BPCL Annual Report Final 05-08-22

UNLOCKING POSSIBILITIES
EMPOWERING LIVES
ANNUAL REPORT
2021-22
UNLOCKING POSSIBILITIES
EMPOWERING LIVES
Recent times remind us of how incredibly the modern world has shrunk and
how closely we are intertwined with the rest of the globe. Just as the world
was nudging out of the grips of the viral pandemic, it has been rocked by the
recent geopolitical tremors that have rippled through the global economy.
Unperturbed by these mega-scale upheavals, we are navigating through

the prevailing testing times deftly, charting our journey with extraordinary
resilience, financial prudence, and robust performance.
Steadfastly anchored to the energy needs of the nation and aligned

with global climate action, we have embarked upon an ambitious voyage of
energy transition towards a cleaner and sustainable future.
Stepping into the realm of green energy, we are changing

intrinsically and proactively, summoning our synergies and the ingenuity
of our human talent pool.
Bharat Petroleum has been among the first corporates in

India that have announced their 'Net Zero' plans. Our ambition is to
achieve 'Net Zero' in Scope 1 and Scope 2 emissions by the
year 2040 to curb the carbon footprint of our operations.
We are at the cusp of a transformation that defines our future

as we metamorphose from a predominantly oil & gas company into
an 'energy' company. Unfolding our strategic vision for the future,
we are evolving new-age energy solutions.
With customer-centricity at the fulcrum, our teams are creating

new services and delightful experiences for customers and our
rural push is creating inclusive growth and new economic opportunities
in the hinterland of the nation.
Inspired by a pragmatic vision, our alacrity to excel and tenacity to rise

amidst challenges creates bountiful value for our stakeholders and enables
us to unlock newer possibilities for empowering lives.
CONTENTS
Chairman's Letter 2
Board of Directors 5
Bankers, Auditors, Share Transfer Agent and Registered Office 6
Management Team 7
Vision, Values, Culture and Mission 8
Performance Highlights 9
Our Journey of Growth 13
Notice to Members 14
Directors' Report 27
Management Discussion & Analysis Report 55
Report on CSR 95
Report on Corporate Governance 107
Business Responsibility Report 142
Comments of C & AG 170
Performance Profile 180
Standalone Financial Statements 187
Auditors' Report 195
Balance Sheet and Statement of Profit & Loss 206
Cash Flow Statement 208
Consolidated Financial Statements 303

CHAIRMAN’S LETTER
Dear Shareowners,
Greetings for the day!
It is my pleasure and privilege to present to you the Annual

Report for 2021-22 and share the highlights for the year.
On the physical front, your Company performed better than

last year. BPCL, on a standalone basis, registered sales
of 42.51 MMT and crude throughput of 30.07 MMT in
the year 2021-22, as against 38.74 MMT and 26.40 MMT,
respectively, in the previous year. On the financial front, your
Company recorded a Profit After Tax (PAT) of ₹8,789 crore
on a standalone basis, as against PAT of ₹19,042 crore in
the previous year. The higher PAT last year was essentially
due to the one-time gain on the sale of stake in Numaligarh
Refinery Limited. Besides, this year, the gains due to higher
refining margins were more than offset by the lower
marketing margins and lower inventory gains, resulting in a
dampening effect on our profit. The Board of Directors
declared a total dividend of ₹16 per share on earnings of
₹41.31 per share for the year.
Recent times have brought tumult and uncertainty on a

global scale. Having undergone the harrowing churnings of
the viral onslaught, the world felt less gloomy when the
pandemic began to taper off gradually, rekindling a new
enthusiasm in hope of better times ahead. Now, as we move
forward, the world faces a fresh set of challenges posed by
spiraling global inflation and unsettling geopolitical tensions A major highlight for us is the merger of Bharat Oman
marring the socio-economic prospects that were rising on Refineries Limited (BORL), our wholly owned subsidiary.
the horizon as the impact of pandemic was abating. I am extremely happy to announce that BORL has been
Certainly, these are trying times, testing one’s strength, merged with BPCL with effect from July 1, 2022. This will
patience, and resilience. But challenges are not new for result in substantial logistics, operational and talent-pool
BPCL, and our unyielding can-do spirit and never-give-up synergies for the Company, while also facilitating faster
determination are the underpinnings of our inherent strength execution of the proposed Petrochemical project at Bina.
to take challenges head-on. The merger of Bharat Gas Resources Limited, the wholly
owned gas subsidiary, with BPCL is in its last leg and is
The international oil and gas market continues to be volatile, expected to be completed soon.
with supply-side constraints leading to abnormally high
prices. In such a scenario, even with robust refining margins, The era-defining trend of today for our industry is Energy
the profitability of domestic Oil Marketing Companies (OMCs) Transition. As the energy landscape changes globally, your
has taken a severe hit on the marketing side. Needless to say, Company has been recalibrating its strategies to leverage
your Company is taking all necessary actions to minimize the emerging opportunities while mitigating risks. The Company
adverse impact on its financial position as it continues to has firmed up plans to diversify and expand in adjacent and
serve the growing fuelling needs of the nation. alternative businesses to create additional revenue streams
02 Bharat Petroleum Corporation Limited

and provide a hedge against any possible future decline in enhancing the blending in line with the roadmap laid out by
liquid fossil-fuel business. In this direction, six strategic the government.
areas have been identified as pillars of future growth and
sustainability, viz., Petrochemicals, Gas, Renewables, New Non-fuel offerings have been an important constituent
Businesses (Consumer Retailing), E-mobility and Upstream, of BPCL’s retailing portfolio and one of the major drivers
while the core businesses of refining and marketing of of growth in fuel business through the rub-off effect. The
petroleum products continue to serve as a solid foundation, Company has formed a business unit called "New
providing stability and consistent cash flows. The Company Businesses" for expanding the consumer retailing business
has laid out a detailed roadmap under each of these more vigorously and in newer ways, with initial focus on
strategic areas, and has planned a capex outlay of around small towns and rural areas. Deploying a unique digitally
₹1.4 lakh crore in the next five years. enabled business model, the Company has dovetailed fuel
with non-fuel offerings and enrolled rural womenfolk
I will now elaborate Company’s plans in each of these six entrepreneurs called "Urja Devis" to reach out to the lowest
strategic areas. denominator in the Indian market. I am extremely happy to
inform you that in just nine months since the creation of this
BPCL has placed topmost priority on the expansion of its business unit, we have already opened 30 "In & Out stores"
petrochemicals product portfolio and taken definitive steps in Tehsils and partnered with 300 Urja Devis in rural areas.
in this direction. The Company has identified two new Our endeavour is to create 1,500 "In & Out stores" and
refinery-integrated petrochemical projects–the 1.2 MMTPA engage 15,000 Urja Devis in the coming year.
Ethylene Cracker unit at Bina Refinery and the 0.4 MMTPA
Polypropylene unit at Kochi Refinery. Action has been In the Electric Mobility space, to address range anxiety
initiated for these projects. pertaining to electric 4-wheelers, the Company came up
with a novel concept of creating Highway Fast Charging
Another key area of focus for BPCL is natural gas. Corridors, and on a pilot basis, adopted the 900-km
Expanding its natural gas footprints, your Company has Chennai-Trichy-Madurai-Chennai highway (NH-45) to
secured licenses for 8 new Geographical Areas (GAs) under develop it as a Highway Fast Charging Corridor. Going
the recently concluded 11th and 11A City Gas Distribution forward, BPCL plans to grow in this space in tandem with
(CGD) bid rounds. With this, BPCL has licenses for market expansion.
developing CGD networks in 25 GAs covering 62 districts
and a total of 50 GAs covering 105 districts, inclusive of JVs. On the upstream front, Bharat PetroResources Limited
The success in the past few CGD rounds has placed BPCL (BPRL), our wholly owned upstream subsidiary achieved a
among the top 3 CGD players in the country. Further, 8 new major milestone with the consortium submitting the
GAs were commissioned during the year, while work in other Declaration of Commerciality for the oil and gas discovery in
GAs is fast progressing towards completion. Capitalising on BM Seal 11 Concession in Brazil during the year. The Field
its extensive experience and wide presence, the Company Development Plan is expected to be submitted shortly,
is well poised to become a significant player in the growing which will be followed by Final Investment Decision for
natural gas market in the country. monetization of the discoveries. Also, in Mozambique,
where world-class offshore gas discoveries are being
Aligned with national priorities and committed to the developed for monetization through the LNG route by the
common global cause of climate stabilisation, your consortium, the project execution activities are expected to
Company has pledged to achieve "Net Zero" in Scope 1 and re-commence soon with the improving security situation.
Scope 2 emissions by 2040. To realise this aspiration, With most of its assets now either in development or
diversification into Renewal Energy (RE) business will play a production phase, BPRL is well on its path to take its
major role, and to this end, the Company established a new revenue generation to the next level.
business unit "Renewable Energy" to take forward this
initiative. Also, the Company has clearly articulated its Over the years, BPCL has been focusing on creating
RE targets to reach 1 GW by 2025 and 10 GW by 2040. additional capacities and augmenting its infrastructure
Further, pursuing the nation’s objectives of ensuring energy to reduce dependence on other oil companies to serve
security and a cleaner environment through usage of its markets. I am proud to share with you that today
biofuels, your Company has recently achieved blending of your Company is self-sufficient in product availability and
more than 10% ethanol in petrol and is committed to distribution across the country. It was a great honour that
Annual Report 2021-22 03

during the year, our 355-km Bina-Kanpur multi-product BPCL’s image in the society is that of a sterling corporate
pipeline was dedicated to the nation by Hon‘ble Prime citizen, born out its unflinching belief in what Philip Kotler
Minister. Our strategically located refineries and well laid out has said: “A company’s civic character is its most potent
network of depots, installation, plants, and pipelines give us customer preference builder”. Your company has always
the confidence to ensure seamless supply of products and been at the forefront of service to the society and the
pursue growth in the near future without any constraints. nation and has been contributing whole-heartedly to the
cause of societal ascent and wellbeing, including during
Adding another feather to the cap, your Company the pandemic.
achieved a major milestone by expanding its fuel-retailing
network, crossing the 20,000 mark for the number of Fuel Fully seized of the growing need to re-invent ourselves and
Stations, in March 2022. The growth leadership position align with the tide of change ushered in by the global energy
that the Company registered amongst PSU OMCs in sales transition, your Company has been moving steadily towards
of petrol and diesel during the year bears testimony to the creating a distinct identity on a larger canvass and
faith that customers have reposed in BPCL. Mindful of the eventually becoming an Energy Company in the broadest
need to reinvent ourselves with the changing times, we are sense of the term. You would be aware that the government
committed to and progressing towards transforming our has recently put on hold its plans to disinvest its stake in the
Fuel Stations into Energy Stations, where all forms of Company. Notwithstanding any such decision, the
energy solutions for mobility, like petrol, diesel, natural gas, Company has been and will continue with its expansion
EV solutions, flexi fuels and, eventually, hydrogen, would plans consistent with its long-term business strategy, in its
be available. pursuit of creating value for all stakeholders.
Before I conclude, I would like to place on record my sincere
During the year, BPCL has taken further measures to optimize thanks to all our leaders, employees, business partners,
manpower and enhance efficiencies by restructuring various customers, vendors, bankers and other stakeholders,
roles and centralising various functions, thus making the for their continued support, unmatched dedication and
organisation leaner and more agile. This will go a long way unwavering loyalty, which has always served as a beacon of
towards enhancing competitiveness of the Company, while inspiration in all our endeavours. I would also like to place on
also providing better exposure and opportunities to record my heartfelt gratitude to the Ministry of Petroleum &
employees. Natural Gas for their invaluable guidance and constant
support. I am humbled by the immense confidence reposed
Further, as a binding enabler for all our strategic initiatives,
by the investors in the BPCL management, which has given
we have embraced the best of technologies to optimally
us the courage to spread our wings even wider.
harness their potential. It is with immense satisfaction that I
share that the digitalisation journey we embarked upon As I prepare to embark upon the next phase of my life after
about two years back with “Project Anubhav” has started my retirement later this year, I envision BPCL conquering
bearing fruits. In a short span of time, BPCL has created newer peaks as it marches forward on the path of growth
powerful brands like HelloBPCL, IRIS, Urja, UFill and and sustainability. I assure all of you that the leadership
SalesBuddy. “Project Anubhav” has catalysed the creation pipeline of the company is vibrant and robust, with intelligent
of a multiplier effect to reinforce our commitment of Trust, and young leaders set to take this great organization to even
Convenience and Personalisation to our customers and greater heights.
offer them a bouquet of new digital experiences, while also
I conclude with a quote by Winston Churchill, which, I hope,
improving our operational efficiencies.
will help sum up my journey in this wonderful organization:
Also, the year 2021-22 saw a paradigm shift in how the public “Success is not final; failure is not fatal: it is the courage to
perceived the BPCL Brand. Leveraging various social media continue that counts.”
platforms, we reimagined and repositioned our presence in
the public domain, setting the stage for highly positive brand
perceptions. BPCL, today, has the largest follower base on
social media among oil & gas companies in India and has
been able to garner a viewership of 10 crore for our social Arun Kumar Singh
media content during the year. Chairman & Managing Director

BOARD OF DIRECTORS
ARUN KUMAR SINGH K. PADMAKAR VETSA RAMAKRISHNA GUPTA N. VIJAYAGOPAL

Chairman & Managing Director Director (Human Resources) Director (Finance) Director (Finance)
(w.e.f. 07.09.2021) (up to 31.12.2021) (w.e.f. 07.09.2021) (up to 31.07.2021)
with additional charge of Director (Marketing) with additional charge of Chairman & Managing with additional charge of Director (Human Resources)
(w.e.f. 14.09.2021) Director (up to 06.09.2021) (w.e.f. 01.01.2022)
SANJAY KHANNA GUDEY SRINIVAS RAJESH AGGARWAL SUMAN BILLA

Director (Refineries) AS&FA, Ministry of Consumer Affairs & Public Additional Secretary & Financial Principal Secretary (Industries & NORKA)
(w.e.f. 22.02.2022) Distribution, Financial Adviser, MoP&NG Advisor, MoP&NG Govt. of Kerala
(w.e.f. 13.10.2021) (up to 22.09.2021) (w.e.f. 16.03.2022)
DR. K. ELLANGOVAN HARSHADKUMAR P. SHAH PRADEEP GHANSHYAM SHER

Principal Secretary (Industries & NORKA) Independent Director Independent Director
Govt. of Kerala (up to 15.07.2022)
VISHAMBHAR AGRAWAL (w.e.f. 12.11.2021)
Independent Director
(up to 31.01.2022)
(w.e.f. 12.11.2021)
DR. (SMT.) AISWARYA BISWAL PROF. (DR.) BHAGWATI GOPAL KRISHAN AGARWAL
Independent Director PRASAD SARASWAT Independent Director
(w.e.f. 12.11.2021) Independent Director (w.e.f. 12.11.2021)
(w.e.f. 12.11.2021)

(L to R) : Mr. Sanjay Khanna, Director (Refineries)
Mr. Arun Kumar Singh, Chairman & Managing Director with additional charge of Director (Marketing)
Mr. Vetsa Ramakrishna Gupta, Director (Finance) with additional charge of Director (Human Resources)
BANKERS AUDITORS SHARE TRANSFER AGENT
• State Bank of India Kalyaniwalla and Mistry LLP

• Standard Chartered Bank Chartered Accountants
2nd Floor, Esplanade House,
• BNP Paribas 29, Hazarimal Somani Marg,
Data Software,
• Union Bank of India Fort, Mumbai – 400 001
Research Co. Pvt. Ltd.
• Bank of India 19 Pycrofts Garden Road,
K.S. Aiyar & Co
• Deutsche Bank Chartered Accountants Nungambakkam,
F-7, Laxmi Mills Compound Chennai 600 006.
• ICICI Bank
Shakti Mills Lane,
• HDFC Bank
Off Dr. E.Moses Road,
• IDBI Bank Mahalaxmi, Mumbai – 400 011
REGISTERED OFFICE
BHARAT PETROLEUM CORPORATION LTD.
CIN: L23220MH1952GOI008931
Bharat Bhavan, P. B. No. 688, 4 & 6 Currimbhoy Road,
Ballard Estate, Mumbai 400 001
Phone: 2271 3000 / 4000 • Fax: 2271 3874
Email: info@bharatpetroleum.in • Website: www.bharatpetroleum.in

MANAGEMENT TEAM
Meenaxi Rawat Chief Vigilance Officer Pankaj Kumar Chief General Manager (Corporate Treasury)
Sukhmal K. Jain Executive Director I/C (Marketing Corporate) Pardeep Goyal Head CGD Projects (Gas BU)
Amit Garg Executive Director (Aviation) Pushp Kumar Nayar Head (Retail), South
D. V. Mamadapur Executive Director (International Trade) R. Sundaravadhanan Head Business Process Excellence Centre (BPEC)
G. Krishnakumar Executive Director (Lubes) Radhakrishnan S CFO, BORL
K. Ajith Kumar Executive Director (Kochi Refinery) Rahul Tandon Head CGD Marketing (Gas)
Kurian Parambi Executive Director (HR) Rajashekar K. Chief General Manager (Inspection), Kochi Refinery
L. R. Jain Executive Director I/C (E&P) Rajeev C Chief General Manager Technical, BR
M. A. Khan Executive Director (Corporate Coordination & Development) Rajeev Jaiswal Chief General Manager Sales Strategy (Retail), HQ
M. R. Subramoni Iyer Executive Director (Mumbai Refinery) Rajiv Dutta Head (Retail), North
Manoj Heda Executive Director (Corporate Finance) Ramakrishnan N. Chief General Manager (Finance), Mumbai Refinery
N. Shukla Executive Director (Planning) Ramakrishnan T. N. Chief General Manager Rural Initiatives (Retail)
P. Anilkumar Executive Director (Gas Business Unit) Ranjan Nair Regional LPG Manager, North
P. K. Ramanathan Executive Director Logistics & Ops. (LPG), HQ Ravi L On Deputation To BORL BINA
P. S. Ravi Executive Director I/C (Retail) Ravi R. Sahay Regional LPG Manager, South
P. Sudhahar Executive Director (Marketing Corporate) Ravikumar V. Chief General Manager I/C (R&D)
P. V. Ravitej Executive Director I/C (Refineries Projects) Ravindra V. Deshmukh Chief General Manager (QCC), HQ
Priyotosh Sharma Chief Procurement Officer (CPO Marketing) S. B. Nivendkar State Level Co-ordinator (Oil Industry), Maharashtra
R. P. Natekar Executive Director I/C (Planning & Corporate Affairs) S. Dhanapal Chief General Manager Ops. & Logistics (LPG), HQ
R. R. Ghalsasi Executive Director (Refineries Projects Org.) S. Kannan Regional Manager (Lubes), South
S. Srinivasan Executive Director Sales (I&C), HQ S. Mehrishi Chief General Manager (IS), Kochi Refinery
Sanjeeb K. Paul Executive Director Biofuels & Major Projects (E&P), HQ S. S. Sontakke Head LNG Marketing (Gas)
Sanjeev Agrawal Executive Director (Engg. & Automation Retail), HQ Saibal H. Mukherji State Head (Retail), Uttar Pradesh
Santosh Kumar Executive Director I/C (LPG) Sanjeev Kumar State Head (Retail), Karnataka
Subikash Jena Executive Director I/C (I&C) Sanjeev Raina Chief General Manager (Corporate HSSE)
T. Peethambaran Executive Director (IS & Digital Business) Sarah Thomas Chief General Manager (HR), Kochi Refinery
Teresa Naidu Executive Director (Internal Audit) Senthilkumar G.R. Chief General Manager Technology, Kochi Refinery
Abhay Shah Chief General Manager Marketing I/C (Lubes), HQ Shankar N. Karajagi Head Channel Partner Management (New Business)
Akash Tiwari State Head (I&C), Maharashtra - 1 Shelly Abraham Head (Renewable Energy)
Akshay Wadhwa Head (Retail), West Sreekumar R. Chief General Manager I/C (SCO)
Anil Ahir Chief General Manager (HRS), CO Sreeram A.N. Chief Procurement Officer (Refineries)
Anurag Saraogi Chief General Manager Biofuels (Retail), HQ Srikanth S. Chief General Manager (SCO)
Arul Muthunathan V. Regional Manager (Gas), West Sriram S. Chief General Manager (Engg. & Advisory Services), Kochi Refinery
B. L. Newalkar Chief General Manager (R&D) Subhankar Sen Chief General Manager (Retail Initiatives & Brand), Retail HQ
Biju Gopinath Head, New Businesses Subhasis Mukherjee Chief General Manager (Internal Audit)
Chacko M. Jose Chief General Manager (Operations), Kochi Refinery Suresh John Chief General Manager (Refineries Projects Org.), Kochi Refinery
Chandrasekhar N. Chief General Manager (Operations), Mumbai Refinery Syed Abbas Akhtar Chief General Manager (PR & Brand)
D. Parthasarthy Chief General Manager (HRD) T. V. Pandiyan Regional LPG Manager, West
Debashis Ganguli Chief General Manager (P&AD), Lubes T. V. Rama Rao Chief General Manager IS & Digital Strategy I/C (MR & KR), Mumbai Refinery
Debashis Naik Head (Retail), East V. R. Rajan Chief General Manager Manufacturing, Mumbai Refinery
Dinabandhu Mandal Chief General Manager Logistics I/C (Retail), HQ V. Srividya Chief General Manager (Retail), HQ
Geeta V. Iyer Chief General Manager (Finance), Kochi Refinery Vijay N. Tilak Chief General Manager Planning
Inderjit Singh Head Supply Chain Management (Lubes) Aidaphi Giri Saxena General Manager I/C (ESE)
K. Ravi Chief General Manager Rural Initiatives (Retail), HQ Anu Mohla General Manager I/C (Legal), HQ
Kani Amudhan N. Chief General Manager Pipelines (Ops. & Projects) Kala V. Company Secretary
M. Sankar Chief General Manager Manufacturing, Kochi Refinery R. C. Agarwal General Manager I/C (CMR0)
Mahadevan Easwaran S. Chief General Manager (IS) R. D. S. Dhillon Head (Project Anubhav)
Mathews M. John Chief General Manager Technology, Mumbai Refinery Rajiva R. Mandal General Manager I/C Vigilance
Nikhil K. Singh Chief General Manager Sales & LPG Marketing Strategy, HQ Sameet Pai General Manager (Corporate Strategy)
P. K. Bhowmick Chief General Manager (E&AS, Projects & Proj. Procurement), Mumbai Refinery

VISION
• We are the most admired global energy company leveraging talent and technology
• We are the first choice of customers, always
• We exploit profitable growth opportunities outside energy
• We are the role model for Health, Safety, Security & Environment
• We are a great organisation to work for
• We are a learning organisation
• We are a model corporate entity with social responsibility
VALUES
• 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
• Innovation is our daily inspiration
• Collaboration is the essence of individual action
• Involvement is the way we pursue our organisation goals
CULTURE
• We remain result focused with accountability for governance
• We collaborate to achieve organisational goals
• We enroll people through open conversations
• Our every action delivers value to the customer
• We proactively embrace change
• We care for people
MISSION
• Participate prominently in nation-building by meeting its growing energy needs, and to support this endeavour, pursue the
creation of economic surplus by efficiently deploying all available resources and aiming towards global competitiveness in the
energy sector
• Strengthen and expand areas of core competencies throughout the country, total quality management in all spheres of business
and maintain the status of a leading national company
• Create awareness among people on the imperatives of energy conservation and efficient consumption of petroleum
resources, by disseminating information through appropriate media
• Availing ourselves of new opportunities for expansion / diversification arising from the liberalisation of the economy to achieve
a global presence
• Promote ecology, environmental upgradation and national heritage

PERFORMANCE
HIGHLIGHTS
Gross Revenue from Operations is `
Refinery throughput is
Market sales including exports is
Net profit is `
Market share is

Gross Sales Turnover / Profit After Tax (`Crores) Internal Generation / Capital Expenditure (`Crores)
6,00,000 25,000 18,000

17,231
19,042
20,000
5,00,000 15,000
4,32,258 17,500
Standalone Capital Expenditure

11,064 11,064 11,860
4,00,000 15,000 12,000 10,394
3,36,384 3,26,393
Gross Sales Turnover
8,738
Internal Generation
3,00,830 12,500
9,000
Profit after tax

3,00,000 2,76,401
7,132 10,000
8,759
8,789 7,500 6,000 7,449
2,00,000
7,976
5,000
3,000
1,00,000
2,683 2,500 1,133
0 0 0
2017-18 2018-19 2019-20 2020-21 2021-22 -546
2017-18 2018-19 2019-20 2020-21 2021-22
(-3,000)
Sales Turnover Profit after tax
Internal Generation (After adjusting final dividend of previous year)
Standalone Capital Expenditure (Includes investment in Subsidiaries,
JVC's and Associates)
Refinery Throughput (Million Metric Tonnes) Production (Million Metric Tonnes)*

35 35
31.91
31.01 30.07 30.24
30 29.34
30 28.26
28.54 26.95
26.40 25.12
25 25
8.46 9.37
20 20 7.95 9.94
8.81
26.14 15
15 27.45 26.51
23.80
22.74 17.60
10 10 17.06
16.05 15.50
13.90
5 5
4.74 4.87 4.46 3.66 3.56 3.82 3.27 2.82
2.95 2.41
0 0
2017-18 2018-19 2019-20 2020-21 2021-22 2017-18 2018-19 2019-20 2020-21 2021-22
Light Distillates Middle Distillates Heavy Ends

Indigenous Imported
*Exclude production of petrochemical
Market Sales Volume (Million Metric Tonnes) Total Funds Employed (`Crores)
94,603
88,171
1.05 7.64 1.02 6.00 0.42 26.38 89,010
90,000 9,271
2021-22 42.51 7,953 9,495
4,472
80,000 4,883
73,856 5,967
0.80 7.30 0.93 5.15 0.37 24.19 1,850
70,000 6,169
2020-21 38.74 64,007
1,569 26,315 24,123
60,000 4,956
2.01 6.87 0.78 6.17 0.31 26.96
43.10 50,000
2019-20
23,351 29,099 41,875
40,000
1.99 6.49 1.29 5.76 0.24 27.30
2018-19 43.07 30,000
20,000
1.79 5.99 1.31 5.20 0.32 26.60 34,131 36,738 33,215 54,545 49,670
2017-18 41.21 10,000
0 0
2017-18 2018-19 2019-20 2020-21 2021-22
5 10 15 20 25 30 35 40 45
Aviation LPG Gas Direct Lubes Retail Total Equity Borrowings excluding Lease Liability
Deferred Tax Liability Other Non-Current Liabilities

Basic Earnings Per Share (EPS) / Dividend Per Share (DPS) / Book Value Per Share (`)
120 300
260.62
96.44
100 250
233.25
79.00
80 200
Basic EPS & DPS
173.53 186.78
60 168.87 150
40.55 41.31
36.26
40 100
21.00 19.00 16.50 16.00

20 13.64 50
0 0
2017-18 2018-19 2019-20 2020-21 2021-22
EPS, DPS and Book Value per share have been adjusted for bonus issue during 2017 - 18
Basic EPS DPS (Including proposed dividend) Book Value per Share
Financial Year 2020-21 Financial Year 2021-22
Distribution of Each 7.29

Rupee Earned
1.78
13.57
2.18
16.65
22.32
61.93
74.28
*Others include Raw Materials, Purchase of *Others include
Employees' remuneration : 1.72% Products for resale and Packages Employees' remuneration : 0.78%
Duties, Taxes etc.
Finance cost : 0.42% Finance cost : 0.43%
Transportation
Depreciation & Amortisation : 1.26% Depreciation & Amortisation : 1.09%
Others *
Income Tax : 1.13% Income Tax : 0.72%
Other Operating Expenses : 3.01% Other Operating Expenses : 2.26%
Dividend : 1.34% Dividend : 3.32%
Retained Earnings : 4.69% Retained Earnings : -1.31%

Typical Ambient Air Quality vis-a-vis Statutory Treated Effluent Water Quality vis-a-vis Statutory
Standard at Mumbai Refinery Standards at Mumbai Refinery
20 20
100
100 18
90 16
15 17.41
80 80
All Units are (mg/ltr. except pH)

80 14
70
12
All Units are (Microgram/Nm3)
60 59.6 11.20
60
10
50 8.5
8 7.57
40
6
30 28.5 5
25.43
20 4
11.33 2.22
10 2
0.35 0.20 0.5 0.19
0 0
NOx SOx PM 2.5 PM 10 pH BOD TSS Oil & Grease Phenols Sulphides
STANDARD ACTUAL STANDARD ACTUAL
Typical Ambient Air Quality vis-a-vis Statutory Treated Effluent Water Quality vis-a-vis Statutory
Standard at Kochi Refinery Standards at Kochi Refinery
70 25
60
60
20
20
50 49.13
50
All Units are (Microgram/Nm3)
15
All Units are (mg/ltr. except pH)
40 40 15
40
11.73 11.87
30
27.28 10 8.5
7.50
20
17.67
12.24 5
5
3.33
10
0.5
0.35 0.16 0.40
0 0
NOx SOx PM 2.5 PM 10 pH BOD TSS Oil & Grease Phenols Sulphides
STANDARD ACTUAL STANDARD ACTUAL

OUR JOURNEY OF GROWTH
75 YEARS AND MORE
Aviation Fueling in Early Days - 1928 India’s First Drive-in Fuel Station in Mumbai - 1932
Mumbai Refinery Inauguration - 1955 LPG Introduced in India - 1955
India's First Lube Blending Plant commissioned in

Wadilube Mumbai - 1956 Pure for Sure Initiative Launched - 2001

NOTICE TO THE MEMBERS
Notice is hereby given that the 69th Annual General Meeting of the members of Bharat Petroleum Corporation Limited (“the
Company”) will be held on Monday, August 29, 2022 at 10.30 a.m. IST through Video-Conferencing (“VC”) / Other Audio
Visual Means (“OAVM”) to transact the following Ordinary and Special Business:-
A. Ordinary Business
1) To receive, consider and adopt (a) the Audited Financial Statements of the Company for the Financial Year ended
March 31, 2022 (b) the Audited Consolidated Financial Statements of the Company for the Financial Year ended
March 31, 2022; and the Reports of the Board of Directors, the Statutory Auditors and the Comments of the
Comptroller & Auditor General of India thereon.
2) To confirm the payment of First and Second Interim Dividend and to declare Final Dividend on Equity Shares for the
Financial Year ended March 31, 2022.
3) To appoint a Director in place of Shri Vetsa Ramakrishna Gupta, Director (DIN: 08188547), who retires by rotation
and being eligible, offers himself for reappointment.
4) To authorize the Board of Directors of the Company to fix the remuneration of the Joint Statutory Auditors of the
Company for the Financial Year 2022-23 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:-
“RESOLVED THAT the Board of Directors of the Company be and is hereby authorized to decide and fix the
remuneration of the Joint Statutory Auditors of the Company as appointed by the Comptroller & Auditor General of
India for the Financial Year 2022-23.”
B. Special Business
5) Approval of Remuneration of the Cost Auditors for the Financial Year 2022-23
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. R. Nanabhoy & Co., Cost Accountants, Mumbai and M/s. G.R. Kulkarni & Associates, Cost Accountants,
Mumbai, 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, 2023 be paid the remuneration as set out below:
Name of the Cost Auditor Activities / Location Audit Fees
M/s. R. Nanabhoy & Co., BPCL’s activities where cost records are to be ` 2,75,000/- plus applicable taxes
Mumbai (Lead Auditor) maintained including Refineries, products and reimbursement of out-of-
pipelines, etc. (other than Lubricants) pocket expenses.
M/s. G.R. Kulkarni & Lube Oil Blending Plants, Wadilube, ` 1,25,000/- plus applicable taxes
Associates, Mumbai Tondiarpet, Budge-Budge and Loni and reimbursement of out-of-
pocket expenses.
14
RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorised to do all such acts,
deeds and things, and to take all such steps as may be necessary or expedient to give effect to this Resolution.”
By Order of the Board of Directors
Sd/-
(V. Kala)
Company Secretary
Place: Mumbai
Date: July 29, 2022
Registered Office:
Bharat Bhavan, 4 & 6 Currimbhoy Road, Ballard Estate,
Mumbai 400 001 CIN: L23220MH1952GOI008931
Phone: 2271 3000 / 4000
email: info@bharatpetroleum.in Website: www.bharatpetroleum.in
Notes:
1. Pursuant to various circulars issued by the Ministry of Corporate Affairs (MCA) and by the Securities and Exchange
Board of India (SEBI) (hereinafter collectively referred to as “the Circulars”) physical presence of the members at the
Annual General Meeting (AGM) venue is not required and the AGM will be held through VC or OAVM, in view of the
ongoing outbreak of the COVID-19 pandemic. Hence, members can attend and participate in AGM through VC/OAVM
or view the live webcast at www.evoting.nsdl.com. In compliance of provisions of Regulation 44(6) of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, top 100 Listed Companies determined on the basis of
market capitalisation are required to provide the facility of the live webcast of the proceedings of the General Meeting.
Accordingly, BPCL is arranging a live webcast for the members.
2. The Explanatory Statement pursuant to Section 102 of the Companies Act, 2013 is annexed hereto. The Board of
Directors has considered and decided to include Item No. 5 given above as Special Business in the AGM, as it is
unavoidable in nature.
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 held
through VC/OAVM pursuant to the MCA/SEBI Circulars, the facility to appoint a proxy to attend and cast a vote
for the member is not available. However, the Body Corporates are entitled to appoint authorised representatives
to attend the AGM through VC/OAVM and participate thereat and cast their votes through e-voting.
4. Since the present AGM is being held through VC/OAVM, Proxy form, Attendance Slip and Route map are not enclosed
to the notice.
5. The members can join the AGM in the VC/OAVM mode 30 minutes before and after the scheduled time of the
commencement of the Meeting.
6. The presence of the members attending the AGM through VC/OAVM will be counted for the purpose of reckoning the
quorum under Section 103 of the Companies Act, 2013.
7. Pursuant to the provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies
(Management and Administration) Rules, 2014 (as amended) and Regulation 44 of SEBI (Listing Obligations &
Disclosure Requirements) Regulations, 2015 (Listing Regulations) (as amended), and the Circulars issued by the
MCA, the Company is providing the facility of remote e-voting to its members in respect of the business to be
transacted at the AGM. Members who 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 vote again. For this purpose, the Company has entered into an
agreement with National Securities Depository Limited (NSDL) for facilitating voting through electronic means, as the
authorised agency. The facility of casting votes by a member using the remote e-voting system as well as the
electronic voting system at the AGM will be provided by NSDL. Facility is also being provided to those members
attending the AGM by 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 of the business transacted at the AGM.

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-
General-Meeting.aspx. The Notice and Annual Report can also be accessed from the website of the Stock Exchanges
i.e., BSE Limited and National Stock Exchange of India Limited (NSE) at www.bseindia.com and www.nseindia.com
respectively and will also be available on the website of NSDL (agency for providing the remote e-voting facility) i.e.
www.evoting.nsdl.com
In terms of the SEBI Circulars and Regulation 36(1) (c) of Listing Regulations, Notice of the AGM along with the
Annual Report 2021-22 is sent only through electronic mode to those members whose email addresses are
registered with the Company or Depository Participant (DP). Physical copy of the Notice of the AGM along with the
Annual Report 2021-22 shall be sent to those members who request for the same.
For receiving the Annual Report and all other communications from the Company electronically:
a. Members holding shares in physical mode and who have not registered / updated their email address with the
Company are requested to register / update the same by writing to the Registrar and Transfer Agent (RTA) of the
Company, M/s Data Software Research Co. Pvt. Ltd (DSRC) at bpcl@dsrc-cid.in with details of folio number
and attaching a self-attested copy of PAN card.
b. Members holding shares in dematerialised mode are requested to register / update their email addresses with
the relevant DP.
c. If there is any change in the e-mail ID already registered with the Company/RTA, members are requested to
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.
d. In case of any queries relating to shares, members are requested to contact the RTA on the above email
address.
8. The Board of Directors of the Company has recommended a final dividend of ` 6/- per share. Final dividend, once
approved by the members in the AGM, will be paid to the eligible shareholders within the stipulated period of 30 days
from the date of declaration at the AGM.
9. The final dividend will be paid through electronic mode to those members whose updated bank account details are
available. For members whose bank account details are not updated, dividend warrants / demand drafts will be sent
to their registered address. To avoid delay in receiving dividend, members are requested to register / update their bank
account details at the earliest.
10. Members holding shares in electronic form/dematerialized mode are requested to update their bank particulars with
their respective DP along with the self-attested copy of PAN, ID proof etc. which will be used by the RTA / Company
for payment of dividend. In cases where either the bank details such as MICR (Magnetic Ink Character Recognition),
IFSC (Indian Financial System Code), etc. required for making electronic payment are not available or the electronic
payment instructions have failed or have been rejected by the bank, RTA / Company will send dividend warrants /
demand drafts for payment of dividend to these members, by printing the bank account details of the members
wherever applicable.
11. Members who hold physical shares may provide updated bank details by submitting hard copy of duly signed Form
ISR-1 along with relevant documents mentioned therein to RTA. The said form is available at https://www.bharat
petroleum.in/bharat-petroleum-for/Investors/KYC-Updation.aspx
12. The Register of Members and Share Transfer Books of the Company will remain closed from Tuesday,
August 23, 2022 to Monday, August 29, 2022 (both days inclusive), for the purpose of AGM and payment of final
dividend on equity shares for the year ended March 31, 2022, if declared at the AGM. All members of the Company
holding shares at the close of business hours on Monday, August 22, 2022 will be eligible for the Final Dividend as
per the data to be made available by NSDL/CDSL/RTA.
13. SEBI circular Nos SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655 dated November 3, 2021 and
SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/687 dated December, 14 2021 has mandated the submission
of PAN, KYC and nomination details by members holding shares in physical form by March 31, 2023.
16
For submitting the above information, members may access the following link: https://www.bharatpetroleum.in/
bharat-petroleum-for/Investors/KYC-Updation.aspx
14. Members holding shares in electronic form are requested to submit their PAN to their DPs / agency with whom demat
account is opened.
15. As per the provisions of Section 72 of the Companies Act, 2013, facility for making nomination is available to
individuals holding shares in the Company. Members who are holding shares in physical form and have
not yet registered their nomination are requested to submit Form SH-13 for registering their nomination, Form SH-14
for making changes to their nomination details, Form ISR-2 for updating the signature of member and Form ISR-3 to
opt out of nomination along with the relevant documents to RTA. The relevant forms are available on the company’s
website at https://www.bharatpetroleum.in/bharat-petroleum-for/Investors/KYC-Updation.aspx. In case members are
holding shares in dematerialized form, they can register their nomination with their respective DPs.
16. In terms of Regulation 40 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended,
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.
17. As per SEBI circular nos SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8 dated January 25, 2022 and
SEBI/HO/MIRSD/MIRSD_RTAMB /P/CIR/2022/70 dated May 25, 2022 the listed companies, with immediate effect,
shall issue the securities only in demat mode while processing various investor service request pertaining to
issuance of duplicate shares certificate, claim from unclaimed suspense account, renewal / exchange of securities
certificate, endorsement, sub-division/splitting of share certificate, consolidated of share certificate, transposition
etc. Therefore, members are requested to submit hard copy of duly signed Form ISR-4 along with relevant documents
to RTA. The detailed procedure and the relevant documents are available at https://www.bharatpetroleum.in/
bharat-petroleum-for/Investors/Procedure-Related-to-Investor-Service-request.aspx
18. SEBI vide circular no. SEBI/HO/MIRSD/MIRSD_RTAMB/P//CIR/2022/65 dated May 18, 2022 has simplified and
standardized procedure for transmission of shares. Therefore, members are requested to make service request for
transmission of shares by submitting hard copy of duly signed form ISR-5 along with relevant documents to RTA.
The detailed procedure and the relevant documents are available at https://www.bharatpetroleum.in/bharat-
petroleum-for/Investors/Procedure-Related-to-Investor-Service-request.aspx
19. The certificate of the Auditors certifying that the ESPS scheme of the Company is implemented in accordance wit SEBI
(Share Based Employee Benefits) Regulations, 2014 is available at https://www.bharatpetroleum.in/
bharat-petroleum-for/Investors/Shareholders-Meetings/Annual-General-Meeting.aspx
20. All documents referred to in the Notice, if any, will be available electronically for inspection during office hours without
any fee by the members from the date of circulation of the Notice up to the date of AGM. Members seeking to inspect
such documents can send an email to ssc@bharatpetroleum.in.
21. The Register of Directors and Key Managerial Personnel and their shareholding maintained under Section 170 of the
Act, the Register of Contracts or Arrangements in which the Directors are interested, maintained under Section 189
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
writing to the Company at ssc@bharatpetroleum.in.
22. Members seeking any information with regard to the accounts or any matter to be placed at the AGM, are requested
to write to the Company on or before Monday, August 22, 2022 through email at ssc@bharatpetroleum.in. The same
will be replied by the Company suitably through email.
23. As required under Regulation 36(3) of Listing Regulations, a brief resume of person seeking reappointment as
Director under Item No. 3 of the Notice is attached.
24. Non-Resident Indian members are requested to inform the RTA immediately about:
(i) Change in their residential status on return to India for permanent settlement.
(ii) Particulars of their bank account maintained in India with complete name, branch, account type, account
number and address of the bank with pin code number, if not furnished earlier.

25. Members may note that the Income Tax Act, 1961, as amended by the Finance Act, 2020, mandates that dividends
paid or distributed by a Company is taxable in the hands of members. The Company shall therefore be required to
deduct tax at source (“TDS”) at the time of making the payment of dividend. In order to enable us to determine the
applicable TDS rate, members are requested to submit the relevant documents on or before Thursday,
August 25, 2022. The detailed communication regarding TDS on dividend sent to the members is provided on
the link: https://www.bharatpetroleum.in/bharat-petroleum-for/Investors/Procedure-Related-to-Investor-Service-
request/Tax-Forms.aspx. Kindly note that no documents in respect of TDS would be accepted from members after
Thursday, August 25, 2022.
26. The unclaimed dividends of BPCL and erstwhile Kochi Refineries Limited (KRL) for the Financial Years up to 1993-94
have been transferred by the Companies to the General Revenue Account of the Central Government, which can be
claimed by the members from the office of the Registrar of Companies at Mumbai and Kochi respectively.
27. (a) Pursuant to Section 124 and 125 of the Companies Act, 2013, any amount of dividend remaining unpaid or
unclaimed for a period of seven years from the date of its transfer to the Unpaid Dividend Account of the
Company is required to be transferred to the Investor Education & Protection Fund (IEPF) established by the
Central Government. The unclaimed dividends for the Financial Years from 1994-95 to 2013-14 have been
transferred to the said Fund, and no claim shall lie against the Company, for the amount of dividend so
transferred.
(b) In terms of Section 124(6) of the Companies Act, 2013, read with the IEPF Rules as amended, all the shares in
respect of which dividend has remained unpaid/unclaimed for seven consecutive years or more are required to
be transferred to an IEPF Demat account. Accordingly, shares in respect of unclaimed dividend for the financial
year 2013-14 have been transferred to an IEPF Demat account. In the event of transfer of shares and the
unclaimed dividends to IEPF, members are entitled to claim the same from IEPF by submitting an online
application in the prescribed Form IEPF-5 available on the website www.iepf.gov.in. Members can file only one
consolidated claim in a financial year as per the IEPF Rules.
(c) Members who have not yet encashed their dividend warrant(s) for the financial year 2014-15 or dividend
warrants(s) for any subsequent financial years are requested to make their claims without any delay to the
RTA/Company. It may be noted that the unclaimed amount of dividend for the financial year ended
March 31, 2015 becomes due for transfer to IEPF Authority on October 15, 2022. It may please be noted that if
no claim/application is received by the Company or the Company’s RTA for the financial year 2014-15 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.
The instructions for members for Remote E-Voting are as under:
The remote e-voting period begins on Wednesday, August 24, 2022, at 9:00 A.M. and ends on Sunday,
August 28, 2022, 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 cut-off date i.e. Monday,
August 22, 2022, may cast their vote electronically. The voting right of shareholders shall be in proportion to their
share in the paid-up equity share capital of the Company as on the cut-off date, being Monday, August 22, 2022.
The way to vote electronically on NSDL e-Voting system consists of “Two Steps” which are mentioned below:
Step 1: Access to NSDL E-Voting system
A) Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode
In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual
shareholders holding securities in demat mode are allowed to vote through their demat account maintained with
Depositories and Depository Participants. Shareholders are advised to update their mobile number and email Id in
their demat accounts in order to access e-Voting facility.
18
Login method for e-voting and attending the meeting for individual shareholders holding securities in demat mode is
given below:
Type of shareholders Login Method

Individual Shareholders 1. Existing IDeAS user can visit the e-Services website of NSDL Viz..
holding securities in demat https://eservices.nsdl.com either on a Personal Computer or on a mobile. On
mode with NSDL. the e-Services home page click on the “Beneficial 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 services under Value added services. Click on “Access to
e-Voting” under e-Voting services and you will be able to see e-Voting page.
Click on company name or e-Voting service provider i.e. NSDL and you will be
re-directed to e-Voting website of NSDL for casting your vote during the remote
e-Voting period or joining virtual meeting & voting during the meeting.
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/IdeasDirectReg.jsp
3. Visit the e-Voting website of NSDL. Open web browser by typing the following
URL: https://www.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. A new screen
will open. You will have to enter your User ID (i.e. your sixteen digit demat
account number held with NSDL), Password/OTP and a Verification Code as
shown on the screen. After successful authentication, you will be redirected to
NSDL Depository site wherein you can see e-Voting page. Click on company
name or e-Voting service provider i.e. NSDL and you will be redirected to
e-Voting website of NSDL for casting your vote during the remote e-Voting
period or joining virtual meeting & voting during the meeting.
4. Shareholders/members can also download NSDL Mobile App “NSDL Speede”
facility by scanning the QR code mentioned below for seamless voting
experience.
Individual Shareholders 1. Existing users who have opted for Easi / Easiest, they can login through their
holding securities in demat user id and password. Option will be made available to reach e-Voting page
mode with CDSL without any further authentication. The URL for users to login to Easi / Easiest
are https://web.cdslindia.com/myeasi/home/login or www.cdslindia.com and
click on New System Myeasi.
2. After successful login of Easi/Easiest the user will be also able to see the E
Voting Menu. The Menu will have links of e-Voting service provider i.e. NSDL.
Click on NSDL to cast your vote.
3. If the user is not registered for Easi/Easiest, option to register is available at
https://web.cdslindia.com/myeasi/Registration/EasiRegistration

4. Alternatively, the user can directly access e-Voting page by providing demat
Account Number and PAN No. from a link in www.cdslindia.com home page.
The system will authenticate the user by sending OTP on registered Mobile &
Email as recorded in the demat Account. After successful authentication, user
will be provided links for the respective ESP i.e. NSDL where the e-Voting is in
progress.
Individual Shareholders You can also login using the login credentials of your demat account through your
(holding securities in Depository Participant registered with NSDL/CDSL for e-Voting facility. upon logging
demat mode) login in, you will be able to see e-Voting option. Click on e-Voting option, you will be
through their depository redirected to NSDL/CDSL Depository site after successful authentication, wherein
participants you can see e-Voting feature. Click on company name or e-Voting service provider
i.e. NSDL and you will be redirected to e-Voting website of NSDL for casting your
vote during the remote e-Voting period or joining virtual meeting & voting during the
meeting.
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget
Password option available at abovementioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login
through Depository i.e. NSDL and CDSL.
Login type Helpdesk details

Individual Shareholders Members facing any technical issue in login can contact NSDL helpdesk by sending a
holding securities in request at evoting@nsdl.co.in or call at toll free no.: 1800 1020 990 and 1800 22 44 30
demat mode with NSDL
Individual Shareholders Members facing any technical issue in login can contact CDSL helpdesk by sending a
holding securities in request at helpdesk.evoting@cdslindia.com or contact at 022 - 23058738 or
demat mode with CDSL 022-23058542-43
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.
How to Log-in to NSDL e-Voting website?
1. Visit the e-Voting website of NSDL. Open web browser by typing the following UR
https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile.
2. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under
‘Shareholder/Member’ section.
3. A new screen will open. You will have to enter your User ID, your Password/OTP and a Verification Code as
shown on the screen.
Alternatively, if you are registered for NSDL eservices i.e. IDEAS, you can log-in at https://eservices.nsdl.com/
with your existing IDEAS login. Once you log-in to NSDL eservices after using your log-in credentials, click on
Voting and you can proceed to Step 2 i.e. Cast your vote electronically.
20
4. Your User ID details are given below :
Manner of holding shares i.e. Your User ID is:

Demat (NSDL or CDSL) or Physical
a) For Members who hold shares in demat 8 Character DP ID followed by 8 Digit Client ID
account with NSDL.
For example if your DP ID is IN300*** and Client ID is 12******
then your user ID is IN300***12******.
b) For Members who hold shares in demat 16 Digit Beneficiary ID

account with CDSL.
For example if your Beneficiary ID is 12**************
then your user ID is 12**************
c) For Members holding shares in Physical EVEN Number followed by Folio Number registered with the
Form. company
For example if folio number is 001*** and EVEN is 101456
then user ID is 101456001***
5. Password details for shareholders other than Individual shareholders are given below:
a) If you are already registered for e-Voting, then you can use your existing password to login and cast your vote.
b) If you are using NSDL e-Voting system for the first time, you will need to retrieve the ‘initial password’ which was
communicated to you. Once you retrieve your ‘initial password’, you need to enter the ‘initial password’ and the
system will force you to change your password.
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 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 NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held
in physical form. The .pdf file contains your ‘User ID’ and your ‘initial password’.
(ii) If your email ID is not registered, please follow steps mentioned below in process for those shareholders
whose email ids are not registered.
6. If you are unable to retrieve or have not received the “ Initial password” or have forgotten your password:
a) Click on “Forgot User Details/Password?” (If you are holding shares in your demat account with NSDL or
CDSL) option available on www.evoting.nsdl.com.
b) “Physical User Reset Password?” (If you are holding shares in physical mode) option available on
www.evoting.nsdl.com.
c) If you are still unable to get the password by aforesaid two options, you can send a request at
evoting@nsdl.co.in mentioning your demat account number/folio number, your PAN, your name and your
registered address etc.
d) Members can also use the OTP (One Time Password) based login for casting the votes on the e-Voting system
of NSDL.
7. After entering your password, tick on Agree to “Terms and Conditions” by selecting on the check box.

8. Now, you will have to click on “Login” button.
9. After you click on the “Login” button, Home page of e-Voting will open.
Step 2: Cast your vote electronically and join Annual General Meeting on NSDL e-Voting system.
How to cast your vote electronically and join Annual General Meeting on NSDL e-Voting system?
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 Annual General Meeting is in active status.
2. Select “EVEN” of company for which you wish to cast your vote during the remote e-Voting period and casting your
vote during the Annual General Meeting. For joining virtual meeting, you need to click on “VC/OAVM” link placed
under “Join Meeting”.
3. Now you are ready for e-Voting as the Voting page opens.
4. Cast your vote by selecting appropriate options i.e. assent or dissent, verify/modify the number of shares for which
you wish to cast your vote and click on “Submit” and also “Confirm” when prompted.
5. Upon confirmation, the message “Vote cast successfully” will be displayed.
6. You can also take the printout of the votes cast by you by clicking on the print option on the confirmation page.
7. Once you confirm your vote on the Resolution, you will not be allowed to modify your vote.
General Guidelines for shareholders
1. Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) are required to send scanned copy (PDF/JPG
Format) of the relevant Board Resolution/ Authority letter etc. with attested specimen signature of the duly authorized
signatory(ies) who are authorized to vote, to the Scrutinizer by e-mail to mail@csraginichokshi.com with a copy
marked to evoting@nsdl.co.in. 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 under "e-Voting" tab in their login.
2. It is strongly recommended not to share your password with any other person and take utmost care to keep your
password confidential. Login to the e-voting website will be disabled upon five unsuccessful attempts to key in the
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.
3. In case of any queries, you may refer the Frequently Asked Questions (FAQs) for Shareholders and e-voting user
manual for Shareholders available at the download section of www.evoting.nsdl.com or call on toll free no.
1800 1020 990 and 1800 22 44 30 or send a request to NSDL at evoting@nsdl.co.in to Ms. Pallavi Mhatre,
Manager, NSDL, 4th Floor, ‘A’ Wing, Trade World, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel,
Mumbai 400013.
Members whose email ids are not registered with the depositories can follow the below mentioned process for
procuring user id and password for e-voting on the Resolutions set out in this notice:
1. In case shares are held in physical mode please provide Folio No., Name of shareholder, scanned copy of the share
certificate (front and back), PAN (self-attested scanned copy of PAN card), Aadhar (self-attested scanned copy of
Aadhar Card) by email to ssc@bharatpetroleum.in.
2. In case shares are held in demat mode, please provide DPID-CLID (16 digit DPID + CLID or 16 digit beneficiary ID),
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 ssc@bharatpetroleum.in. If you are an Individual
shareholders holding securities in demat mode, you are requested to refer to the login method explained at Step 1
(A) i.e. Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in
demat mode.
22
3. Alternatively shareholder/members may send a request to evoting@nsdl.co.in for procuring user id and password
for e-voting by providing above mentioned documents.
4. In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual
shareholders holding securities in demat mode are allowed to vote through their demat account maintained with
Depositories and Depository Participants. Shareholders are required to update their mobile number and email ID
correctly in their demat account in order to access e-Voting facility.
The instructions for members for e-Voting on the day of the AGM are as under:-
1. The procedure for e-Voting on the day of the AGM is same as the instructions mentioned above for remote e-voting.
2. Only those members who will be present in the AGM through VC/OAVM facility and have not casted their vote on the
Resolutions through remote e-Voting and are otherwise not barred from doing so, shall be eligible to vote through
e-Voting system in the AGM.
3. Members who have voted through remote e-Voting will be eligible to attend the AGM. However, they will not be eligible
to vote at the AGM.
4. For any grievances connected with the facility for e-Voting on the day of the AGM, members may contact the person
whose details are mentioned in general guidelines for shareholders under remote e-voting.
INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE AGM THROUGH VC/OAVM ARE AS UNDER:
1. Member will be provided with a facility to attend the AGM through VC/OAVM through the NSDL e-Voting system.
Members may access by following the steps mentioned above for Access to NSDL e-Voting system. After successful
login, you can see link of “VC/OAVM link” placed under “Join meeting” menu against company name. You are
requested to click on VC/OAVM link placed under “Join General Meeting” menu. The link for VC/OAVM will be
available in Shareholder/Member login where the EVEN of Company will be displayed. Please note that the members
who do not have the User ID and Password for e-Voting or have forgotten the User ID and Password may retrieve the
same by following the remote e-Voting instructions mentioned in the notice to avoid last minute rush.
2. Members are encouraged to join the Meeting through Laptops for better experience.
3. Further members will be required to allow Camera and use Internet with a good speed to avoid any disturbance during
the meeting.
4. Please note that participants connecting from mobile devices or tablets or through laptop connecting via mobile
hotspot may experience audio/video loss due to fluctuation in their respective network. It is therefore recommended
to use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.
5. Members who would like to express their views/have questions may send their questions in advance mentioning their
name demat account number/folio number, email id, mobile number at (company email id). 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 bpclagm22@bharatpetroleum.in from Sunday, August 21, 2022 to Wednesday,
August 24, 2022. 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.
The members who need technical assistance w.r.t. VC/OAVM before or during the AGM, can contact NSDL on
evoting@nsdl.co.in 1800 1020 990 /1800 224 430 or contact Mr. Amit Vishal, Asst. Vice President, National
Securities Depository Ltd., located at ‘A’ Wing, Trade World, Kamla Mills Compound, Senapati Bapat Marg, Lower
Parel, Mumbai - 400013 on evoting@nsdl.co.in.

