 Nos.) of ESCerts awarded by Bureau e) Shortfall at the end of the year (Closing Provision) (a + b + c - d)^ 157.49 108.92
of Energy Efficiency (BEE) in FY 2021-22 as part of “Performance, Achieve & Trade” (PAT) scheme, India for achieving
reduction in Specific Energy Consumption above targets set by them for the performance during FY 2018-19. These can * The above expenditure includes contribution to funds, expenses through registered trusts / registered society, company established under Section
8 of the Companies Act, 2013 and direct expenses towards implementation of CSR activities by the Corporation. Further, the expenditure in
be redeemed to meet refineries own shortfall (if any) or can be used as tradable certificates which can be sold through FY 2022-23 includes amount of I 36.24 crore which was spent in excess of requirements under Companies Act, 2013 in the earlier financial years
power exchanges. According to the Indian Energy Exchange’s market fluctuations, current values of ESCerts are volatile. by erstwhile BORL and is available for set off against the CSR Obligation.
Considering unascertainability of cost of ESCerts since such cost cannot be derived directly, the same has not been carried # Includes payables of K 5.63 crore (Previous year: I 8.75 crore)
in inventory. @ The opening balance of K 108.92 crore for FY 2023-24 includes I 79.99 crore for FY 2022-23 transferred to a separate Unspent CSR bank
account on April 29, 2023, I 24.18 crore for FY 2021-22 transferred on April 29, 2022 and I 4.75 crore for FY 2020-21 transferred on April 30, 2021.
NOTE 56 IMPAIRMENT OF ASSETS
^ The closing balance of K 157.49 crore for FY 2023-24 includes I 4.57 crore of FY 2021-22 transferred on April 29, 2022, I 65.34 crore of
The Corporation assesses at each reporting date, whether there is an indication for impairment of assets. The Corporation FY 2022-23 transferred on April 29, 2023 and I 87.58 crore for FY 2023-24 transferred on April 30, 2024.
takes into consideration external and internal sources of information available about the asset to check whether any
indication for impairment exists. If any such indication exists, the Corporation estimates the recoverable amount of the Reason for shortfall
asset. The recoverable amount is the higher of an asset’s fair value less cost of disposal and value in use. The value in use
The shortfall of I 157.49 crore from the stipulated and prescribed spend is on account of delay in certain projects due to
is assessed based on the estimated future cash flows which are discounted to their present value using the discount rate
limitations faced by implementing agencies which were beyond their control. However, the shortfall has been earmarked
that reflects the time value of money and risk specific to the assets for which the future cash flows estimates have not been
against the specific projects and would be spent as per the provisions of the Companies Act, 2013.
adjusted. An impairment loss is recognized in the Statement of Profit and Loss to the extent asset’s carrying amount exceeds
its recoverable amount.
Nature of CSR Activity undertaken by the Company
Based on the assessment, there is no indication of impairment of assets except for the Corporation’s investment in subsidiary The projects which are in alignment with the areas specified under Schedule VII of the Companies Act, 2013 are undertaken
company Bharat Petro Resources Limited (BPRL). The gross carrying value of investment in BPRL as of March 31, 2024 by the Corporation. Further, in order to have quantitative and qualitative impact, Corporation has adopted five core thrust
is K 10,926.37 crore (Previous year I 9,601.37 crore). BPRL is an upstream company and is having investments in Oil and areas viz. Health & Sanitation, Education, Skill Development, Environmental Sustainability, and Community Development.
Gas Blocks globally and in India, either directly or through its Subsidiaries (including step down Subsidiaries), Joint ventures
and Associates. During the current financial year, BPRL has impaired investments in its subsidiary company due to change
in prospects of its blocks. Accordingly, impairment testing was carried out on equity investment made by the Corporation in

311

NOTE 59 FINANCIAL INSTRUMENTS

NOTE 59 FINANCIAL INSTRUMENTS (Contd.)
A. Accounting classification and fair values I in crore
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their Carrying amount Fair value
levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not FVOCI -
Mandatorily designated Amortized
measured at fair value if the carrying amount is a reasonable approximation of fair value.
Note
As at March 31, 2023 Reference at FVTPL as such Cost Total Level 1 Level 2 Level 3 Total
Financial Assets
I in crore
Investment in Equity instruments 8 - 800.48 - 800.48 673.18 127.30 800.48
Carrying amount Fair value
Investment in Debt instruments 8 & 14 4,277.14 - 0.01 4,277.15 4,277.14 4,277.14
FVOCI -
Note Mandatorily designated Amortized Derivative instruments - Interest 19 18.74 - - 18.74 18.74 18.74
Rate Swaps
Financial Assets Advance against equity to Joint 10 - - 48.43 48.43 -
Investment in Equity instruments 8 - 1,778.50 - 1,778.50 1,605.30 173.20 1,778.50 Venture
Investment in Debt instruments 8 & 14 4,290.67 - 0.01 4,290.68 4,290.67 4,290.67 Deposits 10 & 19 - - 79.79 79.79 86.03 86.03
Advance against equity to Joint 10 - - 76.99 76.99 Loans:

Venture Loan to Subsidiary- variable 9 - - 455.00 455.00
Deposits 10 - - 84.91 84.91 94.32 94.32 rate
Loans: Loan to Joint Venture - 9 & 18 - - 11.25 11.25

variable rate
Loan to Joint Venture - 9 & 18 - - 7.50 7.50
variable rate Loans to Employees 9 & 18 - - 510.37 510.37
Loans to Employees 9 & 18 - - 489.69 489.69 PMUY Loans to Consumers 9 & 18 - - 449.05 449.05 446.26 446.26
PMUY Loans to Consumers 9 & 18 - - 294.85 294.85 294.30 294.30 Others 9 & 18 - - 237.52 237.52
Others 9 & 18 - - 248.65 248.65 Other Deposits 10 & 19 - - 113.06 113.06
Other Deposits 10 - - 137.92 137.92 Cash and Cash equivalents 16 - - 1,881.32 1,881.32
Cash and Cash equivalents 16 - - 516.33 516.33 Bank Balances other than Cash 17 - - 239.12 239.12
and cash equivalents
Bank Balances other than Cash 17 - - 3,974.31 3,974.31
and cash equivalents Trade Receivables 15 - - 6,721.86 6,721.86
Trade Receivables 15 - - 8,328.17 8,328.17 Other Financial Assets 10 & 19 - - 1,076.95 1,076.95
Other Financial Assets 10 & 19 - - 1,239.32 1,239.32 Total 4,295.88 800.48 11,823.73 16,920.09
Total 4,290.67 1,778.50 15,398.65 21,467.82 Financial Liabilities
Financial Liabilities Derivative Liability on Forward 32 0.55 - - 0.55 0.55 0.55

Contracts
Bonds (Foreign Currency) 25 - - 4,163.22 4,163.22 4,090.53 4,090.53
Bonds (Foreign Currency) 25 - - 4,100.75 4,100.75 3,991.96 3,991.96
Debentures 25 - - 3,930.26 3,930.26 3,860.37 3,860.37
Debentures 25 & 30 - - 6,369.72 6,369.72 6,242.00 6,242.00
Loans:
Loans: - - - -
Term Loans 25 & 30 - - 3,104.38 3,104.38
Term Loans 25 & 30 - - 11,840.52 11,840.52
Interest Free Loans 25 - - 326.76 326.76 281.78 281.78
Interest Free Loans 25 - - 221.81 221.81 189.06 189.06
Short-term Loans (Foreign 30 - - 1,667.48 1,667.48
Currency) Long-term Loans (Foreign 25 - - 6,160.00 6,160.00
Currency)
Short-term Borrowings 30 - - 5,574.79 5,574.79
Lease Obligations 25a & 30a - - 9,113.73 9,113.73 Currency)
Other Non-Current financial 26 - - 70.82 70.82 Short-term Borrowings 30 - - 3,750.00 3,750.00
liabilities
Lease Obligations 25a & 30a - - 8,920.34 8,920.34
Trade Payables 31 - - 28,293.42 28,293.42
Other Non-Current financial 26 - - 68.89 68.89
Other Financial Liabilities 32 - - 22,507.72 22,507.72 liabilities
Total - - 78,752.58 78,752.58 Trade Payables 31 - - 24,010.84 24,010.84
Other Financial Liabilities 32 - - 21,116.41 21,116.41
Note: There are no other categories of financial instruments other than those mentioned above.
Total 0.55 - 89,971.28 89,971.83

313


Sensitivity analysis
B. Measurement of fair values
For the fair values of unquoted equity shares, reasonably possible changes at the reporting date to one of the significant
Valuation techniques and significant unobservable inputs
unobservable inputs, holding other inputs constant, would have the following effects:
The following tables show the valuation techniques used in measuring Level 2 and Level 3 fair values, for financial
I in crore
instruments measured at fair value in the Balance Sheet, as well as the significant unobservable inputs used.
Financial instruments measured at fair value Other Comprehensive Other Comprehensive
Significant Inter-relationship between Significant unobservable inputs Increase Decrease Increase Decrease
unobservable significant unobservable inputs
Type Valuation technique inputs and fair value measurement Market Multiples (5% movement) 8.66 (8.66) 6.36 (6.36)
Unquoted equity shares The Valuation is based on market multiples derived Adjusted The estimated fair value would
(Cochin International Airport from quoted prices of companies comparable to market multiple increase/(decrease) if Adjusted C. Financial risk management
Limited) investee and the expected book value of the investee. market multiple were higher/
(lower) Risk management framework
Derivative instruments - Forward pricing: The fair value is determined using Not applicable Not applicable The Corporation’s Board of Directors has overall responsibility for the establishment and for overseeing of the Corporation’s
forward exchange contracts quoted forward exchange rates at the reporting date.
risk management framework. The Risk Management Committee of the Board has defined roles and responsibilities, which
Derivative instruments - Discounted cash flows: The valuation model considers Not applicable Not applicable
includes reviewing and recommending the risk management plan and the risk management report for approval of the Board
interest rate swap the present value of expected receipt/payment
discounted using appropriate discounting rates. This with the recommendation of the Audit Committee. The Corporation has adopted a Risk Management Charter and Policy for
technique also involves using the interest rate curve for self-regulatory processes and procedures for ensuring the conduct of the business in a risk conscious manner.
projecting the future cash flows.
The Corporation has exposure to the following risks arising from financial instruments:
Non-Current financial assets Discounted cash flows: The valuation model considers Not applicable Not applicable
and liabilities measured at the present value of expected receipt/ payment i. Credit risk;
amortized cost discounted using appropriate discounting rates.
PMUY Loans to consumers Discounted cash flows: The valuation model considers Subsidy rate The estimated fair value would ii. Liquidity risk; and
the present value of expected receipt/ payment increase/(decrease) if subsidy
discounted using appropriate discounting rates. rate were higher/(lower) iii. Market risk
Derivative instruments - Fair valuation of Commodity Derivative instruments are Not applicable Not applicable
commodity contracts based on Platts pricing - Settlement is based on monthly C.i. Credit risk
Platts average prices for the respective product for the Credit risk is the risk of financial loss to the Corporation if a customer or counterparty to a financial instrument fails to meet its
relevant settlement month. Mark to Market calculation
contractual obligations, and arises principally from the Corporation’s trade and other receivables, cash and cash equivalents
is based on Platts forward assessment. Platts is an
independent agency which assesses benchmark global and other bank balances, derivatives and debt securities. The maximum exposure to credit risk in case of all the financial
crude oil and product prices. Globally counterparties instruments covered below is restricted to their respective carrying amount.
also use Platts assessment for settlement of
transactions.
(a) Trade and other receivables from customers
Credit risk in respect of trade and other receivables is managed through credit approvals, establishing credit limits
Level 3 fair values
and monitoring the creditworthiness of customers to whom the Corporation grants credit terms in the normal course
Reconciliation of Level 3 fair values of business.
The following table shows a reconciliation of the opening and closing balances for Level 3 fair values for equity As at March 31, 2024 and March 31, 2023, the Corporation’s retail dealers, industrial and aviation customers accounted
instruments measured at FVTOCI. for the majority of the trade receivables.
I in crore Expected credit loss assessment for Trade and other receivables from customers as at March 31, 2024 and
Particulars Equity March 31, 2023
Opening Balance (April 1, 2022) 120.80 The Corporation uses an allowance matrix to measure the expected credit losses of trade and other receivables.
Net change in fair value (unrealized) 6.50
The loss rates are computed using a ‘Roll Rate’ method based on the probability of receivable progressing through
Closing Balance (March 31, 2023) 127.30
successive stages of delinquency to write off. Roll rates are calculated separately for exposures in different segments
Opening Balance(April 1, 2023) 127.30 based on the following common credit risk characteristics - type of product purchases, type of customers.
Additional investment 16.41
The following table provides information about the exposure to credit risk and Expected Credit Loss Allowance for trade
Net change in fair value (unrealized) 29.49
and other receivables:
Closing Balance (March 31, 2024) 173.20
I in crore
Gross carrying Weighted average Loss
As at March 31, 2024 amount loss rate - range allowance
Debts not due 6,105.22 0.12% 7.48
Debts over due 1,627.72 19.32% 314.40
TOTAL 7,732.94 4.16% 321.88

315

NOTE 59 FINANCIAL INSTRUMENTS (Contd.) NOTE 59 FINANCIAL INSTRUMENTS (Contd.)

I in crore
(e) Investment in Debt Instruments
Gross carrying Weighted average
As at March 31, 2023 amount loss rate - range Loss allowance Investment in debt instruments mainly include loans to subsidiary, joint venture companies, investment in government
Debts not due 4,372.52 0.38% 16.66 securities and debt schemes of mutual fund which do not carry any significant credit risk.
Debts over due 2,043.26 18.44% 376.85
C.ii. Liquidity risk
TOTAL 6,415.78 6.13% 393.51
Liquidity risk is the risk that the Corporation will encounter difficulty in meeting the obligations associated with its financial
The Corporation does not provide for any loss allowance on trade receivables where risk of default is negligible such liabilities that are settled by delivering cash or another financial asset.
as receivables from other oil marketing companies, if any, hence the same is excluded from above.
Liquidity risk is managed by Corporation through effective fund management. The Corporation has obtained fund and non-
Loss rates are based on actual credit loss experience over the past three years. fund based working capital lines from various banks. Furthermore, the Corporation has access to funds from debt markets
through Commercial Paper programs, Foreign Currency Borrowings and other debt instruments.
The movement in the loss allowance in respect of trade and other receivables during the year was as follows.
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and
I in crore
undiscounted, and include estimated interest payments;
Particulars Amount
Balance as at April 1, 2022 345.72 Maturity Analysis of Significant Financial Liabilities
Movement during the year 47.79
I in crore
Balance as at March 31, 2023 393.51
Contractual cash flows
Movement during the year (71.63)
More than 5
Balance as at March 31, 2024 321.88 As at March 31, 2024 Total Up to 1 year 1-3 years 3-5 years years
Non-derivative financial liabilities
(b) PMUY and Other Loans Bonds 4,418.82 166.75 4,252.07 - -
As per the Government of India’s scheme - Pradhan Mantri Ujjwala Yojana (PMUY), the Corporation has given interest Term loans 4,181.11 3,194.03 77.08 - 910.00
free loans to PMUY customers towards cost of hot plate and 1st refill, which is to be recovered from the subsidy amount Non-Convertible Debentures 4,504.90 255.86 4,249.04 - -
payable to customer when such customers book refill. During the year, the Corporation has recalculated gross carrying Lease Liabilities 16,896.49 1,181.98 2,083.14 1,891.09 11,740.28
amount of the loans at period end at the present value of the estimated future contractual cash flows discounted at the
Short-term borrowings 5,579.77 5,579.77 - - -
original effective interest rate due to revision in estimates of receipts based on projections of subsidy amount per refill.
Short-term borrowings (Foreign Currency) 1,670.40 1,670.40 - - -
Accordingly, the gross carrying amount of the loans has been reduced by K 6.90 crore (Previous year: I 5.24 crore) with
a corresponding recognition of expense in the Statement of Profit and Loss. Trade payables 28,293.42 28,293.42 - - -
Other financial liabilities 22,507.72 22,507.72 - - -
The Corporation assesses the credit risks / significant increases in credit risk on an ongoing basis throughout each
Financial guarantee contracts* 20,040.68 - 13,312.61 6,440.63 287.44
reporting period. For determining the expected credit loss on such loans, the Corporation considers the time elapsed
since the last refill for determining probability of default on collective basis. Accordingly, the expected credit loss of
I in crore
K 218.62 crore (Previous year: I 128.07 crore) has been recognized on carrying amount of K 513.47 crore (Previous
year: I 577.12 crore) of PMUY Loans. (Refer Note 9 and 18)
More than 5
The movement in the loss allowance in respect of PMUY and other loans during the year was as follows. As at March 31, 2023 Total Up to 1 year 1-3 years 3-5 years years
I in crore
Bonds 4,521.93 164.43 4,357.50 - -
Particulars Amount
Term loans 14,493.79 1,526.26 11,473.99 883.54 610.00
Balance as at April 1, 2022 89.78
Non-Convertible Debentures 7,364.02 2,859.12 3,442.20 1,062.70 -
Long-term Loans (Foreign Currency) 6,517.91 6,517.91 - - -
Lease Liabilities 17,390.09 1,262.66 1,809.12 1,809.16 12,509.15
Short-term borrowings 3,754.94 3,754.94 - - -
Short-term borrowings (Foreign Currency) 3,412.00 3,412.00 - - -
(c) Cash and Cash equivalents and Other Bank Balances Trade payables 24,010.84 24,010.84 - - -
Other financial liabilities 21,116.41 21,116.41 - - -
The Corporation held cash and cash equivalents and other bank balances of K 4,490.64 crore at March 31, 2024
(Previous year: I 2,120.44 crore). The cash and cash equivalents are held with bank / financial institution counterparties Financial guarantee contracts* 15,348.88 - 2,794.55 12,270.87 283.46
have good credit ratings/ good market standing. Also, Corporation invests its short-term surplus funds in bank fixed * These Guarantees have been issued by the Corporation in favor of lenders of subsidiaries with respect to borrowings raised by the
deposits, Tri Party Repo etc., which carry lesser mark to market risks for short duration. respective entities.
(d) Derivatives The above also includes guarantee amount of K 287.44 crore (equivalent USD 34.48 million) [Previous Year I 283.45 crore
(equivalent USD 34.48 million)] towards BPRL Venture Mozambique BV’s pro rata share of drawdown of USD 28.73 million
The derivatives are entered into with banks, financial institutions and other counterparties with good credit ratings.
(as on March 31, 2024) [USD 28.73 million (as on March 31, 2023)] under the project finance arrangement entered into
Further exposures to counter-parties are closely monitored and kept within the approved limits.
for 2-train 12.88 MMTPA LNG Project in Mozambique Offshore Area 1, Rovuma basin. This project is being partly funded

317


through project finance under which an amount of USD 15.4 billion has already been finalized. BPCL has provided a Debt
Sensitivity analysis
Service Undertaking (DSU) to guarantee its pro rata share (i.e. towards BPRL Venture Mozambique BV’s Participating
Interest (PI) of 10% in the project) of project finance obligations to any project finance beneficiaries under project financing A reasonably possible strengthening/ (weakening) of the USD against INR at March 31, would have affected the measurement
arrangement, capped at a maximum of USD 1.92 billion (out of which the draw down was USD 28.73 million as at of financial instruments denominated in US dollars and affected profit or loss (before tax) by the amounts shown below. This
March 31, 2024) (Draw down was USD 28.73 million as at March 31, 2023). analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecasted
sales and purchases. In cases where the related foreign exchange fluctuation is capitalized to Property, Plant and Equipment
These guarantee amounts will be payable on default by the concerned entity. As of the reporting date, none of the or recognized directly in reserves, the impact indicated below may affect the Corporation’s income statement over the
subsidiaries have defaulted and hence, the Corporation does not have any present obligation to third parties in relation to remaining life of the related Property, Plant and Equipment or the remaining tenure of the borrowing respectively.
such guarantees. The bifurcation of contractual cash flows in different years is based on expiry of said guarantees.
I in crore
C.iii. Market risk Effect in INR (before tax) Profit or loss
Market Risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in For the year ended March 31, 2024 Strengthening Weakening
market prices. Market risk comprises four types of risk: currency risk, interest rate risk, commodity risk and other price risk. 3% movement
USD (521.94) 521.94
C.iii.a Currency risk (521.94) 521.94
The Corporation is exposed to currency risk on account of its operating and financing activities. The functional currency of
I in crore
the Corporation is Indian Rupee. Our exposure is mainly denominated in US Dollars (USD). The USD exchange rate has
changed substantially in recent periods and may continue to fluctuate substantially in the future. Effect in INR (before tax) Profit or loss
For the year ended March 31, 2023 Strengthening Weakening
The Corporation has put in place a Financial Risk Management Policy to identify the most effective and efficient ways of
3% movement
managing the currency risks. The Corporation uses derivative instruments, (mainly foreign exchange forward contracts) to USD (719.86) 719.86
mitigate the risk of changes in foreign currency exchange rates in line with the policy.
(719.86) 719.86
The Corporation does not use derivative financial instruments for trading or speculative purposes.
C.iii.b Interest rate risk
Exposure to currency risk Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk
The currency profile in INR of foreign currency denominated financial assets and financial liabilities as at March 31, 2024 of changes in fair values of fixed interest bearing financial instruments because of fluctuations in the interest rates, in cases
and March 31, 2023 are as below: where the instruments are measured at fair value through profit or loss. Cash flow interest rate risk is the risk that the future
cash flows of floating interest bearing instruments will fluctuate because of fluctuations in the interest rates.
I in crore
As at March 31, 2024 USD EURO JPY RUB AED Others The Corporation’s approach to managing interest rate risk is to have a judicious mix of borrowed funds with fixed and floating
Financial Assets interest rate obligation.
Cash and cash equivalents 110.84 - - - - -
Trade receivables and Other Financial assets 1,195.86 - - - - 0.03 Exposure to interest rate risk
Net exposure for assets 1,306.70 - - - - 0.03
Corporation’s interest rate risk arises primarily from borrowings. The interest rate profile of the Corporation’s interest-bearing
Financial Liabilities
Bonds 4,163.22 - - - - -
financial instruments is as follows:
Short-term borrowings (including Foreign Currency 1,667.48 - - - - - I in crore
loans)
As at As at
Trade Payables and other financial liabilities 12,874.07 21.89 3.62 435.27 1,536.24 0.63
Particulars Note Reference March 31, 2024 March 31, 2023
Net exposure for liabilities 18,704.77 21.89 3.62 435.27 1,536.24 0.63
Fixed-rate instruments
Net exposure (Assets - Liabilities) (17,398.07) (21.89) (3.62) (435.27) (1,536.24) (0.60)
Financial Assets - measured at amortized cost
I in crore Investment in debt instruments 8 0.01 0.01
As at March 31, 2023 USD EURO JPY RUB AED Others
Investments in FD 16 & 17 3,775.00 1,450.00
Financial Assets
Financial Assets - measured at Fair Value through Profit or Loss
Cash and cash equivalents 31.56 - - - - -
Trade receivables and Other Financial assets 1,059.75 - - - - 0.01 Investment in debt instruments 14 4,290.67 4,277.14
Net exposure for assets 1,091.31 - - - - 0.01 Total of Fixed Rate Financial Assets 8,065.68 5,727.15
Financial Liabilities Financial liabilities - measured at amortized cost
Bonds 4,100.75 - - - - -
Bonds 25 4,163.22 4,100.75
Long-term Loans (Foreign Currency) 6,160.00 - - - - -
Non- Convertible Debentures 25 & 30 3,930.26 6,369.72
Short-term borrowings (including Foreign Currency 3,412.00 - - - - -
loans) Short-term borrowings 30 2,999.79 -
Trade Payables and other financial liabilities 12,445.95 31.52 13.27 - 0.02 0.61 Interest Free Term Loan 25 326.76 221.81
Add/(Less): Foreign currency forward exchange (1,031.91) - - - - -
Total of Fixed Rate Financial Liabilities 11,420.03 10,692.28
contracts
Net exposure for liabilities 25,086.79 31.52 13.27 - 0.02 0.61
Net exposure (Assets - Liabilities) (23,995.48) (31.52) (13.27) - (0.02) (0.60)

319


C.iii.c Commodity rate risk
I in crore
As at As at
Corporation’s profitability gets affected by the price differential (also known as Margin or Crack spread) between prices of
Particulars Note Reference March 31, 2024 March 31, 2023 products (output) and the price of the crude oil and other feed-stocks used in production (input). Prices of both are set by
Variable-rate instruments markets. Hence Corporation uses derivatives instruments (swaps, futures, options and forwards) to hedge exposures to
commodity price risk to cover refinery operating cost using Basic Swaps on various products’ cracks like Naphtha, Gasoline
(Petrol), Jet/Kerosene, Gasoil (Diesel) and Fuel Oil against Benchmark Dubai Crude. Further volatility in freight costs is
Loan to Subsidiary 9 - 455.00
hedged through Freight Forwards and bunker purchases. Settlement of all derivative transactions take place on the basis of
Loan to Joint Venture 9 & 18 7.50 11.25
monthly average of the daily prices of the settlement month quoted by Platts.
Total of Variable Rate Financial Assets 7.50 466.25
Corporation measures market risk exposure arising from its trading positions using value-at-risk (VaR) techniques. These
Financial liabilities - measured at amortized cost
techniques make a statistical assessment of the market risk arising from possible future changes in market prices over a
Long-term Loans (Foreign Currency)* 30 - 6,160.00
one-day holding period.
Short-term Loans (Foreign Currency) 30 1,667.48 3,412.00
Short-term Borrowings 30 2,575.00 3,750.00
Corporation uses historical model of VaR techniques based on variance/covariance to make a statistical assessment of
the market risk arising from possible future changes in market values over a 24-hour period and within a 95% confidence
Term loans 25 & 30 3,104.38 11,840.52
level. The calculation of the range of potential changes in fair value takes into account positions and the history of price
Total of Variable Rate Financial Liabilities 7,346.86 25,162.52
movements for last two years. Since there are no open positions as on March 31, 2024, VAR for open position as on
* In respect of Foreign Currency Loans, the Corporation has entered into Interest Rate Swaps of NIL (Previous year: USD 65 million) March 31, 2024 is NIL.
Fair value sensitivity analysis for fixed-rate instruments C.iii.d Price risk
The Corporation accounts for certain investments in fixed-rate financial assets such as investments in Oil bonds and The Corporation’s exposure to equity investments’ price risk arises from investments held by the Corporation and classified
Government Securities at fair value through profit or loss. Accordingly, a decrease in 25 basis points in interest rates is likely in the financial statements at fair value through OCI. The Corporation intends to hold these investments for long-term for
to increase the profit or loss (before tax) for the year ending March 31, 2024 by K 10.08 crore (Previous year: I 19.26 crore) better returns and price risk will not be significant from a long-term perspective.
and an increase in 25 basis points in interest rates is likely to decrease the profit or loss (before tax) for the year ending
March 31, 2024 by K 9.68 crore (Previous year: I 19.14 crore). Exposure to price risk
I in crore
Cash flow sensitivity analysis for variable-rate instruments
Profit or Loss Other Comprehensive Income
A reasonably possible change of 25 basis points in interest rates at the reporting date would have increased (decreased) Effect in INR (before tax) Strengthening Weakening Strengthening Weakening
profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency
exchange rates, remain constant. In cases where the related interest rate risk is capitalized to Property, Plant and Equipment,
1% movement
the impact indicated below may affect the Corporation’s income statement over the remaining life of the related Property,
Plant and Equipment. Investment in Oil India Limited - - 16.05 (16.05)
Investment in Cochin International Airport Limited - - 1.73 (1.73)
I in crore
- - 17.78 (17.78)
Profit or (loss)
Cash flow sensitivity (net) 0.25 % increase 0.25% decrease I in crore
As at March 31, 2024 Profit or Loss Other Comprehensive Income
Variable-rate borrowing instruments (18.95) 18.95 Effect in INR (before tax) Strengthening Weakening Strengthening Weakening
Interest on loan given to Subsidiary/Joint Venture 0.02 (0.02) As at March 31, 2023
Cash flow sensitivity (net) (18.93) 18.93 1% movement
As at March 31, 2023 Investment in Oil India Limited - - 6.73 (6.73)
Variable-rate borrowing instruments (44.05) 44.05 Investment in Cochin International Airport Limited - - 1.27 (1.27)
Interest on loan given to Subsidiary/Joint Venture 0.29 (0.29) - - 8.00 (8.00)
Cash flow sensitivity (net) (43.76) 43.76

321

NOTE 59 FINANCIAL INSTRUMENTS (Contd.) NOTE 62 MICRO AND SMALL ENTERPRISES

The details regarding Micro and Small Enterprises, to the extent the Corporation has received intimation from the “suppliers”
D. Offsetting
regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006, are as under:
The following table presents the recognized financial instruments that are offset and other similar agreements that are not
offset, as at March 31, 2024 and March 31, 2023. I in crore
As at As at
The column ‘net amount’ shows the impact on the Corporation’s Balance Sheet if all set-off rights are exercised. Particulars March 31, 2024 March 31, 2023
Principal amount overdue (remaining unpaid) - -
I in crore
Effect of offsetting on the balance sheet Related amounts not offset Interest due thereon remaining unpaid - -
Gross Payment made during the year after the due date
amounts Net amounts Principal - -
set off in presented in Amounts
Gross the balance the balance Financial which can be Interest - -
Particulars Note reference amounts sheet sheet Instrument offset Net Amount
Interest accrued and remaining unpaid 0.07 0.07
Financial assets
NOTE 63 CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS
Investment in GOI bonds, A&B - - - 4,290.67 1,999.79 2,290.88
T-Bills & CBLO, TREPS I in crore
As at As at
Financial liabilities Particulars March 31, 2024 March 31, 2023
Trade payables C 7,889.82 3,392.70 4,497.12 (a) Contingent Liabilities:
Short-term borrowings A&B - - - 10,277.06 1,999.79 8,277.27 In respect of Income Tax matters 4.70 4.64
As at March 31, 2023 Other Matters:
Trade payables C 8,211.06 3,464.98 4,746.08 - - - Excise and customs matters 98.98 90.44
Service Tax matters 1,298.12 1,231.29
Notes Sales Tax/ GST/ VAT/ Entry Tax matters 3,579.53 4,826.79
A. The Corporation has Triparty Repo Settlement System limits from Clearing Corporation of India Limited, the borrowing Land Acquisition cases for higher compenzation 246.39 261.90
against which was K 299.83 crore as at March 31, 2024 (Previous Year Nil). These limits are secured by 7.59% Government Others 513.01 484.98
Stock 2026 of face value aggregrating to K 370.00 crore (Previous Year I 370.00 crore). [Refer Note no. 14] * These include K 2,886.81crore (Previous year: I 2,790.12 crore) against which the Corporation has a recourse for recovery and K 66.15 crore
(Previous year: I 89.04 crore) which are on capital account.
B. The Corporation has Clearcorp Repo Order Matching Systems (CROMs) limits from Clearing Corporation of India ii) Claims on account of wages, bonus / ex-gratia payments in respect of pending court cases 70.15 72.81
Limited, the borrowing against which was K 1,699.96 crore as at March 31, 2024 (Previous Year Nil). These limits are
iii) Guarantees excluding financial guarantees (Refer Note Below) 752.00 752.00
secured by Oil Marketing Companies GOI Special Bonds of face value aggregrating to K 3,882.37 crore (Previous Year
(b) Capital Commitments:
NIL). [Refer Note no. 14]
i) Estimated amount of contracts remaining to be executed on capital account and not 5,769.23 4,498.21
C. The Corporation purchases and sells petroleum products from different Oil and Gas Companies. Under the terms of provided for
the agreement, the amounts payable by the Corporation are offset against receivables and only the net amounts are Note: Apart from the above;
settled. The relevant amounts have therefore been presented net in the balance sheet.
1. Corporation’s subsidiary, Bharat PetroResources Limited (BPRL), is engaged in the business of Exploration and
NOTE 60 CAPITAL MANAGEMENT Production (E&P) of oil & gas and has participating interest in several blocks held directly or through group companies.
Corporation has issued performance guarantees/ counter-indemnities/ letter of undertakings in favor of Government/
The Corporation’s objective is to maximize the shareholders’ value by maintaining an optimum capital structure. Management
Government Agencies/ Operators/ other partners towards performance obligations of BPRL (including its group
monitors the return on capital as well as the debt equity ratio and makes necessary adjustments in the capital structure for
companies) under the Concession Agreement/Joint Operating Agreements/ Production Sharing Contracts/ Licenses/
the development of the business.
Farmout Agreements relating to various such E&P oil & gas blocks acquired by them. The outflow that may arise under
The Corporation’s debt to equity ratio as at March 31, 2024 was 0.25 (Previous year: 0.69). these performance guarantees/ counter-indemnities/ letter of undertakings is not quantifiable.
Note: For the purpose of computing debt to equity ratio, Equity includes Equity Share Capital and Other Equity, and Debt 2. The Corporation has issued Performance Guarantee for necessary infrastructure of terminal and pipelines at Kochi and
includes Current and Non-Current Borrowings. obligations of Associate Company Petronet LNG Ltd. under the LNG SPA, the outflow that may arise under the same
is not quantifiable.
NOTE 61 SEGMENT REPORTING
As per the requirements of Ind AS 108 on “Operating Segments”, segment information has been provided under the Notes
to Consolidated Financial Statements.