Other Instructions:
(i) Members can also update their mobile number and email id in the user profile details of the folio by providing this
information to the DP/RTA, which may be used for sending future communication.
(ii) 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
form can submit their PAN details to the Company or to RTA.
(iii) The voting rights of members shall be in proportion to their shares in the paid up equity share capital of the Company
as on the cut-off date i.e. Monday, August 22, 2022. A person whose name is recorded in the register of members
or in the register of Beneficial Owners maintained by the DP as on the cut-off date i.e. Monday, August 22, 2022 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, should treat the Notice for information purpose only.
(iv) Any person holding shares in physical form as on the cut-off date and non-individual shareholders who acquires
shares of the Company and becomes a member of the Company after dispatch of the notice and holding shares as
on the cut-off date i.e. Monday, August 22, 2022, may obtain the login ID and password by sending a request at
evoting@nsdl.co.in or bpcl@dsrc-cid.in.
However, if members are already registered with NSDL for remote e-voting, then they can use their existing user ID
and password for casting your vote. If members forgot the password, they can reset the password by using “Forgot
User Details/Password” or “Physical User Reset Password” option available on www.evoting.nsdl.com or call on toll
free no. 1800 1020 990 and 1800 22 44 30. In case of Individual Shareholders holding securities in demat mode
who acquires shares of the Company and becomes a member of the Company after sending of the notice and
holding the shares as of the cut-off date i.e. Monday, August 22, 2022 may follow steps mentioned under “Access
to NSDL e-Voting system”.
(v) Once the vote on a Resolution is cast by a member, whether partially or otherwise, the member shall not be allowed
to change it subsequently or cast the vote again.
(vi) Mrs. Ragini Chokshi, (C.P. No 1436) Practising Company Secretary (membership No.: 2390) of Ragini Chokshi & Co.
Company Secretaries has been appointed as the scrutinizer to scrutinize the voting and remote e-voting process in a
fair and transparent manner.
(vii) The Chairman shall, at the end of the discussion on the Resolutions on which voting is to be held, allow voting with
the assistance of the scrutinizer, by use of e-voting for all those members who have not cast their votes by availing
the remote e-voting facility.
(viii) The Scrutinizer will, within fifteen minutes after the conclusion of voting at the AGM, first unblock the votes cast
through remote e-voting and shall make available, within two working days of conclusion of the meeting, a
Consolidated Scrutinizer’s report of the total votes cast in favour of, or against, if any, to the chairman or a person
authorized by him in writing who shall countersign the same and declare the results of voting.
(ix) The results of e-voting declared along with the report of the scrutinizer shall be placed on the Company’s website
www.bharatpetroleum.in and on the website of NSDL www.evoting.nsdl.com immediately after the result is declared.
The Company shall simultaneously forward the results to BSE Limited and NSE, where the shares of the Company
are listed.
(x) Members holding multiple folios may get their shareholding consolidated.
24
ANNEXURE TO THE NOTICE
Explanatory Statement Pursuant to Section 102 of the Companies Act, 2013
Item No.5: Approval of Remuneration of the Cost Auditors for the Financial Year 2022-23
The Board of Directors, on the recommendation of the Audit Committee, has approved the appointment and remuneration
of M/s. R. Nanabhoy & Co., Cost Accountants and M/s G.R. Kulkarni & Associates, Cost Accountants as the Cost Auditors,
to conduct the audit of the cost records for the financial year 2022-23. In accordance with the provisions of Section 148 of
the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, ratification for the remuneration
payable to the Cost Auditors for the financial year 2022-23 by way of an Ordinary Resolution is being sought from the
members as set out at Item No. 5 of the notice.
The Board of Directors accordingly recommends the passing of the proposed Ordinary Resolution for approval by the
members. None of the Directors or Key Managerial Personnel of the Company or their relatives have any concern or interest,
financially or otherwise in passing of the said Ordinary Resolution.
By Order of the Board of Directors
Sd/-
(V. Kala)
Company Secretary
Place: Mumbai
Date: July 29, 2022
Registered Office:
Bharat Bhavan, 4 & 6 Currimbhoy Road, Ballard Estate,
Mumbai 400 001 CIN: L23220MH1952GOI008931
Phone: 2271 3000 / 4000
email: info@bharatpetroleum.in
website: www.bharatpetroleum.in

BRIEF RESUME OF DIRECTOR SEEKING REAPPOINTMENT AT THE 69TH ANNUAL GENERAL
MEETING IN TERMS OF REGULATION 36(3) OF LISTING REGULATIONS AND SECRETARIAL
STANDARD-2
Name Shri Vetsa Ramakrishna Gupta
Date of Birth 29.06.1971
Date of first Appointment 07.09.2021
Qualifications B.Com, ACA, AICWA
Experience in specific functional areas Shri Vetsa Ramakrishna Gupta is a member of the Institute of
Chartered Accountants of India (1998 batch) and a Bachelor of
Commerce. He is also a member of Institute of Cost Accountants of
India. He joined the services of the Corporation on August 1998. With
an illustrious career spanning over 24 years at BPCL in various finance
roles, he is currently holding charge of Director (Finance) (effective
September 2021) with additional charge of Director (Human
Resources) (effective January 2022).
Shri Vetsa Ramakrishna Gupta has a well-rounded experience profile
and in his rich and diverse career he has held various positions in
BPCL handling various facets of finance covering Corporate Accounts,
Risk Management, Business Plan, Budgeting, Treasury operations etc.
Apart from corporate role, he has vast experience of handling finance
in various business units of BPCL. He played a critical role in strategy
formulation and implementation to ensure Corporate Governance,
including internal controls and monitoring. Shri Gupta was a key
architect in implementing IND-AS in BPCL.
Under his able leadership BPCL obtained consensus of its creditors
including foreign currency lenders / bond holders for the merger of
BORL / BGRL with BPCL. Further conducive environment was created
for onboarding BORL / BGRL employees into BPCL family.
Membership/Chairmanships of Membership in the following Committees:
Board Committees in BPCL 1. Stakeholders’ Relationship Committee
2. Corporate Social Responsibility (CSR) Committee
3. Risk Management Committee
4. Project Evaluation Committee
5. Sustainable Development Committee
6. Standing Committee of the Board for Tenders
7. Standing Committee of the Board for JVC Matters
8. Standing Committee of the Board for release of flats.
9. BPCL Trust for Investment in Shares Committee
Directorship held in other Companies Director:
1. Bharat Gas Resources Limited
2. Bharat PetroResources Limited
3. Fino Paytech Ltd.
Name of Listed companies from which the Nil
Director has resigned in the past 3 years
No. of Board Meetings attended during the 8
financial year 2021-22 from his appointment
Relationship with other Directors & KMP None
No. of shares held in BPCL 7525 Equity Shares
26
DIRECTORS’ REPORT
The Board of Directors takes pleasure in presenting its MMT, as compared to 39.05 MMT during the year
Report on the performance of Bharat Petroleum Corporation 2020-21. During the year, the BPCL Group exported 2.12
Limited (BPCL) for the year ended March 31, 2022. MMT of petroleum products, as against 2.00 MMT during
the year 2020-21. The growth in physical parameters is
PERFORMANCE OVERVIEW mainly on account of increase in demand post lifting of
Group Performance Covid-19-induced restrictions.
During the year 2021-22, the aggregate refinery throughput During this Financial Year, the Group achieved Gross
of BPCL’s refineries at Mumbai and Kochi along with that of Revenue from Operations of ` 4,32,569.62 crore, as
Bharat Oman Refineries Limited (BORL) (proportionate compared to ` 3,04,274.46 crore in the year 2020-21. The
share of throughput of BORL considered till June 30, 2021 net profit attributable to BPCL stood at ` 11,681.50 crore in
and 100% thereafter since it has become a wholly owned in the year 2021-22, as against ` 16,164.98 crore in the
subsidiary of the Company from June 30, 2021) was 36.90 previous year. The Group has recorded Basic Earnings per
Million Metric Tonnes (MMT), as compared to 32.98 MMT Share of ` 54.91 in this year, as against ` 81.87 in the year
(includes the throughput of Numaligarh Refinery Limited, 2020-21 and Diluted Earnings per Share of ` 54.91 in this
which ceased to be a subsidiary of the Company w.e.f. year, as against ` 81.60 in the year 2020-21 after setting
March 26, 2021 and proportionate share of throughput of off minority interest. Dilution of shares in the previous year
BORL as a Joint Venture) during the year 2020-21. The was on account of implementation of Employee Stock
BPCL Group ended the year with market sales of 42.51 Purchase Scheme.
CONSOLIDATED GROUP RESULTS 2021-22 2020-21
Physical Performance
Refinery Throughput (MMT) 36.90 32.98
Market Sales (MMT) 42.51 39.05
Financial Performance ` in crore
Revenue from Operations 4,32,569.62 3,04,274.46
Profit before Finance Costs, Depreciation, Share of profit/(loss) of equity accounted
investee, Exceptional Items and Tax 21,405.84 23,549.41
Finance Costs 2,605.64 1,723.41
Depreciation & Amortization expense 5,434.35 4,334.21
Profit before Share of profit/(loss) of equity accounted investee, Exceptional Items and Tax 13,365.85 17,491.79
Share of Profit/(loss) of equity accounted investee (net of income tax) 1,535.73 (325.53)
Exceptional Items - Income/(Expense) 1,135.15 5,265.76
Profit before Tax 16,036.73 22,432.02
Provision for Taxation – Current Tax 2,706.42 6,165.29
Provision for Taxation – Deferred Tax 690.75 82.17
Short/(Excess) provision for Taxation for earlier years 958.06 (1,135.27)
Net Profit for the year 11,681.50 17,319.83
Non-Controlling Interest - 1,154.85
Net Profit attributable to BPCL 11,681.50 16,164.98
Other Comprehensive Income attributable to BPCL 402.12 (1,279.36)
Total Comprehensive Income attributable to BPCL 12,083.62 14,885.62
Group Basic Earnings per Share attributable to BPCL (`) 54.91 81.87
Group Diluted Earnings per Share attributable to BPCL (`) 54.91 81.60

Company Standalone Performance BPCL’s Gross Revenue from operations for the year
2021-22 stood at ` 4,33,406.48 crore, a 43.57% increase
During the year 2021-22, the refinery throughput at BPCL’s from the previous year’s revenues of ` 301,873.16 crore.
refineries at Mumbai and Kochi was 30.07 MMT, as against The Profit before Tax for the year was ` 11,913.44 crore as
26.40 MMT achieved in 2020-21. The market sales of the compared to ` 22,617.58 crore in the year 2020-21. After
Company increased by 9.73%, from 38.74 MMT to 42.51 providing for Tax, (including Deferred Tax, Short/(Excess)
MMT in the year 2021-22. The growth in physical provision for previous years) of ` 3,124.71 crore, as
parameters is mainly on account of increase in demand against ` 3,575.91 crore during the previous year, the Profit
post lifting of Covid-19-induced restrictions. after Tax for the year stood at ` 8,788.73 crore, as against
` 19,041.67 crore in the year 2020-21.
COMPANY STANDALONE RESULTS 2021-22 2020-21

Physical Performance
Refinery Throughput (MMT) 30.07 26.40
Market Sales (MMT) 42.51 38.74
Financial Performance ` in crore

Revenue from Operations 4,33,406.48 3,01,873.16
Profit before Finance Costs, Depreciation, Exceptional Items and Tax 18,605.25 21,475.08
Finance Costs 1,860.48 1,328.36
Depreciation & Amortization expense 4,754.27 3,978.05
Profit before Exceptional Items and Tax 11,990.50 16,168.67
Exceptional Items - Income/(Expense) (77.06) 6,448.91
Profit before Tax 11,913.44 22,617.58
Provision for Taxation – Current Tax 2,658.00 5,134.78
Provision for Taxation – Deferred Tax 323.19 (402.98)
Short/(Excess) provision for taxation of earlier years 143.52 (1,155.89)
Net Profit for the year (A) 8,788.73 19,041.67
Other Comprehensive Income (OCI) 287.77 68.39
Total Comprehensive Income for the year 9,076.50 19,110.06
Opening Balance of Retained Earnings (B) 16,017.61 1,464.39
Amount available for disposal (A+B) 24,806.34 20,506.06
28
COMPANY STANDALONE RESULTS 2021-22 2020-21
The Directors propose to appropriate this amount as under:
Towards Dividend:
Final Dividend of previous year 12,581.67 -
Interim Dividends 2,169.25 4,555.43
Transfer to Debenture Redemption Reserve 207.75 188.48
Transfer to General Reserve 3,000.00 -
Income from "BPCL Trust for Investment in Shares"* (224.13) (270.87)
Income from "BPCL ESPS Trust"* (36.06) (52.16)
Re-measurements of Defined Benefit Plans (Net of tax) 20.94 67.57
Closing Balance of Retained Earnings 7,086.92 16,017.61
Summarized Cash Flow Statement:
Cash Flows:
Inflow/(Outflow) from Operating Activities 20,049.25 20,029.76
Inflow/(Outflow) from Investing Activities (7,167.07) 2,170.08
Inflow/(Outflow) from Financing Activities (18,697.08) (15,622.27)
Net increase/(decrease) in cash & cash equivalents (5,814.90) 6,577.57
* Represents addition to Retained Earnings
Profit for the current year is lower as compared to the As on March 31, 2022, BPCL’s total equity stands at
previous year, mainly due to the exceptional gain on the ₹ 49,669.78 crore, as against the previous year’s figure of
disposal of investment in Numaligarh Refinery Limited in the ₹ 54,544.55 crore.
year 2020-21.
Dividend
Internal Generation after adjusting Interim Dividends, Final
Dividend of the previous year, Depreciation and Deferred Tax The Board of Directors has recommended a Final Dividend of
during the year stood at ₹ (545.87) crore, as against ₹ 6 per share (i.e. @ 60% of the paid-up share capital) for
₹ 17,230.86 crore in the year 2020-21, mainly on account of the year 2021-22 on the paid-up share capital of ₹ 2,169.25
the final dividend of the previous year amounting to crore, amounting to ₹ 1,301.55 crore. In addition, the Board
₹ 12,581.67 crore paid in the year 2021-22. of Directors has declared and distributed Interim Dividend
during the year 2021-22 totaling ₹ 10 per equity share
The Basic Earnings per Share amounted to
(i.e. @ 100% of the paid-up share capital), amounting to
₹ 41.31 in the year 2021-22, as compared to ₹ 96.44 in the
₹ 2,169.25 crore.
year 2020-21. The Diluted Earnings per Share amounted to
₹ 41.31 in the year 2020-21, as compared to ₹ 96.12 in the Pursuant to the Finance Act, 2020, dividend income is
year 2020-21. Dilution of shares in the previous year was on taxable in the hands of the shareholders effective
account of implementation of Employee Stock Purchase April 1, 2020 and the Company is required to deduct tax at
Scheme. The Basic and Diluted Earnings per Share are after source from dividend paid to the Members at prescribed
adjustment of “BPCL Trust for Investment in Shares” and rates as per the Income Tax Act, 1961.
“BPCL ESPS Trust”.
The Register of Members and Share Transfer Books
BPCL’s contribution to the exchequer by way of Taxes, Duties of the Company will remain closed from Tuesday,
and Dividend during the year 2021-22 amounted to August 23, 2022 to Monday, August 29, 2022 (both days
₹ 1,47,056.92 crore, as against ₹ 1,25,583.30 crore in the inclusive) for the purpose of payment of the final dividend
previous year. for the Financial Year ended March 31, 2022.

As per Regulation 43A of the Securities and Exchange Board The Standalone and Consolidated Financial Statements for
of India (Listing Obligations and Disclosure Requirements) the adoption of shareholders at the AGM had been approved
Regulations, 2015, the top thousand listed entities shall by the Board at its meeting held on May 25, 2022 whereas
formulate a Dividend Distribution Policy. Accordingly, a the final Order of the MCA approving the scheme was
Dividend Distribution Policy has been adopted to set out the received on June 22, 2022 and the same was effective from
parameters and circumstances that will be taken into July 1, 2022 as stated above.
account by the Board in determining the distribution of The amalgamation of the Transferor Company shall be given
Dividend to its shareholders and/or retaining the profit into effect in the books of accounts as per the applicable
the business. The policy is available on the Company’s accounting standards.
website at https://www.bharatpetroleum.in/bharat-petroleum
Since the amalgamation became effective after the
-for/Investors/DDP%20Final%20File.pdf
Consolidated and Standalone Financial Statement for the
Transfer to Reserves year 2021-22 were approved by the Board for issuance to
Out of the amount available in Retained Earnings, an amount shareholders, the abovesaid financial statements enclosed to
of ₹ 3,000 crore has been transferred to the General Reserve this report have not taken into account the effect of the
and ₹ 207.75 crore has been transferred to the Debenture amalgamation.
Redemption Reserve. Further, ₹ 137.50 crore has been Amalgamation of Bharat Gas Resources Ltd. (BGRL) with
transferred from Debenture Redemption Reserve to General BPCL
Reserve on account of debentures redeemed during the year. BGRL, a wholly owned subsidiary of BPCL, was
MATERIAL CHANGES AND COMMITMENTS AFFECTING incorporated in June 2018 for handling Natural Gas
THE FINANCIAL POSITION OF THE COMPANY BETWEEN business.
THE END OF THE FINANCIAL YEAR AND THE DATE OF THE In March 2021, the Board of Directors of BPCL and BGRL
REPORT approved the scheme of amalgamation of BGRL with BPCL
Amalgamation of Bharat Oman Refineries Ltd. (BORL) with the view of streamlining of the corporate structure and
with BPCL consolidation of assets and liabilities and an application was
submitted to the Ministry of Corporate Affairs (MCA) for this
BORL was incorporated in 1994 as a Joint Venture (JV)
purpose.
between BPCL and OQ S.A.O.C. (formerly known as Oman
Oil Company S.A.O.C.). During the year, BPCL acquired MCA, vide its Order dated October 27, 2021 directed BPCL
36.62% of shares from OQ S.A.O.C, making BORL a wholly to convene meetings of its equity shareholders, secured
owned subsidiary of BPCL. During the year, BPCL also creditors and unsecured creditors. In accordance with the
acquired 2.69 crore warrants of BORL held by Government Order, these meetings were convened on June 3, 2022
of Madhya Pradesh (GoMP). wherein the resolutions, inter alia, approving the scheme of
amalgamation were passed. Thereafter, the companies filed
In October 2021, Board of Directors of BORL and BPCL petition with the MCA for amalgamation of BGRL with BPCL.
approved the scheme of amalgamation of BORL with BPCL The process of amalgamation is in advanced stage now.
and an application was submitted to the Ministry of
Corporate Affairs (MCA). Strategic disinvestment of Government of lndia’s stake in
BPCL
MCA, vide its Order dated February 14, 2022, directed BPCL
The Government of lndia vide its letter dated June 3, 2022
to convene meetings of its equity shareholders, secured
has advised to call off the present process for strategic
creditors, and unsecured creditors and directed BORL to disinvestment of BPCL and accordingly, all the activities in
convene meetings of its secured creditors and unsecured connection with the disinvestment including the data room
creditors. In accordance with the Order, these meetings were have been discontinued.
convened on April 21, 2022, wherein the resolutions, inter
alia, approving the scheme of amalgamation were passed. EMPLOYEE STOCK PURCHASE SCHEME (ESPS)
Thereafter, the companies filed petition with the MCA for The Company had formulated an Employee Stock Purchase
amalgamation of BORL with BPCL. Scheme (ESPS) in line with SEBI (Share Based Employee
Benefits) Regulations, 2014, which was approved by the
On June 22, 2022, MCA has passed the final Order
shareholders in the Annual General Meeting held on
approving the scheme of amalgamation of BORL with BPCL.
September 28, 2020, offering up to 4,33,85,000 fully
The Order has been filed with the Registrar of Companies at
paid-up equity shares of ₹ 10 each (representing 2% of the
Gwalior and Mumbai, respectively, and BORL stands merged
paid-up capital) to eligible employees under ESPS.
with BPCL effective July 1, 2022.
30
Based on the terms and conditions of the scheme, eligible Comptroller and Auditor General of India’s (C&AG) Audit
employees were offered 4,33,79,025 fully paid-up equity The Comptroller and Auditor General of India’s (C&AG)
shares of face value of ₹ 10 each and 3,65,42,077 shares comment upon or supplement to the Statutory Auditors’
were transferred to 7,868 employees in the year 2021-22, at Report on the Accounts for the year ended March 31, 2022
an issue price of ₹ 126.54 and ₹ 253.08 per share (as is appended as Annexure E.
applicable) and ₹ 462.48 crore was the consideration Details of pending C&AG Audit paras: As on March 31, 2022,
received against the issuance of shares. Out of 3,65,42,077 there are seven pending published paras related to the C&AG
shares transferred, 3,31,525 shares were transferred to key audit which are appended as Annexure F.
managerial personnel and senior managerial personnel. REFINERIES
During the year, there has been no change in the BPCL The year 2021-22 witnessed heightened volatility in the
Employee Stock Purchase Scheme 2020. The scheme is in global oil industry, with crude and product prices building up
compliance with SEBI (Share Based Employee Benefits) firmly as the year progressed. Refinery margins were
Regulations, 2014 and this has been certified by the subdued in the first half of the year due to Covid-19 impact
statutory auditors of the Company. The certificate of the and lower demand was witnessed for products. Refineries
statutory auditors can be accessed at implemented various innovative ideas during these volatile
https://www.bharatpetroleum.in/bharat-petroleum-for/Invest times to increase profitability and reduce cost. Focus on
ors/Shareholders-Meetings/Annual-General-Meeting.aspx increased production of value-added products was
In line with Regulation 14 of the SEBI (Share Based emphasized, with Mumbai Refinery (MR) achieving highest
Employee Benefits) Regulations, 2014, a statement giving ever production of 342 TMT of Lube Oil Base Stock (LOBS)
complete details, as on March 31, 2022, is available on the during the year. With the relaxing of the pandemic related
website of the Company at https://www.bharatpetroleum.in/ restrictions and recovery of demand for petroleum products
bharat-petroleum-for/Investors/Shareholders-Meetings/Ann during the second half of the year 2021-22, refinery
ual-General-Meeting.aspx throughput and production were maximized. Both the
“BPCL ESPS Trust” did not exercise voting rights in respect refineries of BPCL (Mumbai Refinery and Kochi Refinery)
of 68,36,948 shares held by it at the end of the year, on achieved more than 100% capacity utilization during the
behalf of the employees. second half of the year.
During the year, special emphasis was laid on optimization
Borrowings
and conservation of energy, it being the second major
Total Borrowings of the Company as on March 31, 2022 element of cost after crude. Various schemes were
stood at ₹ 24,123.09 crore as against ₹ 26,314.97 crore as implemented in both the refineries for improvement of
on March 31, 2021. Energy Intensity Index (EII) of the refineries. Kochi Refinery
Deposits from Public (KR) achieved a reduction of 5.9 units in EII during the year.
The Company has not accepted any deposit from the public Further, digitalization initiatives like Digital Twins and other
during the year. The amount of deposits, matured but Artificial Intelligence / Machine Learning based solutions
unclaimed, at the end of the year were nil. were implemented in refineries for value addition in the
Capital Expenditure process value chain.
In the area of environment conservation, various initiatives
Capital Expenditure during the year, including investments in
like planting of saplings, rainwater harvesting, use of
Subsidiaries, Joint Venture Companies (JVCs) and
sewage-treated water, and installation of solar power plants
Associates amounted to ₹ 11,860.16 crore, as compared to
were taken up by both the refineries during the year. MR
₹ 11,064.39 crore during the year 2020-21.
received a first-of-its-kind ‘Near Zero Waste to Landfill
The Company has entered into a Memorandum of (ZWL) certification’ from M/s Intertek Testing Services NA.
Understanding (MoU) with Government of India for the Towards enhancing operational efficiencies, PDPP
purpose of performance assessment. Capital Expenditure (Propylene Derivatives Petrochemical Project) and NHT
incurred by the Company and its proportionate share of (Naphtha Hydrotreater) unit of MSBP (Motor Spirit Block
Capital Expenditure by its Subsidiaries (Group), Joint Project) at KR were stabilized post commissioning. Timely
Ventures and Associates during the year is ₹ 11,284.25 commissioning of the MSBP unit assisted in meeting the
crore. Further, intangible assets in the form of Goodwill increased demand of MS (petrol) during the year. KR
arising on account of Business Combination consequent to achieved highest ever production of MS during the year, with
the acquisition of additional stake in BORL on June 30, 2021 corresponding reduction in generation of low value naphtha
is ₹ 1,203.98 crore. by 5%.

Commissioning of HSD Tank 12 at MR Marine Oil Terminal to export during periods of lower domestic demand for the
(MOT) provided additional storage facility and better flexibility product.
Performance of Refineries
Parameters Mumbai Refinery Kochi Refinery
2021-22 2020-21 2021-22 2020-21

Refinery Throughput (MMT) 14.49 13.05 15.58 13.35
Crude Oil Processed (MMT) 14.43 12.94 15.40 13.28
Capacity Utilization (%) * 120.3 107.8 99.35 85.67
GRM (USD/bbl) 8.73 3.76 9.43 4.36
GRM (in ₹ crore) 7,080 2,736 7,916 3,125
*Capacity utilization is the percentage of the actual Crude oil processed to the installed (design) capacity.
MARKETING the previous year. Crude pipelines achieved a throughput of

The year 2021-22 was a resurgence year for BPCL, as 7.42 MMTPA as against 6.22 MMTPA in the previous year.
most of the activities were normalized during the year. Even During the year, all standard operating procedures were
though the year started with restrictions in mobility, albeit strictly followed, resulting in ‘nil’ fatality and ‘nil’ Lost Time
limited as compared to the year 2020-21, due to the Accident (LTA).
second wave of the pandemic in the country, the economic 18-inch-diameter 355-km-long Bina-Panki Multi-Product
activities regained normalcy gradually. Pipeline, with a throughput capacity of 3.5 MMTPA, was
During the year 2021-22, BPCL’s market sales volume commissioned in October 2021 within approved project
increased by 9.73% to 42.51 MMT, as compared to 38.74 cost and timeline. This pipeline was dedicated to the nation
MMT in the previous year. BPCL’s market share amongst by Hon’ble Prime Minister of India on December 28, 2021.
public sector oil companies improved to 24.73% as on The pipeline is connected to Bina and Mumbai Refinery and
March 31, 2022, as compared to 24.33% at the end of thus ensures product availability in central and eastern
previous year. Uttar Pradesh (U.P.).
In the endeavor to build additional revenue streams while BPCL is always in the forefront to ensure the security and
also mitigating the risks posed by energy transition, BPCL safety of its assets. To enhance the safety and security of
created two Business Units (BUs) during the year – its cross-country pipeline network, implementation of Fiber
Renewable Energy and New Businesses. Renewable Optics based Pipeline Intrusion Detection Systems (PIDS)
Energy BU has been created to explore opportunities in the for Mumbai-Kota and Kochi-Coimbatore-Karur Pipeline
clean energy space and pave the way to achieve BPCL’s (CCKPL) sections is in progress and on commissioning,
aspirations of Net Zero in Scope 1 and Scope 2 emissions the entire 1,389-km Mumbai-Manmad-Bijwasan Pipeline
by 2040. The objective for creation of New Businesses BU (MMBPL) and CCKPL would be covered with PIDS. A total
is to enhance the Company’s presence in non-fuel of 2,520 km (97%) out of the 2,596-km of pipelines would
business by leveraging its assets and network. be covered on completion of PIDS implementation by
March 2023.
A detailed discussion of the performance of the Marketing
function is given in the Management Discussion & Analysis Further, the Company completed the re-routing of
Report (MDA). Mumbai-Manmad Pipeline (48.5 km) during the year and
Pipelines has commissioned the pipeline in April 2021, which helps
in reducing the risk associated with products dispatched
BPCL owns a multi-product pipeline network of 2,596 km from Mumbai Refinery.
with a design capacity of 21.3 per annum (MMTPA) and
937 km of crude pipeline with a design capacity of 7.8 MAJOR PROJECTS
MMTPA.
Details of major completed/ongoing projects during the
During the year 2021-22, product pipelines achieved a year are given herewith. Approved project cost indicated for
throughput of 16.54 MMTPA, as against 14.86 MMTPA in each project is net of input tax credit.
32
• Installation of New Kerosene Hydrotreater (KHT) at commissioned along with Bina-Panki Pipeline on
Mumbai Refinery December 21, 2021, ahead of the scheduled completion
date and within the approved cost of ₹ 254.54 crore. The
The project envisages new Kerosene Hydrotreater (KHT)
project was dedicated to the nation by Hon’ble Prime
of 1.5 MMTPA capacity, integrated with existing Diesel
Hydrotreater (DHT) at Mumbai Refinery to produce Minister of India on December 28, 2021. This project will
Aviation Turbine Fuel (ATF) and Kerosene meeting go a long way in enhancing product availability in the
sulphur specification of maximum 10 Parts Per Million states of U.P., Uttarakhand and Bihar.
by Weight (PPMW). The approved cost of the project is • Creation of Additional Storage (8,250 MT) of LPG at 5
₹ 667.15 crore. The project has achieved an overall LPG Bottling Plants
physical progress of 83% as on March 31, 2022 and is
scheduled for completion in December 2022. Additional storage (mounded storage vessels) of 8,250
MT at an approximate cost of ₹ 266 crore has been
• Enhancing Production of Lube Oil Base Stock (LOBS)
constructed and commissioned at Jhansi, Bhatinda,
at Mumbai Refinery
Pune, Patna and Bhitoni LPG bottling plants. This
The project envisages revamp of Lube Oil Base Stock capacity addition will support increased LPG demand
(LOBS) production capacity from 300 thousand metric across various states.
tonnes per annum (TMTPA) to 450 TMTPA at Mumbai
Refinery, which will reduce imports of LOBS. The • New Coastal POL Terminal at Krishnapatnam
approved cost of the project is ₹ 614 crore. The project To cater to the demands of Andhra Pradesh and
has been completed in July 2022.
Telengana, a coastal terminal having storage capacity of
• Krishnapatnam - Malkapur (Hyderabad) Multi - 1 lakh KL for storing MS, HSD and other products, as
Product Pipeline well as a full-rake loading gantry and associated facilities
at an estimated cost of ₹ 580.20 crore is under
This project envisages laying of 425-km-long,
construction within Krishnaptanman Port. Product will
16-inch-diameter multi-product pipeline for a throughput
be received from Kochi Refinery through ocean tankers.
capacity of 4.4 MMTPA. Demand note was received
The project activities are in full swing and a physical
towards land purchase for the new POL terminal at
Malkapur (near Hyderabad). A notification has been progress of 74.6% and a cumulative expenditure of
published for Right of Use of land required for 280 km of ₹ 341.20 crore has been achieved as on March 31,
pipeline length. M/s. Engineers India Limited (EIL) have 2022. The project is on schedule and is expected to be
been appointed as the consultant for the project. completed by December 2022 within approved budget.
Procurement of pipes are in progress. The approved cost • New POL Depot at Radhanagar (Bokaro)
of the project is ₹ 1,925.68 crore. The project scope also
includes construction of additional tankages at A new rail-fed depot is under construction at Bokaro
Krishnapatnam and Ongole. (Jharkhand). The project envisages construction of
• Irugur-Devanagonthi Multi-Product Pipeline 22,000 KL tankage, a full-rake tank wagon unloading
siding and allied facilities at an estimated cost of
This project envisages laying a 315-km-long ₹ 248.55 crore. A physical progress of 69.1% and a
16-inch-diameter multi-product pipeline. The approved cumulative expenditure of ₹ 221 crore has been
cost of the project is ₹ 1,469.39 crore. This project was achieved as on March 31, 2022. The project is expected
on hold since December 2014 for Right of Use clearance to be completed by March 2023. This project will go a
in Tamil Nadu. The Tamil Nadu Government has recently
long way in increasing product security in the State of
advised to explore the feasibility for laying the pipeline
Jharkhand.
along national highways/state highways/other roads.
Accordingly, a detailed Engineering Survey and • 2G/1G Intergated Ethanol Bio-Refinery at Barghar,
Cadastral Survey for a revised pipeline route along Odisha
highways is in progress.
BPCL is the first oil company to set up an integrated
• Bina-Panki Pipeline Project ethanol manufacturing plant (2G/1G) at Bargarh, Odisha,
Additional tankage of 1,46,000 KL and full-rake tank of a cumulative capacity of 200 Kilo Litre Per Day
wagon loading gantry with associated facilities were (KLPD). As on March 2022, the overall physical

progress stood at 45.94% and financial progress at long-distance road movement from Paradeep coastal
30.59%. Environmental Clearance has been received for terminal. The approved cost of the project is ₹ 393.54
the project. The approved cost of the project is ₹ 1,397 crore. Presently, land development and boundary wall
crore. Project activities are in full swing and the project is jobs are underway.
expected to be completed by June 2023 within approved • Lube oil blending and filling plant at Rasayani
cost.
A state-of-the-art, Lube Oil blending and filling plant of
• Debottlenecking and Augmentation of Cryogenic 75 TMTPA capacity per shift is being developed at
facilities at Uran LPG Import Terminal Rasayani. Base Oils will be received from Mumbai
The LPG Terminal at Uran is the only LPG import Refinery and finished products will be supplied across
handling infrastructure owned by BPCL on the west the country as per network mapping. The approved cost
of the project is ` 312 crore. The project has achieved a
coast and this terminal is very critical for meeting the
physical progress of 17% with a cumulative expenditure
LPG requirement of the western, northern and southern
of ₹ 6.8 crore as on March 31, 2022.The project is
parts of the country. Augmenting the LPG handling
scheduled to be completed by December 2023.
capacity of this terminal is of utmost importance to
ensure uninterrupted and smooth supply-chain RESEARCH AND DEVELOPMENT (R&D)
operations to meet the ever-growing LPG demand in
Corporate Research & Development Centre (CRDC) of the
these regions. The project envisages laying of insulated Company plays a vital role in business growth and
pipelines from Jetty to Uran Terminal (12.5 km), sustainability. Today, in the emerging energy scenario, Net
construction of two 15,000 MT double-walled insulated Zero plans and the ‘Aatmanirbhar Bharat’ initiative of
storage tanks and allied facilities at Uran Terminal along Government of India have added a strong impetus to
with associated facilities. Necessary approval from develop cutting-edge products and processes. In line with
statutory authorities has been obtained for the this, CRDC at Greater Noida in U.P. is actively pursuing
construction of project and activities have commenced. research in the niche areas of petrochemicals, biofuels,
The application for seeking Coastal Regulation Zone alternative energy, green hydrogen and mitigation of
(CRZ) approval for laying jetty pipelines is under active Carbon Dioxide (CO2) emission risks along with
consideration. The project is estimated to be completed conventional oil refining and related processes. The R&D
by February 2024. wing of Product & Application Development (P&AD) Centre
situated at Sewree, Mumbai is continuously involved with
• Common User Facility POL Terminal at Jammu the development of novel automotive, industrial and green
lubricant formulations to meet evolving business needs.
This project envisages re-siting of existing rail-fed
depots of PSU Oil Marketing Companies (OMCs) – During the year 2021-22, CRDC successfully showcased a
BPCL, IOCL & HPCL – to new POL Terminal at Jammu on number of innovative technologies and products like Bharat
Common User Facility (CUF) basis, with BPCL as lead Hi-Star LPG stove with about 75% efficiency,
company. The facility will strengthen the marketing Superabsorbent Polymer (SAP) for hygiene applications,
niche petrochemical catalysts and HiGee Deaeration
logistics infrastructure in the Union Territories of Jammu
Technology. Digital tools like K Model and BPMARRK were
& Kashmir (J&K) and Ladakh to meet present and future
developed for crude oil compatibility prediction and
volumes of the entire J&K and Ladakh region and also to
real-time crude assay for Crude Distillation Units,
cater to the requirements of the defence forces. The
monitoring and optimization. This was in addition to
approved cost of the project is ₹ 676.89 crore. Land properties prediction of various streams through
development and boundary wall jobs are in progress. BPMARRK to increase the utility of the tool and reduce
• Common User Facility POL Terminal at Sadashibpur lab-based analysis of the intermediate streams.
(Meramundali), Odisha Bharat-H2Sep Membrane Technology for hydrogen
recovery was also developed during the year. In alignment
The project envisages setting up a Common User Facility with the Net Zero goals of the Company, CRDC has also
POL Terminal at Sadashibpur (Meramundali), Odisha to taken initiatives to develop sustainable solutions by signing
meet the demands of central/north Odisha economically, Memorandum of Agreement (MoAs) with Bhabha Atomic
as PSU OMCs presently do not have any depot/terminal Research Centre (BARC) to scale up indigenous alkaline
located centrally, and large volumes are met through water electrolysis technology for green hydrogen
34
production and with CSIR-IICT, Hyderabad to develop a In addition to the R&D initiatives in the Company, the
biogas production process using lignocellulosic biomass Business Units have undertaken various innovative
as feedstock. Likewise, R&D projects on CO2 capture and initiatives in their constant endeavour to improve the
valorization, hydrogen capture from refinery off-gases and processes, increase operational efficiencies and reduce
Sustainable Aviation Fuel (SAF)/Bio-ATF production are energy consumption.
also being pursued.
On the other hand, the R&D wing of P&AD Centre continued Some of these innovations are mentioned below:
its association with major automotive Original Equipment Mumbai Refinery successfully implemented innovative
Manufacturers (OEMs) in the country for developing ideas based on internal studies for reducing Fluid Catalytic
high-performance engine oils of international standards. As Cracking Unit stripping steam consumption, recovery of
a result, the Centre has developed new product portfolios,
additional Vacuum Gas Oil from Vacuum Residue in Crude
including fuel-efficient Synthetic Engine Oil for motorcycles
Distillation Unit 4, changes in the operating methodology of
and scooters, Diesel Engine Oil with extended drain interval
splitters for increased capacity utilisation of Reformer Feed
for off-highway applications, Synthetic Transmission Oil for
Unit and modifications in Continuous Catalytic Reformer
Metro Rail Car, high-performance long-life Hydraulic Oil for
off-highway segment, and Premium Soluble Cutting Oil for unit by utilising margins available to produce higher
multi-metal machining operations for auto ancillaries quantity of MS, Benzene and Toluene and reducing fuel
sector. consumption.
Based on R&D efforts, initiatives were undertaken in the A 20 Kg/h continuous polymerization reactor was
year 2021-22 to commercialize R&D outcomes. commissioned at Kochi Refinery as a pilot to produce
Strengthening the Aatmanirbhar Bharat initiative of Superabsorbent Polymer (SAP) of quality matching with the
Government of India, commercilization activity to scale up international benchmark based on technology developed by
in-house developed Superabsorbent Polymer technology the CRDC. With this initiative, manufacturing competency
was initiated. Bharat-H2Sep Membrane technology for
based on in-house developed SAP technology has been
hydrogen recovery has been successfully demonstrated at
established for the first time in India. Further, Kochi Refinery
Kochi Refinery.
carried out an in-house process innovation to coproduce
Likewise, MoA was firmed up with M/s Engineers India Food Grade Hexane from Isomerization Unit.
Limited (EIL) to commercialize Indigenous Crude Oil
Desalter and Divided Wall technologies. As a part of At the time of the second Covid-19 wave, when entire
digitalization initiatives, innovative digital solution tool, viz., country was grappling with shortage of oxygen, the Kochi
K Model for determining crude oil blending compatibility and Mumbai refineries carried out process innovations to
was launched in July 2021. This innovation has enabled the improve the purity of gaseous oxygen and supplied it as
Company to select opportunity and spot crudes and medical oxygen directly from the plant to patients at
undertake their processing in optimum ratios with term government hospital in Kochi and to cylinder filling facility
crudes. Furthermore, successful field trials for in-house at Mumbai and Kochi.
developed corrosion inhibitor formulation for crude oil
pipeline were completed at Kochi Refinery-Subsea pipeline. The year 2021-22 saw the rollout of various applications
The R&D efforts were recognized at national level and and solutions under the Company’s flagship digitalisation
various prestigious awards were received during the year initiative – “Project Anubhav” aimed at reinforcing Trust,
2021-22, including Golden Peacock Eco-Innovation Award Convenience and Personalization for consumers and
2021 conferred on BHARAT GSR CAT – a cost-effective enhancing efficiencies and transparency in operations. The
gasoline sulphur reduction additive for Fluidised Catalytic Customer Relationship Management (CRM) platform and
Cracking (FCC) operation in refinery, Golden Peacock Customer Engagement Platform (CEP), as well as
Innovative Product/Service Award 2021 awarded to K customer facing solutions, were implemented to provide
Model, and Best Innovation in Refinery Digital Award 2021 exceptional experience to customers while they interact
from MoP&NG for BPMARRK. with BPCL, and to also provide innovative cross-selling and
During the year, a focused research approach by CRDC up-selling opportunities to the Company. IRIS - the Digital
teams resulted in grant of 3 Indian patents. Also, 5 new Nerve Centre enabled seamless connectivity and visibility
patent applications (4 Indian and 1 foreign) were filed across the supply chain facilitating handling of exceptions
during the year. digitally.

Similarly, the Retail business unit implemented innovative The Company partners with several capable and credible
pilot project at Irugur installation, first of its kind, by organizations by supporting projects that benefit the
automating the operation of fire fighting facilities, underprivileged and marginalized sections of the society.
introduced Digital Handing Over Taking Over (HOTO) by CSR initiatives are undertaken based on social,
leveraging terminal automation system to ensure safe environmental, and economic considerations. While the
operations for control room incharges and established an Company continues to undertake new CSR initiatives, it
“Experience Centre“ at Devangonthi installation making use has exited and successfully handed over to either local
of Virtual Reality (VR) and Augmented Reality (AR). government or communities, those projects that have been
A unique digitally enabled omni-channel Consumer Rural completed successfully, for ensuring sustainability of these
Retailing Model was rolled out at Tier III/IV towns, i.e., initiatives through societal participation.
sub-district areas in five states, on a pilot basis to cater to
Since the focus was entirely on healthcare due to
wide assortments of fuel and non-fuel needs of consumers
along with essential services like financial and tele- pandemic, the activities under the thrust area of health and
medicines. As part of this initiative, the Company has hygene took priority over other thrust areas like education,
enrolled women entrepreneurs in rural areas called “Urja skill development, water conservation etc. BPCL took some
Devis” and trained them to handle the business. exemplary measures to combat the pandemic and provide
relief and rehabilitation to the most vulnerable sections of
Total expenditure on research & development activities and the society.
innovation initiatives during the year 2021-22 was
` 219.82 crore. Annual Report on CSR including the composition of CSR
INDUSTRIAL RELATIONS Committee is enclosed as Annexure B.
The Industrial Relations climate remained harmonious and The details of the CSR policy, projects and programs are
peaceful across the Company. The Long-Term Settlements available on the website of the Company at
on Wages & Other Matters have been successfully signed https://www.bharatpetroleum.com/social-responsibility/
with 7 out of 8 eligible Marketing Unions in the year 2020. csr-reporting.aspx
While discussions with the Refineries Unions are in
progress, a settlement has been finalized with one of the Out of the total CSR allocation of ₹ 183.74 crore for the
Mumbai Refinery Unions representing 21% of the active year 2021-22, ₹ 137.78 crore were spent during the year.
workmen in Mumbai Refinery, in May 2022. There were no The shortfall of ₹ 45.96 crore from the stipulated
cases of any industrial unrest. The Company continued the prescribed spend is mainly on account of delay in
thrust towards productivity enhancement and employee completing projects as per timelines, due to restrictions
well-being with a focus on regular communication with all imposed on account Covid-19 pandemic. In accordance
employees on all important issues affecting them and the with the applicable CSR Rules, this unspent amount of
Company as a whole. The Management and Unions are ₹ 45.96 crore (which includes unspent amount of ₹ 39.40
committed to improving standards of work and overall crore for the financial year 2021-22 and ₹ 6.56 crore for
capability of our workmen, thereby supporting the overall the financial year 2020-21) has been allocated against
organizational objectives. specified projects and have been transferred to the Unspent
CORPORATE SOCIAL RESPONSIBILITY CSR Account (UCSRA) for subsequent expenditure
towards these projects.
Contribution towards the society and working for the
welfare of the underprivileged is ingrained in the corporate The details of CSR activities under major heads are given
values of BPCL. In line with BPCL CSR Vision – “Be a below:
Model Corporate Entity with Social Responsibility
Covid Relief Measures
committed to Energizing Lives through Sustainable
Development” – the Company is committed to BPCL, under the leadership of MoP&NG and in
communities in the vicinity of its business and far beyond. collaboration with OMCs, provided Covid-19 combat
BPCL has consistently contributed towards achieving the infrastructure in various parts of the country. A total of 11
sustainable development goals and made significant PSA plants for medical oxygen generation were set up at
progress in the core thrust areas of health & hygiene, Government hospitals in Uttar Pradesh, Maharashtra,
education, skill development, water conservation and Kerala and Madhya Pradesh. As many as 3,000 oxygen
community development. cylinders, 1,000 oxygen concentrators and 100 ventilators
36
were procured and stored at various locations across the minimum of 415 surgeries and cater to more than 350
country so that the same could be made available to cancer survivors for rehabilitation. During the year 2021-22
communities in case of emergency. BPCL partnered with around 200 screening were conducted, 370 patients
local administration and police authorities at various underwent treatment/surgeries and around 300 patients
locations to provide PPE (personal protection equipment) were supported towards rehabilitation. Despite the
kits, masks and sanitizers to various frontline workers as intermittent Covid-19 lockdowns, a project aimed towards
well as helped marginalized sections of the society, construction of an affordable cancer care facility has been
including migrant workers, by way of distributing ration completed in the aspirational district of Darrang (Assam)
kits. In view of the big relief provided to the citizens of the and is ready for operation. This hospital was recently
country through the Prime Ministers Citizens Assistance amongst the six cancer hospitals in Assam that were
and Relief in Emergency Situations Fund (PM Cares Fund), dedicated to the nation, on April 28, 2022, by Hon’ble
BPCL once again whole-heartedly contributed ₹ 40 crore to Prime Minister along with Hon’ble Chief Minister of
the fund during the year. Government of Assam.
At Kochi Refinery, BPCL established jumbo facilities inside Another flagship project in operation, the Lifeline Express,
the refinery school premises with an approximately or ‘Hospital on a Train’, comprising seven coaches
1-km-long 4-inch stainless steel pipeline from its gaseous modified into a hospital, travelled to remote district of
oxygen facility (VPSA). The school building and auditorium Balrampur, Uttar Pradesh. Under this initiative, screening
can together accommodate about 350 patients. Also, the camps were conducted as well as medical and surgical
bedded facility can be extended up to 1,000 beds in case of interventions were carried out, enabling early identification
any requirement. An oxygen-filling facility was set up with a of diseases and reduction in avoidable suffering for about
capacity of 7 m3 (250 cylinders/day). 8,000 patients in the span of a month.
At Mumbai, BPCL whole-heartedly supported the state Education
government's efforts to combat the oxygen crisis during the
second wave of the pandemic. Mumbai Refinery obtained There is no denying that education is one of the most
FDA license for supplying 93% oxygen and offered oxygen fundamental enablers for realizing India’s demographic
compressors and skids to Municipal Corporation of Greater advantage. Lack of access to quality education is a huge
Mumbai (MCGM) for developing oxygen-filling facilities. A obstacle to development of an equitable society and a
4-inch stainless steel pipeline from VPSA Oxygen Plant to sustainable economy. Schools were most deeply impacted
oxygen-filling facilities with capacity of 10 MT of this during the unrelenting pandemic, as they were closed
life-saving gas per day was developed adjacent to the throughout the year. BPCL utilized this period and
refinery premises. undertook activities towards renovation and construction
of classrooms and allied facilities such as provision of
At Bina Refinery, a 200-bed Covid-care hospital was
separate toilets for boys and girls, clean and safe drinking
developed for patients. This medical facility can be water, classroom furniture etc. in various schools so that
extended up to 1,000 beds in case of emergency. A new children could derive these benefits once the schools
4-inch stainless steel oxygen pipeline was also established became operational again.
for supply of oxygen to the hospital.
Skill Development
Health & Hygiene
BPCL has been consistently enhancing the employability
The Company reached out to the socio-economically and entrepreneurship of youth in the hydrocarbon sector as
marginalized strata of the society through innovative, well as in other sectors through the Skill Development
value-driven and well-designed projects that boosted Institute (SDI) at Kochi, Kerala. Since inception, 978
consciousness towards health. BPCL continued its students have been trained. In collaboration with other oil &
unflinching support for cancer care by supporting a holistic gas companies, BPCL also supported five other SDIs in
cancer program, which comprises cancer screening, Ahmedabad, Vishakhapatnam, Guwahati, Raebareli and
surgical interventions to cancer patients and subsequent Bhubaneswar.
rehabilitation of cancer survivors in 10 cancer hospitals While academic activities at skill training institutes were
across the country. The scope of the program consists of affected due to the pandemic, the Company continued to
conducting around 700 screening camps, undertake support skilling initiatives for youth in Aspirational Districts

of Madhya Pradesh. The online mode of training was profound initiative. The Company aims at and contributes
adopted and 15 batches were trained in vocational skills towards creating an ‘Open Defecation Free’ country
and were linked to employment and self-employment through construction and renovation of toilets in schools
opportunities. and communities.
Water Conservation BPCL undertook more than 89,000 activities during the
Water is life. Also, it is at the core of sustainable Swachhata Pakhwada fortnight celebrated from July 1-15
development and is critical for socio-economic uplifting as 2021, reaching out to around 65 lakh people. The activities
well as for energy and food production, healthy included creating awareness on hygiene and sanitation,
ecosystems and human survival itself. Through its hugely distribution of PPE kits for frontline workers, etc. The
impactful water conservation initiatives, collectively named activities were meticulously planned and undertaken
“Project BOOND”, BPCL has, over decades, aimed at maintaining all precautionary measures of social
improving access to water for various needs, including distancing.
drinking, agriculture and livelihood, with focus on
recharging ground water reserves. The key objective of Swachh Iconic Places
this initiative is to transform villages from water-scarce to BPCL contributes to the Swachh Bharat Mission in several
water-positive. meaningful ways. One of them is to contribute to the
In this thrust area, BPCL is ensuring water security for rural Swachh Iconic Places initiative where the Company
communities through renovation of rainwater harvesting continues to support the Meenakshi Temple at Madurai
structures, afforestation, supporting farming livelihood and (Tamil Nadu) and Sri Adi Shankarachary Janmabhoomi
community awareness in four villages in Sangli Tirth in Kalady, Kerala through beautification of the
(Maharashtra) and eight villages in Karauli (Rajasthan). surrounding areas, better sanitation facilities, access to
safe drinking water and more.
Community Development
Initiatives Outside Thrust Areas
BPCL has been contributing wholeheartedly to the
“Transformation of Aspirational Districts Program”, Apart from thrust areas, BPCL also serves the nation in
launched by NITI Aayog, which focusses mainly on health other important areas. BPCL takes up initiatives in other
& nutrition, education, agriculture & water resources, areas of Schedule VII of Companies Act, 2013. One such
financial inclusion & skill development, and basic project is in collaboration with National Craft’s Museum
infrastructure. The Company is working with rural and Hastkala Academy (New Delhi), wherein
communities in order to improve the living standards of the reorganisation, restoration and preservation of more than
communities in these lowest-ranked districts as well as
33,000 ancient objects is being undertaken. Further, with a
non-aspirational districts, thus ensuring inclusive growth
futuristic view, it is also planned to digitally archive all the
for them.
available collection of artefacts for easy access to the
BPCL undertook a project to distribute free-seeds which people and artisans through appropriate displays in
are certified by the Government and which consume less galleries.
water to 1,000 farmers, wherein every farmer received one
20-kg bag of wheat seed, two 8-kg bags of maize seed and PROMOTION OF SPORTS
one 3-kg bag of millet seed. In total, 4,000 bags of seeds The year 2021-22 was a landmark year in the annals of
were distributed that would help the farmers earn higher BPCL sports. At Tokyo Olympics 2020, which was held in
income. The farmers were also provided training and 2021 due to the pandemic, the resolute Indian Men’s
information about the appropriate methodology and best Hockey Team rewrote history as it claimed an Olympic
practices for efficient farming. medal after 41 years. Five of the Company’s
sportspersons, namely, Birendra Lakra, Lalit Updhyay,
Swachh Bharat Abhiyaan
Harmanpreet Singh, Varun Kumar and Vivek Sagar Prasad
The Company continued to participate enthusiastically in were part of the Indian Men’s Hockey Team that claimed
‘Swachh Bharat Abhiyan’, a flagship movement fostered by the Bronze Medal in Tokyo Olympics 2020. They were also
Government of India. BPCL has been working relentlessly awarded the prestigious Arjuna Award for their exemplary
towards making Bharat ‘Swachh’ since the inception of this performance in the Olympics.
38
In Tokyo Paralympics 2020, which was also held in 2021, across the Company. Rosters are maintained as per the
Arjuna Awardee BPCL employee Manoj Sarkar bagged the directives and regularly inspected by Liaison Officer of the
Bronze Medal. He also won medals in Spanish Open Company as well as Liaison Officer of MoP&NG to ensure
(Bronze in Singles, Gold in Doubles) and Uganda Open proper compliance of the directives.
(Gold in Singles, Silver in Doubles). BPCL Para-Badminton
SC/ST and economically backward students are
player Manasi Joshi achieved World No. 1 ranking in
encouraged by awarding scholarship to those pursuing
Women's singles in the SL3 category. She also won medals
education in secondary school and up to graduation level.
in the Spanish Open (Gold in Singles, Silver in
Mixed-Doubles) and Uganda Open (Gold in Singles, Gold in Human spirit knows no bounds, neither is it shackled by
Mixed-Doubles and Bronze in Doubles) Para-Badminton any physiological challenges. BPCL zestfully amalgamates
tournaments. persons with special abilities in its workforce.The Company
complies with provisions under “The Rights of Persons
BPCL’s ace archers Deepika Kumari and Atanu Das
with Disability Act, 2016” relating to providing employment
represented the Indian Archery team in Tokyo Olympics
opportunities for Persons with Disabilities (PWDs).
2020. Deepika Kumari bagged the Gold Medal in the
Archery World Cup and secured the World Rank No. 1 spot. Details relating to representation of SC/ST/OBC candidates
Atanu Das also won the Gold Medal in the Archery World and Persons with Disabilities are appended as Annexure C.
Cup. Jyothi Surekha, one of the promising archers from
IMPLEMENTATION OF OFFICIAL LANGUAGE POLICY
BPCL, secured three Silver medals for the nation in the
World Archery Championship, a Gold Medal in Asian The official language, Hindi, is the nation’s pride. BPCL
Archery Championship and a Gold Medal in the Lancaster continues to comply diligently with the Annual Programme
Classic Archery Tournament in 2021. 2021-22 issued by Department of Official Language,
Ministry of Home Affairs, Government of India, towards the
In Cricket, BPCL star players made waves. Suryakumar
implementation of the Official Language across the
Yadav was part of the team that represented India in the
organization. The progressive usage of Hindi was reviewed
T-20 World Cup 2021. Shreyas Iyer made a scintillating
and evaluated quarterly, half-yearly and on a yearly basis,
debut in Test Cricket with a century for the Indian cricket
through essential committees, viz., OLIC (Official Language
team in the first match of the Test Series against New Implementation Committee), TOLIC (Town Official
Zealand in November 2021. Language Implementation Committee), etc. at different
Taking forward the Company’s rich legacy of contributing levels such as regions, offices, locations, and refineries.
to the nation in the sphere of sports, Tushar Khandker, who Various initiatives, including Hindi Fortnight / Week,
is an ex-Hockey player and an Olympian, has undertook a celebration of notable days, milestones, projects, pledges
special assignment as Assistant Coach of the Indian Senior of national importance, observance of World Hindi Day,
Women’s Hockey Team. He was the force behind guiding Annual Hindi Coordinator’s Meet as well as various
the team to secure Bronze Medal in Asia Cup 2021. competitions, programs and cultural activities, were
RESERVATION AND OTHER WELFARE MEASURES FOR organized from time to time, with whole-hearted
SCHEDULED CASTES / SCHEDULED TRIBES / OTHER participation from employees.
BACKWARD CLASSES AND PERSONS WITH Other initiatives to promote the use of Hindi in day-to-day
DISABILITIES work include awards instituted for locations, regions, and
BPCL has been following in letter and spirit the Presidential employees – both online and offline. Hindi trainings and
Directives and other guidelines issued from time to time by workshops on the Indic bilingual software, voice-typing,
Ministry of Petroleum & Natural Gas (MoP&NG), Ministry of machine translation, etc. were also organized for enhancing
Social Justice and Empowerment and the Department of levels of compliance. Additionally, as a part of promoting
Public Enterprises relating to reservations / concessions for Hindi and encouraging employees’ children for greater
Scheduled Castes, Scheduled Tribes and other Backward adoption and use of Hindi, 178 children were awarded
Classes. Adequate monitoring mechanism has been put in Official Language Prizes for outstanding performance in
place for sustained and effective compliance uniformly 'Hindi' subject in 10th and 12th Classes.