323
b)
b)
324
Particulars
Particulars
Particulars
Contract liabilities
Capital Expenditure
beginning of the year

a) Revenue Expenditure
a) At beginning of the year
At end of the year (a + b - c)


Movement in contract liabilities is as follows
bidding fees/fixed fees pertaining to dealerships for Retail Outlets.
NOTE 64 RESEARCH AND DEVELOPMENT EXPENDITURE
NOTE 65 REVENUE FROM CONTRACTS WITH CUSTOMERS
Increases due to cash received, excluding amounts recognized as revenue during the year
c) Revenue recognized during the year that was included in the contract liability balance at the
709.90
95.59
125.78
679.71
March 31, 2024
As at
709.90
March 31, 2024
As at
37.35
58.52
March 31, 2024
As at
The following table provides information about contract liabilities from continuing contracts with customers.
679.71
89.85
138.77
630.79
March 31, 2023
As at
I in crore
679.71
March 31, 2023
As at
I in crore
16.41
55.27
March 31, 2023
As at
I in crore
The contract liabilities primarily relates to the liability towards customer loyalty program for unutilized points and the upfront
NOTE 66 ADDITIONAL DISCLOSURE AS PER SCHEDULE III - RATIOS

Variation
Particulars Unit Numerator Denominator 2023-24 2022-23 (in %) Reason for Variation @
Current ratio times Current Assets Current Liability 0.88 0.77 14.17
Debt Equity ratio times Total Debt excluding Lease Total Equity 0.25 0.69 (63.75) Higher debt repayment and increase in equity due to higher
Liabilities profitability in current year.
Debt service coverage ratio times Profit after tax + Finance cost^ Finance cost^ + Long-term 1.77 1.19 48.17 Higher debt repayment and increase in equity due to higher
+ Depreciation ^ debt payment ^ + Finance profitability in current year.
Cost Capitalised
Return on equity ratio % Profit after tax Average Total Equity 42.11 3.61 1,066.76 Significant increase in profit in current year.
Inventory turnover ratio times Sale of Product Average Inventory 12.50 13.26 (5.75)
Trade receivables turnover times Sale of Product Average Trade Receivable 67.17 64.81 3.65
ratio
Trade payables turnover ratio times Purchase of Stock in trade+Raw Average Trade Payable 15.48 16.75 (7.59)
Material +other expenses
Net capital turnover ratio times Sale of Product Average Working Capital * * -
Net profit ratio % Profit after tax Revenue from Operations 5.26 0.35 1,400.32 Significant increase in profit in current year
Return on capital employed % Profit before exceptional item, Average Capital Employed 44.23 7.80 467.02 Higher profitability in current year
interest and tax
Return on investment
Instruments measured at % Dividend income + Interest 124.39 12.47 897.51 Increase mainly due to appreciation in share price of investment
FVOCI Income + Capital Gain (realized in listed security in current year as compared to previous year.
& unrealized)
Corporate OvervieW
Instruments measured at % Interest Income + Capital Gain 7.22 3.01 139.87 Increase in gains due to MTM gains on Oil Bonds and increase
Weighted Average
FVTPL (realized & unrealized) in income from Mutual Funds and T-Bills as compared to
Investment
previous year
Investments in Subsidiaries, % Dividend income + Interest (15.49) (6.17) 150.96 Reduction mainly on account of Impairement losses recognized
Joint Ventures and Associates Income + Realized Capital Gain in the current period for investment in subsidiary
- Impairment Loss/ reversal
@ variation reason has been provided where the change in ratio is more than 25% as compared to ratio of previous year.
^ excluding impact of interest on lease liabilities and depreciation on ROU Assets

Statutory Reports
* Negative Ratio
325

NOTE 67 DISCLOSURE AS PER SCHEDULE III (B) Utilization of Borrowed Funds and share premium
During FY 2023-24, other than the transactions undertaken in the normal course of business and in accordance with extant
(A) Relationship with Struck off Companies
regulatory guidelines and internal policies, as applicable,
Balances with struck off companies are as under
1. Corporation has not granted any advance/loans or investments or provided guarantee or security or the like to any other
Nature of Balance outstanding person(s) or entities with an understanding, whether recorded in writing or otherwise, to further lend/invest/provide
(in K lakh) Relationship
transactions guarantee or security or the like to any other person on behalf of the Corporation.
Sr. with struck off As at As at with the Struck
No Name of struck off companies CIN Company March 31, 2024 March 31, 2023 off company
2. Corporation has not received any funds from any person(s) or entity with an understanding, whether recorded in writing
1 Pawan Proteins (India) Limited L15494MH1992PTC070066 Receivable 4.11 4.11 N.A.
or otherwise, that the Company shall further lend or invest or provide guarantee or security or like in any other person
2 Siddheshwar Logistic Private Limited U04520MP2005PTC017943 Payable 3.65 3.65 N.A.
3 Laxmi Nirmal Petrochemicals Private U11100MH2007PTC174636 Receivable 2.86 2.86 N.A.
on behalf of an identified by such person(s)/entity.
Limited
4 Winchwox Exports (OPC) Private Limited1 U15100MP2020OPC052006 Payable 0.01 0.00 N.A. (C) Registration of charges or satisfaction with Registrar of Companies
5 Golden Agro Tech Industries Limited U15143AP1991PLC012190 Receivable 9.92 8.22 N.A.
There are no charges or satisfaction to be registered with ROC beyond the statutory period.
6 Singhania Food Products Private Limited U15311UP1988PTC009445 Receivable 0.04 0.04 N.A.
7 Rus Food Products Private Limited U15412MH1995PTC084233 Payable 3.68 3.68 N.A. As per MCA website, a charge of I 246.80 crore is appearing unsatisfied vide charge ID 90165239. As per information
U15494WB1900PLC001041
8 Duncan Agro Industries Limited Payable 17.14 17.14 N.A.
available with the Company, the charge was satisfied vide document number 424 on April 20, 2000 by Registrar of Companies,
9 S N L Industries Private Limited U17115RJ1994PTC008053 Receivable 0.04 0.04 N.A.
Mumbai. Hence the same has not been disclosed in Schedule III.
10 Wenden Offset Private Limited U22100MH1992PTC068865 Payable 0.22 0.22 N.A.
11 Bethesda Printers Private Limited U22219KL2006PTC019203 Payable 0.18 0.18 N.A.
12 Baraut Polypack Private Limited U25199UP1984PTC006641 Payable 0.10 0.10 N.A. NOTE 68 EXCEPTIONAL ITEMS - EXPENSES / (INCOME)
13 Patel And Lalka Cement Private Limited U26941GJ1982PTC005235 Payable 0.31 0.31 N.A. I in crore
14 Om Ingot Industries Limited U27100MH1998PLC117493 Receivable 3.95 3.95 N.A.
15 Advantech Services (India) Private Limited U29120MH2000PTC127174 Receivable 0.09 1.32 N.A.
16 K.G.Khosla Compressors Limited U29191DL1974PLC007515 Payable - 0.10 N.A. Impairment of Investment in Subsidiary (Refer Note 56) 1,798.02 1,359.96
17 Frama Systems India Private Limited U30003DL2010FTC201242 Payable 0.05 0.05 N.A. Exceptional Items Expenses / (Income) 1,798.02 1,359.96
18 Murthy Electronics Private Limited U31909KA2003PTC032405 Payable 7.15 7.94 N.A.
19 Ashok Autocare Private Limited U34300MH1998PTC114380 Receivable 0.01 0.01 N.A.
20 Vybhav Diesel Engineering Private Limited U35999TN1998PTC040548 Payable - 0.02 N.A.
NOTE 69
21 Bunkers Sports Private Limited U36930MH1999PTC120365 Payable 0.29 0.29 N.A. Figures of the previous year have been regrouped wherever necessary, to conform to current period presentation and
22 Jhaveri Creations Private Limited U36931MH1985PTC037003 Receivable 0.16 0.16 N.A. disclosed separately wherever material.
23 Bharat Wagon And Engineering Company U45201BR1978GOI001373 Payable 2.27 2.27 N.A.
Limited Signature to Notes ‘1’ to ‘69’
24 Cannanore Engineers Construction U45201KL1999PTC013318 Payable 0.02 0.02 N.A.
Company Private Limited For and on behalf of the Board of Directors As per our attached report of even date
25 Netam Fuels Private Limited U50400CT2021PTC011282 Payable 1.00 1.00 N.A. For and on behalf of
26 Burn Standard Co. Limited U51909WB1976GOI030797 Payable 7.24 7.24 N.A.
Sd/-
27 Maitreya Hotels And Resorts Private U55100MH2000PTC123608 Payable 0.17 0.17 N.A.
Limited G. Krishnakumar Kalyaniwalla & Mistry LLP K.S. Aiyar & Co
28 Dwarka Infrastructure (India) Limited U55101MH1996PLC096976 Payable 0.01 0.01 N.A. Chairman and Managing Director Chartered Accountants Chartered Accountants
29 Devesh Hotel And Resort Private Limited U55101RJ1998PTC014897 Payable 3.17 3.17 N.A. DIN: 09375274 ICAI FR No. 104607W/W100166 ICAI FR No. 100186W
30 Chow Mama's Hospitality Services Private U55101TG2007PTC053532 Payable 0.45 0.45 N.A.
Limited Sd/- Sd/- Sd/- Sd/-
31 Jagdev Transport Company Private Limited U60100MH1981PTC025201 Receivable 8.97 8.97 N.A.
32 Guru Kripa Trans-Connect Private Limited U60220DL2008PTC178895 Payable 0.50 0.50 N.A.
33 Sabne Transport Private Limited U60231PN1988PTC050204 Payable 0.07 0.07 N.A. Director (Finance) Company Secretary Partner Partner
34 Trans Asian Aviation (India) Private Limited U63040DL1996PTC080519 Payable - 1.93 N.A. DIN: 08188547 Membership No. 107017 Membership No. 038526
35 Exsalser Technologies (OPC) Private U63090UP2019OPC117494 Payable 5.00 5.00 N.A.
Place: Mumbai
Limited
36 Ghai Housing And Agro Industries Private U70101DL1984PTC017853 Payable - 0.30 N.A.
Date: May 9, 2024
Limited
37 Shree Properties Private Limited U70109WB1947PTC015086 Payable 0.78 0.62 N.A.
38 Rg Infosolutions Private Limited U72200MH2006PTC161423 Payable 0.12 0.12 N.A.
39 Drs Computer Distribution Private Limited U72200TZ2001PTC009624 Payable 2.45 1.90 N.A.
40 KPS Infosolution Private Limited U72900UP2021PTC141751 Payable 0.45 0.39 N.A.
41 Verny Engineers Private Limited U74140TG1980PTC002827 Receivable 1.73 1.73 N.A.
42 Aartus & Associates Private Limited U74140WB1961PTC024993 Receivable 3.16 3.16 N.A.
43 K S P Carriers Private Limited U74899DL1998PTC093100 Receivable - 0.30 N.A.
44 Uniquetrade Broadband System Private U74900WB2015PTC205378 Receivable 0.04 - N.A.
Limited
45 Home Door (OPC) Private Limited U74999RJ2020OPC070380 Payable 1.22 12.19 N.A.
46 Grey Scale Media Solutions Private Limited U92132TG2004PTC042625 Payable 0.12 0.12 N.A.
The above list includes balances for the transactions entered with the above parties before their name has been struck off
by the respective Registrar of Companies or MCA.
1 Balance Outstanding of I 16 as at March 31, 2023

327
TO THE MEMBERS OF BHARAT PETROLEUM CORPORATION LIMITED B. We draw attention to the Note No 61 of the consolidated financial statements regarding Force Majeure declared by
the Operator of the Offshore Area 1, Rovuma Basin, Mozambique on April 22, 2021. Pursuant to the declaration
Report on the Audit of the Consolidated Ind AS Financial Statements of Force Majeure, the management of the holding company (BPRL) has expensed off the stoppage costs and
standby & support costs for the year ended March 31, 2024 amounting to I 267.70 crore and the same has been
Opinion
disclosed under exceptional item. Further, interest capitalization on the project has been suspended and charged
1. We have audited the accompanying Consolidated Ind AS Financial Statements of Bharat Petroleum Corporation Limited off to the statement of profit and loss amounting to I 786.70 crore for the year ended March 31, 2024 and the same
(“hereinafter referred to as the Holding Company/Corporation”) and its subsidiaries (the Holding Company/Corporation has been disclosed under finance cost.
and its subsidiaries together referred to as “the Group”), its joint ventures and associates (refer Note 7 to the attached
Consolidated Ind AS Financial Statements); comprising the Consolidated Balance Sheet as at March 31, 2024, the C. We draw attention to Note 58 (III) On "Equity Accounted lnvestees", of the Consolidated Financial Statements
Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Consolidated Statement of regarding: -
Cash Flows and the Consolidated Statement of Changes in Equity for the year ended on that date, and a summary of a. As on March 31 2024, the holding company(BPRL) holds 63.24% ownership interest in IBV (Brasil) Petroleo
the material accounting policies and other explanatory information (hereinafter referred to as “the Consolidated Ind AS Ltd a through its 100% owned subsidiary BPRL International BV. Considering the provisions of Brazillian Civil
Financial Statements”). Code and Articles of Association of IBV, the company consolidates its financial statements as a Joint venture.
2. In our opinion and to the best of our information and according to the explanations given to us and based on the b. In BM-C-30 Concession, IBV had initiated Arbitration proceedings against the Operator in International
consideration of reports of the auditors on financial statements and on the other financial information of the subsidiaries, Chamber of Commerce, London challenging the Exclusive Operations notice issued to IBV by Operator
joint ventures and associates, the aforesaid Consolidated Ind AS Financial Statements give the information required by in relation to development of Wahoo commercial discovery in the Concession. On April 12, 2024, IBV has
the Companies Act, 2013 (the “Act”) in the manner so required and give a true and fair view in conformity with Indian received the final award of the Arbitration proceedings and the decision is in favor of Operator. As a result,
Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) the company has recognized an impairment loss amounting to I 846.56 crore as on March 31, 2024 through
Rules, 2015, as amended (“Ind AS”) and other accounting principles generally accepted in India, of the consolidated equity accounted investees.
state of affairs of the Group as at March 31, 2024, the consolidated Profit, consolidated total comprehensive income,
consolidated cash flows and consolidated changes in equity for the year ended on that date. c. Commencement of the special military operations in Ukraine by the Russian Federation in February 2022
and resultant sanctions imposed by the United States of America, the European Union and numerous other
Basis for Opinion countries on the Russian government. The management is of the opinion that the operations of the joint
ventures and investments in Russia were not immediately affected by the sanctions.
3. We conducted our audit of the Consolidated Ind AS Financial Statements in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in d. We draw attention to Note No. 58(I) of the Consolidated Financial Statements regarding block AAONN-
the Auditor’s Responsibilities for the Audit of the Consolidated Ind AS Financial Statements section of our report. We 2010/3 which is an exploratory block for which the validity period for exploration has been expired on
are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants May 17, 2023. Considering the challenges associated with drilling efforts in the block, Operator has sought
of India (ICAI) together with the independence requirements that are relevant to our audit of the Consolidated Ind AS a special dispenzation from Ministry of Petroleum & Natural Gas (MoPNG) through Directorate General of
Financial Statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other Hydrocarbon (DGH) for an extension in validity period by 3 years. Pending such approval, as on March 31,
ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit 2024, the holding company (BPRL) continues to carry the asset at its carrying value.
evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Consolidated Ind
Our opinion is not modified in respect of the above matters.
AS Financial Statements.
Key Audit Matters

Emphasis of Matter
5. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
4. We draw attention to the following matters in relation to the Consolidated Ind AS Financial Statements:
Consolidated Ind AS Financial Statements of the current period. These matters were addressed in the context of our
audit of the Consolidated Ind AS Financial Statements as a whole, and in forming our opinion thereon, and we do not
The auditors of Bharat PetroResources Limited (BPRL) (Subsidiary Company) have stated following under
provide a separate opinion on these matters. We have determined the matters described below to be the key audit
Emphasis of Matter in their Report on the consolidated financial statements:
matters to be communicated in our report.
A. We draw attention to Note No. 58 (I) of consolidated financial statements on “Interest in Joint Operations” regarding
incorporation of details about the Company’s share in assets, liabilities, income and expense in the unincorporated Sr.
joint operations based on the audited/unaudited statements received from the respective Operators. In this regard,
1 Valuation of Investment in E&P Assets (Refer Note 7): The following procedures were carried out in this regard:
it has been observed that:
The Group along with its step-down Subsidiaries, Joint Ventures • We evaluated the design, implementation and operating
a. As on March 31, 2024, the holding company (BPRL) is having a participating interest in eight Indian Blocks, & Associates holds participating interest in various oil/ gas effectiveness of key controls in relation to the annual impairment
out of which three Indian blocks are operated by the company. For the remaining five Indian blocks, audited blocks for exploration & evaluation, development and production testing activity carried out by the Group for its investments in
activities (E&P). E&P Assets.
statements have not been received by the Holding Company (BPRL); hence, certified figures as provided by
The Group’s realization from these E&P investments is • We reviewed the audited Consolidated Ind AS Financial
the management of the operator have been considered. The total Assets & Liabilities as on March 31, 2024
dependent on the continued successful operations/ development Statements of BPRL for FY 2023-24 and the Independent
and Income & Expenses for FY 2023-24 in respect of the said five blocks amounts to I 172.42 crore, I 17.64 of reserves resulting in expected earnings and revenue growth Auditor’s Report thereon.
crore, I 122.24 crore and I 46.91 crore respectively. of the respective companies. • We assessed the Management’s explanation regarding key
factors which have led to significant diminution in value of BPRL’s
b. The Holding Company’s (BPRL) proportionate share in jointly controlled assets, liabilities for which the Holding
assets vis-à-vis the previous year and consequent trigger for
Company (BPRL) is jointly responsible, Holding Company’s (BPRL) proportionate share of income and impairment of the Corporation’s investment in the same.
expenses for the year, the elements making up the Cash Flow Statements and related disclosures contained
in the enclosed financial statements and our observations thereon are incorporated based on such audited
and unaudited statements received from the Operators to the extent available with the Holding Company
(BPRL) after making appropriate adjustments in conformity with the company’s accounting policies.

329
Sr. Sr.
No. Key Audit Matter Auditors’ Response No. Key Audit Matter Auditors’ Response
2 Computation of Expected Credit Loss (ECL): Our audit approach consisted testing of the design and operating 5 Property, Plant & Equipment: Our audit approach involved the following combination of test of
Trade receivables and loans granted under the Pradhan effectiveness of the internal controls and substantive testing as Estimates of useful lives and residual value of Property, Plant control design and substantive testing in respect of verification and
Mantri Ujwala Yojana (PMUY) scheme constitute a significant follows: and Equipment is a significant area requiring Management recording of Property, Plant & Equipment:
component of the total current assets of the Corporation. • In respect of loans granted under PMUY, the Corporation judgment of estimates and application of accounting policies • We examined whether the Corporation has maintained proper
along with other few industry peers have derived a common that have significant effect on the amounts recognized in the records showing full particulars, including quantitative details and
At each reporting date, the Corporation recognizes Lifetime methodology for calculating ECL, based on the broad category of
ECL on Trade Receivables using a ‘simplified approach’ and 12 Consolidated Ind AS Financial Statements. situation of fixed assets.
active and inactive consumers and last refill date with expected
month ECL on loans granted under the PMUY scheme, which loan recovery period. We checked the working of the same and • The physical verification of the Corporation’s Property, Plant
rely on Management’s estimates regarding probability of default it was in line with the common methodology document shared and Equipment (except LPG Cylinders and pressure regulators
rates linked to age-wise bucketing of the corresponding asset. with us. with customers) has been carried out by the Management in
accordance with the phased program of verification of all assets
• We have evaluated the methodology for age-wise bucketing of and necessary accounting entries based on such physical
trade receivables and key assumptions underlying the probability verification have been appropriately posted which were verified
of default estimates on the same, to ascertain that the same by us.
were broadly in-line with the Corporation’s historical default rates
and have considered available information regarding the current • Changes in the useful life and residual value of class of assets was
economic scenario. adopted based on internal evaluation and was also comparable
with other entities in the same industry. We have verified the
• We selected a few sample outstanding receivable cases having computation of depreciation on sample basis.
different overdue periods and checked that the computation
of ECL has been appropriately carried out in line with the 6 Goodwill Our Audit Procedures included Test of Details in respect of the
Group’s policy. The Group tests for impairment of Goodwill at each reporting following:
3 Evaluation of Contingent Liabilities: The following audit procedures were carried out in this regard: date, or whenever events or circumstances indicate that the a) Obtained an understanding from the management with respect
implied fair value of goodwill is less than its carrying amount. to process and controls followed by the Corporation to perform
The Group has material uncertain positions including matters • We examined sample items above the threshold limit for annual impairment test related to goodwill.
under dispute which involves significant judgment to determine determination of contingent liabilities and obtained details of Accordingly, we considered this as a Key Audit Matter
the possible outcome of these disputes. Contingent liabilities are completed Excise, VAT/ Sales Tax/ Goods and Service Tax b) Obtained the impairment analysis model from the management
not recognized in the Consolidated Ind AS Financial Statements (GST), Entry Tax assessments, demands as well as other and reviewed their conclusions.
but are disclosed unless the possibility of an outflow of disputed claims against the Corporation as on March 31, 2024. c) We assessed the reasonableness of the assumptions used and
economic resources is considered remote. Contingent liabilities The Corporation has obtained opinion from external experts / appropriateness of the valuation methodology applied.
disclosed are in respect of items which in each case are above consultants in various disputed matters. We have relied upon d)
Tested the discount rate and long-term growth rates used in
the threshold limit. such opinions and litigation history based on which Corporation the forecast including comparison to economic and industry
has concluded that possibility of cash outflow is remote while forecasts where appropriate.
preparing its Consolidated Ind AS Financial Statements.
e) Assessed and validated the adequacy and appropriateness of
• We have assessed the Management’s underlying assumptions the disclosures made by the management in the consolidated
in estimating the possible outcome of such disputed claims/ financial statements.
cases against the Corporation, based on records and judicial
precedents made available. 7 Information Technology Our procedures included:
A significant part of the Corporation’s financial reporting process We focused our audit on those IT systems and controls that are
4 Inventories: Our audit approach involved the following combination of test of
is heavily reliant on IT systems with automated processes and relevant to preparation of financial statements for financial year ended
Verification and valuation of Inventories is a significant area control design and substantive testing in respect of verification and controls over the capture, storage and extraction of information. March 31, 2024.
requiring Management’s judgment of estimates and application valuation of inventories: A fundamental component of these processes and controls is As audit procedures over IT Systems and controls require specific
of accounting policies that have significant effect on the amounts • We evaluated the Corporation’s system of inventory monitoring ensuring appropriate user access and change management expertise, we involved our IT specialist.
recognized in the Consolidated Ind AS Financial Statements. and control. It was observed that inventory has been physically protocols exist and being adhered to.
verified by the Management during the year at reasonable intervals. Our review of the IT Controls covers the following areas:
These protocols are important because they ensure that access
• Our audit teams have also physically verified on sample basis and changes to IT systems and related data are made and • Physical and Logical Security;
the Inventories of the Corporation at various locations and authorized in an appropriate manner. As our audit sought to • Change Management;
compliance with cut off procedures. However, since physical place a high level of reliance on IT systems and application • Backup, Business Continuity and
verification at certain locations was not possible for us, in such controls related to financial reporting, high proportion of the
cases we have relied on the physical verification of inventory overall audit effort was in Information Technology (IT) Systems
• IT Operations.
carried out by the Management. and Controls. Our assessment of the IT Controls is performed according to the
• In respect of the Corporation’s inventory lying with third parties, following approach:
We focused our audit on those IT systems and controls that are
we have ascertained that these have substantially been confirmed significant to the Corporation’s financial reporting process • Understanding the IT environment.
by them. We also examined the system of records maintenance
• Information gathering about the control framework surrounding
for stocks lying at third party locations.
the IT environment.
• We have also tested the values considered by the Corporation in
• Evidence gathering with respect to Control testing.
respect of Net realisable value, cost of products and verified these
on sample basis with the inventory valuation and accounting • Review of Implementation of controls testing.
entries posted in this regard. • Review of limited cases to identify whether there had been
unauthorized or inappropriate access or changes made to critical
IT systems and related data.

331
Information Other than the Consolidated Ind AS Financial Statements and Auditors’ Report Thereon • Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that
6. The Corporation’s Board of Directors is responsible for the preparation of the other information. The other information are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our
which is included in the Holding Company’s Report comprises the information included in the Management Discussion opinion on whether the Corporation and its subsidiary companies which are companies incorporated in India, have
and Analysis, Board’s Report including Annexures to Board’s Report, Business Responsibility Report, Corporate adequate internal financial controls system in place and the operating effectiveness of such controls.
Governance and Shareholder’s Information, but does not include the Consolidated Ind AS Financial Statements and our • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
audit report thereon. The Other information is expected to be made available to us after the date of this auditor’s report. related disclosures made by management.
Our opinion on the Consolidated Ind AS Financial Statements does not cover the other information and we do not • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
express any form of assurance thereon. the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
7. In connection with our audit of the Consolidated Ind AS Financial Statements, our responsibility is to read the other significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty
information and, in doing so, consider whether the other information pertaining to the Holding Company is materially exists, we are required to draw attention in our auditor’s report to the related disclosures in the Consolidated Ind AS
inconsistent with the Consolidated Ind AS Financial Statements or our knowledge obtained during the course of our Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit or otherwise appears to be materially misstated. audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Group, joint ventures and its associates to cease to continue as a going concern.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact to those charged with governance. • Evaluate the overall presentation, structure and content of the Consolidated Ind AS Financial Statements, including
the disclosures, and whether the Consolidated Ind AS Financial Statements represent the underlying transactions
The Other information is expected to be made available to us after the date of this auditor’s report and if we conclude that and events in a manner that achieves fair presentation.
there is a material misstatement therein, we are required to communicate the matter to those charged with governance.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
Management’s Responsibility for the Consolidated Ind AS Financial Statements within the Group to express an opinion on the Consolidated Ind AS Financial Statements. We are responsible for
the direction, supervision and performance of the audit of the financial statements of such entities included in the
8. The Holding Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect
Consolidated Ind AS Financial Statements of which we are the independent auditors. For the other entities included
to preparation of these Consolidated Ind AS Financial Statements that give a true and fair view of the consolidated
in the consolidated financial statements, which have been audited by other auditors, such other auditors remain
financial position, consolidated financial performance, consolidated total comprehensive income, consolidated cash
responsible for the direction, supervision and performance of the audits carried out by them. We remain solely
flows and consolidated changes in equity of the Group in accordance with the Ind AS and other accounting principles
responsible for our audit opinion.
generally accepted in India. The respective Board of Directors of the companies included in the Group are responsible
for maintenance of the adequate accounting records in accordance with the provisions of the Act for safeguarding 13. Materiality is the magnitude of misstatements in the Consolidated Ind AS Financial Statements that, individually or in
the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Consolidated Ind
of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, AS Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning
implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified
accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Consolidated misstatements in the Consolidated Ind AS Financial Statements.
Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud
14. We communicate with those charged with governance regarding, among other matters, the planned scope and timing
or error.
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during
9. In preparing the Consolidated Ind AS Financial Statements, the respective Board of Directors of the companies included our audit.
in the Group, joint ventures and its associates are responsible for assessing the ability of the Group and of its joint
15.
We also provide those charged with governance with a statement that we have complied with relevant ethical
ventures and associates to continue as a going concern, disclosing, as applicable, matters related to going concern
requirements regarding independence, and to communicate with them all relationships and other matters that may
and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease
reasonably be thought to bear on our independence, and where applicable, related safeguards.
operations, or has no realistic alternative but to do so.
16. From the matters communicated with those charged with governance, we determine those matters that were of most
10. The respective Board of Directors of the companies included in the Group, joint ventures and its associates are also
significance in the audit of the Consolidated Ind AS Financial Statements of the current period and are therefore the
responsible for overseeing the financial reporting process of the said companies.
key audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated
Auditors’ Responsibilities for the Audit of the Consolidated Ind AS Financial Statements
in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public
11. Our objectives are to obtain reasonable assurance about whether the Consolidated Ind AS Financial Statements as a interest benefits of such communication.
whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in Other Matters
accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or
17. We did not audit the financial statements of one subsidiary (BPRL) (including its Subsidiaries, Associates, Joint ventures
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
and unincorporated Blocks), whose financial statements /financial information reflect total assets of I 29,988.13 crore,
economic decisions of users taken on the basis of the Consolidated Ind AS Financial Statements.
total revenues of I 188.19 crore, Net Loss of I 2,043.06 crore, Total Comprehensive Loss of I 2,784.79 crore and net
12. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism cash inflows amounting to I 1,353.01 crore for the year ended on that date, as considered in the Consolidated Ind AS
throughout the audit. We also: Financial Statements.
• Identify and assess the risks of material misstatement of the Consolidated Ind AS Financial Statements, whether 18. In respect of the subsidiary company (BPRL) stated above, the financial results of all the 18 component companies
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that were audited and were included in its consolidated financial statements which reflect total net loss after tax (net) of
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement I 2,335.69 crore for the year ended March 31, 2024.
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.

333
19. The Consolidated Ind AS Financial Statements also include the Group’s share of net profit of I 439.62 crore and Total c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including (including Other
Comprehensive Income of I 438.87 crore for the year ended March 31, 2024, as considered in the Consolidated Ind AS Comprehensive Income), Consolidated Statement of Cash Flows and Consolidated Statement of Changes in
Financial Statements, in respect of 7 joint ventures and 3 Associate whose financial statements/financial information Equity dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of
have not been audited by us. These financial statements/financial information have been audited by other auditors preparation of the Consolidated Ind AS Financial Statements.
whose reports have been furnished to us by the Management and our opinion on the Consolidated Ind AS Financial
d) In our opinion, the aforesaid Consolidated Ind AS Financial Statements comply with the Ind AS specified under
Statements in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, joint ventures
Section 133 of the Act.
and associate, and our report in terms of sub-section (3) and (11) of Section 143 of the Act, in so far as it relates to the
aforesaid subsidiaries, joint ventures and associate, is based solely on such reports of the other auditors and based on e) In view of exemption given vide notification no. G.S.R. 463(E) dated June 5, 2015, issued by Ministry of Corporate
management certified statements as referred to in ‘Emphasis of Matter’ Paragraph 4(A)(a). Affairs, provisions of Section 164(2) of the Act regarding disqualification of directors, are not applicable to the
Holding company and in case of other companies, on the basis of report of the statutory auditors of the respective
20. The Consolidated Ind AS Financial Statements include the Group share of net profit of I 756.81 crore and Total
Companies of the Group, joint ventures and its associates incorporated in India, none of the directors is disqualified
Comprehensive Income of I 755.97 crore for the year ended March 31, 2024 in respect of 6 joint ventures and 3
as on March 31, 2024 from being appointed as a director in terms of Section 164(2) of the Act.
associates, whose financial statements/financial information have not been audited by us. These financial statements/
financial information are unaudited and have been furnished to us by the Management, and our opinion on the f) With respect to the adequacy of the internal financial controls over financial reporting and the operating
Consolidated Ind AS Financial Statements, in so far as it relates to the amounts and disclosures included in respect of effectiveness of such controls, refer to our separate Report in “Annexure A” which is based on the report of the
these joint ventures and associates, and our report in terms of sub-section (3) and (11) of Section 143 of the Act in so statutory auditors of the respective Companies of the Group, joint ventures and its associates incorporated in
far as it relates to the aforesaid joint ventures and associates, is based solely on such unaudited financial statements/ India. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the internal
financial information. In our opinion and according to the information and explanations given by the Management, these financial control over financial reporting of those companies, for reasons stated therein.
financial statements / financial information are not material to the Group.
g) In view of exemption given vide notification no. G.S.R. 463(E) dated June 5 2015, issued by Ministry of Corporate
21. The Group has not consolidated the financial statements of one joint venture company ‘Bharat Renewable Energy Affairs, provisions of Section 197 read with Schedule V of the Act regarding managerial remuneration are not
Limited’ and one associate company ‘Petronet CI Limited’ wherein the management has decided to exit from applicable to the holding company.
these companies.
h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
22. The Group has also not consolidated the financial results of one associate company ‘Petronet India Limited’ which is (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to
under liquidation and ‘Ujjwala Plus Foundation’ which is a section 8 Company under the Companies Act, 2013, wherein the explanations given to us:
there are no operational activities during the year ended March 31, 2024. In the opinion of the Management, the above
i. The Consolidated Ind AS Financial Statements disclose the impact of pending litigations as at March 31,
financial results are not material to the group.
2024 on consolidated financial position of the Group, Joint Ventures and Associates- (Refer Note 57 of the
23. The auditor of BPRL has stated in their report the following: Consolidated Ind AS Financial Statements.)
a) They have stated that they have placed reliance on technical/ commercial evaluation done by the management ii. Provision has been made in the Consolidated Ind AS Financial Statements, as required under the applicable
of the holding company(BPRL) in respect of categorization of wells as exploratory, development, producing & dry law or accounting standards, for material foreseeable losses, if any, on long term contracts including derivative
wells, allocation of costs incurred on them, proved (developed and undeveloped)/ probable hydrocarbon reserves contracts as at March 31, 2024.
& depletion thereof on Oil and Gas Assets, impairment and liability for decommissioning costs, liability for NELP
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
and nominated blocks under performance against agreed Minimum Work Program.
Protection Fund by the Holding Company, and its subsidiaries, joint ventures and associates incorporated
b) In respect of one of its subsidiary, namely BPR JPDA Ltd., the subsidiary’s liabilities have exceed its total assets in India.
by I 55.18 crore. The financial statements of this subsidiary have been prepared on a basis other than that of a
iv. a) The respective Managements of the Corporation and its subsidiaries which are companies incorporated
going concern.
in India, whose financial statements have been audited under the Act, have represented to us that,
Our opinion above on the Consolidated Ind AS Financial Statements, and our report on Other Legal and Regulatory to the best of their knowledge and belief, no funds (which are material either individually or in the
Requirements and Internal Financial Controls as per Annexure- A below, is not modified in respect of the above aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium
matters with respect to our reliance on the work done and the reports of the other auditors and the financial statements/ or any other sources or kind of funds) by the Corporation or any of such subsidiaries to or in any other
financial information certified by the Management. person or entity, including foreign entity (“Intermediaries”), with the understanding, whether recorded
in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons
24. The Holding Company is having ‘six’ independent directors, ‘five’ executive directors (including the Chairman and
or entities identified in any manner whatsoever by or on behalf of the Corporation or any of such
Managing director) and ‘two’ government nominee directors on its Board of Directors. Accordingly, the Board of the
subsidiaries (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the
Holding Company does not have an optimum combination of executive and non-executive directors, as per Regulation
Ultimate Beneficiaries.
17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
b) The respective Managements of the Corporation and its subsidiaries which are companies incorporated
Our Opinion is not modified in respect of the above matter.
in India, whose financial statements have been audited under the Act, have represented to us that, to the
best of their knowledge and belief, no funds (which are material either individually or in the aggregate)
Report on Other Legal and Regulatory Requirements
have been received by the Corporation or any of such subsidiaries from any person or entity, including
25. As required by Section 143(3) of the Act, based on our audit we report that: foreign entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise,
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief that the Corporation or any of such subsidiaries shall, directly or indirectly, lend or invest in other
were necessary for the purposes of our audit of the aforesaid Consolidated Ind AS Financial Statements. persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
b) In our opinion, proper books of account as required by law relating to the preparation of the aforesaid Consolidated
Ind AS Financial Statements have been kept so far as it appears from our examination of those books.

335
c)
Based on the audit procedures that have been considered reasonable and appropriate in the 26. With respect to the matters specified in paragraphs 3(xxi) and 4 of the Companies (Auditor’s Report) Order, 2020
circumstances performed by us on the Corporation and on the consideration of reports of the auditors of (the “Order”/ “CARO”) issued by the Central Government in terms of Section 143(11) of the Act, to be included in the
its subsidiary, associates and joint ventures which are companies incorporated in India whose financial Auditor’s report, according to the information and explanations given to us, and based on the CARO report issued by
statements have been audited under the Act, nothing has come to our notice that has caused us to us for the Corporation and reports issued by component auditors for its subsidiaries, associates and joint ventures
believe that the representations under sub-clause (i) and (ii) of Rule 11(e) of the Companies (Audit and included in the consolidated financial statements of the Corporation, to which reporting under CARO is applicable, we
Auditors) Rules, 2014, as provided under (a) and (b) above, contain any material misstatement. We are report there are no qualifications or adverse remarks in these CARO reports.
unable to comment on the following entities as they are management certified and which in the opinion
of the management are not material: -

(i) Fino Paytech Limited Chartered Accountants Chartered Accountants

(ii) Kannur International Airport Limited ICAI FRN: 104607W/W100166 ICAI FRN: 100186W
(iii) Maharashtra Natural Gas Limited

Sd/- Sd/-

(iv) Central U.P. Gas Limited Sai Venkata Ramana Damarla Rajesh S. Joshi

(v) Sabarmati Gas Limited Partner Partner
(vi) BPCL-KIAL Fuel Farm Facility Private Limited M. No. 107017 M. No. 038526
UDIN: 24107017BKERTT6224 UDIN: 24038526BKEKRR9459
(vii) Bharat Stars Services Pvt. Ltd

(viii) Petronet LNG Limited Place: Mumbai Place: Mumbai
(ix) Matrix Bharat Pte Ltd (Foreign JV)
v. As stated in Note 24 to the Consolidated Ind AS financial statements, the Board of Directors of the Corporation
have proposed final dividend for the year which is in accordance with Section 123 of the Act to the extent
it applies to declaration of dividend. Final dividend paid during the year in respect of the previous year is in
accordance with Section 123 of the Act.
vi. Based on our examination which includes test checks and that performed and as reported by the respective
auditors of the subsidiary, associates and joint ventures which are companies incorporated in India whose
financial statements have been audited under the Act, the Holding Company, subsidiaries, associates and
joint ventures have used an accounting software for maintaining its books of account which has a feature
of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software. Further, during the course of our audit, we and respective auditors
of the above referred subsidiaries, associates and joint ventures did not come across any instance of audit
trail feature being tampered with. For the following entities we are unable to comment on the audit trail
functionality as the financial statements of these entities are management certified: -

(i) Fino Paytech Limited
(ii) Kannur International Airport Limited
(iii) Maharashtra Natural Gas Limited
(iv) Central U.P. Gas Limited

(v) Sabarmati Gas Limited
(vi) BPCL-KIAL Fuel Farm Facility Private Limited
(vii) Bharat Stars Services Pvt. Ltd

(viii) Petronet LNG Limited
As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable with effect from April 1, 2023,
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as
per the statutory requirements for record retention is not applicable for the financial year ended March 31, 2024.

337
ANNEXURE “A” TO THE INDEPENDENT AUDITORS’ REPORT
[Referred to in paragraph 25(f) under ‘Report on Other Legal and Regulatory Requirements’ in the Independent Auditors’ expenditures of the Corporation are being made only in accordance with authorizations of management and directors
Report of even date to the members of Bharat Petroleum Corporation Limited on the Consolidated Ind AS Financial of the Corporation; and
Statements for the year ended March 31, 2024]
3. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition
of the Corporation’s assets that could have a material effect on the Consolidated Ind AS Financial Statements.
REPORT ON THE INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE CONSOLIDATED
FINANCIAL STATEMENTS UNDER CLAUSE (i) OF SUB-SECTION 3 OF SECTION 143 OF THE
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE
COMPANIES ACT, 2013 (“THE ACT”)
CONSOLIDATED FINANCIAL STATEMENTS
In conjunction with our audit of the Consolidated Ind AS Financial Statements of the Group, its joint ventures and associates
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion
as of and for the year ended March 31, 2024, we have audited the internal financial controls with reference to the consolidated
or improper management override of controls, material misstatements due to error or fraud may occur and not be detected.
financial statements of Bharat Petroleum Corporation Limited (“the Holding Company/Corporation”) and its subsidiaries,
Also, projections of any evaluation of the internal financial controls with reference to the consolidated financial statements to
joint ventures and associates, which are companies incorporated in India, as of that date.
future periods are subject to the risk that the internal financial control with reference to the consolidated financial statements
may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS WITH REFERENCE
may deteriorate.
TO THE CONSOLIDATED FINANCIAL STATEMENTS
The Board of Directors of the Holding Company, its subsidiaries, joint ventures and associates, which are companies OPINION
incorporated in India, are responsible for establishing and maintaining internal financial controls based on the internal control
In our opinion, to the best of our information and according to the explanations given to us, the Holding Company and its
criteria with reference to the consolidated financial statements established by the respective Companies considering the
subsidiaries, Joint ventures and associates, which are companies incorporated in India, have, in all material respects, an
essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial
adequate internal financial controls with reference to consolidated financial statements and such internal financial controls
Reporting issued by the Institute of Chartered Accountants of India (“the ICAI”). These responsibilities include the design,
were operating effectively as at March 31, 2024, based on the criteria for internal financial controls with reference to the
implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the
consolidated financial statements established by the respective Companies considering the essential components of internal
orderly and efficient conduct of the respective Corporation’s business, including adherence to the respective Corporation’s
control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.
policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of
the accounting records, and the timely preparation of reliable financial information, as required under the Act.
OTHER MATTER
AUDITORS’ RESPONSIBILITY Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial
controls with respect to the consolidated financial statements in so far as it relates to 1 subsidiary, 3 associates and 7
Our responsibility is to express an opinion on the internal financial controls with reference to the consolidated financial
joint ventures which are companies incorporated in India, is based on the respective reports issued by auditors of such
statements of the Holding Company, its subsidiaries, joint ventures and associates, which are companies incorporated
companies, which do not disclose any material weakness in the internal financial controls with respect to the consolidated
in India, based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial
financial statements.
Controls Over Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India and the
Standards on Auditing, prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit Our opinion is not modified in respect of the above matter.
of internal financial controls with respect to the consolidated financial statements. Those Standards and the Guidance Note
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether adequate internal financial controls with reference to the financial statements was established and maintained and
if such controls operated effectively in all material respects. Chartered Accountants Chartered Accountants
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls
system with reference to the consolidated financial statements and their operating effectiveness. Our audit of internal Sd/- Sd/-
financial controls with reference to the consolidated financial statements included obtaining an understanding of internal
financial controls with reference to the consolidated financial statements, assessing the risk that a material weakness exists, Sai Venkata Ramana Damarla Rajesh S. Joshi
and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The Partner Partner
procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of M. No. 107017 M. No. 038526
the financial statements, whether due to fraud or error.
UDIN: 24107017BKERTT6224 UDIN: 24038526BKEKRR9459
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on
the internal financial controls system with reference to the consolidated financial statements of the Holding Company, its Place: Mumbai Place: Mumbai
subsidiaries, joint ventures and associates, which are companies incorporated in India. Date: May 9, 2024 Date: May 9, 2024
MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE CONSOLIDATED

FINANCIAL STATEMENTS
A Corporation’s internal financial control with reference to the consolidated financial statements is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Consolidated Ind AS
Financial Statements for external purposes in accordance with generally accepted accounting principles. A Corporation’s
internal financial control with reference to the consolidated financial statements includes those policies and procedures that
1. Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the Corporation;
2. Provide reasonable assurance that transactions are recorded as necessary to permit preparation of Consolidated
Ind AS Financial Statements in accordance with generally accepted accounting principles, and that receipts and

339
CONSOLIDATED BALANCE SHEET CONSOLIDATED STATEMENT OF PROFIT AND LOSS

as at March 31, 2024 for the year ended March 31, 2024
(I in crore) I in crore
As at As at
Particulars Note No. 2023-24 2022-23
Particulars Note No. March 31, 2024 March 31, 2023
I. ASSETS Income
(1) Non-current assets I) Revenue from Operations 36 5,06,992.60 5,33,547.29
(a) Property, Plant and Equipment 2 84,718.04 84,464.80 II) Other Income 37 2,234.73 1,498.22
(b) Capital Work-in-Progress 3 8,679.72 5,645.05 III) Total Income (I + II) 5,09,227.33 5,35,045.51
(c) Investment Property 4 0.09 0.01
IV) Expenses
(d) Goodwill 5 1,203.98 1,203.98
(e) Other Intangible Assets 5 876.14 1,006.33 Cost of Materials Consumed 38 2,12,853.15 2,34,305.39
(f) Intangible Assets Under Development 6 11,524.24 10,603.88 Purchases of Stock-in-Trade 39 1,65,232.84 1,99,884.14
(g) Investments accounted for using the Equity Method 7 20,561.41 21,700.65 Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress 40 (1,989.84) (977.24)
(h) Financial Assets Excise Duty Expense 58,909.57 60,360.11
(i) Other Investments 8 1,778.51 800.49
Employee Benefits Expense 41 3,577.17 2,775.01
(ii) Loans 9 4,452.74 4,336.01
(iii) Other Financial Assets 10 653.89 537.57 Finance Costs 42 4,148.89 4,262.77
(i) Income Tax Assets (Net) 11 477.44 485.95 Depreciation and Amortization Expense 2, 4, 5 6,771.26 6,368.82
(j) Other Non-Current Assets 12 1,797.44 1,311.12 Other Expenses 43 24,327.68 26,311.77
Total Non-Current Assets 1,36,723.64 1,32,095.84 Total Expenses (IV) 4,73,830.72 5,33,290.77
(2) Current Assets
V) Profit before Share of Profit of Equity Accounted Investees, Exceptional Items and 35,396.61 1,754.74
(a) Inventories 13 42,836.13 38,069.19
Income Tax (III - IV)
(b) Financial Assets
(i) Investments 14 4,290.67 4,277.14 VI) Share of Profit of Equity Accounted Investees (Net of Income Tax) 1,065.53 2,191.92
(ii) Trade Receivables 15 8,342.03 6,723.78 VII) Exceptional Items -Expense/(Income) 61 267.70 1,125.53
(iii) Cash and Cash Equivalents 16 2,300.74 2,312.72 VIII) Profit before Income Tax (V + VI-VII) 36,194.44 2,821.13
(iv) Bank Balances other than Cash and Cash Equivalents 17 3,985.62 261.66 IX) Tax Expense 28
(v) Loans 18 136.92 142.64 1) Current Tax 9,419.98 353.11
(vi) Other Financial Assets 19 1,257.95 1,101.66
(c) Current Tax Assets (Net) 20 827.90 969.11
2) Deferred Tax (84.39) 379.87
(d) Other Current Assets 21 1,673.73 2,167.65 3) Short/(Excess) provision of earlier years 0.01 (42.90)
65,651.69 56,025.55 Total Tax Expense 9,335.60 690.08
Assets held for sale 22 42.42 16.80 X) Profit for the Year (VIII-IX) 26,858.84 2,131.05
Total Current Assets 65,694.11 56,042.35
XI) Other Comprehensive Income (OCI)
TOTAL ASSETS 2,02,417.75 1,88,138.19
II. EQUITY AND LIABILITIES
(i) Items that will not be reclassified to Profit or Loss
Equity (a) Remeasurements of the Defined Benefit Plans 131.77 (370.60)
(a) Equity Share Capital 23 2,136.29 2,129.45 (b) Equity Instruments through Other Comprehensive Income- net change in fair value 961.61 42.35
(b) Other Equity 24 73,498.82 51,392.91 (c) Equity Accounted Investees - share of OCI (1.60) (0.83)
Total Equity 75,635.11 53,522.36 (ii) Income Tax relating to items that will not be reclassified to Profit or Loss (137.22) 88.16
Liabilities
(iii) Items that will be reclassified to Profit or Loss
(1) Non-Current Liabilities
(a) Financial Liabilities (a) Exchange differences in translating Financial Statements of foreign operations 43.68 625.06
(i) Borrowings 25 26,877.14 41,369.36 (b) Equity accounted Investees - share of OCI (785.43) 377.15
(ia) Lease Liabilities 25a 8,600.15 8,265.17 Other Comprehensive Income (XI) 212.81 761.29
(ii) Other Financial Liabilities 26 70.82 68.89 XII) Total Comprehensive Income for the Year (X+XI) 27,071.65 2,892.34
(b) Provisions 27 305.35 208.22
Profit attributable to:
(c) Deferred Tax Liabilities (Net) 28 7,975.68 7,920.55
(d) Other Non-Current Liabilities 29 2,070.12 1,912.51 Owners of the Company 26,858.84 2,131.05
Total Non-Current Liabilities 45,899.26 59,744.70 Non-Controlling Interests - -
(2) Current Liabilities Profit for the Year 26,858.84 2,131.05
(a) Financial Liabilities Other Comprehensive Income attributable to:
(i) Borrowings 30 18,607.79 19,085.25 Owners of the Company 212.81 761.29
(ia) Lease Liabilities 30a 513.97 656.25
Non-Controlling Interests - -
(ii) Trade Payables 31
a) Total Outstanding dues of Micro Enterprises and Small Enterprises 276.89 273.59 Other Comprehensive Income for the Year 212.81 761.29
b) Total Outstanding dues of Creditors other than Micro enterprises and 28,028.92 23,750.67 Total Comprehensive Income attributable to:
Small Enterprises Owners of the Company 27,071.65 2,892.34
(iii) Other Financial Liabilities 32 22,757.82 21,350.11
Non-Controling Interests - -
(b) Other Current Liabilities 33 7,065.26 7,025.00
(c) Provisions 34 3,023.29 2,729.28 Total Comprehensive Income for the Year 27,071.65 2,892.34
(d) Current Tax Liabilities (Net) 35 609.44 0.98 XIII) Basic and Diluted Earnings per Equity share (Face value I 10 each) 51 126.08 10.01
Total Current Liabilities 80,883.38 74,871.13
Total Liabilities 1,26,782.64 1,34,615.83 Material Accounting Policy Information 1
TOTAL EQUITY AND LIABILITIES 2,02,417.75 1,88,138.19 Notes forming part of Financial Statements 44 to 62
Material Accounting Policy Information 1

Notes forming part of Financial Statements 44 to 62
For and on behalf of the Board of Directors As per our attached report of even date Sd/-
Sd/- Chairman and Managing Director Chartered Accountants Chartered Accountants
G. Krishnakumar Kalyaniwalla & Mistry LLP K.S. Aiyar & Co DIN: 09375274 ICAI FR No. 104607W/W100166 ICAI FR No. 100186W
DIN: 09375274 ICAI FR No. 104607W/W100166 ICAI FR No. 100186W Sd/- Sd/- Sd/- Sd/-
Sd/- Sd/- Sd/- Sd/-
VRK Gupta V. Kala Sai Venkata Ramana Damarla Rajesh S. Joshi Director (Finance) Company Secretary Partner Partner
DIN: 08188547 Membership No. 107017 Membership No. 038526 Place: Mumbai
Place: Mumbai Date: May 9, 2024
Date: May 9, 2024

341
CONSOLIDATED STATEMENT OF CASH FLOWS CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended March 31, 2024 March 31, 2023 For the year ended
A Net Cash Flow from Operating Activities Cash and Cash Equivalents as at March 31, 2023 March 31, 2022
Net Profit Before Tax (After Exceptional Items) 36,194.44 2,821.13 Cash on hand 13.86 23.46
Adjustments for: Cheques and drafts on hand 2.04 5.56
Share of (Profit) / Loss from Equity Accounted Investees (1,065.53) (2,191.92) Balance with Bank 511.29 734.17
Depreciation & Amortization Expenses 6,771.26 6,368.82 Deposits with Banks with original maturity of less than three months 1,785.53 1,395.85
Finance Costs 4,148.89 4,262.77 Less: Bank Overdraft - (103.50)
Foreign Exchange Fluctuations 210.72 319.54 Total (a) 2,312.72 2,055.54
(Profit) / Loss on sale of Property, Plant and Equipment / Non-current assets 0.14 10.72
held for sale (Net) Cash and Cash Equivalents as at March 31, 2024 March 31, 2023
(Profit) / Loss on Sale of Mutual Funds/Investments (56.72) (17.85) Cash on hand 34.19 13.86
Interest Income (1,373.31) (765.41) Cheques and drafts on hand 3.30 2.04
Dividend Income (52.56) (52.16) Balance with Bank 483.69 511.29
Expenditure towards Corporate Social Responsibility 206.76 191.63 Deposits with Banks with original maturity of less than three months 1,779.56 1,785.53
Other Non-Cash items 1,008.57 2,495.85 Total (b) 2,300.74 2,312.72
Operating Profit before Working Capital Changes 45,992.66 13,443.12 Net Increase / (Decrease) in Cash and Cash Equivalents (b-a) (11.98) 257.18
(Invested in)/Generated from:
Inventories (5,004.94) 4,109.55 DISCLOSURE TO CHANGES IN LIABILITIES ARISING FROM FINANCING ACITIVIES
Trade Receivables (1,605.18) 2,853.07 I in crore
Other Receivables (108.36) (781.86) Total liabilities from
Current Liabilities & Payables 5,482.54 (6,356.90) financing activities
Particulars (excluding bank overdraft)
Cash generated from / (used in) Operations 44,756.72 13,266.98
As at March 31, 2022 55,829.18
Direct Taxes Paid (8,659.51) (709.55)
Cash flows 1,429.68
Paid for Corporate Social Responsibility (161.31) (91.83)
Net Cash from / (used in) Operating Activities 35,935.90 12,465.60 Non-cash changes -
B Net Cash Flow from Investing Activities a) Foreign exchange movement 3,173.54
Purchase of Property, Plant and Equipment / Intangible Assets/ Capital Advance (9,579.13) (8,548.62) b) Recognition of deferred income and its amortization 13.57
Sale of Property, Plant and Equipments 34.16 42.71 c) Fair value changes 8.64
Receipt of Capital Grant 215.10 554.49 As at March 31, 2023 60,454.61
Net Investment/Capital Reduction in Equity Accounted Investee (including advance against 341.16 (1,719.29) Cash flows (15,491.06)
equity)
Non-cash changes -
Loan to Equity Accounted Investee (Net) 3.75 3.75
Advance against Equity - Cochin International Airport Limited - (16.41) a) Foreign exchange movement 489.29
Investments in Bank Deposits more than 3 months (Net) (3,685.24) 4.70 b) Recognition of deferred income and its amortization 20.05
Loans Given (296.63) (455.84) c) Fair value changes 12.04
Proceeds from Sale of Mutual Funds (Net) 56.72 2.32 As at March 31, 2024 45,484.93
Interest Received 1,269.41 681.55
The Statement of Cash Flows is prepared in accordance with Ind AS 7 as notified by Ministry of Corporate Affairs.
Dividend Received 1,120.12 1,644.23
Net Cash from / (used in) Investing Activities (10,520.58) (7,806.41) For and on behalf of the Board of Directors As per our attached report of even date
C Net Cash Flow from Financing Activities
Proceeds from Sale of Shares held by ESPS Trust 398.10 - Sd/-
Direct Tax Paid on proceeds from Sale of Shares held by ESPS Trust (19.50) -
Repayment of Lease Liability (1,353.59) (1,318.20) DIN: 09375274 ICAI FR No. 104607W/W100166 ICAI FR No. 100186W
Short Term Borrowings (Net) 78.36 (290.98)
Sd/- Sd/- Sd/- Sd/-
Proceeds from Long Term Borrowings 5,481.98 14,784.43
Repayment of Long Term Borrowings (21,051.40) (13,063.77) Director (Finance) Company Secretary Partner Partner
Interest Paid (3,632.45) (3,231.92) DIN: 08188547 Membership No. 107017 Membership No. 038526
Dividend Paid (5,328.80) (1,281.57) Place: Mumbai
Net Cash from / (used in) Financing Activities (25,427.30) (4,402.01) Date: May 9, 2024
D Net Increase / (Decrease) in Cash and Cash Equivalents (A+B+C) (11.98) 257.18

343
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
344
(A) EQUITY SHARE CAPITAL
I in crore
No. of Shares Amount No. of Shares Amount
Balance at the beginning of the reporting period 2,16,92,52,744 2,169.25 2,16,92,52,744 2,169.25
Changes in Equity Share Capital due to prior period errors - - - -
Restated balance at the beginning of the current reporting period 2,16,92,52,744 2,169.25 2,16,92,52,744 2,169.25
Changes in Equity Share Capital - - - -
Balance at the end of the reporting period 2,16,92,52,744 2,169.25 2,16,92,52,744 2,169.25

Less: Adjustment for Shares held by "BPCL Trust for Investment in Shares" (Refer Note No.45) (3,29,60,307) (32.96) (3,29,60,307) (32.96)
Less: Adjustment for Shares held by "BPCL ESPS Trust" (Refer Note no.45) - - (68,36,948) (6.84)
Balance at the end of the reporting period after Adjustment 2,13,62,92,437 2,136.29 2,12,94,55,489 2,129.45
(B) OTHER EQUITY

I in crore
Reserves & Surplus
Capital Reserve Equity
on Acquisition Foreign Instruments BPCL
of subsidiaries, Reserve on Debenture Currency through Other Trust for Total
Capital JVCs and Securities Business Redemption General Retained Translation Comprehensive BPCL ESPS Investment attributable to
Reserve associates Premium Combination Reserve Reserve Earnings Reserve Income Trust [Note in Shares Owners of the Attributable Total other
[Note 24] [Note 24] [Note 24] [Note 24] [Note 24] [Note 24] [Note 24]* [Note 24] [Note 24] 24] [Note 24] Corporation to NCI equity
Balance at April 1, 2022 73.04 (97.45) 6,356.22 - 1,335.09 32,962.94 8,846.99 242.01 147.15 (15.43) (74.39) 49,776.17 - 49,776.17
Opening Balance adjustment - - - 3.54 3.54 - 3.54
Opening balance after the above 73.04 (97.45) 6,356.22 - 1,335.09 32,962.94 8,850.53 242.01 147.15 (15.43) (74.39) 49,779.71 - 49,779.71
effect
Profit for the year - - - - - - 2,131.05 - - - - 2,131.05 - 2,131.05
Other Comprehensive Income for - - - - - - (278.15) 1,002.21 37.23 - - 761.29 - 761.29
the year
Dividends - - - - - - (1,301.55) - - - - (1,301.55) - (1,301.55)
Income from "BPCL Trust for - - - - - - 19.78 - - - - 19.78 - 19.78
Investment in Shares" (Refer Note
No. 45)
Income of "BPCL ESPS Trust" (Net of - - - - - 2.63 - - - - 2.63 - 2.63
Tax) (Refer Note No. 45)
Transfer to Debenture Redemption - - - - 50.00 - (50.00) - - - - - - -
Reserve
Transfer to General Reserve from - - - - (1,135.09) 1,135.09 - - - - - - - -
Balance at March 31, 2023 73.04 (97.45) 6,356.22 - 250.00 34,098.03 9,374.29 1,244.22 184.38 (15.43) (74.39) 51,392.91 - 51,392.91
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Contd.)

I in crore
Reserves & Surplus
Capital Reserve Equity
on Acquisition Foreign Instruments BPCL
of subsidiaries, Securities Reserve on Debenture Currency through Other Trust for Total
Capital JVCs and Premium Business Redemption General Retained Translation Comprehensive BPCL ESPS Investment attributable to
Reserve associates Reserve Combination Reserve Reserve Earnings Reserve Income Trust in Shares Owners of the Attributable Total other
[Note 24] [Note 24] [Note 24] [Note 24] [Note 24] [Note 24] [Note 24]* [Note 24] [Note 24] [Note 24] [Note 24] Corporation to NCI equity
Balance at April 1, 2023 73.04 (97.45) 6,356.22 - 250.00 34,098.03 9,374.29 1,244.22 184.38 (15.43) (74.39) 51,392.91 - 51,392.91
Opening Balance adjustment - - - - - - (7.73) - - - - (7.73) - (7.73)
Balance after the above effect 73.04 (97.45) 6,356.22 - 250.00 34,098.03 9,366.56 1,244.22 184.38 (15.43) (74.39) 51,385.18 - 51,385.18
Profit for the year - - - - - - 26,858.84 - - - - 26,858.84 - 26,858.84
Other Comprehensive Income for - - - - - - 97.01 (741.75) 857.55 - - 212.81 - 212.81
the year
Transfer to Reserve on Business - - - 1,720.13 - - (1,720.13) - -
Combination from Retained Earnings
Transfer to General Reserve from - - - - (250.00) 250.00 - - - - - - - -
Transfer to General Reserve from - - - - - 4,000.00 (4,000.00) - - - - - - -
Retained Earnings
Dividends - - - - - - (5,423.13) - - - - (5,423.13) - (5,423.13)
Income from "BPCL Trust for - - - - - - 82.40 - - - - 82.40 - 82.40
Investment in Shares" (Refer Note
No. 45)
Income of "BPCL ESPS Trust" (Net of - - - - - - 10.96 - - - - 10.96 - 10.96
Corporate Overview
tax) (Refer Note No. 45)

Issue of Equity Shares out of shares - - 356.33 - - - - - - 15.43 - 371.76 - 371.76
held in "BPCL ESPS Trust" (Refer
Note No. 45)
Balance as at March 31, 2024 73.04 (97.45) 6,712.55 1,720.13 - 38,348.03 25,272.51 502.47 1,041.93 - (74.39) 73,498.82 - 73,498.82
*The balance includes accumulated Gain/(loss) on account of Remeasurements of defined benefit plans (Net of tax) as on March 31, 2024 K (709.83) crore [Previous year I (808.41) crore] for the Corporation.
Sd/-
Statutory Reports

Sd/- Sd/- Sd/- Sd/-


Place: Mumbai
345
Date: May 9, 2024

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. STATEMENT OF MATERIAL ACCOUNTING POLICY INFORMATION: Percentage (%) of actual ownership

interest as on
The Consolidated Financial Statements relate to Bharat Petroleum Corporation Limited (BPCL or Parent Company Sr. Country of
No. Particulars Incorporation March 31, 2024 March 31, 2023
or Corporation), its Subsidiary Companies and interest in Joint Venture and Associates. The Corporation and its
Subsidiaries are together referred to as “Group”. 8 IBV (Brasil) Petroleo Ltda. (Note v) Brazil 63.24 61.36
9 Mumbai Aviation Fuel Farm Facility Private Limited India 25.00 25.00
Authorization of Consolidated Financial Statements 10 Kochi Salem Pipeline Private Limited India 50.00 50.00
The Consolidated Financial Statements were authorized for issue in accordance with a resolution of the Board of 11 BPCL-KIAL Fuel Farm Private Limited India 74.00 74.00
Directors in its meeting held on May 9, 2024. 12 Haridwar Natural Gas Private Limited India 50.00 50.00
13 Goa Natural Gas Private Limited India 50.00 50.00
1.1. Basis for preparation: The Consolidated Financial Statements are prepared in accordance with Indian Accounting
Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (“Act”) read with Companies (Indian 14 Taas India Pte Ltd. (Note vi) Singapore 33.00 33.00
Accounting Standards) Rules, 2015; and other relevant provisions of the Act and Rules thereunder. 15 Vankor India Pte Ltd. (Note vi) Singapore 33.00 33.00
16 Falcon Oil & Gas BV (Note vii) Netherlands 30.00 30.00
The Financial Statements of the Subsidiary Companies, Joint Venture Companies (JVCs) and the Associates used in
the preparation of the Consolidated Financial Statements are drawn Up to the same reporting date as that of BPCL i.e. 17 Ratnagiri Refinery and Petrochemicals Limited India 25.00 25.00
March 31, 2024, except for Matrix Bharat Pte. Ltd. whose accounts are drawn for the year ended December 31, 2023, 18 LLC TYNGD (Note viii) Russia 9.87 9.87
where there are no significant transactions or other events that have occurred between January 1, 2024 and 19 Urja Bharat Pte. Ltd. (Note ix) Singapore 50.00 50.00
March 31, 2024. 20 IHB Limited India 25.00 25.00
The Consolidated Financial Statements have been prepared under historical cost convention basis, except for certain C Associates
assets and liabilities measured at fair value. 1 Indraprastha Gas Limited India 22.50 22.50
2 Petronet LNG Limited India 12.50 12.50
The Group has adopted all the Ind AS and the adoption was carried out during Financial Year 2016-17 in accordance
with Ind AS 101 First time adoption of Indian Accounting Standards. The transition was carried out from Generally 3 GSPL India Gasnet Limited India 11.00 11.00
Accepted Accounting Principles in India (Indian GAAP) as prescribed under Section 133 of the Act, read with Rule 7 of 4 GSPL India Transco Limited India 11.00 11.00
the Companies (Accounts) Rules, 2014, which was the “Previous GAAP”. 5 Kannur International Airport Limited India 16.20 16.20
The functional currency of the Corporation and its Indian Subsidiaries is Indian Rupees (I), whereas the functional 6 Petronet India Limited (Note x) India 16.00 16.00
currency of foreign subsidiaries is USD ($). The presentation currency of the Group is Indian Rupees (I). All figures 7 Petronet CI Limited (Note iii) India 11.00 11.00
appearing in the consolidated Financial Statements are rounded to the nearest crore (I crore), except where 8 FINO Paytech Limited India 21.10 21.10
otherwise indicated. 9 Moz LNG1 Holding Company Ltd (Note xi) UAE 10.00 10.00
In case of some Joint Venture Companies and Associates, certain accounting policies are different from that of the 10 Mozambique LNG 1 Company Pte Ltd (Note xii) Singapore 10.00 10.00
parent company, the impact of which is not expected to be material. The thresholds limit for the group has been applied 11 Moz LNG1 Financing Company Ltd. (Note xii) UAE 10.00 10.00
as per their respective Financial Statements and the same has been specified in Note no. 1.32. 12 Mozambique LNG 1 Co. Financing, LDA (Note xii) Mozambique 10.00 10.00
The percentage of ownership interest of the Corporation in the Subsidiary Companies, JVCs and Associates as on 13 JSC Vankorneft (Note xiii) Russia 7.89 7.89
March 31, 2024 are as under: • Ujjwala Plus Foundation is a joint venture of IOCL, BPCL and HPCL with fund contribution in the ratio of 50:25:25
Percentage (%) of actual ownership
which was incorporated as a limited by guarantee company (without share capital) under Section 8 of Companies
interest as on Act, 2013. The Board of Directors of BPCL at its meeting held on October 27, 2023 has accorded in-principal
Sr. Country of
No. Particulars Incorporation March 31, 2024 March 31, 2023 approval for closure of Ujjwala plus foundation.
A Subsidiaries Notes:
1 Bharat PetroResources Limited (BPRL) India 100.00 100.00
i. Bharat PetroResources JPDA Limited, BPRL International BV and BPRL International Singapore Pte. Ltd. are
2 Bharat PetroResources JPDA Limited (Note i) India 100.00 100.00
100% subsidiaries of BPRL.
3 BPRL International BV (Note i) Netherlands 100.00 100.00
4 BPRL International Singapore Pte Ltd. (Note i) Singapore 100.00 100.00
ii. BPRL Ventures BV, BPRL Ventures Mozambique BV, BPRL Ventures Indonesia BV and BPRL International
Ventures BV are wholly owned subsidiaries of BPRL International BV which have been incorporated outside India.
5 BPRL Ventures BV (Note ii) Netherlands 100.00 100.00
6 BPRL Ventures Mozambique BV (Note ii) Netherlands 100.00 100.00 iii. Consolidation in respect of Investment in Petronet CI Limited and Bharat Renewable Energy Limited have not
7 BPRL Ventures Indonesia BV (Note ii) Netherlands 100.00 100.00 been considered in the preparation of Consolidated Financial Statements as the Corporation has decided to exit
from these Companies and provision for full diminution in the value of investment has been done in the standalone
8 BPRL International Ventures BV (Note ii) Netherlands 100.00 100.00
Financial Statements of the Corporation.
B Joint Venture Companies
1 Central UP Gas Limited India 25.00 25.00 iv. Pursuant to in-principal approval of Board of corporation at its meeting held on October 27, 2023, process for
2 Maharashtra Natural Gas Limited India 22.50 22.50
voluntary winding up has been initiated.
3 Sabarmati Gas Limited India 49.94 49.94 v. BPRL Ventures BV holds 63.24% equity in Joint Venture Company IBV (Brasil) Petroleo Ltda., incorporated in
4 Bharat Stars Services Private Limited India 50.00 50.00 Brazil. During the year, stake in IBV (Brasil) Petroleo Ltda. has increased from 61.36% to 63.24%. Considering,
5 Bharat Renewable Energy Limited (Note iii) India 33.33 33.33 BPRL Ventures BV's joint control with the JV partner over IBV (Brasil) Petroleo Ltda., it has been consolidated as
Joint Venture.
6 Matrix Bharat Pte. Ltd. (Note iv) Singapore 50.00 50.00
7 Delhi Aviation Fuel Facility Private Limited India 37.00 37.00

347

vi. Taas India Pte Ltd. and Vankor India Pte Ltd., are joint venture companies of BPRL International Singapore Pte Ltd. 1.3. Use of Judgments and Estimates
vii. Falcon Oil & Gas BV is joint venture of BPRL International Ventures BV. The preparation of the consolidated Financial Statements requires management to make judgements, estimates
and assumptions that affect the reported amounts of revenue, expenses, assets, liabilities and the accompanying
viii. LLC TYNGD is a Joint Venture of Taas India Pte Ltd. disclosures along with contingent liabilities. Uncertainty about these assumptions and estimates could result in
ix. Urja Bharat Pte Ltd. is a joint venture of BPRL International Singapore Pte. Ltd. outcomes that require material adjustments to the carrying amount of assets or liabilities affected in future periods. The
Group continually evaluates these estimates and assumptions based on the most recently available information.
x. Petronet India Limited has gone under winding up. Consolidation has been done based on the declaration of
solvency by the management of company. The Corporation has not received the Liquidator Statement for the year In particular, information about significant areas of estimates and judgments in applying accounting policies that have
ended March 31, 2024 and hence consolidation has been carried out till March 31, 2022. the most significant effect on the amounts recognized in the consolidated Financial Statements are as below:
xi. Moz LNG1 Holding Company Ltd is an associate of BPRL Ventures Mozambique BV. • Assessment of functional currency;
xii. Mozambique LNG1 Company Pte. Ltd., Moz LNG1 Financing Company Ltd. and Mozambique LNG 1 Co. Financing, • Financial instruments;
LDA are the wholly owned Subsidiary Company of Mozambique LNG1 Holding Company Ltd. • Estimates of useful lives and residual value of Property, Plant and Equipment and intangible assets;
xiii. JSC Vankorneft is an associate of Vankor India Pte Ltd. • Valuation of inventories;
The Financial Statements of Petronet LNG Limited, Sabarmati Gas Limited, Maharashtra Natural Gas Limited, Central • Measurement of recoverable amounts of cash-generating units;
UP Gas Limited, Bharat Stars Services Private Limited, Kannur International Airport Limited, Matrix Bharat Pte. Ltd.,
FINO Paytech Limited and BPCL-KIAL Fuel Farm Private Limited are yet to be audited and hence provisional Financial • Measurement of Defined Benefit Obligations and actuarial assumptions;
Statements provided by management of the respective companies have been considered for the purpose of preparation • Provisions including loss allowances;
of Consolidated Financial Statements.
• Evaluation of recoverability of deferred tax assets;
1.2. Basis of consolidation • Contingencies;
1.2.1. Subsidiaries • Interest in Joint arrangements; and

Subsidiaries are entities controlled by the Corporation. Control exists when the parent has power over the • In case of BPRL, impairment of exploration and evaluation assets; key assumptions for underlying recoverable
entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability amounts, and
to affect those returns by using its power over the entity. Power is demonstrated through existing rights that
give the ability to direct relevant activities, those which significantly affect the entity's returns. The Financial • Estimation of Oil and Natural Gas reserves:
Statements of the subsidiaries are included in the consolidated Financial Statements from the date on which − The determination of the Group's estimated oil and natural gas reserves requires significant judgements and
control commences until the date on which the control ceases. estimates to be applied and these are regularly reviewed and updated. Factors such as the availability of
Subsidiaries are consolidated by combining like items of assets, liabilities, equity, income, expenses and geological and engineering data, reservoir performance data, acquisition and divestment activity, drilling of new
cash flows of the parent with those of its subsidiaries. The intra-company balances and transactions including wells, and commodity prices all impact the determination of the Group's estimates of its oil and natural gas
unrealized gain / loss from such transactions are eliminated upon consolidation. These consolidated Financial reserves. The Group estimates its proved reserves with a reasonable certainty on the basis of rigorous technical
Statements are prepared by applying uniform accounting policies in use at the Corporation. Non-controlling and commercial assessments based on conventional industry practice and regulatory requirements.
interests (“NCI”) which represent part of the net profit or loss and net assets of subsidiaries that are not, − Estimates of oil and natural gas reserves are used to calculate depreciation, depletion and amortization charges for
directly or indirectly, owned or controlled by the company, are excluded. the Group's oil and gas properties. The impact of changes in estimated proved reserves is dealt with prospectively
Changes in the Corporation’s equity interest in a subsidiary that do not result in a loss of control are accounted by amortizing the remaining carrying value of the asset over the expected future production. Oil and natural gas
for as equity transactions. reserves also have a direct impact on the assessment of the recoverability of asset carrying values reported in the
consolidated financial statements. If proved reserves estimates are revised downwards, retained earnings could
1.2.2. Joint Venture and Associates be affected by changes in depreciation expense or an immediate write-down of the property's carrying value.
A joint venture is an arrangement in which the Corporation has joint control and has rights to the net assets Revisions to accounting estimates are recognized prospectively in the Consolidated Statement of Profit and Loss in the
of the arrangement, rather than the rights to its assets and obligation for its liabilities. An associate is an period in which the estimates are revised and in any future periods affected.
entity in which the Corporation has significant influence, but no control or joint control over the financial and
operating policies. 1.4. Property, plant and equipment
Interest in joint ventures and associates are accounted for using the equity method. They are initially 1.4.1. Property, plant and equipment are stated at cost net of accumulated depreciation and accumulated impairment
recognized at cost which includes transaction cost. Subsequent to initial recognition the consolidated losses, if any.
Financial Statements include the JVCs and associates share of profit or loss and Other Comprehensive 1.4.2. Direct expenses incurred during construction period on capital projects are capitalized. Other expenses
Income (“OCI”) of such entities until the date on which significant influence or joint control ceases. of the project group which are allocated to projects costing above the threshold limits are also capitalized.
Unrealized gains / losses arising from transactions with such entities are eliminated against the investment to Expenditure incurred on enabling assets are capitalized.
the extent of the Corporation’s interest in the investee. 1.4.3. Gas distribution systems is classified as Property, Plant and Equipment when it is capable of operating in the
manner intended by management.
1.4.4. Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with
the expenditure will flow to the group.

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1.4.5. Expenditure on assets, other than plant and machinery, LPG cylinders and pressure regulators, not exceeding 1.5.11. Depreciation on spare parts specific to an item of Property, Plant and Equipment is based on life of the related
the threshold limits are charged to revenue. Property, Plant and Equipment. In other cases, the spare parts are depreciated over their estimated useful life
based on the technical assessment.
1.4.6. Spare parts which meet the definition of Property, Plant and Equipment are capitalized as Property, Plant and
Equipment in case the unit value of the spare part is above the threshold limits. In other cases, the spare part 1.5.12. Depreciation is charged on additions / deletions on pro-rata monthly basis including the month of addition
is inventorized on procurement and charged to Consolidated Statement of Profit and Loss on consumption. / deletion.
1.4.7. An item of Property, Plant and Equipment and any significant part initially recognized separately as part of The Residual value of LPG cylinders (other than Composite LPG Cylinders) and Pressure Regulators
1.5.13.
Property, Plant and Equipment is derecognized upon disposal; or when no future economic benefits are have been estimated at 25% of the original cost based on the historical experience and internal technical
expected from its use or disposal. Any gain or loss arising on de-recognition of the asset is included in the assessment. The residual value of Composite LPG Cylinders is estimated at 10% of the original cost based
Consolidated Statement of Profit and Loss when the asset is derecognized. on technical assessment.
1.4.8. The residual values and useful lives of Property, Plant and Equipment are reviewed at each financial year end 1.5.14. The residual value of catalyst having precious/noble metals is estimated at the cost of the precious/noble
and changes, if any, are accounted in the line with revisions to accounting estimates. metal content in catalyst which is expected to be extracted at end of their useful life, plus 5% of original cost of
catalyst excluding cost of precious/noble metals based on the experience and internal technical assessment.
1.4.9. In respect of the capital goods common for both GST and non-GST products, the GST input tax credit is taken
on the eligible portion based on GST and non-GST product ratio in the month of procurement and the ineligible 1.5.15. In respect of immovable assets constructed on leasehold land, useful life as per Schedule II or lease period
portion is capitalized. Subsequently, this ratio is reviewed every month as per the GST provisions and the of land (including renewable/likely renewable period) whichever is lower is considered.
differential GST amount arising due to changes in the ratio is capitalized beyond the materiality threshold.
1.6. Intangible Assets
1.4.10. The Group has elected to use the exemption available under Ind AS 101 to continue the carrying value for
all of its Property, Plant and Equipment as recognized in the Financial Statements as at the date of transition 1.6.1. Goodwill:
to Ind ASs, measured as per the previous GAAP and use that as its deemed cost as at the date of transition
1.6.1.1. Goodwill that arises on a business combination is subsequently measured at net of any accumulated
(April 1, 2015).
impairment losses.
1.5. Depreciation 1.6.1.2. In respect of business combinations that occurred prior to April 1, 2015, goodwill is included on the
Depreciation on Property, Plant and Equipment are provided on the straight line basis, over the estimated useful lives basis of its deemed cost, which represents the amount recorded under Previous GAAP, adjusted
of assets (after retaining the estimated residual value of Up to 5%). These useful lives and residual value has been for the reclassification of certain intangibles.
determined as prescribed in the Schedule II of the Act, except in following cases: 1.6.1.3. Goodwill is not amortized but is tested for impairment annually.
1.5.1. Plant & Machinery at Retail Outlets (other than Storage tanks and related equipments) are depreciated over
a useful life of 15 years based on the technical assessment. 1.6.2. Other Intangible Assets
1.6.2.1. Intangible assets are carried at cost net of accumulated amortization and accumulated impairment
1.5.2. Electronic carousels along with its downstream equipment and aviation refuelling equipment classified
losses, if any. Expenditure on internally generated intangibles, excluding development costs, is not
as plant and machinery are depreciated over a useful life of 15 years based on the technical assessment
capitalized and is reflected in Consolidated Statement of Profit and Loss in the period in which such
(Previous Year: 25 years).
expenditure is incurred.
1.5.3. The Dispensing Units for MS/HSD classified under Dispensing Pumps are depreciated over a useful life of 10
1.6.2.2. Assets where entire output generated is committed to be sold to entities providing public services
years based on technical assessment (Previous Year: 15 years).
for almost entire useful life of the asset are classified as intangible assets as per the requirements
1.5.4. Computer equipments are depreciated over a period of 3 years and Mobile phones are depreciated of Applicable Ind AS and are amortized (after retaining the residual value, if applicable) over their
over a period of 2 years based on internal assessment. Electronic and electrical equipments provided to useful life or the period of the agreement, whichever is lower.
management staff under furniture on hire scheme are depreciated over a period of 4 years as per internal
1.6.2.3. In cases where, the Corporation or its Subsidiaries has constructed assets on behalf of public
assessment. Other furniture items provided to management staff are depreciated over a period of 6 years as
infrastructure entities and it has only a preferential right to use, these assets are classified as
per internal assessment.
intangible assets and are amortized (after retaining the residual value, if applicable) over their
1.5.5. Solar Panels are depreciated over a period of 25 years based on the technical assessment of useful life and useful life or the period of the agreement, whichever is lower.
applicable warranty conditions.
1.6.2.4. Intangible assets with indefinite useful lives, such as right of way which is perpetual and absolute
1.5.6. Moulds, used for the manufacturing of the packaging material for Lubricants, are depreciated over a period of in nature, are not amortized, but are tested for impairment annually. The useful lives are reviewed
5 years based on technical assessment of useful life. at each period to determine whether events and circumstances continue to support an indefinite
useful life assessment for that asset. If not, the change in useful life from indefinite to finite is
1.5.7. In case of assets covered under specific agreements, e.g. assets at Railway Consumer Depots, etc., useful
made on a prospective basis. The impairment losses on intangible assets with indefinite life are
life is as per terms of agreement or as per Schedule II of the Act, whichever is lower.
recognized in the Consolidated Statement of Profit and Loss.
1.5.8. Items of Property, Plant and Equipment costing not more than the threshold limits are depreciated at 100
1.6.2.5. Expenditure incurred for creating / acquiring other intangible assets above threshold limits from
percent in the year of acquisition except LPG Cylinders and Pressure Regulators which are depreciated over
which future economic benefits will flow over a period of time, is amortized over the estimated
a useful life of 15 years based on the technical assessment.
useful life of the asset or five years, whichever is lower, on a straight line basis, from the time the
1.5.9. In case of BPRL, workstations are depreciated over a period of 5 years. The useful lives are estimated based intangible asset starts providing the economic benefit. In other cases, the expenditure is reflected
on the internal assessment. in the Consolidated Statement of Profit and Loss in the year in which the expenditure is incurred.
The amortization period and the amortization method for an intangible asset with a finite life are
1.5.10. Components of the main asset that are significant in value and have different useful lives as compared to
reviewed at each year end. The amortization expense on intangible asset with finite useful lives
the main asset are depreciated over their estimated useful life. Useful life of such components has been
and impairment losses in case there is an indication that the intangible asset may be impaired, are
assessed based on historical experience and internal technical assessment.
recognized in the Consolidated Statement of Profit and Loss.