BPCL has also well-deservedly received accolades and Grievances received from people through the CPGRAMS
special appreciation from TOLIC at various locations, system are centrally scrutinized at the corporate level and
including Panipat Installation, Roorkee LPG Plant, Goa sent for redressal to various Business Units / Entities
Retail Territory as well as Sewree, Kharghar and through a well-established online network, with an
Priyadarshini Offices for emphatic implementation of Hindi. escalation matrix to ensure timely and qualitative closure.
During the year, Chairmanship of TOLIC, Goa was
BPCL, with its dedicated team, redressed and closed 4,781
bestowed on BPCL by Ministry of Home Affairs.
grievances out of 4,944 (i.e., 96.70%) received in the year
CITIZEN’S CHARTER, PUBLIC GRIEVANCE REDRESSAL 2021-22, with an average disposal time of only 13 days as
(PG) & CUSTOMER CARE SYSTEM AND RIGHT TO against the norm of 30 days stipulated for disposal of
INFORMATION (RTI) grievances.
A satisfied customer is the greatest asset for the Company Customer Care System (CCS)
and ‘Customer-Centricity is one of the core values of the
Company. BPCL recognizes that ensuring customer delight BPCL’s ‘SmartLine’, the centralized Customer Care System
is an integral part of all the business operations and (CCS), is the first-of-its-kind initiative in the Indian energy
redressing customer grievances, if any, through a sector. Since its launch in 2013, SmartLine has made more
well-defined mechanism, is the key to success. than 80 lakh interactions with customers. CCS continues to
be the first point of contact for our ever-increasing
The Company has constantly endeavoured to set new
customer base for all their queries and grievances. The
benchmarks in customer service standards, to not only
system has grown into a 111-strong executive team, while
meet but exceed the customer expectations.
the latest CRM technology remains its backbone. CCS has
Citizen’s Charter recently moved to a brand-new technology platform that
The Citizen’s Charter enshrines the trust between BPCL gives a 360-degree view of the customer.
and its customers and outlines the Company’s With BPCL going full steam on its digital journey, the
commitment towards improving the quality of its services. Company is handholding the customers across all
The Citizen’s Charter published on the Company website businesses and Indian geographies through this digital
provides details of a range of services offered to our transformation paradigm. As always, keeping ahead of the
customers, with an overview of the marketing activities of industry, new-age digital avenues (like the Company’s
the Company, policy guidelines and processes on web-based Urja chatbot and WhatsApp) were added to
marketing of petroleum products. It covers the mandate of provide ease of contact to our valued customers.
the Company, customer rights with respect to standard,
quality, time-frame for service delivery, the grievance As life returns to normal in the post-pandemic scenario,
redressal mechanism, etc. These service levels are BPCL is striving to keep the customers safe and well taken
care of with increased use of technology and AI (artificial
revisited from time to time and updated in line with the
intelligence). Complaints received are not only redressed
changing business needs.
but the data thus generated is used to improve customer
Public Grievance Redressal (PG) service at the grassroots level. Customer delight remains
The Public Grievance Redressal framework in BPCL spans pivotal to all our endeavours.
across business units and is a well-established online Right to Information (RTI)
mechanism for receipt, escalation and timely and
BPCL has been successfully supporting the RTI Act from
effective closure of all public complaints. Complaints
the time of its inception in the year 2005 and has
are continuously monitored through Centralized
implemented all the norms stipulated in the RTI Act, 2005.
Public Grievance Redress and Monitoring System
As required under the Act, all the relevant details and
(CPGRAMS), which is an online web-enabled system
information along with suo moto disclosure under section
(https://www.pgportal.gov.in/), developed by National
4(1) (b) have been hosted on the Company’s Corporate
Informatics Centre (NIC) and Department of Administrative
Website www.bharatpetroleum.in for the public at large.
Reforms and Public Grievances (DARPG).
40
Along with physical RTI applications, the Company also BPCL abides by the Public Procurement Policy for MSEs
receives online RTI applications and addresses the same Order 2012 and its amendment of November 2018. In the
through the RTI online portal www.rtionline.gov.in, which is year, 28.8% of the value of the Company’s annual Goods
a unified RTI portal of the Government of India. and Service procurements were done through MSEs as
against the target of 25%. All high-value tenders of BPCL
From the year 2005 till March 31, 2022, the Company has were launched through the online open tender route.
successfully handled 48,096 RTI applications, 6,793 First General Conditions of Contract (GCC) and General
Appeals and 1,127 Second Appeals with Central Purchase Conditions (GPC) of all tenders have purchase
Information Commission (CIC), thereby maintaining its preference clauses for MSEs. BPCL also offers Trades
commitment to transparency and accountability in Receivable Discounting Scheme (TReDS) to its MSME
business operations. Vendors.
RTI queries were closed on the RTI online portal within the During the year 2021-22, BPCL’s total procurement in
stipulated time limit of 30 days. This ensured that no terms of value of Goods and Services, excluding works
penalty was levied for any postal delays. The Company’s contracts, where MSEs could have participated was
team of 49 Central Public Information Officers (CPIOs) and ₹ 13,878.28 crore. The actual procurement value from
12 First Appellate Authorities (FAA) are spread across the MSEs was ₹ 4,006.52 crore, i.e., an achievement of
country, covering major BUs like Retail, LPG, Aviation, and 28.8%, which exceeds the target of 25%. BPCL conducted
Refineries as well as Entities like HR and International three online Vendor Development Programs for MSE
Trade, thereby ensuring smooth handling of RTI queries. vendors, including two for MSE SC/ST and one for MSE
Women, wherein over 500 vendors participated. BPCL also
During the year 2021-22, BPCL received 3,317 RTI participated in MSME Expo 2022 at Nagpur, organised by
Queries, 465 First Appeals and 66 Second Appeals (CIC Director, MSME, Maharashtra. An online “Premier Vendor
Hearings) and all of them have been processed in a timely Workshop” was held in March 2022, wherein Asst.
manner. Director, MSME-DI, Mumbai and Director - Buyer
Management (CPSEs & Central Ministries), Government
PUBLIC PROCUREMENT: MICRO & SMALL
e-Marketplace (GeM) made detailed presentations on the
ENTERPRISES
benefits of Public Procurement Policy for MSEs and
BPCL’s Central Procurement Organization (Marketing) enhancements made in GeM portal, which aims at
procured goods worth ₹ 12,835.90 crore (100 % increasing the efficiency in public procurement.
e-tendering) during the year. This includes BPCL’s VIGILANCE
requirement of Ethanol for blending with Petrol and other
Vigilance administration in BPCL is an integral part of the
purchases across various BUs and entities. Additionally,
management for ensuring good governance in the
tenders for disposal of scrap worth ₹ 192.70 crore were
organization. The motto of the department is "Vigilance for
also finalized for marketing locations. BPCL also anchored
Corporate Excellence". Vigilance department promotes
and finalized Industry tenders for Ethanol and Bio-diesel for Corporate Governance by ensuring transparency, ethics
the 10th consecutive year. The tender value for Ethanol was and integrity in thoughts and deeds to make BPCL an
₹ 28,300 crore and for Bio-diesel it was ₹ 55.53 crore. organization known for zero tolerance for corruption.
As an initiative towards Digital India, digitally signed Vigilance Department is headed by Chief Vigilance Officer
invoices were encouraged from vendors and digitally (CVO), and supported by a Vigilance team located in
signed purchase orders were sent to vendors through headquarters, regions and refineries. The CVO acts as an
electronic mode. BPCL procured goods worth ₹1,078.33 advisor to the CMD in all matters pertaining to vigilance.
crore through Government e-Marketplace (GeM), which is The CVO is also the nodal officer of the Company for
846% jump from ₹ 113.9 crore procured in the previous interaction with Central Vigilance Commission (CVC) and
year. Central Bureau of Investigation (CBI).

Vigilance Mechanism is based on the Vigilance The Workshop on Preventive Vigilance at upcountry
Manual/policy circulars of CVC, instructions issued by locations and regional offices are conducted on regular
Department of Personnel and Training (DoPT) and Ministry basis by Vigilance department. The mid-career training to
of Petroleum & Natural Gas (MoP&NG). Annual and employees on Vigilance was also started during the year.
quarterly performance reports are furnished to CVC and Vigilance Awareness sessions were conducted for the
MoP&NG of the work done on vigilance matters. employees working at operating locations and commercial
offices by Team Vigilance, using both online methodology
While ‘Punitive Vigilance’ for commission of misconduct, and offline during their visits to locations. These sessions
malpractices and corrupt practices is certainly an were aimed at enhancing the knowledge and awareness on
important function, ‘Preventive Vigilance’ and 'Proactive the operational aspects of various circulars / guidelines /
Vigilance’ are equally important, as these are likely to SOPs issued by BPCL, CVC and MoP&NG. In all, 72 training
reduce the occurrence of vigilance cases. Preventive sessions were held covering 2,375 persons during
vigilance enables BPCL to constantly review procedures, 2021-22.
guidelines and practices, identify vulnerable areas and Vigilance Awareness Week (VAW) was observed with the
recalibrate business processes. Vigilance department theme “Independent India @ 75: Self-Reliance with
constantly endeavours to promote improvement in Integrity” from October 26 to November 1, 2021. During the
systems, processes and practices by adopting an week, a variety of programmes were carried out like
approach of proactive, preventive and participative Integrity Pledge, display of PIDPI posters at all offices,
vigilance. competitions in schools, competitions among employees,
Vigilance carried out investigations into various complaints organizing Gram Sabhas and Vendor Meets, as per
directives issued by CVC. Internal activities were taken up
and source information. Complaints, including those
in campaign mode as a part of Vigilance Awareness Week.
received online, from CVC and MoP&NG were investigated
The 12th edition of the Vigilance Magazine, “Vigilance Plus”
directly by Vigilance team, wherever required. The
containing articles related to vigilance and activities
complaints broadly covered issues related to operational
undertaken during VAW was released.
activities, dealership / distributorship selection and
management and project and procurement work, etc. A SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE
COMPANIES
summary of investigative complaints (detailed inquiries)
handled by Vigilance during the year 2021-22 are given as BPCL has 4 subsidiaries and 22 Joint Venture Companies
follows: and Associate Companies as on March 31, 2022.
Opening Investigation Total Disposed Closing Details of Company that Nil
balance during of during Balance has become a Subsidiary
(as on the Year the Year (as on during the year 2021-22
01.04.2021) 31.03.2022) Details of Company that has Nil
31 60 91 43 48 become a Joint Venture / Associate
during the year 2021-22
Surprise inspections were conducted at 74 locations, 127
retail outlets and 58 LPG distributors during the year. Based Details of Company that has Nil
on observations and findings, specific recommendations ceased to be a Subsidiary
for corrective action and system improvements were during the year 2021-22
communicated to the concerned departments. Over and Details of Company that has ceased Nil
above this, sensitive posts of the organisation are identified to be a Joint Venture / Associate during
and periodic rotation of the staff is ensured. the year 2021-22
42
However, pursuant to the Order of the Ministry of Corporate The blocks of BPRL are in various stages of exploration,
Affairs dated June 22, 2022 and its subsequent filing with appraisal, development and production. The total acreage
the respective Registrar of Companies, the wholly owned held by BPRL and its subsidiaries is around 22,000 sq. km,
subsidiary of BPCL, Bharat Oman Refineries Limited of which approximately 49% is offshore.
(BORL), stands merged with BPCL with effect from
During the year 2021-22, approximately 4.3 million barrels
July 1, 2022.
of crude oil from the Lower Zakum Concession was lifted
A separate statement containing the salient features of the by BPCL Group refineries, out of BPRL’s share of equity
financial statements of Subsidiaries / Associates / Joint crude oil from the Lower Zakum Concession. The Appraisal
Venture Companies in Form AOC-1 pursuant to provisions Well campaign of the existing Ruwais discovery in the
of Section 129 (3) of the Act, is attached along with the overseas operatorship block Onshore Block 1 Concession
financial statement. in Abu Dhabi, UAE was carried out during the year 2021-22
and the testing of the appraisal wells has established the
The Company has placed its financial statements, including presence of hydrocarbons. The first exploration well in the
Consolidated Financial Statements and all other documents unexplored areas was also spud on March 3, 2022.
required to be attached thereto, on its website
www.bharatpetroleum.in as per Section 136(1) of the Act. In BM-SEAL-11 Concession in Brazil, the Declaration of
Further, the Company has also placed separate Annual Commerciality (DoC) has been submitted to ANP (Brazilian
Reports / audited accounts in respect of each of its Regulator) in December 2021 and the concessionaires are
progressing on finalizing the Field Development Plan (FDP).
subsidiaries on its above website. A copy of the said
documents are available for inspection and will be provided In Offshore Area 1, Rovuma Basin Mozambique, while the
to any shareholder of the Company who asks for it. construction activities in the 2-Train Golfinho-Atum LNG
Project were progressing as per schedule, security
The policy for determining material Subsidiaries is posted
incidents in the region led to declaration of force majeure at
on the Company’s website at the link http://www.bharat
the beginning of the year 2021-22. The Government of
petroleum.co.in/General/PolicyonMaterialSubsidiaries.aspx
Mozambique is working towards the re-establishment of
?id=4
peace and resolving the security situation. Mozambican
BPCL SUBSIDIARY COMPANIES military along with Joint forces from Rwanda and Southern
African Development Community (SADC) continue their
BHARAT PETRORESOURCES LIMITED (BPRL) operations in the region. Area 1 Concessionaires remain
committed to promptly restarting once the security
BPRL was incorporated in October 2006, as a 100%
situation is resolved in a sustainable manner.
subsidiary of Bharat Petroleum Corporation Limited, to
undertake upstream activities of BPCL. In respect of Indian blocks, the block CY-ONN-2002/2,
located in Cauvery Basin, Tamil Nadu currently has six
As on March 31, 2022, BPCL’s investment is
producing wells. During the year 2021-22, BPRL’s share of
₹ 7,275 crore in the equity capital of BPRL. In addition to production from the block was 30 thousand tonnes of oil
this, the Company has given a loan of ₹ 2,190 crore to this and 12 million cubic meters of associated gas. Gas sales
subsidiary. BPRL has recorded a consolidated income of from the block to GAIL commenced in May 2021.
₹232.04 crore and a consolidated loss of ₹ 447.86 crore
for the financial year ending March 31, 2022. In BPRL’s Indian OALP Operated block, CB-ONHP-2017/9,
located in onshore Cambay Basin, Gujarat, exploration
BPRL has Participating Interest (PI) in eighteen blocks, of drilling prospects have been identified and activities are
which nine are in India and nine overseas, along with equity planned towards the minimum work program.
stake in two Russian entities holding the license to four
producing blocks in Russia. Five of the nine blocks in India The PI in respect of blocks in India are held directly by
were acquired under different rounds of New Exploration BPRL. PI in respect of blocks in Brazil, Mozambique,
Indonesia and UAE and equity stake in two Russian entities
Licensing Policy (NELP), one block was awarded under
are held through various step-down wholly owned
Discovered Small Fields Bid Round 1 and three blocks were
subsidiaries/JVs of the wholly owned subsidiaries located
awarded under the Open Acreage Licensing Policy (OALP)
in the Netherlands and Singapore.
Bid Round I. Out of nine overseas blocks, five are in Brazil,
two in United Arab Emirates and one each in Mozambique A detailed discussion on the Blocks is given in the
and Indonesia. Management Discussion & Analysis Report (MDA).

BHARAT OMAN REFINERIES LIMITED (BORL) year 2021-22, the project implementation activity
continued at good pace in the authorised GAs, with BGRL
BORL was incorporated in 1994 as a Joint Venture between incurring the capital expenditure of ₹ 1,189 crore during the
BPCL and OQ S.A.O.C. (formerly known as Oman Oil year. The cumulative capital expenditure on the CGD
Company S.A.O.C.). During the year under review, BPCL projects being carried out by BGRL stands at ₹ 1,802 crore
acquired 36.62% of shares from OQ S.A.O.C, making BORL as on March 31, 2022.
a wholly owned subsidiary of BPCL. BPCL has also
acquired 2.69 crore warrants of BORL held by Government During the year 2021-22, 133 new Compressed Natural
of Madhya Pradesh (GoMP) during the year. Gas (CNG) stations at retail outlets were mechanically
completed. CNG sale started at 60 CNG stations and 2 City
As on March 31, 2022, BORL had an authorized share Gas Stations were commissioned during the year.
capital of ₹ 7,000 crore and paid-up equity share capital of
₹ 2,426.83 crore. Besides, BPCL had given a loan of In March 2021, the Board of Directors of BPCL and BGRL
₹ 1,254.10 crore and subscribed to warrants bearing face had approved the Scheme of Amalgamation of BGRL with
value of ₹ 962.58 crore (including warrants acquired from BPCL with the view of streamlining of the corporate
structure and consolidation of assets and liabilities. The
GoMP) and subscribed to Compulsorily Convertible
process of amalgamation is in advance stage.
Debentures of ₹ 1,000 crore.
BPCL-KIAL FUEL FARM PRIVATE LIMITED (BKFFPL)
Crude processed during the year 2021-22 was 7,410 TMT,
with average capacity utilization of 95%. The company has BKFFPL was incorporated in May 2015 with an equity
reported Revenue from Operations of ₹ 55,561 crore in the participation of 74% by BPCL & 26% by Kannur
financial year ended as on March 31, 2022, as compared International Airport Limited. The company was formed to
to ₹ 35,420 crore recorded in the previous financial year. design, construct, commission and operate the Fuel Farm
The net profit for the year 2021-22 stood at ₹ 892 crore, as at Kannur International Airport for the supply of ATF on an
compared to a loss of ₹ 76 crore in the previous year. The exclusive basis. The Fuel Farm started operating from
Basic EPS for the year stood at ₹ 2.60, as against ₹ (0.22) December 2018 along with the commissioning of the
in the year 2020-21. Kannur International Airport. As on March 31, 2022, the
authorized capital of the company is ₹ 50 crore and paid-up
In October 2021, Board of Directors of BORL and BPCL capital is ₹ 9 crore. During the year 2021-22, the fuel
approved the scheme of amalgamation of BORL with BPCL throughput was 28,389.83 KL. The company earned a
and filed an application with the Ministry of Corporate revenue of ₹ 5.24 crore in the year 2021-22 and the loss
Affairs. The process of amalgamation has been completed during the period was ₹ 3.85 crore.
in June 2022 and BORL has merged with BPCL with effect
BKFFPL is being managed under a joint control
from July 1, 2022.
mechanism. Hence, in the consolidated financial
Subsequently, the Comptroller & Auditor General of India statements of the group for the period ending
(C&AG) has, vide its letter dated July 21, 2022, intimated March 31, 2022, the financials have been consolidated as
that based on the supplementary audit of the Financial Joint Venture as per the principles of Indian Accounting
Statements of BORL for financial year 2021-22 under standard.
Section 143(6)(a) of the Companies Act 2013, nothing BPCL JOINT VENTURE COMPANIES AND ASSOCIATES
significant has come to its knowledge which would give
rise to any comment upon or supplement to BORL’s PETRONET LNG LIMITED (PLL)
statutory auditors’ report under Section 143(6)(b) of the PLL was formed in April 1998 for importing Liquefied
Companies Act 2013. Natural gas (LNG) and setting up a LNG terminal with
facilities like jetty, storage, regasification, etc. to supply
BHARAT GAS RESOURCES LIMITED (BGRL)
natural gas to various industries in the country. The
BGRL, a wholly owned subsidiary of BPCL, was company has an authorized capital of ₹ 3,000 crore and
incorporated in June 2018 for handling Natural Gas paid-up capital of ₹ 1,500 crore. PLL was promoted by four
business. public sector companies, viz., BPCL, Indian Oil Company
Limited (IOCL), Oil and Natural Gas Company Limited
BGRL has been authorised for setting up of CGD (ONGC) and GAIL (India) Limited (GAIL). Each of the
Infrastructure in thirteen (13) Geographical Areas (GAs) promoters hold 12.5% of the equity capital of PLL. BPCL’s
under Round 9 and 10 of CGD bidding rounds. During the equity investment in PLL currently stands at ₹ 98.75 crore.
44
PLL recorded Revenue from operations of ₹ 43,168.57 ₹ 100 crore for implementing City Gas Distribution projects
crore during the year 2021-22, as against ₹ 26,022.90 for supply of CNG to the household, automobile, industrial
crore recorded in the year 2020-21. The net profit for the and commercial sectors in Gandhinagar, Mehsana, Aravali,
year stood at ₹ 3,438.11 crore, as compared to ₹ 2,939.23 Sabarkantha and Patan districts of Gujarat. The paid-up
during the year 2020-21. The EPS for the year 2021-22 is share capital of the company is ₹ 20 crore. As on
₹ 22.92, as compared to ₹ 19.59 of the year 2020-21. March 31, 2022 BPCL has a stake of 49.94% in the equity
During the year 2021-22, PLL has recommended a final capital of SGL. SGL has set up 158 CNG stations and is
dividend of ₹ 4.50 per share, in addition to a special supplying PNG (Domestic) to 2.47 lakh customers. During
dividend of ₹ 7.00 per share during the year. In the previous the year 2021-22, the company has commissioned
year, PLL had declared a special dividend of ₹ 8.00 per 23 CNG stations. SGL has achieved a turnover of
share and a final dividend of ₹ 3.50 per share. ₹ 1,900.46 crore and a net profit of ₹ 346.55 crore for the
INDRAPRASTHA GAS LIMITED (IGL) year ending March 31, 2022 as against ₹ 1,114.75 crore
and ₹ 225.01 crore, respectively for the previous year.
IGL is a joint venture Company promoted by BPCL and
The EPS for the year stood at ₹ 173.27 as against ₹ 112.50
GAIL and set up in December 1998. IGL is a City Gas in the year 2020-21. The company has recommended a
Distribution (CGD) company supplying natural gas to dividend of ₹ 40 per share for the year ending March 31,
transport, domestic, commercial and industrial 2022, as against ₹ 20 per share in the previous year.
consumers. The operations of IGL are spread over NCT of
Delhi, Noida & Greater Noida, Ghaziabad & Hapur, CENTRAL UP GAS LIMITED (CUGL)
Gurugram, Meerut (except area already authorized),
CUGL is a Joint Venture Company set up in February 2005
Shamli, Muzaffarnagar, Karnal, Rewari, Kanpur (except
with GAIL as the other partner for implementing projects for
areas already authorized), Hamirpur-Fatehpur districts,
supply of CNG to the automobile sector and PNG to the
Kaithal district, and Ajmer. Recently, IGL has received grant
household, industrial and commercial sectors in Kanpur
of authorization from PNGRB for development of CGD
(including parts of Unnao district), Bareilly and Jhansi in
network in the Geographical Area of Banda, Chitrakoot and
Uttar Pradesh. The company was incorporated with an
Mahoba districts. IGL also holds 50% of equity in M/s. authorized share capital of ₹ 60 crore. The Joint Venture
Central UP Gas Limited, Kanpur and M/s. Maharashtra partners have each invested ₹ 15 crore for an equity stake
Natural Gas Limited, Pune, which are the Joint Venture of 25% each in the company, while the balance 50% is held
Companies promoted by BPCL and GAIL. by IGL. As on March 31, 2022, CUGL has 74 CNG stations.
The paid-up share capital of IGL is ₹ 140 crore. BPCL had CUGL has achieved Revenue from Operations of ₹ 509.57
invested ₹ 31.50 crore for 22.5 % stake in its equity. The crore and net profit of ₹ 118.83 crore for the year ending
company added 99 new Compressed Natural Gas (CNG) March 31, 2022, as against ₹ 294.79 crore and ₹ 78.62
stations and 3.75 lakh new Piped Natural Gas (PNG) crore, respectively, for the previous year. The EPS for the
domestic connections during the year. As on March 31, year stood at ₹ 19.80, as against ₹ 13.10 in the year
2022, IGL has 711 CNG stations and 20.6 lakh PNG 2020-21. The company has recommended a final dividend
domestic connections. of ₹ 3.00 per share in addition to the Interim Dividend of
₹ 1.00 per share during the year. Dividend of
IGL has registered Revenue from Operations of
₹ 1.80 per share was distributed for the previous year.
₹ 8,484.73 crore and Profit after Tax of ₹ 1,502.27 crore for
the year ending March 31, 2022 as compared to Revenue MAHARASHTRA NATURAL GAS LIMITED (MNGL)
from Operations of ₹ 5,438.68 crore and Profit after Tax of
₹ 1,172.55 crore in the previous year. The EPS for the year MNGL was set up in January 2006 as a Joint Venture
stood at ₹ 21.46, as against ₹ 16.75 in the year 2020-21. Company with GAIL for implementing the project for supply
IGL Board has recommended a dividend of ₹ 5.50 per of natural gas to the household, industrial, commercial and
share (face value of ₹ 2 each) for the year ending automobile sectors in Pune and its nearby areas. The
March 31, 2022 as against a dividend of ₹ 3.60 per share company was incorporated with an authorised share
(face value of ₹ 2 each) in the previous year. capital of ₹ 100 crore. The paid-up capital of the company
is ₹ 100 crore. BPCL and GAIL have invested ₹ 22.50 crore
SABARMATI GAS LIMITED (SGL) each in MNGL’s equity capital. Maharashtra Industrial
SGL, a Joint Venture company promoted by BPCL and Development Corporation (MIDC), as a nominee of
Gujarat State Petroleum Company (GSPC), was Maharashtra Government, holds 5% equity and the balance
incorporated in June 2006 with an authorized capital of 50% is held by IGL.

MNGL, while strengthening its roots in the existing connection and laying 650-inch-km pipeline. As on March
authorized GA covering Pune and adjoining areas, is also 31, 2022 the company has provided 9,864 domestic
growing in the Nasik GA and Sindhudurg GA in Maharashtra connection and laid around 678-inch-km pipeline in the
and Ramanagara GA in the state of Karnataka, which were North Goa GA. Further, the company has commissioned 6
awarded by PNGRB under the 9th CGD Bidding Round. The CNG Stations in North Goa and is supplying gas to 11
company crossed achievement of consistent sales of 1 Commercial and 15 Industrial PNG Customers. GNGPL
million metric standard cubic meters (MMSCM) per day achieved a Revenue from Operations of ₹ 36.17 crore and
during the year. MNGL also participated in the 11th CGD a profit of ₹ 0.20 crore for the year ending March 31, 2022
Bidding Round and successfully secured two new GAs, as against a revenue of ₹ 4.30 crore and a loss of ₹ 0.88
i.e., Buldana, Nanded and Parbhani districts in Maharashtra crore in the previous year.
and Nizamabad, Adilabad, Nirmal, Mancherial Kumuram
BHARAT STARS SERVICES PRIVATE LIMITED (BSSPL)
Bheem Asifabad and Kamareddy districts in Telangana.
MNGL has set up 167 CNG stations and is supplying PNG BSSPL, a Joint Venture Company promoted by BPCL and
(Domestic) to 5.39 lakh customers. MNGL has achieved ST Airport Pte Ltd, Singapore was incorporated in
Revenue from Operations of ₹ 1,381.41 crore and profit of September 2007. BSSPL is a service provider and is
₹ 332.62 crore for the year ending March 31, 2022 as associated with the aviation industry. The authorized and
against Revenue of ₹ 800.26 crore and profit of ₹ 172.98 paid-up share capital of BSSPL is ₹ 20 crore. The two
crore, respectively, in the previous year. The EPS for the promoters have each subscribed to 50% of the equity share
year 2021-22 stood at ₹ 33.26, as against ₹ 17.30 in the capital of BSSPL and BPCL’s present investment stands at
year 2020-21. The MNGL Board has recommended a ₹ 10 crore. BSSPL also has a wholly owned subsidiary
dividend of ₹ 10 per share, as against ₹ 6 per share in the named Bharat Stars Services (Delhi) Private Limited, which
previous year. is providing Into-Plane (ITP) services at Delhi T-3
HARIDWAR NATURAL GAS PRIVATE LIMITED (HNGPL) International Airport.
HNGPL was incorporated in April 2016 as a Joint Venture The company commenced its ITP operations at Bangalore
Company with Gail Gas Limited on a 50:50 basis for in 2008. BSSPL has now increased its footprints at
implementation of a CGD network in the GA of Haridwar different airports across India, which includes major
District of Uttarakhand. The authorized capital of the airports like Delhi, Mumbai, Bangalore and Chennai. BSSPL
company is ₹ 45 crore. As on March 31, 2022 the also provides Business Support Services (man-power
promoters have infused ₹ 22.20 crore each towards equity. services for fueling operation) in the petroleum sector.
The promoters have also given an inter-corporate loan of Presently, the company is operating at 40 locations in India.
₹ 15 crore each to the company. The five-year Minimum
Being associated with the aviation industry, the sales and
Work Program (MWP) target as per PNGRB authorisation of
16,905 domestic PNG connections and 830-inch-km revenue of the company have been hit owing to the Covid
pipeline was achieved by the company in 2020-21. As on -19 pandemic. BSSPL has achieved a consolidated
March 31, 2022 the company has provided 24,667 Revenue from Operations of ₹ 37.59 crore and a
domestic connections and laid around 1,335.27 Inch-km consolidated loss of ₹ 5.12 crore for the financial year
pipeline. Further, the company has set up 4 CNG stations. ending March 31, 2022, as against a consolidated Revenue
HNGPL achieved a Revenue from Operations of ₹ 45.76 from Operations of ₹ 29.95 crore and a consolidated loss
Crore and a profit of ₹ 3.34 Crore for the year ending of ₹ 2.32 crore, respectively, for the previous year.
March 31, 2022 as against a revenue of ₹ 16.74 crore and
profit of ₹ 0.67 crore in the previous year. DELHI AVIATION FUEL FACILITY PRIVATE LIMITED
(DAFFPL)
GOA NATURAL GAS PRIVATE LIMITED (GNGPL)
A Joint Venture Company, DAFFPL has been promoted by
GNGPL was incorporated in January 2017 as a Joint
Venture Company with GAIL Gas Limited on a 50:50 basis BPCL, IOCL and Delhi International Airport Limited (DIAL)
for implementation of a City Gas Distribution Project in the for implementing open-access Aviation Fuel facility for the
GA of North Goa. The authorized share capital of the new T3, T2 and Cargo terminals at Delhi International
company is ₹ 60 crore as on March 31, 2022 and the Airport. The company is also setting up an Aviation Hydrant
promoters have infused ₹ 30 crore each towards equity. System at the T1 terminal of Delhi International Airport. The
During the year 2021-22, the company has achieved its authorized and paid-up share capital of the company is
five-year MWP target of providing 9,588 domestic ₹ 170 crore and ₹ 164 crore, respectively. BPCL and IOCL
46
each have subscribed to 37% of the share capital of the which travels frequently to various international
joint venture, while the balance 26% is held by DIAL. destinations, and the flourishing business community and
DAFFPL has achieved Revenue from Operations of ₹ 72.19 tourists. The authorised capital of the company is ₹ 3,500
crore and net loss of ₹ 5.33 crore for the year ending on crore and the paid-up capital of the company as on
31st March 2022, as against revenue of ₹ 57.36 crore and March 31, 2022 is ₹ 1,338.36 crore, out of which BPCL
net loss of ₹ 12.43 crore, respectively during the previous has contributed ₹ 216.80 crore. Kannur Airport was
year. The EPS for the year stood at ₹ (0.33), as agains commissioned in December 2018 and it is one of the four
₹ (0.76) in the year 2020-21. The company has not international airports in Kerala. During the year 2021-22,
recommended any dividend for the year ending on total aircraft movements were 9,761 and passenger traffic
March 31, 2022. was approximately 8.03 lakh, as against 6,135 aircraft
movements and approximate passenger traffic of 4.73 lakh
MUMBAI AVIATION FUEL FARM FACILITY PRIVATE in the previous year. There is an increase in air traffic
LIMITED (MAFFFL) movement compared to the previous year and there is a
MAFFFL was incorporated in February 2010 by Mumbai recovery of more than 50% compared to pre-Covid-19
International Airport Limited (MIAL). BPCL, IOCL and scenario.
HPCL became joint venture partners with MIAL in October MATRIX BHARAT PTE LIMITED (MXB)
2014 with each having an equity holding of 25%. Presently,
BPCL has invested an amount of ₹ 52.92 crore towards MXB is a Joint Venture company incorporated in Singapore
equity. MAFFFL started its operations from February 2015. in May 2008 for carrying out bunkering business and
The business of the company is to own, operate and supply of marine lubricants in the Singapore market as well
maintain aviation fuel farm facilities and to provide as international bunkering, including expanding into Asian
into-plane services at Chhatrapati Shivaji Maharaj and Middle East markets. The company has been promoted
International Airport (CSMIA), Mumbai. MAFFFL by BPCL and Matrix Marine Fuels L.P. USA, an affiliate of the
constructed a new integrated fuel farm facility, which was Mabanaft group of companies, Hamburg, Germany,
fully commissioned during the year 2021-22. The facility is contributing equally to the share capital of USD 4 million.
now being operated on an open-access basis. The revenue Matrix Marine Fuels L.P. USA has subsequently transferred
to MAFFFL is by way of Fuel Infrastructure Charges, their share and interest in the joint venture in favour of
payable by the suppliers for utilizing the facility. Matrix Marine Fuels Pte Limited, Singapore, another affiliate
of the Mabanaft group, which has been further transferred
MAFFFL achieved a throughput of 7.47 lakh KL during
in favour of Bomin International Holding GmbH, Germany,
2021-22, which is an increase of 23% from 6.06 lakh KL
yet another affiliate of the Mabanaft group. In March 2021,
during the previous year. However, the same is only
MXB has carried out capital reduction and the revised share
50.37% of the throughput achieved in the year 2019-20.
capital of MXB stands at USD 0.50 million, with BPCL’s
Volumes were hit due to the second and third waves of
share being USD 0.25 million. The company is not carrying
Covid-19 pandemic in the first and fourth quarter of the
out trading activities. The company has a branch office in
year 2021-22. Further, the geo-political crisis in Europe in
India, whose principal activities were to provide support
the fourth quarter of the year negatively impacted recovery
services to the Company. The company has ceased its
of volumes owing to halt of direct flights to North America
operations in India since July 2020 and is in the process of
due to restrictions in the use of airspace.
closing the branch office. MXB reported a loss of USD 0.03
MAFFFL has achieved Revenue from Operations of ₹ 59.90 million for the year ending December 31, 2021 as against a
crore and profit of ₹ 9.58 crore for the year ending on profit of USD 0.07 million for the year ending December 31,
March 31, 2022 as against revenue of ₹ 46.49 crore and 2020.
profit of ₹ 1.56 crore, respectively, during the previous year.
KOCHI SALEM PIPELINE PRIVATE LIMITED (KSPPL)
EPS for the year 2021-22 stood at ₹ 0.45, as against
₹ 0.08 in the year 2020-21. BPCL signed a Joint Venture Agreement with IOCL for
KANNUR INTERNATIONAL AIRPORT LIMITED (KIAL) implementation of the Kochi-Coimbatore-Salem LPG
Pipeline Project and formed a Joint Venture Company,
KIAL is an unlisted Public Company promoted by the KSPPL in January 2015, on a 50:50 basis. As on
Government of Kerala to build and operate the airport at March 31, 2022 BPCL has paid an amount of ₹ 470 crore
Kannur on international standards, primarily to cater to the towards equity in the company. The project is being
travelling needs of the large NRI population in the region, executed in four phases. The first phase is a 12-km 12-inch

pipeline from Kochi Refinery (KR) to IOCL Udayamperoor Bathinda to Gurdaspur (BGPL). The initial sections of the
Bottling Plant and a 155-km 12” pipeline from KR to project covering approximately 442 km, viz., Barmer-Pali
Palakkad Receipt Terminal (RT). The 12-km pipeline from Pipeline, Palanpur-Pali Pipeline and Jalandhar-Amritsar
KR Dispatch Terminal (DT) to the Udayamperoor RT was Pipeline are in operation since 2018-19. The company has
commissioned in August 2017 and during the year successfully commissioned all sections of MBPL Phase II
2021-22, 132.51 TMT of LPG was transported through this Project, except section V and Gas-in activities have been
pipeline. With respect to the 155-km pipeline from completed for certain sections. During the year 2021-22,
BPCL-KR DT to Palakkad RT, the pipeline lowering is in an the company has transported about 1,328.56 MMSCM
advanced stage and the overall physical progress achieved gas, as against approximately 995.50 MMSCM in the
as on March 31, 2022 is 95.91%. The second phase is a previous year. GIGL has reported Revenue from Operations
39-km 12-inch pipeline from Puthuvypeen IOCL import of ₹ 228.47 crore and a profit of ₹ 73.36 crore for the year
terminal to KR. The overall physical progress achieved for ending March 31, 2022 as against Revenue from
this section is 60.01%. The third and fourth phases are a operations of ₹ 172.68 crore and a loss of ₹ 16.21 crore in
63-km 12-inch pipeline from Palakkad RT to Coimbatore RT the previous year.
and a 157-km 8-inch pipeline from Coimbatore RT to
FINO PAYTECH LIMITED (FINO)
Salem RT. For these two phases, the Tamil Nadu
Government order on RoU acquisition compensation was BPCL acquired shares in FINO in the year 2016-17. As on
released on February 14, 2020. Preliminary project March 31, 2022, BPCL has made an investment of
activities and feasibility study have commenced for the ` 272.08 crore and holds 20.89% on a fully diluted basis.
third and fourth phase. FINO Payments Bank (FPB) is the main operational
subsidiary of the company. FPB is a listed company,
GSPL INDIA TRANSCO LTD (GITL) wherein FINO holds 75% share. In June 2022, FPB has
GITL is a Joint Venture of Gujarat State Petronet Ltd. completed five years of operation.
(GSPL), IOCL, BPCL and HPCL. GSPL has 52% equity PETRONET INDIA LIMITED (PIL)
participation in the company and balance equity is held by
PIL was formed in the year 1997 as a financial holding
IOCL (26%), HPCL (11%) and BPCL (11%).
company to give impetus to the development of pipeline
GITL has been authorised to lay 1,881-km-long pipeline network throughout the country. The company carried out
from Mallavaram to Bhilwara. The initial section of Project business through Special-Purpose Vehicles (SPVs) and
from Reliance Gas Transmission India Limited’s Joint Venture Companies. In the new Pipelines policy, oil
interconnection point at Kunchanapalli to Ramagundam companies were allowed to establish their own pipeline
Fertilizers & Chemicals Limited’s plant at Ramagundam is network. PIL obtained appropriate approvals and
in operation since 2019-20. During the year 2021-22, the proceeded to liquidate its investments in joint ventures and
company transported approximately 444 MMSCM of gas subsidiaries. PIL’s equity has been purchased by the
as against 88.18 MMSCM in the previous year. The balance respective promoter companies, viz., the Petronet CCK
section of the pipeline is not expected to come up due to Limited stake has been taken over by BPCL, the Petronet
poor feasibility, hence the company has recognized MHB Limited stake has been taken over by HPCL and the
impairment of ₹ 128.03 crore towards capital expenditure ONGC and Petronet VK Limited stake has been taken over
incurred for the balance section. GITL has reported by IOCL and Reliance Industries Limited (RIL). PIL filed an
Revenue from Operations of ₹ 84.90 crore and a loss of application before NCLT and the paid-up share capital was
₹ 155.56 crore for the year ending March 31, 2022 as reduced from ₹ 100 crore to ₹ 1 crore and ₹ 99 crore was
against Revenue from Operations of ₹ 39.41 crore and loss returned to its promoters. BPCL has 16% equity
of ₹ 65.09 crore in the previous year. participation in the company, with current investment of
₹ 0.16 crore. During the year 2018-19, shareholders of the
GSPL INDIA GASNET LIMITED (GIGL) company had approved voluntary winding up of PIL and
appointed an Official Liquidator (OL) for the same.
GIGL is a Joint Venture of Gujarat State Petronet Ltd.
Liquidation of the company is under process.
(GSPL), IOCL, BPCL and HPCL. GSPL has 52% equity
participation in the company and the balance equity is held PETRONET CI LIMITED (PCIL)
by IOCL (26%), HPCL (11%) and BPCL (11%). PCIL was set up in the year 2000 for laying a pipeline for
GIGL has been authorised to lay two cross-country gas evacuation of petroleum products from refineries at
pipelines, viz., Mehsana to Bathinda Pipeline (MBPL) and Jamnagar/Koyali to feed consumption zones in Central
48
India. BPCL has an equity participation of 11% in this JV. 2,800-km-long Kandla-Gorakhpur LPG Pipeline (KGPL) for
Promoter companies have decided to exit from PCIL, and meeting the LPG demand of the bottling plants en route the
provision for full diminution in the value of investment has pipeline in the States of Gujarat, Madhya Pradesh and Uttar
been done in the accounts of BPCL. The company is under Pradesh. The company was converted into a public limited
liquidation. company w.e.f April 6, 2021. The pipeline is planned to
meet the LPG requirement of 22 LPG bottling plants of
BHARAT RENEWABLE ENERGY LIMITED (BREL)
IOCL, HPCL and BPCL located in Gujarat, Madhya Pradesh
BREL was incorporated in June 2008 for undertaking the and Uttar Pradesh.
production, procurement, cultivation and plantation of
The Kandla-Gorakhpur Pipeline would connect and meet
horticulture crops such as Karanj, Jathropha and
requirement of 8 LPG bottling plants of BPCL situated at
Pongamia, trading, research and development, and
Hariyala, Indore, Bhopal, Jhansi, Kanpur, Lucknow,
management of all the crops and plantation, including
Allahabad, and Gorakhpur. The approved total
biofuels in the State of Uttar Pradesh, with an authorized
cost of the KGPL project was ₹ 10,088 crore and
capital of ₹ 30 crore. The company has been promoted by
₹ 3305.45 crore have been incurred till March 31, 2022
BPCL with Nandan Cleantec Limited (Nandan Biomatrix
under the project. As on March 31, 2022 BPCL has made
Limited), Hyderabad and the Shapoorji Pallonji group,
equity contribution of ₹ 514.50 crore. As on March 31,
through their affiliate SP Agri Management Services Pvt
2022, the overall progress achieved for the KGPL Project is
Ltd. A company petition was filed before the Hon'ble High
55.08%. The scheduled completion date of the KGPL
Court of Allahabad (Lucknow Bench) for winding up BREL.
Project was December 2021. However, in view of the
By the judgement dated December 21, 2015 the company
adverse impact of the Covid-19 pandemic, the PNGRB has
was ordered to be wound up and an OL was appointed to
proceed in accordance with the provisions of the revised the scheduled completion date, which is now
Companies Act. All assets and records of the company December 2022.
have been deposited with the OL and the OL has since UJJWALA PLUS FOUNDATION (UPF)
submitted a status request to the Hon’ble High Court.
UPF was incorporated in July 2017 as a Joint Venture
A reply to the report submitted by the OL has been given
Company among the three PSU Oil Marketing Companies,
and the matter is pending in the Hon’ble High Court
viz, BPCL, HPCL and IOCL (in the ratio of 25:25:50) under
of Allahabad.
section 8 of the Companies Act, 2013. The company
RATNAGIRI REFINERY AND PETROCHEMICALS LIMITED receives donations from individuals/Corporates/NGOs,
(RRPCL) etc., which shall be utilized for extending financial
assistance for making LPG available to economically
Ratnagiri Refinery and Petrochemicals Limited (RRPCL) is
disadvantaged households who are not covered by
a Joint Venture Company promoted by IOCL, BPCL and
Pradhan Mantri Ujjwala Yojana.
HPCL, with equity participation in the ratio of 50:25:25.
RRPCL has planned to set up an integrated MANAGEMENT DISCUSSION & ANALYSIS REPORT
refinery-cum-petrochemical complex on the west coast of (MDA)
Maharashtra. Saudi Aramco and ADNOC have also signed The MDA for the year under review, as stipulated under
an MoU to partner in RRPCL to jointly execute the Project Regulation 34(e) of SEBI (Listing Obligations and
along with IOCL, BPCL and HPCL. The allocation of land for Disclosures Requirement) Regulations, 2015, is presented
the project has been delayed. Recently, the Government of in a separate section forming part of the Annual Report.
Maharashtra has offered a land in Ratnagiri District of
The forward-looking statements made in the MDA are
Maharashtra for the project, which is under evaluation to
based on certain assumptions and expectations of future
ascertain its suitability.
events. The Directors cannot guarantee that these
IHB LIMITED (IHBL) assumptions are accurate or these expectations will
IHBL is a Joint Venture of IOCL, BPCL and HPCL, with materialize. The data, facts, figures and information given in
equity participation in the ratio of 50:25:25. IHBL was the portions of MDA other than Company performance
incorporated in July 2019 as IHB Private Limited to have been taken from reports, studies and websites of the
construct, operate and manage approximately the various credible agencies.

CONSERVATION OF ENERGY, RESEARCH AND BPCL being a Government Company, its Directors
DEVELOPMENT, TECHNOLOGICAL ABSORPTION AND are appointed/nominated by the Government of India as per
FOREIGN EXCHANGE EARNINGS AND OUTGO the Government / DPE Guidelines, which also include
The particulars as prescribed under Sub-Section (3)(m) of fixation of pay criteria, determining of qualifications and
Section 134 of the Companies Act, 2013 read with the other matters.
Companies (Accounts) Rules, 2014, are enclosed as CORPORATE GOVERNANCE
Annexure A to the Directors’ Report. The Report on Corporate Governance, together with the
MEMORANDUM OF UNDERSTANDING WITH MINISTRY Certificate on compliance of Corporate Governance from
OF PETROLEUM & NATURAL GAS Practicing Company Secretary, is appended as Annexure D
BPCL has entered into a Memorandum of Understanding as required under Listing Regulations and Department of
(MoU) for the year 2021-22 with MoP&NG. An MoU for the Public Enterprises Guidelines of Corporate Governance for
year 2022-23 is under finalization. The Company has Central Public Sector Enterprises.
achieved “Excellent” performance rating for MoU 2020-21 SECRETARIAL STANDARDS
with a composite score of 94.40%.
The Company complies with the mandatory Secretarial
BOARD EVALUATION Standards issued by the Institute of Company Secretaries
As per the provisions of Section 134(3)(p) of the of India.
Companies Act, 2013, a listed entity is required to include SOCIAL, ENVIRONMENTAL, ECONOMIC, STAKEHOLDER,
a statement indicating the manner of formal evaluation of CUSTOMER, HEALTH AND SAFETY RESPONSIBILITIES
performance of the Board, its Committees and individual AND BUSINESS RESPONSIBILITY REPORT
Directors. However, the said provisions are exempted for
The Company is committed to be a responsible Corporate
Government Companies, as the performance evaluation of
the Directors is carried out by the Administrative Ministry, Citizen in the society, which leads to sustainable growth
i.e., Ministry of Petroleum and Natural Gas (MoP&NG), as and economic development for the nation as well as all
per laid-down evaluation methodology. stakeholders. In order to be a responsible business to meet
its commitment, the Board of Directors of the Company
In line with the Companies (Accounts) Rules, 2014, rule 8 have adopted and delegated to the Sustainability
(5) (iiia), in the opinion of the Board, the Independent Committee the implementation of a Business Responsibility
Directors appointed during the year 2021-22 possess
Policy based on the principles of National Voluntary
integrity, requisite expertise and experience.
Guidelines on Social, Environmental and Economic
PARTICULARS OF EMPLOYEES AND RELATED Responsibilities of Business as issued by the Ministry of
DISCLOSURES Corporate Affairs, Government of India. BPCL’s
The provisions of Section 134(3)(e) of the Companies Act, Sustainability Report is in accordance with the Global
2013 are not applicable to a Government Company. Reporting Initiative (GRI).
Consequently, details of Company’s policy on Directors’ As stipulated under the Listing Regulations, the Business
appointment and other matters are not provided under Responsibility Report describing the initiatives taken by the
Section 178 (3) of the Act. Company from the environmental, social and governance
Similarly, Section 197 of the the Companies Act, 2013 perspective is appended as part of the Annual Report.
shall not apply to a Government Company. Consequently, TRANSACTION WITH RELATED PARTIES
there is no requirement of disclosure of the ratio of the
remuneration of each Director to the median employee’s The required information on transactions with related
remuneration and other such details, including the parties are provided in Annexure G in Form AOC-2 in
statement showing the names and other particulars of accordance with Section 134(3) of the Act and Rule 8(2) of
every employee of the Company, who, if employed the Companies (Accounts) Rules, 2014. Apart from
throughout/part of the financial year, was in receipt of transactions mentioned in AOC-2 form, during the financial
remuneration in excess of the limits set out in the Rules are year, the Company entered into contracts or arrangements
not provided in terms of Section 197(12) of the Act read with related parties which were in the ordinary course of
with Rule 5 (1) / (2) of the Companies (Appointment and business and on an arm’s length basis.
Remuneration of Managerial Personnel) Rules, 2014. The Policy on related party transactions, including material
The Chairman & Managing Director and the Whole-time related party is available on the Company’s website at the
Directors of the Company did not receive any remuneration link https://www.bharatpetroleum.in/bharat-petroleum-for/
or commission from any of its Subsidiaries. Investors/Revised%20RPT%20Policy.pdf
50
PARTICULARS OF LOANS, GUARANTEES OR c) The Directors have taken proper and sufficient care for
INVESTMENTS the maintenance of adequate accounting records in
The Company has provided loans/guarantees to its accordance with the provisions of the Act for
subsidiaries/joint ventures and has made investments in safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
compliance with the provisions of the Companies Act,
2013. The disclosure in this regard as required under d) The Directors have prepared the annual accounts on a
Regulation 34 read with Schedule V of SEBI (Listing ‘going concern’ basis;
Obligations and Disclosure Requirements) Regulations, e) The Directors have laid down internal financial controls to
2015 is given in Annexure H. be followed by the Company and such internal financial
controls are adequate and are operating effectively; and
RISK MANAGEMENT
f) The Directors have devised proper systems to ensure
The Risk Management Committee has been constituted by
compliance with the provisions of all applicable laws
the Board. The Board has defined the roles and and such systems are adequate and operating
responsibilities of the Risk Management Committee, which effectively.
includes reviewing and recommending of the risk
DIRECTORS AND KEY MANAGERIAL PERSONNEL
management plan comprising risks assessed and their
mitigation plans and reviewing and recommending the risk The Board places on record its deep gratitude for the
management report for approval of the Board with the contribution and guidance given by the following directors
who demitted office during the year 2021-22 and till date of
recommendation of the Audit Committee. The Company’s
the report:
internal financial controls and risk management systems
are assessed by the Audit Committee/Board. The Company Shri N. Vijayagopal, Director (Finance) superannuated
has adopted a Risk Management Charter and Policy for at the close of office hours on 31.07.2021. He was
also the Chief Financial Officer of the Company.
self-regulatory processes and procedures for ensuring the
conduct of the business in a risk-conscious manner and for Shri Rajesh Aggarwal, Government Director, ceased
managing risks on an ongoing basis. to be a Director of the Company w.e.f. 23.09.2021 on
cessation of his tenure as Additional Secretary and
Accordingly, the Company has adopted Enterprise Risk Financial Adviser of Ministry of Petroleum and Natural
Management Policy, Commodity Risk Management Policy Gas.
and Financial Risk Management Policy. As per the Risk
Shri K. Padmakar, Director (Human Resources),
Management Charter and Policy, the Company has
superannuated at the close of office hours on
identified risks in the category of (i) Business Excellence (ii) 31.12.2021.
Operations (iii) Information Technology (iv) Human
Shri K. Ellangovan, Government Director, ceased to be
Resources (v) Strategic (vi) Financial (vii) Logistics (viii)
a Director of the Company w.e.f. 01.02.2022 on his
Marketing (ix) Legal and Regulatory (x) Brand (xi)
retirement as Principal Secretary, Industries &
Environment (xii) Security (xiii) Procurement and (xiv) NORKA, Government of Kerala.
Research and Development.
Shri Harshadkumar P. Shah ceased to be a Director of
DIRECTORS RESPONSIBILITY STATEMENT the Company w.e.f. 16.07.2022 on completion of his
Pursuant to Section 134(3)(c) / (5) of the Companies Act, tenure.
2013, the Directors of the Company confirm that: Shri Arun Kumar Singh, Director (Marketing), took over
a) In the preparation of the Annual Accounts for the year charge of Chairman & Managing Director w.e.f. 07.09.2021
ended 31 March 2022, the applicable Accounting and also holds additional charge of Director (Marketing)
Standards have been followed along with proper w.e.f 14.09.2021. He also held additional charge of
explanation relating to material departures; Director (Refineries) up to 21.02.2022.
Shri Vetsa Ramakrishna Gupta was appointed as Chief
b) The Directors have selected such accounting policies
Financial Officer of the Company w.e.f. 01.08.2021. He
and applied them consistently and made judgements was appointed as an Additional Director and Director
and estimates that are reasonable and prudent, so as (Finance) w.e.f. 07.09.2021 and holds additional charge
to give a true and fair view of the state of affairs of the of Director (Human Resources) w.e.f 01.01.2022. Further,
Company at the end of the financial year and of the he was appointed as Director by shareholders in the last
profit and loss of the Company for that period; AGM held on 27.09.2021.

Shri Gudey Srinivas, Government Director, was appointed VIGIL MECHANISM
as an Additional Director of the Company w.e.f. 13.10.2021 There exists a vigil mechanism to report genuine concerns
and he was appointed as Director by shareholders by way in the Company. The Company has implemented the
of Postal Ballot w.e.f. 17.04.2022. Whistle Blower Policy to ensure greater transparency in all
aspects of the Company’s functioning. The objective of the
Independent Directors Shri Pradeep Vishambhar Agrawal,
policy is to build and strengthen a culture of transparency
Shri Ghanshyam Sher, Dr. (Smt.) Aiswarya Biswal, Prof.
and to provide employees with a framework for responsible
(Dr.) Bhagwati Prasad Saraswat and Shri Gopal Krishan
and secure reporting of improper activities.
Agarwal were appointed as Additional Directors of the
Company w.e.f. 12.11.2021 and subsequently they were The vigil mechanism provides for adequate safeguards
appointed as Independent Directors by shareholders by against victimization of persons who use the mechanism
way of Postal Ballot w.e.f. 17.04.2022. and has provision for direct access to the Chairperson of
the Audit Committee in appropriate or exceptional cases.
Shri Sanjay Khanna, Director (Refineries), was appointed The details of establishment of such a mechanism are
as an Additional Director of the Company w.e.f. disclosed at the Company’s web link
22.02.2022. Further, he was appointed as Director https://www.bharatpetroleum.in/bharat-petroleum-for/Inve
(Refineries) by shareholders by way of Postal Ballot w.e.f. stors/Whistle%20Blower%20policy.pdf
17.04.2022. NUMBER OF MEETINGS OF THE BOARD AND
Shri Suman Billa, Government Director, was appointed as COMMITTEES OF THE BOARD
an Additional Director of the Company w.e.f. 16.03.2022. Fourteen meetings of the Board of Directors were held
Further, he was appointed as Director by shareholders by during the year. The details of Board and Sub-Committee
way of Postal Ballot w.e.f. 17.04.2022. meetings held during the year and attendance of the
members thereat are provided in the Corporate Governance
Shri Vetsa Ramakrishna Gupta would be retiring by rotation Report which forms a part of this Report. The intervening
at the ensuing Annual General Meeting and being eligible gap between the Board meetings was within the period
offers his candidature for reappointment. A brief bio-data of prescribed under the Companies Act, 2013 and the Listing
Shri Vetsa Ramakrishna Gupta is provided in the Notice. Regulations.
DECLARATION OF INDEPENDENCE ANNUAL RETURN
As required under Section 92 (3) of the Companies Act,
The Independent Directors of the Company have provided a 2013, the Annual Return of the Company for the year
declaration confirming that they meet the criteria of 2021-22 is available on the Company website at the
independence as prescribed under the Companies Act, following link: https://www.bharatpetroleum.in/bharat-
2013 and SEBI (Listing Obligations and Disclosure petroleum-for/Investors/Shareholders-Meetings/Annual-Ge
Requirements) Regulations, 2015. neral-Meeting.aspx.
FAMILIARISATION PROGRAMMES ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH
REFERENCE TO THE FINANCIAL STATEMENTS
The Company has adopted a policy for the training
The details are included in the MDA, which forms part of
requirements of Board Members. The details thereof with
this Report.
the programs sponsored for familiarization of Independent
Directors with the Company are available at the Company’s STATUTORY AUDITORS
web link https://www.bharatpetroleum.in/bharat-petroleum M/s. Kalyaniwalla and Mistry LLP, Chartered Accountants,
-for/Investors/Details%20of%20Familiarization%20Progra Mumbai and M/s. K.S. Aiyar & Co, Chartered Accountants,
mmes.pdf Mumbai, were appointed as Statutory Auditors for the year
2021-22 by the Comptroller & Auditor General of India
AUDIT COMMITTEE (C&AG), under the provisions of Section 139(5) of the
The details of the composition of the Audit Committee, Companies Act, 2013. They will hold office till conclusion
terms of reference, meetings held, etc. are provided in the of the ensuing Annual General Meeting. C&AG is in the
Corporate Governance Report, which forms part of this process for appointment of Statutory Auditors for the
Report. During the year there were no cases where the Financial Year 2022-23.
Board had not accepted any recommendation of the Audit The Auditors’ Report for the year 2021-22 does not contain
Committee. any qualification, reservation or adverse remark.
52
REPORTING OF FRAUDS BY AUDITORS d) A woman Independent Director as required under
The Auditors in their report for the year have not reported Section 149 of the Act read with Companies
(Appointment and Qualification of Directors)
any instance of fraud committed by the officers/employees
Rules, 2014 and Regulation 17(1)(a) of SEBI
of the Company.
(Listing Obligations & Disclosure Requirements)
COST RECORD AND COST AUDIT Regulations, 2015 during the period 01/04/2021
The Company has prepared and maintained cost records to 11/11/2021.
as prescribed under Section 148(1) of the Companies Act, e) Proper composition of the Audit Committee as
2013 for the year 2021-22. The Cost Audit Report for the required under Section 177(2) of the Act and
year 2020-21 has been filed with the Ministry of Corporate Regulation 18(1)(a), (b) and (d) of SEBI (Listing
Affairs before due date in XBRL Format. The Cost Auditors Obligations & Disclosure Requirements)
for year 2020-21 were M/s. R. Nanabhoy & Co, Mumbai Regulations, 2015 and Nomination and
and M/s. G. R. Kulkarni & Associates, Mumbai. Remuneration Committee as required under
Section 178(1) of the Act and Regulation 19(1)(a)
M/s R. Nanabhoy & Co, Mumbai and M/s G. R. Kulkarni &
of SEBI during the period 01/04/2021 to
Associates, Mumbai, were also appointed as the Cost 11/11/2021.
Auditors for the year 2021-22. The Cost Auditor shall,
ii. The Company has not held any meeting of Audit
within a period of 180 days from the closure of the financial
Committee as required under Regulation 18(2)(a) of
year, forward the Cost Audit Report and the Company is
SEBI (Listing Obligations & Disclosure Requirements)
required to file the Cost Audit Report within 30 days of
Regulations, 2015 during the period from 01/04/2021
receipt of the same. to 10/01/2022.
SECRETARIAL AUDITOR Explanations by the Board to the above observations in the
The Board had appointed M/s. Upendra Shukla, Company Secretarial Auditor Report:
Secretary, to conduct the Secretarial Audit for the year Bharat Petroleum Corporation Ltd (BPCL) is a Government
2021-22. The Secretarial Audit Report for the year ended Company under the Administrative Control of Ministry of
March 31, 2022 is appended as Annexure I to this Report. Petroleum and Natural Gas. The nomination/appointment of
The Secretarial Audit Report contains observations that all categories of directors are done by Government of India
during the period under review, the Company has complied in accordance with the laid down guidelines of Department
with the provisions of the Act, Rules, Regulations, of Public Enterprises. Accordingly, the subject matter of
Guidelines, Standards, etc. as applicable to the Company, nomination/appointment of adequate number of
Independent Directors including Woman Director falls
except to the extent as mentioned below:
under the purview of the Government of India. BPCL has
i. The Company did not have from time to time communicated to the Ministry of
a) Optimum combination of executive and Petroleum & Natural Gas with respect to the requirements
non-executive directors as required under of Independent Directors, including Woman Director, under
Regulation 17(1)(a) of SEBI (Listing Obligations & the Companies Act, 2013 and SEBI (Listing Obligations &
Disclosure Requirements) Regulations, 2015 Disclosure Requirements) Regulations, 2015. BPCL was
during the period 01/04/2021 till 11/11/2021. not able to constitute an Audit and Nomination and
Remuneration Committee as BPCL had only one
b) Requisite number of Independent Directors on the Independent Director during the period referred by the
Board as required under Section 149(4) of the Act Secretarial Auditor. However, all the obligations of these
and Regulation 17(1)(b) of SEBI (Listing Committees were exercised by the Board of Directors. After
Obligations & Disclosure Requirements) continuous follow up, the Govt. of India, vide their letter
Regulations, 2015 during the period 01/04/2021 dated 08.11.2021 had communicated the nomination of
till 11/11/2021. five Independent Directors on the Board, including Women
c) Minimum 6 directors as required for top 1000 Independent Director. Accordingly, these Directors were
listed companies during the period 01/08/2021 inducted on the Board w.e.f. 12.11.2021. As a result, as
till 06/09/2021 and during the period 23/09/2021 on 12.11.2021, BPCL had six Independent Directors, two
till 12/10/2021. Govt. Directors and three whole-time Directors.