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1.6.2.6. The Group has elected to use the exemption available under Ind AS 101 to continue the carrying value 1.10.2. As a Lessor
for all of its intangible assets as recognized in the Financial Statements as at the date of transition to Ind A lessor shall classify each of its leases as either an operating lease or a finance lease.
ASs, measured as per the previous GAAP and use that as its deemed cost as at the date of transition
(April 1, 2015). 1.10.2.1. Finance leases
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental
1.7. Investment Property
to ownership of an underlying asset.
1.7.1. Investment properties are stated at cost net of accumulated depreciation and accumulated impairment losses,
if any. Group shall recognise assets held under a finance lease in its balance sheet and present them as
a receivable at an amount equal to the net investment in the lease.
1.7.2. Any gain or loss on disposal of investment property calculated as the difference between the net proceeds
from disposal and the carrying amount of the Investment Property is recognized in Consolidated Statement 1.10.2.2. Operating leases
of Profit and Loss.
A lease is classified as an operating lease if it does not transfer substantially all the risks and
1.7.3. On transition to Ind AS i.e. April 1, 2015, the Group has re-classified certain items from Property, Plant and rewards incidental to ownership of an underlying asset.
Equipment to investment property. For the same, Group has elected to use the exemption available under
Group shall recognise lease payments from operating leases as income on systematic basis in the
Ind AS 101 to continue the carrying value for such assets as recognized in the Financial Statements as at the
pattern in which benefit from the use of the underlying asset is diminished.
date of transition to Ind ASs, measured as per the previous GAAP and use that as its deemed cost as at the
date of transition (April 1, 2015).
1.11. Impairment of Non-financial Assets
1.8. Borrowing costs 1.11.1. Non-financial assets other than inventories, deferred tax assets and non-current assets classified as held for
sale are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If
1.8.1. Borrowing costs that are attributable to the acquisition or construction of qualifying assets (i.e. an asset that
any such indication exists, or when annual impairment testing for an asset is required, the Group estimates
necessarily takes a substantial period of time to get ready for its intended use) are capitalized as a part of the
the asset’s recoverable amount. The recoverable amount is the higher of the asset’s or Cash-Generating
cost of such assets. All other borrowing costs are charged to the Consolidated Statement of Profit and Loss.
Units’ (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an
1.8.2. Investment Income earned on the temporary investment of funds of specific borrowings pending their individual asset, unless the asset does not generate cash inflows that are largely independent of those from
expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. other assets or groups of assets.
1.11.2. Goodwill arising from business combination is allocated to CGUs or groups of CGUs that are expected to
1.9. Non-currents assets/Disposal Group held for sale
benefit from the synergies of the combination.
1.9.1. Non-current assets classified as held for sale are measured at the lower of carrying amount and fair value
less costs of disposal (Up to 5% of the acquisition value). 1.11.3. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered
impaired and is written down to its recoverable amount.
1.10. Leases
1.12. Inventories
A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset to lessee for
a period of time in exchange for consideration. 1.12.1. Inventories are stated at cost or net realisable value, whichever is lower. Cost of inventories comprises
of expenditure incurred in the normal course of business in bringing inventories to their present location
Corporation and its subsidiary shall reassess whether a contract is, or contains, a lease if the terms and conditions of including appropriate overheads apportioned on a reasonable and consistent basis and are determined on
the contract are changed. the following basis:
1.10.1. As a Lessee • Crude oil, traded goods and finished products other than lubricants are determined on First in First
out basis.
At the commencement date, group recognises a right-of-use asset at cost and a lease liability at present value of
the lease payments that are not paid at commencement date. • Other raw materials, packages, lubricants and stores and spares are determined on weighted average basis.
The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability (at • The cost of Work in Progress is determined at raw material cost plus cost of conversion.
present value) adjusted for any lease payments made at or prior to the commencement date of the lease plus any
1.12.2. Customs duty on Raw materials/Finished goods lying in bonded warehouse are provided for at the applicable
initial direct costs less any lease incentives (at present value) except for leases with a term of twelve months or less
rates except where liability to pay duty is transferred to consignee.
(short-term leases) and low value leases. For these short-term and low value leases, the Group recognizes the
lease payments as an operating expense. Lease of items such as IT Assets (tablets, personal computers, mobiles, 1.12.3. Excise duty on finished stocks lying at manufacturing locations is provided for at the assessable value
POS machines etc.), small items of office furniture etc. are treated as low value. applicable at each of the locations based on end use.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. The 1.12.4. The net realisable value of finished goods and stock in trade are based on the inter-company transfer prices
lease payments are discounted using the Corporation and its subsidiaries respective incremental borrowing and final selling prices (applicable at the location of stock) for sale to oil marketing companies and retail
rate computed on periodic basis based on lease term. Lease liabilities are re-measured with a corresponding consumers respectively. For the purpose of stock valuation, the proportion of sales to oil marketing companies
adjustment to the related right of use asset if the Group changes its assessment, whether it will exercise an and retail consumers are determined on all India basis and considered for stock valuation at all locations.
extension or a termination option.
1.12.5. Raw Materials held for use in the production of finished goods are not written down below cost except in
Right-of-use assets are depreciated over the lease term on systematic basis and Interest on lease liability is cases where raw material prices have declined and it is estimated that the cost of the finished goods will
charged to statement of profit and loss as Finance cost. exceed their net realisable value.
The Group has elected not to apply Ind AS 116 “Leases” to Intangible assets. 1.12.6. Obsolete, slow moving, surplus and defective stocks are identified at the time of physical verification of stocks
and where necessary, provision is made for such stocks.

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1.12.7. In case of BPRL, finished goods of Crude Oil are valued at Cost or Net realisable value, whichever is lower. 1.15.2. Post-employment benefits
Cost of finished goods is determined based on direct cost and directly attributable services cost including
depreciation and depletion. The value of such inventories includes royalty (wherever applicable). Cost of Defined Contribution Plans:
inventories other than finished goods, includes expenditure incurred in the normal course of business in Obligations for contributions to defined contribution plans such as pension are recognized as an expense in
bringing inventories to their present location. the Consolidated Statement of Profit and Loss as the related service is provided. Prepaid contributions are
recognized as an asset to the extent that a cash refund or a set-off in future payments is available.
1.13. Revenue Recognition
Defined Benefit Plans:
1.13.1. Sale of goods
The net obligation in respect of defined benefit plans such as gratuity, other post-employment benefits etc., is
Revenue from the sale of goods is recognized when the performance obligation is satisfied by transferring the calculated separately for each plan by estimating the amount of future benefit that the employees have earned
related goods to the customer. The performance obligation is considered to be satisfied when the customer in the current and prior periods, discounting that amount and deducting the fair value of any plan assets.
obtains control of the goods.
The calculation of defined benefit obligation is performed at each reporting period end by a qualified actuary
Revenue from the sale of goods includes excise duty and is measured at the transaction price received or using the projected unit credit method. When the calculation results in a potential asset for the entity, the
receivable (after including transaction price allocations related to arrangements involving more than one recognized asset is limited to the present value of the economic benefits available in the form of any future
performance obligation), net of returns, taxes or duties collected on behalf of the Government and applicable refunds from the plan or reductions in future contributions to the plan.
trade discounts or rebates.
The current service cost of the defined benefit plan, recognized in the Consolidated Statement of Profit and
Revenue is allocated between loyalty programmes and other components of the sale. The amount allocated Loss as part of employee benefit expense, reflects the increase in the defined benefit obligation resulting from
to the loyalty programme is deferred, and is recognized as revenue when the Corporation has fulfilled its employee service in the current year, benefit changes, curtailments and settlements. Past service costs are
obligation to supply the products under the terms of the programme. recognized immediately in the Consolidated Statement of Profit and Loss. The net interest is calculated by
Any upfront fees earned by the Corporation with no identifiable performance obligation are recognized as applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets.
revenue on a systematic basis over the period of the Contract. This net interest is included in employee benefit expense in the Consolidated Statement of Profit and Loss.
Where the Corporation acts as an agent on behalf of a third party, the associated income is recognized on a Re-measurements which comprise of actuarial gains and losses, the return on plan assets (excluding amounts
net basis. included in the net interest on the net defined benefit liability (asset)) and the effect of the asset ceiling (if any,
excluding amounts included in the net interest on the net defined benefit liability (asset)), are recognized in
Claims in respect of subsidy on LPG and SKO, from Government of India are booked on in principle acceptance other comprehensive income.
thereof on the basis of available instructions / clarifications, subject to final adjustments as stipulated.
In case of BPRL, income from the sale of crude oil and gas produced from the block until the start of 1.15.3. Other long-term employee benefits
commercial production is adjusted against the cost of such block. Liability towards other long term employee benefits - leave encashment and long service awards etc., are
determined on actuarial valuation by qualified actuary by using Projected Unit Credit method.
In case of BPRL, any retrospective revision in prices of crude oil and gas is accounted for in the year of
such revision. The current service cost of other long terms employee benefits, recognized in the Consolidated Statement
of Profit and Loss as part of employee benefit expense, reflects the increase in the obligation resulting from
Interest income is recognized using effective interest rate (EIR) method.
employee service in the current year, benefit changes, curtailments and settlements. Past service costs are
Dividend is recognized when right to receive the payment is established, it is probable that the economic recognized immediately in the Consolidated Statement of Profit and Loss. The interest cost is calculated by
benefits associated with the dividend will flow to the entity and the amount of dividend can be measured reliably. applying the discount rate to the balance of the obligation. This cost is included in employee benefit expense
in the Consolidated Statement of Profit and Loss. Re-measurements are recognized in the Consolidated
Income from sale of scrap is accounted for on realization.
In case of the Corporation, claims other than subsidy claims on LPG and SKO, from Government of India are
booked when there is a reasonable certainty of recovery. 1.16. Foreign Currency Transactions
1.14. Classification of Income / Expenses 1.16.1. Monetary items:

1.14.1. Income / expenditure (net) in aggregate pertaining to prior year(s) above the threshold limits are corrected Transactions in foreign currencies are initially recorded at their respective exchange rates at the date the
retrospectively in the first set of Financial Statements approved for issue after their discovery by restating the transaction first qualifies for recognition.
comparative amounts and / or restating the opening Balance Sheet for the earliest prior period presented. Monetary assets and liabilities denominated in foreign currencies are translated at exchange rates prevailing
1.14.2. Prepaid expenses Up to threshold limits in each case, are charged to revenue as and when incurred. on the reporting date.
1.14.3. Deposits placed with Government agencies / local authorities which are perpetual in nature are charged to Exchange differences arising on settlement or translation of monetary items (except for long term foreign
revenue in the year of payment. currency monetary items outstanding as of March 31, 2016) are recognized in Consolidated Statement of
Profit and Loss either as profit or loss on foreign currency transaction and translation or as borrowing costs
1.15. Employee Benefits to the extent regarded as an adjustment to borrowing costs.
The Group has elected to continue the policy adopted under Previous GAAP for accounting the foreign
1.15.1. Short-term employee benefits
exchange differences arising on settlement or translation of long-term foreign currency monetary items
Short-term employee benefits are recognized as an expense at an undiscounted amount in the Consolidated outstanding as of March 31, 2016 i.e. foreign exchange differences arising on settlement or translation of
Statement of Profit and Loss of the year in which the related services are rendered. long-term foreign currency monetary items relating to acquisition of depreciable assets are adjusted to the
carrying cost of the assets and depreciated over the balance life of the asset and in other cases, if any,

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accumulated in “Foreign Currency Monetary Item Translation Difference Account” and amortized over the 1.19. Fair Value measurement
balance period of the liability. 1.19.1. The Group measures certain financial instruments at fair value at each reporting date.
1.16.2. Non-Monetary items: 1.19.2. Certain accounting policies and disclosures require the measurement of fair values, for both financial and
non- financial assets and liabilities.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using
the exchange rates at the dates of the initial transactions. 1.19.3. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date in the principal or, in its absence, the most
1.16.3. In case of group companies of BPRL, the results and financial position of foreign operations (none of which has
advantageous market to which the Group has access at that date. The fair value of a liability also reflects its
the currency of a hyperinflationary economy) that have a functional currency different from the presentation
non-performance risk.
currency are translated into the presentation currency as follows:
1.19.4. The best estimate of the fair value of a financial instrument on initial recognition is normally the transaction
Assets and liabilities are translated at the closing rate at the date of that balance sheet.
price i.e. the fair value of the consideration given or received. If the Group determine that the fair value
Income and expenses are translated at average exchange rates (unless this is not a reasonable approximation on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted
of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses price in an active market for an identical asset or liability nor based on a valuation technique that uses only
are translated at the dates of the transactions), and data from observable markets, then the financial instrument is initially measured at fair value, adjusted to
defer the difference between the fair value on initial recognition and the transaction price. Subsequently that
All resulting exchange differences are recognized in other comprehensive income. On consolidation, exchange
difference is recognized in Consolidated Statement of Profit and Loss on an appropriate basis over the life
differences arising from the translation of any net investment in foreign entities, and of borrowings and other
of the instrument but no later than when the valuation is wholly supported by observable market data or the
financial instruments designated as hedges of such investments, are recognized in other comprehensive
transaction is closed out.
income. When a foreign operation is sold, the associated exchange differences are reclassified to profit or
loss, as part of the gain or loss on sale. 1.19.5. While measuring the fair value of an asset or liability, the Group uses observable market data as far as
possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and
the valuation technique as follows:
liabilities of the foreign operation and translated at the closing rate.
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
1.17. Government Grants
• Level 2: inputs other than quoted prices included in Level 1 that are observable for the assets or liability,
1.17.1. Government grants are recognized where there is reasonable assurance that the grant will be received and either directly (i.e. as prices) or indirectly (i.e. derived from prices)
all attached conditions will be complied with.
• Level 3: inputs for the assets or liability that are not based on observable market data (unobservable inputs)
1.17.2. When the grant relates to an expense item, it is recognized in Consolidated Statement of Profit and Loss on a
systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. 1.19.6. When quoted price in active market for an instrument is available, the Group measure the fair value of the
instrument using that price. A market is regarded as active if transactions for the asset or liability take place
1.17.3. Government grants relating to Property, Plant and Equipment are presented as deferred income and are with sufficient frequency and volume to provide pricing information on an ongoing basis.
credited to the Consolidated Statement of Profit and Loss on a systematic and rational basis over the useful
life of the asset. 1.19.7. If there is no quoted price in an active market, then the Group uses a valuation technique that maximise the use
of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique
1.18. Provisions, Contingent Liabilities and Capital Commitments incorporates all of the factors that market participants would take into account in pricing a transaction.
1.18.1. Provisions are recognized when there is a present obligation (legal or constructive) as a result of a past 1.19.8. The Group regularly reviews significant unobservable inputs and valuation adjustments. If the third party
event, it is probable that an outflow of resources embodying economic benefits will be required to settle the information, such as broker quotes or pricing services, is used to measure fair values, then they assess the
obligation and a reliable estimate can be made of the amount of the obligation. evidence obtained from the third parties to support the conclusion that these valuations meet the requirements
of Ind AS, including the level in the fair value hierarchy in which the valuations should be classified.
1.18.2. The expenses relating to a provision is presented in the Consolidated Statement of Profit and Loss net of
reimbursements, if any.
1.20. Financial Assets
1.18.3. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that
reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the 1.20.1. Initial recognition and measurement
provision due to the passage of time is recognized as a finance cost. Trade Receivables and debt securities issued are initially recognized when they are originated. All other
financial assets are initially recognized when the Group becomes a party to the contractual provisions of the
1.18.4. Contingent liabilities are possible obligations whose existence will only be confirmed by future events not
instrument. All financial assets are recognized initially at fair value plus, in the case of financial assets not
wholly within the control of the Group, or present obligations where it is not probable that an outflow of
recorded at fair value through profit or loss (FVTPL), transaction costs that are attributable to the acquisition
resources will be required or the amount of the obligation cannot be measured with sufficient reliability.
of the financial asset. However, trade receivables that do not contain a significant financing component are
1.18.5. Contingent liabilities are not recognized in the Financial Statements but are disclosed unless the possibility measured at transaction price.
of an outflow of economic resources is considered remote.
1.20.2. Subsequent measurement
1.18.6. Contingent liabilities and Capital Commitments disclosed are in respect of items which in each case are
above the threshold limits. Subsequent measurement is determined with reference to the classification of the respective financial assets.
Based on the business model for managing the financial assets and the contractual cash flow characteristics
of the financial asset, the Group classifies financial assets as subsequently measured at amortized cost, fair
value through other comprehensive income or fair value through profit and loss.

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Debt instruments at amortized cost 1.20.3. De-recognition

A 'debt instrument' is measured at the amortized cost if both the following conditions are met: A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets)
is primarily derecognized (i.e. removed from the entity’s Balance Sheet) when
The asset is held within a business model whose objective is
The rights to receive cash flows from the asset have expired, or
• To hold assets for collecting contractual cash flows, and
The rights to receive cash flows from the asset is transferred or has assumed an obligation to pay the received
• Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of
cash flows in full without material delay to a third party under a 'pass-through' arrangement; and either:
principal and interest (SPPI) on the principal amount outstanding.
• The risks and rewards of the asset has been transferred substantially, or
After initial measurement, such financial assets are subsequently measured at amortized cost using the
effective interest rate (EIR) method. Amortized cost is calculated by taking into account any discount or • The risk and rewards of the asset are neither transferred nor retained, but the control of the asset
premium and fees or costs that are an integral part of the EIR. The EIR amortization is included in finance is transferred.
income in the Consolidated Statement of Profit and Loss. The losses arising from impairment are recognized
On de-recognition, any gains or losses on all debt instruments (other than debt instruments measured at
in the Consolidated Statement of Profit and Loss.
FVOCI) and equity instruments (measured at FVTPL) are recognized in the Consolidated Statement of Profit
If there is revision in estimates of receipts/contractual cash flows, gross carrying amount of the financial and Loss. Gains and losses in respect of debt instruments measured at FVOCI and that are accumulated in
assets are recalculated at period end as the present value of the estimated future contractual cash flows that OCI are reclassified to profit or loss on de-recognition. Gains or losses on equity instruments measured at
are discounted at the financial asset’s original effective interest rate due to revision in estimates of receipts. FVOCI that are recognized and accumulated in OCI are not reclassified to profit or loss on de-recognition.
Adjustment, if any, is recognized as income or expense in Consolidated Statement of Profit and Loss.
1.20.4. Impairment of financial assets
Debt instruments at Fair value through Other Comprehensive Income (FVOCI) In accordance with Ind AS 109, the Group applies Expected Credit Loss (“ECL”) model for measurement
A 'debt instrument' is measured at the fair value through Other Comprehensive Income if both the following and recognition of impairment loss on the financial assets measured at amortized cost and debt instruments
conditions are met: measured at FVOCI.
The asset is held within a business model whose objective is achieved by both Loss allowances on receivables from customers are measured following the ‘simplified approach’ at an
amount equal to the lifetime ECL at each reporting date. In respect of other financial assets such as loan to
• collecting contractual cash flows and selling financial assets and
LPG Consumers, debt securities and bank balances, the loss allowance is measured at 12 month ECL only if
• contractual terms of the asset give rise on specified dates to cash flows that are SPPI on the principal there is no significant deterioration in the credit risk since initial recognition of the asset or asset is determined
amount outstanding. to have a low credit risk at the reporting date.
After initial measurement, these assets are subsequently measured at fair value. Interest income under
1.21. Financial Liabilities
effective interest method, foreign exchange gains and losses and impairment losses are recognized
in the Consolidated Statement of Profit and Loss. Other net gains and losses are recognized in other 1.21.1. Initial recognition and measurement
comprehensive Income.
Financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of
the instrument.
Debt instruments at Fair value through Profit or Loss (FVTPL)
Fair Value through Profit or Loss is a residual category for debt instruments. Any debt instrument, which does Financial liability is initially measured at fair value minus, for an item not at fair value through profit and loss,
not meet the criteria for categorization at amortized cost or as FVOCI, is classified as FVTPL. transaction costs that are directly attributable to its acquisition or issue.
After initial measurement, any fair value changes including any interest income, foreign exchange gain and 1.21.2. Subsequent measurement
losses, impairment losses and other net gains and losses are recognized in the Consolidated Statement of
Subsequent measurement is determined with reference to the classification of the respective financial liabilities.
Profit and Loss separately.
Financial Liabilities at Fair Value through Profit or Loss (FVTPL)

Equity investments
A financial liability is classified as at Fair Value through Profit or Loss (FVTPL) if it is classified as held-for-
All equity investments within the scope of Ind-AS 109 are measured at fair value. Such equity instruments
trading or is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value
which are held for trading are classified as FVTPL. For all other such equity instruments, the Group decides
and changes therein, including any interest expense, are recognized in Consolidated Statement of Profit
to classify the same either as FVOCI or FVTPL. They make such election on an instrument-by-instrument
and Loss.
basis. The classification is made on initial recognition and is irrevocable.
For equity instruments classified as FVOCI, all fair value changes on the instrument, excluding dividends, are Financial Liabilities at amortized cost
recognized in Other Comprehensive Income (OCI). Dividends on such equity instruments are recognized in After initial recognition, financial liabilities other than those which are classified as FVTPL are subsequently
the Consolidated Statement of Profit and Loss. measured at amortized cost using the effective interest rate (“EIR”) method.
Equity instruments included within the FVTPL category are measured at fair value with all changes recognized Amortized cost is calculated by taking into account any discount or premium and fees or costs that are an
in the Consolidated Statement of Profit and Loss. integral part of the EIR. The amortization done using the EIR method is included as finance costs in the
Consolidated Statement of Profit and Loss.

359

1.21.3. De-recognition Deferred tax is not recognized for

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. • Temporary differences related to investments in subsidiaries and joint ventures to the extent that the Group
When an existing financial liability is replaced by another from the same lender on substantially different is able to control the timing of the reversal of the temporary differences and it is probable that they will not
terms, or the terms of an existing liability are substantially modified, such an exchange or modification is reverse in the foreseeable future.
treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the
respective carrying amounts is recognized in the Consolidated Statement of Profit and Loss. • Taxable temporary differences arising on the initial recognition of goodwill.
1.22. Financial guarantees 1.26. Classification of Assets and Liabilities as Current and Non-Current:
Financial guarantee contracts are those contracts that require a payment to be made to reimburse the holder for a All assets and liabilities are classified as current or non-current as per the normal operating cycle (considered as 12
loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of the debt months) and other criteria set out in Schedule III of the Act.
instrument. Financial guarantee contracts are recognized initially as a liability at fair value, adjusted for transaction
costs that are directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher 1.27. Cash and Cash equivalents
of the amount of loss allowance determined as per impairment requirements of Ind AS 109 and the fair value initially Cash and cash equivalents in the Balance Sheet include cash at bank, cash, cheque, draft on hand and demand
recognized less cumulative amortization. deposits with an original maturity of less than three months, which are subject to an insignificant risk of changes
in value.
1.23. Derivative financial instruments
For the purpose of Consolidated Statement of Cash Flows, Cash and cash equivalents include cash at bank, cash,
The Group uses derivative financial instruments to manage the commodity price risk and exposure on account of cheques and drafts on hand, net of outstanding bank overdrafts as they are considered an integral part of the Corporation’s
fluctuation in interest rate and foreign exchange rates. Such derivative financial instruments are initially recognized at cash management. The Group considers all highly liquid investments with a remaining maturity at the date of purchase
fair value on the date on which a derivative contract is entered into and are subsequently measured at fair value with the of three months or less and that are readily convertible to known amounts of cash to be cash equivalents.
changes being recognized in the Consolidated Statement of Profit and Loss. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative. 1.28.Cash Flows
The fair valuation gains or losses on foreign currency derivatives measured at FVTPL are grouped along with Gain or Cash flows are reported using the indirect method, where by net profit before tax is adjusted for the effects of transactions
loss on foreign currency transactions and translations and presented under “Other Income” or “Other expenses”, as the of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income
case may be, since these derivatives constitute hedges from an economic perspective and may not qualify for hedge or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing
accounting under Ind AS 109. activities are segregated.
1.24. Offsetting of financial instruments 1.29.Joint Operations in case of BPRL

Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet, if there is a BPRL has Joint arrangement in the nature of Production Sharing Contracts (PSC) with the Government of respective
currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to countries and/or various bodies corporate for exploration, development and production activities.
realise the assets and settle the liabilities simultaneously.
The income, expenditure, assets and liabilities of the Joint operations are merged on a line-by- line basis according to
the participating interest with the similar items in the Financial Statements of BPRL.
1.25. Taxes on Income
1.25.1. Current Tax 1.30.Depletion

Income tax Assets and liabilities are measured at the amount expected to be recovered from or paid to the In case of BPRL, Depletion charge is calculated on the capitalized cost according to the Unit of Production Method. The
taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or Depletion Charge or The Unit of Production (UOP) charge for all costs within a cost center is calculated by multiplying
substantively enacted, by the end of reporting period. the UOP rate with the production for the period. The UOP rate for computing depreciation charge for the acquisition
cost within a field is arrived at by dividing the acquisition cost of the field by the Proved Oil and Gas Reserves and
Current Tax items are recognized in correlation to the underlying transaction either in the Consolidated for all other capitalized costs, by dividing the depreciation base of the cost center by the Proved Developed Oil and
Statement of Profit and Loss, other comprehensive income or directly in equity. Gas Reserves. The depreciation base of a cost center includes the gross block of the cost center and estimated
site restoration expenditure and is reduced by the accumulated depreciation and accumulated impairment charge of
1.25.2. Deferred tax the cost center. The estimates of proved reserves used are based on the latest technical assessment available with
Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax the Group.
credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences, and the carry forward of 1.31. Oil and natural gas producing activities in case of BPRL
unused tax credits and unused tax losses can be utilized. 1.31.1.
BPRL follows the accounting policy as explained below for its oil and natural gas exploration and
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when production activities.
the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or i. Acquisition costs such as costs incurred to purchase, lease or otherwise acquire a property or mineral
substantively enacted at the reporting date. right proved or unproved are capitalized. Any pre-acquisition costs are expensed as and when incurred.
Deferred Tax items are recognized in correlation to the underlying transaction either in the Consolidated ii. All costs which are directly attributable to the exploration and evaluation activities of oil and gas are
Statement of Profit and Loss, other comprehensive income or directly in equity. capitalized as Exploratory Wells-in-Progress under “intangible assets under development”. General and
administrative costs are included in the exploration and evaluation cost only to the extent that those
costs can be directly attributable to the related exploration and evaluation assets. In all other cases,
these costs are expensed as incurred.

361

iii. BPRL classifies the acquisition costs, exploration and evaluation assets as tangible asset or intangible 1.32. The Group has adopted materiality threshold limits in the preparation and presentation of
asset according to the nature of assets acquired. Financial Statements as given below:
iv.
Once the technical feasibility and commercial viability of extracting oil and gas are determinable, Accounting Policy Threshold Limit
Threshold Item Reference Unit Value
exploration and evaluation assets are classified as Development Wells-in-Progress under “intangible
Allocation of other expenses to projects costing in each case 1.4.2 I crore 5
assets under development”. Exploration and evaluation asset is assessed for impairment, and impairment
loss if any, is recognized, before such reclassification. Subsequent development costs including costs Expenditure on certain items of Property, Plant and Equipment charged to 1.4.5 I 1,000
revenue in each case
incurred for production facilities are capitalized as and when incurred as intangible assets under
development or intangible assets as the case may be. Capitalization of spare parts meeting the definition of Property, Plant and 1.4.6 I lakh 10
Equipment in each case
v. When a well within a block or cost center is ready to commence commercial production, the capitalized GST on common capital goods per item per month 1.4.9 I lakh 5
costs referred above are reclassified as intangible assets. The cost center is not normally smaller than a
Depreciation at 100 percent in the year of acquisition except LPG Cylinders 1.5.8 I 5,000
country, except, where warranted by a major difference in economic, fiscal or other factors in the country. and Pressure Regulators
vi. When a block or cost center is relinquished, the accumulated cost is charged off as an expense in the Expenditure incurred for creating / acquiring other intangible assets in 1.6.2.5 I lakh 50
said year. each case
Income / expenditure (net) in aggregate pertaining to prior year(s) 1.14.1 I crore Note 1
vii. BPRL capitalizes the obligations for removal and restoration that are incurred during a particular period
Prepaid expenses in each case 1.14.2 I lakh 5
as a consequence of having undertaken the exploration for and evaluation of mineral resources and the
amount of provision required to be created for subsequent abandonment as part of Property, Plant and Disclosure of Contingent liabilities and Capital Commitments in each case 1.18.6 I lakh 5
Equipment or Intangible Assets, as the case may be. The provision for estimated abandonment costs Note 1: BPCL I 300 crore and BPRL I 150 crore
is made at current prices considering the environment and social obligations, terms of mining lease
agreement, industry practice, etc. Where the effect of the time value of money is material, the amount of
the provision is the present value of the expenditures expected to be required to settle the obligation. The
discount rate (or rates) is pre-tax rate (or rates) that reflect current market assessments of the time value
of money and the risks specific to the liability. Where there is an uncertainty of timing on the incurrence
of the expenditure, time value of money is not considered while providing for the obligations. Changes
in the measurement of existing abandonment costs that result from changes in the estimated timing or
amount of the outflow of resources embodying economic benefits required to settle the obligation or a
change in the discount rate is added to, or deducted from the related field in the current period and is
considered for necessary depletion (depreciation) prospectively. The change in the estimated provision
due to the periodic unwinding of the discount is recognized in the Consolidated Statement of Profit and
Loss as it occurs.
viii. Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest
that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount.
The Impairment test is performed in accordance with the procedures given in para 1.11 for impairment
of non-financial assets. Impairment loss, if any is recognized as an expense.
ix. BPRL allocates exploration and evaluation assets to cash generating units or group of cash generating
units for the purpose of assessing such assets for impairment.
x. Gain or loss on sale of interest in a joint operation, is recognized in the Statement of Profit and Loss,
except that no gain is recognized at the time of such sale if substantial uncertainty exists about the
recovery of the costs applicable to the retained interest or if the Group has substantial obligation for
future performance. The gain in such situation is treated as recovery of cost related to that joint operation.

363

NOTE 3 CAPITAL WORK-IN-PROGRESS (CWIP) [CONSOLIDATED]
84,464.80
2,783.15
8,200.14
9,880.01
331.73
14,891.81
34,713.21
991.79
39.55
674.41
As at
March 31, 2024 March 31, 2023
2,612.75
9,346.25
(I in crore)
Net Carrying Amount
(` in crore)
As at As at
84,718.04
84,464.80
2,732.43
8,275.34
9,844.53
335.02
15,053.39
As at
2,788.24
9,657.85
34,126.77
1,184.43
43.08
676.96
Capital work-in-progress
Property, Plant & Equipment under erection/ construction 7,298.41 4,973.48
Capital stores including those lying with contractors 1,025.77 395.59
Capital goods-in-transit 4.81 6.49
2,431.89
32,313.06
26,898.08
1,741.11
3,619.82
1,285.16
169.39
3,981.60
Up to
Disposal March 31, 2024
-
3,846.19
14,395.98
783.14
58.78
Allocation of Construction Period expenses 2023-24 2022-23
Opening balance 269.49 251.63
Add: Expenditure during the year -
Establishment charges including Employee Benefit expenses 127.63 151.12
1,189.05
838.24
5.07
1.41
825.16
2.79
7.25
-
5.77
270.42
17.32
3.00
50.86
Reclassifications/
Retirement /
Deductions
On Account Of
Borrowing costs 16.66 8.77

Others 2.21 11.15
Depreciation
415.99 422.67
Less: Allocated to assets capitalized /charged off during the year (65.26) (153.18)
Closing balance pending allocation 350.73 269.49
981.48
6,604.03
6,206.85
393.23
537.24
35.10
737.71
-
587.45
2,935.11
171.06
10.11
215.54
For the
period
Total 8,679.72 5,645.05
Note: The above details are net of Provision for CWIP K 350.99 crore (Previous year ` 348.56 crore).
2,275.57
26,898.08
21,529.47
1,352.95
3,083.99
137.08
3,251.14
Up to
March
31, 2023
-
3,264.51
11,731.29
629.40
51.67
1,120.48
NOTE 4 INVESTMENT PROPERTY (CONSOLIDATED)

(` in crore)

12,276.42
1,17,031.10
1,11,362.88
4,473.54
11,895.16
504.41
19,034.99
As at
Disposal March 31, 2024
48,522.75
1,967.57
101.86
1,962.12
2,788.24
13,504.04
Reclassifications/ Reclassifications/
Deductions Deductions
As at On Account As at Up to On Account Up to As at As at
April Of Retirement/ March March For the Of Retirement/ March March March
* These include assets which are given on Operating Leases, the details thereof are included in Note 47.
Particulars 1, 2023 Additions Disposal 31, 2024 31, 2023 year Disposal 31, 2024 31, 2024 31, 2023
Buildings 0.17 - - 0.17 0.16 - - 0.16 0.01 0.01

882.87
1,423.73
1,091.83
6.34
3.16
5.00
51.40
(17.65)
25.70
Reclassifications/
Deductions
On Account Of
Retirement /
0.87
25.93
421.82
18.29
NOTE 2 PROPERTY, PLANT AND EQUIPMENT [CONSOLIDATED]
Right-of-use Assets (0.14) 0.14 # (0.06) 0.06 0.08

TOTAL 0.17 - (0.14) 0.31 0.16 # (0.06) 0.22 0.09 0.01
Previous Year 0.17 - - 0.17 0.14 0.02 - 0.16 0.01
# Amount I 15,500/-
Gross Block
57.75
617.46
-
-
-
-
-
-
-
-
57.75
-
Other
Adjustments
The Corporation’s investment properties consists of office premises rented out to third parties.
Information Regarding Income and Expenditure of Investment Property

(` in crore)
7,034.20
8,710.47
614.19
1,003.71
17.95
917.74
343.78
2,442.32
364.67
15.64
218.63
Additions
176.36
919.21

Rental Income derived from Investment Properties 1.07 1.07
Less - Depreciation # 0.02
12,155.58
1,11,362.88
1,03,126.78
468.81
18,142.95
4,136.10
11,284.13
46,444.50
1,621.19
91.22
1,794.89
As at
April 1, 2023
2,612.75
12,610.76
Profit arising from Investment Properties before other direct operating expenses 1.07 1.05
# Amount I 15,500/-
The other direct operating expenses on the investment properties are not separately identifiable and the same are not likely
to be material.
As at March 31, 2024 and March 31, 2023, the fair value of the property is K 12.22 crore and ` 12.02 crore respectively. These
Buildings including Roads*
fair values of the investment property are categorized as Level 2 in the fair valuation hierarchy and has been determined
LPG Cylinders and Allied
Plant and Equipments*
Furniture and Fixtures*
by external, independent property valuer (registered valuer as per Companies Act, 2013), having appropriate recognized
Tanks and Pipelines*
Right-of-Use Assets*
Office Equipments*
professional qualifications and recent experience in the location and category of the property being valued.
Dispensing Pumps
Railway Sidings
(Refer Note 47)

Freehold Land*
Previous Year
Equipments
Particulars
Vehicles
Total

365

NOTE 6 INTANGIBLE ASSETS UNDER DEVELOPMENT (IAUD) [CONSOLIDATED]
(` in crore)
1,006.33
328.24
73.89
82.79
(` in crore)
As at
31, 2024 March 31, 2023
As at
March 31, 2023
1,203.98
1,203.98
210.35
275.11
35.95
Net Carrying Amount
(` in crore)
Net Carrying Amount
Gross Amount
Capitalization as
1,006.33
876.14
238.23
57.36
78.38
As at March
210.35
259.57
32.25
As at Intangible Asset/ As at
Particulars April 1, 2023 Additions Deletions March 31, 2024
As at
March 31, 2024
1,203.98
1,203.98
1,203.98 Right of Way 0.33 44.89 0.33 44.89
Software/License 22.87 43.17 14.29 51.75
700.88
897.24
427.04
236.11
Up to March
31, 2024
-
77.46
30.93
125.70
Process Licenses* 5.13 - - 5.13
Wells in progress** 10,575.55 906.55 59.63 11,422.47
Up to
March 31, 2024
-
-
-
Total 10,603.88 994.61 74.25 11,524.24

Previous Year 10,453.06 1,222.76 1,071.94 10,603.88
7.00
0.52
-
-
-
-
0.52
Reclassifications
/ Deletions
-
* The above details are net of Provision for IAUD K 53.66 crore (Previous year: ` 53.66 crore).
**Net of provision for impairment loss of K 2,069.97 crore (Previous year: ` 2,010.34 crore).
Amortization
For the year
-
-
-
There are no internally generated Intangible Assets.

Impairment
190.15
196.88
117.13
29.98
19.46
26.61
3.70
For the
-
year
Additional information in respect of Note Nos. 2 to 6:

a) Freehold land includes K 4.63 crore (Previous year ` 2.20 crore) which, not being in the Corporation’s possession and
being under dispute, has been provided for in books of accounts.
Up to
March 31, 2023
-
-
-
517.73
700.88
309.91
96.24
216.65
-
50.85
27.23
Up to
31, 2024 March 31, 2023
b) Buildings include Ownership Flats having gross block of K 46.44 crore (Previous year ` 44.94 crore) in proposed /
existing co-operative societies and others.
c) The Group has elected to continue the policy adopted under Previous GAAP for accounting the foreign exchange
differences arising on settlement or translation of long-term foreign currency monetary items outstanding as of March
1,707.21
1,773.38
665.27
204.08
293.47
As at
March
210.35
337.03
63.18
31, 2016 i.e., foreign exchange differences arising on settlement or translation of long-term foreign currency monetary
As at
March 31, 2024
1,203.98
1,203.98
1,203.98
items relating to acquisition of depreciable assets are adjusted to the carrying cost of the assets and depreciated over
the balance life of the asset. Accordingly, “Other adjustments” include capitalization of foreign exchange differences
NOTE 5 GOODWILL & OTHER INTANGIBLE ASSETS (CONSOLIDATED)
(net) of K 57.75 crore (Previous year ` 617.46 crore).

(58.23)
0.46
-
0.46
-
Reclassifications
/ Deletions
-
-
-
d) Additions include capitalization of borrowing costs of K 1.21 crore (Previous year ` 0.97 crore). Further, the Group has
capitalized interest cost of K 35.49 crore till December 31, 2023 (March 31, 2023: ` 31.49 crore) to intangible assets
Additions
-
-
-
Gross Amount
under development.
e) Freehold Land, Plant and Equipment, Tanks and Pipelines, Railway Sidings, Buildings etc. jointly owned in varying extent
Gross Block
-
-
-
-
-
-
-
Other
Adjustments
with other Oil Companies / Railways / Port Trust: Gross Block K 951.27 crore (Previous year ` 935.56 crore), Cumulative
Depreciation K 203.28 crore (Previous year ` 163.56 crore), Net Block K 747.99 crore (Previous year ` 772.00 crore).
As at
April 1, 2023
1,203.98
1,203.98
1,203.98
Further CWIP includes K 47.50 crore (Previous year ` 20.57 crore) on account of projects being executed jointly.
f) During the year, useful life of product dispensing units for MS/HSD have been reviewed by the Corporation and changed
31.11
66.63
27.12
25.51
2.93
Additions
-
11.07
-
from existing 15 years to 10 years based on independent technical assessment resulting in increase in depreciation by
K 145.20 crore.
g) Further useful life of electronic carousel & its downstream equipment and aviation refuelling equipment (including
1,617.87
1,707.21
638.15
179.03
290.54
As at
April 1, 2023
210.35
325.96
63.18
refuellers & dispensers) classified under Plant & Machinery has been changed from 25 years to 15 years based on
technical assessment resulting in increase in depreciation by K 22.96 crore and K 18.66 crore respectively.
h) CWIP balance of 2G Ethanol Bio-Refinery project at Bargarh are secured against charge of K 37.50 crore created in
favor of Center for High Technology (CHT), a society under the administrative control of MoPNG.
(No. of Years)
B. Other Intangible Assets
Useful Life
Goodwill on Business Combination
Indefinite
Up to 30
i) Compenzation from third parties in respect of items of Property, Plant and Equipment / Capital work-in-progress that
Up to 5
Up to 5
were impaired, lost or given up during the year included in Statement of Profit and Loss is K 32.58 crore (Previous year
20
` 22.62 crore).
j) Gross Block Reclassifications/ Deductions on account of Retirement/ Disposal includes:

Service Concession
Oil And Gas Assets

Software/ Licenses
Process Licenses
A. Goodwill
i) On account of retirement/disposal during the year K 1,140.09 crore (Previous year ` 864.82 crore)
Arrangements
Previous Year
Previous Year
Right of Way
Right-to-Use
ii) Assets classified as held for sale K 205.24 crore (Previous year ` 106.66 crore)
Particulars
Particulars
iii) Decapitalization of K 79.38 crore (Previous year ` 62.80 crore)

Total
Total
iv) Deduction on account of reclassifications during the year K 0.52 crore (Previous year ` 0.68 crore).

367

k) Depreciation and amortization for the year is K 6,800.91 crore (Previous year ` 6,397.02 crore) from which, after reducing: As at March 31, 2023
i) Depreciation on decapitalization of K 8.75 crore (Previous year ` 11.36 crore) and (` in crore)
ii) Depreciation on reclassification of assets of K 20.90 crore (Previous year ` 16.84 crore), the Net Depreciation and Amount in IAUD for a period of
amortization for the year charged to Consolidated Statement of Profit and Loss is K 6,771.26 crore (Previous year Less than More than
IAUD 1 year 1 – 2 years 2 – 3 years 3 years Total
` 6,368.82 crore).
Projects in progress 46.25 11.83 7.34 23.21 88.63
l) Deduction from accumulated depreciation on account of retirement / disposal / reclassifications during the year is Projects temporarily suspended 116.32 1,196.20 1,845.05 7,357.68 10,515.25
K 1,189.57 crore (Previous year ` 845.24 crore).
Total 162.57 1,208.03 1,852.39 7,380.89 10,603.88
m) The Group has assessed the useful life of Right of Way as indefinite where the same is perpetual in nature.
r) For Capital Work-in-Progress (CWIP), whose Completion is Overdue or has Exceeded its Cost Compared
n) Further residual value of certain pipelines has been re-assessed as Nil, resulting in increase in depreciation by K 10.92 to its Original Plan, CWIP Completion Schedule is as Follows:
crore and similar impact in future years over remaining useful life.
CWIP as at March 31, 2024
o) In case of Bharat PetroResources Limited (BPRL), considering the evolution of the security situation in the north of the
Cabo Delgado province in Mozambique, the Operator (i.e., Total E & P Mozambique Area 1 Limitada) has declared (` in crore)
Force Majeure on April 22, 2021. Currently, the Project remains in preservation mode/temporarily suspended with no To be completed in
Project personnel on site until such time the Government of Mozambique has restored and maintained in a sustainable Less than 1–2 2–3 More than
and verifiable manner the peace, security and stability in the Cabo Delgado Province. There are certain incremental cost Particulars Project Name 1 year years years 3 years
related to the suspension and Force Majeure pertaining to the above project which are abnormal costs and not an integral Projects in progress 2G Ethanol Biorefineries 1,021.43 - - -
part of bringing the asset into the working condition. Accordingly, these costs amounting to K 267.70 crore (Previous year: Projects in progress Pipeline from Krishnapatnam to Hyderabad - 588.99 - -
` 186.98 crore) incurred during the year have been charged off to Consolidated Statement of Profit and Loss. Projects in progress Setting Up Polypropylene at Rasayani & Petro Resid - - - 291.10
Fluidized Catalytic Cracker at Mumbai Refinery
p) Ageing of Capital Work-in-Progress (CWIP) is as follows: Projects in progress Others 520.21 94.54 3.08 -
Projects temporarily suspended Others 17.64 - - 17.80
(` in crore)
CWIP as at March 31, 2023
Amount in CWIP for a period of
(` in crore)
Less than More than
CWIP 1 year 1 – 2 years 2 – 3 years 3 years Total To be completed in
Projects in progress 4,679.82 2,962.87 348.77 660.21 8,651.67 Less than 1–2 2–3 More than
Particulars Project Name 1 year years years 3 years
Projects temporarily suspended 9.03 14.32 1.82 2.88 28.05
Projects in progress Setting Up Polypropylene at Rasayani & Petro Resid 290.76 - - -
Total 4,688.85 2,977.19 350.59 663.09 8,679.72 Fluidized Catalytic Cracker at Mumbai Refinery
Projects in progress Turnaround for Hydro Cracker Unit /Diesel Hydro 147.21 - - -
As at March 31, 2023 Treater unit at Bina Refinery
(` in crore) Projects in progress Others 402.43 29.45 58.45 -
Amount in CWIP for a period of Projects temporarily suspended Others 9.12 0.21 - 0.11
Less than More than
CWIP 1 year 1 – 2 years 2 – 3 years 3 years Total s) For Intangible Assets under Development (IAUD), whose Completion is Overdue or has Exceeded its
Projects in progress 2,976.21 1,387.52 594.95 666.91 5,625.59 Cost Compared to its Original Plan, IAUD Completion Schedule is as Follows:
Projects temporarily suspended 14.24 1.83 0.28 3.11 19.46
IAUD as at March 31, 2024
Total 2,990.45 1,389.35 595.23 670.02 5,645.05
(` in crore)
q) Ageing of Intangible assets under development (IAUD) is as follows: To be completed in
As at March 31, 2024 Particulars Project Name 1 year years years 3 years
(` in crore) Projects in progress Others 40.24 - - -

Less than More than
IAUD as at March 31, 2023
IAUD 1 year 1 – 2 years 2 – 3 years 3 years Total
(` in crore)
Projects in progress 98.96 44.58 11.48 30.55 185.56 To be completed in
Projects temporarily suspended 823.42 116.32 1,196.20 9,202.73 11,338.68 Less than 1–2 2–3 More than
Total 922.38 160.91 1,207.67 9,233.28 11,524.24 Particulars Project Name 1 year years years 3 years

369

NOTE 7 INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD (CONSOLIDATED) March 31, 2024
Information of interest of the Corporation in it's Equity Accounted Investees: (` in crore)

Indraprastha Gas Petronet LNG
(` in crore) Limited Limited
As at As at Summarized financial information
Note reference March 31, 2024 March 31, 2023
Non-Current Assets 9,856.52 12,636.14
Interest in Associates See Note (A) 5,326.20 4,578.23
below Current Assets (excluding Cash and Cash Equivalent) 4,144.40 11,167.98
Interest in Joint Ventures See Note (B) 15,235.21 17,122.42 Cash and Cash Equivalent 219.04 1,723.37
below Less:
Investment accounted for using equity method 20,561.41 21,700.65 Non-Current liabilities (excluding trade and other Payables and Provisions) 468.49 3,884.38
Trade and other payables and provisions (Non-Current) 21.62 95.20
[A] Interest in Associates Current liabilities (excluding trade and other payables and provisions) 2,495.92 1,145.98
Trade and other payables and provisions (Current) 1,584.10 2,992.81
(I) List of material Associates of the Corporation
Non-Controlling Interest 16.46
(` in crore)
Net Assets 9,633.37 17,409.12
Sr Name Country of
No Incorporation March 31, 2024 March 31, 2023 Group's share of net assets 2,167.51 2,176.14
1 Indraprastha Gas Limited (Refer Note (i)) India 22.50% 22.50% Carrying amount of Interest in Associates 2,167.51 2,176.14
2 Petronet LNG Limited (Refer Note (ii)) India 12.50% 12.50% Revenue (including Interest Income) 15,717.48 53,337.80
Less:
Note (i) Indraprastha Gas Limited (IGL) was set up in December, 1998 for implementing the project for supply of Compressed Depreciation and Amortization 413.96 775.82
Natural Gas (CNG) to the household and automobile sectors in Delhi. The paid up share capital of the Company is
Other Expense 13,092.87 47,528.14
K 140 crore (previous year I 140 crore). The Corporation invested I 31.50 crore in IGL for 22.5% stake in its equity. IGL is a
Finance Cost 9.17 289.67
listed Company with the public holding 55% of the paid up Share Capital of the Company.
Add: Share of Profit of Equity Accounted Investees (JV), net of tax 341.02 126.20
Note (ii) Petronet LNG Limited (PLL) was formed in April, 1998 for importing LNG and setting up LNG terminals with facilities Profit before tax 2,542.50 4,870.37
like jetty, storage, regasification etc. to supply Natural Gas to various industries in the country. The paid up capital of the
Tax Expense 559.10 1,218.92
company is K 1,500 crore (previous year I 1,500 crore). PLL was promoted by four public sector companies viz. BPCL,
Profit after tax 1,983.40 3,651.45
Indian Oil Corporation Limited (IOC), Oil and Natural Gas Limited (ONGC) and GAIL (India) Limited (GAIL). Each of the
promoters holds 12.5% of the equity capital of PLL. PLL is a listed Company. The Corporation’s equity investment in PLL Profit after tax (Net of NCI) 1,985.07 3,651.45
currently stands at I 98.75 crore. Other Comprehensive Income (2.94) (6.89)
Other Comprehensive Income (Net of NCI) (2.94) (6.89)
Fair Value of material listed Associates Total Comprehensive Income 1,980.46 3,644.56
(` in crore) Total Comprehensive Income (Net of NCI) 1,982.13 3,644.56
Sr Name Group's share of profit 446.64 456.43
No March 31, 2024 March 31, 2023
Group's share of OCI (0.66) (0.86)
1 Indraprastha Gas Limited 6,787.48 6,748.89
Group's share of total comprehensive Income 445.98 455.57
2 Petronet LNG Limited 4,937.81 4,290.00
Add/(Less): Intra Group Eliminations - -
In respect of Petronet LNG Limited, the same has been classified as an associate, as the Corporation has the right to Group's share of total comprehensive Income (after elimination) 445.98 455.57
nominate a director on the Board of Directors of the company and this right allows the Corporation to participate in financial Dividend received from the Associates 63.00 187.50
and operating policies.
The following table comprises the financial information of the Corporation's material Associates (in which corporation is
having significant value of investments) and their respective carrying amount.

371

March 31, 2023 NOTE 8 OTHER INVESTMENTS (CONSOLIDATED)

(` in crore)
(` in crore)
Indraprastha Gas Petronet LNG
Limited Limited No. of Units
Summarized financial information As at As at As at As at

Particulars March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Non-Current Assets 8,893.78 10,905.52
Investment in Equity Instruments Designated at Fair value through
Current Assets (excluding cash and cash equivalent) 3,623.89 11,784.31 Other Comprehensive Income
Cash and cash equivalent 105.61 62.66 Equity Shares of (K 10 each (fully paid up))
Less: Quoted
Non-Current liabilities (excluding trade and other payables and provisions) 426.80 4,515.41 Oil India Limited* 2,67,50,550 2,67,50,550 1,605.30 673.18
Trade and other payables and provisions (Non-Current) 30.98 72.12 Unquoted
Current liabilities (excluding trade and other payables and provisions) 2,817.11 1,135.54 Cochin International Airport Limited* 1,64,06,250 1,31,25,000 173.20 127.30
Trade and other payables and provisions (Current) 1,417.15 1,764.86 Investment in Debentures at amortized cost
Net Assets 7,931.24 15,264.56 Unquoted
Group's share of net assets 1,784.53 1,908.07 5% Debentures (Fully Paid up) of East India Clinic Limited 1 1 0.01 0.01
Carrying amount of interest in Associates 1,784.53 1,908.07 Investment in Equity Instruments Designated at Fair Value through
Revenue (including Interest Income) 15,807.03 60,422.42 Profit or Loss
Less: Unquoted
Depreciation and Amortization 363.36 764.34 Equity Shares of Kochi Refineries Employees Consumer Co- 500 500 # #
operative Society Limited
Other Expense 13,564.34 55,045.39 (Fully paid up) # Value ` 5,000/-
Finance Cost 10.59 330.51 Ordinary Shares (Fully paid up) of Sindhu Resettlement Corporation 6 6 ## ##
Add: Share of Profit of Equity accounted investees (JV), net of tax 253.63 138.02 Limited ## Value ` 19,000/-
Profit before tax 2,122.37 4,420.20 Total 1,778.51 800.49
Tax Expense 482.72 1,094.38 Aggregate amount of Unquoted Securities 173.21 127.31
Profit after tax 1,639.65 3,325.82 Aggregate amount of Quoted Securities 1,605.30 673.18
Other Comprehensive Income 0.55 (4.36) Market value of Quoted Securities 1,605.30 673.18
Total Comprehensive Income 1,640.20 3,321.46 Aggregate amount of Impairment in the value of investments - -
Group's share of profit 368.92 415.73 * The Corporation has designated these investments at Fair Value through Other Comprehensive Income since these investments are intended to
hold for long-term purposes. No such investments were disposed off during the year and accordingly, there have been no transfers of the cumulative
Group's share of OCI 0.13 (0.55) gains or losses on these investments.
Group's share of total comprehensive Income 369.05 415.18
Add/(Less): Intra Group Eliminations - - NOTE 9 NON-CURRENT LOANS (CONSOLIDATED)
Group's share of total comprehensive Income (after elimination) 369.05 415.18 (Unsecured, considered good unless otherwise stated)
Dividend received from the Associates 291.38 215.63
(` in crore)
(II) Details of others Associates As at As at

(` in crore) Loans to Joint Ventures
Particulars March 31, 2024 March 31, 2023 IBV (Brasil) Petroleo Ltda. 2,047.69 2,037.28
Aggregate carrying amount of its interest in Associates 982.55 885.63 Haridwar Natural Gas Private Limited (Secured) 3.75 7.50
Share of Total Comprehensive Income from Associates during the year (39.16) (48.27) Loan to Empresa Nacional de Hidrocarbonetos(Mozambique) 1,501.21 1,233.08
Loans to Employees (including accrued interest) (secured) 421.58 445.46
[B] Interest in Joint Ventures Loans to Others
Details of Other Joint Ventures Considered good* 531.69 658.07

Significant increase in credit risk* 109.12 49.31
(` in crore)
Credit Impaired* 34.60 23.37
Less: Loss allowance (196.90) (118.06)
Aggregate carrying amount of its interest in Joint Ventures 15,235.21 17,122.42
Total 4,452.74 4,336.01
Share of Total Comprehensive Income from Joint Ventures during the year (583.89) 1,832.28
*Includes K 457.18 crore (Previous Year: I 519.27 crore) pertaining to Loans given to Consumers under Pradhan Mantri
Ujjwala Yojana scheme.

373

NOTE 10 OTHER FINANCIAL ASSETS (CONSOLIDATED) NOTE 12 OTHER NON-CURRENT ASSETS (CONSOLIDATED)
(Unsecured, considered good unless otherwise stated) (Unsecured,considered good unless otherwise stated)
(` in crore) I in crore
Security Deposits Capital advances

Considered Good 219.06 183.83 Considered Good 244.56 275.56
Considered Doubtful 2.48 2.27 Considered Doubtful 0.35 0.28
Less: Allowance for Doubtful (2.48) (2.27) Less: Allowance For Doubtful (0.35) (0.28)
Claims Advance to Associate
Considered good 1.91 2.08 Petronet LNG Limited 61.70 80.00
Considered doubtful 19.07 18.96 Advance to Employee Benefit Trusts (Refer Note No. 48) 129.41 -
Less: Allowance for doubtful (19.07) (18.96) Prepaid expenses 345.75 279.80
Bank deposits with more than twelve months maturity Claims and Deposits:
Considered Good* 28.51 7.01 Considered good 1,016.02 675.76
Considered Doubtful 0.02 0.02 Considered doubtful 121.44 129.18
Less: Allowance for doubtful (0.02) (0.02) Less: Allowance for doubtful (121.44) (129.18)
Advances against Equity# Total 1,797.44 1,311.12
Kochi Salem Pipeline Private Limited 76.99 10.64
Haridwar Natural Gas Private Limited - 21.38 NOTE 13 INVENTORIES (CONSOLIDATED)
Cochin Internation Airport Limited - 16.41 (Refer Note No. 1.12)
Mozambique MOF Company S.A. 123.19 114.49
I in crore
Mozambique LNG Marine Terminal Company S.A. 204.23 181.73
As at As at
Bharat Renewable Energy Limited 0.54 0.54 Particulars March 31, 2024 March 31, 2023
Less: Allowance for doubtful (0.54) (0.54) Raw Materials [Including In transit K 4,590.13 crore (Previous Year I 3,331.71 crore)] 12,548.07 9,903.71
Total 653.89 537.57 Work-in-progress 2,540.69 3,007.82
Finished goods 18,949.87 16,851.87
* Includes Deposits of K 28.51 crore (Previous Year I 7.01 crore) that have been pledged / deposited with Local Authorities.
Stock-in-Trade [Including In Transit K 1,505.99 crore (Previous Year I 2,070.47 crore)] 7,121.26 6,762.29
# Advance against equity shares (pending allotment).
Stores and Spares [Including In Transit K 2.57 crore (Previous Year I 2.09 crore)] 1,644.64 1,502.28
Packaging material 31.60 41.22
NOTE 11 INCOME TAX ASSETS (NET) (CONSOLIDATED)
Total 42,836.13 38,069.19
I in crore
As at As at The Write Down of Inventories to Net Realizable Value during the year amounted to K 238.14 crore (Previous Year: I 270.06
Particulars March 31, 2024 March 31, 2023 crore). The Reversal of Write Down during the year amounted to K 0.14 crore (Previous Year: I #) due to Increase in Net
Advance Payment of Income Tax (Net of provision) 477.44 485.95 Realizable Value of the Inventories. The Write Down or Reversal of Write Down have been included under ‘Cost of Materials
Total 477.44 485.95 Consumed’ or ‘Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress’ in the Consolidated
# Value I 21,952.62
Inventories of the Corporation pledged as collateral. (Refer Note No. 30)

375

NOTE 14 INVESTMENTS (CONSOLIDATED) NOTE 16 CASH AND CASH EQUIVALENTS (CONSOLIDATED)

Investments at Fair value through Profit or Loss Balance with Banks:
Quoted
On Current Account 483.69 511.29
Investment In Government Securities of Face Value of K 100 each (Fully Paid up)
Deposits with banks with original maturity of less than three months 1,779.56 1,785.53
Cheques and drafts on hand 3.30 2.04
Cash on hand 34.19 13.86
6.35% Oil Marketing Companies GOI Special Bonds 2024* 2,115.72 2,097.35
Total 2,300.74 2,312.72
7.59% Government Stock 2026# 379.27 380.05
Total 4,290.67 4,277.14 NOTE 17 BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS (CONSOLIDATED)
* These Securities of Face Value K 3,882.37 crore (Previous Year Nil) have been kept as Collateral against borrowings through Clearcorp Repo I in crore
Order Matching System (CROMS) segment of Clearing Corporation of India Limited. (Refer Note 30) As at As at
# Particulars March 31, 2024 March 31, 2023
These Securities of Face Value K 370.00 crore (Previous year I 370.00 crore) have been kept as Collateral Security with Clearing Corporation of
India Limited for limits in Triparty Repo Settlement System. (Refer Note 30) Fixed deposits with banks with original maturity of 3 - 12 months# 3,687.75 23.82
Aggregate amount of Quoted Securities 4,290.67 4,277.14 Earmarked Balances
Market value of Quoted Securities 4,290.67 4,277.14 Unclaimed Dividend 32.04 31.07
Aggregate amount of Impairment in the value of investments - - Unspent CSR Funds 69.91 28.93
Balance with bank for CUF facility 6.52 -
NOTE 15 TRADE RECEIVABLES (CONSOLIDATED)
Deposits with banks towards FAME Subsidy^ 189.40 177.84
(Unsecured unless otherwise stated)
Total 3,985.62 261.66
I in crore
# Includes Deposit of K 12.75 crore (Previous Year I 23.82 crore) that has been pledged/deposited with Local Authorities/Court.
As at As at
Particulars March 31, 2024 March 31, 2023 ^ Earmarked on account of grant received from Government of India under FAME India Scheme phase II for installation and commissioning of
Considered good* 8,530.59 6,955.75 Electric Vehicle charging stations.
Less: Loss allowance (188.56) (231.97)

Total 8,342.03 6,723.78
NOTE 18 CURRENT LOANS (CONSOLIDATED)
(unsecured, considered good unless otherwise stated)
* Includes Debts secured by Bank guarantee/Letter of Credit/Deposit K 986.29 crore (previous year I 728.42 crore).
I in crore
Trade receivables of the Corporation pledged as collateral (Refer Note No. 30)
As at As at
Ageing of Trade Receivables as at March 31, 2024:
Loans to employees (including accrued interest) (secured) 68.18 65.01
I in crore Loan to Joint Venture Company
Outstanding for following periods from the due date
Haridwar Natural Gas Private Limited (secured) 3.75 3.75
Particulars Unbilled Not due 6 months -1 year 1-2 years 2-3 Years 3 years Total
Loans to Others
Undisputed Trade Receivables - 7.03 6,618.45 1,649.96 59.00 49.73 10.21 55.12 8,449.50 Considered good* 70.96 79.22
Considered good Significant increase in credit risk* 14.84 4.68
Disputed Trade Receivables - 18.45 1.14 0.49 0.39 6.01 1.98 52.63 81.09 Credit impaired* 3.01 1.79
Considered good
Total 25.48 6,619.59 1,650.45 59.39 55.74 12.19 107.75 8,530.59
Total 136.92 142.64
Ageing of Trade Receivables as at March 31, 2023: * Includes K 56.29 crore (Previous Year I 57.85 crore) pertaining to Loans given to consumers under Pradhan Mantri Ujjwala Yojana scheme.
I in crore
Outstanding for following periods from the due date
Particulars Unbilled Not due 6 months -1 year 1-2 years 2-3 Years 3 years Total
Undisputed Trade Receivables - 18.85 5,147.86 1,557.54 60.50 42.19 10.38 58.36 6,895.68
Considered good
Disputed Trade Receivables - 18.45 1.22 0.42 0.63 0.82 0.69 37.84 60.07
Considered good
Total 37.30 5,149.08 1,557.96 61.13 43.01 11.07 96.20 6,955.75

377

NOTE 19 OTHER FINANCIAL ASSETS (CONSOLIDATED) NOTE 22 ASSETS HELD-FOR-SALE (CONSOLIDATED)

(Unsecured, considered good unless otherwise stated) I in crore
As at As at
As at As at Assets Held-for-Sale 42.42 16.80
42.42 16.80
Security Deposit 0.36 5.42
Bank Deposits with remaining maturity of less than twelve Months* - 0.07 Non-Current Assets Held-for-Sale consist of items such as Plant and equipment, Dispensing pumps, etc. which have been
Interest accrued on bank deposits identified for disposal due to replacement/ obsolescence of Assets which happens in the normal course of business. These
Assets are expected to be disposed off within the next twelve months. On account of re-classification of these Assets, an
Considered good 30.86 1.83
Impairment loss of K 46.10 crore during the year (Previous Year: K 31.50 crore) has been recognized in the Statement of
Considered doubtful 0.02 0.02
Profit and Loss. (Refer Note No. 43)
Less: Allowance for doubtful (0.02) (0.02)
Derivative Asset - 18.74 NOTE 23 EQUITY SHARE CAPITAL (CONSOLIDATED)
Receivable from Central Government / State Government I in crore
Considered good 749.64 343.35 As at As at
Considered doubtful 222.94 229.65
i. Authorized
Less: Allowance for doubtful (222.94) (229.65)
11,93,50,00,000 Equity Shares 11,935.00 11,935.00
Dues from Related Parties
(Previous Year 11,93,50,00,000 Equity Shares)
Dues from Joint Venture Companies & Associates 5.38 234.32
ii. Issued, Subscribed and Paid-up
Advances and Recoverables:
2,16,92,52,744 (Previous Year 2,16,92,52,744) Equity Shares Fully Paid-Up 2,169.25 2,169.25
Considered good 471.71 497.93 Less - "BPCL Trust For Investment in Shares" [No. of Equity Shares 3,29,60,307 (32.96) (32.96)
Considered doubtful 375.04 401.76 (Previous Year 3,29,60,307)]. (Refer Note No. 45)
Less: Allowance for doubtful (375.04) (401.76) Less - "BPCL ESPS Trust" [No. of Equity Shares NIL (Previous Year 68,36,948)]. - (6.84)
(Refer Note No. 45)
Total 1,257.95 1,101.66
Total 2,136.29 2,129.45
*Includes Deposit of K NIL (Previous Year: I 0.07 crore) that has been pledged/deposited with Local Authorities/ Court/ Bank.
iii The Corporation has only one class of shares namely equity shares having a par value of I 10 per share. Each holder
of equity shares is entitled to one vote per equity share. In the event of liquidation of the Corporation, the holders of
NOTE 20 CURRENT TAX ASSETS (NET) (CONSOLIDATED)
Equity Shares will be entitled to receive the remaining assets of the Corporation in proportion to the number of equity
I in crore shares held.
As at As at
Particulars March 31, 2024 March 31, 2023 The Corporation declares and pays dividend in Indian Rupees. The final dividend, if any, proposed by the Board of
Advance Income Tax (Net of provision for taxation) 827.90 969.11 Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.
Total 827.90 969.11 The Board of Directors in the meeting held on May 9, 2024, has recommended issue of bonus shares in the ratio of
1 equity share of I 10 each for every 1 existing equity share of I 10 each, which is subject to approval by the shareholders
NOTE 21 OTHER CURRENT ASSETS (CONSOLIDATED) of the Corporation. Such bonus shares, if approved by members of the company shall rank pari-passu with the existing
(Unsecured, considered good unless otherwise stated) equity shares.
I in crore iv Reconciliation of No. of Equity Shares

As at As at
I in crore
As at As at
Advances other than Capital advances Particulars March 31, 2024 March 31, 2023
Other Advances including Prepaid expenses A. Opening Balance 2,16,92,52,744 2,16,92,52,744
Considered Good 289.51 488.31 B. Shares Issued
Considered doubtful 46.91 25.63 C. Shares Bought Back - -
Less: Allowance for doubtful (46.91) (25.63) D. Balance at the end of the reporting period 2,16,92,52,744 2,16,92,52,744
Advance to Associate
Petronet LNG Limited 18.30 18.30
v Details of Shareholders holding more than 5% shares
Claims 5.69 20.27 Particulars As at 31-03-2024 As at 31-03-2023
Project Surplus Material 206.43 230.90 Name of Shareholder % Holding No. of shares % Holding No. of shares
Less: Provision for Project Surplus (7.03) (2.63) The President of India 52.98 1,14,91,83,592 52.98 1,14,91,83,592
Recoverables on account of GST,Customs, Excise etc. 1,160.83 1,412.50 Life Insurance Corporation of India 9.12 19,78,82,045 9.53 20,68,32,188
Total 1,673.73 2,167.65

379

vi Share Holding of Promoters I in crore

As at As at
Shares held by the Promoters at the end of the year Particulars March 31, 2024 March 31, 2023
BPCL ESPS Trust (Refer Note No. 45)
As at 31-03-2024 As at 31-03-2023
Opening balance (15.43) (15.43)
% Change % Change
% of total during the % of total during the Add: Sale of Equity shares 15.43 -
Promoter Name No. of Shares Shares year No. of Shares Shares year Closing balance - (15.43)
The President of India 1,14,91,83,592 52.98 - 1,14,91,83,592 52.98 - Reserve on Business Combination
Total 1,14,91,83,592 52.98 1,14,91,83,592 52.98 Opening Balance - -
Add: Transfer from Retained Earnings 1,720.13 -
NOTE 24 OTHER EQUITY (CONSOLIDATED) Closing balance 1,720.13 -
I in crore Foreign Currency Translation Reserve
As at As at Opening Balance 1,244.22 242.01
Particulars March 31, 2024 March 31, 2023 Additions / (Deletions) during the year (741.75) 1,002.21
Capital Reserve 73.04 73.04 Closing balance 502.47 1,244.22
Capital Reserve on Acquisition of Subsidiaries, Joint Venture Companies and Associates (97.45) (97.45) Retained Earnings:
Debenture Redemption Reserve - 250.00 Opening balance 9,374.29 8,846.99
Reserve on Business Combination 1,720.13 - Opening balance adjustment (7.73) 3.54
General Reserve 38,348.03 34,098.03 Opening balance after the above effect 9,366.56 8,850.53
Equity Instruments through Other Comprehensive Income 1,041.93 184.38 Add: Profit/(Loss) for the year as per Statement of Profit and Loss 26,858.84 2,131.05
Securities Premium (Refer Note 45) 6,712.55 6,356.22 Less: Remeasurements of defined benefit plans (net of tax) 97.01 (278.15)
Retained Earnings 25,272.51 9,374.29 Less: Transfer to Debenture Redemption Reserve - (50.00)
BPCL Trust for Investment in Shares (Refer Note 45) (74.39) (74.39) Less: Transfer to Reserve on Business Combination (1,720.13) -
BPCL ESPS Trust (Refer Note 45) - (15.43) Less: Transfer to General Reserve (4,000.00) -
Foreign Currency Translation Reserve 502.47 1,244.22 Less: Interim Dividends for the year: K 21 per share (Previous year: I NIL per share) (4,555.43) -
Total 73,498.82 51,392.91 Less: Final Dividend for FY 2022-23: K 4 per share (Previous year: I 6 per share for FY 2021-22) (867.70) (1,301.55)
Capital Reserve Add: Income from "BPCL Trust for Investment in Shares" (Refer Note No. 45) 82.40 19.78
Opening balance 73.04 73.04 Add: Income of "BPCL ESPS Trust" (Net of Tax) (Refer Note No. 45) 10.96 2.63
Additions / (Deletions) during the year - - Closing Balance*^ 25,272.51 9,374.29
Closing balance 73.04 73.04 Total Other Equity attributable to owners 73,498.82 51,392.91
Capital Reserve on Acquisition of Subsidiaries, JVCs and associates
*The balance includes accumulated Gain/(Loss) on account of remeasurements of Defined Benefit plans (Net of Tax) as on March 31, 2024
Opening balance (97.45) (97.45) K (709.83) crore [Previous Year I (808.41) crore] for the Corporation.
Additions / (Deletions) during the year - -
Încludes re-measurement gain of K Nil (Previous Year: I 1,720.13 crore) recognized on acquisition of Bharat Oman Refineries Limited.
Closing balance (97.45) (97.45)
Debenture Redemption Reserve:
NOTE 24 OTHER EQUITY ATTRIBUTABLE TO OWNERS (CONSOLIDATED)
Opening balance 250.00 1,335.09
Add: Transfer from Retained Earnings - 50.00 Nature and purpose of reserves
Less: Transfer to General Reserve (250.00) (1,135.09)
Closing balance - 250.00 Capital Reserve
General Reserve It represents capital reserve appearing in the financial statements of erstwhile Kochi Refineries Limited (KRL) transferred
Opening balance 34,098.03 32,962.94 on amalgamation and difference between the investment made in Petronet CCK Limited (PCCKL) and the share capital
Add: Transfer from Retained Earnings 4,000.00 - received during the acquisition when the first time control is obtained.
Add: Transfer from Debenture Redemption Reserve 250.00 1,135.09
Closing Balance 38,348.03 34,098.03 Debenture Redemption Reserve
Equity instruments through Other Comprehensive Income Debenture redemption reserve represents reserve created out of the profits of the Corporation available for distribution to
Opening Balance 184.38 147.15 shareholders which is utilized for redemption of debentures/bonds.
Additions / (Deletions) during the year (Net of Tax) 857.55 37.23
Closing balance 1,041.93 184.38 General reserve
Securities Premium (Refer Note 45) General reserve represents appropriation of retained earnings and are available for distribution to shareholders.
Opening balance 6,356.22 6,356.22
Add: Sale of Equity Shares held by "BPCL ESPS Trust" (Net of Tax) 356.33 - Retained Earnings
Closing Balance 6,712.55 6,356.22
Retained Earnings (excluding accumulated balance of remeasurements of Defined Benefit Plans (Net of Tax) and
BPCL Trust for Investment in Shares: (Refer Note No. 45) remeasurement gain on acquisittion of Bharat Oman Refineries Limited) represents surplus/accumulated earnings of the
Opening Balance (74.39) (74.39) Corporation and are available for distribution to Shareholders.
Additions / (Deletions) during the year - -
Closing Balance (74.39) (74.39)

381

Capital Reserve on Acquisition of Subsidiaries, Joint Venture Companies and Associates Terms of Repayment Schedule of Long-term borrowings as at March 31, 2024:
Capital Reserve on Acquisition of subsidiaries, JVCs and associates represents capital reserve recognized on account on
Non-Current Interest Rate K in crore Maturity
first time acquisition of a subsidiary and obtaining control of a Joint Venture Company.
Interest Free Loan from Govt. of Madhya Pradesh - 810.00 10-Apr-37
Interest Free Loan from Govt. of Kerala - 100.00 30-Mar-34
Security Premium
Term Loan From Bank SOFR+Margin 5,210.87 2027-28
The Amount Received in excess of the par value adjusted with additional cost of Equity Shares, if any, has been Classified
as Securities Premium. The same can be utilized for issuance of Bonus Shares, Charging off Equity related expenses, etc. 6.27% Unsecured Non-Convertible Debentures 2026 6.27% 1,000.00 26-Oct-26
7.58% Unsecured Non-Convertible Debentures 2026 7.58% 935.61 17-Mar-26
Reserve on Business Combination 4.375% US Dollar International Bonds 2027 4.375% 4,139.42 2026-27
Reserve on Business Combination represents re-measurement gain recognized on acquisition of Bharat Oman Term Loan From Bank SOFR+Margin 5,794.49 2026-27
Refineries Limited. Term Loan From Bank SOFR+Margin 3,334.96 2025-26
6.11% Unsecured Non-Convertible Debentures 2025 6.11% 1,995.20 06-Jul-25
Foreign Currency Translation Reserve 4% US Dollar International Bonds 2025 4.00% 4,168.70 08-May-25
Foreign Currency Translation Reserve represents Exchange differences arising on translation of foreign operations which Term Loan: HDFC Bank T-Bill Based 69.59 Quarterly
are recognized in other comprehensive income as described in accounting policies and accumulated in separate reserves repayment
within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed. (30-06-2025 to
31-03-2027)
Proposed Dividends on Equity Shares not recognized by the Corporation:

Current Interest Rate K in crore Maturity
I in crore
Term Loan: HDFC Bank T-Bill Based 34.79 Quarterly
2023-24 2022-23 repayment
Final Dividend for the year* [K 21 per share (Pre Bonus) (Previous year: I 4 per share)] 4,555.43 867.70 (30-06-2024 to
Total 4,555.43 867.70 31-03-2025)
Term Loan: Canara Bank Repo Based 3,000.00 29-Dec-24
*For FY 2023-24, the Board of Directors has recommended final dividend of I 21/- per Equity Share (pre-bonus) (Face Value: I 10/- per equity
share), which translates into final dividend of I 10.50/- per Equity Share (post-bonus)(Face Value: I 10/- per equity share), subject to approval of *These loans are secured against first charge on the entire fixed assets (movable and immovable), both present and future, located at
shareholders. Corporation's factory site at Bina (Madhya Pradesh), Vadinar (Gujarat) and other places of erstwhile Bharat Oman Refineries Ltd.
The borrowings from banks and financial institutions have been used for the purposes for which such loans were taken.
NOTE 25 BORROWINGS (CONSOLIDATED)
I in crore NOTE 25a LEASE LIABILITIES (CONSOLIDATED)
As at March 31, 2024 As at March 31, 2023 I in crore
Particulars Current # Non-current Current # Non-current As at March 31, 2024 As at March 31, 2023
Debentures & Bonds Particulars Current # Non-current Current # Non-current
Unsecured Lease Liabilities 513.97 8,600.15 656.25 8,265.17
5.75% Unsecured Non-Convertible Debentures - - 839.81 - Total 513.97 8,600.15 656.25 8,265.17
2023
# Classified under Current Lease Liabilities (Refer Note No. 30(a))

6.11% Unsecured Non-Convertible Debentures 2025 - 1,995.13 - 1,995.08
NOTE 26 OTHER FINANCIAL LIABILITIES (CONSOLIDATED)
6.27% Unsecured Non-Convertible Debentures 2026 - 999.60 - 999.45 I in crore
7.58% Unsecured Non-Convertible Debentures 2026 935.53 - 935.50 As at As at
4% US Dollar International Bonds 2025 - 4,163.22 - 4,100.75
Security / Earnest Money Deposits 15.39 10.37
4.375% US Dollar Internation Bonds 2027 846.19 4,136.62 - 4,961.65
Retiral Dues 55.43 58.52
Total 70.82 68.89
Term Loan
Secured
NOTE 27 PROVISIONS (CONSOLIDATED)
From Banks