Accordingly, BPCL reconstituted Audit Committee & ACKNOWLEDGEMENTS
Nomination and Remuneration Committee on 4.12.2021 The Directors convey their appreciation for the admirable
after proper induction programme to the Independent performance of the Company, which has been made
Directors and as on date BPCL has complied with possible by the sterling efforts of the employees. They have
respective provisions under Companies Act, 2013 and SEBI exhibited time and again their deep commitment and
(Listing Obligations & Disclosure Requirements) passion for results, which has propelled the Company to
Regulations, 2015. the vaunted position it enjoys today.
GENERAL The Directors acknowledge the support and guidance
received from various Ministries of the Government of
There were no significant or material orders passed by the
India, particularly the Ministry of Petroleum & Natural Gas,
Regulators or Courts or Tribunals impacting the going
and from various State Governments, which has paved the
concern status and Company’s operations in future. The
path for BPCL's march of success.
Company has not issued equity shares with differential
rights/sweat equity shares. Our passion to excel in all endeavors is invigorated by the
trust and loyalty of our customers, business partners and
The Company has an Internal Complaints Committee (ICC) shareowners, who are a constant source of inspiration.
to address complaints pertaining to sexual harassment in
In this profound journey, the Directors stand committed as
the workplace. During the year, two (2) complaints of
ever to steer the Company towards an even more
sexual harassment were received in respect of the
promising future.
employees, and one (1) complaint was disposed off during
the year 2021-22 by the Internal Complaints Committee
and one (1) complaint was pending for more than 90 days, For and on behalf of the Board of Directors
where the enquiry has been concluded and the report is Sd/-
being finalized. The Company has worked extensively on Arun Kumar Singh
creating awareness on the relevance of sexual harassment Chairman & Managing Director
issues and has conducted fifteen awareness programs for Place: Mumbai
employees. Date: July 29, 2022
54
MANAGEMENT DISCUSSION & ANALYSIS REPORT
The year 2021-22 saw the world experience some global inflation. Fuel and food prices have already increased
encouraging as well as concerning times. Leaving behind the phenomenally across the world, with weaker economies
worst of the pandemic, as the world was making its way feeling the worst effects. Moreover, the world, particularly the
through the economic and humanitarian crisis, the breakout of low-income economies, remain vulnerable to Covid-19 as the
Russia-Ukraine war towards the end of the year amplified the pandemic continues to strike repeatedly. Recent lockdowns in
growing instability in the global financial and energy markets, key manufacturing and trading hubs in China have impacted
playing a major spoilsport. The global growth prospects have the global growth expectations and compounded supply
been clouded by many risks and uncertainties, and the disruptions in other parts of the world. Downside risks
ensuing times seek to test the mettle of the world in managing looming large, central banks are saddled with the problem of
multiple challenges of massive proportions. inflation management, while also ensuring continuity in
economic growth. Prioritising inflation control, many major
Global Economy
economies have already started retracting their expansionary
After witnessing one of the severest contractions in 2020, the policies, with indications of faster and steeper monetary
global economy grew by around 5.8% in 2021 – its strongest tightening, which is leading to deceleration of growth
growth post-recession in many decades. The high growth is momentum.
attributable to improved economic activity and a strong Going ahead, global economy faces serious headwinds from
rebound in demand on a low base while intermittent financial and commodity market upheavals, repercussions
lockdowns were milder despite severe subsequent waves of from the war situation and sanctions, and the unpredictable
pandemic in many geographies. The growth, however, was path of the pandemic, with increased danger of stagflation,
uneven, with the developed economies experiencing a higher i.e., high inflation and weak growth, which could erode living
growth owing to substantial government policy support, while standards around the world. Confronted with complex
most of the emerging market and developing economies challenges, policy actions need to be crafted carefully, since
reeled under the lingering effects of the pandemic, slower there is very little room left for catalysing growth, especially
vaccination progress and reactive policy response. Globally after the sharp increase in global debt levels during the
though, a spurt in demand, underserved due to capacity pandemic. Targeted reforms and relief measures, continued
constraints and continued supply-chain bottlenecks have healthcare focus, incisive financial management and
contributed to unexpectedly high levels of inflation, with complete pandemic readiness remain immediate priorities of
energy and commodity prices rising sharply; some even the governments worldwide. These efforts need to be
soaring to record levels. complemented with a clear focus on longer-term goals like
While the global economic prospects were improving with a increasing productivity, managing debt levels, building greater
shorter and milder impact of the Omicron variant, the resilience in supply chains, and fostering a cleaner
Russia-Ukraine war, which started in February’2022, vitiated environment. At the global level, faster restoration of world
optimism and exacerbated the inflationary risks. The peace without further escalation in tensions, an increased
cascading effects of this humanitarian crisis and the collaboration at international level, easing of global
sanctions imposed on Russia have far-reaching implications inflationary pressures and reinstatement of supply-chain
for the world economy, further disrupting the supply chains, balance holds the key for a broad-based and sustainable
and upsetting trade and financial channels, while also stoking global economic growth.
10.00
India & World GDP Growth % 3.50
8.00
3.00
6.00
2.50
4.00
2.00 2.00
Percentage
USD trillion
- 1.50
(2.00)
1.00
(4.00)
0.50
(6.00)
(8.00) -
2021
2019
2020
2017
2018
2015
2016
2012
2013
2014
2010
2011
2008
2009
2006
2007
2003
2004
2005
2001
2002
1999
2000
1997
1998
1994
1995
1996
1992
1993
1990
1991
1988
1989
1985
1986
1987
1983
1984
1980
1981
1982
India GDP : GDP (current USD trillion) World India

Indian Economy energy prices. However, worsening global situations since
The Indian economy rebounded emphatically in 2021-22 after late February-2022 have been exerting significant downward
registering severe contraction in the previous year. Based on pressures on the INR, which touched the levels of around 80
the trends observed, the economy is expected to register a per USD in July’2022. The exchange rate continues to be
growth of 8.7% in the year 2021-22, 1.8% above its impacted by the global uncertainties.
pre-pandemic (2019-20) level, as against a de-growth of 80
INR v/s USD
78
6.6% in 2020-21. This high growth can be attributed to a 76
74
strong recovery in demand, supported by continued policy 72
reforms and relief measures by the government, less

70
68
stringent pandemic restrictions, rapid vaccination drive and a

66
64
milder Omicron wave. The economic growth could have been 62

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
higher had it not been hit by the severe subsequent wave of 2021-22 2020-21 2019-20
pandemic during the beginning of the year and spill-over of While the country was able to strike a strong recovery after
the global financial and commodity market crisis towards the the pandemic caused deep initial setback, the economy still
end. faces severe roadblocks from the hardening of the global
In line with the global trend, inflation in Indian economy too commodity and energy prices, geopolitical tensions and
has been on the rise. The headline Consumer Price Index prolonged disruption in supply chains, which are expected to
(CPI), after easing to 4.4% in September-2021, has been slow down the growth going forward. However, situations are
increasing steadily in the following months to reach a high of likely to improve with de-escalation of geopolitical tensions,
7.8% in April-2022, mainly driven by surging food and fuel
waning of global inflationary pressures, continued expansion
prices, and impact of global inflation. Prior to that, the CPI
in domestic demand, upliftment of unorganized sector and
breached the upper limit of the RBI’s tolerance band of 6% in
May-2021 and June-2021 owing to supply shocks, small businesses, and enhanced public and private
particularly in food and fuel, before cooling down temporarily investment. With rich demographic dividend and determined
for a few months. The CPI for the year 2021-22 averaged at actions taken in the direction of making the economy more
5.5%, as against 6.2% in 2020-21. The high inflation trend is resilient and self-reliant, the nation is well placed to emerge as
likely to continue for the major part of 2022-23, after which a formidable growth engine of the world and an economic
the RBI projects it to cool off. The central bank has been powerhouse.
closely tracking the evolving situation and taking all Trends in the Global Oil and Gas Sector
necessary actions to curb inflation in the economy. Moving
ahead, the trajectory of inflation will be determined by the The recent global developments have disrupted the energy
interplay of various factors – both global and domestic, such landscape massively, shaping a new energy normal which is
as geopolitical tensions, commodity and energy price trends, more distinct and persistent. The pandemic, the renewed
financial market volatilities, supply-chain vicissitudes, realization to move towards a largely carbon-free world and
demand levels, food grain production and the extent of the war in Ukraine have all caused tremors in the energy
passing over of increases in input cost to consumers. world. While on one hand, the move towards clean energy
solutions is likely to have accelerated amidst growing
CPI Inflation (2012 Base)
9 concerns on climate change and energy security, on the other
8
7
6
hand, economies are increasingly realizing that in the absence
5
4
of widespread global infrastructure, standards, usage choices
3
2 and fiscal incentives, green energy still has a long way to go
1
0 in its struggle to overtake the currently ‘low hanging fruit’ of a
predominantly coal and hydrocarbon based global economic
machinery. Adding to this, the war has acutely driven home
The Indian Rupee (INR) averaged at 74.5 per USD during the
year 2021-22 as against INR 74.2 in the previous year, the fact that established inter-dependence or ‘global village’
registering a nominal depreciation of 0.4%. The exchange are but ephemeral concepts and that geopolitical
rate, moving largely in the band of INR 72 to 77 per USD, complications have a huge potential to throw a spanner in the
exhibited high volatility during the year, driven by global works of any long-term cohesive global development plan.
developments, foreign capital flows, USD movements, policy Nevertheless, firm policy resolve, mostly in major
actions by major economies and surge in commodity and economies, technological advancements, and increasing cost
56
competitiveness are driving the transition with gumption and waves of the pandemic, geopolitical complexities,
speed. With confluence of multiple factors having movements in energy prices and readjustment of policy
far-reaching implications, the energy market dynamics are priorities. Though the year 2021 saw a massive rise in
architecting a new order, giving place to more clean, efficient, emissions owing to an increase in consumption of fossil
and electrified energy ecosystems. fuels, it is critical to ensure that it remains an exception and
The strong rebound in economic activity in the year 2021 led that sustained investments in clean energy and technological
to a sharp rise in energy demand which grew by around 5.8%, innovations are undertaken towards the cause of a greener
exceeding the 2019 levels by around 1.3%. The growth was environment.
led by renewables which continued its rising trend, driven by The year 2021-22 had the oil and gas markets witness
strong expansion in solar and wind energy. In comparison to challenging times with heightened volatility and severe
2019, the growth in primary energy demand was entirely disruptions. The year began on a firm note in the international
attributed to renewables, while the consumption of fossil fuels prices of crude oil, with intermittent ups and downs on
remained largely unchanged, with lower oil demand offset by account of recurrences of the pandemic waves, the
higher coal and natural gas consumption. The increase in corresponding variability in economic activity, weather
primary energy consumption was mainly driven by emerging expectations, global inventory changes and supply
economies with China leading the growth in demand. moderations by major producers. While during the first half of
Global carbon dioxide (CO2) emissions, which declined by an the year, the prices of the benchmark Brent Crude ranged
unprecedented 5.1% in 2020, registered an overwhelming between USD 60 to 80 per barrel, the second half of the year
growth of around 6% in 2021, more than reversing the saw prices building up consistently on the expectations of
pandemic-induced decline. While a large part of this growth is prolonged supply deficit, terrorist actions on Middle East
attributable to the rapid economic recovery, the adverse facilities and a consistent surge in demand. The prices flared
weather conditions and energy market volatilities led to up further in the last quarter as the Russia-Ukraine war
increased consumption of coal further, adding to the threatened to destabilize supplies and upset the oil market
emissions. CO2 emissions from coal stood at an all-time high, balance. On an annual basis, the Brent Crude prices averaged
contributing to 40% of the total growth in emissions, followed at USD 80.9 per barrel in 2021-22, as against USD 44.4 per
by gas, which surpassed its 2019 levels, while emissions barrel in the previous year. Moving in tandem, the prices of the
from oil remained lower due to subdued transportation Indian basket of crude oil averaged at USD 79.2 per barrel in
activity. This is despite the renewable power generation 2021-22, as against USD 44.8 per barrel in the previous year.
witnessing the highest ever annual growth. While emissions After registering record highs of USD 137.6 per barrel in
in most of the advanced economies trailed growth rates in March-2022, the benchmark Brent crude oil prices have since
economic output, it was China which was the chief pared some gains with the release of strategic storage
contributor to CO2 emissions, rebounding above reserves, economic slowdown, and waning of concerns of an
pre-pandemic levels due to high energy intensity of the expanding war crisis. However, the crude oil prices continue
economic recovery. to remain strong, and moving forward, the trend will be
Going forward, the growth in energy demand and share of determined by the developments in the geopolitical situations,
various constituents in the energy basket is dependent upon demand expectations amidst a slowing global economy, and
the pace and secularity of economic growth amidst recurring supply strategies of major producers.
Brent Platts Dated (USD/bbl)

150.000
100.000
50.000
0.000
06/Jan/22
21/Jan/22
11/Jan/21
26/Jan/21
10/Jul/21
25/Jul/21
15/Jul/20
30/Jul/20
10/Jun/21
25/Jun/21
15/Jun/20
30/Jun/20
05/Jun/22
20/Jun/22
08/Sep/21
23/Sep/21
13/Sep/20
28/Sep/20
07/Dec/21
22/Dec/21
12/Dec/20
27/Dec/20
09/Aug/21
24/Aug/21
14/Aug/20
29/Aug/20
05/Feb/22
20/Feb/22
10/Feb/21
25/Feb/21
08/Oct/21
23/Oct/21
13/Oct/20
28/Oct/20
06/Apr/22
21/Apr/22
11/Apr/21
26/Apr/21
01/Apr/20
16/Apr/20
07/Nov/21
22/Nov/21
12/Nov/20
27/Nov/20
06/May/22
11/May/21
26/May/21
01/May/20
16/May/20
31/May/20
21/May/22
07/Mar/22
22/Mar/22
12/Mar/21
27/Mar/21

Like oil, the prices of natural gas have been in an uptrend The Brent-Dubai differential, an important parameter
since the beginning of the year 2021-22 and have soared to impacting profitability of domestic refineries, was largely
unprecedented levels in the month of March’2022 before positive, with Brent crude trading at a premium to Dubai crude
temporarily cooling down to a certain extent followed by rise for almost the whole of the year. The differential averaged at a
in prices since mid June’2022. The price upswing has been premium of USD 2.7 per barrel in the year 2021-22, as
against a discount of USD 0.1 per barrel in the previous year.
driven mainly by demand-supply imbalances and energy
The premium increased significantly since the last quarter of
market uncertainties arising out of inventory changes,
the year 2021-22, mainly due to reduced US production,
colder-than-usual winters, post-pandemic economic expectations of Iranian crude coming to market and prospects
recovery, coal shortage in China and war-induced of Russian barrels to be replaced by Brent related crude oils,
disruptions. especially in Europe.
Brent - Dubai Differential (USD/bbl)

20
15
10
5
0
-5
-10
01/04/20
16/04/20
01/05/20
16/05/20
31/05/20
15/06/20
30/06/20
15/07/20
30/07/20
14/08/20
29/08/20
13/09/20
28/09/20
13/10/20
28/10/20
12/11/20
27/11/20
12/12/20
27/12/20
11/01/21
26/01/21
10/02/21
25/02/21
12/03/21
27/03/21
11/04/21
26/04/21
11/05/21
26/05/21
10/06/21
25/06/21
10/07/21
25/07/21
09/08/21
24/08/21
08/09/21
23/09/21
08/10/21
23/10/21
07/11/21
22/11/21
07/12/21
22/12/21
06/01/22
21/01/22
05/02/22
20/02/22
07/03/22
22/03/22
06/04/22
21/04/22
06/05/22
21/05/22
05/06/22
20/06/22
Moving in tandem with international prices of crude oil, the respectively, in 2021-22, as against USD 47.7 per barrel and
petroleum product prices also witnessed high volatility and a USD 50.3 per barrel in the previous year. The average price of
steady rise to the year-end with intermittent vacillations. The naphtha also soared to around USD 79.7 per barrel, as
prices of Motor Spirit (petrol) (Unleaded Singapore Platts) and against USD 43.8 per barrel in the previous year and of jet fuel
High-Speed Diesel (diesel) (Gasoil Singapore Platts) averaged / kerosene (SKO) to USD 87.4 per barrel as against USD 45.9
higher, at USD 89.7 per barrel and USD 90.6 per barrel, per barrel, in the previous year.
Product Prices (USD/bbl)

210
190
170
150
130
110
90
70
50
30
10
01/04/21
16/04/21
01/05/21
16/05/21
31/05/21
15/06/21
30/06/21
15/07/21
30/07/21
14/08/21
29/08/21
13/09/21
28/09/21
13/10/21
28/10/21
12/11/21
27/11/21
12/12/21
27/12/21
11/01/22
26/01/22
10/02/22
25/02/22
12/03/22
27/03/22
11/04/22
26/04/22
11/05/22
26/05/22
10/06/22
25/06/22
Petrol Naphtha Jet / Kero Diesel
Much to the relief of the refiners, the international cracks of

Average Product Prices (USD/bbl)
petroleum products remained strong during the year
100
2021-22, as against the previous year, primarily owing to
80
improvement in mobility and economic activity, which had
60
suffered a major setback during the ‘Great Lockdown’ of
40
2020. The cracks, particularly of petrol and diesel, increased
20
0
substantially since the last quarter of the year 2021-22,
Petrol Naphtha Jet/Kero Diesel mainly driven by uncertainty surrounding Russian exports,
2017-18 2018-19 2019-20 2020-21 2021-22 reduced exports of petrol and diesel by China and lower
58
inventory levels across all major hubs of the world, while The oil and gas sector, which was bearing the brunt of
demand for the products improved steadily. The average demand-supply imbalances, has been severely hit by the war
cracks of petrol for the year stood at around USD 11.4 per crisis and the ensuing energy politics. The sharp
supply-induced price distortions have taken markets by
barrel, as against USD 3 per barrel in the previous year, while
surprise. Going forward, oil and gas prices face upward
those of diesel averaged at USD 12.3 per barrel, as against pressure driven by impending stricter restrictions by Europe
USD 5.7 per barrel in the previous year. The jet fuel/kerosene on energy imports from Russia and expectations of
cracks averaged at USD 9.0 per barrel, as against USD 1.2 resumption in demand post waning of pandemic. However, as
per barrel in the previous year, registering a significant global economy slows down consequent to inflation control
increase attributable to resumption of air travel during the actions by central banks, it may take some steam off the
prices. Apart from the aforesaid, is the evolving energy
year. Similarly, a healthy demand from the petrochemicals
transition and supply tactics of the OPEC+ and other major
sector had naphtha cracks average at USD 1.5 per barrel in producers which is infusing uncertainties in the market. All
2021-22, as against negative USD 0.9 per barrel in the these factors are likely to keep the oil and gas markets on a
previous year. volatile path while shaping a new world order in terms of
market dominance in the longer run.
Petrol Cracks (USD/bbl) Indian Petroleum Sector
20
15 Overcoming pandemic-induced challenges, the strong rebound

10 in economic activity during 2021-22 drove up the consumption
5
of petroleum products in the country to around 204.2 million
0
-5
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar metric tonnes (MMT), as against 194.3 MMT in the previous
2021-22 2020-21 2019-20 year, an increase of 5.1%. However, it remained short of the
pre-pandemic level of 214.1 MMT registered in 2019-20. The
natural gas consumption also recorded a growth of 5.1% in
Diesel Cracks (USD/bbl) 2021-22, slightly below the pre-pandemic levels.
35
Being an import-dependent nation for more than 85% of its
30 crude oil and about 50% of its natural gas requirements, the
25
20
high prices of oil and gas hampers economic progress of the
15 country in multiple ways. The increased foreign exchange
10 outflow unsettles the trade balance, puts depreciation
5
0
pressure on the currency, causes inflation and hurts
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar economic growth of the nation. The rising prices of crude oil
2021-22 2020-21 2019-20
and its increased consumption have resulted in the oil import
bill jump by a whopping 93.6%, from USD 62.2 billion in
2020-21 to USD 120.4 billion in 2021-22. Import volumes
Jet fuel/Kero Cracks (USD/bbl) increased from 196.5 MMT in 2020-21 to 212.0 MMT in
25 2021-22, while the average prices of Indian basket of crude
20
15
oil were at USD 79.2 per barrel during the year 2021-22, as
10 against USD 44.8 per barrel in the previous year.
5
0
-5
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Crude Imports
250 90
2021-22 2020-21 2019-20
Exch Rate & Indian Crude Basket
80
200 70
60
Naphtha Cracks (USD/bbl) 150
Volume & Value
50
10 40
100
5 30
0 20
50
-5 10
-10 - -
-15 2017-18 2018-19 2019-20 2020-21 2021-22
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Volume MMT Value USD bn
2021-22 2020-21 2019-20 Exchange Rate INR/USD Indian Crude Basket USD/bbl

The crude oil production in the country further declined to
Consumption of Petroleum Products
29.7 MMT during 2021-22, as against 30.5 MMT in the 2021-22
previous year, thus continuing the declining trend witnessed 16.3%
in the last few years owing to lack of any new discovery Diesel
2.4% Petrol
onstream, diminishing output from matured fields and also 37.6%
LPG
operational issues encountered in some of the fields. 7.0%
Petcoke
Naptha
A refining hub and a net exporter of petroleum products, India 7.7% ATF
has an installed refining capacity of 251.2 MMT as on Others
January 1, 2022 with majority (around 65%) being held by 13.9%

15.1%
PSU refiners and their subsidiary/joint venture companies.
The refining capacity has mostly been static since the past
few years; however, ongoing brownfield and greenfield Growth in consumption of petroleum products
capacity expansions are slated to add to the country’s refining 2021-22
might. The capacity utilization, after seeing a dip in the 40.0%
35.1%
35.0%
beginning of the year 2021-22 due to second wave of the
30.0%
pandemic improved progressively to more than 100% in 25.0%
March-2022. The utilization averaged at around 97% with 20.0%
crude processing at 241.7 MMT in the year 2021-22, as 15.0%

10.0%
against 221.8 MMT (89% capacity utilization) in the previous 10.0%
5.5% 5.1%
5.0% 2.5% 2.1%
year. In line with refinery configurations, around 76.5% of high 1.3% 1.4%
0.0%
sulphur crude was processed during the year. Diesel Petrol LPG Petcoke Naptha ATF Others TOTAL
During the year, the government launched the second phase

Refining Capacity & Crude Oil
Processing (MMTPA) of PMUY (Ujjwala 2.0), extending the penetration of LPG
260 further into rural areas. Under this phase, one crore new
251.2
247.6 249.4 249.9 249.9
connections were given to the beneficiaries, by the Oil
240
Marketing Companies, along with free-of-cost first refill and
234
stove. Ujjwala 2.0 was extended to issue additional sixty lakh
connections during 2022-23. This has taken the total PMUY
220
connections to more than 9 crores. The sustainability of the
scheme depends to a great extent on regular usage, which
200
2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 has been increasing over time. However, the current
Refining Capacity Crude Oil Processing high-price scenario, despite heavy subsidy, is an impediment
to a complete switchover to LPG. Further, to improve
With consumption of petroleum products improving by
customer service levels, the government introduced refill
around 5.1% in 2021-22 driven by economic recovery and
portability, whereby unsatisfied consumers, at the time of
increased mobility, petrol witnessed a growth of 10.0% over
previous year surpassing the pre-pandemic levels (by around booking a refill, can chose an alternative LPG distributor from
3%). However, diesel registered a muted growth of 5.5%, the list of other distributors of the same company servicing
falling short of the pre-pandemic volumes by around 7%. Jet that area.
Fuel registered the maximum growth of 35.1% as air travel Towards advancing the proliferation of natural gas, the
restrictions eased and air traffic increased. LPG has been in a government launched two new rounds of bidding for City Gas
phase of consistent growth since past many years mainly Distribution networks – the 11th round in September’ 2021
with increased adoption in rural areas owing to successful and a sub-set of the same – round 11A in January’2022. With
implementation of government’s flagship program Pradhan this, approximately 98% of country’s population is expected
Mantri Ujjwala Yojana (PMUY). The domestic cooking fuel to get access to natural gas. However, though concerted
consumption saw an increase of 2.5% in the year 2021-22. efforts have been made for increasing the gas usage, the
60
ongoing bullish price-trend has tempered the pace. This financial systems. On the contrary, a timely and peaceful
high-price regime is expected to be temporary and not likely resolution of Russia-Ukraine conflict, restoration of supply
to impair the long-term prospects of increased contribution of chains, easing of inflationary pressures and waning of
gas in India’s energy basket. pandemic will stimulate economic growth and reinstate the
India has come a long way in developing its energy sector, balance of global trade and commerce.
achieving high economic growth and improving standards of The ongoing energy crisis and growing climatic concerns
living over time. The oil and gas sector has been effectively have led to the Energy Transition becoming even more
serving the growing needs of transportation and important. Governments across the world are taking
industrialisation in the country. The sector has witnessed determined steps to increase the penetration of renewable
many reforms, which have strengthened its position, energy and draw a roadmap to reduce the emissions to Net
enhanced efficiency, bolstered competitiveness, reduced Zero in the next few decades. The electrification of mobility
emission impacts, and improved fuel access across the and proliferation of renewable energy is increasingly
country. With rising incomes, economic development and becoming viable due to the continuous development in
expansion of infrastructure, the sector is set to witness technology which is driving down the cost while increasing
considerable demand and increased participation in growth the efficiency. Besides, with the growing environmental
and prosperity of the nation. awareness, fossil fuels are increasingly being spurned as
Opportunities and Threats dirty fuels. This has posed an existential threat to companies
engaged predominantly in the business of fossil fuels. While
In the current era of uncertainty of global markets, one thing
the oil and gas sector stares at an impending decline in
which is certain is that the world needs energy, in
demand, the timing and pace of the same is expected to vary
ever-increasing quantities, to support socio-economic
across geographies. Unlike the developed economies, it is
progress and build a better quality of life. For years, fossil
likely to be prolonged in developing economies like India,
fuels have played a major role in meeting world’s energy
even as the country takes major strides in enhancing the
demand, contributing more than 80% of our energy needs
capacity and usage of alternate fuels like biofuels, nuclear
between 2000 and 2021. Oil and gas themselves contribute
energy, electrification of mobility, and renewable sources of
to about 55% of the total energy consumption. However, with
energy, particularly solar and wind.
growing concerns of climate change, governments
throughout the world are taking measures to disincentivize On the brighter side, this transition presents the opportunity to
fossil fuels and shift towards cleaner and more sustainable oil and gas companies to evolve into Energy companies
sources of energy. Although a decline in contribution of oil through thoughtful diversification of their product portfolio
and gas in the primary energy basket is imminent over time, a into areas like renewables, petrochemicals, biofuels and
world devoid of oil and gas seems inconceivable at present. e-mobility. Also, the threat of alternate energy is nudging
these companies to explore adjacencies in a big way and
After a strong recovery in 2021-22, the world economic
create additional revenue streams. The companies need to
growth is now facing major roadblocks from the lingering
recalibrate their strategies, making deeper inroads into
effects of pandemic, overheating of commodity and energy
alternative energy and adjacent businesses progressively,
markets, and geopolitical turmoil. The spiraling debt levels,
while their core businesses offer the required stability and
accelerating inflation, rising income inequality and sporadic
funding bandwidth.
resurgence of pandemic pose severe threat to economic
recovery. Worsening the situation, the Russia-Ukraine war The most remarkable story in India’s power sector in recent
has dealt a major shock to commodity markets, throwing the years has been the rapid growth of renewable energy,
global supply-chains awry, deranging the financial systems, specifically solar and wind. At present, renewable energy
and altering global flow of trade, finances, production, and commands a share of about 27% in the total installed
consumption in ways that are likely to keep prices at generation capacity in the country and is continuously on the
historically high levels for a long period to come. The gallop in rise. The rapid growth realized over the years reflect staunch
the energy prices, particularly oil and gas, is adding to the focus, policy support and falling equipment costs. However,
inflationary pressure. European Union’s stricter sanctions on there are still important structural, regulatory, financial,
Russia can deepen the energy crisis further, leading to even infrastructural, and institutional challenges that need to be
higher oil and gas prices, hurting economic growth severely addressed. With country aspiring to achieve Net Zero
and denting the stability of energy markets. Moreover, the emissions by 2070 and aiming to meet 50% of its energy
uncertainty surrounding Covid-19 threatens to derail the requirements from renewable sources by 2030, faster
recovery efforts even as the world deals with long-term scars expansion in renewable capacity is more a necessity than an
of the pandemic with fractured supply-chains and unstable option. The sector offers significant scope to the oil and gas

companies to set off their carbon emissions and increase to be made for manufacture of electrolyzers needed to
profitability through cost optimization as well as to create generate hydrogen, and therein lies a massive opportunity for
alternative revenue models. companies. Since fertilizers and refineries are the key
Biofuels have emerged as viable alternative amidst growing consumers of hydrogen, the refining industry has a lot to gain
climatic concerns and rising cost of fossil fuels. Besides, for by investing in green hydrogen and taking this initiative
countries like India, it reduces dependence on imports of oil forward through international collaborations as well as
and gas, while also addressing the problems of agricultural in-house R&D efforts. Furthermore, although hydrogen fuel
waste management and adding to farmer’s income. For the oil cell is the pinnacle of clean energy transition in mobility, it
and gas sector, it entails a substitution in demand, primarily of must cover a long road ahead to establish stability and
petrol, which will be more pronounced as the country moves commercial viability.
in the direction of achieving higher blending of biofuels in Petrochemicals offer a natural hedge and a significant
petrol and diesel. With the forecast of high economic growth, diversification opportunity against the expected long-term
the demand for petroleum products, like all energy sources, is decline in oil consumption. The petrochemical sector is
projected to remain robust for a longer period. Meanwhile, as projected to emerge as the primary driver of growth for the
petrol demand is growing, diesel consumption is declining. global oil and gas sector, accounting for more than a third of
This disproportionate demand growth of these two incremental oil demand by 2030. India, with its significant
transportation fuels results in the refinery slate problem. A import dependence and high growth potential (per capita
higher statutory blending of ethanol in petrol helps increase petrochemical consumption is one-fourth of the world), has
the volume availability of petrol, thus moderating the disparity emerged as one of the world’s most attractive markets for
to some extent. Considering the various benefits, the above new petrochemical capacities. Companies in the oil and gas
initiative of ethanol blending is wholeheartedly supported by sector are thus increasing their investment in this space to
the oil and gas companies. contribute to their profitability and meet customer demand.
Natural gas has gained popularity worldwide as a transition With growing alacrity towards green energy in the recent past,
fuel being a cleaner alternative to coal and oil and is a trend that is increasingly apparent is the dwindling
witnessing an increased adoption, particularly in the investments in the upstream oil and gas space, particularly
developing economies. India has taken an ambitious target to exploration. The Covid-19 crisis further discouraged
increase the share of natural gas in its primary energy basket investments in the sector. Additionally, frequent geopolitical
to 15% by 2030, from 6% in 2019. The government has been tensions, socio-economic disturbances, terrorist activities
taking a variety of measures to enhance domestic production, and deteriorating financial position in certain producing and
augment regassification capacity, facilitate imports, develop potential geographies have been hindering timely
infrastructure, expand City Gas Distribution network, and development and commercialization of findings as well as
encourage demand. However, there is further scope to optimum utilization of assets. Economies around the world
rationalize the complex regulatory and tariff landscape for are already feeling the pinch of such underinvestment, and
facilitating smoother conversion to gas. While the country with demand surging ahead, it may lead to a wider supply
was swiftly going forward with its natural gas proliferation deficit, with associated issues of higher prices and increased
plans, the recent run-up in gas prices has somewhat slowed volatility, threatening energy security in the world. This is likely
the progress. However, this is expected to be a temporary to hurt fragile economies more and further deepen social
phenomenon and in times ahead, natural gas holds a huge inequality amongst their countrymen. The threat of reduced
potential for growth and value addition, offsetting some supply needs to be tackled through better international
declines in oil profit as the sector transitions to cleaner cooperation, faster development of potential fields, structured
alternatives. investments in short-gestation assets and enhancing
Another area of opportunity is green hydrogen. Though still in extraction efficiency, along with leveraging research and
its infancy, hydrogen is widely being touted as an ideal clean development, while lowering emissions.
solution for ‘hard to abate’ sectors like steel, cement etc. The Though the oil and gas sector has been on the lower end of
possibility of integrating hydrogen with the existing gas the digitalization curve, it is catching up swiftly. Employing
infrastructure offers immense potential and could have a myriads of digital and Industry 4.0 technologies, digitalization
multiplier effect on the gas economy. Huge investments need presents immense opportunities to the oil and gas companies
62
to enhance efficiency, transparency and accountability in which hurts economic growth and development. Besides, it
system and operations, improve designing, planning and cripples the ability of oil and gas companies to fully pass on
execution of projects reinforcing safety and security, the price rise, constraining their profitability and liquidity
reduction in plant outages/shutdowns, increase in positions. The financial position of Indian oil marketing
predictability and utilization of upstream assets, closer reach companies would have been worse but for the robust cracks
to customers, gaining more insights and serving them better. of major products which are keeping refining margins strong,
Realizing the massive benefit that it offers, oil and gas and offsetting some of the impact of price volatility. While the
companies across the world are increasingly leveraging world is making all attempts to address the energy concerns
digitalization in their operations and businesses. at the earliest, there are no signs of global worries waning
faster and supply situation easing sooner, and the prices are
Risks, Concerns and Outlook
expected to remain buoyant for a major part of 2022-23.
After witnessing a remarkable recovery subsequent to the
With increase in oil prices, the freight rates have also moved
severe pandemic-induced disruptions in 2020, the global north, inflating the landed cost of crude oil at Indian shores.
economic prospects are inundated with significant downside Additionally, global security incidents like the ongoing
risks. The abnormally high level of inflation has central Russia-Ukraine conflict have a major influence on freight and
banks across the world swinging into immediate policy insurance markets. This not only adds to the oil price worries
actions in a bid to take some steam off the overheating global but also poses serious risk to the uninterrupted supply of the
economy. While the efficacy of such actions in taming commodity.
inflation is yet to be felt, particularly now, when it is more of a Middle East has been contributing to around 60% of India’s
supply shock and less of a demand pull, it is overwhelmingly crude imports, being the most refinery-compatible,
expected to dent economic growth. A highly interconnected geographically closer, and consistent supply source. Being a
and interdependent world serves best for spillover of the geopolitically volatile region, such overdependence exposes
crisis. The worsening economic situation in many vulnerable India to supply-side risks in case of any disruption. Recent
economies has brought them to the brink of bankruptcy, terrorist incidents in Saudi Arabia, though not severely
endangering global peace and widening income inequality. affecting supplies, have further flamed such fears. Besides,
Additionally, any acceleration in the spread of the pandemic such a regional supply concentration bolsters pricing power
and consequent restrictions to contain its spread will be of sellers, which is currently being experienced in the form of
detrimental to demand and economic growth. Businesses premiums charged over the Official Selling Prices declared
face serious risk from the double whammy of declining periodically. In a bid to diversify crude oil sourcing, the
demand and rising input costs, which has squeezed their country has been exploring various geographies and
profitability and daunted investment. consistently reducing term supplies in favor of spot
On a sector-specific basis, the global demand-supply opportunities. However, with lower inventory capacities and
imbalance has been keeping the oil and gas markets edgy and insufficient strategic reserves, India’s dependence continues
on nearer geographies.
exhibiting high volatility. The biggest risk that the sector faces
today is of supply security and a prolonged period of high The economic turmoil caused by rising inflation and global
prices, which can aggravate further as the war situation monetary tightening has badly hit the Indian Rupee,
intensifying the pressures from foreign fund outflows and
deteriorates and/or stricter sanctions against Russia take
increased demand of USD in the wake of rising commodity
effect. Also, sanctions on Iran, Libya and Venezuela, coupled
and energy prices. Rupee depreciation poses significant risk
with production moderation by OPEC+ countries, are keeping
for the country, destabilizing the balance of payment situation
some volumes off the oil markets, adding to supply woes. and stoking domestic inflation. In particular, the oil and gas
This situation is of great concern, particularly for a country industry is severely impacted, as it has substantial foreign
like India, which is heavily dependent on imports for fulfilling exchange exposure towards import bills. Currency
its requirements of oil and gas. The high-price scenario puts depreciation risks galore, RBI is keeping a close tab on
pressure on the country’s finances, adds to current account developments and taking necessary steps to manage the
deficit, fuels inflation, and triggers rupee depreciation, all of situation in the most efficient manner.

Domestic oil markets have been witnessing a structural In these confounding times, economies are in a tight spot,
decline in the consumption of diesel for the past few years compelled to make a trade-off between maintaining growth
due to building up of efficient logistics and improvement in and containing inflation. As the world and the country takes
electricity generation and transmission across the country. immediate actions to tame inflation, growth is consequentially
On the contrary, petrol sales have been on a consistent expected to slow down in the near term. With economy still
growth year-on-year. With most of the Indian refineries heavy reeling under the aftermath of the pandemic, this slowdown is
on production of diesel as per their configurations, a typical likely to prolong the pain. In such a scenario, an early
refinery slate problem is created once the product swing recovery from the downtrend hinges on a peaceful resolution
capability is exhausted. It may lead to petrol being imported of the war and restoration of global supply-chain efficiencies
while diesel is exported to balance the demand-production as well as financial system balance, with timely restrain on
situation, making it economically inefficient besides exerting inflation. India has come a long way in becoming one of the
undue pressure on port infrastructure. The blending of fastest growing major economies in the world. The country is
ethanol into petrol is helping tide over a part of this problem, endowed with an expanding economy, productive young
population, huge consumer market, and growing urbanization
while refineries make efforts to enhance petrol production
and industrialization. This, coupled with a plethora of well
through suitable modifications and upgradations.
thought-out structural and policy reforms, a resolute
Another aspect to be mindful of is that India’s electricity
government, and a concerted move to make India
demand is expected to grow more rapidly than the rate of ’self-reliant’ and a 'global factory', has the country’s mid-term
growth of its overall energy demand. This will, in turn, put a and long-term growth prospects intact. To catalyze growth
huge pressure on grids as well as on battery storage. The and achieve broad-based economic prosperity, concerted
situation poses both a challenge as well as an opportunity to efforts are required towards uplifting of small businesses and
oil and gas companies. In an environment of energy of the unorganized sector, improvement in investment climate
transition, creatively reimagining and repositioning business and creation of employment opportunities for both rural and
diversification into adjacencies are imperative steps to survive urban population, while augmenting the infrastructure,
and grow. education, and healthcare systems.
Proper health, safety and security of assets and people, and As the world picks its way through these uncertain times,
a cleaner environment, are intrinsic to ensure sustainability BPCL is closely monitoring the evolving situation on the
and success of economies and organizations across the global and domestic front and the sweeping changes taking
world. Oil and gas industry being hazardous in nature, safe place in the energy landscape. The Company is taking all
and environmentally responsible operations become even requisite measures to mitigate risks and respond effectively to
more critical. Hence, organizations need to continuously the threats, while leveraging opportunities for sustainable
reinforce the laid-down operating and safety systems and growth and value creation. With energy sector in the state of
processes and sharpen their capabilities for disaster transition, the strategic focus is to diversify and expand into
management. Additionally, continuous education and training alternative and adjacent revenue streams like renewables,
of manpower remains essential as ever to ensure strict petrochemicals, electric mobility, and consumer retailing,
adherence to standard operating procedures and avoid while constantly improvising on its core business.
human errors. Timely upkeep with regular and effective Contributing to the country’s commitment towards
maintenance of assets reduces chances of breakdowns and environment protection, the Company has taken a target and
accidents, while also ensuring better operational availability. initiated steps to achieve Net Zero in Scope 1 and 2 emissions
Further, amidst growing use of technology and increasing by 2040. A focused approach, innovative mindset, agile
interconnectedness, the companies need to exercise due care decision-making, and swift execution skills give the Company
and insulate their systems from cyber-attacks which threaten the courage and capability to successfully navigate through
to inflict financial loss, supply-chain interruptions and challenges and evolve into one of the most admired global
reputational damage. energy companies in the world.
64
PERFORMANCE With demand for sanitizers surging during the pandemic, the
REFINERIES Centralized Quality Control Lab, at Mumbai and Kochi
Refinery (MR and KR) indigenously developed a hand
The year 2021-22 brought with it a rebound in economic
sanitizer for employees under the brand name ‘Aroma’, which
activities globally as the effects of the pandemic started to helped to tide over the pressing need for sanitizers.
wane. The year started with declining oil prices but as it
Both refineries have aggressively pursued digital solutions as
progressed, the prices firmed up steadily with intermittent
part of their efforts to become a “Smart Factory”. Various
volatility as demand increased while supplies remained
digital initiatives were taken up by refineries in the areas of
constrained. The geopolitical tensions towards the end of the Industrial Internet of Things (IIoT), machine learning, cyber
year flared up the prices of crude oil, further aggravating the security, robotic process automation and virtual reality across
difficulties for an import-dependent country like India. various functional areas. For the first time ever, a digital
Along with crude oil, the prices of petroleum products, solution for refinery-wide optimization was implemented,
particularly petrol, diesel and aviation turbine fuel (ATF) rallied which includes deployment of digital twins, integration of data
with the likelihood of embargo on Russian product exports, silos across the processing units and in-house robotic
thereby widening the product cracks to unprecedented levels. process automation for real-time optimization. Digital
Amidst concerns over reduction in Russian barrels, China processing of the customer indents and digital monitoring of
also restricted exports, mainly of diesel, to ensure its energy manpower for efficiency improvement of tool time during
security, which led to incrementally under-supplied turnaround were implemented in the refineries. The project of
carving out digital strategy and roadmap for MR and KR was
markets,and kept the cracks elevated.
taken up during the year and shortlisted ideas are in the
Refineries continued to demonstrate their constant endeavour process of implementation.
to maximize value-added products and meet the market
As a part of their Integrated Management System, refineries
demand by optimizing crude oil mix and maximizing unit have been re-accredited with ISO 9001:2015, ISO 14001:
intakes. Enhancing reliability, improving operational 2015 and ISO 45001:2018 standards for Quality, Environment
availability, and increasing energy efficiency remained the top & Occupational Health and Safety Management Systems.
objectives for refineries, along with cost optimization. BPCL With high commitment towards safety, KR achieved 74.7
achieved a weighted average Gross Refiners Margin (GRM) of million man-hours and MR achieved 8.8 million man-hours
USD 9.09/bbl during the year 2021-22 (₹ 14,996 crore), as without Lost Time Accident.
compared to USD 4.06/bbl (₹ 5,861 crore) during the Various initiatives were undertaken to inculcate safety culture,
previous year. incorporate safe practices, create awareness and impart
While refineries were facing cyclical challenges, the pandemic safety trainings to contract staff working inside refineries to
situation perpetrated many changes which were both ensure safe operations.
structural and disruptive in nature. However, with concerted Quality Assurance laboratories in refineries are equipped with
efforts, refineries achieved a throughput of 30.07 Million state-of-the-art facilities, which adhere to the highest of
Metric Tonnes (MMT) for 2021-22 with increased processing quality standards by meeting the latest standards of ISO/IEC
during the second half of the year in line with demand. 17025: 2017 accredited by National Accreditation Board for
Testing and Calibration Laboratories (NABL). The laboratories
Further, utilizing the low demand periods, refineries digitally
are also certified by external certifying agencies like
enabled the process units and catalyst change units
Directorate General of Civil Aviation (DGCA), Directorate
effectively. Units like Propylene Derivatives Petrochemical
General of Aeronautical Quality Assurance (DGAQA) and
Plant (PDPP) and Motor Spirit Block Project (MSBP) were Centre for Military Airworthiness Certification (CEMILAC),
commissioned and stabilized during the year through digital etc. The Quality Control Cell maintained its excellent
monitoring of the licensors. performance in the International Laboratory Proficiency
To provide more flexibility to the refinery and handle product Testing Scheme run by M/s ASTM International, USA with a
during periods of lean demand, an additional diesel tank of 30 score of 99.9%. State-of-the-art testing instruments were
Thousand Kiloliters (TKL) was commissioned at Marine Oil installed and commissioned for testing PDPP samples at KR,
Terminal (MOT), which also aided in faster loading at the thereby ensuring delivery of quality products.
terminal. Construction of another tank of 21 TKL is also in Keeping in mind the organizational objectives and aspirations
progress and expected to be commissioned during the of individual employee, Learning & Development (L&D)
current year. department organized several programs during the year,

aiming at enhancement of technical and behavioural The focus of the Company was primarily centered on
competencies of employees. Despite the challenges in retaining the foothold in the conventionally strong markets,
conducting classroom training, the march of learning strengthening the presence in the potential markets, capturing
continued through online training initiatives. new markets to enhance its presence through network
With digital interventions and use of state-of-the-art expansion and other innovations. Thus, the Company
technologies, both the refineries are on the path to achieving continued with its network expansion, primarily in
highest levels of reliability with energy and manpower unrepresented markets to capture growth in potential areas,
optimization. As we move on this journey of energy transition, mostly covering rural India. During the year, 1,430 New Retail
petrochemicals is considered as one of the future pillars of Outlets (NROs) were commissioned, taking the total number
growth. In this direction, the Company is evaluating the option of Retail Outlets (ROs) to 20,063 as on March 31, 2022,
of putting up petrochemical plants within refinery premises, maintaining BPCL’s position of the second-largest fuel
which will increase the Company’s petrochemical footprint to retailing network in India. The Company further strengthened
near 5% of total throughput. Pre-project activities for both its presence in highly strategic markets and highways by
these projects are in progress. Studies for setting up a green commissioning 4 Company-Owned Company-Operated
hydrogen production unit at Bina Refinery are also underway. outlets (COCOs) and 2 One Stop Truck Shops (OSTSs).
With staunch focus on improving efficiencies and generating Through intense follow-up and engagement with
greater value, BPCL refineries are evolving into future-ready stakeholders, BPCL revived 169 ROs leveraging existing
sustainable operating units. assets.
RETAIL With shifting focus of the Government from liquid fuels to
natural gas and change in customer’s choices, BPCL has
The year 2021-22 witnessed consistent increase in demand
aggressively expanded its CNG network by adding 507 ROs in
for transportation fuels with substantial improvement in
the year. Additionally, Letters of Intent (LOIs) have been issued
mobility over the previous year. However, global trends of high
for installation of LNG facilities at two of the existing OSTS, for
oil prices, uncertainty around the pandemic, ongoing
providing LNG as transportation fuel for the long-distance
geopolitical tensions, persistent supply challenges and
trucking segment.
burgeoning inflation have emerged as major concerns, which
are leading to a lower-than-estimated economic recovery The success story of BPCL lies in growing organically by
worldwide and are likely to impact the demand for adopting changes as per market needs, introducing
transportation fuels as well. With increased inter-and cutting-edge technologies, upgrading facilities and bringing
intra-state movements during the year, rapid pick-up in trade best services at the ROs through proven versatile retail
volumes and gradual opening up of academic institutions and techniques and customer management tools to turn the
offices, the fuel retailing industry in India witnessed a growth consumer’s visit to an RO into a delightful experience.
of 6.6%, whereas the PSU Oil Marketing Companies (OMCs) Therefore, maintaining concerted focus on enhancing trust,
registered a growth of 7.5%, increasing the market share of customer convenience and personalization, various customer
PSU OMCs from 89.2% to 89.3% in overall industry sales. engagement initiatives were undertaken across segments
The demand for petrol surpassed the pre-pandemic level; with the aim to remain the preferred choice for customers.
however, diesel remained short of it by a small margin. Building on the acclaimed Pure for Sure (PFS) initiative of the
During the year 2021-22, the retail business registered a total Company, BPCL proliferated ‘NextGen’ PFS to more than 100
market sale of 26.4 MMT, with a growth of 9.1%, as against a smart cities at 1,700 ROs to offer a unique experience to the
PSU growth of 7.5%. The sales of petrol grew by 13.1% as valued customers. NextGen PFS offers the highest standards
against the previous year by clocking a volume of 8.1 MMT. of Quality and Quantity (Q&Q) delivered through technology,
Diesel volumes stood at 17.5 MMT as against 16.4 MMT fostering trust with transparency. The Integrated Payment
during the last year, witnessing a growth of 6.8%. With System (IPS), implemented through next-level automation,
significant number of consumers switching to the alternative ensures that our customers are digitally billed for exactly the
fuel, BPCL’s retail business recorded a robust growth of 51.4 quantity that they fill, each time, every time. These attributes,
% in the sale of Compressed Natural Gas (CNG), amounting to with new service standards, ensure that the customer
a total volume of 597 thousand metric tonnes (TMT). experiences the convenience of a smooth fueling journey
In Retail Lubes business, too, the Company performed from ingress to egress.
exceedingly well by inscribing a volume of 22.4 TMT in Lubes Recognizing the need for value-added services, BPCL further
sales and 8.5 TMT in Diesel Exhaust Fluid (DEF) sales by scaled up various non-fuel initiatives at the ROs. These
ensuring the supply outreach at 91% ROs. services are customized to suit the varied needs of different
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customer segments – rural, urban and highway – thus The ‘Quick Oil Change’ initiative was conceptualized with the
differentiating BPCL in the marketplace. The Company, with intention of providing customers the triple benefit of
the strategic partner M/s Fino Payment Services, is offering ‘Convenience, Genuine Oil and Quick Service’. The 'Quick Oil
banking services to customers at more than 12,000 ROs, Change' promotion campaigns, which were run at more than
which includes AePS, Micro ATMs, Domestic Money Transfer, 6,500 ROs, offered the convenience of swift oil change to the
Cash Management System (CMS) and G2G as well as G2C 2-wheeler customers. This has enabled successful
services. During the year, the Company achieved highest engagement with more than 2.4 million customers on the
Gross Merchandise Value (GMV) of ₹ 6,500 crore. forecourt.
BPCL continued to strengthen its convenience offerings with Under the Door-to-Door Diesel Delivery (DDD) initiative, the
a total of 195 In & Out Zip stores, which have been Company commissioned 137 “FuelKarts”, taking the total
commissioned in addition to the network of 114 In & Out count to 660. To promote the start-ups eco-system, 157
stores. “FuelEnts” have been commissioned, taking their total count
In a span of just over 4 years from launch, BPCL SBI credit to 163. Quality assurance during a DDD fill is ensured with an
card has become the fastest growing co-branded credit card exclusive pilfer-proof technology.
in the country. Over 1.7 million BPCL-SBI Card holders have With technological advancement and digital transformation in
redeemed 10 million liters of free fuel at the ROs. every field, BPCL implemented cloud-based RO automation
BPCL BOB Debit RuPay co-branded card was designed and solutions at over 18,000 ROs with unique wireless FCC
launched this year along with loyalty offerings of BPCL (Forecourt Controller) and APOS (Android Point of Sale
SmartDrive program. The rapid popularity of this card resulted machine) duly integrated with the loyalty solution and all types
in enrollment of 1.7 million of BPCL BOB customers. of digital payments.
The Company has 324 COCO outlets, where customers To keep pace with the emerging energy transition needs,
BPCL has conceptualized 'Highway Fast Charging Corridors'.
experience superior service levels at all times and a wide
In the pilot project, BPCL adopted 900 km of the
array of value-added services. The signature brand of COCO
Chennai-Trichy-Madurai-Chennai highway (NH-45) as a
outlets on highways – the OSTSs – are strategically
first-of-its-kind Highway Fast Charging Corridor. On this
positioned on major highways to give transporters and drivers
segment, DC 25 kW fast chargers have been installed at ten
an experience of ‘a home away from home’. In order to further
strategic ROs, at intervals of 100 km between the ROs, to
expand the convenience of highway customers, a new
facilitate charging for long journeys. It is planned to replicate
scheme ‘Cube Stop’ in association with M/s Highway
this concept for 100 highway corridors in the country during
Amenities Developer Private Limited (HADPL) was
the next year. BPCL has also made strategic alliances with Ola
successfully launched and expanded at three of our flagship
Electric and Hero Motors to set up fast charging facilities for
ROs, to offer a comprehensive ‘food court-cum-highway
electric 2-wheelers in cities.
amenities’ proposition.
Fortifying governance at the RO forecourt leveraging
With an objective of offering superior experience to the
technology for intelligent operations, the Integrated Risk
customers in this digital era, the Advanced Loyalty Program
Information System (IRIS) platform (BPCL’s digital nerve
(ALP) was launched across all the markets for fleet
centre) was launched in December 2020 under the
customers. This program has the capability to provide
digitialisation initiative of the Company - Project Anubhav to
tailor-made customer solutions with a blend of advanced
ensure that operations at locations are safe, secure, efficient
technology that will go a long way in terms of customer
and seamless. Through bidirectional communication with
convenience and personalization besides establishing
location systems and video analytics, it monitors real-time
long-term association with them.
performance of BPCL’s operating locations and ROs on key
Further, to make the customers’ fueling experience seamless, parameters to improve quality, safety and internal efficiency.
transparent and efficient, BPCL launched Ufill, a first-of-its- IRIS raises alerts and notifications for various violations with
kind convenience in the industry. UFill puts the locus of prescribed responsibility centers, coupled with regular
control of fueling of vehicle directly into the hands of the monitoring through a centralized control centre facility in
customer, right from payment convenience at the time and Noida and has the capability to remotely handle processes
place of the customer’s choice to auto-presetting the fuel and system exceptions. It has connected over 17,000 ROs so
dispenser at the RO for the amount paid, without any manual far, all the major bulk locations and over 14,000 tank lorries
intervention, thus bolstering trust. Ufill is active at more than with a robust monitoring mechanism for tracking their
6,500 ROs and has a customer base of 55 lakh. functionality. On the customer front, to assure quality and