Term Loan* - - 650.22 2,185.13 I in crore
Unsecured As at As at
From Banks
Provision for employee benefits (Refer Note No. 48) 184.63 179.47
Foreign Currency Loan - - 6,160.00 -
Provision for abandonment for Oil and Gas Blocks (Refer Note No. 54) 120.72 28.75
Term Loan 10,519.33 14,320.28 2,673.34 25,969.99
Total 305.35 208.22
From Others
Interest Free Loan from Govt. of Kerala - 44.08 - 40.61
Interest Free Loan from Govt. of MP - 282.68 - 181.20
Total 11,365.52 26,877.14 11,923.25 41,369.36
# Classified under Current Borrowings (Refer Note No. 30)

383

NOTE 28 TAX EXPENSE AND DEFERRED TAX LIABILITIES (NET) CONSOLIDATED (d) Reconciliation of effective tax rate – Consolidated
(a) Amounts recognized in profit or loss 2023-24 2022-23

Particulars % K in crore % K in crore
I in crore
Profit before tax 36,194.44 2,821.13
Current tax expense (A) Tax using the Company’s domestic tax rate 25.168% 9,109.42 25.168% 710.02
Current year 9,419.98 353.11 Tax effect of:

Short/(Excess) provision of earlier years (2.29) (1,296.02) Expenses not deductible for tax purposes 0.625% 226.39 14.341% 404.59
Deferred tax expense (B) Tax losses for which no deferred income tax was recognized 0.950% 343.84 6.829% 192.65
Origination and reversal of temporary differences (84.39) 379.87 Income for which Deduction/ Exemption available (0.188%) (68.06) (0.608%) (17.15)
Short/(Excess) provision of earlier years 2.30 1,253.12 Share of profit of equity accounted investees reported net of tax (0.597%) (216.14) (19.558%) (551.75)
Tax expense recognized in Statement of Profit and Loss (A+B) 9,335.60 690.08 Difference in tax rates** (0.124%) (44.82) 0.245% 6.90
Total of Short/(Excess) provision of earlier years 0.01 (42.90)
Adjustments recognized in current year in relation to prior years 0.000% 0.01 (1.521%) (42.90)
Others (0.042%) (15.04) (0.435%) (12.28)
(b) Amounts recognized in other comprehensive income
Effective Income Tax Rate 25.792% 9,335.60 24.461% 690.08
I in crore
**Includes impact for BPRL International BV, Netherlands and BPRL International Singapore Pte Ltd. subsidiaries which operate in a tax
2023-24 2022-23
jurisdiction with different tax rates.
Tax (expense)/ Tax (expense)/
Particulars Before tax benefit* Net of tax Before tax benefit* Net of tax
Items that will not be reclassified to
(e) Movement in deferred tax balances
profit or loss I in crore
Remeasurements of the defined benefit 131.77 (33.16) 98.61 (370.60) 93.28 (277.32) As at March 31, 2024
plans Net balance Recognized Recognized Recognized
As at in profit Recognized in Short/ directly in Net Deferred Deferred
Equity instruments through Other 961.61 (104.06) 857.55 42.35 (5.12) 37.23 Particulars April 1, 2023 or loss in OCI (Excess) equity Balance tax asset tax liability
Comprehensive income- net change in Deferred tax Asset/(Liabilities)
fair value
Property, plant and equipment (9,205.97) (116.77) - - - (9,322.74) - (9,322.74)
Equity accounted investees - share of OCI (1.60) - (1.60) (0.83) - (0.83)
Intangible assets (71.32) 13.45 - - - (57.87) - (57.87)
Items that will be reclassified to profit
or loss Derivatives (4.58) 4.58 - - - - - -
Exchange differences in translating 43.68 - 43.68 625.06 - 625.06 Inventories 0.01 0.02 - - - 0.03 0.03 -
financial statements of foreign operations Investments (20.03) (3.44) (104.06) - - (127.53) - (127.53)
Trade and other receivables 58.38 (10.92) - - - 47.46 47.46 -
Equity accounted investees - share of OCI (785.43) - (785.43) 377.15 - 377.15
Loans and borrowings 276.23 13.70 - - - 289.93 289.93 -
Total 350.03 (137.22) 212.81 673.13 88.16 761.29
Employee benefits 384.73 84.71 (33.16) (2.30) - 433.98 433.98 -
*Deferred Tax (Expense)/ Benefit
Deferred income 41.71 (6.91) - - - 34.80 34.80 -
Provisions 171.36 (8.24) - - - 163.12 163.12 -
(c) Amounts recognized directly in equity
Other Current liabilities 354.91 166.29 - - - 521.20 521.20 -
I in crore
Deferred Tax on Inter-company 5.43 (0.38) - - - 5.05 5.05 -
2023-24 2022-23 transaction
Tax (expense)/ Tax (expense)/ Other items 88.59 (51.70) - - - 36.89 36.89 -
Particulars Before tax benefit Net of tax Before tax benefit Net of tax
Tax assets (Liabilities) (7,920.55) 84.39 (137.22) (2.30) - (7,975.68) 1,532.46 (9,508.14)
Dividend Income of "BPCL ESPS Trust"
(Refer Note No. 45)
Current Tax 17.09 (6.13) 10.96 4.10 (1.47) 2.63
Sale of Equity Shares held by "BPCL
ESPS Trust"
Current Tax 375.83 (19.50) 356.33 - - -
TOTAL 392.92 (25.63) 367.29 4.10 (1.47) 2.63

385

(f) Movement in deferred tax balances NOTE 29 OTHER NON-CURRENT LIABILITIES (CONSOLIDATED)
As at March 31, 2023 As at As at
Net balance Recognized Recognized Recognized Particulars March 31, 2024 March 31, 2023
As at in profit Recognized in Short/ directly in Net Deferred Deferred
Particulars April 1, 2022 or loss in OCI (Excess) equity Balance tax asset tax liability Deferred Income and Others* 2,070.12 1,912.51
Deferred tax Asset/(Liabilities) Total 2,070.12 1,912.51
Property, plant and equipment (8,868.16) (337.81) - - - (9,205.97) - (9,205.97) *Deferred Income includes unamortized portion of Government Grants amounting to K 1,448.45 crore (Previous year I 1,327.49 crore), comprising
Intangible assets (100.41) 29.09 - - - (71.32) - (71.32) mainly of works contract tax reimbursement, interest free loan received from State Governments as part of the fiscal incentives sanctioned for
projects, grant received from Government of India under FAME India Scheme Phase II for installation and commissioning of Electric Vehicle
Derivatives 67.96 (72.54) - - - (4.58) - (4.58) charging stations and grants received for technology development.
Inventories 68.79 0.02 - (68.80) - 0.01 0.01 -
Investments (56.48) 41.57 (5.12) - - (20.03) - (20.03) NOTE 30 CURRENT BORROWINGS (CONSOLIDATED)
Trade and other receivables 49.41 8.97 - - - 58.38 58.38 - I in crore
Loans and borrowings 276.52 (0.29) - - - 276.23 276.23 - As at As at
Employee benefits 454.43 (181.51) 93.28 18.53 - 384.73 384.73 - Particulars March 31, 2024 March 31, 2023
Loans Repayable on Demand
Deferred income 30.23 11.48 - - - 41.71 41.71 -
Secured
Provisions 144.89 26.47 - - - 171.36 171.36 -
From banks
Other Current liabilities 177.81 177.10 - - - 354.91 354.91 -
Working capital loans / Cash Credit* 1,475.00 1,850.00
Unabsorbed Depreciation 1,202.85 - - (1,202.85) - - - -
Current maturities of long-term borrowings (Refer Note 25) - 650.22
Deferred Tax on Inter-company 34.77 (29.34) - - - 5.43 5.43 -
transaction
From Others
Loans through Clearcorp Repo Order Matching System (CROMs) of Clearing Corporation 1,699.96 0.00
Other items 141.67 (53.08) - - - 88.59 88.59 -
of India Limited**
Tax assets (Liabilities) (6,375.72) (379.87) 88.16 (1,253.12) - (7,920.55) 1,381.35 (9,301.90)
Loans through Triparty Repo Settlement System (TREPS) of Clearing Corporation of India 299.83 0.00
Limited***
(g) As at March 31, 2024, undistributed earning of subsidiaries and equity accounted investees - share of joint ventures
Unsecured
amounted to K 1,354.94 crore (Previous year: I 1,089.69 crore) on which corresponding deferred tax liability was
From banks
not recognized because the Company controls the dividend policy of its subsidiaries and is able to veto the payment
Working Capital Loan/ Cash Credit 2,100.00 1,900.00
of dividends of its joint ventures - i.e. the Company controls the timing of reversal of the related taxable temporary
Foreign Currency Loans - Revolving Credit 1,667.48 3,412.00
differences and management is satisfied that they will not reverse in the foreseeable future.
Current maturities of long-term borrowings (Refer Note 25) 10,519.33 8,833.34
(h) As at March 31, 2024, “Undistributed Reserves- Associates” amounted to K 4,124.92 crore (Previous year: I 3,473.87 Current Maturities of Long-Term Borrowings (Refer Note 25) 846.19 2,439.69
crore) on which the Corporation has estimated the Deferred Tax Liability (Net) amounted to NIL (Previous Year: NIL) Total 18,607.79 19,085.25
(i) Tax losses carried forward * Secured in favour of the participating banks ranking pari passu inter-alia by hypothecation of raw materials, finished goods, stock- in- process,
book debts, stores, components and spares and all movables both present and future. (Refer Note no. 13 and 15)
Deferred tax assets have not been recognized in respect of the following items, because it is not probable that future
taxable profit will be available against which the Group can use the benefits therefrom: **The Corporation has Triparty Repo Settlement System limits from Clearing Corporation of India Limited, the borrowing against which was
K 299.83 crore as at March 31, 2024 (Previous Year Nil). These limits are secured by 7.59% Government Stock 2026 of face value aggregrating
I in crore
to K 370.00 crore (Previous Year I 370.00 crore). (Refer Note no. 14)
As at March 31, 2024 As at March 31, 2023 ***The Corporation has Clearcorp Repo Order Matching Systems (CROMs) limits from Clearing Corporation of India Limited, the borrowing
Particulars Gross amount^ Expiry date Gross amount Expiry date against which was K 1699.96 crore as at March 31, 2024 (Previous Year Nil). These limits are secured by Oil Marketing Companies GOI Special
Bonds of face value aggregrating to K 3,882.37 crore (Previous Year Nil). (Refer Note no. 14)
Business loss - - 3.50 2023-24
Business loss 105.75 2024-25 105.75 2024-25 The borrowings from banks and financial institutions have been used for the purposes for which such loans were taken.
Business loss 147.69 2025-26 147.69 2025-26 The quarterly returns or statements of current assets filed by the Corporation with banks or financial institutions are in
Business loss 25.58 2026-27 25.58 2026-27 agreement with the books of accounts for FY 2022-23 and FY 2023-24.
Business loss 110.25 2027-28 110.25 2027-28
Business loss 183.03 2028-29 183.03 2028-29
Business loss 74.35 2029-30 74.35 2029-30
Business loss - 2030-31 - 2030-31
Business loss - 2031-32 - -
TOTAL Business Loss 646.65 650.15
Unabsorbed Depreciation 1.32 No expiry date 8.08 No expiry date
^ The figures of previous year have been adjusted for change in Foreign Exchange rate wherever applicable for reporting as on March 31, 2024.
Further, previous years figures have been restated as per tax returns filed during the year, wherever applicable.
The corporation offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets
& current tax liabilities and the deferred tax assets & deferred tax liabilities related to income taxes levied by the same
tax authority.

387

NOTE 30a CURRENT LEASE LIABILITIES (CONSOLIDATED) NOTE 32 OTHER FINANCIAL LIABILITIES (CONSOLIDATED)
Current Maturities of Lease Liabilities (Refer Note 25(a)) 513.97 656.25 Interest accrued but not due on borrowings 407.17 564.30
Total 513.97 656.25 Security / Earnest Money Deposits 1,116.47 1,027.80
Deposits for Containers*^ 17,516.50 16,709.42
NOTE 31 TRADE PAYABLES (CONSOLIDATED) Unclaimed Dividend** 32.04 31.07
Dues to Micro Enterprises and Small Enterprises 433.46 307.74
I in crore
As at As at
Derivative Liabilities - 0.55
Particulars March 31, 2024 March 31, 2023 CSR Liability 157.49 108.92
Total Outstanding dues of Micro Enterprises and Small Enterprises 276.89 273.59 Other Liabilities 3,094.69 2,600.31
Total Outstanding dues of creditors other than Micro Enterprises and Small Enterprises 28,028.92 23,750.67 Total 22,757.82 21,350.11
(Refer Note No. 46)
*Includes deposits received under Rajiv Gandhi Gramin LPG Vitrak Yojana and Pradhan Mantri Ujjwala Yojana (Central Scheme) K 4,206.33
Total 28,305.81 24,024.26
crore (Previous year I 3,839.44 crore). The deposit against these schemes have been funded from CSR fund and Government of India.
Ageing of Trade Payables as at March 31, 2024: ^Based on past trends, it is expected that settlement towards the deposit for containers would be insignificant in next 12 months.
I in crore **No amount is due at the end of the period for credit to Investors Education and Protection Fund.
Outstanding for following periods from
the due date NOTE 33 OTHER CURRENT LIABILITIES (CONSOLIDATED)
Less than More than
I in crore
As at As at
Undisputed Trade Payables Particulars March 31, 2024 March 31, 2023
Micro Enterprises and Small Enterprises - 276.49 - - - - 276.49 Advances from Customers 925.06 1,106.00
Others 1,548.89 23,264.36 1,288.64 88.29 25.94 79.66 26,295.78 Statutory Liabilities 5,635.70 5,723.00
Disputed Trade Payables Other (Deferred Income etc.)* 504.50 196.00
Micro Enterprises and Small Enterprises - 0.40 - - - - 0.40 Total 7,065.26 7,025.00
Others 391.56 7.72 325.51 789.50 23.01 195.84 1,733.14 *Deferred Income includes unamortized portion of Government Grants amounting to K 114.31 crore (Previous year: I 95.73 crore), comprising
mainly of works contract tax reimbursement, interest free loan received from State Governments as part of the fiscal incentives sanctioned for
Total 1,940.45 23,548.97 1,614.15 877.79 48.95 275.50 28,305.81
projects, grant received from Government of India under FAME India Scheme phase II for installation and commissioning of Electric Vehicle
charging stations and grants received for technology development.
Ageing of Trade Payables as at March 31, 2023:
I in crore NOTE 34 PROVISIONS (CONSOLIDATED)
Outstanding for following periods from I in crore
the due date
As at As at
Less than More than Particulars March 31, 2024 March 31, 2023
Provision for employee benefits (Refer Note No. 48) 2,223.32 2,202.42
Undisputed Trade Payables Others (Refer Note No. 54)* 799.97 526.86
Micro Enterprises and Small Enterprises - 272.83 - - - - 272.83 Total 3,023.29 2,729.28
Others 728.03 20,787.11 524.72 34.34 44.76 46.43 22,165.39
*Above includes deposits/ claims made of K 83.35 crore (Previous year I 90.19 crore) netted of against provisions.
Disputed Trade Payables
Micro Enterprises and Small Enterprises - 0.76 - - - - 0.76 NOTE 35 CURRENT TAX LIABILITIES (NET) (CONSOLIDATED)
Others 362.94 15.21 999.33 19.90 27.51 160.38 1,585.27 I in crore
Total 1,090.97 21,075.91 1,524.05 54.24 72.27 206.81 24,024.26 As at As at
Current tax liabilities (Net of taxes paid) 609.44 0.98
Total 609.44 0.98

389

NOTE 36 REVENUE FROM OPERATIONS (CONSOLIDATED) NOTE 39 PURCHASE OF STOCK-IN-TRADE (CONSOLIDATED)

Particulars 2023-24 2022-23 Particulars 2023-24 2022-23
(A) (i) Sales Petroleum Products 1,64,774.36 1,98,752.64
Petroleum Products* 5,05,202.25 5,25,631.92 Crude Oil 252.41 852.68
Crude Oil 373.58 985.92
Others 206.07 278.82
5,05,575.83 5,26,617.84
Total 1,65,232.84 1,99,884.14
(ii) Subsidy from Central and State Governments# 22.14 5,628.66
5,05,597.97 5,32,246.50
(B) Other operating revenues 1,394.63 1,300.79
NOTE 40 CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE AND WORK-IN-
Total 5,06,992.60 5,33,547.29
PROGRESS (CONSOLIDATED)
I in crore
*The MoPNG, vide letter dated April 30, 2020 had conveyed to Oil Marketing Companies (OMCs) that where Market Determined Price (MDP)
of LPG cylinders is less than its Effective Cost to Customer (ECC), the OMCs will retain the difference in a separate buffer account for future Particulars 2023-24 2022-23
adjustment. The cumulative net negative buffer as on March 31, 2023 of I 848.74 crore have been recognized as a part of Revenue from operation Value of opening stock of
upon its recovery during the period April to March 2024.
Finished goods 16,851.87 13,628.48
# During
the previous year, one-time grant of I 5,582.00 crore for under recoveries from sale of Domestic LPG has been shown under “Subsidy
Stock-in-Trade 6,762.29 8,616.27
from Central and State Governments”.
Work-in-progress 3,007.82 3,399.99
NOTE 37 OTHER INCOME (CONSOLIDATED) 26,621.98 25,644.74

Less: Value of closing stock of
I in crore
Finished goods 18,949.87 16,851.87
Stock-in-Trade 7,121.26 6,762.29
Interest Income on
Work-in-progress 2,540.69 3,007.82
Instrument measured at FVTPL 296.23 296.23
28,611.82 26,621.98
Instrument measured at amortized Cost 1,077.08 430.42
Net (increase) / decrease in inventories of Finished goods, Stock-in-Trade and Work-in-progress (1,989.84) (977.24)
Income Tax Refund - 38.76
Dividend Income
NOTE 41 EMPLOYEE BENEFITS EXPENSES (CONSOLIDATED)
Dividend Income from non - current equity instruments at FVOCI 52.56 52.16
I in crore
Net gains on fair value changes of
Instruments measured at FVTPL@ 52.13 -
Salaries and wages 2,709.17 2,101.16
Derivatives at FVTPL$ 12.57 -
Contribution to Provident and Other Funds 223.03 297.72
Gain on Buy Back of Shares by Associate - 15.53
Staff welfare expenses 644.97 376.13
Write back of liabilities no longer required 5.15 17.34
Total Employee benefits expense 3,577.17 2,775.01
Others# 739.01 647.78
Total 2,234.73 1,498.22
NOTE 42 FINANCE COSTS (CONSOLIDATED)
@ Current year amount includes gain on sale of investments of K 56.72 crore. During previous year, Net losses on fair value changes of
Instrument measured at FVTPL of I 193.07 crore has been grouped under Other Expenses. I in crore
$ During
previous year, Net losses on fair value changes of Derivatives measured at FVTPL of I 1,055.81 crore has been grouped under Other
Expenses. Interest Expense* 4,017.76 3,930.29
# Includes
Interest on shortfall in payment of income tax 82.65 -
amortization of capital grants K 97.19 crore (Previous year: I 85.67 crore)
Other borrowing costs 10.41 29.14
NOTE 38 COST OF MATERIALS CONSUMED (CONSOLIDATED) Exchange difference regarded as an adjustment to borrowing costs 38.07 303.34
Total 4,148.89 4,262.77
I in crore
Particulars 2023-24 2022-23 *Includes K 691.94 crore (Previous year: I 682.22 crore) recognized during the year as interest cost against Lease Liabilities as per Ind AS 116.
Opening Stock 9,903.71 15,119.95

Add: Purchases 2,15,497.51 2,29,089.15
Less: Closing Stock (12,548.07) (9,903.71)
Total 2,12,853.15 2,34,305.39

391

NOTE 43 OTHER EXPENSES (CONSOLIDATED) NOTE 44 (CONSOLIDATED)

I in crore In line with the General Circular No. 39/2014, dated October 14, 2014, issued by the Ministry of Corporate Affairs, the
Particulars 2023-24 2022-23 disclosures relevant to Consolidated Financial Statements only have been provided.
Transportation 10,368.37 9,330.76
NOTE 45 (CONSOLIDATED)
Irrecoverable Taxes and other levies 2,093.13 2,686.12
As per the scheme of amalgamation of the erstwhile Kochi Refineries Limited (KRL) with the Corporation approved by the
Repairs, maintenance, stores and spares consumption 2,439.32 2,067.97
Government of India, 3,37,28,737 equity shares of the Corporation were allotted (in lieu of the shares held by the Corporation
Power and Fuel 13,873.60 15,092.26
in the erstwhile KRL) to a Trust (“BPCL Trust for Investment in Shares”) for the benefit of the Corporation in the Financial
Less: Consumption of fuel out of own production (10,263.73) (11,071.40) Year 2006-07. Pursuant to the Bonus Shares issuances by the Corporation, “BPCL Trust for Investment in Shares” held
Power and Fuel consumed (net) 3,609.87 4,020.86 20,23,72,422 equity shares of the Corporation as at April 1, 2020.
Packages consumed 220.14 212.77
During FY 2020-21, Corporation had announced BPCL Employee Stock Purchase Scheme (ESPS) 2020 and created “BPCL
Net losses on fair value changes of
ESPS Trust” for the purpose of acquiring shares for allotting to eligible employees. Accordingly, “”BPCL ESPS Trust”” had
Instruments measured at FVTPL^ - 193.07 purchased 4,33,79,025 Equity shares from “BPCL Trust for Investment in Shares” in October 2020. The proportionate cost
Derivatives measured at FVTPL# - 1,055.81 of “BPCL Trust for Investment in Shares” was recognized as cost of shares held by “BPCL ESPS Trust”.
Office Administration, Selling and Other expenses
Further, during FY 2020-21, 12,60,33,090 Equity Shares were sold from “BPCL Trust for Investment in Shares” via Bulk
Rent 667.37 869.88 Deal on Stock Exchange for Net Consideration of I 5,511.79 crore. Accordingly, Securities Premium of I 5,101.31 crore was
Utilities 497.16 415.75 recognized after adjusting the corresponding cost of I 410.48 crore (including Face Value of Equity Shares of I 126.03 crore)
Terminalling and related charges 243.62 238.03 under Total Equity.
Travelling and conveyance 287.55 257.90
During FY 2021-22, Corporation allotted 3,65,42,077 shares to eligible employees on exercise of options by employees
Remuneration to auditors under BPCL Employee Stock Purchase Scheme (ESPS) 2020. Accordingly, Securities Premium of I 1,204.88 crore was
Audit fees 4.47 4.06 recognized after adjusting the corresponding cost of I 119.01 crore (including Face Value of Equity Shares of I 36.54 crore)
Fees for other services - Certification 0.58 0.63 under Total Equity.
Reimbursement of Expenses 0.14 0.12 Further, during FY 2023-24, 68,36,948 Equity Shares were sold from “BPCL ESPS Trust” via block Deal on Stock Exchange
Sub-Total 5.19 4.81 for Net Consideration of K 378.60 crore (Net of Tax). Accordingly, Securities Premium of K 356.33 crore was recognized after
Bad debts and other write offs 2.87 77.56 adjusting the corresponding cost of K 22.27 crore (including Face Value of Equity Shares of I 6.84 crore) under Total Equity.
Allowance for doubtful debts & advances (net) 31.39 176.01
Consequent to the above, “BPCL ESPS Trust” and “BPCL Trust for Investment in Shares” held NIL and 3,29,60,307 equity
Loss on sale of Property, Plant and Equipment/Non-Current 0.14 10.72 shares of the Corporation respectively as at March 31, 2024.
asset held for sale (net)*
Net losses on foreign currency transactions and The cost of the original investment together with the additional contribution to the corpus of above trusts have been reduced
translations from “Paid-up Share Capital” to the extent of face value of the shares and from “Other Equity” under separate reserves for
Exchange (gains)/ losses on foreign currency forwards (0.55) (0.79) the balance amount. The income received from “BPCL Trust for Investment in Shares” and the impact on consolidation of
and principal only swap contracts “BPCL ESPS Trust” has been recognized directly under “Other Equity”.
Exchange (gains)/ losses on transactions and 180.29 1,505.12
Accordingly the details of shares held by “BPCL Trust for Investment in Shares” and “BPCL ESPS Trust” and its corresponding
translations of other foreign currency assets and
liabilities cost adjustment in Total Equity is as under:
Sub-total 179.74 1,504.33 As at March 31, 2024 As at March 31, 2023
CSR Expenditure 206.76 191.63 Corresponding Cost adjusted under Corresponding Cost adjusted under
Impairment loss@ 83.03 62.59 Paid-up Share Paid-up Share
Capital Other Equity Capital Other Equity
Others$ 3,392.03 2,935.20 No. of No. of
Sub-Total-Office Administration, Selling and Other 5,596.85 6,744.41 Particulars shares K in crore K in crore shares K in crore K in crore
expenses BPCL Trust for Investment in
Total 24,327.68 26,311.77 Shares
Opening Balance 3,29,60,307 32.96 74.39 3,29,60,307 32.96 74.39
^During current year, Net gains on fair value changes of Instrument measured at FVTPL of K 52.13 crore has been grouped under Other Income.
Amount of previous year includes gain on sale of investments of I 2.32 crore. Movements during the year - - - - - -
# During
Closing Balance 3,29,60,307 32.96 74.39 3,29,60,307 32.96 74.39
current year, Net gains on fair value changes of Derivatives measured at FVTPL of K 12.57 crore has been grouped under Other Income.
BPCL ESPS Trust
@Includes Impairment Loss on Non-current assets held for sale of K 46.10 crore (Previous Year: I 31.50 crore). Opening Balance 68,36,948 6.84 15.43 68,36,948 6.84 15.43
$Includes K 333.44 crore (Previous Year: I 292.34) towards first refill and hot plate given under Pradhan Mantri Ujjwala Yojana 2.0 Less: Shares sold via Block (68,36,948) (6.84) (15.43) - - -
deal on Stock exchange
Closing Balance - - - 68,36,948 6.84 15.43

393

NOTE 46 (CONSOLIDATED) e) Maturity Analysis of Lease Liabilities as per Ind AS 116 Leases
The Group has numerous transactions with other oil companies. The outstanding balances (included under Trade Payables/
I in crore
Trade Receivables, etc) from them and certain other outstanding credit and debit balances are subject to confirmation/
reconciliation. Adjustments, if any, arising therefrom are not likely to be material on settlement and are accounted as and
when ascertained.
Undiscounted Cash outflows 1,182.38 2,083.19 1,891.11 11,741.17 16,897.85
NOTE 47: DISCLOSURES AS PER IND AS 116 LEASES [CONSOLIDATED]
I in crore
The Group enters into lease arrangements for land, godowns, office premises, staff quarters, third party operating plants,
tank lorries, time charter vessels and others. Pursuant to Ministry of Corporate Affairs Notification dated 30th March 2019,
Ind AS 116 “Leases” applicable w.e.f April 1, 2019 is adopted by the Group using modified retrospective method wherein,
at the date of initial application, the lease liability is measured at the present value of remaining lease payments and Right- Undiscounted Cash outflows 1,263.32 1,809.55 1,809.16 12,509.15 17,391.18
of-Use asset has been recognized at an amount equal to lease liability adjusted by an amount of any prepaid expenses.
Under Ind AS 116 “Leases”, at commencement of lease, the Group recognizes Right-of-use asset and corresponding Lease B. Leases as Lessor
Liability. Right-of-use asset is depreciated over lease term on systematic basis and Interest on lease liability is charged to
Statement of Profit and Loss as Finance cost. Operating Leases
a) The Group enters into operating lease arrangements in respect of lands, commercial spaces, storage and distribution
A. Leases as Lessee facilities etc. The details are as follows:
a) The following is the detailed breakup of Right-of-Use assets (by class of underlying assets) included in Property, Plant
and Equipment (Refer Note 2) As at March 31, 2024
I in crore
I in crore
Furnitures
Gross Block Depreciation Net Carrying Amount Freehold Plant and Tanks & and Office ROU
Reclassifications Reclassifications Particulars Land Buildings Equipments Pipelines Fixtures Equipment Assets
As at / Deductions As at Up to / Deductions Up to As at As at Gross Carrying Amount 25.43 103.34 3.95 0.86 7.56 2.68 2.94
April On Account Of March March For the On Account Of March March March
Particulars 1, 2023 Additions Conclusion 31, 2024 31, 2023 Year Conclusion 31, 2024 31, 2024 31, 2023 Accumulated depreciation - 19.25 2.80 0.01 5.32 2.06 0.58
1 Land 6,323.87 441.73 74.07 6,691.53 743.05 254.40 18.49 978.96 5,712.57 5,580.82 Depreciation for the year - 2.98 0.18 0.00 0.23 0.05 0.13
2 Buildings 72.99 80.91 5.33 148.57 27.36 24.17 3.20 48.33 100.25 45.63
including
Roads As at March 31, 2023
3 Plant and 4,844.36 13.91 - 4,858.27 996.38 298.66 - 1,295.04 3,563.23 3,847.98 I in crore
Equipments
Furnitures
4 Tanks and 111.36 9.88 - 121.24 41.61 27.36 - 68.97 52.27 69.75 Freehold Plant and Tanks & and Office ROU
Pipelines Particulars Land Buildings Equipments Pipelines Fixtures Equipment Assets
5 Vessels 803.00 457.28 803.47 456.81 467.17 376.89 803.47 40.59 416.22 335.83 Gross Carrying Amount 25.43 93.41 3.56 0.86 7.08 2.62 1.02
Total 12,155.58 1,003.71 882.87 12,276.42 2,275.57 981.48 825.16 2,431.89 9,844.53 9,880.01 Accumulated depreciation - 16.77 2.63 0.01 5.15 2.05 0.31
Previous Year 10,481.80 1,802.69 128.91 12,155.58 1,334.75 964.84 24.02 2,275.57 9,880.01 Depreciation for the year - 2.84 0.19 # 0.20 0.05 0.10
b) The following expenses have been charged to Statement of Profit and Loss during the period #` 6,949
I in crore b) Income earned from Operating Leases recognized in statement of profit and loss during FY 2023-24 is K 37.61 crore
Particulars 2023-24 2022-23 (Previous year ` 31.58 crore) [Of which Variable lease payments that do not depend on index or rate is K 11.26 crore
Interest on Lease Liabilities 691.94 682.22
(Previous year ` 12.18 crore)].
Expenses relating to short-term leases 1,825.81 1,650.37 c) The maturity analysis of lease payments receivable under Operating leases is as follows:
Expenses relating to leases of low value items 11.31 6.20
I in crore
Expenses relating to variable lease payments (not included in measurement of lease liabilities) 6,397.38 6,147.71
c) Total Cash outflow for leases during FY 23-24 is K 8,847.64 crore (Previous year I 8,379.79 crore). Undiscounted Lease Payments 3.18 3.15 1.56 0.97 0.31 3.19 12.36
receivable
d) Income from Sub leasing of Right-of-use assets recognized in statement of profit and loss during FY 23-24 is K 0.99
crore (Previous year ` 0.98 crore). I in crore
receivable

395

NOTE 48 EMPLOYEE BENEFITS (CONSOLIDATED) Movement in net defined benefit (asset)/ liability
[A] Post Employment Benefit Plans: I in crore

Post Retirement
Defined Contribution Scheme Gratuity Medical Gratuity Ex-Gratia Scheme
Funded Funded Non-Funded Non-Funded
Defined Contribution Scheme (DCS) was introduced effective Jan 1, 2007 and a defined percentage of the salary of
Particulars 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23
eligible employees out of their total entitlements on account of superannuation benefits is contributed by the Corporation
a) Reconciliation of balances of Defined Benefit Obligations.
towards the same. A portion of up to 10% of the salary of the eligible employees is currently being contributed to GOI
Defined Obligations at the beginning of 825.87 842.00 2,258.45 1,812.07 0.11 11.71 633.03 642.40
managed PFRDA (Pension Fund Regulatory and Development Authority) National Pension Scheme (NPS) and the
the year
balance is being contributed to separate Trusts managed by the Corporation.
Change in plan on common control - 11.31 - - - (11.31) - -
transaction#
I in crore
Interest Cost 61.50 60.47 170.06 132.10 0.01 0.26 47.41 46.83
Amount recognized in the Statement of Profit and Loss 2023-24 2022-23
Current Service Cost 13.64 13.76 43.68 32.23 0.02 0.03 6.20 6.67
Defined Contribution Scheme 31.63 109.79 Past Service Cost - - 213.09 (22.09) - - - -
Liability Transferred in/ Acquisitions 0.21 - - - - - - -
Defined Benefit Plans Benefits paid (84.08) (89.76) (96.96) (101.61) - (0.36) (49.47) (48.08)
The Group has the following Defined Benefit Plans:- Actuarial (Gains)/ Losses on obligations - - - - - - - -
- Changes in financial Assumptions 17.34 (15.33) 281.44 (36.44) ## (0.54) 13.51 (9.71)
Gratuity: - Experience adjustments 33.54 3.42 (467.97) 442.19 (0.03) 0.32 3.21 (5.08)
Defined Obligations at the end of the year 868.02 825.87 2,401.79 2,258.45 0.11 0.11 653.89 633.03
The Corporation has a Defined Benefit Gratuity plan managed by a Trust. Trustees administer the contributions made ## is I 2,899
to the Trust, investments thereof etc. Based on actuarial valuation, the contribution is paid to the trust which is invested
b) Reconciliation of balances of Fair Value of Plan Assets
in plan assets as per the investment pattern prescribed by the Government. Gratuity is paid to a staff member who has
Fair Value at the beginning of the year 816.36 842.45 1,960.77 1,913.29 615.70 196.26
put in a minimum qualifying period of 5 years of continuous service, on superannuation, resignation, termination or to
Interest income (i) 60.78 60.51 147.65 141.58 46.12 32.89
his nominee on death.
Return on Plan Assets, excluding interest 0.41 6.53 31.65 (2.55) (5.65) 3.92
income(ii)
Other Defined Benefits include: Actual Return on Plan assets (i+ii) 61.19 67.04 179.30 139.03 40.47 36.81
(a) Post Retirement Medical Scheme (managed by a Trust) for eligible employees, their spouse, dependent children Contribution by employer 9.51 - 486.30 - 17.33 430.71
and dependent parents; Contribution by employee - - 1.79 1.27 - -
Assets transferred in/ Acquisitions 0.21 - - - - -
(b) Pension / Ex-Gratia scheme to the retired employees who are entitled to receive the monthly pension / ex-gratia Amount Reimbursed by Trust - (9.43) - - - -
for life; Benefits paid (83.03) (83.70) (96.96) (92.82) (49.39) (48.08)
(c) Death in service/ Permanent Disablement benefit given to the spouse of the employee/ employee, provided the Fair Value of Plan Assets at the end of 804.24 816.36 2,531.20 1,960.77 624.11 615.70
the year
deceased’s family/ disabled employee deposits with the Corporation, retirement dues such as Provident Fund,
c) Liabilities/(Assets) recognized in 63.78 9.51 (129.41) 297.68 0.11 0.11 29.78 17.33
Gratuity, Leave Encashment etc., payable to them;
Balance sheet (a-b)
(d) Resettlement allowance paid to employees to permanently settle down at the time of retirement; d) Amount recognized in Statement of
Profit and Loss
(e) Felicitation benefits to retired employees on reaching the age related milestones; and Current Service Cost 13.64 13.76 43.68 32.23 0.02 0.03 6.20 6.67
Past Service Cost - - 213.09 (22.09) - - - -
(f)
The Corporation makes contribution towards Provident Fund, which is administered by the trustees. The
Interest Cost 61.50 60.47 170.06 132.10 0.01 0.26 47.41 46.83
Corporation has an obligation to fund any shortfall on the yield of the trust’s investments over the interest rates
Interest income (60.78) (60.51) (147.65) (141.58) - - (46.12) (32.89)
declared by the Government under EPF scheme.
Contribution by employee - - (1.79) (1.27) - - - -
These defined benefit plans expose the Group to actuarial risks, such as longetivity risk, interest rate risk, and market Expenses for the year 14.36 13.72 277.39 (0.61) 0.03 0.29 7.49 20.61
(investment) risk. e) Amount recognized in Other
Comprehensive Income Remeasurements:
Actuarial (Gains)/ Losses
- Changes in financial assumptions 17.34 (15.33) 281.44 (36.44) ## (0.54) 13.51 (9.71)
- Experience adjustments 33.54 3.42 (467.97) 442.19 (0.03) 0.32 3.21 (5.08)
Return on plan assets excluding net (0.41) (6.53) (31.65) 2.55 - - 5.65 (3.92)
interest cost
Total 50.47 (18.44) (218.18) 408.30 (0.03) (0.22) 22.37 (18.71)
## is I 2,899