quantity, this advanced system intelligently ensures no Retail address the gaps created in deficit locations/states so as to
Selling Price mismatch, no unauthorized decantation of ensure the outreach of blended petrol across the length and
products, periodic water level checks, adherence to Standard breadth of the country.
Operating Procedures, dispenser flow monitoring, quality In order to meet the gap between current availability within the
adherence, etc. state and its future requirements of ethanol for the EBP
The Company has ensured highest standards of safety (Ethanol Blended Petrol) program, the Company on behalf of
through digital interventions by onboarding all retail depots other Oil Marketing Companies (OMCs), under the guidance
and installations on the IRIS Digital Nerve Centre, with of MoP&NG, had floated an Expression of interest (EOI) for
real-time monitoring of critical interlocks and safety signing long-term agreement with upcoming dedicated
parameters. An index, known as "Operability Index", ethanol plants in ethanol-deficit states for supply of ethanol to
introduced to measure safe and reliable operations at OMCs. The Company has also signed long-term off-take
locations is calculated and monitored in real time by IRIS. agreements with 131 project proponents for supply of
Average Operability Index of Retail operating locations was estimated 430 crore litres of ethanol per year. The design
more than 99 for the year 2021-22, signifying safe and capacity of these upcoming plants is about 757 crore litres
smooth operations at locations. IRIS is also leveraged for per annum, which is expected to improve the ethanol
intelligent management of Vehicle Tracking System availability and help in achieving the blending targets set for
violations. Also, a state-of-the-art “Experience Centre” was the country.
commissioned at Devanagonthi Installation with provisions Apropos of our efforts to decarbonize the energy supplies, the
for augmented and virtual reality training. The simulated fire Compressed Bio Gas (CBG) initiative has also been pursued
drills are religiously carried out in all depots and installations by leveraging biomass waste/biomass sources like
to ensure preparedness in case of any incidents. agricultural residue, sugarcane press mud, municipal solid
To fulfill our commitments towards the environment and waste, etc. as feedstock for generating CBG. The Company
inching towards a circular economy, all Retail operating has issued 299 LOIs for a total estimated production capacity
locations are Zero Waste to Landfill (ZWL) certified along with of 417 TMT per annum of CBG. Despite registering slow
a ban on single-use plastic. All conventional lights at locations development in biodiesel proliferation, several steps have
have been replaced with energy-efficient LED lights and been taken to promote the production of biodiesel from used
asbestos has been completely removed from locations. The cooking oil and LOIs have been issued in this regard for an
Company also implemented Vapour Recovery System (VRS) estimated production capacity of 28 TMT.
in 1,000+ ROs in line with the Central Pollution Control INDUSTRIAL AND COMMERCIAL
Board/National Green Tribunal directives. The Industrial & Commercial Strategic Business Unit (I&C
Overall, retail business remained the front-runner among its SBU) the marketing unit catering to the Business to Business
peers by delivering trust, convenience and personalization (B2B) segment of BPCL. Fully seized of the role that industrial
with efficient operations and offering digitally enabled and commercial establishments play in the economic growth
solutions for customer convenience and create value for all of the nation, the business adapts a dynamic approach to
stakeholders. align with developments in each of the Industrial segment to
Biofuels fuel growth. The I&C SBU energizes more than 8,000
industrial customers, with supply of 26 products across 17
The Company has achieved highest ever ethanol blending of
diverse segments.
8.7% in the year, as comparad to 5.8% in the previous year,
while aiming at 10% in 2022-23. BPCL reduced 2.1 MMT CO2 The business witnessed a mixed period of challenges and
emissions by selling Ethanol Blended Petrol (1,120 crore opportunities during the year 2021-22 and exhibited great
liters) through our nationwide network of ROs. agility in the face of every situation to harness the potential of
the SBU’s strengths across the entire product portfolio.
The feedstocks for producing 1G Ethanol broadly include
molasses, sugarcane, damaged food grains and surplus rice. With customer-centricity as the core operating principle, the
As the industry coordinator for ethanol procurement, the SBU focussed on sales of high margin products, growth in
procurement of 1G Ethanol from multiple sources has refinery economic zones and optimization of costs.
been well streamlined. Ethanol storage capacity has been Registering an overall sales volume of 6,349 TMT, with a
augmented to 51 TKL from 36 TKL in the year 2021-22. The growth of 17% in 2021-22, the SBU emerged as growth
Company also initiated the movement of Ethanol Blended leader with an impressive domestic market share increase of
Motor Spirit (EBMS) as well as E100 (100% ethanol) by rail to 1.65% amongst the PSU OMCs.
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As a momentous milestone in the annals of BPCL, the I&C first-of-its-kind multimodal transportation arrangement was
SBU launched the commercial sale of six niche petrochemical put in place for petchem movement from Kochi to the west
products from Kochi Refinery during the year. The SBU has coast. The technical services team collaborated with
inked 16 Memorandums of Understanding (MoUs) with refineries for sustained production and marketing of
prospective petrochemical customers for securing substantial De-Aromatized Solvents, which will usher in import
volumes. As a significant marketing initiative, a robust supply substitution and bring in significant quality improvements in
chain has been put in place for all the products in the traditional paint manufacturing processes. With constant
petrochemical range. A strong reseller channel has also been technical updates, the team ensured development of technical
established to cater to a diverse category of customers. selling capability of every member.
Corporate tie-ups continue to be an extremely important With yet another year of high performance on all fronts, the
strategy for the SBU, and during the year 2021-22, 57 MoUs the I&C SBU looks forward to continuing the journey of
were entered into to sustain product volumes across various success and aims at reaching newer heights.
key segments of the business. GAS
Being a key product in the portfolio, the I&C SBU achieved The Gas SBU is playing an increasingly important role in
diesel sales of 1,350 TMT in an extremely competitive market. supporting the Government's aim of developing India as a
With a strategic focus on high-growth segments of coal, gas-based economy, which augurs widespread economic
mining and cement, I&C SBU has registered an impressive prosperity, while also reducing the nation’s dependence on oil
market share growth of 1.6% in diesel. Further, 62 new imports and contributing to reduction in carbon emissions.
consumer pumps were commissioned during the year in The SBU can be broadly categorized in three parts – (a)
various sectors like mining, industrial, state transport captive requirements of the refineries to enhance reliability
undertakings (STUs) and defense. and energy efficiency, (b) requirement for BPCL’s retailing
In order to capitalize on the sizeable gap between domestic business, essentially the City Gas Distribution (CGD) network,
availability and demand for bitumen, I&C sustained the involving Compressed Natural Gas (CNG) stations and Piped
successful business model of third-party sourcing, to meet Natural Gas (PNG) connections; and (c) sales to industrial
the growing demand for this product in the infrastructure customers, essentially in fertilizers, power, petrochemicals,
sector. glass and steel sectors.
BPCL added Kandla port as an additional bunkering Out of the total quantity of 1,806 TMT of natural gas handled
destination besides Mumbai and Kochi and supplied Very by the SBU during the year 2021-22, 778 TMT was supplied
Low Sulphur Furnace Oil (VLSFO) to coastal and foreign to refineries for internal consumption, and 1028 TMT to
vessels during the year, registering an impressive growth of various customers in fertilizers, power, petrochemicals, steel
57% over the previous year. and to the CGD network across the country.
Bestowed with the responsibility of marketing bulk With unexpectedly high natural gas prices in the second half
LPG/Propane, the BU leveraged the synergy with industrial of the year 2021-22, natural gas consumption in BPCL
customer base and registered a sale of 147 TMT, with a refineries was optimized and surplus volume arising out of
growth of 13%. such optimization was marketed to spot customers, thereby
The SBU also achieved ten-year-high sales of Mineral maximizing the margins.
Turpentine Oil (MTO), propylene and hexane, which enabled In 2021-22, the SBU recorded a growth of over 31% as
increase in the domestic market share. compared to the previous year, which is significant in the
The business team took a giant leap into their digital journey backdrop of the second wave of Covid-19 in the first half of
by adopting key “Project Anubhav” initiatives of “Hello BPCL the year and unprecedented high prices towards the second
and Sales Buddy”. While “Hello BPCL” is the Customer half. During the year, BPCL revived 13 industrial customers
Engagement Portal which features end-to-end processes for pan-India and enrolled many new and potential customers.
customers to seamlessly interact and transact with BPCL, It is also worthwhile to note that BPCL was active in the
“Sales Buddy” is the Customer Relationship Management ‘Indian Gas Exchange’ (IGX) platform for leveraging trading
portal, which has equipped the field force with digital tools to opportunities. During the year, BPCL participated in trades of
service customers efficiently and has helped in improving nearly 75 TMT on IGX to reach a wider spectrum of
internal processes towards customer account management. customers.
Amidst challenging times, the SBU enhanced its logistics BPCL has secured the licenses for 8 new Geographical Areas
capabilities and brought in innovative measures to achieve (GAs) in Petroleum and Natural Gas Regulatory Board
significant cost and freight optimization benefits. A (PNGRB) 11th and 11A CGD bidding rounds. A cumulative

rundown of the past CGD rounds sees BPCL emerge amongst Code on its packs, which allows retailers, mechanics and
the top 3 players in the country. BPCL now has licenses for customers to track the source of supply of product and
developing City Gas Distribution (CGD) networks in 25 GAs establish authenticity of the product.
covering 62 districts across the country. Overall, the In the Direct channel, superior product quality and prompt
Company has influence over a total of 50 GAs covering 105 service is the key to sustained growth. Despite a challenging
districts, inclusive of JVs. external environment, MAK has outperformed in this
Commercial operations started at 8 new CGDs, i.e., segment. This has been made possible through continuous
Sangli-Satara, Ballari-Gadag, Bidar, Yamunanagar, Bilaspur- customer acquisition and the introduction of new products,
Hamirpur-Una, Satna-Shahdol, Amethi-Pratapgarh- Raebareli supported by customer engagement and digital marketing
and Chatra-Palamu during the year 2021-22, in addition to the initiatives. BPCL also strengthened its position by entering
4 CGD GAs commissioned in the previous financial year. into an agreement with Original Equipment Manufacturers
During the year 2021-22, 155 new CNG stations were (OEMs) for marketing Genuine Oil and to grow in the personal
constructed in CGD GAs of BPCL and BGRL, in addition to the and commercial mobility space.
earlier 55 CNG stations. On the PNG front, approximately Moving ahead, growth opportunities in the market will be
53,800 domestic PNG connections were installed till the end captured by creating a strong secondary network of retailers
of 2021-22. and mechanics on digitally enabled loyalty programs. Steel,
LUBRICANTS cement, infrastructure and auto ancillary will continue to be
focus areas for sustained business growth.
The Indian lubricants market is the world’s third largest
growing market. As per Petroleum Planning & Analysis Cell LPG
(PPAC) report, the country consumed approximately 4,570 The LPG SBU has been operating in a volatile and a tough
TMT of lubricants during the year 2021-22. The market is environment, characterized by high prices, impairing the
expected to grow by 3.5% in the year 2022-23. The industry ability of the OMCs to pass on the price increases to
has over 35 established players, thus making the lubricant domestic consumers, LPG-domestic being a regulated
industry a very competitive one. product. Nevertheless, LPG BU continues to remain steadfast
The year 2021-22 posed innumerable challenges in the form in its mission of providing clean cooking fuel to the
of subsequent waves of the pandemic, leading to volatility in households in the country.
market prices, thereby creating stress on business models. The SBU registered a sale of 7,474 TMT for the year, attaining
MAK Lubricants has overcome these challenges by the highest growth of 4.42% amongst the PSU OMCs, thereby
re-organizing and rebuilding the business this year. The increasing the market share by 0.45% during the year
robust business models, brand strength, customer-centric 2021-22. Increasing the proliferation of LPG further, Pradhan
approach, supply-chain resilience, widespread presence, and Mantri Ujjwala Yojna (PMUY), Ujjwala 2.0, was launched from
a strong customer base have helped us gain market share of Uttar Pradesh in August 2021. The scheme led to acquisition
0.67% among PSUs, taking the total market share of MAK to of 25 lakh new customers during the year, with the business
25.6% among PSUs. Apart from the domestic market, MAK cumulating 2.35 crore LPG connections since inception of the
Lubricants has expanded its footprints in SAARC and African scheme.
countries and established itself as a reliable brand in New customer enrolment of 41.24 lakh during 2021-22 took
international markets. Through aggressive marketing at the the domestic customer base to 8.84 crore as at the end of the
ground level, MAK Lubricants portrayed spectacular year. Due to the improved living conditions, 17.09 lakh
performance during the financial year. customers also opted for a second cylinder (DBC) during
Considering the importance of retailers and mechanics in the the year.
Bazaar channel, many customized programs and Expanding its LPG marketing network, BPCL added 54 new
product-specific campaigns were conducted to create a pull distributorships during the year, taking the total number of
for MAK in the market. To cope with the market requirements, distributorships to 6,213 as on March 31, 2022. Additionally,
BPCL introduced 21 new Stock Keeping Units (SKUs) in the 109 non-domestic distributors and 44 business associates
synthetic and mineral space, which helped to capture niche were also added to our portfolio to increase commercial
segments. BPCL has appointed new channel partners to LPG sales.
strengthen its distribution network pan-India. To assure right In order to improve awareness and availability of LPG in
quality of product to consumers, BPCL has implemented QR remote rural areas, a new concept of Urja Devi was
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introduced, who is a village level women entrepreneur mechanism for Distributors' on a daily basis and is followed
entrusted to promote fuel and non-fuel offerings in rural by auto allocation of vehicles based on reporting at the plants.
areas. During the year, 8,048 Urja Devis were enrolled who, All BPCL LPG bottling plants have initiated the process for
in turn, are helping BPCL to enhance awareness about usage “Zero Waste to Landfill (ZWL) Certification” and ”Integrated
of LPG, to ensure availability of LPG nearer the home, Management System” covering ISO 9001, ISO 14001 and
bridging the last mile connect and enhancing women OSHAS 18001.
entrepreneurship, leading to empowerment of women in rural
The Company propagated safe use of LPG through 6,250 LPG
areas. Additionally, in order to reach nearer to the consumers,
Panchayats and 29,890 Safety Clinics during the year.
Company has strengthened its association with CSC Village
Training of LPG deliverymen and mechanics has been done to
Level Entrepreneurs (VLEs) and enrolled 20,985 VLEs to go
ensure improved customer service. Training was also
closer to rural customers.
imparted to Bulk and Packed LPG Tanker drivers as part of the
To provide convenience and enable customers the ease to pay safety initiative.
anytime, BPCL rolled out different options for digital
With a view to provide efficient and friendly services to its
payments. Digital transactions were 36.84% of the total
customers, BPCL embarked upon several customer-centric
transactions during the year.
initiatives under the guidance of the Ministry of Petroleum &
During the year 2021-22, BPCL achieved bottling of 7,522 Natural Gas. One such initiative is the AI (artificial intelligence)
TMT LPG, recording a growth of over 4.56%, as compared to enabled BAS (Booking After SMS) service, which analyses
the last year and achieved a capacity utilization of more than consumption patterns of customers for proactive booking,
100% from LPG bottling plants across the country. The which gave a quantum leap of 158 TMT in sales. This initiative
Company added carousels in Allahabad, Raiganj and hit a success converging to 85% acceptance of the orders
Saleempur plants to augment capacity. Further, a greenfield initiated.
LPG bottling plant at Bokaro was commissioned in December
BPCL launched a mobile application for customers to make
2021 with a bottling capacity of 90 TMTPA.
digital payments through feature phones, enabling consumers
To further augment the LPG bottling capacity, four new private to book refills and make payments through these apps, which
marketing company plants were commissioned at Salem, is a first-of-its-kind initiative in the Oil Industry. Through this
Jaunpur, Villupuram and Kakinada during the year. feature, the consumers who do not have smartphones or
Construction of two cryogenic tanks at Uran Terminal is also internet can book their cylinders and make payments through
underway, which would further enhance storage ‘UPI 123PAY’. With the introduction of this facility, nearly four
infrastructure in the West and facilitate higher imports. This crore consumers of BharatGas in rural India will be
project is expected to be completed by June 2024. immensely benefited.
BPCL has procured four LPG rakes and is in the process of BPCL launched India’s first HTE (High Thermal Efficiency)
procuring eight more rakes to enhance the logistics capability, hotplate with in-house developed patented technology that
while the capacity of Uran-Chakan Pipeline is being doubled delivers 74% thermal efficiency and forayed into the world of
(from 1,000 TMTPA to 2,000 TMTPA) to meet the growing consumer retailing by providing grocery and FMCG products
demand of LPG. to households with the promise of best quality and best rates
LPG bottling plants in BPCL continue to maintain their record through our consumer retailing initiative ‘Hobey’.
of best practices in HSSE, coupled with improvement in AVIATION
productivity and cost leadership. The Company has taken
The Aviation sector made a partial recovery after witnessing
specific effort to reduce energy consumption and 7 BPCL
the worst effects of pandemic during the year 2020-21, when
bottling plants featured in top 10 list of 200 OMC plants under
the Government opened domestic sectors in a calibrated way
Energy Efficiency Indexing (EEI). Sultanpur LPG Bottling Plant
once the first wave of the pandemic ebbed and introduced air
stood at first place among all 200 LPG plants.
transport bubble arrangements with specific countries. The
As part of Project Anubhav, all LPG plants have been ported ban on regular scheduled international flights continued
to the IRIS – a digital initiative to enhance the internal throughout the year and was uplifted only on March 27, 2022.
efficiency by ensuring safe operations through continuous Although business was impacted, to boost the sector, various
monitoring of critical parameters for all LPG bottling plants. initiatives were taken such as disinvestment of Air India,
LPG Indent and Supply Automation System (LISA) was modernization and expansion of airports, increasing the
launched during the year and rolled out across all the LPG network of the Regional Connectivity Scheme of Government
bottling plants. This module incorporates 'Auto Indenting of India UDAN – and giving incentive to maintenance, repair

and overhaul (MROs) operations. Full recovery of the manufactured by BPCL’s in-house team on pilot basis. As a
domestic aviation segment is expected by the end of this year, small step towards achieving environmental goals, electric
whereas the international segment is likely to achieve vehicles with zero emissions have been procured for Aviation
pre-Covid sales only by the year 2023-24. BU’s operational areas.
Braving the pandemic, Aviation SBU continued to provide its NEW BUSINESSES
yeoman service of round-the-clock uninterrupted fueling to With Indian retail market poised for exponential growth, BPCL
the airlines. This was done following the best practices is fully geared up to enhance its footprint in the non-fuel
ensuring quality, safety standards and standard aviation businesses that offer consumables, durables and services, by
operating practices benchmarked with international leveraging BPCL’s nationwide network of over 20,000 Fuel
standards. Growing at 32% over the previous year, BPCL has Stations and 6,200+ LPG Distributors. In this direction, BPCL
achieved Aviation Turbine Fuel (ATF) sales of 1,050 TMT and created a new Business Unit called “New Businesses” during
a market share of nearly 22.3%. the year to generate additional revenue streams in the
The international segment, which has always remained non-fuel space. A comprehensive strategy was worked out
and a unique digitally enabled omni-channel ‘consumer rural
BPCL’s mainstay, contributed more than half of the volume of
retailing’ model was rolled out in tier III/IV towns, i.e.,
ATF sales and grew at 46%, as compared to the previous year.
sub-district areas in five states in March 2022 to cater to a
The highlight of the year was that BPCL was not only able to
wide assortment of fuel and non-fuel needs of consumers.
retain all scheduled international passenger airlines but was
This consumer retailing model, focusing on the ever-growing
also able to increase share-out with the Airlines at some
rural market, is first of its kind, where a bouquet of fuel and
locations. The business laid special focus on acquiring ad hoc
non-fuel products along with essential services such as
international cargo business and non-scheduled flights insurance, financial products, and tele-medicine are being
operating under bubble arrangements. arranged together. BPCL is planning to leverage its pan-India
BPCL has achieved a growth rate of 20% at locations where network to cater to any market demand, from daily essentials
major domestic aviation fuel business had been awarded, as to consumer durables, to building materials, to welfare
compared to the previous year. The Company has been schemes and so on and so forth. This network shall be of
serving all scheduled domestic airlines and most of the immense value, as BPCL could cross sell, re-sell and up-sell
non-scheduled operators in India. a varied assortment of products and services.
The year also marked the disinvestment of Air India and Air BPCL has taken its iconic brand of In & Out stores to Tehsils,
India Express, which were taken over by the Tata group. Both with further extension to rural areas through village-level
the airlines have cleared BPCL’s entire outstanding dues. partners. These physical stores, enabled by a digital
backbone, take modern retail to rural and semi-urban
As competition is growing, the SBU has increased its focus
customers. These “Phygital” stores, with omni-channel
on generating revenue from building and operating aviation
presence, create attractive value propositions for the target
fuel infrastructure. Aviation SBU has been awarded
customers. As part of this business model, the Company is
operatorship of Mumbai Aviation Fuel Farm for another 5
creating village eco-centers by training rural women and
years starting January 1, 2022, which BPCL has been
providing them the necessary support and inputs to become
operating since 2015. Another feather in the cap of Aviation
village-level entrepreneurs. These village-level entrepreneurs
SBU is that GMR Goa International Airport Ltd (GGIAL) has – “Urja Devis” – are BPCL’s mascots in deep rural areas of the
awarded a concession to BPCL for designing, development, country, representing the ethos and values that we have built
construction, and operatorship of fuel farm with Into-plane over the years. Through these village eco-centers, BPCL is
service at the upcoming greenfield airport at Mopa Goa for 20 taking fuel and non-fuel offerings to the rural customers.
years.
The rural consumer retailing model not only helps in
Even during the pandemic, BPCL continued to work towards increasing fuel turnover, but also gives an avenue for revenue
expansion of its Aviation Fuel Station (AFS) network, setting generation to BPCL as well as its channel partners. BPCL will
up Kalburgi AFS and Kushinagar AFS under UDAN. The be one of the first companies to reach deep rural customers
Aviation BU is aligning its strategy with the Government’s and set up an organised retailing eco-system. The Company
policy of developing AFSs at smaller airports. Innovating has created 30 In & Out stores and enrolled 300 Urja Devis
refueling processes, a high mobility cost-effective dispenser during the year 2021-22 and aims to expand aggressively in
for narrow-body aircrafts has been designed and this space going forward.
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BPCL is transforming its fuel retail outlets into advancements, safety culture, and employees taking almost
all-encompassing ‘Energy Stations’ with the launch of an equal space. This helped to generate highly positive brand
tailor-made retailing models for urban and highway segments perceptions.
comprising food, consumer retailing, pharmacy, Use Social Media Presence for Brand Building & Marketing
entertainment, etc. along with multiple fuel and energy Campaign
solutions. This strategic impetus also helped the Company in expanding
RENEWABLE ENERGY the base of followers on its social media platforms, which
The Renewable Energy BU was established during the year exceeded the expectations not only in sheer numbers but also
2021-22 to meet the aspirations of BPCL in the field of energy in the depth of engagement. During the year, BPCL’s Facebook
transition and to help in achieving BPCL’s aim of reaching Net page, with 2 million+ followers, became the largest followed
Zero by 2040 in Scope 1 and 2 emissions. The BU explored page among oil & gas majors in India and second largest
various opportunities to scale up the green energy portfolio of followed page among oil & gas majors in Asia today. Driven
BPCL, including participating in power purchase tenders and by an impactful content comprising 608 stills, 461 videos and
studying the feasibility of setting up solar power projects at 3,968 tweets/retweets, the social media handles added 8.12
land banks owned by BPCL. An MoU was signed with Solar lakh followers across the touchpoints, with a combined
Energy Corporation of India (SECI) for leveraging their growth of 30%, taking the followership to 27 lakh. Instagram
expertise for development of solar projects. A detailed recorded the sharpest jump, with a stupendous 428% growth.
feasibility study for solar power plants at five BPCL lands Leveraging Public Relations to Achieve Long-Term Goal
(Tadali, Badnera, Sanganer, Karur Depots and Kochi Refinery) BPCL stood head and shoulders above its peers in an
is in progress. important metric. For the first time, on a yearly basis, the
BRAND & PUBLIC RELATIONS Company achieved the highest Advertorial Value Equivalent
(AVE) of its media coverage, among OMCs, with 42.4% share
Put simply, a brand is more than "brand". It is the most of voice. Both the corporate journals – Petro Plus and
concise, yet the most impactful statement about who we are Journeys – were transformed to host the best-in-class
and what we stand for. The brand speaks to the audiences on content, in visual appeal as well as incisive coverage.
behalf of the Company and provides us a firm ground to Meanwhile, BPC Tarang, the Company’s unique voice-based
elevate the discourse and take the engagement to a higher programme, is writing its own success story through rising
orbit. A carefully crafted public relation and brand strategy popularity.
that is in sync with the changing times adds delightful
Global Presence
dynamism to the communication and the manner in which
BPCL mingles with the world. BPCL raised significantly its brand presence overseas, with
MAK Lubricants spreading wings wider in key global
Digital technology has not only shrunk the world but also
markets. The Company showcased its technological
redefined it in several profound ways. Today, it is not just
prowess, world-class products and future endeavours at
about the speed of communication, but also about its
ADIPEC in Abu Dhabi, World Expo in Dubai and World
richness and lavish interactivity. In a digitally connected
Petroleum Congress in Houston, USA, which resulted in
world, especially in the social media space, audiences are no
deeper penetration of MAK Lubricants in these markets,
longer passive receivers of information but active,
yielding the Company the highest ever volume in these
opinionated participants. regions.
With changing times, BPCL’s public relation and brand Establishing a Strong Brand Identity through Website
strategy has also evolved in step with changing expectations
An element of smart interactivity and intuitive engagement
and perceptions of audiences. The focus, which once
was infused in the Company website with the launch of
gravitated largely towards promotion of products and BPCL’s innovative AI-based intelligent energy assistant “Urja”.
initiatives, has undergone a sea change. This year was a Ever since, the helpful and intelligent chatbot has been making
witness to this subtle metamorphosis. waves and winning the hearts of the visitors.
The Company took a deep look beneath the onion skin and its With intelligent Search Engine Optimisation (SEO) strategy,
first few layers, and benchmarked the communication newly designed pages and mobile-friendly website features, a
strategy with global oil & gas majors. BPCL reframed its 47% gain was achieved in website traffic, scoring a 50%
presence in the public domain, bringing to greater visibility of increase in first page keywords during the search. With this
the efforts towards reducing carbon footprints, boosting jump in web traffic, the website clocked a monthly monitising
renewables, digital transformation, technological value of ₹ 56 lakh.

Campaigns revolution and fast-paced progressive business models,
BPCL launched several campaigns during the year, using its embarked on its journey of digital transformation under
strong digital presence and media relationship. ‘Project Anubhav’.
The project fundamentally focuses on delivering best
For the Tokyo Olympics, as many as seven sport stars from
experience to the consumer at every point of interaction,
BPCL were selected to represent India at the Games. The
meeting their continuously evolving needs, while enhancing
Company launched a series of ATL, BTL and digital
operational efficiencies and enabling penetration of digital
campaigns to take our brand to people during the mega
DNA into not only every transaction, but every business
sporting event and received massive media coverage. The
opportunity. This feat to create exceptional and consistent
campaign was voted as the best PSU campaign for the customer experience rests on three foundational pillars –
Games, scoring a digital reach of over 63 lakh. Convenience, Personalisation and Trust. Initiatives under
The Company’s social media campaigns for ‘More for Sure’ Project Anubhav include Customer Engagement Platform,
promoting UFill, Azadi Ka Amrit Mahotsava, Urja Chatbot and IRIS digital nerve centre, Digital Marketing Platform, and
MAK generated approximately 10 crore impressions. Integrated Supply Chain Management solutions.
Recognition HelloBPCL App/Portal, the customer-facing interface for all
Project Anubhav initiatives, has garnered more than 2.4
Bharat Petroleum reaped a bumper crop of 15 high-profile
million active users and has a footfall of 100 thousand
awards, including the coveted 'Champion of Champions'
customers per day. On a daily basis about 22,000 LPG
award at the Public Relations Council of India (PRCI) Awards
cylinders are booked, and around 800 distributor portability
2022, reflecting the professionalism, creativity and reach of
requests, 100 Double Bottle Connections (DBC), 20,000
the Company in the public sphere.
Lubes cash coupon redemptions and ₹ 200 crore of
International Award SmartFleet transactions are carried out on HelloBPCL
BPCL Experience Centre at Corporate Office is a unique currently. The portal also serves as a one-stop business
gallery that communicates an encapsulated message of a portal for the industrial and commercial customers, with
grand nation-building saga of BPCL. A coveted international complete visibility of the entire chain of their transaction,
award – the Inavate Asia Pacific Awards 2021 – was eliminating manual intervention and enhancing response
conferred on Sigma AVIT Technologies, BPCL’s technology mechanism. This platform digitally empowers customers and
partner for the Experience Centre, under the ‘corporate’ associated logistics partners, right from purchase order to
category in an award ceremony held in Singapore. product delivery.
Brand Quiz Badshah In the endeavour to consistently enhance the experience of
our fleet, as well as corporate and B2C customers, Advanced
After a gap of two years, BPCL once again organised the Loyalty Program (ALP) was launched as a part of the
Brand Quiz Baadshah (BQB) contest, which is a HelloBPCL ecosystem. Built with best industry features, ALP
one-of-its-kind initiative for employee engagement at the enables the entire fleet value chain, right from the driver in the
broadest level. Due to successive pandemic waves, the event fueling bay, to the group fleet manager’s dashboard, to the
was held in phases. back-end ERP solution of the corporate customer with Cash
These well-curated and far-reaching brand promotion Management System (CMS), personalized reports, and
initiatives gave greater visibility to Brand BPCL, while enabling simplified fleet management & control.
the Company to go wider and deeper to reach new audiences Another Key initiative set up under ‘Project Anubhav’ is the
and penetrate new markets. Integrated Conversational Virtual Messaging Platform ‘Urja’,
PROJECT ANUBHAV – BPCL’ s pioneering digital initiative aimed at unifying all customer interactions into a consistent
Digital technologies have transpired across the world to usher omni-channel platform. Powered by AI and natural language
in the fourth Industrial Revolution. Industry 4.0 is focused on processing (NLP), ‘Urja’ is available in 13 languages, on
Whatsapp and the BPCL website and has been designed to
the amalgamation of physical and digital technologies. The
cater to 600+ use cases. ‘Urja’ has handled more than 2.3
revolution is progressing at an unprecedented speed, driven
crore customer interactions and exchanged around 42 crore
by smart, connected technologies that are developing at an
messages till date.
exponential rate. A range of innovative technologies like cloud
computing and platforms, big data and analytics, mobile BPCL’s MAK lubricants is a leading name in the Indian
solutions, and Artificial Intelligence (AI) is fuelling business lubricants industry with a sizeable market presence. The
transformation. BPCL, in response to new-age technological lubricant industry in India is highly dynamic, where around 40
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players, including multinational companies, are active. BPCL external business environment to track megatrends, identify
has built an innovative QR Code solution for the highly challenges and explore as well as evaluate strategic
competitive lubricants business, which helps to ensure opportunities for suggesting strategic interventions required
traceability of product across the supply chain, loyalty for the Company to deliver and sustain high performance.
schemes to mechanics and retailers, while also providing Energy transition is rapidly accelerating across the globe.
instant coupon redemption and cashback for all coupons There is a paradigm shift in the energy landscape towards
distributed along with MAK Lubricants packs.
low-carbon solutions and technologies. Nations and
Another brand christened as ‘UFill’ was launched during the organisations around the world have announced ambitious
year, which is a pre-paid UPI-based touchless fuel refilling plans to decarbonize their energy consumption and
solution. UFill, available at around 6,500 BPCL ROs, is operations amid growing calls for immediate climate action.
integrated with Fuel Automation System, which increases India, too, has taken ambitious targets towards a greener and
transaction transparency, while reducing turnaround time and cleaner environment, promoting proliferation of various
enhancing customer experience during fuelling transaction. alternate energy sources like biofuels, renewables, electric
A Customer Relationship Management (CRM) platform vehicles, hydrogen, etc.
powered by M/s Salesforce ‘SalesBuddy’ has been deployed
Aligned with the national priorities, BPCL is actively looking at
for internal employees. This platform aims to reinforce
diversification opportunities to develop business case for
customer-centricity by enabling the BPCL field force to
future investments, to open avenues of growth and de-risk the
effectively build and improve customer relationships, manage
existing businesses in this rapidly evolving scenario. The
the expanding base of customers and nurture prospects or
major focus areas of the Corporate Strategy department are
leads effectively through a structured process.
building low-carbon portfolio of gas, biofuels and
IRIS, the digital nerve centre of BPCL, has been facilitating renewables; transforming fuel retailing by developing
remote monitoring of operations in marketing terminals and
new-age mobility solutions; and building a resilient
bottling plants. It can accept more than 3 million inputs per
hydrocarbon portfolio, including petrochemicals to make
second from local automated systems, cameras, and Internet
existing business more efficient, flexible and profitable.
of Things (IoT) devices deployed at key locations like retail
Corporate Strategy department is continuously evaluating
outlets, fuel terminals (including depots and installations),
organic and inorganic investment and growth opportunities in
LPG plants, consumer pumps, and railway installations along
with the associated tank trucks deployed for product delivery. the above areas.
Currently, IRIS is integrated with 17000+ ROs, 83 Retail To further the organizational goals, the Corporate Strategy
terminals, 52 LPG plants, and 25000+ tankers. department also leverages India’s vibrant startup ecosystem
The digital initiative is bolstering BPCL’s marketing prowess by supporting promising startups under its Startup initiative
and giving it a unified perspective of the consumer, while christened as “Project Ankur”. The initiative was started in
improving business process efficiency, augmenting 2017, in line with Government of India’s “Startup India”
supply-chain transparency and enabling market intelligence. It initiative and recognizing its importance as an innovation
is helping BPCL to achieve trust, convenience and engine. The aim of Project Ankur is to develop an ecosystem
personalization in ways that are unique to the industry and that nurtures entrepreneurship in the country by backing
has created a niche for the Company in the market. innovative ideas/concepts that have the potential to grow into
CORPORATE STRATEGY promising startups and create a multiplier effect. By engaging
Corporate Strategy department’s key focus is to continuously with the startups at an early stage, BPCL also gets access to
develop and evolve medium-to long-term organizational some of the path-breaking technologies and solutions in the
strategies to achieve organizational vision and goals. In this energy space. BPCL has allocated ₹ 50 crore for this purpose
endeavor, the Corporate Strategy setup takes a portfolio in two phases. This fund is being utilized to support deserving
approach by looking at BPCL’s various Business Units (BUs) and budding startups in various ways, including grant
to determine an overarching strategic roadmap. For this, the funding. A total of 31 startups have been selected for grant
department routinely engages with the BUs to co-create funding amounting to a total of about ₹ 27.9 crore, out of
enterprise-level plans and ensure that strategic initiatives are which ₹ 25.4 crore has already been disbursed up to March
translated into business specific plans leading to on-ground 31, 2022. In addition to the grant funding, BPCL is also
implementation. With a strong focus on growth and value providing mentoring and guidance to the startups. Further,
creation, the department continuously scans internal and BPCL’s Startup cell has been facilitating startups to engage

with the BUs through separate contractual arrangements to programmes were introduced on a large scale for the first
implement new initiatives and test out the services provided time in BPCL, covering around 3,700 staff members in a
by the startups. short span.
BPCL is also collaborating with startups, selected With a view to further encouraging a culture of self-paced
through a nationwide startup grand challenge christened learning, a larger selection of online learning platforms
as “BPCL Startup Grandslam” (Season 1) for developing and were extended to officers besides LinkedIn Learning, by
implementing innovative solutions for some of BPCL’s introducing Emeritus Insights and Percipio by Skillsoft, which
business challenges. provided access to a vast library of e-learning courses.
To amplify the outreach and effectiveness of Project Ankur, Further, in the endeavour to make the HR practices more
BPCL continuously engages with the startups ecosystem in robust, focused efforts were made to achieve certification of
India, including Startup India, leading academic institutions, Maturity Level 3 of the People Capability Maturity Model
incubators, accelerators and venture capital investors. Going (PCMM). This model has been developed by the CMMI
forward, BPCL is committed to supporting startups in a Institute based in the USA and is a proven set of people
variety of ways, with a focus on equity investments, business management practices that provides a roadmap for
exposure, mentoring, networking support and guidance. continuously improving the capability of an organization’s
workforce across five levels of maturity.
HUMAN RESOURCES
As a concerted effort in the direction of ‘being a great
In the current dynamic environment with constant disruption
organisation to work for’ and enhancing Employee
and changes driven by concerns over climate change and
experience, “Voice of Employee Survey” was launched in
accelerated by events like the Covid pandemic, the future of
partnership with Gallup, a global advisory firm in the space of
HR demands major shifts in mind-set, roles and capabilities, employee engagement, and 83% of management staff shared
aptly enabled by technology. With this in mind, the leadership their experience as part of this survey. The data collected
capability assessment and development process, which is from this engagement survey is being analyzed so that
carried out under the Talent Management Framework planned interventions can be rolled out to leverage strengths
‘ASCEND’, was further strengthened with a revised and work on areas of opportunity to enhance employee
Leadership Competency Framework and assessment experience.
methodology comprising personality self-assessments and
In view of the organizational priority of ‘Going Digital’, various
Assessment Centers. These brought in more nuanced
learning initiatives were launched in the space of digital
profiling of behaviors that define a BPCL leader at various
upskilling. To create a pool of Digital Champions, officers from
leadership levels and the framework is well-attuned to our
across SBUs and Entities were enrolled in a customized
ideology of business success and what it really takes to get
learning journey, created in partnership with and anchored by
there. Assessment Centres were launched as part of the
premier management institutes. This hybrid course
revised potential assessment methodology and around 1,000
culminated into Action Learning projects, which were aligned
officers were covered under the process. Officers in senior
with business objectives. Additionally, custom learning
leadership levels were also taken through a Development
solutions were also curated for Business Councils associated
Centre process by way of exhaustive Development with various digital services like ‘Salesforce’ training and
Workshops to enable them to chart out their development ‘SAP Hybris’ to ensure necessary capability development for
plans. realization of success of digital initiatives.
Executive coaching was successfully rolled out for select The Company believes and practices empowering, inspiring
senior leaders in critical positions. The coaching journey will and energizing people. With focus on young talent to provide
help the leaders transition to new roles by chalking out a plan them with capability-building opportunities and to groom
for them to build on their strengths, while developing a them into future leaders, Junior Business Councils (JBC) were
heightened sense of self awareness in a guided manner. constituted. A structured orientation was conducted for
One of the core values of BPCL is ‘Development of People is alignment of JBC members on areas of collaboration, impact
the only way to success’. To bring in greater focus on thinking, communication and influence. The innovative
equipping employees with skillsets that are more relevant to solutions provided by JBCs to existing business challenges
their learning needs in sync with their role requirement, a and their successful execution in businesses was the
structured “need identification” was done, followed by highlight of this initiative.
customized learning interventions for various learning The industrial relations climate remained harmonious and
requirements. During the year 2021-22, along with the regular peaceful across the Company. While long-term settlements
training programmes, simulation-based experiential learning on wages and other matters have been successfully signed
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with seven out of eight eligible Marketing Unions in the past, managers of their role in creating a positive, stress-free
discussions with the Refineries’ Unions are in progress. There workplace and the way in which they can enable their team
were no cases of any industrial unrest. The Company members to reach out for help through the Employee
continued the thrust towards productivity enhancement and Assistance Program (EAP) being offered by ESE.
employee well-being, with a focus on regular communication ESE is continuously making efforts to enhance the wellness
with all employees on all important issues affecting them and of employees by arranging webinars with the tag line
the Company as a whole. The Management and the Unions “Wellness – Staying healthy starts from within”.
are committed to improving standards of work and overall ESE’s effort to normalise conversation around mental health
capability of workmen, thereby supporting the overall was recognised by the Indian Health & Wellness Council in its
organizational objectives. 7th IHW Awards with a Bronze award for BPCL. ESE observed
With the objective of cost optimisation and enhancing the month of October 2021 as Mental Health Month and ran
process efficiencies, units carrying out similar backend various campaigns and panel discussions with our senior
activities across the organization have been consolidated into leaders and counsellors in the panel.
centralized structures providing similar services. Some of the INTEGRATED INFORMATION SYSTEM (IIS)
centralized structures, which have been set up are Centralized
BPCL continued the digital transformation journey, which
Benefit Administration, Payroll Administration and GST
started around two years back, in an aggressive manner into
Accounting. Additionally, centres of excellence, namely,
the year 2021-22. Various customer-centric digital initiatives
Central Maintenance and Reliability Organization and Central
were rolled out during the year to develop customer’s trust,
Refineries Project Organization, have been set up for handling
provide convenience to customers and also get deep insights
major projects carried out across the refineries and improving
to offer personalised services to customers.
Reliability Index of refineries. These centralised structures
have enhanced the efficiency and optimised manpower for During the year, the IIS team, collaborating with the Project
these activities that were hitherto being carried out Anubhav team, developed more than 69 digital interfaces to
independently by each refinery. These units are staffed by ensure smooth functioning of customer-facing digital
officers with the highest level of skills and competencies. initiatives, like Urja Chatbot, HelloBPCL Mobile App,
SalesBuddy and IRIS, for centralised monitoring and control
EMPLOYEE SATISFACTION ENHANCEMENT (ESE) of various customer-facing and operational parameters at
The Employee Satisfaction Enhancement (ESE) team ROs and operating locations.
continued its endeavor of touching lives of employees to The IIS team also developed many innovative solutions for
ensure a healthy, productive, vibrant and energized workforce. sales and operations during the year, based on three
Despite the difficulties posed by the pandemic, the ESE team principles – Digitalisation, Phygitalisation and Process
ensured continuous employee connect through various Automation. These solutions enabled ease of doing business,
means, including an online mode and proactively interacted helped in making business processes simpler and improved
with over 1,864 employees to understand their issues and internal efficiencies by reducing manual effort and optimising
grievances, if any, and resolved them. cost. The initiatives further contributed to BPCL’s commitment
Considering the lethal second wave of Covid in the beginning for a better environment by making many processes
of the year 2021-22, the ESE team decided to reach out to paperless.
employees and support them and their family members Some of the initiatives developed and implemented by the IIS
through specialized professional counselling during this team are as follows:
difficult period. This was done through the initiative ‘Covid Road Intelligent Transport Automation System (RITA): The
Outbound Counselling’, whereby the affected persons were team developed and implemented a robust solution to control
connected to professional therapists to help them cope with and monitor end-to-end logistics movement of Bulk LPG, in
the mental distress and anxiety inflicted by the disease. A total the most economical way. Now the entire planning of all road
of 112 employees who were affected with Covid and movements, lorry allocation, route allocation, etc. is done
expressed willingness for counselling were reached out to by through this solution, which helps in maintaining optimum
professional counsellors. stock at all operating locations and also to optimise logistic
Team leaders play a very crucial role in ensuring employee movements.
engagement and, therefore, sensitisation of the line managers LPG Indenting and Supply Automation (LISA): The team
on emotional wellbeing at the workplace assumes great developed and implemented a solution to enable secondary
important. During the year, the ESE cell sensitised 480 line supply automation for LPG BU. This solution enables auto

planning and allocation of loads to LPG Distributors from Technological interventions like robotic cleaning of confined
operating locations and helps in timely supply of LPG to the places, IIoT-based Wireless Asset Monitoring System,
network, optimum stock maintenance at operating locations cloud-based HSSE portal, and use of drones, coupled with
and also at the Distributor’s end. This also helped in video analytics in turnaround safety surveillance, are being
optimising secondary transportation cost and ensured timely deployed to enhance safety across the organization.
delivery of cylinders to the customers. Electronic Work Permit System (e-WPS) was integrated
HEALTH, SAFETY, SECURITY & ENVIRONMENT (HSSE) with IRIS for monitoring all ultra-critical activities. The
Health, Safety, Security and Environmental initiatives remain Company implemented Interlock Bypass Online Authorization
at the core of business activities of BPCL. All the Business System to enhance process safety with mapping of
Units and Entities in BPCL adhere to the commanding Geographical Information System (GIS) to enable
principle of ‘Safety First, Safety Must’. The objective is to comprehensive data management of entire pipelines on a
achieve zero incidents, effective containment of single platform with concurrent access from anywhere and at
hydrocarbons and mitigation of associated hazards. The any time.
organization’s mission is to achieve ‘Zero Incidents, Zero The technology of Vehicle Tracking System
Harm and Zero Excuses’. (VTS)/Electromechanical (EM) Digital Locks was integrated
The Corporate Safety Management System (CSMS) and 12 with IRIS at Central Command and Control Centre, taking
Life-Saving Rules (LSR) are adhered to across the cognizance of Industrial Transport Discipline Guidelines
organization to achieve standardisation and uniformity of (ITDG) for recording, monitoring and corrective actions
Safety Management Systems. against en-route violations, resulting in reduction of in-transit
BPCL has a well-structured Emergency Response Disaster accidents collectively (Retail and LPG BUs) by 25% over the
Management Plan (ERDMP), which encompasses previous year.
Preparedness, Mitigation, Planning and Restoration (PMPR). BPCL’s commitment to safety is demonstrated through Kochi
Mock drills are regularly conducted and reviewed to ensure Refinery (KR) achieving 74.7 million man-hours of safe
emergency preparedness at all locations. The learnings and operation and Mumbai Refinery (MR) achieving 8.8 million
recommendations are leveraged to further strengthen man-hours of safe operation by March 31, 2022. Process
response mechanisms. Safety Management (PSM) has been successfully
Internal and External Audits are an integral part of operations. implemented at both the refineries and a further sustenance
Internal Safety Audits (ISAs) are done as per the schedule in phase is in progress at KR.
line with Oil Industry Safety Directorate (OISD) and other
During the unprecedented time of the pandemic, the Company
statutory requirements. External Safety Audits (ESAs) are
evolved and adopted a multi-pronged combat strategy for
frequently undertaken by OISD, Petroleum and Natural Gas
safe operations, taking care of all the stakeholders, thereby
Regulatory Board (PNGRB), Factory Inspectorate, etc. and
ensuring business continuity. The Company organised
their recommendations are implemented on topmost priority
various Covid vaccination camps across the nation at and
and in a time-bound manner.
around operating locations and refineries.
Governance practices of safety systems and standard
Training and development forms an integral part of the
operating procedures (SOPs) of the critical processes are
organization’s competency-building program. As part of
regularly monitored and reviewed to ensure safe operations
capacity building, which includes Strategic Target for
across all locations. Any near-miss incidents and accidents
Enhancing Performance (STEP), Corporate HSSE department
are reported on our online portal. These are analyzed and the
arranged and imparted trainings of more than 10,000
recommendations arising out of incident investigation are
man-hours, covering 2,500 participants on various topics of
implemented across all locations.
HSSE. This includes self-paced mandatory online trainings by
BPCL completed the Safety Perception Survey (SPS) for all M/s Dupont for HSSE role-holders.
officers to gauge the level of Safety Culture prevalent across
Refineries and Pipelines have been re-accredited with ISO
the organisation. The outcome of the survey indicated that the
9001:2015, ISO 14001: 2015 and ISO 45001:2018
overall safety culture of the organization stands at calculative
standards for Quality, Environment & Occupational Health,
and generative state, which indicates a positive and mature
and Safety Management Systems.
safety culture. Improvement plans were formulated and
disseminated to further strenghten the safety culture across The Company is fully dedicated to addressing the issues of
the organisation. climate change and global warming, and believes that a
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comprehensive solution encompassing technological emissions by approximately 5,461 TMTCO2e, totaling to
advancements, efficient use of energy and economically 5,732 TMTCO2e for the year 2021-22. BPCL is proactively
viable carbon-neutral alternatives are the need of the hour for taking various initiatives in implementing low-carbon product
ensuring environmental safety and sustainable development. technologies such as 1G & 2G Bioethanol, Compressed Bio
In line with the nation’s objective of achieving Net Zero Gas (CBG), Bio-Diesel, etc.
emissions by 2070, as articulated at COP26, BPCL has set a In the 2021-22, the Company planted approximately 90,000
target of achieving Net Zero for its controllable (i.e., Scope 1 trees to improve green cover and enhance biodiversity.
and 2) greenhouse gas (GHG) emissions by 2040. The Additionally, around 5 lakh 'seed bombs' were planted through
Company has identified various short-term and long-term seed-bombing technique in Maharashtra state. The Miyawaki
initiatives to reduce emissions, with Renewable Energy (RE) Technique (Multi-layered Dense Forestation) plantation was
generation being one of the key thrust areas towards this initiated at Lokmanya Tilak Terminus Kurla, Mumbai, with
goal. The Company is also in the process of identifying viable replication in 15 Retail and Lubricants locations. These tree
Carbon Capture, Utilization and Storage (CCUS) technologies plantation initiatives have helped in increasing the size of CO2
that can be implemented in its refineries to capture CO2 sink by sequestrating 12,000 MTCO2e.
emissions, with focus on Scope 1 emission reduction. The Company has been proactively and continuously working
BPCL benchmarked its sustainability initiatives on towards increasing the rainwater Harvesting (RWH) capacity
Environment, Social and Governance (ESG) parameters on to reduce the dependency on other sources of water and
the Dow Jones Sustainability Index (DJSI) platform and expanded catchment area to 9,07,938 sq. m during the year
ranked 8th best Company globally in the oil and gas sector for 2021-22. Recycling of wastewater is achieved through
the year 2021-22. BPCL’s score is the highest in the peer Effluent Treatment Plants (ETP) and treated water is used for
group of oil and gas companies in India and has thus helped various non-potable purposes at operating locations.
in improving its brand value globally as a responsible As a responsible corporate citizen having its obligation
business entity. towards prevention of soil contamination, BPCL carried out
The Company also benchmarked its performance on the pilot studies at three locations on “Zero Waste to Landfill”.
Carbon Disclosure Project (CDP) Platform of sustainability Further, Mumbai Refinery and all Retail operating locations
and climate change, representing the Company’s transition have now been certified for “Zero Waste to Landfill”. BPCL’s
towards environmental stewardship and maintaining its rating R&D Centre has developed a novel technology for use of
at “Management Level”, which is the best in the Indian oil and waste plastic as sub-base in construction of roads. The
gas sector and on par with international peer group. The Company has adopted composting in a big way to dispose of
Company’s efforts on sustainability were recognized during organic waste in a responsible manner and 350 MT of organic
the year by various institutions and agencies through a waste has been converted into compost and used for
number of awards and accolades, such as Federation of gardening purposes in the year 2021-22.
Indian Petroleum Industry (FIPI), the Confederation of Indian BPCL is committed to leveraging sustainable development,
Industry (CII), etc. energy and operational efficiency, improved processes and
The latest report on sustainability was published in the year technologies as well as reduced resource consumption, in
2020-21 following Global Reporting Initiative (GRI) Standards line with national policy. It is also dedicated to complying with
and mapped with United Nations’ 17 Sustainable the related regulatory norms to conserve and sustain natural,
Development Goals. The Sustainable Development Report is social and biodiverse eco-systems as an integral element of
assured by an independent third party. our business and to thus create a healthy, safe, secure and
environment-friendly workplace.
The Company is continuously implementing various initiatives
and firmly believes that clean energy alternatives shall help in INTERNATIONAL TRADE & RISK MANAGEMENT (ITRM)
protecting the environment. The capacity of RE increased to BPCL’s International Trade and Risk Management (ITRM)
46.44 MW and Energy-efficient Lighting (EEL) capacity has setup does all activities pertaining to import of crude and
increased to 59.66 MW during the year. These renewables import/export of products. ITRM procures crude
initiatives resulted in annual reduction of greenhouse gas indigenously, as well as through imports. Petroleum products
(GHG) emissions by approximately 271 TMTCO2e. are imported and exported based on domestic
Additionally, other sustainable initiatives such as Ujjwala demand-supply scenarios. Allied services of ship chartering
Yojna, transportation of product through pipelines and use of and operations are also facilitated by ITRM. Further, the ITRM
bio-fuels in MS and HSD have helped in reduction of setup includes an active Derivatives Desk engaged in risk

management activities via the paper (financial derivatives) ITRM has been constantly engaging in various activities for
market, thereby covering operating costs of refineries and value addition such as exploring new geographies for
other associated costs. sourcing new and better-value crudes, optimization of freight
After gaining key insights and understanding the nuances of by leveraging options available in market, understanding
the global spot crude oil market by partnering with M/s Shell infrastructure bottlenecks and ensuring infrastructure
International Trading and Shipping Company Limited, for a augmentation for enhanced performance. These activities are
period over three years, BPCL’s Independent Crude Oil Trading a result of synergies that are developed by interacting with
Desk went live in March 2021. In the very first year of various stakeholders. ITRM has leapfrogged from an era
operation, a major milestone of 100 million barrels of crude where crude purchases and refinery evacuation were closely
oil procurement (a total of 103 million barrels since the start controlled and monitored by the Government, to an era where
of independent operation) was achieved for BPCL group of pure economics will decide the best-fit decision.
refineries during the year 2021-22. Through this Integrated With robust working policies and sound governance
Trading Desk approach, the Company captured opportunities framework, ITRM has contributed immensely in the
in the oil market across the globe and became trend-setter Company's growth path. It has ensured that policies are
amongst the Oil PSUs. The Trading Desk is fortified with a created, updated and followed to achieve rational outcomes.
comprehensive trading policy and a robust governance RESEARCH AND DEVELOPMENT (R&D)
framework that ensures the highest levels of controls in spot
crude oil procurement. BPCL’s R&D department plays a pivotal role in innovating and
creating new technologies, niche products, and the future
BPCL became the first OMC to start the Very Large Gas
capabilities for business growth and sustainability. Towards
Carriers (VLGC) lighterage operations at Haldia, thereby
this endeavor, during the year 2021-22, R&D department
enabling discharge of entire cargoes at this location. This has
carried out various activities for establishing new products
immensely helped in reducing the bulk LPG Movement Cost
and supporting sustainability of refining processes. During
(due to dead freighting from Dahej to Haldia), thus resulting in
the year, Central Research and Development Centre (CRDC)
substantial savings for the nation on account of foreign
successfully showcased a number of innovative solutions like
exchange outgo. Besides, lighterages at Haldia have improved
Bharat Hi-Star LPG stove with increased efficiency of 75% (up
the availability and timely placement of bulk LPG in the
6% from existing market). This is being commercialized
eastern region and further to LPG bottling plants.
through joint ventures with manufacturers and sellers. Various
International Trade team rolled out its ambitious project of developmental activities in niche petrochemicals, novel and
Invoice Life Cycle Management System in the year 2021-22 energy-efficient refinery processes, product development,
as a step towards digitization of its high value transactions to biofuels, green hydrogen and CO2 mitigation were taken up
streamline the Vendor Invoice Payment process. This has during the year. The R&D team has successfully developed
given enormous benefits in terms of improving process new Superabsorbent Polymer formulations with improved
transparency, accuracy and speed through document properties. The product is under certification and testing by
preservation, audit log & tracking, paperless transactions, customers. Further scale-up of the plant for increased
and a system-driven approach. production is in progress. De-aeration of de-mineralized water
BPCL, as a responsible corporate citizen, is whole-heartedly using Hi-Gee technology, digital tools like K Model and
participating in various initiatives launched by Government of BPMARRK for crude oil compatibility prediction and Bharat H2
India, including Atmanirbhar Bharat. ITRM team conducted a Separation Membranes for hydrogen were also implemented
first-of-its-kind workshop (Fusion with Future) for Indian ship during the year.
owners and their senior operations team on November 26, With the focus on energy transition and for development of
2021 in Mumbai. The workshop was aimed at helping Indian new processes, Memorandums of Agreement (MOAs) have
vessel owners become global players through an enhanced been entered into with BARC for electrolysis of water to
understanding of the global best practices with respect to produce green hydrogen, and with Indian Institute of Chemical
operating and quality standards. Technology (IICT) Hyderabad to develop biogas production
As part of BPCL’s global strategy, ITRM has formulated an process using lignocellulosic biomass as feedstock. An MOA
export strategy. This year, BPCL embarked on the focused was also firmed up with M/s Engineers India Ltd (EIL) to
methodology for export of petroleum products on planned commercialize indigenous Crude Oil De-salter and Divided
and also on regular basis, rather than due to any Wall technologies. A successful field trial for in-house
supply-demand imbalance, thereby establishing and developed Corrosion Inhibitor for crude pipelines was carried
unleashing synergies. out and the use of product initiated.
80
During the year, research by the CRDC team resulted in the BPRL International Singapore Pte Ltd (BISPL) holds 33% each
grant of three Indian patents. Also, five new patent in two Special Purpose Vehicles (SPV), viz.,Taas India Pte Ltd
applications (four Indian and one foreign) were filed during the (TIPL) and Vankor India Pte Ltd (VIPL), which hold 29.9% and
year. The R&D department of BPCL is no longer merely an 23.9% in the Russian entities LLC Taas-Yuryakh
innovation hub, but also a revenue generator through Neftegazodobycha (“TYNGD”) and JSC Vankorneft,
implementation and commercialization of various solutions. respectively. BISPL further holds 50% stake in Urja Bharat Pte
BPCL is looking forward to developing many more advanced Limited (UBPL) in Singapore, which is the Operator of
technologies, with focus on carbon capture and green Onshore Block 1 Concession in Abu Dhabi with 100% PI. The
Hydrogen for improving environment and ensuring subsidiary in India, viz., Bharat PetroResources JPDA Limited,
sustainability of the organization. held PI in a block in Timor Leste, which has been relinquished.
Exploration and Production of Crude Oil and Gas through Current Status of Blocks
Wholly Owned Subsidiary Overseas Assets
Operations of the Company RUSSIA
Bharat PetroResources Limited (BPRL) has Participating BPRL along with Oil India Limited (OIL) and Indian Oil
Interest (PI) in eighteen blocks, of which nine are in India and Corporation Ltd (IOCL), jointly referred to as the Indian
nine overseas, along with equity stake in two Russian entities Consortium (IC), holds 23.9% stake in JSC Vankorneft and
holding the license to four producing blocks in Russia. Five of 29.9% stake in LLC TYNGD through joint ventures Vankor
the nine blocks in India were acquired under different rounds India Pte. Ltd. (VIPL) and Taas India Pte. Ltd. (TIPL),
of New Exploration Licensing Policy (NELP), one block was respectively, both incorporated in Singapore.
awarded under Discovered Small Fields (DSF) Bid Round 1
In JSC Vankorneft, LLC Vostok holds 50.1% shares, ONGC
and three blocks were awarded under the Open Acreage
Videsh Ltd. (OVL) holds 26% shares and IC holds the
Licensing Policy (OALP) Bid Round 1. Out of the nine
remaining 23.9%, through their respective subsidiary
overseas blocks, five are in Brazil, two in United Arab
companies. During the year 2021-22, JSC Vankorneft
Emirates and one each in Mozambique and Indonesia. The
produced approximately 10.38 MMT of oil and 5.72 BCM of
blocks of BPRL are in various stages of exploration, appraisal,
natural gas (BPRL’s effective share being 0.82 MMT oil and
development and production. The total acreage held by BPRL
0.45 BCM natural gas). During the year 2021-22, IC received
and its subsidiaries is around 22,000 sq. km, of which
dividend amounting to approximately USD 152 million (with
approximately 49% is offshore.
BPRL’s effective share of approximately USD 50 million).
The PI in respect of the blocks in India are held directly by
In TYNGD, Rosneft holds 50.1% shares, BP holds 20% shares
BPRL. BPRL has wholly owned subsidiary companies located
and IC holds the remaining 29.9% shares, through their
in the Netherlands, Singapore, and India. The subsidiary
respective subsidiary companies. During the year, TYNGD
located in the Netherlands, i.e., BPRL International BV, in turn,
produced approximately 5.06 MMT of oil and 3.51 BCM of
has four wholly owned subsidiary companies, viz., BPRL
natural gas (BPRL’s effective share being 0.50 MMT oil and
Ventures BV, BPRL Ventures Mozambique BV, BPRL Ventures
0.34 BCM natural gas). During the year 2021-22, IC received
Indonesia BV and BPRL International Ventures BV. BPRL
dividend and capital repayment amounting to approximately
Ventures BV has 60.88% stake in IBV Brasil Petroleo Limitada,
USD 276 million (with BPRL’s effective share of approximately
which currently holds PI ranging from 20% to 40% in five
USD 91 million).
blocks in offshore Brazil. BPRL Ventures Mozambique BV has
UNITED ARAB EMIRATES (UAE)
PI of 10% in a block in Mozambique, and BPRL Ventures
Indonesia BV holds PI of 16.2%1 in a block in Indonesia. Lower Zakum Concession
BPRL, through BPRL International Ventures BV, has 30% The Lower Zakum field, located in Abu Dhabi offshore shallow
stake in Falcon Oil and Gas BV, which holds 10% stake in the water, has been producing crude oil since 1967.
Lower Zakum Concession in offshore Abu Dhabi, UAE. The Indian consortium, comprising BPRL along with OVL and
Further, BPRL's wholly owned subsidiary in Singapore, i.e., IOCL, acquired 10% stake in the offshore producing oil asset
1
Notice of withdrawal issued by Pertamina and BPRL to defaulting partner for transferring defaulting partner’s PI to non-defaulting partners
in proportion of existing PI. Approval pending from Indonesian regulator, SKK Migas.