397

Post Retirement Death / Permanent Re-settlement Burmah Shell Felicitation
Gratuity Medical Gratuity Ex-Gratia Scheme disablement Allowance Pension Scheme
Funded Funded Non-Funded Non-Funded Non-Funded Non-Funded Non-Funded Non-Funded
Particulars 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 Particulars 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23
f) Major Actuarial Assumptions d) Amount recognized in Other Comprehensive Income Remeasurements:
Discount Rate (%) 7.22 7.50 7.24 7.53 7.16 7.27 - 7.21 7.49 Actuarial (Gains)/ Losses
7.64
- Changes in financial assumptions 0.33 (3.57) 0.50 (0.31) 0.19 (0.83) 2.06 (0.90)
Salary Escalation/ Inflation (%) 8.00 8.00 NA NA 8.00 5.00 - NA NA
8.00 - Experience adjustments 5.48 8.34 5.80 (2.75) 0.14 0.11 (0.90) (0.42)
Expected Return on Plan assets (%) 7.22 7.50 7.24 7.53 NA NA 7.21 7.49 Total 5.81 4.77 6.30 (3.06) 0.33 (0.72) 1.16 (1.32)
g) Investment pattern for Fund e) Major Actuarial Assumptions
Category of Asset
Discount Rate (%) 7.17 7.30 7.22 7.50 7.17 7.35 7.24 7.53
Government of India Securities (%) 14.51 16.29 18.47 24.22 11.25 13.46
Corporate Bonds (%) 2.36 1.35 25.37 32.43 24.00 22.69
Insurer Managed funds (%) 78.80 81.32 - - - - Sensitivity analysis
State Government Securities (%) 2.96 0.46 42.05 35.45 56.06 54.73 Sensitivity analysis for significant actuarial assumptions, showing how the defined benefit obligation would be affected,
Others (%) 1.37 0.58 14.11 7.90 8.69 9.12 considering increase/decrease of 1% as at March 31, 2024 is as below:
Total (%) 100.00 100.00 100.00 100.00 100.00 100.00
I in crore
The estimates for future salary increases, considered in actuarial valuation, take into account inflation, seniority, Post Burmah Death/
promotion and other relevant factors. Retirement Exgratia Gratuity shell Permanent Resettlement Felicitation
Gratuity - Medical - scheme- - Non- Pension- Disablement- allowance- Scheme -
The expected return on plan assets is based on market expectation at the beginning of the period, for returns over the Particulars Funded Funded Funded Funded Non-Funded Non-Funded Non-Funded Non-Funded
entire life of the related obligations. + 1% change in rate of (58.77) (306.13) (45.72) (#) (1.05) (2.48) (1.70) (6.70)
Discounting
For the funded plans, the trusts maintain appropriate fund balance considering the analysis of maturities. Projected Unit
- 1% change in rate of 68.34 391.54 53.41 # 1.13 2.66 2.00 7.98
credit method is adopted for Asset-Liability Matching. Discounting
In respect of investments made by Post Retirement Medical Benefits Trust, total Provision as at March 31, 2024 was + 1% change in rate of Salary 11.95 - - # - - - -
increase
K 25.50 crore (as at March 31, 2023: I 25.50 crore).
- 1% change in rate of Salary (14.00) - - (#) - - - -
Past Service cost in respect of Post Retirement Medical Benefits is recognized during both FY 2023-24 and FY 2022-23 increase
on account of amendment in the member eligibility criteria of the scheme. # is I 10,300
# During FY 2022-23, Graruity undunded scheme of Bharat Oman refineries Limited has been merged with BPCL Gratuity Fund and thereafter
the liability for the same has been assumed by Corporation in respect of all these employees. Sensitivity analysis for significant actuarial assumptions, showing how the defined benefit obligation would be affected,
considering increase/decrease of 1% as at March 31, 2023 is as below:
Movement in net defined benefit (asset)/ liability I in crore
I in crore Post Exgratia Burmah Death/

Retirement scheme- Gratuity shell Permanent Resettlement Felicitation
Death / Permanent Re-settlement Burmah Shell Felicitation Gratuity - Medical - Non- - Non- Pension- Disablement- allowance- Scheme -
disablement Allowance Pension Scheme Particulars Funded Funded Funded Funded Non-Funded Non-Funded Non-Funded Non-Funded
Non-Funded Non-Funded Non-Funded Non-Funded + 1% change in rate of (55.94) (250.68) (44.31) (0.01) (1.21) (2.71) (1.11) (6.34)
Particulars 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 Discounting
a) Reconciliation of balances of Defined Benefit Obligations. - 1% change in rate of 65.02 307.42 51.78 0.01 1.29 2.92 1.29 7.54
Discounting
Defined Obligations at the beginning of 8.03 9.87 16.29 16.60 45.59 53.39 74.05 71.58
the year + 1% change in rate of Salary 12.06 - - 0.01 - - - -
increase
Interest Cost 0.59 0.60 1.22 1.20 3.35 3.58 5.55 5.25
- 1% change in rate of Salary (14.01) - - (0.01) - - - -
Current Service Cost - - 3.44 3.56 - - 1.37 1.37
increase
Benefits paid (6.73) (7.21) (3.04) (2.01) (9.53) (10.66) (2.93) (2.83)
Actuarial (Gains)/ Losses on obligations Sensitivity for significant actuarial assumptions is computed by varying one actuarial assumption used for the valuation
- Changes in financial Assumptions 0.33 (3.57) 0.50 (0.31) 0.19 (0.83) 2.06 (0.90)
keeping all other actuarial assumptions constant.
- Experience adjustments 5.48 8.34 5.80 (2.75) 0.14 0.11 (0.90) (0.42)
Defined Obligations at the end of the year 7.70 8.03 24.21 16.29 39.74 45.59 79.20 74.05
b) Amount recognized in Balance sheet 7.70 8.03 24.21 16.29 39.74 45.59 79.20 74.05
c) Amount recognized in Statement of Profit and Loss
Current Service Cost - - 3.44 3.56 - - 1.37 1.37
Interest Cost 0.59 0.60 1.22 1.20 3.35 3.58 5.55 5.25
Expenses for the year 0.59 0.60 4.66 4.76 3.35 3.58 6.92 6.62

399

The expected future cash flows as at March 31, 2024 are as follows NOTE 49 RELATED PARTY TRANSACTIONS (CONSOLIDATED)
I in crore
a) Names of the Related parties
Burmah
Post shell Death/
Retirement Exgratia Gratuity Pension- Permanent Resettlement Felicitation
I Joint Venture & Associate Companies
Gratuity - Medical - scheme- - Non- Non- Disablement- allowance- Scheme - 1 Indraprastha Gas Limited (Including IGL Genesis Technologies Limited)
Particulars Funded Funded Funded Funded Funded Non-Funded Non-Funded Non-Funded
2 Petronet India Limited *
Projected benefits payable in
future years from the date of 3 Petronet CI Limited *
reporting
4 Petronet LNG Limited (including Petronet Energy Limited)
1st following year 93.15 107.35 49.45 - 9.36 5.07 2.99 3.98
5 Maharashtra Natural Gas Limited
2nd following year 67.09 123.29 49.43 0.12 6.50 1.60 1.44 3.71
6 Central UP Gas Limited
3rd following year 88.98 131.27 49.09 - 5.33 1.31 2.28 3.97
4th following year 89.90 140.54 48.77 - 4.33 1.06 2.41 4.66 7 Sabarmati Gas Limited
5th following year 87.65 150.16 48.36 - 3.47 0.86 2.38 5.03 8 Bharat Stars Services Private Limited (Including Bharat Stars Services (Delhi) Private Limited)
Years 6 to 10 371.52 914.87 232.60 - 8.83 2.53 10.56 30.86 9 Bharat Renewable Energy Limited*
10 Matrix Bharat Pte. Ltd.@
Other details as at March 31, 2024 11 Delhi Aviation Fuel Facility Private Limited
I in crore 12 Kannur International Airport Limited
Burmah 13 GSPL India Gasnet Limited
Post shell Death/
Retirement Exgratia Gratuity Pension- Permanent Resettlement Felicitation 14 GSPL India Transco Limited
Gratuity - Medical - scheme- - Non- Non- Disablement- allowance- Scheme -
Particulars Funded Funded Funded Funded Funded Non-Funded Non-Funded Non-Funded 15 Mumbai Aviation Fuel Farm Facility Private Limited
Weighted average duration of the 9.00 15.52 8.58 2.00 4.05 6.00 9.00 10.27 16 Kochi Salem Pipeline Private Limited
Projected Benefit Obligation(in
years) 17 BPCL-KIAL Fuel Farm Private Limited
Prescribed contribution for next year 78.43 - 29.78 - - - - - 18 Haridwar Natural Gas Private Limited
(I in crore) 19 Goa Natural Gas Private Limited
Mortality Table
20 FINO PayTech Limited (including Fino Payments Bank and Fino Finance Private Limited)
- During Employment Indian Assured Lives Mortality 2012-14 (Urban)
21 Ratnagiri Refinery and Petrochemicals Limited
- After Employment Indian Individual AMT (2012-15)
22 Ujjwala Plus Foundation (Section 8 Company)^
[B] Provident Fund: 23 IBV (Brasil) Petroleo Ltda.
The Corporation’s contribution to the Provident Fund is remitted to a separate trust established for this purpose based 24 Taas India Pte. Ltd
on a fixed percentage of the eligible employees’ salary and charged to Statement of Profit and Loss. Shortfall, if any, in 25 Vankor India Pte. Ltd
the fund’s revenues based on the EPFO specified rate of return, will need to be made good by the Corporation and is 26 Falcon Oil & Gas B.V.
charged to Statement of Profit and Loss. The actual return earned by the fund has been higher than the EPFO specified
27 Mozambique LNG1 Company Pte. Ltd
minimum rate of return in most of the earlier years. During FY 2022-23, subsequent to the merger of Bharat Oman
Refineries Limited (BORL) with the Corporation, provident fund contributions of employees of erstwhile BORL, which 28 Moz LNG1 Holding Company Ltd
were earlier deposited with the Regional Provident Fund Commissioner (RPFC), are now being remitted to Provident 29 Moz LNG1 Financing Company Ltd.
Fund Trust managed by the Corporation. 30 Mozambique LNG1 Co. Financing, LDA
During FY 2023-24, there was no settlement of defaulted securities, However, during FY 2022-23, settlement of certain 31 LLC TYNGD
defaulted securities (against which provisions were created in earlier periods) were completed. The provision against 32 JSC Vankorneft
certain defaulted securities as on March 31, 2024 is K 94.17 crore (I 94.17 crore as on March 31, 2023). Against the
33 Urja Bharat Pte. Ltd.
provision, the advance given by the Corporation to the Trust stands at K 88.73 crore as on March 31, 2024 (I 88.73
crore as on March 31, 2023). The Fund balance is sufficient to meet the fund obligations as on March 31, 2024 and 34 IHB Limited
March 31, 2023. *Companies in the process of winding up
The details of fund obligations of the Corporation are given below: @ Pursuant to in-principal approval of Board of corporation at its meeting held on October 27, 2023, process for voluntary winding up has
been initiated.
I in crore
As at As at ^ Ujjwala Plus Foundation is a Joint Venture of IOCL, BPCL and HPCL with fund contribution in the ratio of 50:25:25 respectively which was
Particulars March 31, 2024 March 31, 2023 incorporated as a company limited by guarantee (without share capital) under Section 8 of Companies Act, 2013 whereunder the Corporation
has undertaken a guarantee to contribute I 0.05 crore at the time of winding up if required. Board of Corporation at its meeting held on
Present Value of benefit obligation at period end 5,624.03 5,347.16
October 27, 2023 has accorded in-principal approval for closure of Ujjwala plus foundation.
In case of BPRL, the contribution to Provident Fund is remitted to Employees Provident Fund Organization on a fixed
percentage of the eligible employee’s salary and charged to Statement of Profit and Loss.

401

II Key Management Personnel: b) The nature wise transactions and outstanding at period end of the Group with the above Related
1 Shri Krishnakumar Gopalan, Chairman & Managing Director (w.e.f. March 17, 2023) Party are as follows:
I in crore
2 Shri Vetsa Ramakrishna Gupta, Director (Finance) (w.e.f. September 7, 2021). He was holding additional charge
of Director (Human Resources) (w.e.f. January 1, 2022 up to April 30, 2023) and additional charge of C&MD Sr.
No. Nature of Transactions 2023-24 2022-23
(w.e.f. November 1, 2022 up to March 17, 2023).
1. Purchase of goods (i) 13,096.62 15,053.47
3 Shri Sanjay Khanna, Director (Refineries) (w.e.f. February 22, 2022) 2. Sale of goods (ii) 979.01 1,006.26
4 Shri Sukhmal Kumar Jain, Director Marketing (w.e.f. August 22, 2022) 3. Rendering of Services 151.81 79.34
4. Receiving of Services 468.98 266.77
5 Shri Raj Kumar Dubey, Director HR (w.e.f. May 1, 2023)
5. Interest Income 0.89 1.01
6 Shri Arun Kumar Singh, Chairman & Managing Director (up to October 31, 2022). He was holding additional 6. Dividend Income 1,181.82 2,017.13
charge of Director (Marketing) (up to August 21, 2022)
7. Investment in Equity# 446.34 1,264.55
7 Smt. V. Kala, Company Secretary (w.e.f. February 13, 2020) 8. Repayment of Loan Given 3.75 3.75
8 Shri Harshadkumar P. Shah, Independent Director (up to July 15, 2022) 9. Management Contracts (Employees on deputation/ consultancy services) 17.84 15.61
10. Lease Rentals Income 2.35 0.66
9 Shri Pradeep Vishambhar Agrawal, Independent Director (w.e.f. November 12, 2021)
11. Guarantee given during the period 159.00 -
10 Shri Ghanshyam Sher, Independent Director (w.e.f. November 12, 2021) 12. Guarantee received during the period 13.00 -
11 Dr. (Smt) Aiswarya Biswal, Independent Director (w.e.f. November 12, 2021) 13. Buy back of shares - 27.46
14. Lease Rentals and other charges paid 0.26 0.24
12 Prof. (Dr.) Bhagwati Prasad Saraswat, Independent Director (w.e.f. November 12, 2021)
15. Refundable deposit given 0.15 0.09
13 Shri Gopal Krishnan Agarwal, Independent Director (w.e.f. November 12, 2021) 16. Capital Repayment 793.84 -
14 Smt. Kamini Chauhan Ratan, Government Nominee Director (w.e.f. December 21, 2022)
I in crore
15 Shri Gudey Srinivas, Government Nominee Director (up to September 25, 2022) S. As at As at
No. Nature of Balances March 31, 2024 March 31, 2023
16 Shri Suman Billa, Government Nominee Director (w.e.f. March 16, 2022)
17. Advance against Equity# 77.53 32.56
17 Dr. (Smt) Sushma Agarwal, Independent Director (w.e.f. March 10, 2023) 18. Provision for Advance against Equity at year end 0.54 0.54
18 Smt. Yatinder Prasad, Govt. Nominee Director (w.e.f. October 29, 2022 up to December 20, 2022) 19. Receivables at year end 2,148.57 2,338.53
20. Advance given outstanding at year end 80.00 98.30
III Retirement Benefit Fund/ Trusts 21. Payables as at year end 1,382.77 572.74
1 Indian Provident Fund of BPCL 22. Advance received outstanding at year end 3.76 3.83
2 Pension Fund of BPCL 23. Guarantee Given (Outstanding) 912.50 753.50

24. Guarantee Received (Outstanding) 103.21 90.21
3 BPCL Employees Post Retirement Medical Benefits Trust
(i) Major transactions entered with Petronet LNG Limited: K 7,644.73 crore (Previous period: I 9,140.75 crore), Falcon
4 Gratuity Fund of BPCL
Oil And Gas B.V.: K 2,863.35 crore (Previous period: I 3,693.45 crore), Indraprastha Gas Limited: K 1,423.08 crore
5 BPCL Monthly Ex-Gratia Trust (Previous period: I 1,204.63 crore).
(ii) Major transactions entered with Sabarmati Gas Ltd.: K 509.27 crore (Previous period: I 524.78 crore) and Indraprastha
Gas Limited: K 464.41 crore (Previous period: I 481.21 crore)
The outstanding balances are unsecured (except Loans outstanding) and are being settled in cash except advance against
equities which are settled in equity.
# Investment in equity is shown as a transaction only on allotment of shares. Pending such allotment, any amount paid as advance against equity
is shown as a balance outstanding at period end.

403

c) In the ordinary course of its business, the Group enters into transactions with other Government controlled entities NOTE 51 EARNINGS PER SHARE (EPS) (CONSOLIDATED)
(not included in the list above). The Group has transactions with other government-controlled entities, including but not Basic EPS is derived by way of dividing the profit for the year attributable to equity holders by the weighted average number
limited to the following: of Equity shares outstanding during the year, whereas Diluted EPS factors the effects of all dilutive potential ordinary shares.
• Sales and purchases of goods and ancillary materials;
I in crore
• Rendering and receiving of services; S.
No. Particulars 2023-24 2022-23
• Receipt of dividends; i. Profit attributable to equity holders of the Corporation for basic and diluted earnings 26,858.84 2,131.05
• Loans and advances; per equity share (K in crore)
ii. Weighted average number of ordinary shares for Basic EPS
• Depositing and borrowing money;
Issued ordinary shares as at April 1, (No. in crore) 216.93 216.93
• Guarantees; and Less: Weighted average No. of shares held by BPCL Trust for Investment in Shares (3.30) (3.30)
(No. in crore)
• Uses of public utilities.
Less: Weighted average No. of Shares held by BPCL ESPS Trust (No. in crore) (0.60) (0.68)
These transactions are conducted in the ordinary course of business on terms comparable to those with other entities that Weighted average number of shares for calculating basic EPS (in crore) 213.03 212.95
are not government controlled entities.
iii. Basic & Diluted Earning per Share (K per share) 126.08 10.01
d) Details relating to the personnel referred to in Item No. II above:

NOTE 52 (CONSOLIDATED)
I in crore
A Memorandum of Understanding (MoU) is entered between the Parent Company and the Government of India for the
purpose of performance assessment. According to MoU guidelines issued by DPE, the amount of Capex incurred by the
Short-term employee benefits 4.15 2.87
Parent Company and its proportionate share of Capex by its Subsidiaries (Group), Joint Ventures and Associates during the
Post-employment benefits 0.51 0.53 Financial year 2023-24 shall be as follows.
Other long-term benefits 0.04 0.46
I in crore
Others (including sitting fees to non-executive directors) 0.94 0.79
Capital expenditure of Group as per Consolidated Financial statements 11,082.61 9,530.29
e) The transactions and outstanding at period end with Retirement Benefit Fund/Trust for the
Corporation are as follows: Proportionate share of Capital expenditure of Joint Ventures & Associates* 1,052.93 1,822.84
TOTAL 12,135.54 11,353.13
I in crore
Particulars 2023-24 2022-23 Note: Capital expenditure for this purpose has been computed as per MoU Guidelines considering the additions in Property, Plant & Equipment;
Intangible Assets, Investment property and movements during the year in Construction Work-in-Progress (CWIP); Intangible Assets Under
Contribution to Retirement Benefit Funds/Trusts 688.57 604.19 Development (IAUD) & Capital Advances.
Advance given outstanding to Retirement Benefit Funds/Trusts 129.41 -
*Proportionate share is computed based on Audited/Management Certified Financials.
Contribution payable to Retirement Benefit Funds/Trusts 147.22 383.79
NOTE 53 IMPAIRMENT OF ASSETS (CONSOLIDATED)

NOTE 50 DUES FROM DIRECTORS / OFFICERS (CONSOLIDATED)
The Group assesses at each reporting date, whether there is an indication for impairment of assets. The Group takes
Dues from Directors is K 0.01 crore (Previous year: I 0.05 crore) and Dues from Officers is K 9.09 crore (Previous year: into consideration external and internal source of information available about the asset to check whether any indication
I 4.74 crore). for impairment exists. If any such indication exists, the corporation estimates the recoverable amount of the asset. The
recoverable amount is the higher of an asset’s fair value less cost of disposal and value in use. The value in use is assessed
based on the estimated future cash flows which are discounted to their present value using the discount rate that reflects
the time value of money and risk specific to the assets for which the future cash flows estimates have not been adjusted.
An impairment loss is recognized in the Statement of Profit and Loss to the extent asset’s carrying amount exceeds its
recoverable amount.
BPRL has considered the general business conditions on estimate of future crude oil prices, production and expenditure
estimates based on internal and external information / indicators. Based on the assessment, BPRL has carried out impairment
testing as at March 31, 2024 in respect of its Cash Generating Units (CGUs) and has recorded an impairment to the extent
the carrying amount exceeds the value in use.
For Oil and Gas assets, the expected future cash flows are estimated using Operator’s / internal estimate of production,
expenditure, reserves volumes and long-term crude oil & natural gas prices. The present value of cash flows for assets held
directly and assets held through subsidiaries are determined by applying pre-tax-discount rate of ~13.4% p.a (Previous year
~13.4% p.a).
The Group, after intra group adjustment,has recognized K 36.93 crore (Previous year I 31.09 crore) under Other Expenses/
(Other Income) in Consolidated Statement of Profit and Loss towards impairment/reversal of impairment loss of four blocks
i.e block CB-ONN_2010/22, CY/ONN/2004/2, Nunukan PSC (Indonesia) and JPDA 06-103.

405

NOTE 54 PROVISION (CONSOLIDATED) NOTE 55 FINANCIAL INSTRUMENTS (CONSOLIDATED)

In compliance of Ind AS 37 on “”Provisions, Contingent Liabilities and Contingent Assets””, the required information is
A. Accounting classification and fair values
as under:
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their
I in crore levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not
Additions during Utilization during Reversals during measured at fair value if the carrying amount is a reasonable approximation of fair value.
Nature Opening balance the year the year the year Closing balance
Excise 205.85 184.48 - 3.75 386.58 I in crore
Customs 3.24 - - 0.30 2.94 Carrying amount Fair value
FVOCI -
Service Tax 0.90 - 0.82 0.08 - Note Mandatorily designated Amortized
VAT/ Sales Tax/ Entry Tax/GST 277.91 99.85 7.47 24.85 345.44
Financial assets
Property Tax 82.72 47.41 23.88 30.97 75.28
Investment in equity instruments 8 - 1,778.50 - 1,778.50 1,605.30 173.20 1,778.50
Others - 25.20 - - 25.20
Investment in debt instruments 8 & 14 4,290.67 - 0.01 4,290.68 4,290.67 4,290.67
Total 570.62 356.94 32.17 59.95 835.44
Advance against equity 10 - - 404.41 404.41
Previous year 371.52 379.37 155.35 24.92 570.62
Deposits 10 - - 84.91 84.91 94.32 94.32
The above provisions are made based on estimates and the expected timing of outflows is not ascertainable at this stage. Loans
Loan to Joint Venture - 9 &18 - - 7.50 7.50
Above includes provision of K 83.35 crore (Previous year: I 90.19 crore) for which deposits have been made. Haridwar Natural Gas Private
Limited
Apart from the above in case of BPRL, the non-current and current provisions for Liquidated Damages and Abandonment is
Loan to Joint Venture - IBV 9 2,047.69 - - 2,047.69 2,047.69 2,047.69
K 168.60 crore (Previous year: I 75.18 crore). (Brazil) Petroleo Ltda.
Liquidated Damages: In respect of blocks held in India, as per the Production Sharing Contracts (PSC) signed by BPRL Loans to employee 9 & 18 - - 489.76 489.76
with the Government of India (GoI), BPRL is required to complete Minimum Work Program (MWP) within stipulated time. In PMUY Loans to consumers 9 & 18 - - 294.85 294.85 294.30 294.30
case of delay, Liquidated Damages (LD) is payable for extension of time to complete MWP. Further, in case BPRL does not Others 9 & 18 - - 1,749.86 1,749.86
complete MWP or surrender the block without completing the MWP, an amount as agreed in PSC is required to be paid to Other Deposits 10 & 19 - - 163.02 163.02
the GoI for incomplete portion of the MWP. Accordingly, BPRL has provided K 45.85 crore towards liquidated damages as Cash and cash equivalents 16 - - 2,300.74 2,300.74
on March 31, 2024 (Previous year: I 44.41 crore) in respect to various blocks. Bank Balances other than Cash 17 - - 3,985.62 3,985.62
and cash equivalents
Abandonment: BPRL has Participating Interest in various oil and gas blocks along with other consortium partners. BPRL
Trade receivables 15 - - 8,342.03 8,342.03
provides for its obligation for removal and restoration that arise as a consequence of having undertaken the exploration for
Others 10 & 19 - - 1,259.50 1,259.50
and evaluation of mineral resources. BPRL has made a provision of K 122.75 crore as on March 31, 2024 (Previous year:
Total 6,338.36 1,778.50 19,082.21 27,199.07
I 30.77 crore) in respect of BPRL’s share of the abandonment obligation.
Financial liabilities
Bonds 25&30 - - 9,146.03 9,146.03 8,944.56 8,944.56
Debentures 25 & 30 - - 3,930.26 3,930.26 3,860.37 3,860.37
Loans
Term loans 25 & 30 - - 24,839.61 24,839.61
Interest Free Loan 25 - - 326.76 326.76 281.78 281.78
Currency)
Short-term borrowings 30 - - 5,574.79 5,574.79
Lease Obligations 25a & 30a - - 9,114.12 9,114.12
liabilities
Trade and Other Payables 31 - - 28,305.81 28,305.81
Other Current financial liabilities 32 - - 22,757.82 22,757.82
Total - - 1,05,733.50 1,05,733.50

407

I in crore B. Measurement of fair values

Carrying amount Fair value
Valuation techniques and significant unobservable inputs
FVOCI -

Note
Reference
Mandatorily
at FVTPL
designated
as such
Amortized
Cost Total Level 1 Level 2 Level 3 Total
The following tables show the valuation techniques used in measuring Level 2 and Level 3 fair values, for financial
instruments measured at fair value in the Balance Sheet, as well as the significant unobservable inputs used.
Financial assets
Investment in equity instruments 8 - 800.48 - 800.48 673.18 127.30 800.48
Financial instruments measured at fair value
Investment in debt instruments 8 & 14 4,277.14 - 0.01 4,277.15 4,277.14 4,277.14
Significant Inter-relationship between
Derivative instruments - Interest 19 18.74 - - 18.74 18.74 18.74
unobservable significant unobservable inputs
rate swap
Type Valuation technique inputs and fair value measurement
Advance against equity 10 - - 344.65 344.65 -
Unquoted equity shares The Valuation is based on market multiples derived Adjusted The estimated fair value would
Deposits 10 & 19 - - 79.79 79.79 86.03 86.03
(Cochin International Airport from quoted prices of companies comparable to market multiple increase/(decrease) if Adjusted
Loans - - - Limited) investee and the expected book value of the investee. market multiple were higher/
Loan to Joint Venture - IBV 9 2,037.28 - - 2,037.28 2,037.28 2,037.28 (lower)
(Brazil) Petroleo Ltda. Derivative instruments - Forward pricing: The fair value is determined using Not applicable Not applicable
Loan to Joint Venture - 9&18 - - 11.25 11.25 forward exchange contracts quoted forward exchange rates at the reporting date.
Haridwar Natural Gas Private
Limited
Derivative instruments - Discounted cash flows: The valuation model considers Not applicable Not applicable
interest rate swap the present value of expected receipt/payment
Loans to employee 9 & 18 - - 510.47 510.47 discounted using appropriate discounting rates. This
PMUY Loans to consumers 9 & 18 - - 449.05 449.05 446.26 446.26 technique also involves using the interest rate curve for
projecting the future cash flows.
Other Loans 9 & 18 - - 1,470.60 1,470.60
Other Deposits 10 & 19 - - 116.54 116.54
Derivative instruments - Fair valuation of Commodity Derivative instruments Not applicable Not applicable
commodity contracts are based on forward assessment done by Platts
Cash and cash equivalents 16 - - 2,312.72 2,312.72 which is an independent agency which assesses
Bank Balances other than Cash 17 - - 261.66 261.66 benchmark global crude oil and product prices.
and cash equivalents Globally counterparties also use Platts assessment for
Trade receivables 15 - - 6,723.78 6,723.78 settlement of transactions.
Others 10 & 19 - - 1,079.51 1,079.51 Non-current financial assets Discounted cash flows: The valuation model considers Not applicable Not applicable
and liabilities measured at the present value of expected receipt/payment
Total 6,333.16 800.48 13,360.03 20,493.67
amortized cost discounted using appropriate discounting rates.
PMUY Loans to consumers Discounted cash flows: The valuation model considers Subsidy rate The estimated fair value would
Derivative Instruments - Forward 32 0.55 - - 0.55 0.55 0.55 the present value of expected receipt/ payment increase/(decrease) if subsidy
Contracts discounted using appropriate discounting rates. rate were higher/(lower)
Bonds 25 - - 9,062.40 9,062.40 8,662.24 8,662.24 Loan to Joint Venture (in case Binomial model: The share price is simulated using a Share price Not applicable
Debentures 25 & 30 - - 6,369.72 6,369.72 6,242.00 6,242.00 of BPRL) Binomial model from the valuation date to the maturity ( March 31,
Loans - - -
of the loan. 2024: 1 BRL)
As the number of shares is dependent on USDBRL Credit spread
Term Loans 25 & 30 - - 31,478.68 31,478.68
exchange rate, the same was simulated using a ( March 31,
Long-term Loans (Foreign 30 - - 6,160.00 6,160.00 GARCH model. 2024: 2.58%)
Currency)
Interest Free Loan from 25 - - 221.81 221.81 189.06 189.06
Govt. of Kerala Level 3 fair values
Short-term borrowings 30 - - 3,412.00 3,412.00
(Foreign Currency) Reconciliation of Level 3 fair values
Short-term borrowings 30 - - 3,750.00 3,750.00 The following table shows a reconciliation of the opening and closing balances for Level 3 fair values.
Lease Liabilities 25a & 30a - - 8,921.42 8,921.42
I in crore
liabilities Loan to joint
venture in case of
Trade and Other Payables 31 - - 24,024.26 24,024.26 Particulars Equity securities BPRL
Other Current financial liabilities 32 - - 21,349.56 21,349.56 Opening Balance (April 1, 2022) 120.80 1,897.20
Total 0.55 - 1,14,818.74 1,14,819.29 Net change in fair value (Unrealized) 6.50 (30.26)
Note: There are no other categories of financial instruments other than those mentioned above. FCTR - (5.84)
Effect of foreign exchange fluctuations - 176.18
Closing Balance (March 31, 2023) 127.30 2,037.28
Opening Balance(April 1, 2023) 127.30 2,037.28
Additional investment 16.41 -
Net change in fair value (Unrealized) 29.49 (18.13)
FCTR - (3.26)
Effect of foreign exchange fluctuations - 31.81
Closing Balance (March 31, 2024) 173.20 2,047.69

409

Sensitivity analysis I in crore
For the fair values of unquoted equity shares in case of Corporation and loan to joint venture in case of BPRL reasonably Gross carrying Weighted average
As at March 31, 2023 amount loss rate - range Loss allowance
possible changes at the reporting date to one of the significant unobservable inputs, holding other inputs constant,
would have the following effects: Debts not due 4,379.36 0.38% 16.66
Debts over due 2,185.16 23.74% 518.75
I in crore
TOTAL 6,564.52 8.16% 535.41
The Group does not provide for any loss allowance on trade receivables where risk of default is negligible such as
Profit or loss Profit or loss
receivables from other oil marketing companies, if any, hence the same is excluded from above.
Significant unobservable inputs Increase Decrease Increase Decrease
Market Multiples (5% movement) 8.66 (8.66) 6.36 (6.36) Loss rates are based on actual credit loss experience over the past three years.
Credit spread (10% movement) (22.35) 20.88 (55.98) 56.91 The movement in the loss allowance in respect of trade and other receivables during the year was as follows.
Share price (10% movement) 132.95 (126.91) 295.03 (296.10)
I in crore
Particulars Amount
C. Financial risk management
C.i. Risk management framework Movement during the year 94.21
The Group has exposure to the following risks arising from financial instruments: Balance as at March 31, 2023 535.41
Movement during the year (70.14)
• Credit risk;
• Liquidity risk; and
• Market risk (b) PMUY and Other Loans

As per the Government of India’s scheme - Pradhan Mantri Ujjwala Yojana (PMUY), the Corporation has given interest
C.ii. Credit risk free loans to PMUY customers towards cost of hot plate and 1st refill, which is to be recovered from the subsidy amount
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its payable to customer when such customers book refill. During the year, the Corporation has recalculated gross carrying
contractual obligations, and arises principally from the Group’s trade and other receivables, cash and cash equivalents amount of the loans at period end at the present value of the estimated future contractual cash flows discounted at the
and other bank balances, derivatives and debt securities. The maximum exposure to credit risk in case of all the original effective interest rate due to revision in estimates of receipts based on projections of subsidy amount per refill.
financial instruments covered below is restricted to their respective carrying amount. Accordingly, the gross carrying amount of the loans has been reduced by K 6.90 crore (Previous year: I 5.24 crore) with
a corresponding recognition of expense in the Statement of Profit and Loss.
(a) Trade and other receivables from customers The Corporation assesses the credit risks/significant increases in credit risk on an ongoing basis throughout each
Credit risk in respect of trade and other receivables is managed through credit approvals, establishing credit limits and reporting period. For determining the expected credit loss on such loans, the Corporation considers the time elapsed
monitoring the creditworthiness of customers to which the Group grants credit terms in the normal course of business. since the last refill for determining probability of default on collective basis. Accordingly, the expected credit loss of
K 218.62 crore (Previous year: I 128.07 crore) has been recognized on carrying amount of K 513.47 crore (Previous
As at March 31, 2024 and March 31, 2023, the Group’s retail dealers, industrial and aviation customers accounted for
year: I 577.12 crore) of PMUY Loans. (Refer Note 9 and 18)
the majority of the trade receivables.
The movement in the loss allowance in respect of PMUY and other loans during the year was as follows.
Expected credit loss assessment for Trade and other receivables from customers as at March 31, 2024 and
I in crore
March 31, 2023
Particulars Amount
The Group uses an allowance matrix to measure the expected credit losses of trade and other receivables.
The loss rates are computed using a ‘roll rate’ method based on the probability of receivable progressing through Movement during the year 40.09
successive stages of delinquency to write off. Roll rates are calculated separately for exposures in different segments
based on the following common credit risk characteristics - type of products purchases, type of customers.
The following table provides information about the exposure to credit risk and Expected Credit Loss Allowance for trade Balance as at March 31, 2024 220.72
and other receivables:
I in crore
(c) Cash and cash equivalents and Other Bank Balances
Gross carrying Weighted average The Group held cash and cash equivalents and other bank balances of K 6,286.36 crore at March 31, 2024 (Previous
As at March 31, 2024 amount loss rate - range Loss allowance Year: I 2,574.38 crore). The cash and cash equivalents are held with bank / financial institution counterparties have
Debts not due 6,129.09 0.12% 7.48 good credit ratings/ good market standing. Also, Corporation invests its short-term surplus funds in bank fixed deposits,
Debts over due 1,771.11 25.85% 457.79 Tri Party Repo etc., which carry lesser mark to market risks for short duration.
TOTAL 7,900.19 5.89% 465.27
(d) Derivatives
The derivatives are entered into with banks, financial institutions and other counterparties with good credit ratings.
Further exposures to counter-parties are closely monitored and kept within the approved limits.

411

(e) Investment in debt securities The Group has put in place a Financial Risk Management Policy to Identify the most effective and efficient ways of managing
Investment in debt securities are mainly as loans to subsidiaries, joint venture companies and investment in government the currency risks. The Group uses derivative instruments, (mainly foreign exchange forward contracts) to mitigate the risk
securities which do not carry any significant credit risk. of changes in foreign currency exchange rates in line with our policy.
The Group does not use derivative financial instruments for trading or speculative purposes.
C.iii. Liquidity risk
iquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities
L Exposure to currency risk
that are settled by delivering cash or another financial asset. The currency profile in INR of foreign currency financial assets and financial liabilities as at March 31, 2024 and
iquidity risk is managed by Group through effective fund management. The Group has obtained fund and non-fund based
L March 31, 2023 are as below:
working capital lines from various banks. Furthermore, the Group has access to funds from debt markets through commercial I in crore
paper programs, foreign currency borrowings and other debt instruments.
As at March 31, 2024 USD EURO JPY RUB AED Others
he following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and
T Financial assets
undiscounted, and include estimated interest payments: Cash and cash equivalents 1,662.74 0.17 - - - 54.43
Trade receivables and other assets 1,206.35 - - - - 0.22
I in crore
Net exposure for assets 2,869.09 0.17 - - - 54.65
More than 5
Bonds 4,163.22 - - - - -
As at March 31, 2024 Total Up to 1 year 1-3 years 3-5 years years
Short-term borrowings 1,667.48 - - - - -
Trade Payables and other liabilities 13,093.44 25.14 3.62 435.27 1,536.24 1.36
Bonds 9,914.09 1,196.62 8,717.47 - -
Net exposure for liabilities 18,924.14 25.14 3.62 435.27 1,536.24 1.36
Term loans 28,549.05 11,649.35 10,638.56 5,351.14 910.00
Net exposure (Assets - Liabilities) (16,055.05) (24.97) (3.62) (435.27) (1,536.24) 53.29
Non-Convertible Debentures 4,504.90 255.86 4,249.04 - -
Lease Liabilities 16,897.85 1,182.38 2,083.19 1,891.11 11,741.17 I in crore
Short-term borrowings 5,579.77 5,579.77 - - - As at March 31, 2023 USD EURO JPY RUB AED Others
Short-term borrowings (Foreign Currency) 1,670.40 1,670.40 - - - Financial assets
Trade and other payables 28,305.81 28,305.81 - - - Cash and cash equivalents 410.14 0.08 - - - 0.43
Trade receivables and other assets 1,061.67 - - - - 0.15
Other current financial liabilities 22,757.82 22,757.82 - - -
Net exposure for assets 1,471.81 0.08 - - - 0.58
I in crore
Bonds 4,100.75 - - - - -
Long-term Loans (Foreign Currency) 6,160.00 - - - - -
More than 5
As at March 31, 2023 Total Up to 1 year 1-3 years 3-5 years years Short-term borrowings 3,412.00 - - - - -
Non-derivative financial liabilities Trade Payables and other liabilities 12,666.25 33.91 13.27 - 0.02 1.05
Add/(Less): Foreign currency forward exchange (1,031.91) - - - - -
Bonds 10,314.89 381.74 4,792.13 5,141.02 -
contracts
Term loans 37,119.06 5,431.74 23,852.59 7,224.73 610.00
Net exposure for liabilities 25,307.09 33.91 13.27 - 0.02 1.05
Non-Convertible Debentures 7,364.02 2,859.12 3,442.20 1,062.70 - Net exposure (Assets - Liabilities) (23,835.28) (33.83) (13.27) - (0.02) (0.47)
Long-term Loans (Foreign Currency) 6,517.91 6,517.91 - - -
Lease Liabilities 17,391.18 1,263.32 1,809.55 1,809.16 12,509.15 Sensitivity analysis
Short-term borrowings 3,754.94 3,754.94 - - - A reasonably possible strengthening (weakening) of the USD against INR at March 31, would have affected the measurement
Short-term borrowings (Foreign Currency) 3,412.00 3,412.00 - - - of financial instruments denominated in US dollars and affected profit or loss by the amounts shown below. This analysis
Trade and other payables 24,024.26 24,024.26 - - - assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and
Other current financial liabilities 21,349.56 21,349.56 - - - purchases. In cases where the related foreign exchange fluctuation is capitalized to Property, Plant and Equipment or
recognized directly in reserves, the impact indicated below may affect the Group’s Statement of Profit and Loss over the
remaining life of the related Property, Plant and Equipment or the remaining tenure of the borrowing respectively.
C.iv. Market risk
Market Risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in I in crore
market prices. Market risk comprises four types of risk: currency risk, interest rate risk, commodity risk and other price risk. Effect in INR (before tax) Profit or loss
For the year ended March 31, 2024 Strengthening Weakening
C.iv.a) Currency risk 3% movement
The Group is exposed to currency risk on account of its operating and financing activities. The functional currency of the USD (481.65) 481.65
Corporation is Indian Rupee and its Indian Subsidiaries is Indian Rupee. Our exposure is mainly denominated in US dollars (481.65) 481.65
(USD). The USD exchange rate has changed substantially in recent periods and may continue to fluctuate substantially in
the future.