Lower Zakum Concession in Abu Dhabi, UAE. The Indian Following the discovery of vast quantities of natural gas in the
Consortium’s share in the Lower Zakum Concession is held Rovuma Offshore Area 1 off the coast of northern
through Falcon Oil & Gas BV, a SPV incorporated in the Mozambique, Area 1 consortium partners announced Final
Netherlands, where BPRL holds 30% shares through its Investment Decision (FID) on June 18, 2019 to develop a
step-down subsidiary BPRL International Ventures BV. The 2x6.56 MMTPA-Train onshore initial LNG Project for
concession has a term of 40 years, effective from March 9, monetization of gas discovered from offshore Golfinho-Atum
2018. The other shareholders in the Lower Zakum discovery area. With the announcement of the FID, the
Concession are JODCO (10%, a wholly owned subsidiary of Golfinho-Atum Field Development Plan became effective and
Japan’s INPEX Corporation), China National Petroleum Development and Production Period of 30 years commenced.
Corporation (10%), Italy’s ENI (5%) and France’s Total S.A. The Area 1 Partnership has finalized Senior Debt Financing of
(5%). The Abu Dhabi National Oil Company (ADNOC) holds a approximately US$ 14.9 billion for the project. The senior debt
majority 60% stake in the concession. comprises a mix of Export Credit Agencies (ECA) Direct
During the year, BPCL group refineries lifted approximately Loans, ECA Covered Facilities, Commercial Bank Facilities,
4.3 million barrels (0.56 MMT) of Das Blend Crude Oil as its and finance from a multilateral development institution.
equity oil from the Lower Zakum Concession. While the project activities were progressing on schedule till
Onshore Block 1 Concession March 2021, the project operations have been suspended and
BPRL, jointly with Indian Oil Corporation Ltd. (IOCL), was force majeure has been declared during the year 2021-22,
awarded the Onshore Block 1 Concession as an Operator with since the Operator is unable to perform its obligations due to
100% PI in March 2019 under Abu Dhabi 2018 Block Bid the security situation in the vicinity of the project site.
Round. The block is held by Urja Bharat Pte Limited (UBPL), a The Government of Mozambique is working towards
50:50 joint venture company of wholly owned subsidiaries reestablishing peace and resolving the security situation.
(WOS) of BPRL and IOCL, incorporated in Singapore. Mozambican military along with Joint forces from Rwanda
and Southern African Development Community (SADC)
Onshore Block 1 covers an area of 6,162 sq. km located in
continue their operations in the region.
the Al Dhafra region around Ruwais City and the refining
complex, including the coastal region to the west. There are The Area 1 Project is assisting in the development of local
two existing undeveloped discoveries in the area, named social and economic infrastructure and the project is
Ruwais and Mirfa, in addition to available prospects/leads for currently implementing various initiatives in the areas of
exploration. agriculture, water and sanitation, health, education and
capacity building, fisheries, solarization and small business
The drilling and testing of appraisal wells in Ruwais Discovery
development.
have been completed, which has established the presence of
hydrocarbons, and further studies are in progress. While the project remains in force majeure, the relationship
with contractors remains constructive, with specific care
During the year 2021-22, the first exploration well in the
taken to review the situation with local Mozambican
unexplored area was spud on March 3, 2022 and the
companies, given the sensitivity of local content,
remaining exploration wells are planned to be drilled
employment, and training, etc. The Operator has informed
subsequently.
that the equipment and infrastructure at the site is in good
MOZAMBIQUE condition.
BPRL, through its Netherlands based step-down subsidiary The Area 1 Concessionaires remain committed to restart
company BPRL Ventures Mozambique B.V, holds 10% PI in once the security situation is resolved in a sustainable
the Offshore Area 1, Rovuma Basin concession in manner.
Mozambique. Total E&P Mozambique Area 1 Limitada, a BRAZIL
wholly owned step-down subsidiary of Total S.A. is the
IBV Brasil Petroleo Limitada (incorporated in Brazil), a joint
Operator with 26.5% PI and the other consortium partners are venture company of BPRL Ventures BV with 60.88%
Mitsui E&P Mozambique Area 1 Limited (20%), ENH Rovuma shareholding, and Videocon Energy Brazil Ltd, step-down
Área Um, S.A. (15%), ONGC Videsh Rovuma Limited (10%), subsidiaries of BPRL & Videocon Industries Limited,
Beas Rovuma Energy Mozambique Limited (10%) and PTTEP respectively, currently hold PIs in five deep-water blocks in
Mozambique Area 1 Limited (8.5%). three concessions.
82
Sergipe Alagoas (BM-SEAL-11) concession The minimum work programme committed as per the PSC
The concession currently consists of two blocks – under the exploration phase has been completed.
SEAL-M-426 and SEAL-M-349 – and Petrobras is the The results of the appraisal drilling program, Geological,
Operator with 60% PI, while IBV holds the remaining 40% PI. Geophysical and Reservoir studies along with an independent
During the exploration periods, four discoveries of oil and gas, reserve certification had indicated significant reduction in
i.e., Barra, Farfan, Cumbe and Barra-1, have been made in recoverable oil and gas resource volume from the Parang
this concession. The Operator, Petrobras, concluded an discovery.
extended well testing in the Farfan field. The Operator, on
Various alternative options are being evaluated to decide the
behalf of the Concessionaires, has submitted the Declaration
of Commerciality (DoC) to ANP (Brazilian Regulator) on way forward in the block.
December 30, 2021 for Farfan and Barra appraisal plans, BLOCKS IN INDIA
which have been since renamed as ‘Cavala’ and ‘Agulhinha’, A. Operated Blocks
respectively. The Concessionaires are progressing on
i. CB-ONN-2010/8 (Onshore Cambay Basin, Gujarat)
finalizing the Field Development Plan (FDP).
Under the NELP-IX bid round, a BPRL-led consortium was
Campos (BM-C-30) concession
awarded one on-land block CB-ONN-2010/8, in Cambay
In the BM-C-30 Concession, IBV has 35.714% PI and
basin. BPRL is the Lead Operator with 25% PI and the other
PetroRio Jaguar Petroleo Ltda has become the Operator of the
consortium partners are GAIL (India) Ltd - 25% PI (Joint
block in June 2021 with 64.286% PI after acquiring stakes
Operator), Engineers India Ltd (EIL) - 20% PI, BF
from BP (erstwhile Operator with 35.714% PI) and the other
Infrastructure Ltd (BFIL) - 20% PI and Monnet Ispat & Energy
partner Total Energies (28.572% PI). The Operator has
proceeded with an exclusive operation for development of the Ltd (MIEL) - 10% PI. Due to MIEL’s cash call payment default
Wahoo discovery in the block, following which IBV has under the Joint Operating Agreement (JOA), the other
initiated arbitration proceedings against the Operator at non-defaulting parties have agreed to distribute MIEL’s 10% PI
International Chamber of Commerce (ICC), London. in proportion to their existing share.
Potiguar (BM-POT-16) Concession During the initial exploration period, two discoveries were
The Concession is operated by Petrobras with 30% PI and the made and a Field Development Plan was approved by the
other partners are IBV (20% PI), Petrogal (20% PI) and BP Directorate General of Hydrocarbons (DGH). However, in view
(30% PI). The Operator has approached ANP on behalf of the of the unviable project economics, BPRL submitted a
Concessionaires for relinquishment of the block and ANP’s relinquishment proposal to DGH, which is under approval.
approval is awaited. ii. CB-ONHP-2017/9 (Onshore Cambay Basin, Gujarat)
INDONESIA The block CB-ONHP-2017/9 in Cambay basin, Gujarat was
BPRL farmed in to Nunukan Production Sharing Contract awarded to BPRL under the Open Acreage Licensing Policy
(PSC) in September 2009 and has a PI of 16.2%1, held (OALP) Bid Round-I and the Revenue Sharing Contract (RSC)
through its step-down subsidiary BPRL Ventures Indonesia of the block was signed with Govt. of India on October 1,
BV. 2018. BPRL is the lead Operator in the block with PI of 60%
PT Pertamina Hulu Energi Nunukan Company (PHENC), a and Oil and Natural Gas Corporation Limited (ONGC) is the
wholly owned subsidiary of Pertamina, the National Oil partner with 40% PI.
Company of Indonesia, has 83.8%2 PI in the consortium and Petroleum Exploration License (PEL) and Environmental
is the Operator. The Production Sharing Contract (PSC) was
Clearance have been obtained. Due to outbreak of Covid-19,
signed on December 12, 2004 and is valid for a period of 30
DGH has extended the exploration period up to June 30, 2023.
years, i.e., till 2034. The block is located in shallow waters
offshore of Bunyu Island in Tarakan basin of North Kalimantan Drilling prospects have been identified and activities are in
province. progress towards the minimum work program.
1&2
Notice of withdrawal issued by BPRL and Pertamina to defaulting partner for transferring defaulting partner’s PI to non-defaulting partners
in proportion of existing PI. Approval pending from Indonesian regulator, SKK Migas.

iii. CY/ONDSF/Karaikal/2016 (Onshore Cauvery Basin, iii. NELP IX Blocks
Tamil Nadu) a) CB-ONN-2010/11 (Onshore Cambay Basin, Gujarat)
BPRL was awarded the Karaikal Contract Area in the CB-ONN-2010/11, an on-land block, was awarded by
Discovered Small Field (DSF) bid round of 2016 with 100%
Government of India to a consortium consisting of GAIL,
PI. The Petroleum Mining Lease (PML) for the block is
BPRL, EIL, BFIL and MIEL. GAIL, with 25% PI, is the Lead
awaited from State Govt. of Tamil Nadu and support of DGH
Operator of the block. BPRL with 25% PI is the Joint Operator
has been sought to expedite the same.
of the block.
B. Non-Operated Blocks
Due to MIEL’s cash call payment default under the Joint
i. CY-ONN-2002/2 (Madanam Field, Onshore Cauvery
Operating Agreement (JOA), the other non-defaulting parties
Basin, Tamil Nadu)
have agreed to distribute MIEL’s 15% PI in proportion to their
BPRL has a Participating Interest (PI) of 40% in an on-land existing share, for which a request has been submitted to
Block CY-ONN-2002/2 in Cauvery Basin, with ONGC being
DGH for approval.
the Operator with 60% PI. During the exploration phase, the
consortium has made one oil discovery, viz., the Madanam oil The Field Development Plan (FDP) of Galiyana #1 was
discovery. Based on the discovery, two appraisal wells were approved on February 10, 2020 and development activities
drilled. The first appraisal well flowed natural gas, which was are in progress.
identified as Thirunagari gas discovery. The second appraisal b) AA-ONN-2010/3 (Assam Arakan Basin, Assam)
well flowed oil and natural gas.
AA-ONN-2010/3, an on-land block was awarded by
The consortium has completed drilling of eight wells under Government of India to a consortium consisting of OIL, ONGC
the field development phase. and BPRL. OIL with 40% PI is the Operator of the block. BPRL
The block currently has six producing wells with a combined has 20% PI and ONGC holds 40 % PI in the block. The
monthly average oil production of 6,300 tonnes (BPRL share Petroleum Exploration License for the block was granted by
2,520 tonnes). During the year 2021-22, 75,500 tonnes of oil the Government of Assam with effect from December 12,
(BPRL share 30,200 tonnes) and associated gas of 29 million 2013.
cubic meters (BPRL share 11.6 million cubic meters) has
Based on the interpretation of newly acquired seismic data,
been produced from the block. In May 2021, monetization of
drilling of exploratory well targeting the Lakhadong-Therria
associated natural gas commenced with gas supply to GAIL.
A natural gas pipeline from Thirunagari field to Madanam (LK+TH) formation is in progress.
Central Processing Facility is under construction. iv. OALP I Blocks
ii. NELP VI Block (CY-ONN-2004/2, Onshore Cauvery a) AA-ONHP-2017/12 (Assam Arakan Basin, Assam and
Basin, Tamil Nadu) Arunachal Pradesh)
Government of India, during year 2004, awarded this on-land Government of India awarded the block AA-ONHP-2017/12 to
block to the consortium of BPRL and ONGC. BPRL has a PI of OIL under OALP I Bid Round. BPRL farmed into the block with
20% in this block, and ONGC, with a PI of 80%, is the Operator PI of 10% in December 2019. The other consortium partners
of the block. of the block are OIL (60% PI) as Operator, IOCL (20% PI) and
The consortium has completed the drilling of four exploratory Numaligarh Refineries Limited (10%). The total block is 489
wells and two appraisal wells as on date. Based on the testing sq. km in area, of which 488.50 sq. km is in Assam and 0.5
results of one discovery well, the FDP was approved on July sq. km is in Arunachal Pradesh.
13, 2017 and, accordingly, the block has entered the
The exploration period is till November 23, 2023. The
Development Phase.
Airborne Gravity Gradiometry Survey, and 2D & 3D seismic
The first two development wells drilled did not yield the
data acquisition have been completed in the block and 3D
desired results, due to which additional studies are being
seismic data processing is currently in progress.
carried out.
84
b) CY-ONHP-2017/1 (Cauvery Basin, Tamil Nadu) Ministry of Defence. The Lead Operator HOEC submitted a
Government of India awarded the block CY-ONHP-2017/1 to proposal to Directorate General of Hydrocarbon (DGH) to exit
ONGC under OALP 1 Bid Round. BPRL farmed into the blocks the block and waiver of Liquidated Damages (LD) in 2015 due
with PI of 40% in December 2019. Out of the total block area to more than two years of delay in obtaining Environment
of 731 sq. km, 579 sq. km is onshore area and the remaining Clearance in line with Government policy dated 10.11. 2014.
152 sq. km is offshore area. PEL has been granted for the However, the same was turned down by DGH. Thereafter,
offshore area. BPRL’s had submitted a proposal for re-commencement of
Government of Tamil Nadu, vide its extraordinary Gazette exploration activities in the block. DGH had informed that the
notification dated 24 February 2020, has prohibited proposal for re-commencement of exploration work by
exploration, drilling and extraction of oil and natural gas, consortium members has not been agreed to by the
including coal-bed methane, shale gas and other similar competent authority and it has been decided to bring the block
hydrocarbons from Nagapattinam district and part of under Open Acreage Licensing Policy (OALP). However, DGH
Cuddalore district. A major part of the entire envisaged raised the demand for payment of cost of unfinished
prospective area of the block falls within the Nagapattinam Minimum Work Programme (MWP). The matter is in
district and part of Cuddalore district. As the offshore area discussion with DGH.
was interpreted not to have prospectivity, a relinquishment BUSINESS PROCESS EXCELLENCE CENTRE (BPEC)
proposal has been submitted by the Operator on behalf of the Business Process Excellence Centre (BPEC) is a centralized
partners to DGH.
setup for transaction/document processing in BPCL. The
BLOCKS RELINQUISHED DURING THE YEAR Centre started its journey with processing of
EP-413 (AUSTRALIA) non-hydrocarbon vendor payments in the Company. Over the
BPRL has exited the EP-413 block during the year 2021-22, years, BPEC has expended the operations from Accounts
considering the low hydrocarbon prospectivity. Payable to Accounts Receivable, Centralized Goods and
Service Tax and Centralized Payroll.
RJ-ONN-2005/1 (Rajasthan Basin, Rajasthan)
In spite of the pandemic, BPEC continued its operations
RJ-ONN-2005/1, an on-land block, was awarded by the
Government of India on December 22, 2008 to a consortium seamlessly in the year 2021-22. BPEC processed 4.50 lakh
consisting of Hindustan Oil Exploration Corporation (HOEC), vendor invoices amounting to ₹ 16,400 crore, with more than
BPRL, IMC Limited and Jindal Petroleum Limited (JPL). HOEC 85% of the invoices processed within 15 days of receipt at
is the Lead Operator and BPRL is the Joint Operator of this BPEC. The Digital Invoice Management (DIM) initiative
block. The Petroleum Exploration License (PEL) for the block enhanced value, by which 80% of vendor invoices were
was granted by the Government of Rajasthan on July 13, received digitally through the Vendor Invoice Management
2009. On award, all the consortium partners had an equal PI portal. This not only reduced processing time but also
of 25% each in this block. BPRL’s PI was increased to 33.33% resulted in promoting green initiative.
subsequent to JPL’s exit from the block. In the course of the Company's journey towards
All the minimum work program commitments except drilling centralization, digital transformation and automation, BPEC
of six wells have been completed in the block. The drilling of has migrated various standard processes in Accounts
exploratory wells was delayed because of inordinate delay in Receivable (AR) Management, namely, customer account
obtaining Environmental Clearance and clearance from clearing, collection management, dispute management,

customer master governance and debit/credit notes issuance facilitates efficiency, reliability and completeness of
for customers, etc. This has resulted in effective governance accounting records and timely preparation of reliable
through enhanced internal controls, improvement in working financial and management information. The internal control
capital management, meaningful insights through data system ensures compliance with all applicable laws and
analytics as well as automation and standardization of regulations, facilitates optimum utilization of resources and
processes, resulting in optimum utilization of resources and protects the Company’s assets and interests of investors. The
transactional excellence. Almost 95% of customer accounts Company has a clearly defined organizational structure,
of the Company are under automatic matching & clearing well-documented decision rights, as well as detailed manuals
system and multiple other AR-related activities are being and operating procedures for its business units and service
handled centrally, leading to standardization of processes entities to ensure orderly and efficient conduct of its business.
across the Company as well as saving time of the field force The internal control systems (including Internal Financial
in routine transactions. Controls over Financial Reporting) are reviewed on an
Recognizing the vital role that Micro, Small and Medium ongoing basis and necessary changes are carried out to align
Enterprises (MSMEs) play in socio-economic growth, with the changing business/statutory requirements. The
employment opportunities, eradication of poverty, etc. and Company has implemented role-based authorization to
mindful of the financial hardships faced by them, the ensure necessary controls in ERP to have a high degree of
Company has created a separate cell for MSMEs to ensure data integrity and professional standards.
uninterrupted and prompt payments to them. Further, The SAP system provides an inbuilt audit trail for all business
the Company has implemented the Trade Receivables transactions that have taken place at any point of time. The
Discounting System (TReDS), which is a digital platform to Company has a whistle-blower policy and an anti-fraud policy
support MSMEs to get their invoices financed at a competitive to address fraud risks. The Company’s independent Audit
rate through an auction where multiple registered financiers function, consisting of professionally qualified persons from
can participate. The Company started invoice discounting for accounting/engineering, reviews the business processes and
MSME vendors from December 2018 through this platform. controls to assess the adequacy of the internal control
During the year 2021-22, there has been a substantial system through risk-focused audits. The Internal Audit
increase in the quantum and value of MSME bills discounted Department plans the annual audit plan to cover various
(150% higher than the previous year). BPCL discounted aspects of the business. The audit reports published by the
3,700 invoices valued at ₹ 263 crore, as against ₹ 105 crore Internal Audit Department are shared with the
during the year 2020-21. Statutory/Government auditors, who review the efficacy of
During the year 2021-22, Goods and Service Tax Cell and internal financial controls. Key business process changes are
Payroll processing were centralised at BPEC with the reviewed by the internal team before implementation.
objective of enhancing value to the Company in terms of The Audit Committee/Board regularly reviews significant
increasing efficiency, standardisation of processes and findings of the Internal Audit Department, covering
optimisation of manpower resources. operational, financial and other areas and provides guidance
INTERNAL CONTROL SYSTEM AND ITS ADEQUACY on internal controls.
The Company has a robust internal control system (including

Internal Financial Controls over Financial Reporting) that
86
Details of Significant Changes in Key Financial Ratios
Details of significant changes (i.e., change of 25% or more as compared to the immediately previous financial year) in key
financial ratios, along with detailed explanations:
Sr. No Ratio Type Unit 2021-22 2020-21 Variation (in %) Explanation for Changes
1 Debtors Turnover No. of 7.42 7.88 -5.90%
Ratio Days
2 Inventory Turnover No. of 26.63 28.62 -6.97%
Days Ratio
3 Interest Coverage Times 13.77 25.66 -46.34% The Interest Coverage Ratio has
Ratio reduced during the current year as
(Profit before Interest compared to the previous year
and Tax + due to lower profits in the current
Depreciation)/ year. The Profit before Interest and
Finance Cost Tax was higher in the previous
year (2020-21) on account of gain
on disposal of investment in one
of the subsidiaries – Numaligarh
Refinery Ltd.
4 Current Ratio Times 0.76 0.92 -16.90%
5 Debt-Equity Ratio Times 0.49 0.48 2.08%
6 Operating Profit % 2.21 3.92 -43.74% The decrease in Operating Profit
Margin Ratio (OPM) Margin Ratio is mainly due to a
OPM = (Profit before decrease in the marketing margin
Exceptional Itemsa in the current year, coupled with
nd Tax minus Other an increase in turnover value
Income)/Sales
7 Net Profit Margin % 2.03 6.31 -67.86% The Net Profit Margin Ratio has
Ratio decreased mainly on account of
lower Profit after Tax when
compared to the previous year
8 Return on Net Worth % 17.69 34.91 -49.31% The Return on Net Worth has
decreased in the current year
mainly on account of lower Profit
after Tax

ANNEXURE - A
Particulars in regards to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
pursuant to the Companies (Accounts) Rules, 2014:
A. Conservation of Energy
Mumbai Refinery (MR)
(i) Steps taken for impact on conservation of energy
Paramount importance has been accorded to energy conservation efforts and MR has in place, a sound and
effective Energy Management System (EnMS), accredited & upgraded with ISO 50001:2018 certifications by M/s
DNV. Continuous monitoring of energy performance and keeping abreast of latest technologies for energy
conservation have helped to achieve a robust energy performance during the year.
BPCL MR was issued 83,996 number of ESCerts (Energy saving Certificates) by Bureau of Energy Efficiency (BEE),
under Ministry of Power, issued under PAT-II.
With the untiring efforts and commitment, MR successfully completed various energy conservation initiatives which
is reflected in the Specific Energy Consumption (SEC) at 64.4 MBN for FY 2021-22. This performance is attributed
to sustained operation at higher intake level of energy efficient CDU4, higher capacity utilization of secondary
process units, energy champion scheme and various energy conserving efforts undertaken during the year. Total 27
Encon schemes were implemented which helped us to save 18,407 MTOE / year and to reduce CO2 emission by
57,982 MT / Year.
The following are the measures taken up at MR for energy conservation:
• Unit wise daily monitoring of steam leaks to achieve zero steam leaks.
• Continuous monitoring & control of all parameters of Furnaces & Boilers.
• On-line chemical cleaning of furnaces to clean off fouling and deposits on the radiation tubes leading to better
heat absorption in radiation section.
• Continuous recovery of flare gas with the help of FGRS and stringent monitoring of process conditions to control
flare loss.
• Continuous Survey of PSV/PCV to identify passing valves and rectification to reduce flare loss.
• Periodical Survey of Compressed air and Nitrogen leaks and rectification.
• Provision of superior insulation on steam headers (FRIC – Flexible Reusable insulation covers) to reduce surface
heat loss.
• Implementation of various Advance Process Control (APC) strategies in process units to reduce energy.
• Usage of “Energy Analytics Dashboard” for on-line monitoring of Refinery process Performance along with MBN
/ Unit wise Energy Model Analytics.
• Use of Nitrogen as flare purge in place of fuel gas for fuel saving.
• Installation of IFC (Intelligent flow controller) for compressed air system in Boiler House.
• Revamp of RFU Naphtha Splitters to reduce energy consumption. Resulted EII reduction by 0.98.
• Replacement of conventional cooling tower fan blades in ARU/DHDS with new energy efficient EFRP.
• Implementation of Electric heat tracing in BBU process lines.
(ii) Steps taken by the Company for utilizing alternate sources of energy
• Cumulative solar power generation for 2021-22 was 1,471 MWH/annum from Solar Power Plant installed at
Refinery & Chembur Staff colony.
• Team comprising of MR, KR & BR senior officials has been formed as a part of “Energy Transition Council” to
identify alternate source of energy to be utilized in future.
88
(iii) The capital invested on energy conservation and estimated savings
Sr. Description of Schemes Capital Energy Savings

No Investment Fuel Power
(` crore) (MT/Year) (MWH/Year)
1 Installation of insulation jackets on valves/flanges/strainers/moisture 0.70 752
separators, steam distribution manifolds & flow meters.
2 Optimization of Steam to LOBS FPU ejector system. NIL 238
3 Reduction of MAB air to Regenerator by utilization of VPSA O2. NIL 2,136
4 20P10 A/B put on load for pumping wild gasoline to GCU as NIL 240
well for Reflux and Reflux pump was stopped.
5 MACs removal by using plant air from B/H. NIL 5
6 Using G10B for delivering LDO to TDU and stoppage of G9B. NIL 400
7 Methanol fractionator column 111-C-03 feed inlet line NIL 24
lagging/cladding done
8 New APC strategies for steam reduction in CCU NIL 243
9 Increment in steam temperature to VDU3 ejector leading to steam saving NIL 357
10 Preheat exchanger cleaning in CDU4 leading to fuel saving 0.18 467
11 Two additional splitter off gas burners were commissioned in CCR NIL 500
furnace,thereby avoiding flaring.
12 Preheat exchanger cleaning in CDU3 leading to fuel saving. NIL 133
13 Application of Ceramic Coating in DHDS heater. 0.09 180
14 Replacement of conventional cooling tower fan blades in ARU/DHDS 0.18 967.9
with new energy efficient EFRP.
15 Corro-coating of cooling water pumps in DHDS CW pump P-11 B. 0.07 174.4
16 Replacement of DHDS heater APH for fuel saving. 1.19 133
17 Replacement of DHDS RGC motor in shutdown. 1 80
18 Part of FCC cracked gasoline was routed directly to PH-5 bypassing NIL 2,000
GTU, for saving of RON loss and Energy in GTU.
19 Revamp of RFU Naphtha Splitters to reduce energy consumption. 36 8,690
20 Air required for CCU Merox Caustic Regeneration was taken from plant NIL 92
air header and Air compressors 004K101A/B stopped.
21 HCU Steam generator 132-E-223 Passing RV was replaced. NIL 714
22 Stoppage of CCU CW turbine P502 which was kept on idling at NIL 107
1200 RPM.
23 Replacement of Air Compressor AC-12 in Boiler House. 1.58 2,053
24 Electric heat tracing in BBU process lines. 4.03 390
25 Stopping of HEB-1 on hot banking during non-monsoon seasons. NIL 180
26 Condensate recovery system in Boiler House, CPP & PR-12. 2.37 365
27 Corro-coating of MOC CW pump P1. 0.10 160
Total 47.49 17,614 4,167.30
Kochi Refinery (KR)

(i) Steps taken for impact on conservation of energy
KR has been certified with Energy Management System (EnMS), ISO 50001:2018 by M/s TUV India for a period of
three years.

KR accomplished lowest ever Specific Energy Consumption (SEC) of 67.06 MBN for the year 2021-22 as against
previous best MBN of 68.2. This performance is attributed to sustained operation at higher crude throughput of energy
efficient CDU3 unit, higher capacity utilization of secondary process units, implementation of schemes proposed by
energy champions and various energy conservation efforts undertaken during the year. 14 energy conservation
initiatives were completed during the year 2021-22 resulting in saving 18,407 MTOE / year, equivalent to a reduction of
1,32,706 MT of CO2 emission per annum.
BPCL KR was issued 10764 number of ESCerts (Energy saving Certificates) by Bureau of Energy Efficiency (BEE),
under Ministry of Power, under PAT-II.
KR adopted the following energy conservation and loss control measures in the year 2021-22, resulting in significant
fuel savings:
• Opportunity shutdowns and rationalization of units, systems and intermediate tanks
• Enhancing flare gas recovery by debottlenecking FGRC compressor suction loop.
• FGH production from MSBP Penex unit and shutting down of the inefficient NHT ISOM unit.
• Stopping steam coupled APH operation in fuel gas fired heaters by ensuring fuel gas quality and maximization of
gaseous fuel.
• Flare purge gas reduction in CEMP flare by sequentially replacing it with nitrogen.
• Replacement of CDU2 crude heaters casing and refractory & APH overhauling to minimize radiation losses and
maximize efficiency
• Replacement of 19000 numbers of conventional lights inside refinery by energy efficient LED lights.
• Advanced process control for IREP units
(ii) Steps taken by the Company for utilizing alternate sources of energy
Installed and commissioned 330 kWp solar plant on the rooftop of new 220 kV substation
(iii) The capital invested on energy conservation and estimated savings
Sr. Description of Schemes Capital Energy Savings
No Investment Fuel Power
(` crore) (MT/Year) (MWH/Year)
1 Stopping KHDS unit utilizing capacity of DHDT and ATF Merox to meet Nil 3,000
demand.
2 Enhancing flare gas recovery by debottlenecking FGRC suction loop. Nil 6,000
3 Offsite Steam trap management: completion of rectification of all 1.7 5,700
identified leaking steam traps.
4 Intermediate tank rationalization. Nil 3,900
5 Stopping SCAPH operation in CDU-3 crude furnace on full gas firing mode. Nil 3,424
6 Flare purge reduction in CEMP flare by replacing with nitrogen in Nil 2,600
phased manner.
7 CDU-1 PF system shutdown for by maximization of gaseous fuel firing. Nil 900
8 CDU-2 crude heaters APH cleaning and general burner overhauling and 0.50 400
refractory rectification.
9 Implement the scheme for Back purge facility for Packinox in CCR. 0.02 330
10 CBD slop internal processing in DCU instead of reprocessing in CDU. 0.02 175
11 Loader valves adjustment in NHT-Recycle gas Compressor. 0.02 826
12 FGH production and stopping NHT ISOM. 0.1 11,000
13 Feed Preheat improvement in CDU-3 and FCCU by operational Nil 2,075
improvements.
14 Power Saving by converting to 19000 nos. of conventional light fittings 8.9 12,732
by Energy efficient LED lamps.
Total 11.26 39,504 13,558
90
B. Technology Absorption
Mumbai Refinery (MR)
i) The efforts made towards technology absorption and the benefits derived such as product improvement, cost
reduction, product development or import substitution:
a. New product 100N Group-III, was launched under make in India initiative which made BPCL MR the only Indian
Refinery to produce this niche product.
b. DHDS catalyst was replaced with latest generation TK-578 BRIM to produce diesel with sulfur 4 to 6 ppmw,
which allowed additional naphtha back blending into HSD pool. PGTR of new Catalyst was completed and all
catalyst performance guarantees were met.
c. Naphtha absorption in HSD was increased from average 5% (Apr-Nov’21) to more than 8% by reducing the
quality giveaway in Flash & Sulphur through APC / IBP corrections in HN / Keeping Treated Diesel Sulphur less
than 5 ppm / Relaxation obtained in the minimum Specification of HSD Viscosity. This has increased HSD
production by approximately 18 TMT/month.
d. Post Revamp, RFU Naphtha Splitters operation in series was made parallel to increase the capacity to 6,000
TPD from 4,200 TPD and Naphtha Splitter in ISOM was taken shutdown. Resulted the EII reduction by 0.98.
e. Processed for the first time, 500 TPD of Stabilized Naphtha in CCR to maximize MS Feed recipe of KMU was
optimized to LK3 + LK4 in lieu of LK3 + HK3 to produce ATF as well as high aromatics MTO in large batch
size without any flushing requirement. This helps to improve HSD pool flash point & in turn more naphtha
absorption in HSD.
f. Started producing PCK of FBP at more than 210 Deg. C from HCU. This helps in increasing MS production by
maximizing MS FBP to 202 Deg C for MMBPL. This has facilitated in maximizing MS production by 3
TMT/month approx.
ii) In case of imported technology (imported during last three years reckoned from beginning of the financial year):
a) The details of technology imported and the year of Import:
Sr. No. Unit - Technology Licensor Year
1 Gasoline Treatment Unit (GTU) M/s. Axens, France 2019
b) Has technology been fully absorbed?
Yes.
c) If not absorbed, areas where this has not taken place, reasons thereof and future plans of action.
Not Applicable.
Kochi Refinery (KR)
i) The efforts made towards technology absorption and the benefits derived such as product improvement,
cost reduction, product development or import substitution
a. Four New Trial Crudes were processed during the year 2021-22 as under:-
• Khafji - High sulphur crude from Kuwait.
• Johan Sverdrup - Low sulphur heavy crude from Norway.
• Ten Blend - Low sulphur heavy crude from Ghana.
• Saturno Crude Low sulphur from Angola
All 4 crudes were accepted for co-processing in future with suitable supporting crudes.
b. MSBP PGTR was successfully completed. Unit is currently being operated @ 112% of its design capacity on
sustained basis.
c. In-house developed scheme for Food Grade Hexane Production from MSBP Penex Unit was commissioned on
January 18, 2022. Commissioning of this facility will improve KR Energy Performance Improvement by reduction
of EII by Onenumber with corresponding fuel savings of ` 31 crore/annum.
d. FCCU CLO was started processing in PFCCU fractionator for recovering LCO cut and thereby PFCCU CLO quality
have been established as premium grade (Low Sulphur, High BMCI Index) CBFS Product (Import substitute).

e. A customized magnetic filter which is one of its kind in KR was commissioned on September 21, 2021 to remove
trace particles from the ATF stream. Post commissioning of the filter, presence of particulate streams in
ATF tanks have significantly reduced.
f. Shock dosing of CRDC developed biocide followed by Corrosion Inhibitor dozing program was started for the first
time for preservation of 48” subsea crude pipeline.
g. Scheme for supplying oxygen from FCCU Oxygen Unit to Ambalamugal Government Covid Hospital (AGCH) was
implemented for treating approx. 2300 covid patient.
h. Total refinery level EII improvement of 2 numbers was achieved in the year 2021-22 under various process initiatives.
i. Cloud based solution for progress monitoring and safety surveillance and manpower monitoring during plant
shutdown was tested successfully during NHT-CCR and CDU-2 units’ shutdown. Both these technologies helped to
automate the tedious task of shutdown progress monitoring and safety surveillance.
ii) In case of imported technology (imported during last three years reckoned from beginning of the financial year)
a) The details of technology imported and year of import:
Sr. No. Technology Year of Import

1 Naphtha Hydro-treating Unit licensed by M/s UOP, USA 2017
2 Light Naphtha Isomerization Unit licensed by M/s UOP, USA 2017
3 Continuous Catalytic Reformer Unit licensed by M/s UOP, USA 2017
4 Propylene Oxide Unit, Sumitomo, Japan 2019
5 Propylene Glycols (PG) Unit, Huntsman, USA 2019
6 Polyols Unit, Scientific Design, USA 2019
7 Ethylene Recovery Unit, Technip, UK 2019
8 Ethylene Oxide / Ethylene Glycol (EO/EG) Unit, Scientific Design, USA 2019
9 Cumene Unit, UOP, USA 2019
b) Has technology been fully absorbed?
No, except for Naphtha Hydro-treating Unit, Light Naphtha Isomerization Unit and Continuous Catalytic
Reformer Unit.
c) If not absorbed, areas where this has not taken place, reasons therefore and future plans of action
Items 4-9: Post detailed feasibility study based on techno commercial evaluation showing higher CAPEX and
reduced benefits along with learnings from handling niche petrochemicals from PDPP Polyols project, the
project has been discontinued as per BPCL Board decision taken on January 31, 2022.
RESEARCH & DEVELOPMENT (R&D)
1. Specific area in which R&D has been carried out
1. Green Hydrogen
2. Hydrogen recovery from refinery off-gases
3. CO2 Capture & Utilization
4. High Performance Domestic LPG Cooking Stove
5. Super Absorbing Polymer (SAP)
6. Niche petrochemicals and Petrochemical processes
7. Syngas Valorization
8. Hydrocarbon Vapor Recovery System
9. Sustainable Aviation Fuel (SAF)/ Bio-ATF
10. Advanced Biofuels and Bio-chemicals
11. BioGas/Bio-CNG
12. Bio-remediation
92
13. Processing of Municipal Solid/ Liquid waste (MSW)/(MLW)
14. Niche/Specialty Solvents developments
15. Process Chemicals
16. Benzene Valorization
17. Indigenous Desalter Technology
18. Divided Wall Column (DWC) technology
19. Process Intensification/Energy efficient processes
20. Novel reactor designs
21. AI based models for refinery CDU
22. Digitization approach for real-time Crude Assay for crude distillation monitoring and optimization
23. Software for predicting crude blend compatibility and optimization
24. Simulation models for refinery units
25. Crude Oil Pipeline Corrosion Inhibitor Development
26. Niche Catalyst Developments and Catalytic Processes
27. Residue up-gradation
28. White Oils for industrial application
29. Energy Efficient Furnace Operation
30. Energy Efficient Heat Exchangers
31. Low grade heat recovery
32. Synthetic engine oil for new generation fuel efficient motorcycles & scooters
33. Diesel engine oil with extended drain interval for off-highway application
34. Long Life Hydraulic Oil for off-highway applications
35. Premium soluble cutting oil
36. Transmission oil for metro rail car
37. OEM specific fuel-efficient manual transmission fluid
2. Benefits derived as a result of the above R&D
1. Digital solution tools viz. “BPMARRK®: Real-time Crude Oil Characterization Software” and “K Model for
Crude Oil Compatibilities” fetched ` 22.20 crore and ` 23.84 crore, respectively towards licensing and
continous usage in BPCL group refineries (MR, KR & BORL). These digital solutions offer help for crude column
monitoring & optimization and enable refineries to process opportunity / heavy crudes.
2. The Nxt Gen BMCG was marketed through in-house developed Novel Additive resulting in value addition of
about ` 20.64 crore.
3. Business support activities towards catalyst evaluation, product generation, evaluation and approvals, fuel
testing, and analytical support led to saving of ` 3.98 crore.
4. Synthetic engine oil for new generation fuel efficient motorcycles & scooters created platform to generate
new business
5. A new product developed viz. Diesel engine oil with extended drain interval for off-highway application offered
enhance oil change interval in off-highway equipment in construction & mining segment and benefit customer
by saving fuel.
6. High-performance long-life hydraulic oil was designed to reduce the total cost of ownership and contribute
to long-term sustainability thereby leading to generating business opportunities in the high potential
off-highway segment.
7. Premium soluble cutting oil designed for multi-metal machining operations provides longer sump life with
reduced disposal thus protecting the environment, there by offering green solution to auto ancillary sector.
8. Synthetic transmission oil for metro rail car developed for garnering new business opportunity in metro rail
segment.
9. OEM specific fuel-efficient manual transmission fluid developed to tap new business opportunity in passenger
car segment.

3. Future R&D areas
1. Net Zero Processes & Technologies
2. Green Hydrogen
3. Pathways for Circular Economy
4. Renewable and Alternate Energy
5. Bio-Products/Bio-chemicals
6. Battery and Storage technologies
7. Engine Research & Development
8. Waste to energy and fuels
9. Modeling approach for column overhead corrosion mitigation
10. Strategy to handle petrochemical plant effluents
11. Alternate fuel (DME) process demonstration
12. Residue up-gradation to value added chemicals and products
13. Process intensification based on Cross Flow Reactor concept
14. Cost optimization for Bio-refineries and Side stream value creation
15. Niche petrochemical product development
16. Long life heavy duty diesel engine oil with fuel economy benefit for BS VI trucks & buses
17. Engine oil for higher CC scooters
18. High-performance gas engine oils
19. Energy efficient industrial oils
20. Industrial lubricants using re-refined base oils
21. Long life final drive axle oil for Off-Highway equipment
22. OEM specific synthetic ultra-long drain axle oil for commercial vehicle
23. Premium coolant for indirect cooling for Battery Electrical Vehicles (BEVs) and Internal combustion
engines (ICE)
4. Expenditure on R&D during 2021-22:

Particulars Expenditure (in ₹ crore)*
Revenue / Recurring Expenditure 54.26
Capital Expenditure 35.84
Total 90.10
*includes salaries & depreciation, unaudited figure
C. FOREIGN EXCHANGE EARNINGS AND OUTGO
The details of foreign exchange earnings and outgo are given below:-
(` in crore)
Particulars 2021-22 2020-21
Earnings in Foreign Exchange 14,830.89 6,615.55
- Includes receipt of ` 784.07 crore (previous year ` 186.40 crore) in Indian
Currency out of total foreign currency billings made to foreign airlines and
` 391.20 crore (previous year ` 287.09 crore) of INR exports to Nepal
and Bhutan of I&C, Lubes and and Retail Customers.
Foreign Exchange Outgo 1,44,104.55 75,768.42
- On account of purchase of Raw Materials, Capital Goods, Chemicals,
Catalysts, Stores spares, International trading activities etc.
94
ANNEXURE – B
ANNUAL REPORT ON CSR ACTIVITIES
1. Brief outline on CSR Policy of the Company:
“We are a Model Corporate Entity with Social Responsibility” is one of the vision statements of Bharat Petroleum
Corporation Limited (BPCL). Recognizing its equal responsibility towards the community near its business units and
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 same being:
- In every financial year, at least 2% of average net profits of the Company made during the three immediately
preceding financial years is earmarked for undertaking CSR activities.
- BPCL has a CSR Committee of the Board headed by an Independent Director, which regularly reviews and monitors
all CSR projects.
- A robust governance structure with a dedicated team of CSR professionals strives towards identifying and
implementing impactful social projects, which are in alignment with the areas specified under Schedule VII of the
Companies Act, 2013 of which the Company takes up CSR projects largely in the five core thrust areas of:
• Education
• Water Conservation
• Skill Development
• Health & Hygiene, and
• Community Development
2. Composition of CSR Committee:
Sr. Name of Director Designation / Nature of Number of meetings Number of meetings of
No. Directorship of CSR Committee CSR Committee attended
held during the year during the year
i. Shri Harshadkumar Independent Director, 6 6
P. Shah Chairman of the Committee
ii. Shri Rajesh Aggarwal Government Nominee Director, 3 3
Member ceased w.e.f. 23.09.2021
iii. Dr. K. Ellangovan Government Nominee Director, 5 2
iv. Shri K. Padmakar Director (Human Resources), 5 5
v. Shri N. Vijayagopal Director (Finance), 2 2
vi. Shri Vetsa Director (Finance), 4 4
Ramakrishna Gupta Member w.e.f 07.09.2021
vii. Shri Suman Billa Government Nominee Director, 1 0
Member w.e.f 16.03.2022
viii. Dr. (Smt.) Aiswarya Independent Director, 1 1
Biswal Member w.e.f 16.02.2022
ix. Shri Gudey Srinivas Government Nominee Director, 3 3
Member w.e.f 21.10.2021
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 policy, projects and programmes are available on the website of the Company on
https://www.bharatpetroleum.com/social-responsibility/csr-reporting.aspx

4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the
Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable (attach the report).
BPCL has been conducting impact assessment of CSR projects to monitor and evaluate important 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 are appended at the end and the relevant reports are made available on the
website: www.bharatpetroleum.com.
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social
responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any
Sr. Financial Year Amount available for set-off from Amount required to be set- off for the
No. preceding financial years (in `) financial year, if any (in `)
1 - NIL NIL
6. Average net profit of the company as per section 135(5) (`Cr.) : 8,336.49
7. (a) Two percent of average net profit of the company
as per section 135(5) (` Cr.) : 166.73
(b) Surplus arising out of the CSR projects or programmes
or activities of the previous financial years (` Cr.) : 0.00
(c) Amount required to be set off for the financial year, if any (`Cr.) : 0.00
(d) Total CSR obligation for the financial year (7a+7b-7c). (` Cr.) : 183.74 #
# Includes ` 17.01 Cr. on account of unspent b/f from FY 2020-21 & transferred to Unspent CSR Account on
30.04.2021.
8. (a) CSR amount spent or unspent for the financial year:
Total Amount Amount Unspent
Spent for the Total Amount transferred to Unspent Amount transferred to any fund
Financial Year. CSR Account as per section 135(6). specified under Schedule VII as
(` Cr.) per second proviso to section 135(5).
Amount (` Cr.) Date of transfer Name of the Fund Amount. Date of transfer.
137.78 39.40 29.04.2022 N.A. N.A. N.A.
(b) Details of CSR amount spent against ongoing projects for the financial year
List attached as Annexure-I (A) (` Cr.) : 43.73
(c) Details of CSR amount spent against other than ongoing projects for the financial year
List attached as Annexure-I (B) (` Cr.) : 90.71
(d) Amount spent in Administrative Overheads (` Cr.) : 3.28
(e) Amount spent on Impact Assessment, if applicable (` Cr.) : 0.06
(f) Total amount spent for the Financial Year (8b+8c+8d+8e) (` Cr.) : 137.78
(g) Excess amount for set off, if any : NIL
Sr. No. Particular Amount (in `)
(i) Two percent of average net profit of the company as per section 135(5) N.A.
(ii) Total amount spent for the Financial Year N.A.
(iii) Excess amount spent for the financial year [(ii)-(i)] N.A.
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous N.A.
financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] N.A.
96
9. (a) Details of Unspent CSR amount for the preceding three financial years:
Sr. Preceding Amount transferred Amount spent Amount transferred Amount remaining
No. Financial to Unspent CSR in the reporting to any fund specified under to be spent in
Year Account under Financial Year Schedule VII as per section succeeding
section 135 (6) (` Cr.) 135(6), if any. financial years.
(` Cr.) Name of Amount Date of (` Cr.)
the Fund (in `) transfer
1. FY 2020-21 17.01 10.45 N.A. N.A. N.A. 6.56
TOTAL 17.01 10.45 N.A. N.A. N.A. 6.56
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding
financial year(s):
List attached as Annexure-I (C) (` Cr.) : 10.45

10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or
acquired through CSR spent in the financial year.
(a) Date of creation or acquisition of the capital asset(s) : None
(b) Amount of CSR spent for creation or acquisition of capital asset (` Cr.) : NIL
(c) Details of the entity or public authority or beneficiary under whose name such capital : N.A.
asset is registered, their address etc.
(d) Provide details of the capital asset(s) created or acquired (including complete address : N.A.
and location of the capital asset)
11. Specify the reason(s) if the company has failed to spend two per cent of the average net profit as per section
135(5).
BPCL provided a budget of `166.73 crore in FY 2021-22 and allocated the entire budget for various projects within the
items enumerated in Schedule VII, which includes several initiatives of national importance. Additionally, BPCL also
carried forward `17.01 crore unspent budget from previous year/s which was earmarked for specific projects and
transferred to the Unspent CSR Account as mandated by Companies Act. Against the above total allocation of `183.74
crore, an expenditure of `137.78 crore was incurred during the year. The shortfall of `45.96 crore
(` 39.40 crore from FY 2021-22 and `6.56 crore out from unspent CSR amount of FY 2020-21) from the stipulated
prescribed spends is on account of the reasons given below:
Delay in certain projects has been due to constraints faced by Implementing Agencies which were beyond their control
- mainly on account of disruptions caused by COVID pandemic and difficulties in supply chain problems faced at
various levels.
The unspent amount has been allocated to the identified ongoing CSR projects and expenditure would be incurred in the
subsequent years as per CSR Rules.
Sd/- Sd/-
Shri Harshadkumar P. Shah Shri Vetsa Ramakrishna Gupta
Chairman – CSR Committee Director Finance with Addl. Charge of
Director HR
Date: June 20, 2022

Brief on Impact Assessment Reports:
i. Infrastructure for training in inorganic farming and sustainable livelihoods:
Budget: ` 456.34 lakh : Expenditure: ` 452.94 lakh
Implementing Agency: Eklavya Foundation
Location: Vikarabad, Telangana
• Through Eklavya Ssupport Centre, they could increase their reach and will conduct batches in a well-equipped
environment. This project will be beneficial for the farmers and farm labourers for long duration. This project will
also contribute to create greater change towards more sustainable farming and the prevention of chemical
pesticides and unsustainable practices through organic farming.
• 240 people are benefitted everyday through the program.
ii. Support for Construction of High School Building:
Implementing Agency: Shree Bhuleshwar Shikshan Prasarak Mandal
Location: Malshiras, Pune, Maharashtra
• The construction of school building has resulted not only in creating more aesthetic appeal but also in increasing
the overall quality of education in the school. New classrooms are providing a secure and education-friendly
environment for the students which have increased the attention span of the students in the class.
• The school has enrolled 337 students from 18 nearby villages.
iii. Construction of AICYAM:
Implementing Agency: Vivekananda Kendra Academy
Location: Bhubaneswar, Odisha
• Academy for Indian Culture, Yoga and Management (AICYAM) with the financial support of BPCL has refurbished
the interiors of the center with the best possible standards.
• 153 participants and faculty have been given accommodation and more than 100 events have been held at the
facility.
iv. Providing medical equipment for quality pediatric cardiac services:
Budget: ` 497.29 lakh ; Expenditure: ` 456.37 lakh
Implementing Agency: Sri Sathya Sai Health & Education Trust
Location: Kharghar, Maharashtra
• The high tech and advanced equipment and machineries supported by BPCL are assisting in improving the
success rate of the surgeries in the center upto 98 to 99%. This has contributed in reducing the global burden of
congenital heart disease by providing it free of cost to everyone.
• 4,134 patients have benefitted through the program. 718 surgeries have been carried out along with 238 cath
interventions. These numbers are expected to increase upto 9,000-12,000 next year.
98
Annexure-I(A)
Details of CSR amount spent against ongoing projects for the financial year: 2021-22
1 2 3 4 5 6 7 8 9 10 11
Item from Local Location of the Project Project Amount Amount Amount Mode of Mode of Implementation -
Sr. the (Yes/ Spent in transferred to
Name of the Project State District Duration Allocated Imple- Through Implementing
No. list of No) Current Unspent CSR
for the Account for the
mentation agency
Activities Project Financial - Direct Name CSR
project as per
in Schedule (in ` Cr.) Year section 135(6) (Yes/No) Registration
VII to the act. State District (in ` Cr.) (in ` Cr.) No
1 Support for setting up 10 Pressure (i) No Uttar Pradesh, Various 3 months 14.34 11.86 0.00 Yes BPCL Not Applicable
Swing Adsorption (PSA) medical Bihar, Karnataka, locations in-house
oxygen units for medical use Kerala, Maharashtra,
amidst a second wave of the Gujarat, Rajasthan
Covid-19 Pandemic
2 Infrastructure facilities for (vii) Yes Maharashtra Mumbai 18 months 9.72 5.31 3.49 No Mumbai Not Applicable
promoting sports Railway Police
3 Construction of a Nursing School & (i) Yes Maharashtra Pune 36 months 7.17 3.17 2.75 No Swa- CSR00002033
Skill Development Institute in Alandi Roopwardhinee
4 Support for Cancer care and cure (i) No Across India Across India 24 months 21.64 3.08 6.07 No Indian Cancer CSR00000792
Society
5 Support for Digitalization, (v) Yes New Delhi New Delhi 36 months 13.41 2.20 5.88 No Office of Development Not Applicable
Documentation, Organization and Commissioner,
safe storage of the Art & Craft National Crafts
collections Museum / Hastkala
Academy, Delhi
6 Providing infrastructure and (i) No Maharashtra Sindhudurg 18 months 5.00 1.80 0.00 No Manav Sadhan CSR00002126
allied facilities for School of Nursing Vikas Sanstha (MSVS)
7 Support for medical equipment for (i) No Assam Cachar 6 months 1.99 1.22 0.00 No District Administration, Not Applicable
cancer care in Cachar Cancer Cachar, Assam
Hospital & Research Center
8 Construction of Toy House and (ii) No Gujarat Gandhinagar 24 months 4.80 1.19 2.21 No Children's Not Applicable
procurement of Mobile Toy Libraries University (CU)
9 Setting up of a model school in (x) Yes Karnataka Dharwad 24 months 2.84 0.85 0.00 No Project Manager, Not Applicable
Harobelavadi Village Nirmithi Kendra,
Dharwad
10 Support for Child Response Vehicle (x) Yes Telangana Telangana 6 months 0.83 0.74 0.00 No Surge Impact CSR00002744
(Bala Rakshak) Foundation (SIF)
Annual Report 2021-22