413

I in crore Interbank offered rate (IBOR) additional information

Effect in INR (before tax) Profit or loss During the year all of the Facility Agreements of the BPRL have been transitioned from LIBOR to Secured Overnight
For the year ended March 31, 2023 Strengthening Weakening Financing Rate (SOFR). The impact of such migration is not significant.
3% movement
USD (715.06) 715.06 Fair value sensitivity analysis for fixed-rate instruments
(715.06) 715.06 The Corporation accounts for certain investments in fixed-rate financial assets such as investments in Oil bonds and
Government Securities at fair value through profit or loss. Accordingly, a decrease in 25 basis points in interest rates is likely
C.iv.b) Interest rate risk to increase the profit or loss (before tax) for the year ending March 31, 2024 by K 10.08 crore (Previous year: I 19.26 crore)
and an increase in 25 basis points in interest rates is likely to decrease the profit or loss (before tax) for the year ending
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk
March 31, 2024 by K 9.68 crore (Previous year: I 19.14 crore).
of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates, in cases where
the borrowings are measured at fair value through profit or loss. Cash flow interest rate risk is the risk that the future cash
Cash flow sensitivity analysis for variable-rate instruments
flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates.
A reasonably possible change of 25 basis points in interest rates at the reporting date would have increased (decreased)
The Group’s approach to managing interest rate risk is to have a judicious mix of borrowed funds with fixed and floating profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency
interest rate obligation. exchange rates, remain constant. In cases where the related interest rate risk is capitalized to Property, Plant and Equipment,
the impact indicated below may affect the Group’s income statement over the remaining life of the related Property, Plant
Exposure to interest rate risk and Equipment.
Group’s interest rate risk arises primarily from borrowings. The interest rate profile of the Group’s interest-bearing financial
I in crore
instruments is as follows:
Profit or (loss)
I in crore Cash flow sensitivity (net) 0.25 % increase 0.25% decrease
As at As at As at March 31, 2024
Particulars Note Reference March 31, 2024 March 31, 2023
Variable-rate loan instruments (73.29) 73.29
Fixed-rate instruments
Investment in debt instruments 8 0.01 0.01
Variable-rate loan instruments (93.15) 93.15
Investments in FD & TREP 16 & 17 5,465.87 1,785.53
Financial Assets - measured at Fair Value through Profit & Loss
Investment in debt instruments 14 4,290.67 4,277.14
C.iv.c) Commodity rate risk
Total of Fixed Rate Financial Assets 9,756.55 6,062.68
Group’s profitability gets affected by the price differential (also known as Margin or Crack spread) between prices of products
Financial liabilities - measured at amortized cost
(output) and the price of the crude oil and other feed-stocks used in production (input). Prices of both are set by markets.
Bonds 25 & 30 9,146.03 9,062.40 Hence, Group uses derivatives instruments (swaps, futures, options, and forwards) to hedge exposures to commodity price
Non- Convertible Debentures 25 & 30 3,930.26 6,369.72 risk to cover refinery operating cost using Basic Swaps on various products cracks like Naphtha, Gasoline (Petrol), Jet/
Short-term borrowings 30 2,999.79 - Kerosene, Gasoil (Diesel) and Fuel Oil against Benchmark Dubai Crude. Further volatility in freight costs is hedged through
Interest Free Term Loan 25 326.76 221.81 Freight Forwards and bunker purchases. Settlement of all derivative transactions take place on the basis of monthly average
Total of Fixed Rate Financial Liabilities 16,402.84 15,653.93 of the daily prices of the settlement month quoted by Platts.
Variable-rate instruments Group measures market risk exposure arising from its trading positions using value-at-risk techniques. These techniques
Financial Assets - measured at amortized cost make a statistical assessment of the market risk arising from possible future changes in market prices over a one-day
Loan to Joint Venture 9 & 18 7.50 11.25 holding period.
Financial Assets - measured at Fair Value through Profit & Loss Group uses historical model of VAR techniques based on variance/covariance to make a statistical assessment of the market
Loan to Joint Venture 9 2,047.69 2,037.28 risk arising from possible future changes in market values over a 24-hour period and within a 95% confidence level. The
Total of Variable Rate Financial Assets 2,055.19 2,048.53 calculation of the range of potential changes in fair value takes into account positions and the history of price movements for
Financial liabilities - measured at amortized cost last two years. Since there are no open positions as on March 31, 2024 VAR for open position as on March 31, 2024 is NIL.
Long-term Loans (Foreign Currency)* 25 & 30 - 6,160.00
C.iv.d) Price risk
Short-term Loans (Foreign Currency) 30 1,667.48 3,412.00
The Group’s exposure to equity investments price risk arises from investments held by the Group and classified in the
Short-term borrowings 30 2,575.00 3,750.00
financial statements at fair value through OCI. The Group intends to hold these investments for long-term for better returns
Term loans 25 24,839.61 31,478.67
and price risk will not be significant from a long-term perspective.
Total of Variable Rate Financial Liabilities 29,082.09 44,800.67
*In respect of Foreign Currency Loans, the Corporation has entered into Interest Rate Swaps of NIL (Previous year: USD 65 million)

415

Exposure to price risk NOTE 56 CAPITAL MANAGEMENT (CONSOLIDATED)

I in crore The Group’s objective is to maximize the shareholders’ value by maintaining an optimum capital structure. Management
Profit or Loss Other components of Equity monitors the return on capital as well as the debt equity ratio and makes necessary adjustments in the capital structure for
Effect in INR (before tax) Strengthening Weakening Strengthening Weakening
the development of the business.
As at March 31, 2024 The Group’s debt to equity ratio as at March 31, 2024 was 0.60 (Previous year: 1.13).
1% movement
Note: For the purpose of computing debt to equity ratio, equity includes Equity Share Capital and Other Equity and Debt
Investment in Oil India - FVOCI - - 16.05 (16.05) includes Current and Non-current Borrowings.
Investment in CIAL - FVOCI - - 1.73 (1.73)
- - 17.78 (17.78) NOTE 57 CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS (CONSOLIDATED)
I in crore
I in crore
As at As at
Profit or Loss Other Comprehensive Income Particulars March 31, 2024 March 31, 2023
Effect in INR (before tax) Strengthening Weakening Strengthening Weakening (a) Contingent Liabilities:
As at March 31, 2023 In respect of Income Tax matters 4.70 4.64
1% movement Other Matters:
Investment in Oil India - FVOCI - - 6.73 (6.73) i) Claims against the Group not acknowledged as debts *:
Investment in CIAL - FVOCI - - 1.27 (1.27) Excise and customs matters 98.98 90.44
- - 8.00 (8.00) Service Tax matters 1,298.12 1,231.29
Sales tax/VAT/GST matters 3,597.00 4,841.35
D. Offsetting Land Acquisition cases for higher compenzation 246.39 261.90
The following table presents the recognized financial instruments that are offset and other similar agreements that are not Others 548.21 519.76
offset, as at March 31, 2024 and March 31, 2023.
* These include K 2,886.81 crore (Previous year: I 2,790.12 crore) against which the Group has a recourse for recovery and K 66.15 crore
The column ‘net amount’ shows the impact on the Corporation’s balance sheet if all set-off rights are exercised. (Previous year: I 89.04 crore) which are on capital account.
ii) Claims on account of wages, bonus / ex-gratia payments in respect of pending court cases 70.15 72.81
I in crore
iii) Guarantees 1,032.55 1,016.98
Effect of offsetting on the balance sheet Related amounts not offset
iv) Share of Interest in Joint Ventures & Associates 1,233.06 1,198.94
Gross
amounts Net amounts (b) Capital Commitments:
set off in presented in Amounts
i) Estimated amount of contracts remaining to be executed on capital account and not 6,307.77 5,066.94
Gross the balance the balance Financial which can be
Particulars Note reference amounts sheet sheet Instrument offset Net Amount provided for
As at March 31, 2024 ii) Share of Interest in Joint Ventures & Associates 1,858.92 2,474.79
Financial Assets
NOTE 58. ADDITIONAL INFORMATION AS APPEARING IN THE FINANCIAL STATEMENTS OF
Investment in GOI bonds, A&B - - - 4290.67 1999.79 2290.88
T-Bills & CBLO, TREPS BHARAT PETRORESOURCES LIMITED(BPRL) (CONSOLIDATED)
Financial liabilities I. Joint Operations
Trade payables C 7,889.82 3,392.70 4,497.12
The Group has participating interest in the nature of Production Sharing Contracts (PSC)/Revenue Sharing Contracts
Short-term borrowings A&B - - - 10,277.06 1,999.79 8,277.27 (RSC) with the Government of India and/or various bodies corporate in the oil and gas blocks for exploration,
As at March 31, 2023 development and production activities. The arrangements require consent from consortium partners for all relevant
Financial liabilities activities and hence it is classified as joint operations. The partners to the agreement have direct right to the assets
Trade and other payables C 8,211.06 3,464.98 4,746.08 and are jointly liable for the liabilities incurred by the un-incorporated joint operation. In accordance with Ind AS 111 on
“Joint Arrangements”, the financial statements of the Group includes the Group’s share in the assets, liabilities, incomes
Notes: and expenses relating to joint operations based on the financial statements received from the respective operators.
A. The Corporation has Triparty Repo Settlement System limits from Clearing Corporation of India Limited, the borrowing As per the PSC/RSC, the operator has to submit audited financial statements within 60 days from the end of the year.
against which was K 299.83 crore as at March 31, 2024 (Previous Year Nil). These limits are secured by 7.59% The income, expenditure, assets and liabilities of the joint operations are merged on line by line basis according to the
Government Stock 2026 of face value aggregrating to K 370.00 crore (Previous Year I 370 crore). [Refer Note no. 14] participating interest with the similar items in the Financial Statements of the Group as given below:
B. The Corporation has Clearcorp Repo Order Matching Systems (CROMs) limits from Clearing Corporation of India (i) The Group’s share of the assets, liabilities, income and expenditure have been recorded under respective heads
Limited, the borrowing against which was K 1,699.96 crore as at March 31, 2024 (Previous Year Nil). These limits are based on the audited financial statements for blocks CB/ONN/2010/8 and CB/ONHP/2017/9 (previous year: CB/
secured by Oil Marketing Companies GOI Special Bonds of face value aggregrating to K 3,882.37 crore (Previous Year ONN/2010/8 and CB/ONHP/2017/9).
NIL).[Refer Note no. 14] (ii) There is no expenditure incurred in CY/ONDSF/KARAIKAL/2016 (previous year: Nil expenditure).
C. The Corporation purchases and sells petroleum products from different Oil and Gas Companies. Under the terms of (iii) Out of the remaining five Indian Blocks (Previous year five), the Company has received NIL (previous year nil)
the agreement, the amounts payable by the Corporation are offset against receivables and only the net amounts are audited financial statements as at March 31, 2024. Unaudited financial statements for two blocks (previous year
settled. The relevant amounts have therefore been presented net in the balance sheet. two) and billing statements (Statement of Expenses) for remaining three blocks (previous year three) have been

417

received from the operator for the period up to March 31, 2024. The assets, liabitilities, income & expenses are The table below provides summarized financial information of the Group’s share of assets, liabilities, income and
accounted on the basis of of such statments received. expenses in the joint operations:
During the previous year 2022-23, the Company’s share of assets, liabilities, incomes and expenses were I in crore
accounted based on unaudited financial statements / billing statements for six blocks. During current year Particulars March 31, 2024 March 31, 2023
2023-24, the audited financial statements / billing statements for 2022-23 have been received for these blocks and
Property, plant and equipment 0.63 0.68
necessary adjustments have been made in the books of account for the difference between the unaudited and
Other Intangible assets 57.78 74.45
audited financial statements / billing statements.
Intangible asset under development * 12,512.15 11,619.34
(iv) In respect of block outside India (Block 32 - relinquished during 2020-21 and which is under liquidation); the Other Non-Current Assets 17.64 2.61
assets, liabilities, income and expenditure have been incorporated on the basis of billing statements as at
Current Assets including financial assets ** 51.90 166.46
March 31, 2024 (previous year: assets, liabilities, income and expenditure have been incorporated on the basis of
Cash and Bank Balances 15.30 1.73
unaudited financial statements as at March 31, 2023).
Current & Non-Current Liabilities/Provisions including financial liabilities 204.13 90.91
(v) In respect of blocks in Mozambique and Indonesia the Group has accounted the income and expenses based on
Expenses 315.67 234.10
the billing statements (Statement of Expenses) received from the operator for the period up to March 31, 2024.
Income 234.68 232.38
Details of the Group’s Participating Interest (PI) in blocks are as under
* Includes K 2,069.97 crore (previous year I 2,010.34 crore) which has been provided for by the Group.
Participating Interest (PI)
** Includes K 140.32 crore (previous year I 137.87 crore) which has been provided for by the Group.
Name Country March 31, 2024 March 31, 2023
Operatorship:
II. Details of Reserves
NELP – IX CB/ONN/2010/8@ India 25%# 25%#
Group’s share of Estimated Ultimate Recovery (EUR) as submitted to DGH for the block CY-ONN-2002/2 as at
OALP CB-ONHP-2017/9 India 60% 60%
March 31, 2024 is given below:
DSF CY/ONDSF/KARAIKAL/2016 India 100% 100%
Non-operatorship: Project Details Crude Oil (Mmm3) Gas (Mmm3)
NELP – IV CY/ONN/2002/2 India 40% 40% CY-ONN-2002/2 Opening 0.24 49.32

NELP – VI CY/ONN/2004/2 India 20% 20% Addition/(Reduction) (0.00) 0.02
NELP – IX CB/ONN/2010/11 India 25%* 25%* Production 0.03 11.02
NELP – IX AA/ONN/2010/3$ India 20% 20% Closing 0.21 38.32
OALP AA-ONHP2017/12 India 10% 10%
MMm3 = million Cubic Meters
Blocks outside India JPDA 06-103 Australia/Timor 0% 20%
Blocks outside India Offshore Area, Rovuma Basin Mozambique 10% 10% III. Others
Blocks outside India Nunukan PSC, Tarakan Basin Indonesia 12.5%## 12.5%## 1. IBV (Brazil) Petroleo Ltda (IBV) has 35.714 % PI in the BM-C-30 Concession. PetroRio Jaugar Limitada became
NELP - New Exploration Licensing Policy the Operator with 64.286% PI after acquiring stakes from BP (erstwhile Operator with 35.714 % PI) and the other
partner TOTAL (28.572% PI). PetroRio Jaugar Limitada, the Operator of BM-C-30 Concession, issued purported
OALP - Open Acreage Licensing Policy
Exclusive Operations notice to IBV on October 21, 2021 in relation to its proposal for the development of the
DSF - Discovered Small Fields Wahoo Project as a commercial discovery and the resulting purported declaration of commerciality. Following this
@under relinquishment notice, IBV has initiated proceedings for interim relief in the courts of Brazil and an Arbitration procedure against
*BPRL Share 29.41% in development phase. the Operator at International Chamber of Commerce, London. On April 12, 2024, IBV has received the final
# BPRL
award of the Arbitration proceedings and the decision is in favor of PetroRio. The Arbitration award enables the
Share 50% in development phase.
Operator to proceed with exclusive operation in relation to Wahoo commercial discovery in the Concession while
$Special dispenzation premission is sought from Ministry of Petroleum and Natural Gas (MoPNG) through Directorate General of IBV remains a partner in balance area of the Concession. IBV is in discussion with its lawyers to finalize further
Hydracarbon for an extension validity and the request is currently under consideration. Pending such approval, the BPRL continues to
carry the said asset at its carrying value.
course of action on the matter. Currently IBV estimates low chances for development of the balance areas and
## Pursuant to the cash call payment default of Videocon Indonesia Nunukan Inc. (VINI), the Operator in accordance to the Joint Operating
accordingly provision for impairment amounting to I 846.56 crore has been recognized.
Agreement has submitted the documents for assignment of 23.0% PI from VINI to the other partners in the block for regulatory approval. 2. BPRL International Singapore Pte. Ltd., holds investments in joint ventures, Vankor India Pte. Ltd. and Taas India
Pte. Ltd, with interests in the Russian Federation as disclosed in the financial statements. Consequent to the
commencement of special military operations in Ukraine by the Russian Federation, sanctions have been imposed
by the United States of America, the European Union and numerous other countries on the Russian government.
As at the date of these financial statements, the operations of the joint ventures’ investments in Russia, namely
JSC Vankorneft and TYNGD LLC, were not immediately affected by the sanctions. Due to restrictions imposed
by Russian Government on repatriation of funds to Singapore (for now valid till September 30, 2024), the dividend
declared by JSC Vankorneft and TYNGD LLC are held by Vankor India Pte. Ltd. and Taas India Pte. Ltd. in Rubles
in Russia, however the amounts are available for use by the Group in Russia.
Management of Vankor India Pte. Ltd. and Taas India Pte. Ltd. has consulted its legal advisor and assessed that
the sanctions imposed on Russia had no adverse effect on the Company’s investment in the Russia Federation in
the immediate term. The management of these companies has also engaged an external valuer and determined

419

that no impairment is required for these investments as the valuation report indicated that the recoverable amounts I in crore
exceeded the carrying amounts of these investments as at December 31, 2023. Accordingly, management of For the year ended March 31, 2024 For the year ended March 31, 2023
these companies is of the view that the going concern basis is appropriate in the preparation of the financial Downstream Downstream
statements as Company is profitable and has sufficient funds to meet its obligations as and when they fall due. Particulars* Petroleum E&P Total Petroleum E&P Total
Add:
IV. Disclosure as per Ind AS 8 - Accounting policies, Changes in Accounting Estimates and Errors' a) Interest Income 1,373.31 765.41
and Ind AS 1 'Presentation of Financial Statements' b) Other Income (excluding Interest Income) 809.29 732.81
c) Share of profit of Equity Accounted 1,197.99 (132.46) 1,065.53 1,055.47 1,136.45 2,191.92
1. During the year ended March 31, 2024, the Group in its consolidated financial statements, based on guidance Investees
given by Expert Advisory committee of ICAI in its opinion “Presentation of standby, stoppage and allied costs d) Fair valuation gain on instruments 52.13 -
incurred during force majeure in the project in the Statement of Profit and Loss” published in April 2024, has measured at FVTPL
reclassified interest expense which was expensed off on account of suspension of capitalization of borrowing cost Less:
relating to Mozambique project from exceptional item to finance cost for the FY 2023-24. a) Finance Cost 4,148.89 4,262.77
b) Impairment of Intangible Assets Under 36.93 36.93 969.64 969.64
2. As a result of the above reclassification, corresponding interest expense earlier shown under exceptional item in Development
Profit and Loss account of the FY 2022-23 has been reclassified to finance cost, as under: c) Fair valuation loss on investments - 193.07
measured at FVTPL
₹ in crore
d) Income tax (including deferred tax) 9,335.60 690.08
For the year ended March 31, 2023 Profit/(loss) after tax 26,858.84 2,131.05
As previously After Other Information
Particulars reported Reclassification reclassification
Segment assets 1,60,473.12 26,402.71 1,86,875.83 1,51,088.53 26,374.39 1,77,462.92
Exceptional Item 1,642.92 (517.39) 1,125.53 Unallocated Corporate Assets 15,541.92 10,675.27
Finance Cost 3,745.38 517.39 4,262.77 Total Assets 2,02,417.75 1,88,138.19
Profit before share of Profit of Equity Accounted Investees, 2,272.13 (517.39) 1,754.74 Segment liabilities 68,730.78 56.47 68,787.25 65,553.23 39.20 65,592.43
Exceptional items and Income Tax Unallocated Corporate Liabilities 57,995.39 69,023.40
Total Liabilities 1,26,782.64 1,34,615.83
3. There is no impact on the Consolidated statement of profit and loss, basic or diluted earnings per share and Depreciation and amortization 6,749.94 21.32 6,771.26 6,347.30 21.52 6,368.82
the total operating, investing or financing flows for the financial year ended March 31, 2024 and March 31, Net (gains)/loss on foreign currency transactions 179.74 1,504.33
2023 respectively. and translations
Material Non-cash expenses other than 124.33 1,650.72
NOTE 59 SEGMENT REPORTING (CONSOLIDATED) depreciation and amortization
Segments assets include:
A. Basis for segmentation Investment in equity accounted investees 7,839.71 12,721.70 20,561.41 6,898.68 14,801.97 21,700.65
Capital expenditure 10,204.02 909.59 11,113.61 8,971.77 1,203.25 10,175.02
The Group has following two reportable segments. Details of the segments are as follows:
* For the purposes of review by the Committee of Functional Directors (CFD), information referred to above is measured consistent with the
a) Downstream Petroleum i.e. refining and marketing of petroleum products. accounting policies applied for preparation of these financial statements
b) Exploration and Production of hydrocarbons (E & P)
C. Geographic information
Segments have been identified taking into account the nature of activities and its risks and returns.
The geographic information analyses the Group’s revenue and non-current assets by the country of domicile and other
Committee of Functional Directors (CFD), periodically reviews the internal management reports and evaluates countries. In presenting the geographical information, segment revenue is based on countries from which group derives
performance/allocates resources based on the analysis of various performance indicators relating to the segments revenue and segments assets were based on the geographic location of the respective non-current assets.
referred to above.
I in crore
B. Information about reportable segments For the year For the year
ended ended
Information related to each reportable segment is set out below. Segment profit (loss) after tax is used to measure Geography March 31, 2024 March 31, 2023
performance because management believes that this information is the most relevant in evaluating the results of the I) Revenue
respective segments relative to other entities that operate in the same industry. India 5,01,468.66 5,25,746.60
Other Countries 5,523.94 7,800.69
I in crore
Total Revenue 5,06,992.60 5,33,547.29
For the year ended March 31, 2024 For the year ended March 31, 2023 II) Non-current Assets*
Downstream Downstream India 1,05,770.93 1,01,097.72
Particulars* Petroleum E&P Total Petroleum E&P Total
Other Countries
Revenue Mozambique 12,684.14 11,491.87
External Customers 5,06,804.41 188.19 5,06,992.60 5,33,401.38 145.91 5,33,547.29 Singapore 6,694.96 8,388.26
Inter-segment - - - - - - Others# 4,688.47 5,443.92
Total Revenue 5,06,992.60 5,33,547.29 Total Non-current Assets 1,29,838.50 1,26,421.77
Results
Segment Results 37,302.24 (222.24) 37,080.00 4,709.49 (153.02) 4,556.47 *non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets and rights arising from insurance
contracts.
Unallocated Corporate Expenses - -
Operating Profit
# Non-current assets of PPE related to retail outlets lying in Bhutan are grouped under this head.
37,080.00 4,556.47

421

NOTE 60. DISCLOSURES AS REQUIRED UNDER SCHEDULE III TO THE COMPANIES ACT, 2013 NOTE 61 EXCEPTIONAL ITEMS - EXPENSES / (INCOME) (CONSOLIDATED)
WITH RESPECT TO CONSOLIDATED FINANCIAL STATEMENTS I in crore
Net Assets, i.e., total Particulars 2023-24 2022-23
assets minus total Share in Other Share in Total
liabilities Share in profit or loss comprehensive income comprehensive income Impairment of Investment in Oil and Gas Blocks (Refer Note No. 53) 938.55
As % of Project Cost expensed off * 267.70 186.98
consolidated
As % of As % of Other As % of Total Exceptional Items Expenses / (Incomes) 267.70 1,125.53
Amount Amount Amount Amount
S. consolidated consolidated comprehensive comprehensive
* In case of one of the Subsidiary BPRL, considering the evolution of the security situation in the north of the Cabo Delgado province in Mozambique,
No. Name of the entity net assets K crore profit or loss K crore income K crore income K crore
the Operator (i.e., Total E & P Mozambique Area 1 Limitada) has declared Force Majeure on April 22, 2021. There are certain incremental cost
Parent related to the suspension and force Majeure, which are abnormal costs and not an integral part of bringing the asset into the working condition as
1 Bharat Petroleum 98.7% 74,674.80 99.3% 26,673.50 449.3% 956.13 102.1% 27,629.63 intended by the management of BPRL. Accordingly, such costs incurred till March 31, 2024 have been expensed off by BPRL Group.
Corporation Limited
Subsidiary NOTE 62 (CONSOLIDATED)
Indian
Figures of the previous year have been regrouped wherever necessary, to conform to current period presentation, Major
1 Bharat PetroResources 3.7% 2,824.83 -7.6% (2,043.06) -348.5% (741.73) -10.3% (2,784.79)
Limited item regrouped is as under:
Joint Ventures
I in crore
Indian
Particulars Regrouped from Regrouped to Amount
1 Bharat Renewable - - - - - - - -
Energy Limited * Suspension of capitalization of borrowing cost relating to Oil and Gas Blocks * Exceptional item Finance cost 517.39
2 Bharat Stars Services 0.0% 25.74 0.0% 4.70 -0.1% (0.12) 0.0% 4.58
* Regrouped in view of guidance given by Expert Advisory committee of ICAI.
Private Limited
3 Central U.P. Gas Limited 0.2% 160.07 0.1% 17.98 0.0% (0.02) 0.1% 17.96 Signature to Notes ‘1’ to ‘62’
4 Delhi Aviation Fuel 0.1% 88.73 0.0% (0.43) - - 0.0% (0.43)
Facility Private Limited For and on behalf of the Board of Directors As per our attached report of even date
5 Maharashtra Natural 0.6% 416.51 0.5% 137.28 - - 0.5% 137.28
Gas Limited Sd/-
6 Sabarmati Gas Limited 1.0% 771.35 0.6% 151.30 -0.1% (0.12) 0.6% 151.18 G. Krishnakumar Kalyaniwalla & Mistry LLP K.S. Aiyar & Co
7 Mumbai Aviation Fuel 0.1% 107.53 0.1% 15.85 - - 0.1% 15.85 Chairman and Managing Director Chartered Accountants Chartered Accountants
Farm Facility Private DIN: 09375274 ICAI FR No. 104607W/W100166 ICAI FR No. 100186W
Limited
Sd/- Sd/- Sd/- Sd/-
8 Kochi Salem Pipeline 0.8% 616.40 0.0% (5.77) - - 0.0% (5.77)
Private Limited VRK Gupta V. Kala Sai Venkata Ramana Damarla Rajesh S. Joshi
9 BPCL- KIAL Fuel Farm 0.0% 0.10 0.0% 2.80 - - 0.0% 2.80 Director (Finance) Company Secretary Partner Partner
Facility Private Limited DIN: 08188547 Membership No. 107017 Membership No. 038526
10 Haridwar Natural Gas 0.1% 47.07 0.0% 2.98 - - 0.0% 2.98 Place: Mumbai
Private Limited Date: May 9, 2024
11 Goa Natural Gas Private 0.1% 39.26 0.0% 0.60 - - 0.0% 0.60
Limited
12 Ratnagiri Refinery & 0.0% 26.75 0.0% (1.23) - - 0.0% (1.23)
Petrochemicals Limited
13 IHB Limited 1.0% 760.68 0.0% (2.03) - - 0.0% (2.03)
Foreign
1 Matrix Bharat Pte. Ltd 0.0% 3.36 0.0% (0.01) 0.0% 0.01 - -
Associates
1 GSPL India Gasnet 0.3% 213.88 -0.1% (15.32) 0.0% (0.06) -0.1% (15.38)
Limited
2 GSPL India Transco 0.0% 35.61 0.0% (1.67) 0.0% (0.02) 0.0% (1.69)
Limited
3 Fino PayTech Limited 0.2% 119.44 0.0% 12.38 0.1% 0.31 0.0% 12.69
4 Petronet LNG Limited 2.9% 2,176.14 1.7% 456.43 -0.4% (0.86) 1.7% 455.57
5 Petronet CI Limited * - - - - - - - -
6 Indraprastha Gas 2.9% 2,167.51 1.7% 446.64 -0.3% (0.67) 1.6% 445.97
Limited
7 Kannur International 0.1% 97.59 -0.1% (26.05) 0.0% (0.03) -0.1% (26.08)
Airport Limited
8 Petronet India Limited* 0.0% 0.43 - - - - - -
Intra Group Elimination -12.9% (9,738.67) 3.8% 1,031.97 0.0% (0.01) 3.8% 1,031.96
Total 100% 75,635.11 100% 26,858.84 100% 212.81 100% 27,071.65
* Associates/Joint Ventures have not been considered for consolidation

423
9
8
7
6
5
4
3
2
1
11
14
13
12
10
Sr.
No.
424
Turnover
Particulars
subsidiaries
Total Assets
Investments
Share Capital
Total Liabilities
Reserves & Surplus
Part “A”: Subsidiaries
Name of the subsidiary
Provision for taxation (B)

Profit after Taxation (A) - (B)
Profit/(loss) before Taxation (A)
Extent of shareholding (in percentage)

* Figures based on consolidated financial statements of the Company.
The date of incorporation/ since when subsidiary was acquired
FORM AOC-I
Reporting period for the subsidiary concerned, if different from the holding company's reporting period
Reporting Currency and Exchange rates as on the last date of the relevant Financial Year in case of foreign
Companies / Joint Ventures for the Financial year ended March 31, 2024
NA
NA
Limited
Statement containing salient features of the Financial Statement of Subsidiaries / Associate
(Pursuant to first proviso to sub-section (3) of Section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
October 17, 2006
100.00%
(2,043.06)
7.82
(2,035.24)
188.19
12,721.70
27,163.30
29,988.13
(7,975.17)
10,800.00
Amount in K crore*
Bharat PetroResources
Part “B”: Associates and Joint Ventures

Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures
I in crore
1 2 3 4 5 6 7
Shares of Associate or Joint Ventures held by Networth
Date on which the Company on the year end Reason why attributable to Profit/Loss for the year
Latest the Associate Amount of Description the associate/ Shareholding as
audited or Joint Venture Investment in Extent of of how there joint venture per latest audited Not
Sr. Refer Balance was associated Associates or Holding (in is significant is not Balance Sheet Considered in Considered in
No. Name of Associates or Joint Ventures Note Sheet Date or acquired No. of shares Joint Venture percentage) influence consolidated (Refer note 4) Consolidation Consolidation
1 Indraprastha Gas Limited 1 31-Mar-24 27-04-2000 15,75,00,400 31.50 22.50% 2,167.51 446.64
2 Petronet LNG Limited 1&3 31-Mar-23 24-05-2001 18,75,00,000 98.75 12.50% 1,908.07 456.43
3 Central UP Gas Limited 3 31-Mar-23 26-07-2004 1,49,99,600 15.00 25.00% 148.27 17.98
4 Maharashtra Natural Gas Limited 3 31-Mar-23 26-07-2004 2,24,99,700 22.50 22.50% 319.55 137.28
5 Sabarmati Gas Limited 3 31-Mar-23 04-04-2006 99,87,400 122.40 49.94% 620.18 151.30
6 Bharat Stars Services Private Limited 1&3 31-Mar-23 25-04-2007 1,00,00,000 10.00 50.00% 21.42 4.70
7 Matrix Bharat Pte. Limited 3 31-Dec-21 03-03-2008 2,50,000 1.05 50.00% 3.17 (0.01)
8 Delhi Aviation Fuel Facility Private Limited 31-Mar-24 22-09-2009 6,06,80,000 60.68 37.00% 88.73 1.13
9 Bharat Renewable Energy Limited 2 19-05-2008 33,60,000 3.36 33.33% Note 2 - - Note 2
10 Petronet CI Limited 2 18-10-2000 15,84,000 1.58 11.00% By virtue of Note 2 - - Note 2
11 Petronet India Limited 4 31-Mar-22 17-12-1998 1,60,00,000 0.16 16.00% Shareholding/ 0.44 -
12 GSPL India Gasnet Limited 31-Mar-24 30-04-2012 24,32,37,505 243.24 11.00% Joint venture 213.88 (15.32)
13 GSPL India Transco Limited 31-Mar-24 30-04-2012 6,67,70,000 66.77 11.00% agreement 35.61 (1.67)
14 Kannur International Airport Limited 1&3 31-Mar-23 31-03-2014 2,16,80,000 216.80 16.20% 123.66 (26.05)
15 Fino PayTech Limited 1&3 31-Mar-23 29-07-2016 2,79,91,070 260.17 21.10% 105.56 12.38
16 Kochi Salem Pipeline Private Limited 31-Mar-24 30-12-2014 56,06,40,000 560.64 50.00% 616.40 (5.77)
17 Mumbai Aviation Fuel Farm Facility Private Limited 31-Mar-24 06-03-2014 5,29,18,750 52.92 25.00% 107.53 15.85
18 BPCL-KIAL Fuel Farm Private Limited 3 31-Mar-23 29-12-2014 66,60,000 6.66 74.00% (2.70) 2.80
19 Haridwar Natural Gas Private Limited 31-Mar-24 24-12-2015 4,35,80,000 43.58 50.00% 47.07 2.98
20 Ratnagiri Refinery & Petrochemical Limited 31-Mar-24 14-06-2017 5,00,00,000 50.00 25.00% 26.75 (1.23)
21 IHB Limited 31-Mar-24 09-07-2019 76,45,00,000 764.50 25.00% 760.68 (2.03)
22 Goa Natural Gas Private Limited 31-Mar-24 21-11-2016 4,00,00,000 40.00 50.00% 39.26 0.60
During the year 2017-18, BPCL along with IOCL and HPCL has incorporated a company under Section 8 of Companies Act, 2013 named as Ujjwala Plus Foundation, limited by guarantee.
Corporate Overview
Note 1: Figures based on consolidated financial statements of the Company.

Note 2: Equity method of accounting in respect of Investment have not been considered in the preparation of Consolidated Financial Statements as the parent company has decided to exit from these Joint
Ventures and provision for full diminution in the value of investment has been done in the standalone financial statements of the parent company.
Note3: The financial statements of these Associate and Joint Venture companies are yet to be audited and hence the provisional financial statements provided by the respective management have been
considered for the purpose of preparation of Consolidated Financial Statements.
Note 4: Petronet India Limited is under liquidation.
Statutory Reports

Sd/-
Sd/- Sd/- Sd/- Sd/-


Place: Mumbai
Date: May 9, 2024
425
Notes 0
Bharat
Petroleum
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Hausla Aisa,
Bharat Jaisa!
SERVICE TO THE NATION
OUR COMMITMENT, OUR PRIDE.
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Sec. 3.4.1 8th August, 2024

The Secretary, The Secretary,

Sub: Annual Report of BPCL for the financial year 2023-24

This is for your information.

Annual Report 2023-24

Driving India’s new Fueling India’s Green

Auditors’ Report 232

• State Bank of India • Kalyaniwalla & Mistry LLP Data Software

4.40% 10,198 TKL 23,600 MTCO2e

71,52,010 117.54 million 29.42%

02 Bharat Petroleum Corporation Limited Annual Report 2023-24

About BPCL BPCL at a Glance

Fueling the Leapfrogging India #2

04 Bharat Petroleum Corporation Limited Annual Report 2023-24

Portfolio Assets Upstream Oil and Gas Assets 1

REFINING & PETROCHEMICALS Presence in 15 Blocks 12+ Global Partners

Retail Outlets LPG Distributors CNG outlets

HelloBPCL per year digital/phone medium per year • Exploration/Appraisal

06 Bharat Petroleum Corporation Limited Annual Report 2023-24

With a customer base of over 9.35 crore, Bharatgas

~ Dispenser presets automatically for autom

:© Instant cash refund in case of partial fuelling

RETAIL Under our renowned lubricants brand MAK, we

08 Bharat Petroleum Corporation Limited

AVIATION INDUSTRIAL AND COMMERCIAL PIPELINES NEW BUSINESSES

A prominent and trusted supplier of natural gas, INTERNATIONAL TRADE BIOFUELS

10 Bharat Petroleum Corporation Limited Annual Report 2023-24

Burmah – Shell formed KR merged with BPCL.

BORL’s refining capacity enhanced Petrochemical Complex at KR

2016 2017 2018 2021 2022 2023 2024

1928 1955 1956 1976 2006 2011 2016

Launched indigenous Hydrogen

Kochi Refinery capacity enhanced

Nationalization of Burmah Shell

First Indian Company to operate BORL & BGRL amalgamated with

12 Bharat Petroleum Corporation Limited Annual Report 2023-24

14 Bharat Petroleum Corporation Limited Annual Report 2023-24

16 Bharat Petroleum Corporation Limited Annual Report 2023-24

Subsidiaries and Joint Ventures -

Joint Ventures and Associates*

22.50% 25.00% 22.50%

49.94% 50.00% 50.00%

LNG Fintech Refining

12.50% 21.10% 25.00% Dr. (Smt) Dr. (Smt)

18 Bharat Petroleum Corporation Limited Annual Report 2023-24

20 Bharat Petroleum Corporation Limited Annual Report 2023-24

The Leadership Team

22 Bharat Petroleum Corporation Limited Annual Report 2023-24

₹75,000 crore ₹25,000 crore ₹32,000 crore

₹20,000 crore ₹10,000 crore ₹8,000 crore

Project Aspire is a comprehensive five-year strategic framework aimed at

Nurture the Core. Future Big Bets.

~ Bet,erages I Eats I Lounge/ Best washroom

People R&D Partnerships Funding Excellence Digital Technology & Innovation

26 Bharat Petroleum Corporation Limited Annual Report 2023-24

Brand Impact Our Brand Ambassadors - Connecting Strategically

an exceptional sales performance across all

28 Bharat Petroleum Corporation Limited Annual Report 2023-24

• Operates 3 Strategically located refineries at based predictive analytics of critical equipment,