11 Equipment for setting up (ii) No Tamil Nadu Villupuram 6 months 1.77 0.71 0.00 No RKM Villupuram CSR00006101
digital lab and solar plants
99
100
1 2 3 4 5 6 7 8 9 10 11
Item from Local Location of the Project Project Amount Amount Amount Mode of Mode of Implementation -
Sr. the (Yes/ Spent in transferred to
Name of the Project State District Duration Allocated Imple- Through Implementing
No. list of No) Current Unspent CSR
for the Account for the
mentation agency
Activities Project Financial
project as per - Direct
in Schedule (in ` Cr.) Year (in section 135(6) (Yes/No) Name CSR
VII to the act. ` Cr.) (in ` Cr.) Registration
State District
No
12 Renovation of Vocational training (ii) Yes New Delhi New Delhi 12 months 0.89 0.62 0.00 No All India Federation of Not Applicable
centre for the deaf the Deaf (AIFD)
13 Integrated Water Resources (iv) No Maharashtra & Sangli & 12 months 1.44 0.60 0.00 No Tarun Bharat Sangh CSR00000505
Development for livelihood Rajasthan Karauli
enhancement
14 Construction of first floor of (ii) No Madhya Pradesh Betul 18 months 0.99 0.60 0.00 No Bharat Bharti CSR00009077
primary school building Shiksha Samiti
15 Support for undertaking “Jan (i) No Haryana Nuh 12 months 0.79 0.55 0.00 No Bisnouli Sarvodaya CSR00001405
Arogyam Community Healthcare Gramodyog Sewa
Programme” (2021-22) Sansthan (BSGSS)
16 Support for solar plant to (ii) No Arunachal Pradesh Dibang Valley 12 months 0.65 0.52 0.00 No Sri Sri Rural CSR00001258
Government Schools Development Program
Trust (SSRDPT)
17 Contribution towards Skill (ii) No Uttar Pradesh Raebareli 60 months 2.50 0.50 0.00 No Skill Development CSR00013353
Development Institute Raebareli for Institute Society
operational expenses Raebareli
18 Contribution towards Skill (ii) Yes Gujarat Ahmedabad 48 months 2.00 0.50 0.00 No Skill Development Not Applicable
Development Institute Ahmedabad Society Ahmedabad
for operational expenses
19 Contribution towards Skill (ii) Yes Assam Guwahati 36 months 1.50 0.50 0.00 No Skill Development Not Applicable
Development Institute Guwahati for Institute Guwahati
operational expenses Society
20 Projects wherein the amount spent (i), (ii) & Yes Pan India 58.14 4.09 19.00 Multiple Implementing
during the year is less than (ix) Agencies and BPCL
` 50 lakhs per project. Inhouse
21 Projects wherein the amount spent (i), (ii) & No Pan India 14.03 3.11 0.00 Multiple Implementing
during the year is less than (x) Agencies and BPCL
` 50 lakhs per project. Inhouse
Total 166.44 43.73 39.40
Sd/- Sd/-
Director HR
Annexure-I(B)
Details of CSR amount spent against other than ongoing projects for the financial year: 2021-22
1 2 3 4 5 6 7 8
Item from Local Location of the Project Amount Mode of Mode of Implementation -
Sr. the list of (Yes/ State District Spent in Implemen- Through Implementing
Name of the Project
No. Activities in No) Current tation - Agency
Schedule VII Financial Direct
Name CSR
to the act. Year (in (Yes/No)
Registration
` Cr.)
State District No
1 Contribution to the Prime Minister's Citizen Assistance and (i) No Across India Across India 40.00 No Prime Minister's Citizen Assistance Not-Applicable
Relief in Emergency Situations Fund (COVID-19) and Relief in Emergency Situations
Fund (PM CARES Fund)
2 Contribution towards LPG Connections for BPL households (i) No Across India Across India 8.00 No IOCL Nodal Agency Not-Applicable
3 Support to provide 100 ventilators (i) No Across India Across India 7.20 Yes HPCL/BPCL In-House Not-Applicable
4 Providing 3,000 empty ISI mark jumbo size medical Oxygen (i) No Across India Across India 4.07 Yes GAIL (India) Ltd. / BPCL In-house Not-Applicable
Cylinders for effective and timely clinical treatment of
Covid 19 patients
5 Swachh Bharat Activities (2021-22) (i) No All India All India 3.98 Yes BPCL in-house Not-Applicable
6 Providing 1,000 Oxygen Concentrators for effective and timely (i) No Across India Across India 3.56 Yes Oil & Natural Gas Corporation Not-Applicable
clinical treatment of Covid-19 patients Limited (ONGC) / BPC In-house
7 To support emergency relief measures extended to distressed (i) Yes Odisha Odisha 2.88 Yes BPCL in-house Not-Applicable
Communities of Odisha due to damage caused by cyclone ‘Yaas’
8 Contribution towards Skill Development Institute Kochi for (ii) Yes Kerala Ernakulam 1.50 No Skill Development Society Not-Applicable
operational expenses (SDS) Kochi
9 Supporting Cold Chain Equipment (CCE) for Storage (i) Yes Haryana & Haryana & 1.27 Yes BPCL in-house Not-Applicable
of COVID-19 vaccine Uttar Pradesh Uttar Pradesh
10 Support for infrastructure of existing school (ii) Yes Tamil Nadu Chennai 1.06 No Ramakrishna Mission Belur CSR00006101
Math Howrah
11 Renovation & de-siltation of a water body (i) No Maharashtra Gadchiroli 0.94 No Society for Education, Action and Not-Applicable
Research in Community Health
(SEARCH)
12 Support to provide quality medical healthcare services (i) No Uttar Pradesh Balrampur 0.90 No Impact India foundation (IIF) CSR00003362
through Lifeline Express (Hospital on a train)

101
102
1 2 3 4 5 6 7 8
Item from Local Location of the Project Amount Mode of Mode of Implementation -
Sr. the list of (Yes/ State District Spent in Imple- Through Implementing
Name of the Project
No. Activities in No) Current mentation Agency
Schedule VII Financial - Direct
Name CSR
to the act. Year (in (Yes/No)
Registration
` Cr.)
State District No
13 Project Akshay Chaitanya- Providing kitchen equipment and (i) Yes Maharashtra Mumbai 0.90 No Hare Krishna Movement CSR00001738
other allied facilities for centralized kitchen, Byculla Charitable Foundation (HKMCF)
14 Ensuring clean drinking water by providing water (i) Yes Maharashtra Mumbai 0.80 No Citizens Association for CSR00000040
purifier cum cooler Child Rights
15 Distribution of relief materials to the people affected (i) Yes West Bengal Purba Mednipur 0.70 Yes BPCL in-house Not-Applicable
severely by cyclone 'Yaas'
16 Enhancing school infrastructure Girls' Higher Secondary School (ii) Yes Tamil Nadu Chennai 0.56 No Ramakrishna Mission, Belur Math CSR00006101
17 Enhancement of facilities at Government College, Kozhikode (i) Yes Kerala Kozhikode 0.55 No District Collector, Kozhikode Not-Applicable
18 Contribution towards Skill Development Institute (ii) Yes Andhra Pradesh Visakhapatnam 0.50 No Skill Development Institute (SDI) Not-Applicable
Visakhapatnam for operational expenses Visakhapatnam Society
19 Contribution towards Skill Development Institute (ii) Yes Odisha Khordha 0.50 No Skill Development Institute (SDI) Not-Applicable
Bhubaneswar expenses Bhubaneswar
20 Projects wherein the amount spent during the year is less (i), (ii), (iv) Yes Pan India 6.97 Multiple Implementing Agencies
than ` 50 lakhs per project. & (x) and BPCL Inhouse
21 Projects wherein the amount spent during the year is less (i), (ii), (iv) No Pan India 3.84 Multiple Implementing Agencies
than ` 50 lakhs per project. & (x) and BPCL Inhouse
Total 90.71
Sd/- Sd/-
Director HR
Annexure-I [C]
Details of CSR amount spent in the financial year for ongoing projects of the preceding financial years: 2021-22
1 2 3 4 5 6 7 8 9
Sr. Project Name of the Project Financial Project Total Amount spent Cumulative amount Status of
No. ID Year in Duration Amount on the project spent at the end of project
which the Allocated in the reporting the reporting Completed/
project was for the Financial Year Financial Year Ongoing
commenced Project (in ` Cr.) (in ` Cr.)
(in ` Cr.)
1 G133 Construction of first floor of primary school building in Betul, MP. 2020-21 18 months 0.99 0.30 0.79 On-going
2 G136 Support to provide quality medical healthcare services through Lifeline Express 2020-21 3 months 1.00 0.40 0.73 Completed
(Hospital on a train) Balangir.
3 G124 Integrated project for Cancer care in partnership with Indian Cancer Society 2020-21 24 months 21.64 3.99 7.57 On-going
4 G115 Support online program for the youth including NCC cadres and NSDC candidates 2020-21 6 months 0.48 0.19 0.43 Completed
across India and ITI students from Gujarat
5 F017 Support for construction of a Dormitory for the patients & relatives and expansion 2019-20 12 months 0.70 0.25 0.70 Completed
of a water body (pond) at Shodhgram.
6 F017 Support for construction of a Dormitory for the patients & relatives and expansion 2019-20 12 months 1.28 0.83 1.26 Completed
of a water body (pond) at Shodhgram.
7 F005 Support for providing recycled footwear to 50,000 children in Nandurbar (Maharashtra), 2019-20 5 months 1.00 0.28 1.00 Completed
Hojai (Assam) & Kandhamal (Odisha)
8 G034 To commence primary sections (Class LKG to Class V) at RKM Chennai by supporting 2020-21 10 months 1.93 0.68 1.93 Completed
construction of the additional rooms in the 2nd floor of the existing building
9 G039 Supporting Digitalization, Documentation, Organization and safe storage of the collection 2020-21 36 months 13.41 1.88 4.08 On-going
10 G086 Bandicoot - Reducing manual scavenging by providing 2 local civic bodies with 2020-21 24 months 4.24 0.10 3.77 On-going
10 robotic manhole cleaning machine along with operational cost and maintenance
11 F009 Construction of building, equipment at Manav Sadhan Vikas Sanstha school of Nursing 2019-20 18 months 5.00 1.25 3.05 On-going
12 E166 Scaling up of Remedial Education project in 40 slums in Bhubaneswar in partnership with 2018-19 24 months 0.92 0.16 0.92 On-going
NGO Ruchika Social Service Organizarion (RSSO)
13 E160 Proposal for support for operational expenses of RKM primary school managed 2018-19 36 months 0.98 0.15 0.94 On-going
by RKM Ashram, T. Nagar
Total 53.58 10.45 27.18
Sd/- Sd/-

Director HR
103
104
ANNEXURE TO THE DIRESTORS’ REPORT
ANNEXURE - C
ANNUAL STATEMENT SHOWING THE REPRESENTATION OF SCHEDULED CASTES (SCs), SCHEDULED TRIBES (STs), OTHER BACKWARD CLASSES (OBCs),
ECONOMICALLY WEAKER SECTIONS (EWS) AS ON 1ST JANUARY, 2022 AND NUMBER OF APPOINTMENTS MADE DURING THE PRECEEDING CALENDAR
YEAR, 2021
NAME OF THE PUBLIC SECTOR ENTERPRISE: BHARAT PETROLEUM CORPORATION LTD.
Representation of SCs/STs/OBCs/EWS Number of appointments made during the calendar year 2021
Groups (As on 1.1.2022) By Direct Recruitment By Promotion By Other Methods
Total number SCs STs OBCs EWS Total SCs STs OBC EWS Total SCs STs Total SCs STs OBCs EWS
of Employees
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
Group-A 5,149 857 354 1,078 4 20 0 0 2 #1 33 8 2 **1 0 0 0 0
Group-B 1,461 202 54 264 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Group-C 1,390 175 67 475 0 0 0 0 0 0 3 1 0 0 0 0 0 0
*Group-D/Ds 708 118 55 165 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total 8,708 1,352 530 1,982 4 20 0 0 2 1 36 9 2 **1 0 0 0 0
*Group D/Ds-Group is merged
#Reservation for Economically Weaker Section (EWS): Vacancies to be notified on or after 01.02.2019. 1 EWS recruited in 2021 in Group " A"
**1 sportsperson promoted
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 1ST JANUARY, 2022 AND NUMBER OF APPOINTMENTS MADE IN THE
SERVICE IN VARIOUS GRADE IN THE YEAR 2021
NAME OF THE PUBLIC SECTOR ENTERPRISE: BHARAT PETROLEUM CORPORATION LTD.
JG Pay Scales (in `) Representation of SCs/STs/OBCs/EWS Number of Appointments made during the calendar year 2021
(as on 01.01.2022)
Total Number of Employees By Direct Recruitment By Promotion By Other Methods
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 - - - - - - - - - - - - - - - - - - -
A 40000-140000 30 7 2 12 - - - - - - 30 7 2 - - - - -
A1 50000-160000 3 1 - - - - - 3 1 - - - - - -
A2 60000-180000 316 35 18 108 4 20 - - 2 1 - - - *1 - - - -
B 70000-200000 1,457 226 109 369 - - - - - - - - - - - - - -
C 80000-220000 1,145 199 63 279 - - - - - - - - - - - - - -
D 90000-240000 882 146 76 168 - - - - - - - - - - - - - -
E 100000-260000 662 141 62 101 - - - - - - - - - - - - - -
F 120000-280000 391 76 16 30 - - - - - - - - - - - - - -
G 120000-280000 179 21 8 10 - - - - - - - - - - - - - -
H 120000-280000 55 5 - 1 - - - - - - - - - - - - - -
I 150000-300000 27 - - - - - - - - - - - - - - - - -
J 180000-340000 1 - - - - - - - - - - - - - - - - -
K 200000-370000 1 - - - - - - - - - - - - - - - - -
TOTAL 5,149 857 354 1,078 4 20 - - 2 1 33 8 2 1 - - - -
*1 Sportsperson promoted

105
106
ANNUAL STATEMENT SHOWING REPRESENTATION OF THE PERSONS WITH DISABILITIES (PWDs) IN SERVICE AS ON 1ST JANUARY, 2022 AND NO. OF
APPOINTMENTS OF PWDs - (RECRUITMENT / PROMOTION) DURING THE CALENDAR YEAR 2021
Group Total number of Number of PWD Employees *No. of Appointments (2021)

Employees (as on 01.01.2022) (as on 01.01.2022)
TOTAL VH HH OH LD VH HH OH LD
1 2 3 4 5 6 7 8 9 10 11
"A" 5,149 109 13 9 87 -- -- -- 1 --
"B" 1,461 36 5 3 28 -- -- -- -- --
"C" 1,390 27 6 10 11 -- -- -- 1 --
"D/DS" 708 10 0 2 8 -- -- -- -- --
TOTAL 8,708 182 24 24 134 -- -- -- 2 --
* No. of Appointments include (Recruitment & Promotion)

VH stands for Visually Handicapped (persons suffering from blindness and low vision)
HH stands for Hearing Handicapped (persons suffering from hearing impairment-deaf and hard of hearing)
OH stands for Orthopaedically Handicapped (including persons suffering from locomotor disability, cereberal palsy, acid attack victims, dwarfism, muscular
dystrophy and leprosy cured)
LD stands for Learning Disability / Intellectual Disability (persons with autism, intellectual disability, specific learning disability and mental illness)
ANNEXURE TO THE DIRECTORS' REPORT
ANNEXURE D
REPORT ON CORPORATE GOVERNANCE
1) Company’s philosophy on Code of Governance
Bharat Petroleum Corporation Limited’s (“the Company/ BPCL”) corporate philosophy on Corporate Governance
has been to ensure protection of stakeholders’ interest through transparency, full disclosures, empowerment of
employees, 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
than sixteen.
As on March 31, 2022, the BPCL Board comprised 11 Directors represented by 3 Whole-time (Executive) Directors
including Chairman & Managing Director, 2 Part-time (Ex-Officio) Nominee Directors of Government of India and
Government of Kerala, respectively (Government Directors) and 6 Part-time (Non-official) Directors (Independent
Directors).
Shri N. Vijayagopal, Director (Finance) ceased to be the Director of the Company w.e.f. 01.08.2021 on his
superannuation. He was also the Chief Financial Officer of the Company.
Shri Arun Kumar Singh, Director (Marketing) took over charge of Chairman & Managing Director w.e.f. 07.09.2021
and also holds additional charge of Director (Marketing) w.e.f 14.09.2021. He also held additional charge of
Director (Refineries) up to 21.02.2022.
Shri Vetsa Ramakrishna Gupta was appointed as Chief Financial Officer of the Company w.e.f. 01.08.2021. He was
appointed as Director (Finance) and as an Additional Director w.e.f. 07.09.2021. Thereafter, he was appointed as
Director (Finance) in the Annual General Meeting w.e.f. 27.09.2021. He also holds additional charge of Director
(Human Resources) w.e.f 01.01.2022.
Shri Rajesh Aggarwal, Government Director ceased to be the Director of the Company w.e.f. 23.09.2021.
Shri Gudey Srinivas, Government Director was appointed as an Additional Director of the Company w.e.f.
13.10.2021. He was appointed as Director by shareholders by way of Postal Ballot w.e.f. 17.04.2022.
Shri Pradeep Vishambhar Agrawal, Shri Ghanshyam Sher, Dr. (Smt.) Aiswarya Biswal, Prof. (Dr.) Bhagwati Prasad
Saraswat, Shri Gopal Krishan Agarwal, Independent Directors were appointed as Additional Directors of the
Company w.e.f. 12.11.2021. They were appointed as Independent Directors by shareholders by way of Postal
Ballot w.e.f. 17.04.2022.

Shri K. Padmakar, Director (Human Resources) ceased to be the Director of the Company w.e.f. 01.01.2022 on his
superannuation. He was holding additional charge of Chairman & Managing Director till Shri Arun Kumar Singh took
over as Chairman & Managing Director on 07.09.2021.
Shri K. Ellangovan, Government Director ceased to be the Director of the Company w.e.f. 01.02.2022 on his
retirement from office of Principal Secretary, Industries & Norka, Govt. of Kerala.
Shri Sanjay Khanna, Director (Refineries) was appointed as an Additional Director of the Company w.e.f.
22.02.2022. He was further appointed as Director (Refineries) by shareholders by way of Postal Ballot w.e.f.
17.04.2022.
Shri Suman Billa, Government Director was appointed as an Additional Director of the Company w.e.f. 16.03.2022.
He was further appointed as Director by shareholders by way of Postal Ballot w.e.f. 17.04.2022.
Shri Harshadkumar P. Shah, Independent Director ceased to be Independent Director of the Company w.e.f.
16.07.2022 on completion of his tenure.
In line with Regulation 17(1A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(“Listing Regulations”) no person aged seventy five years or more were appointed or continued as non-executive
directors in the company.
During the Financial Year 2021-22, all meetings of the Board and the Annual General Meeting were chaired by the
Chairman & Managing Director.
The Directors neither held membership of more than 10 Committees nor acted as Chairperson of more than 5
Committees as specified in Regulation 26 of the Listing Regulations and Clause 3.3.2 of Guidelines on Corporate
Governance for Central Public Sector Enterprises issued by Department of Public Enterprises across all the
companies in which they were Directors.
The required information as indicated in Part A of Schedule II of Regulation 17(7) of Listing Regulations and
Annexure IV to Guidelines on Corporate Governance for Central Public Sector Enterprises were made available to
the Board of Directors.
Matrix setting out the skills/ expertise/ competence of Board of Directors
BPCL being a Government Company, all the Directors are appointed as per the nominations from the Government
of India based on the required skills, competencies and expertise. The Company has a competent Board with
background and knowledge of the Company’s Businesses and also of finance, accounts and general
administration. The Board comprises Directors from diverse experience, qualifications, skills, expertise etc. which
are aligned with the Company’s business, overall strategy, corporate ethics, values and culture etc.
Details regarding the Board Meetings, Annual General Meeting, Directors’ attendance thereat, Directorships and
Committee positions held by the Directors are provided herewith :-
108
Particulars of Directors including their attendance at the Board/Members’ Meetings during the Financial Year 2021-22
Names of the Directors Academic Attendance out of 14 Attendance Details of Directorships held in other Memberships held in
Qualifications Board Meetings held at the last Companies (as on March 31, 2022) Committees as specified
during the year and Annual under Regulation 26 of SEBI
percentage thereof General (Listing Obligations and
No. of % Meeting Disclosure Requirements)
Meetings Regulations, 2015
Attended
Whole-time Directors
Shri Arun Kumar Singh Mechanical Engineering 14 100 Attended Chairman: -

Director (Marketing) (up to 06.09.2021) with first rank from NIT, 1. Indraprastha Gas Limited
Chairman & Managing Director Patna (Formerly BCE, (Listed Entity)
(w.e.f. 07.09.2021) with additional Patna) 2. Bharat Oman Refineries Ltd.
charge of Director (Marketing) Director:
1. Petronet LNG Limited
(Listed Entity)
2. Bharat Gas Resources Limited
3. Bharat PetroResources Limited
Shri K. Padmakar Master’s degree in 11 100* Attended Director: -
Additional charge of Chairman & Personnel Management 1. Bharat Oman Refineries Ltd.
Managing Director (up to 06.09.2021) from TISS, Bachelor’s 2. Bharat Gas Resources Limited
Director (Human Resources) (up to Degree in Agriculture 3. Bharat PetroResources Limited
31.12.2021)
Shri N.Vijayagopal A.C.A., LL.B. 4 100* N.A.# Director: Stakeholders’ Relationship

Director (Finance)(up to. 31.07.2021) 1. Bharat Oman Refineries Ltd. Committee: Member
2. Bharat Gas Resources Limited Bharat Petroleum Corporation
3. Bharat PetroResources Limited Limited
4. Ratnagiri Refinery and
Petrochemicals Limited
Shri Vetsa Ramakrishna Gupta B.Com, ACA, AICWA 8 100* Attended Director: Stakeholders’ Relationship
Director (Finance) (w.e.f. 07.09.2021) 1. Bharat Oman Refineries Ltd. Committee: Member
with additional charge of Director 2. Bharat Gas Resources Limited Bharat Petroleum Corporation
(Human Resources) 3. Bharat PetroResources Limited Limited
4. Fino Paytech Limited
Shri Sanjay Khanna B.Tech, Chemical 1 100* N.A.# Director: -
Director (Refineries) Engineering, Post 1. Bharat Oman Refineries Ltd.
(w.e.f. 22.02.2022) Graduate in Finance

Management
* Percentage computed by considering the meetings attended with the total meetings held during the Directors tenure.
N.A.# Not applicable
109
110
Names of the Directors Academic Qualifications Attendance out of 14 Attendance Details of Directorships held in other Memberships held
Board Meetings held at the last Companies (as on March 31, 2022) in Committees as
during the year and Annual specified under
percentage thereof General Regulation 26 of SEBI
No. of % Meeting (Listing Obligations
Meetings and Disclosure
Attended Requirements)
Regulations, 2015
Non-Executive Directors
a) Government Directors
Shri Rajesh Aggarwal I.A.S., B. Tech (Computer 6 85.71* N.A.# Director: -
Additional Secretary and Science & Engineering) from 1. Oil & Natural Gas Corporation Ltd.
Financial Adviser, MoP&NG IIT (Delhi) (Listed Entity-Nominee Director of
(up to 22.09.2021) Govt. of India).
2. Indian Strategic Petroleum Reserves
Limited.
Dr. K. Ellangovan I.A.S., PhD from IIT Madras and 8 66.67* Not Chairman: -
Principal Secretary, MS from Bangalore Medical Attended 1. The Kerala Minerals and Metals Limited
(Industries & NORKA), College 2. Nitta Gelatin India Limited (Listed
Government of Kerala Entity-Nominee Director of Govt. of India)
(up to 31.01.2022) 3. Malabar Cements Ltd.
Director:
4. Kerala State Industrial Development
Corporation Ltd
5. Overseas Keralites Investment and
Holding Limited
6. INKEL Limited
7. Norka-Roots (Sec 25 Company)
Shri Gudey Srinivas IAS B. Tech (Civil Engg). M.E. 6 85.71* N.A.# Director:
AS&FA, Ministry of Consumer Affairs, (Civil Engg). Management 1. Food Corporation of India
Food & Public Distribution and holding Programme in Public Policy 2. Indian Strategic Petroleum Reserves
financial advice charge of Ministry of from Indian School of Business. Limited.
Petroleum & Natural Gas (MoP&NG),
(w.e.f. 13.10.2021)
Shri Suman Billa IAS M Phil, British Chevening 0 0* N.A.# Director:
Principal Secretary, (Industries & Gurukul Scholar at the London 1. Malabar Cements Limited
NORKA), Government of Kerala School of Economics. 2. Overseas Keralites Investments and
(w.e.f. 16.03.2022) Holdings Limited
3. INKEL Limited
4. Kerala State Industrial Development
Corporation Limited
* Percentage computed by considering the meetings attended with the total meetings held during the Directors tenure
Names of the Directors Academic Qualifications Attendance out of 14 Attendance Details of Directorships held in other Memberships held in
Board Meetings held at the last Companies (as on March 31, 2022) Committees as specified
during the year and Annual under Regulation 26 of SEBI
percentage thereof General (Listing Obligations and
No. of % Meeting Disclosure Requirements)
Meetings Regulations, 2015
Attended
Non-Executive Directors
(b)Part-time (Independent Directors)
Shri Harshadkumar P. Shah B. SC. (Maths) 14 100 Attended - Stakeholder’s Relationship
Independent Director Committee: Chairman
(up to 15.07.2022) Bharat Petroleum Corporation
Limited
Shri Pradeep Vishambhar Fellow member of the Institute of 5 100* N.A.# Director: Audit Committee: Member
Agrawal Chartered Accountants of India and 1. Vital Care Pvt Ltd Bharat Petroleum Corporation
Independent Director member of the Institute of Company 2. Interpharm Biotech Private Limited Limited
(w.e.f. 12.11.2021) 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
Shri Ghanshyam Sher M.Com. M.A. (Political Science). 5 100* N.A.# - Audit Committee: Member
Independent Director M.A. (Economics). L.L.B. Bharat Petroleum Corporation
(w.e.f. 12.11.2021) Limited
Stakeholder’s Relationship
Committee: Member
Bharat Petroleum Corporation
Limited
Dr. (Smt.) Aiswarya Biswal Bachelor of Dental Surgery. Masters 5 100* N.A.# - Stakeholder’s Relationship
Independent Director in Management from University of Committee: Member

(w.e.f. 12.11.2021) Liverpool, United Kingdom. Bharat Petroleum Corporation
Limited
111
* Percentage computed by considering the meetings attended with the total meetings held during the Directors tenure.
112
Names of the Directors Academic Qualifications Attendance out of 14 Attendance Details of Directorships held in other Memberships held in Committees
Board Meetings held at the last Companies (as on March 31, 2022) as specified under Regulation
during the year and Annual 26 of SEBI (Listing Obligations
percentage thereof General and Disclosure Requirements)
Meeting Regulations, 2015
No. of %
Meetings
Attended
Prof. (Dr.) Bhagwati M.Com (Gold Medalist). 5 100* N.A.# - Audit Committee: Member
Prasad Saraswat Ph.D in Financial Bharat Petroleum Corporation
Independent Director Evolution of Drugs Limited
(w.e.f. 12.11.2021)
& Pharmaceutical
Companies in India.
Shri Gopal Fellow member of the 5 100* N.A.# Director: Audit Committee: Chairman
Krishan Agarwal Institute of Chartered 1. Genuine Creations Private Limited Bharat Petroleum Corporation
Independent Director Accountants of India 2. Jaladhikar Foundation Limited
(w.e.f. 12.11.2021)
MA (Economics) B.Com 3. Professional Data System Private Stakeholder’s Relationship
(Hons). Limited Committee:Member
4. Gangotri Overseas Private Limited Bharat Petroleum Corporation
5. ICSI Institute of Insolvency Limited
Professionals
*Percentage computed by considering the meetings attended with the total meetings held during the Directors tenure
Note: Details of familiarization programmes imparted to Independent Directors are available on website of the Company:
https://www.bharatpetroleum.in/bharat-petroleum-for/Investors/Our-Policies.aspx
Board Meetings
Fourteen Board Meetings were held during the Financial Year 2021-22 on the following dates:-
April 21, 2021 May 26, 2021 June 21, 2021 July 23, 2021
August 12, 2021 September 7, 2021 September 17, 2021 October 21, 2021
October 29, 2021 November 29, 2021 December 29, 2021 January 31, 2022
February 22, 2022 March 22, 2022
The Company was in compliant with Regulations 17(2) and 17(2A) of Listing Regulations regarding the minimum
number of Board Meetings, maximum time gap between two Board meetings and Quorum requirement in each
Board Meeting.
In line with Regulation 17(3) of the Listing Regulations, the Board has reviewed the compliance of all laws
applicable to the Company as well as steps taken by the listed entity to rectify instances of non-compliances.
In line with Regulation 17(5) of the Listing Regulations, the Board has adopted a Code of Conduct for the Directors
and also for the Senior Management of the Company and the same has been posted on the website of the
Company. There is a system in the organization of affirming compliance with Corporate Governance by the Board
Members and Senior Management Personnel of the Company. A declaration of compliance signed by Chairman &
Managing Director of the Company is enclosed with this Annual Report. The Code of Conduct has suitably
incorporated the duties of the Independent Directors as envisaged in the Companies Act, 2013.
There are no inter-se relationships between our Board members. None of the Non-Executive Directors of BPCL has
any pecuniary relationship / transaction with the Company during the Financial Year.
During the year, all recommendations made by the Committees were accepted by the Board. The declaration has
been received from the Independent Director about meeting the criteria of independence as laid down under
Section 149(6) of the Companies Act, 2013 and Regulation 16(1) (b) of the Listing Regulations. In the opinion of
the Board, the Independent Director fulfill the conditions of independence specified in the said Act and Regulations
and are independent of the management.
3) Board Committees
A) Audit Committee
The Audit Committee comprises four 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 number of members or two members, whichever is higher with the presence of at least two Independent
Directors. The members possess the requisite knowledge of finance & accounting for effective functioning of the
Audit Committee. Smt. V Kala, Company Secretary acts as the Secretary to the Audit Committee.
The Head of Internal Audit is an invitee to the Audit Committee and attends and participates in the said 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 at the meetings for relevant agendas
of Audit Committee.
As on 01.04.2021, the Company had only one Independent Director and hence Company was not able to
re-constitute the Audit Committee. The matter was taken up with the Government of India from time to time with
regard to the nomination / appointment of requisite number of Independent Directors on the Board. The
Government of India, vide their letter dated 08.11.2021, communicated the nomination of five Independent
Directors on the Board including Women Independent Director. Accordingly, these Independent Directors were
inducted on the Board w.e.f. 12.11.2021. Subsequently, Company has reconstituted the Audit Committee on
04.12.2021 by inducting Shri Gopal Krishan Agarwal, Independent Director, as the Chairman of the Committee with
Shri Ghanshyam Sher and Shri Pradeep Vishambhar Agrawal, Independent Directors as the Members of the
Committee. Prof. (Dr.) Bhagwati Prasad Saraswat was appointed as Member of the Committee w.e.f. 16.02.2022.

As on March 31, 2022, the Audit Committee comprised of Shri Gopal Krishan Agarwal, Independent Director, as the
Chairman and Shri Ghanshyam Sher, Shri Pradeep Vishambhar Agrawal and Dr. (Prof.) Bhagwati Prasad Saraswat,
Independent Directors as its Members.
The role of the Audit Committee covers all matters specified in Regulation 18 read with Part C of Schedule II of the
Listing Regulations, Section 177 of the Companies Act, 2013 and Guidelines on Corporate Governance for Central
Public Sector Enterprises.
The role and responsibilities of the Audit Committee include the following:
1) Overseeing the Company’s financial reporting process and the disclosure of its financial information to ensure
that the financial statements are correct, sufficient and credible;
2) Recommending to the Board the fixation of audit fees;
3) Approval of payment to Statutory Auditors for any other services rendered by them;
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:
a) Matters required to be included in the Directors’ Responsibility Statement to be included in the Board’s
Report in terms of clause (c) of sub-section 3 of Section 134 of the Companies Act, 2013.
b) Changes, if any, in accounting policies and practices and reasons for the same.
c) Major accounting entries involving estimates based on the exercise of judgment by Management.
d) Significant adjustments made in the financial statements arising out of audit findings.
e) Compliance with listing and other legal requirements relating to financial statements.
f) Disclosure of any related party transactions.
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;
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 offer document /prospectus /notice and the report submitted by the monitoring agency
monitoring the utilisation of proceeds of a public or rights issue, and making appropriate recommendations to
the Board to take up steps in this matter;
7) Reviewing and monitoring the Auditor’s independence and performance, and effectiveness of the audit
process;
8) Approval or any subsequent modification of transactions of the Company with related parties;
9) Scrutinizing inter-corporate loans and investments;
10) Valuation of undertakings or assets of the Company, wherever it is necessary;
11) Evaluating internal financial controls and risk management systems;
12) Reviewing, with the Management, performance of the Statutory and Internal Auditors and adequacy of the
internal control systems;
13) Reviewing the adequacy of the Internal Audit function, if any, including the structure of the Internal Audit
department, staffing and seniority of the official heading the department, reporting structure coverage and
frequency of internal audit;
14) Discussing with the Internal Auditors any significant findings and follow up thereon;
114
15) Reviewing 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;
16) Discussing with the Statutory Auditors before the audit commences, about the nature and scope of audit as
well as post-audit discussion to ascertain any area of concern;
17) Looking into the reasons for substantial defaults in the payment to the Depositors, Debenture Holders,
Shareholders (in case of non-payment of declared dividends) and Creditors;
18) Reviewing the functioning of the Whistle Blower Mechanism;
19) Reviewing the follow up action on the audit observations of the C&AG Audit.
20) Reviewing the follow up action on the recommendations of the Committee on Public Undertakings (COPU) of
Parliament.
21) Provide an open avenue of communication between the Independent Auditor, Internal Auditor and the Board
of Directors.
22) Approval of appointment of CFO (i.e. the whole-time Finance Director or any other person heading the finance
function or discharging that function) after assessing the qualifications, experience and background, etc. of
the candidate;
23) Carrying out any other function as mentioned in the ‘Terms of reference’ to the Audit Committee.
24) Reviewing the utilization of loans and/ or advances from/investment by the holding company in the subsidiary
exceeding rupees 100 crore or 10% of the asset size of the subsidiary, whichever is lower, including existing
loans / advances / investments existing as on the date of coming into force of this provision.
25) Consider and comment on rationale, cost-benefits and impact of schemes involving merger, demerger,
amalgamation etc., on the listed entity and its shareholders.
The Audit Committee has been sufficiently empowered by the Board of Directors with following powers:-
1) To investigate any activity within its terms of reference.
2) To seek information on and from any employee.
3) To obtain outside legal or other professional advice, subject to the approval of the Board of Directors.
4) To secure attendance of outsiders with relevant expertise, if it considers necessary.
5) To protect whistle blowers.
The Audit Committee reviews the following information:

1) Management discussion and analysis of financial condition and results of operations;
2) Statement of significant related party transactions (as defined by the Audit Committee), submitted by
management;
3) Management letters / letters of internal control weaknesses issued by the Statutory Auditors;
4) Internal audit reports relating to internal control weaknesses;
5) The appointment, removal and terms of remuneration of the Chief Internal Auditor.
6) Statement of deviations as per the SEBI (Listing Obligations and Disclosure Requirements) Listing
Regulations, 2015

(a) Quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to
Stock Exchange(s) in terms of Regulation 32(1).
(b) Annual statement of funds utilized for purposes other than those stated in the offer document /
prospectus / notice in terms of Regulation 32(7);
7) The Audit Committee of the listed holding company shall also review the financial statements, in particular,
the investments made by the unlisted subsidiary company;
All the Subsidiary Companies of the Company are managed by their respective Boards and the Management.
The Financial Statements of the Subsidiary Companies including investments made, if any, are reviewed by
their respective Audit Committee / Board. The performance of Subsidiary Companies and the minutes of their
Board meetings are placed at the Board meetings of the Company. Any significant transaction or arrangement
entered into by the Subsidiary Companies are also reported to the Board of Directors of the Company.
8) Certification/declaration of financial statements by the Chief Executive Officer and Chief Finance Officer.
Four meetings of the Audit Committee were held during the Financial Year 2021-22 on the following dates:
January 11, 2022 January 31, 2022 February 22, 2022 March 22, 2022
Attendance at the Audit Committee meetings during the year 2021-22
Names of the members No of meetings attended %*

Shri Gopal Krishan Agarwal, Chairman (w.e.f. 04.12.2021) 4 100
Shri Ghanshyam Sher, Member (w.e.f. 04.12.2021) 4 100
Shri Pradeep Vishambhar Agrawal, Member (w.e.f. 04.12.2021) 4 100
Prof (Dr.) Bhagwati Prasad Saraswat, Member (w.e.f. 16.02.2022) 2 100
*Percentage computed by considering the meetings attended with the total meetings held during the Director’s
tenure.
Due to non-availability of quorum of the Committee, the Quarterly and Half Yearly Financial Statements as on
June 30, 2021 and September 30, 2021 were reviewed by the Board on August 12, 2021 and
October 29, 2021 respectively.
The Committee at its meetings held on January 31, 2022 reviewed the Quarterly Financial Statements as on
December 31, 2021. Further, Annual Financial Statements as on March 31, 2022 were reviewed by the Committee
at its meeting held on May 25, 2022 before the same were submitted to the Board for approval.
B) Project Evaluation Committee

The Project Evaluation Committee (PEC) comprises of two Independent Directors, one Government Director and
Director (Finance).
The PEC evaluates, guides implementation, monitors, reviews, assesses deliverables, provides recommendations
and advice to the Board for projects costing over ` 500 crore including investments in Subsidiaries / Joint Ventures.
During the Financial Year 2021-22, Shri N. Vijayagopal, Director (Finance) ceased to be a Member of the Committee
w.e.f. 01.08.2021 on his superannuation. Shri Arun Kumar Singh was appointed as a Member of the Committee
w.e.f. 06.08.2021 till 06.09.2021. Subsequently, Shri Vetsa Ramakrishna Gupta, Director (Finance) was appointed
as a Member of the Committee w.e.f. 07.09.2021.
Shri K. Ellangovan, Government Director ceased to be a Member of the Committee w.e.f. 01.02.2022 on his
retirement.
Subsequently, Shri Pradeep Vishambhar Agrawal, Independent Director was appointed as a Member of the
Committee w.e.f. 16.02.2022 and Shri Suman Billa, Government Director was appointed as a Member of the
Committee w.e.f. 16.03.2022.
116
As on 31st March, 2022, the PEC comprised of Shri Harshadkumar P. Shah, Independent Director as the Chairman
and, Shri Pradeep Vishambhar Agrawal , Independent Director, Shri Vetsa Ramakrishna Gupta, Director (Finance)
and Shri Suman Billa, Government Director as its Members.
Shri Harshadkumar P. Shah, Independent Director ceased to be a Chairman of the Committee w.e.f. 16.07.2022 on
completion of his tenure.
Five meetings of the PEC were hed during the Financial Year 2021-22 on the following dates:
April 21, 2021 August 12, 2021 December 29, 2021 January 31, 2022 March 22, 2022
Attendance at the Projects Evaluation Committee meetings during the year 2021-22

Shri Harshadkumar P. Shah, Chairman 5 100
Shri Arun Kumar Singh, Member (from 06.08.2021 to 06.09.2021) 1 100
Shri N. Vijayagopal, Member (up to 31.07.2021) 1 100
Dr. K. Ellangovan, Member (up to 31.01.2022) 3 75
Shri Vetsa Ramakrishna Gupta, Member (w.e.f. 07.09.2021) 3 100
Shri Pradeep Vishambhar Agrawal, Member (w.e.f. 16.02.2022) 1 100
Shri Suman Billa, Member (w.e.f. 16.03.2022) - -
*Percentage computed by considering the meetings attended with the total meetings held during the Director’s
tenure.
C) Nomination and Remuneration Committee
The Nomination and Remuneration Committee (NRC) formulates and reviews policies related to remuneration /
perquisites / incentives within the parameters of Guidelines issued by the Government of India. The 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 unionized
supervisors, as per the guidelines of DPE.
As on 01.04.2021, the Board comprised only one Independent Director and hence could not reconstitute the NRC.
However, a Compensation & Remuneration Committee (CRC) with Shri Harshadkumar P. Shah, Independent
Director as Chairman, Shri Rajesh Aggarwal and Dr. K. Ellangovan, Government Directors, as members, was
constituted at the Board meeting held on August 13, 2020 for the limited purpose of administration, approvals and
implementation of the Employee Stock Purchase Scheme based on relaxation received from SEBI under Securities
and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.The CRC was
also authorised by the Board to deicide the annual bonus/variable pay pool and its distribution across the
executives, including Board level executives and non-unionized supervisors as per the framework and policy
prescribed under the DPE and earlier approved by NRC and Board. One meeting of CRC was held on 21.04.2021
which was attended by all its members.
Shri Gudey srinivas appointed as member in place of Shri Rajesh Aggarwal w.e.f. 21.10.2021.
Subsequently, on nomination of five Independent Directors on the Board, NRC was reconstituted w.e.f. 04.12.2021
to take up the roles and responsibilities as prescribed under the Companies Act, 2013, Listing Regulations and DPE
guidelines and also roles and responsibilities of CRC which was clubbed with NRC.
Prof (Dr.) Bhagwati Prasad Saraswat, Independent Director was appointed as Chairman of the Committee and
Dr. K. Ellangovan, Government Director, Shri Gudey Srinivas, Government Director and Dr. (Smt.) Aiswarya Biswal,
Independent Director were appointed as the Members of the Committee w.e.f. 04.12.2021. Subsequently, Shri
Harshadkumar P. Shah was appointed as a Member of the Committee w.e.f. 01.01.2022. Dr. K. Ellangovan,
Government Director ceased to be the Member of the Committee w.e.f. 01.02.2022 on his retirement.

As on March 31, 2022, the NRC comprised of Prof (Dr.) Bhagwati Prasad Saraswat, Independent Director as
Chairman and, Shri Harshadkumar P. Shah, Dr. (Smt.) Aiswarya Biswal, Independent Director and Shri Gudey
Srinivas, Government Director as its Members.
Shri Harshadkumar P. Shah, Independent Director ceased to be a member of the Committee w.e.f. 16.07.2022 on
During the Financial Year 2021-22, one meeting of the Committee was held on 29.12.2021, which was attended by
Prof (Dr.) Bhagwati Prasad Saraswat, Chairman, Dr. (Smt.) Aiswarya Biswal and Shri Gudey Srinivas, Member.
BPCL is a Government Company and as per the MCA circular, exemptions have been given to Government
Companies from applicability of Section 178 (2), (3), (4) of the Companies Act, 2013, for appointment / removal
of Director, formulating the criteria for determining qualification, positive attributes and independence of Director,
recommending to the Board a policy relating to the remuneration for the Directors and evaluation of performance of
the Board, committees and individual Directors.
D) Stakeholders Relationship Committee
The role of the Stakeholders’ Relationship Committee is to specifically look into the redressal of grievances of
shareholders, debenture holders (and other security holders) including complaints related to transfer of shares,
non-receipt of Annual Report, non-receipt of declared dividends, etc. and other additional roles as covered under
the Listing Regulations.
Shri N. Vijayagopal, Director (Finance) ceased to be a Member of the Committee w.e.f. 01.08.2021 on his
superannuation and Shri Arun Kumar Singh, Director (Marketing) was appointed as a Member of the Committee
w.e.f. 06.08.2021. Subsequently, Shri Vetsa Ramakrishna Gupta, Director (Finance) was appointed as a Member of
the Committee w.e.f. 07.09.2021 in place of Shri Arun Kumar Singh, Director (Marketing).
Shri K. Padmakar, Director (Human Resources) ceased to be the Member of the Committee w.e.f. 01.01.2022 on
his superannuation.
Subsequently, Dr. (Smt.) Aiswarya Biswal, Shri Gopal Krishan Agarwal and Shri Ghanshyam Sher, Independent
Directors were appointed as Members of the Committee w.e.f. 16.02.2022.
As on 31st March, 2022, the Stakeholders’ Relationship Committee comprised of Shri Harshadkumar P. Shah,
Independent Director as Chairman, and, Dr. (Smt.) Aiswarya Biswal, Shri Gopal Krishan Agarwal, Shri Ghanshyam
Sher, Independent Directors and Shri Vetsa Ramakrishna Gupta, Director (Finance) as its Members.
The Committee, at its meeting held on March 22, 2022, reviewed the services rendered to the Shareholders /
Investors including response to complaints / communications from the Shareholders of the Company. The said
meeting was attended by all the Members of the Committee.
During the Financial Year 2021-22, seventy-four complaints were received from investors through SEBI, BSE and
NSE, which were attended to and resolved on priority basis.
Smt. V Kala, Company Secretary acts as the Compliance Officer for matters related to investor relations.
E) Corporate Social Responsibility Committee
The terms of reference of the Corporate Social Responsibility (CSR) Committee broadly comprise:
1. In every Financial Year, utilizing at least 2% of average net profits of the Company made during the three
immediately preceding financial years towards CSR activities as specified in Schedule VII of the Companies
Act, 2013;
2. Providing guidance and suggestions on CSR activities to the CSR role holders and to monitor its progress,
bringing greater transparency and experience in the execution of CSR activities of the Company etc.
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superannuation and Shri Arun Kumar Singh, Director (Marketing) was appointed as a Member of the Committee
w.e.f. 06.08.2021 till 06.09.2021. Subsequently, Shri Vetsa Ramakrishna Gupta, Director (Finance) was appointed
as a Member of the Committee w.e.f. 07.09.2021.
Shri Rajesh Aggarwal, Government Nominee Director ceased to be a Member of the Committee w.e.f. 23.09.2021.
Shri K. Padmakar, Director (Human Resources) ceased to be a Member of the Committee from 01.01.2022 on his
superannuation and Shri K. Ellangovan, Government Director ceased to be a Member of the Committee from
01.02.2022 on his retirement.
Shri Gudey Srinivas, Government Nominee Director was appointed as Member in place of Shri Rajesh Aggarwal of
the Committee w.e.f. 21.10.2021.
Dr. (Smt.) Aiswarya Biswal, Independent Director was appointed as a Member of the Committee w.e.f. 16.02.2022
and Shri Suman Billa, Government Director was appointed as a Member of the Committee w.e.f 16.03.2022.
As on March 31, 2022, the Committee comprised of Shri Harshadkumar P. Shah, Independent Director, as Chairman
and Dr. (Smt.) Aiswarya Biswal, Independent Director, Shri Gudey Srinivas, Shri Suman Billa, Government Nominee
Directors, Shri Vetsa Ramakrishna Gupta, Director (Finance) as its Members.
Six meetings of the Corporate Social Responsibility Committee were held during the Financial Year 2021-22 on the
following dates:
May 26, 2021 July 23, 2021 September 17, 2021
November 29, 2021 December 29, 2021 March 22, 2022
Attendance at the Corporate Social Responsibility Committee meetings:

Shri Harshadkumar P. Shah, Chairman (up to 15.07.2022) 6 100
Shri Rajesh Aggarwal, Member (up to 22.09.2021) 3 100
Shri K. Ellangovan, Member (up to 31.01.2022) 2 40
Shri K. Padmakar, Member (up to 31.12.2021) 5 100
Shri N. Vijayagopal, Member (up to 31.07.2021) 2 100
Shri Vetsa Ramakrishna Gupta, Member (w.e.f 07.09.2021) 4 100
Shri Gudey Srinivas, Member (w.e.f. 21.10.2021) 3 100
Dr. (Smt.) Aiswarya Biswal, Member (w.e.f. 16.02.2022) 1 100
Shri Suman Billa, Member (w.e.f 16.03.2022) - -
* Percentage computed by considering the meetings attended with the total meetings held during the Director’s
tenure.
F) Risk Management Committee
Regulation 21 of the Listing Regulations requires the Company to constitute a Risk Management Committee. In
compliance thereto, the Board had constituted the Risk Management Committee.
During the Financial Year 2021-22, Shri N. Vijayagopal, Director (Finance) ceased to be a Member from 01.08.2021
on his superannuation and Shri Vetsa Ramakrishna Gupta, Director (Finance) was appointed as a Member of the
Committee w.e.f. 06.08.2021.
Shri K. Padmakar, Director (Human Resources) appointed as a member in place of Shri Arun Kumar Singh,
Director, Chairman & Managing Director w.e.f. 21.10.2021.

Shri K. Padmakar, Director (Human Resources) ceased to be a Member of the Committee from 01.01.2022 on his
superannuation.
Subsequently, Shri Gopal Krishan Agarwal, Independent Director was appointed as a Member of the Committee
w.e.f. 16.02.2022 and Shri Sanjay Khanna, Director (Refineries) was appointed as a Member of the Committee
w.e.f. 22.02.2022.
As on March 31, 2022, the Committee comprised of Shri Harshadkumar P. Shah, Independent Director as Chairman
and Shri Gopal Krishan Agarwal, Independent Director, Shri Vetsa Ramakrishna Gupta, Director (Finance) and Shri
Sanjay Khanna, Director (Refineries) as its Members.
Shri Harshadkumar P. Shah, Independent Director, ceased to be a Chairman of the Committee w.e.f. 16.07.2022 on
completion of his tenure
During the Financial Year 2021-22, three meetings of the Risk Management Committee were held and the said
meetings were attended by all the respective Members of the Committee on the following dates:
May 26, 2021 October 29, 2021 November 29, 2021
The role and responsibilities of the Risk Management Committee include the following
i) To formulate a detailed risk management policy which shall include:
• A framework for identification of internal and external risks specifically faced by the listed entity, in
particular including financial, operational, sectoral, sustainability (particularly, ESG related risks),
information, cyber security risks or any other risk as may be determined by the Committee.
• Measures for risk mitigation including systems and processes for internal control of identified risks
• Business continuity plan.
ii) To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks
associated with the business of the Company;
iii) To monitor and oversee implementation of the risk management policy, including evaluating the adequacy of
risk management systems;
iv) To periodically review the risk management policy, at least once in two years, including by considering the
changing industry dynamics and evolving complexity;
v) To keep the board of directors informed about the nature and content of its discussions, recommendations
and actions to be taken;
vi) The appointment, removal and terms of remuneration of the Chief Risk Officer (if any) shall be subject to
review by the Risk Management Committee.
vii) The Risk Management Committee shall coordinate its activities with other committees, in instances where
there is any overlap with activities of such committees, as per the framework laid down by the board of
directors.
viii) 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 by the Audit Committee;
ix) Review and recommend the Risk Management Report consisting of status of risk mitigation plans (including
reporting of risks by businesses) to the Audit Committee/Board;
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x) Review and recommend the statement to be published in the Board’s Report indicating development and
implementation of the risk management policy for the Company;
xi) Review and recommend any other proposal in relation to Risk Management to be put up to the Audit
Committee/Board.
G) Sustainable Development Committee
The terms of reference of the Sustainable Development Committee are to oversee, approve, provide budgetary
allocation and monitor the projects covered under Sustainable Development projects as part of the business plan
of business units and involves an enduring and balanced approach to environmental responsibilities and includes
reviewing of the ‘Business Responsibility Report’ on a half yearly basis and to place this report to the Board for
information on an annual basis.
In line with DPE Guidelines on Sustainable Development, the Board reconstituted the Sustainable Development
Committee.
superannuation. Subsequently, Shri Vetsa Ramakrishna Gupta, Director (Finance) was appointed as a Member of
the Committee w.e.f. 07.09.2021.
Shri K. Padmakar, Director (Human Resources) who was appointed as a Member of the Committee in place of
Shri Arun Kumar Singh, Chairman & Managing Director w.e.f. 21.10.2021, has ceased to be Member w.e.f.
01.01.2022 on his superannuation.
Further, Shri Ghanshyam Sher and Dr. (Smt.) Aiswarya Biswal, Independent Director were appointed as the
Members of the Committee w.e.f. 16.02.2022 and Shri Sanjay Khanna, Director (Refineries) was appointed as a
Member of the Committee w.e.f. 22.02.2022.
As on March 31, 2022, the Committee comprised of Shri Harshadkumar P. Shah, Independent Director as Chairman
and, Shri Ghanshyam Sher, Independent Director, Dr. (Smt.) Aiswarya Biswal, Independent Director,
Shri Vetsa Ramakrishna Gupta, Director (Finance) and Shri Sanjay Khanna, Director (Refineries) as its Members.
Two meetings of the Sustainable Development Committee were held during the Financial Year 2021-22 on
23.07.2021 and 22.03.2022 which were attended by all the Members.
H) Separate Meeting of Independent Directors
One separate meeting of Independent Directors was held on 22.02.2022 which was attended by all the Independent
Directors as on that date, wherein they 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.
4) Remuneration to Directors
BPCL being a Government Company, appointment and remuneration of Whole-Time Directors are determined by the
Government of India. The Nominee Directors of Government of India do not receive any remuneration from the
Company. The Independent Directors received sitting fees of ` 40,000/- for each of the Board / Sub- Committee
Meetings attended by them during the Financial Year 2021-22. The amount of sitting fees payable to independent
directors was fixed by the Board. Performance Linked Incentives are payable to the Whole-time Functional Directors
as employees of the Company as per the policy applicable to all employees of the Company.

Details of remuneration paid/payable to the whole-time Directors during the Financial Year 2021-22 are as
follows :-
Name of Directors All elements of remuneration packages of the Directors
i.e. salary, benefits, bonus, pension, etc.#
Salary & Contribution to Other Benefits Performance Total
Allowances Provident Fund & Perquisites Related Pay (₹)
(₹) & Other Funds (₹) (₹)
(₹)
Shri Arun Kumar Singh* 34,74,439 7,64,377 56,00,223 33,64,194 1,32,03,233
Chairman & Managing Director
Shri Vetsa Ramakrishna Gupta** 17,17,536 3,77,858 27,21,218 - 48,16,612
Director (Finance)
(w.e.f. 07.09.2021)
Shri K. Padmakar 26,11,350 5,74,497 1,23,52,797 23,54,756 1,78,93,400
Director (Human Resources)
(up to 31.12.2021)
Shri N. Vijayagopal 10,96,176 2,41,159 77,95,515 23,97,374 1,15,30,224
Director (Finance)
(up to 31.07.2021)
Shri Sanjay Khanna 3,75,953 82,710 4,38,112 - 8,96,775
Director (Refineries)
(w.e.f. 22.02.2022)
TOTAL 92,75,454 20,406,01 2,89,07,865 81,16,324 4,83,40,244
* Shri Arun Kumar Singh held the post of Director (Marketing) up to 06.09.2021 and he was appointed as Chairman &
Managing Director w.e.f. 07.09.2021. Presently, Shri Arun Kumar Singh, Chairman & Managing Director is also holding
additional charge of Director (Marketing) w.e.f. 14.09.2021.
**Shri Vetsa Ramakrishna Gupta, Director (Finance) holds additional charge of Director (Human Resources) w.e.f
01.01.2022.
# The Company had approved Employee Stock Purchase Scheme and eligible employees including Whole Time Directors
were offered fully paid up equity shares as per the terms and conditions of the approved scheme. During the financial year
2021-22, the eligible employees including Whole Time Directors have availed the offer and purchased the shares under
ESPS scheme and accordingly, the impact has been considered as a part of remuneration.
Service Contracts: As per terms & conditions of appointment communicated by the Administrative Ministry. (i.e. from the
date of taking over charge of the post or till the date of superannuation or until further orders, whichever
is earlier)
Notice period: Three months.
Non-Executive Director did not hold any Shares or any convertible securities in the Company during the Financial
year 2021-22.
The sitting fees paid to the Independent Directors for attending the meetings of the Board/Committee during the Financial
Year 2021-22 are given below:
Name of the Director Amount (₹)
Shri Harshadkumar P. Shah 13,20,000
Shri Pradeep Vishambhar Agrawal * 4,40,000
Shri Ghanshyam Sher* 5,20,000
Dr. (Smt.) Aiswarya Biswal* 4,40,000
Prof. (Dr.) Bhagwati Prasad Saraswat* 3,60,000
Shri Gopal Krishan Agarwal* 4,40,000
*appointed as Independent Director w.e.f 12.11.2021.
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` The Independent Directors are not entitled to any remuneration other than the sitting fees and are not entitled to any
stock options.
5) General Body Meetings
a. The details of Annual General Meetings and Extra-ordinary General Meeting during the last three years are
given below:
Meeting details Date and Time of the Meeting Venue
66 Annual General Meeting
th
August 30, 2019 at 10.30 a.m. Y.B.Chavan Auditorium,
Yashwantrao Chavan Pratishthan,
General Jagannathrao Bhosale
Marg, Mumbai 400 021
67th Annual General Meeting September 28, 2020 at 11.00 a.m. Video- Conferencing/ Other Audio
Visual Means
Extra-ordinary General Meeting March 25, 2021 at 10.30 a.m. Video Conferencing/ Other Audio
Visual Means
68th Annual General Meeting September 27, 2021 at 10.30 a.m. Video- Conferencing/ Other Audio
Visual Means
b. The details of Special Resolutions passed in the previous three Annual General Meetings/Extra-Ordinary
General Meeting are given below:
Meeting details Date and Time of the Meeting Special Resolutions passed at the Meeting
66th Annual August 30, 2019 1. Reappointment of Shri Rajesh Kumar Mangal as
General Meeting at 10.30 a.m. an Independent Director.
67th Annual September 28, 2020 1. Approval of ‘BPCL Employee Stock Purchase
General Meeting at 11.00 a.m. Scheme 2020’.
2. Approval of offer of shares under the ‘BPCL
Employee Stock Purchase Scheme 2020’ to the
Executive/ Whole-time Director(s) of Subsidiary
Company(ies) who are on lien with the Company.
3. Approval of secondary acquisition of shares
through the Trust route for the implementation of
the ‘BPCL Employee Stock Purchase Scheme
2020’
4. Provision of money by the Company for purchase
of its own shares by the Trust for the benefit of
employees under the ‘BPCL Employee Stock
Purchase Scheme 2020’
Extra-ordinary March 25, 2021 Approval for disinvestment of the entire equity
General at 10.30 a.m. shares held in Numaligarh Refinery Limited, a
material subsidiary of Bharat Petroleum
Corporation Limited.
The statement to be annexed to the notice as referred to in sub-section (1) of section 102 of the Companies
Act, 2013 for each item of special business transacted at the above meetings had set forth clearly the
recommendation of the Board to the shareholders on each of the specific items as specified under Regulation
17(11) of the Listing Regulations.
No Extraordinary General Meeting of the Members was held during Financial Year 2021-22.

c. Postal Ballot
During the Financial Year 2021-22, following Special Resolutions were passed by the Company through Postal
Ballot.
Sr. No Particulars of Resolution
1. Appointment of Shri Pradeep Vishambhar Agrawal as an Independent Director
2. Appointment of Shri Ghanshyam Sher as an Independent Director
3. Appointment of Dr. (Smt.) Aiswarya Biswal as an Independent Director
4. Appointment of Prof. (Dr.) Bhagwati Prasad Saraswat as an Independent Director
5. Appointment of Shri Gopal Krishan Agarwal as an Independent Director
Voting Pattern
Sr No. Particulars % Votes in favour % Votes against
1 Appointment of Shri Pradeep Vishambhar Agrawal as an 99.4701 0.5299
Independent Director
2 Appointment of Shri Ghanshyam Sher as an Independent 98.0450 1.9550
Director
3 Appointment of Dr. (Smt.) Aiswarya Biswal as an Independent 98.0674 1.9326
Director
4 Appointment of Prof. (Dr.) Bhagwati Prasad Saraswat as 97.7778 2.2222
an Independent Director
5 Appointment of Shri Gopal Krishan Agarwal as an Independent 97.9335 2.0665
Director
The Special Resolution(s) were passed with requisite majority.
Procedure for Postal Ballot:
Pursuant to the provisions of Section 110 of the Act read with rule 20 and 22 of the Companies (Management and
Administration) Rules, 2014, Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 (“Listing Regulations”), General Circular No. 14/2020 dated April 8, 2020, General Circular No. 17/2020
dated April 13, 2020, General Circular No. 22/2020 dated June 15, 2020, General Circular No. 33/2020 dated
September 28, 2020, General Circular No. 39/2020 dated December 31, 2020, General Circular No. 10/2021 dated
June 23, 2021 and General Circular No. 20/2021 dated December 8, 2021 from Ministry of Corporate Affairs
(“MCA Circulars”) and such other applicable laws and regulations, the Company had issued Postal Ballot Notice
dated March 17, 2022 to the Members, seeking their consent with respect to appointment of Shri Pradeep
Vishambhar Agrawal, Shri Ghanshyam Sher, Dr. (Smt.) Aiswarya Biswal, Prof. (Dr.) Bhagwati Prasad Saraswat and
Shri Gopal Krishan Agarwal as an Independent Directors of the Company for a period of three consecutive years
w.e.f. 12.11.2021.
In compliance with provisions of Section 108 and Section 110 and other applicable provisions of the Act read with
the Management Rules the Company had provided remote e-voting facility to all the Members of the Company. The
Company engaged the services of National Securities Depository Limited (NSDL) for availing services of remote
e-voting for conducting Postal Ballot to enable the members to cast their votes electronically.
124
Smt. V. Kala, Company Secretary was authorised by the Board of Directors to conduct the Postal Ballot and to sign
and send the notice to the members and in compliance with Rule 22(5) of the Rules, Smt. Ragini Chokshi,
Practising Company Secretary (C.P. No. 1436), Ragini Chokshi & Co. (Membership No.2390) was appointed as
Scrutinizer for conducting Postal Ballot process in a fair and transparent manner.
The voting period commenced on Saturday, March 19, 2022 at 9.00 (IST) a.m. and ended on Sunday,
April 17, 2022 at 5.00 (IST) p.m. The cut-off date, for the purpose of determining the number of Members was
Friday, March 11, 2022 and the total number of Members as on cut-off date was 9,29,683.
The Scrutiniser, after the completion of scrutiny, submitted his report to Smt. V. Kala, Company Secretary, who was
duly authorised by the Chairperson to accept, acknowledge and countersign the Scrutiniser’s Report as well as
declare the voting results in accordance with the provisions of the Act, the Rules framed thereunder and the
Secretarial Standard - 2 issued by the Institute of Company Secretaries of India.
Smt. Ragini Chokshi, Scrutiniser after the completion of scrutiny submitted the Consolidated Scrutinizer’s Report
dated April 19, 2022 to the Company Secretary as authorised by Chairman & Managing Director and the
scrutinizer’s report along with details of voting results in the format specified under Regulation 44 of the SEBI
(Listing Obligations & Disclosure Requirements) Regulations, 2015 were submitted to the BSE and National Stock
Exchange of India Limited on April 19, 2022 and also placed on Company’s website.
No Special Resolution is proposed to be conducted through Postal Ballot as on the date of this Annual Report.
6) Means of Communication of Financial Performance
In order to give wider publicity and to reach the Members and other investing public across the nation, the financial
results were published in various editions of leading newspapers.
The Audited / Unaudited Financial Results along with Auditor’s Report / Limited Review Report, as the case maybe
were filed with the Stock Exchanges.
The financial results of the Company are also displayed on the website of the Company at www.bharatpetroleum.in
and the websites of Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE).
Post result conference call were held with institutional investors and analysts on the August 13, 2021,
October 30, 2021 and February 2, 2022. The recordings of the conference call can be accessed on the website of
the Compnay at https://www.bharatpetroleum.in/bharat-petroleum-for/Investors/Financial-Performance/
Conference-Call-Recording.aspx

7) General Shareholders’ / Members information:
As per SEBI Regulations, BPCL shares can be traded only in dematerialised form.
Annual Monday, August 29, 2022 at 10.30 a.m. IST
General The Company is conducting the meeting through VC / OAVM pursuant to the MCA Circulars.
Meeting: Date, For details please refer to the Notice of this AGM.
Time and
Venue
Financial Year BPCL follows the financial year from April to March. The Unaudited Results / Audited Results
for the four quarters / Year end were taken on record by the Board on the following dates:
Period Ended Date of the Date of publication Unaudited/Audited
Board Meeting
Apr-Jun 2021 August 12, 2021 August 13, 2021 Unaudited
Jul-Sep 2021 October 29, 2021 October 30, 2021 Unaudited
Oct-Dec 2021 January 31, 2022 February 1, 2022 Unaudited
Jan-Mar 2022 May 25, 2022 May 26, 2022 Audited
F.Y. 2021-22 May 25, 2022 May 26, 2022 Audited
Dividend Date of Board Meeting approving Amount per equity Date of Payment
Payment declaration of Interim Dividend for share for face value of the Dividend on:
Dates FY 2021-22: of `10/-
First Interim Dividend: October 29, 2021 `5/- November 25, 2021
Second Interim Dividend: January 31, 2022 `5/- February 25, 2022
The Board has recommended Final Dividend of ` 6/- per equity shares of `10 each.
Date of Book Tuesday, August 23, 2022 to Monday, August 29, 2022 (both days inclusive), for the
Closure purpose of AGM and Final Dividend.
Debt The details of listing of Non-Convertible Debentures issued by the Company are given below:
Securities BPCL Debentures 2018-Series I (` 750 crore Listed on wholesale debt market segment of BSE
issued on January 16, 2018) and NSE
ISIN: INE029A08040
Security code : 957388
BPCL Debentures 2019-Series I Listed on wholesale debt market segment of BSE
(`1000 crore issued on March 11, 2019) and NSE
ISIN: INE029A08057
Security code : 958631
BPCL Debentures 2020-Series I (` 1995.20 Listed on wholesale debt market segment of BSE
crore issued on July 6, 2020) and NSE
ISIN: INE029A08065
Security code: 959690
126
Debt The details of listing of Non-Convertible Debentures issued by BORL (which were transferred to
Securities BPCL post merger of BORL w.e.f. July 1, 2022) are given below:
BORL Debentures 2023 (` 600 crore Listed on wholesale debt market segment of
issued on July 13, 2020) BSE and NSE
ISIN: INE322J08024
Security Code:959734
BORL Debentures 2023 – Series II (` 840 Listed on wholesale debt market segment of
crore issued on December 16, 2020) BSE and NSE
ISIN: INE322J08032
Security Code: 960324
BORL Debentures 2026 (` 1000 crore Listed on wholesale debt market segment of
issued on October 26, 2021) BSE and NSE
ISIN: INE322J08040
Security Code: 973554
Debenture SBI CAP Trustee Company Ltd
Trustee Appejay House, 6th Floor, 3, Dinshaw Wachha Road, Churchgate, Mumbai 400 020
Tel 022-4302 5555 Fax 022-2204 0465
Details of Credit Rating obtained by BPCL along with revision:
Instruments Rating Rating at the Changes Ratings at the Ratings as on
Agency beginning of during the end of year date
the year year
Non-Convertible Debenture CRISIL CRISIL AAA/ No change CRISIL AAA/ CRISIL AAA/
1. BPCL Debentures 2017-Series I* Watch Watch Stable
2. BPCL Debentures 2018-Series I Developing Developing
3. BPCL Debentures 2019-Series I
4. BPCL Debentures 2020-Series I
(issued on July 6, 2020)
Non-Convertible Debenture CARE CARE AAA No change CARE AAA CARE AAA/
1. BPCL Debentures 2017-Series I* (Under credit (Under credit Stable
2. BPCL Debentures 2018-Series I watch with watch with
3. BPCL Debentures 2019-Series I Developing Developing
4. BPCL Debentures 2020-Series I Implications) Implications)
(issued on July 6, 2020)
Bank Facilities Long Term CRISL CRISIL AAA/ No change CRISIL AAA/ CRISIL
Watch Watch AAA/Stable
Developing Developing
Bank Facilities - Short Term CRISL CRISIL A1+ No change CRISIL A1+ CRISIL A1+
Commercial Papers CRISL CRISIL A1+ No change CRISIL A1+ CRISIL A1+
Senior Unsecured Fitch BBB- No change BBB- BBB-(Stable)
Debt-Foreign Currency (Negative) (Negative)
Senior Unsecured Moody's Baa3- No change Baa3- Baa3 (Stable)
Debt-Foreign Currency (Negative) (Negative)
*BPCL Debentures 2017- Series I has been repaid during the year and hence the rating for that debenture was
withdrawn on repayment.

Details of Credit Ratings obtained by BORL along with revision (which were transferred to BPCL post merger of
BORL w.e.f. July 1, 2022):
Instruments Rating Rating at the Changes Ratings at the Ratings as on
Agency beginning of during the end of year date
the year year
Non-Convertible CRISIL CRISIL AAA/ No change CRISIL AAA/ CRISIL AAA/
Debentures Watch Watch Stable
1. BORL Debentures 2023 Developing Developing
2. BORL Debentures 2023
– Series II
3. BORL Debentures 2026
Bank Facilities
Long Term
Bank Facilities – CRISIL A1+ No change CRISIL A1+ CRISIL A1+
Short Term
Bank Facilities ICRA ICRA AAA/Watch No change ICRA AAA/Watch ICRA AAA/
Long Term with developing with developing Stable
implications implications
Bank Facilities – ICRA A1+ No change ICRA A1+ ICRA A1+
Short Term
Listing on Stock The Company’s shares are listed on the following Stock Exchanges:
Exchanges & Name of Stock Exchange Security Code / Symbol
Security Code
BSE Ltd.
Phiroze Jeejeebhoy Towers, 500547
Dalal Street, Fort, Mumbai 400 001.
National Stock Exchange of India Ltd. BPCL
Exchange Plaza, Plot No. C/1 Bandra
Kurla Complex, Bandra (E),
Mumbai 400 051.
The Listing Fees have been paid for the year 2022-23 to both the above Exchanges.
ISIN Number For National Securities Depository Ltd. INE029A01011
(NSDL) & Central Depository Services
India Ltd. (CDSL) for equity shares
Market Price Data High, low during each month in the last Please see Annexure I
financial year
Performance in comparison to broad Please see Annexure II
based indices i.e. BSE 100
128
Registrar and Shri Benjamin Rajaratnam
Transfer Agents General Manager (Capital Issues Division),
Data Software Research Co. Pvt. Ltd.
19, Pycrofts Garden Road, Off. Haddows Road, Nungambakkam, Chennai- 600006
Ph: +91-44-2821 3738 / 2821 4487
Email: bpcl@dsrc-cid.in
Share Transfer System In line with the present statutory provisions, issue of duplicate shares,
transmission of shares, transfer of equity shares etc. can be effected only in
dematerialized mode through the depositories.The procedure for various investor
service requests are available on the website of the Company on:
https://www.bharatpetroleum.in/bharat-petroleum-for/Investors/Procedure-
Related-to-Investor-Service-request.aspx
A Committee comprising of two Whole-time Directors considers the requests for
transmission of shares, dematerialization of shares etc. Requests for
dematerialization of shares are processed and confirmation is given to the
respective depositories viz. NSDL and CDSL within 15 days.
Distribution of Shareholders No. of shares Held % of holding
shareholding as on
1) Govt. of India 1,14,91,83,592 52.98%
March 31, 2022
2) Govt. of Kerala 1,86,66,666 0.86%
3) BPCL Trust for Investment in Shares 3,29,60,307 1.52%
4) Mutual Finds/ UTI 25,71,13,946 11.85%
5) Financial Institutions/ Banks 30,64,412 0.14%
6) Insurance Companies 17,04,86,103 7.86%
7) Foreign Institutional Investors 29,69,45,875 13.69%
8) Bodies Corporate 1,52,57,254 0.70%
9) BPCL ESPS Trust 68,36,948 0.32%
10) Others 21,87,37,641 10.08%
Total 2,16,92,52,744 100.00%
Distribution of shareholding on number of shares held by the shareholders and
shareholding pattern are given in Annexure III.
Dematerialization of Out of the shares held by the Shareholders, 99.01% are held in dematerialised
shares and liquidity form and balance in physical form as on March 31, 2022.
The Company has not issued any GDRs /ADRs/ Warrants, etc.

Plant Locations Mumbai Refinery : Bharat Petroleum Corporation Ltd., Mahul, Mumbai 400 074
Kochi Refinery : Bharat Petroleum Corporation Ltd., Ambalamugal,
Kochi 682 302
Bina Refinery* Administrative Building, Refinery Complex, Post BORL
Residential Complex, Bina, Sagar District – 470 124,
Madhya Pradesh.
Lubricant Plants : Wadilube LOBP, Mallet Road, Chinchbunder, Wadibunder,
Mumbai-400 009
Sewree C-Installation, Sewree Fort Road, Sewree (East),
Mumbai 400 015
LOBP Tondiarpet, Post Box No.1152, 35 Vaidyanatha Mudali
Street, Tondiarpet, Chennai-600 081
LOBP Budge Budge, 2 Graham Road, P.O. Budge Budge, Dist.
24-Parganas [South], Budge Budge 700137
MAK Lube Plant, Hastinapur Yojna, Village – Tilla Shahbajpur,
Loni, Distt, Ghaziabad 201102
Address for The Secretarial Department General Manager (Capital Issues
Correspondence Bharat Petroleum Corporation Ltd. Division), Data Software Research Co.
Bharat Bhavan, 4&6, Currimbhoy Road Pvt. Ltd.
Ballard Estate, Mumbai 400 001 19, Pycrofts Garden Lane,
Ph: 022 – 2271 3170 / 2271 3435 Off. Haddows Road, Nungambakkam,
Email : ssc@bharatpetroleum.in Chennai- 600 006
Ph: +91-44-2821 3738 / 2821 4487
Email : bpcl@dsrc-cid.in
*vide Ministry of Corporate Affairs order dated June 22, 2022, the scheme of amalgamation of Bharat
Oman Refineries Ltd. with Bharat Petroleum Corporation Limited was approved and the same became effective
from July 1, 2022. Accordingly, Bina Refinery which was earlier under Bharat Oman Refineries Ltd. became a part
of Bharat Petroleum Corporation Ltd. from the above effective date.
Investor Service Centre
BPCL’s Investors’ Service Centre (ISC), by Data Software Research Co. Pvt. Ltd., our Registrar & Share Transfer
Agents has been functioning at the Registered Office of the Company at the following address to cater to the needs
of the Members / Investors:
Data Software Research Co. Pvt. Ltd. (DSRC)
C/o. Bharat Petroleum Corporation Ltd.
Bharat Bhavan No.1, First Floor, 4 & 6 Currimbhoy Road,
Ballard Estate, Mumbai 400 001
Ph: 022 – 2271 3170 Email : z_dsrc@bharatpetroleum.in
The various procedures relating to investor service requests can be accessed on
https://www.bharatpetroleum.in/bharat-petroleum-for/Investors/Procedure-Related-to-Investor-Service-
request.aspx
Further, BPCL has designated an exclusive e-mail ID: ssc@bharatpetroleum.in for the purpose of communication
from Members including investor complaints.
130
8) Management Discussion & Analysis Report
A detailed chapter on Management Discussion & Analysis is attached to the Directors’ Report.
9) Other Disclosures
a. Details of ‘Related Party Disclosures’ are shown in Notes forming part of Accounts. The related party
transactions were placed before the Audit Committee/Board for approval. The Corporation has incurred
certain expenses on behalf of subsidiaries/joint ventures as co-promoter and such expenses are recoverable
subsequently from 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. The Company has complied with the provisions of Regulation 24 of the Listing Regulations relating to
Corporate Governance requirements in respect of the subsidiaries.
c. The Company has complied with all mandatory requirements as per Listing Regulations and DPE Guidelines
on Corporate Governance within the ambit of the Company except for the following:
1) The Company did not have
i. Optimum combination of executive and non-executive directors as required under Regulation 17(1)(a) of
SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 during the period 01/04/2021
till 11/11/2021.
ii. Requisite number of Independent Directors on the Board as required under Section 149(4) of the Act and
Regulation 17(1)(b) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 during
the period 01/04/2021 till 11/11/2021.
iii. Minimum 6 directors as required for top 1000 listed companies during the period 01/08/2021 till
06/09/2021 and during the period 23/09/2021 till 12/10/2021.
iv. A woman Independent Director as required under Section 149 of the Act read with Companies
(Appointment and Qualification of Directors) Rules, 2014 and Regulation 17(1)(a) of SEBI (Listing
Obligations & Disclosure Requirements) Regulations, 2015 during the period 01/04/2021 to
11/11/2021.
v. Proper composition of the Audit Committee as required under Section 177(2) of the Act and Regulation
18(1)(a), (b) and (d) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and
Nomination and Remuneration Committee as required under Section 178(1) of the Act and Regulation
19(1)(a) of SEBI (Listing Regulations and Disclosure Requirements) Regulations, 2015 during the period
01/04/2021 to 11/11/2021.
2) The Company has not held any meeting of Audit Committee as required under Regulation 18(2)(a)of SEBI
(Listing Obligations & Disclosure Requirements) Regulations, 2015 during the period from 01/04/2021 to
10/01/2022.
Bharat Petroleum Corporation Ltd (BPCL) is a Government Company under the Administrative Control of Ministry of
Petroleum and Natural Gas. The nomination/appointment of all categories of directors are done by Government of
India in accordance with the laid down guidelines of Department of Public Enterprises. Accordingly, the subject
matter of nomination/appointment of adequate number of Independent Directors including Woman Director falls
under the purview of the Government of India. BPCL has from time to time communicated to the Ministry of
Petroleum & Natural Gas with respect to the requirements of Independent Directors including Woman Director under
the Companies Act, 2013 and SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. BPCL was
not able to constitute an Audit and Nomination and Remuneration Committee as BPCL had only one Independent
Director during the period referred by the Secretarial Auditor. However, all the obligations of these Committees were
exercised by the Board of Directors. After continuous follow up, the Govt. of India, vide their letter dated 08.11.2021
had communicated the nomination of five Independent Directors on the Board including Women Independent
Director. Accordingly, these Directors were inducted on the Board w.e.f. 12.11.2021. As a result, as on 12.11.2021,

BPCL had six Independent Directors, two Govt. Directors and three whole time Directors. Accordingly, BPCL
reconstituted Audit Committee & Nomination and Remuneration Committee on 4.12.2021 after proper induction
programme to the Independent Directors and as on date BPCL has complied with respective provisions under
Companies Act, 2013 and SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.
d. BPCL has also implemented the Whistle Blower Policy, which provides vigil mechanism to ensure greater
transparency in all aspects of the Company’s functioning and it also provides employees with a framework /
procedure for responsible and secure reporting of improper activities without fear of victimization and no
personnel has been denied access to the Audit Committee / Board.
e. Details of compliances with mandatory requirements and adoption of the non-mandatory requirements:
The Company has been adhering to the applicable statutory provisions of regulatory authorities including
SEBI, Stock Exchanges and Depositories. While Stock Exchange have issued notices levying penalty for
non-compliance of Listing Regulations relating to Board composition, the Company has applied for waiver of
the same. There has been no instance of non-compliance of any provisions of law, guidelines from regulatory
authorities and the matters related to capital markets, during the last three years, except as stated above.
In addition to compliance of mandatory requirements, the Company has fulfilled the following discretionary
requirements as specified in Part E of Schedule II of Regulation 27 of the Listing Regulations:-
a) Shareholders Rights: The Company has adopted requirements with regard to sending of quarterly / half
yearly financial results to the Members of the Company.
b) The Company has moved towards a regime of Standalone and Consolidated Financial Statements with
unmodified audit opinion.
f. The web link for policy for determining ‘material’ subsidiaries is: https://www.bharatpetroleum.in/
bharat-petroleum-for/Investors/Our-Policies.aspx
g. The web link for revised policy on dealing with related party transactions is:
https://www.bharatpetroleum.in/bharat-petroleum-for/Investors/Our-Policies.aspx. The policy also covers
material related party transactions as required under Regulation 23 of Listing Regulations. The policy is
reviewed by the Board of Directors once in three years. The policy on Related Party Transaction covers
interalia all provisions of Regulation 24 of Listing Regulations.
h. The web link for policy dealing with familiarisation programmes imparted to Independent Directors is:
https://www.bharatpetroleum.in/bharat-petroleum-for/Investors/Our-Policies.aspx
i. BORL was incorporated in 1994 as a Joint Venture between BPCL and OQ S.A.O.C. (formerly known as Oman
Oil Company S.A.O.C.). During the year under review, BPCL has acquired 36.62% of shares from OQ S.A.O.C,
making BORL wholly owned subsidiary of BPCL. BPCL also acquired 2.69 crore warrants of BORL held by
Government of Madhya Pradesh (GoMP) during the year.
In October 2021, Board of Directors of BORL and BPCL approved the Scheme of amalgamation of BORL with
BPCL and an application was submitted to the Ministry of Corporate Affairs (MCA).
MCA vide its order dated February 14, 2022 directed BPCL to convene meetings of its equity shareholders,
secured creditors and unsecured creditors and BORL to convene meetings of its secured creditors and
unsecured creditors. In accordance with the order, these meetings were convened on April 21, 2022, wherein
the resolutions inter-alia approving the Scheme of amalgamation were passed. Thereafter the companies filed
Petition for amalgamation, with the MCA.
On June 22, 2022, MCA has given final order approving the Scheme of Amalgamation of BORL with BPCL.
The order has been filed with the Registrar of Companies at Gwalior and Mumbai respectively and BORL
stands merged with BPCL effective July 1, 2022.
j. BGRL, a wholly owned subsidiary of BPCL, was incorporated in June 2018 for handling Natural Gas business.
132
In March 2021, the Board of Directors of BPCL and BGRL approved the scheme of amalgamation of BGRL
with BPCL with the view of streamlining of the corporate structure and consolidation of assets and liabilities
and an application was submitted to the Ministry of Corporate Affairs (MCA) for the purpose.
MCA vide its order dated October 27, 2021 directed BPCL to convene meetings of its equity shareholders,
secured creditors and unsecured creditors. In accordance with the order, these meetings were convened on
June 3, 2022, wherein the resolutions inter-alia approving the Scheme of amalgamation were passed.
Thereafter the companies filed petition for amalgamation, with the MCA. The process of amalgamation is in
advanced stage now.
k. During the financial year, there were no funds raised by way of preferential allotment or through issue of
non-convertible debentures or bonds.
l. A certificate from Shri Upendra Shukla, Practising Company Secretaries, certifying that none of the Directors
on the Board of the Company have been debarred or disqualified from being appointed or continuing as
Directors of the companies by SEBI, Ministry of Corporate Affairs or any such statutory authority has been
obtained.
m. BPCL nominates Directors for relevant training programmes/seminars conducted by reputed Institutions/
SCOPE/IICA etc. Further, strategy workshops are held to deliberate strategic issues, policy decisions etc.
n. The Report of Board of Directors to the Shareholders included the minimum information specified Part A
Schedule II of the Listing Regulation read with regulation 17(7).
o. CEO and CFO Certification: The Chairman & Managing Director and Director (Finance) have certified to the
Board in accordance with Part B of Schedule II of Regulation 17(8) of the Listing Regulations.
p. Disclosures with respect to demat suspense account/unclaimed suspense account: No Shares are kept under
demat/unclaimed suspense account.
q. There are no items of expenditure in the books of accounts, which are not for the purpose of Business. Further
no expenses were incurred which were personal in nature and incurred for the Board of Directors and Top
Management of the Company. Administrative & Office expenses and Finance expenses constitute 0.48% and
0.44% of the total expenses respectively for the Financial Year 2021-22 as against 0.49% and 0.46% in
previous year. Employee Benefit expenses and Repair maintenance & Stores and Spares as a percentage of
total expenses constitute 0.80% & 0.34% for the Financial Year 2021-22, as against 1.85% & 0.40% in
previous year. The decrease in employee benefit expenses is mainly on account of higher expenses incurred
in previous year 2020-21 on account of Share based payment offered to eligible employees and Voluntary
Retirement Scheme.
r. Pursuant to the requirements of SEBI (Prohibition of Insider Trading) Regulations, 2015, the Company has in
place the ‘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.
s. In line with Listing Regulations, the Company has implemented the various policies which are disclosed on
website of the Company under the link: https://www.bharatpetroleum.in/bharat-petroleum-for/Investors/Our
-Policies.aspx
t. Risk Management Policy
The Company has adopted a Risk Management Policy framework. Accordingly, the Company periodically
informs the Board Members about the risk assessment and procedures for minimizing the risks in line with
Regulation 17(9) of the Listing Regulations.
u. Risk Management policy of the Corporation identifies that it has direct and substantial price risk exposure to
certain commodities such as Crude Oil, Petroleum Products, Freight, Precious metals, Petro-chemicals and
metals and the policy provides the broad framework and governance for undertaking Risk Management
activities in these commodities.

Exposure in Commodities
Commodity Name Exposure in INR Exposure in % of such exposure hedged through
towards the Quantity terms commodity derivatives
particular towards the Domestic market International Total
commodity particular market
(` crore) commodity OTC Exchange OTC Exchange
(Qty. TMT)
Raw Material (Crude Oil) 13,328 2,141 0% 0% 0% 0% 0.00%
Finished Products 21,572 2,521 0% 0% 0% 0% 0.00%
Notes:-
a. Raw Material consist of Crude Oil Closing, in-transit and in process inventory as on March 31, 2022.
b. Finished Products majorly consist of Gasoline, Gasoil, SKO, Naphtha, ATF, FO, LNG, Lubricants and
LPG Closing inventories as on March 31, 2022.
c. The exposure value is value of Closing inventory as on March 31, 2022.
d. During the year 2021-22, BPCL hedged product crack spreads (Difference between Product price and
Dubai Crude Oil price) through Swaps/Options in the international Over the Counter market towards
refinery margin to cover the operating expenses of refinery.
e. BPCL is an Oil Refining and Marketing Company and pricing of major petroleum products naturally
hedge Crude purchase prices to large extent.
v. During the year, 2 complaints of sexual harassment was received in respect of our employees.
1 complaint was disposed during the financial year 2021-22 by the Internal Complaints Committee and
1 complaint was pending at the end of the financial year.
w. Total fees for all services pertaining to financial year 2021-22 availed from the current Statutory Auditors,
M/s K.S. Aiyar & Co., and M/s Kalyaniwalla and Mistry LLP, and the earlier Statutory Auditors,
M/s CVK & Associates and M/s Borkar & Muzumdar, on a consolidated basis, by the Company and its
subsidiaries, are as follows:
Particulars Amount `
Audit fees 70,00,000.00
Fees for other services – Certification 44,10,000.00
Reimbursement of expenses 4,40,377.00
TOTAL 1,18,50,377.00
134
ANNEXURE I
BPCL MARKET PRICE DATA
APRIL 2021- BSE NSE
MARCH 2022 High Low Monthly High Low Monthly
Volume Volume
(₹ per share) (₹ per share) (No. of shares) (₹ per share) (₹ per share) (No. of shares)
April 439.75 400.00 72,35,998 439.95 400.00 14,06,97,416
May 488.00 415.45 1,22,07,726 488.00 415.40 22,18,73,897
June 493.70 465.00 77,66,108 493.90 465.00 9,92,09,970
July 469.00 445.00 58,77,355 468.90 444.90 7,93,42,838
August 475.70 440.75 80,50,901 475.85 440.55 10,95,02,535
September 503.00 412.80 1,41,70,158 503.00 412.05 16,82,25,769
October 468.00 413.55 85,99,375 470.00 413.60 10,78,80,959
November 434.00 367.00 66,64,718 434.00 367.00 8,99,93,433
December 401.50 357.55 79,47,385 401.50 357.40 11,61,41,646
January 406.75 368.00 55,71,777 406.90 368.00 9,58,51,431
February 396.80 331.00 73,16,932 395.00 331.10 10,87,10,114
March 371.65 331.95 87,66,783 371.60 331.80 14,23,92,474
MARKET CAPITALISATION/SHARES TRADED DURING APRIL 1, 2021 TO MARCH 31, 2022

BSE NSE
No. of Shares traded 10,01,75,216 1,47,98,22,482
No. of Shares 2,16,92,52,744 2,16,92,52,744
Highest Share Price (₹) 503.00 503.00
Lowest Share Price (₹) 331.00 331.10
Closing Share Price as on March 31, 2022 (₹) 359.20 359.35
Market Capitalisation as on March 31, 2022 (₹ in crore) 77,919.55 77,952.27

ANNEXURE II
BPCL MARKET PRICE MOVEMENT IN COMPARISON TO BSE 100 INDICES
Share Prices / BSE100 monthly High

1200
18,926.88 20,000.00
1100 18,543.93 18,654.77
18,224.60 17,989.92 18,069.48 17,813.04
17,395.63 18,500.00
1000
16,266.55 17,000.00
900
BPCL Share Price
15,845.06 16,201.64 15,500.00

800
15,219.29
BSE 100
14,000.00
700
12,500.00
600
11,000.00
488 493.7
500 439.75
9,500.00
503
469 475.7
400 468 8,000.00
434
401.5 406.75 396.8
300 371.65
6,500.00
200 5,000.00
Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Jan-22 Mar-22
BPCL Share Price BSE100
ANNEXURE III
DISTRIBUTION OF SHAREHOLDING AS ON MARCH 31, 2022
NO. OF EQUITY SHARES HELD NO. OF SHAREHOLDERS NO. OF SHARES % OF TOTAL
UPTO 5000 9,21,796 14,61,14,372 6.74
5001 TO 10000 6,474 4,05,38,555 1.87
10001 TO 50000 1,469 2,89,44,566 1.33
50001 TO 100000 239 1,73,63,539 0.80
100001 TO 500000 289 6,73,15,907 3.10
500001 TO 1000000 82 5,91,93,057 2.73
1000001 TO 2000000 62 9,00,28,577 4.15
2000001 TO 3000000 27 6,65,47,401 3.07
3000001 AND ABOVE 48 1,65,32,06,770 76.21
Total 9,30,486 2,16,92,52,744 100.00
136
SHAREHOLDING PATTERN OF BPCL AS ON MARCH 31, 2022 (PERCENTAGE)
0.32%
0.70% 10.08% 52.98% Govt. of India

0.86% Govt. of Kerala
1.52% BPCL Trust for Investment in Shares
13.69% 11.85% Mutual Funds/ UTI
0.14% Financial Institutions/Banks
52.98%
7.86% 7.86% Insurance Companies
13.69% Foreign Institutional Investors
0.14% 11.85% 0.70% Bodies Corporate
0.32% BPCL ESPS Trust
10.08% Others
1.52% 0.86%
CODE OF CONDUCT DECLARATION

I hereby declare that all the Board Members & Senior Management Personnel have affirmed compliance with the Code of
Conduct as adopted by the Board of Directors for the year ended March 31, 2022.
Sd/-
Arun Kumar Singh
Place : Mumbai Chairman & Managing Director
Date : July 16, 2022 Bharat Petroleum Corporation Limited

CERTIFICATE UNDER PARA 10(I) OF PART C OF SCHEDULE V READ WITH REGULATION 34(3) OF
THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
To,
The Members of Bharat Petroleum Corporation Limited
I have examined the relevant registers, records, books, forms, returns and disclosures received from the Directors of 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 issuing this Certificate in accordance with Regulation 34(3) read with Schedule V Para-C Sub-clause 10(i) of the
Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In my opinion and to the best of my information and according to the verification (including Director Identification Number
(DIN) status at the portal (www.mca.gov.in) as considered necessary and explanation furnished to me by the Company and
its officers, I hereby certify that none of the Directors on the Board of the Company as stated below for the financial year
ended on 31st March, 2022 were debarred or disqualified from being appointed or continuing as Directors of companies by
the Securities and Exchange Board of India and/or Ministry of Corporate Affairs:
Sr. No. Name of the Director DIN Date of First Appointment

1) Shri Arun Kumar Singh 06646894 01.10.2018
2) Shri Harshadkumar Prabhudas Shah 08511473 16.07.2019
3) Shri Ramakrishna Gupta Vetsa 08188547 07.09.2021
4) Shri Srinivas Gudey 02568812 13.10.2021
5) Shri Pradeep Vishambhar Agrawal 00048699 12.11.2021
6) Prof (Dr.) Gopal Krishan Agarwal 00226120 12.11.2021
7) Shri Bhagwati Prasad Saraswat 09396479 12.11.2021
8) Dr. (Smt.) Aiswarya Biswal 09396589 12.11.2021
9) Shri Ghanshyam Sher 09396915 12.11.2021
10) Shri Sanjay Khanna 09485131 22.02.2022
11) Shri Suman Billa 00368821 16.03.2022
Ensuring the eligibility for appointment/continuing as Director on the Board is the responsibility of the Management of the
Company. My responsibility is to express an opinion based on verification of documents/ information available to me. This
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.
Sd/-
U.C. SHUKLA
COMPANY SECRETARY
FCS: 2727/CP: 1654
Place: Mumbai
Date: July 22, 2022
UDIN: F002727D000672286
138
COMPLIANCE CERTIFICATE IN CORPORATE GOVERNANCE UNDER SEBI (LISTING OBLIGATIONS
AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
To,
I have examined the compliance of the conditions of Corporate Governance by Bharat Petroleum Corporation Limited (‘the
Company’) for the financial year ended March 31, 2022, prescribed under Regulations 17 to 27, Clause (b) to (i) of
Regulation 46(2) and paragraph C, D and E of Schedule V of Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (‘SEBI LODR’).
The compliance of the conditions of Corporate Governance is the responsibility of the management. 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 statements 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
complied with the conditions of Corporate Governance as stipulated in the aforesaid provisions of SEBI LODR except –
1. Company did not have an optimum combination of executive and non-executive directors as required under Regulation
17(1)(a) during the period 01/04/2021 to 11/11/2021;
2. Company did not have a woman Independent Director as required under Regulation 17(1)(a) during the period
01/04/2021 to 11/11/2021;
3. Company did not have requisite number of Independent Directors as required under Regulation 17(1)(b) on the Board
during the period 01/04/2021 till 11/11/2021;
4. Company did not have minimum 6 (six) directors as required for top 1000 listed companies during the period
01/08/2021 to 06/09/2021 and 23/09/2021 till 12/10/2021.
5. Evaluation of Independent Directors by Board of Directors as required under Regulation 17(10) was not done during
the period under review.
6. Company did not have requisite number of Independent Directors during the period 01/04/2021 to 11/11/2021. Hence,
Audit Committee was not duly constituted as required under Regulation 18(1)(a) and (18(1)(b) during that period.
7. No meeting of the Audit Committee was held during the period from 01/04/2021 to 10/01/2022 as required under
Regulation 18(2).
8. Audit Committee of the Company had no Independent Director as the Chairman during the period 01/04/2021 till
11/11/2021 as required under Regulation 18(1)(d).
9. In absence of required number of Independent Directors during the period 01/04/2021 till 11/11/2021, Nomination &
Remuneration Committee was not duly constituted during that period as required under Regulations 19(1)(a) to (c) and
19(2).
10. No meeting of the NRC was held during the financial year under review as required under Regulation period 01/04/2021
to 11/11/2021 as required under Regulation 19(3A).

11. All related party transactions were approved by the Board of Directors during the year under review instead of Audit
Committee as required under Regulation 23(2).
12. Omnibus approval for entering into related party transactions and quarterly review thereof as required under Regulation
23(3) was done by Board of Directors during the year under review instead of Audit Committee;
13. In absence of duly constituted Audit Committee, review of financial statements including quarterly financial results and
investments made by the unlisted subsidiary were done by the Board of Directors of the Company instead of Audit
Committee under Regulation 24(2).
14. Company did not filled-up the vacancies caused due to expiry of tenure of appointment of Independent Directors within
the stipulated time period prescribed under Regulation 25(6). As represented by the management, the Company being
a Government Company, all the powers of appointment of Directors and fixation of terms of such appointments are
exercised by the Ministry of Petroleum & Natural Gas.
I further state that such compliance is neither an assurance as to the further viability of the Company nor the efficiency or
effectiveness with which the management has conducted the affairs of the Company.
Sd/-
U.C. SHUKLA
COMPANY SECRETARY
FCS: 2727/CP: 1654
Place: Mumbai
Date: July 22, 2022
UDIN: F002727D000672275
Peer Review Certificate No: 1882/2022
140
COMPLIANCE CERTIFICATE OF CORPORATE GOVERNANCE GUIDELINES ISSUED BY DEPARTMENT
OF PUBLIC SECTOR ENTERPRISES.
To,
I have examined the compliance of the conditions of Corporate Governance by Bharat Petroleum Corporation Limited for the
financial year ended March 31, 2022, as stipulated in Guidelines on Corporate Governance for Central Public Sector
Enterprises, 2010, issued by the Department of Public Enterprises, Government of India.
The Compliance of conditions of Corporate Governance as stipulated in the Guidelines is the responsibility of management.
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
statements 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
complied with the conditions of Corporate Governance as stipulated in the Guidelines on Corporate Governance for Central
Public Sector Enterprises, 2010 issued by the Department of Public Sector Enterprises except –
1. Clause 3.1.4 – The Board of Directors of the Company was comprised of less than 50% Independent Directors during
the period 01/04/2021 to 11/11/2021;
2. Clause 4.1.1 – With regard to constitution of the Audit Committee, which should have minimum three Members and
two third of the Members should be Independent Directors during the period 01/04/2021 to 11/11/2021;
3. Clause 4.1.2 – with regard to the Chairman of the Audit Committee to be an Independent Director during the period
01/04/2021 to 11/11/2021;
4. Clause 4.4 – with regard to holding of the Audit Committee meetings atleast four times in a financial year and not more
than four months to elapse between two meetings. No meeting of Audit Committee was held during the period
1/4/2021 to 10/01/2022. Three meetings were held during the period from 11/01/2022 to 31/03/2022.
5. Clause 6.2 – with regard to review of financial statements of subsidiary companies, which were reviewed by the Board
of Directors instead of Audit Committee.
As informed by the management, the Company being a Government Company, all the powers of appointment of Directors
and fixation of terms of such appointments are exercised by the Ministry of Petroleum & Natural Gas, Government of India.
The Company had taken up the matter with the concerned Ministry for appointment of the required number of Directors
from time to time and as a result, Govt. of India vide their letter dated 8.11.2021 nominated five Independent Directors
including Woman Director who were appointed on the Board w.e.f. 12.11.2021.
I further state that such compliance is neither an assurance as to the further viability of the Company nor the efficiency or
effectiveness with which the management has conducted the affairs of the Company.
Sd/-
U.C. SHUKLA
COMPANY SECRETARY
FCS: 2727/CP: 1654
Place: Mumbai
Date: July 22, 2022
UDIN: F002727D000672308
Peer Review Certificate No: 1882/2022

BUSINESS RESPONSIBILITY REPORT
ABOUT THIS REPORT
The Business Responsibility Report prepared by BPCL is in accordance with Regulation 34 (2) (f) of the Securities
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation 2015, which requires that the Annual
Report of the top one thousand listed entities on the BSE and NSE, based on Market Capitalization, include a Business
Responsibility Report describing the Company's environmental, social, and governance initiatives.
The Reporting framework is based on the ‘National Voluntary Guidelines on Social, Environmental and Economic
Responsibilities of Business, 2011’ (NVGs) issued by the Ministry of Corporate Affairs, Government of India. The guideline
describes the organization's performance in terms of the nine Principles and the Core components that each of these
Principles entails. The Business Responsibility Report of BPCL is based on the format suggested by SEBI in their circular.
SECTION A: GENERAL INFORMATION ABOUT THE COMPANY

1 Corporate Identification Number (CIN) of the Company L23220MH1952GOI008931
2 Name of the Company Bharat Petroleum Corporation Limited
3 Registered Address Bharat Bhavan, 4&6 Currimbhoy Road, Ballard
Estate, Mumbai - 400001
4 Website https://www.bharatpetroleum.in
5 E-mail Id ssc@bharatpetroleum.in
6 Financial Year reported 2021-22
7 Sector(s) that the Company is engaged in (industrial activity code-wise)
Group Class Sub-class Description
192 1920 19201 Production of liquid and gaseous fuels, illuminating oils,
lubricating oils or greases or other products from crude
petroleum or bituminous minerals
192 1920 19203 Bottling of LPG /Compressed Natural Gas (CNG)
192 1920 19209 Manufacture of other petroleum products (includes petroleum
bitumen and other residues of petroleum oils or of oils
obtained from bituminous minerals)
352 3520 35202 Distribution and sale of gaseous fuels
351 3510 35105 Electric power generation using solar energy
351 3510 35106 Electric power generation using other non-conventional sources
493 4930 49300 Transport via pipeline
466 4661 46610 Wholesale of solid, liquid, and gaseous fuels and related
products
473 4730 47300 Retail sale of automotive fuel in specialized stores [includes the
activity of petrol filling stations]
477 4773 47736 Retail sale of household fuel oil, bottled gas, coal, and fuel wood
721 7210 72100 Research and experimental development on natural sciences
and engineering
(Activity codes are based upon NIC-2008 codes.)
*As per classification under National Industrial Classification, Central Statistical Organization, Ministry of Statistics
and Programme Implementation, Government of India, New Delhi.
142
8 List three key products/services that the Company The Company produces and supplies primary fuels
manufactures/provides (as in balance sheet): including (but not limited to):
1. High Speed Diesel (HSD)
2. Motor Spirit (Petrol)
3. Liquefied Petroleum Gas (LPG)
9 Total number of locations where business
activity is undertaken by the Company
i. Number of International Locations BPCL undertakes lubricant business in international
(Provide details of major 5) markets. The major locations are:
1. Bangladesh
2. Nepal
3. UAE
4. Qatar
5. Oman
ii. Number of National Locations as on 31.03.2022 Details are as given below:
a. Refineries: 2 (Mumbai and Kochi)
b. Retail (Installations/Depots/TOPs): 82
c. LPG Bottling Plant: 54* (including one in MR)
d. Lube Blending Plants: 4
e. Aviation Locations/Fuelling Stations/on-wheels: 57
f. Head Office: 1
g. Regional Offices: 4
10 Markets served by the Company – Local/ State/ Local, State, National, International
National/ International
SECTION B: FINANCIAL DETAILS OF THE COMPANY
1 Paid up Capital (INR) ` 2,129.45 crore
2 Total Turnover (INR) ` 4,33,406.48 crore
3 Total profit after taxes (INR) ` 8,788.73 crore
4 Total Spending on Corporate Social Responsibility (CSR) In line with the Companies Act 2013 and the
as percentage of average net profits of last three Companies (Corporate Social Responsibility Policy)
years (%) Rules, 2014, BPCL has earmarked 2% of our average
profit amounting to `166.73 crore. In addition,
we had a carry forward of ` 17.01 crore as
unspent for the previous year. BPCL has spent
`137.78 crore during the year 2021-22 which is
equivalent to 1.65% of average profit after tax.
5 List of activities in which expenditure in 4 above Our CSR related activities are mainly in the areas of
has been incurred Education, Water Conservation, Skill Development,
Health & Hygiene and Community Development. We
have additionally contributed towards Covid-19
pandemic relief initiatives.

SECTION C: OTHER DETAILS
1 Does the Company have any Subsidiary Yes, BPCL has eleven subsidiaries. Five are Indian
Company/ Companies? and six are foreign subsidiaries. The list is as
follows:
Indian:
• Bharat Petro Resources Ltd
• Bharat Petro Resources JPDA Ltd [Domestic
Subsidiary of BPRL]
• Bharat Oman Refineries Ltd.
• Bharat Gas Resources Ltd
• BPCL-KIAL Fuel Farm Pvt Ltd
Foreign:
• BPRL International B.V. (The Netherlands)
[Overseas Subsidiary of BPRL]
• BPRL Ventures B.V. (The Netherlands) [Overseas
Subsidiary of BPRL]
• BPRL Ventures Mozambique B.V. (The
Netherlands) [Overseas Subsidiary of BPRL]
• BPRL Ventures Indonesia B.V. (The Netherlands)
[Overseas Subsidiary of BPRL]
• BPRL International Singapore Pte Ltd.
(Singapore) [Overseas Subsidiary of BPRL]
• BPRL International Ventures BV (The
Netherlands) [Overseas Subsidiary of BPRL]
2 Do the Subsidiary Company/Companies participate in No, the subsidiary companies do not participate in
the BR Initiatives of the parent company? If yes, then the Business Responsibility initiatives of the parent
indicate the number of such Subsidiary Company(s) Company. They operate in different geographies/
business domain and are driven by their own
policies.
3 Do any other entity/entities (e.g. suppliers, distributors No other entity/entities are involved in the
etc.) that the Company does business with, participate Company's business or the BR initiatives. However,
in the BR initiatives of the Company? If yes, then BPCL conducts scrutiny with respect to certain
indicate the percentage of such entity/entities? parameters of the 'National Voluntary Guidelines on
[Less than 30%, 30-60%, More than 60%] Social, Environmental, and Economic
Responsibilities of Business, 2011’ principles
during the selection/registration of suppliers,
contractors, dealers, and distributors.
144
SECTION D: BR INFORMATION
1 Details of Director/Directors responsible for BR

BPCL has a Sustainable Development Committee for periodic review, discussions and guidance on various
Sustainable Development initiatives and measures for implementation of Business Responsibility policies.
a. Details of the Director/Directors’ responsible for implementation of the BR policy/policies
The details of the SD Committee members as on 31/03/2022 are as given below:
No. DIN No. Name Designation
1 08511473 Shri Harshadkumar P. Shah Chairman of the Committee
2 08188547 Shri Vetsa Ramakrishna Gupta Member
3 09485131 Shri Sanjay Khanna Member
4 09396915 Shri Ghanshyam Sher Member
5 09396589 Dr. (Smt.) Aiswarya Biswal Member
b. Details of the BR head

Particulars Details
DIN Number N.A.
Name Ms. V. Kala
Designation Company Secretary
Telephone number (022) 22713440
Email ssc@bharatpetroleum.in
2 Principle-wise (as per NVGs) BR Policy/policies (Reply in Y/N)

The 9 principles outlined in the National Voluntary Guidelines on Social, Environmental and Economic
Responsibilities of Business, 2011 (NVGs) are as follows:
P1 Businesses should conduct and govern themselves with integrity, and in a manner that is ethical, transparent,
and accountable
P2 Businesses should provide goods and services in a manner that is sustainable and safe
P3 Businesses should respect and promote the well-being of all employees, including those in their value chains.
P4 Businesses should respect the interests of and be responsive to all its stakeholders.
P5 Businesses should respect and promote human rights
P6 Businesses should respect and make efforts to protect and restore the environment.
P7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is
responsible and transparent
P8 Businesses should promote inclusive growth and equitable development
P9 Businesses should engage with and provide value to their consumers in a responsible manner

2 A. Principle-wise (as per NVGs) BR Policy/policies: Detials of Compliance (Reply in Y/N)
Sr. No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9

1 Do you have policy/policies for? Y Y Y Y Y Y Y Y Y
P1: Code of Conduct and Whistle blower
P2: HSE and Sustainable Development policy
P3: Internal HR policies
P4: Sustainable Development policy
P5: Internal HR policies
P6: HSE and Sustainable Development policy
P7: Sustainable Development policy
P8: CSR policy
P9: Citizen charter
2 Has the policy been formulated in Y Y Y Y Y Y Y Y Y
consultation with the relevant
stakeholders?
3 Do the policies conform to any Y Y Y Y Y Y Y Y Y
national/ international standards? Various policies at BPCL adhere to relevant applicable
If yes, specify? satutes/guidelines/ rules, etc. issued by the GOI and updated on a
regular basis. While developing policies, industry practises and
National/International standards are kept in mind.
4 Has the policy been approved by Y Y Y Y Y Y Y Y Y
the Board? If yes, has it been
Different policies are approved by Board/ Competent Authorities as
signed by the MD/owner/CEO/ per delegation of power.
appropriate Board Director?
5 Does the Company have a Y Y Y Y Y Y Y Y Y
specified committee of the Board
/Director/Official to oversee the
implementation of the policy?
6 Indicate the link for the policy to Refer table below @
be viewed online
7 Has the policy been formally Y Y Y Y Y Y Y Y Y
communicated to all relevant
internal and external stakeholders?
8 Does the Company have an Y Y Y Y Y Y Y Y Y
in-house structure to implement
the policy/ policies?
9 Does the Company have a Y Y Y Y Y Y Y Y Y
grievance redressal mechanism
related to the policy / policies to
address stakeholders’ grievances
related to the policy/policies?
10 Has the Company carried out an Y Y Y Y Y Y Y Y Y
independent audit/evaluation of
the working of this policy by an
internal or external agency?
146
@ Web-link for the policy:
NVG Principle Web-link

Principle 1: Ethics, transparency & https://bharatpetroleum.com/images/files/CodeOfConduct_BPCL.pdf
accountability
Principle 2: Sustainability in life https://www.bharatpetroleum.in/sustainability/health,-safety,-security-&-
cycle of product environment/security-policy.aspx
Principle 3: Employee well-being Company’s Internal web (Intralink)
Principle 4: Stakeholder engagement https://www.bharatpetroleum.in/sustainability/health,-safety,-security-
&-environment/security-policy.aspx
Principle 5: Promotion of human rights Company’s Internal web (Intralink)
Principle 6: Environmental protection https://www.bharatpetroleum.in/sustainability/health,-safety,-security-
&-environment/security-policy.aspx
Principle 7: Responsible public https://www.bharatpetroleum.in/sustainability/health,-safety,-security-
policy advocacy &-environment/security-policy.aspx
Principle 8: Inclusive growth https://www.bharatpetroleum.com/Social-Responsibility/
Corporate-Social-Responsibility/Vision-and-Policy.aspx
Principle 9: Customer value http://www.bharatpetroleum.com/PDF/Citizen_Charter.pdf
2 B. If answer to Sr. No. 1 against any Principle, is ‘No’, the reasons for the same have also been
mentioned therein.
Sr. No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9

1 The company has not understood
the Principles
2 The company is not at a stage
where it finds itself in a position to
formulate and implement the
policies on specified principle
3 The company does not have Not Applicable
financial or manpower resources
available for the task
4 It is planned to be done within
next 6 months
5 It is planned to be done within
the next 1 year
6 Any other reason (please specify)

3. GOVERNANCE RELATED TO BR • Customers - BPCL has in place a robust and
easily accessible Customer Care System (CCS)
1 Indicate the frequency with which the Board of enabling customers to provide their feedback,
Directors, Committee of the Board or CEO assess the complaints, or suggestions. During the FY
BR performance of the Company - Within 3 months, 2021-22, a total of 4,52,206 Customer
3-6 months, Annually, More than 1 year. Complaints were received and 4,49,706 were
BPCL has constituted ‘Sustainable Development resolved, which is 99.44% with an average
Committee of the Board’ which reviews the sustainability closure time of one day. Balance complaints
initiatives every 3-6 months and provides directions for have been addressed subsequently and closed
further improvement. satisfactorily.
2 Does the Company publish a BRR or a Sustainability
• Investors - During the financial year 2021-22,
Report? What is the hyperlink for viewing this report?
How frequently it is published? 74 investor complaints have been received
through SEBI, NSE and BSE (SEBI-1, NSE-9,
Yes, BPCL has been publishing the Business
and BSE -64) which were all attended to and
Responsibility Report (BRR) as part of its Annual
resolved on priority basis.
Report. In addition, BPCL also publishes GRI Framework
based Sustainable Development Report (SDR) • External monitors - BPCL has received 7
every year since FY 2006-07. The Sustainable complaints before the panel of independent
Development report for the past years is available at: external monitors for joint deliberation and
https://www.bharatpetroleum.in/Sustainability/
recommendations which were resolved
Sustainability-Reports.aspx
satisfactorily.
SECTION E: PRINCIPLE WISE PERFORMANCE • Public grievance - Public Grievance in BPCL is
PRINCIPLE 1: ETHICS, TRANSPARENCY AND monitored through Centralized Public Grievance
ACCOUNTABILITY Redress and Monitoring System (CPGRAMS)
1. Does the policy relating to ethics, bribery and which is an online web-enabled system
corruption cover only the company? Yes/No. Does it (https://www.pgportal.gov.in/) developed by
extend to the Group/Joint Ventures/Suppliers/ National Informatics Centre (NIC) and
Contractors/NGOs/Others? Department of Administrative Reforms and
Yes, the company has formulated Code of Conduct for Public Grievances (DARPG). BPCL, with its
Directors and Senior Management Personnel of the dedicated team has redressed and closed
company that covers issues related to ethics, 4,781 grievances out of 4,944 received in FY
prevention of corruption and bribery. Further, 2021-22, with an average disposal time of only
Whistle-blower policy framed by the company enable 13 days, as against the norm of 30 days and the
reporting of improper activities which ensures greater
pending grievances has been closed
transparency. These policies cover all stakeholders of
subsequently.
the company.
However, BPCL's group companies/joint ventures are • Vigilance - Complaints pertaining to incidents
separate legal entities having their own policies and of corruption/corrupt practices are referred to
procedures and are not covered by BPCL's policy on the vigilance department at BPCL. There were
ethics, bribery, corruption, and human rights. 60 new complaints received by the vigilance
2. How many stakeholder complaints have been department during the year. A total of 43
received in the past financial year and what complaints were disposed this year leaving a
percentage was satisfactorily resolved by the balance of 48 complaints.
management? If so, provide the details thereof, in
about 50 words or so. • Employees - the Employee Satisfaction
BPCL has a multi-pronged approach to address Enhancement Department received a total of 25
concerns of its stakeholders depending upon the grievances during the reporting period from the
category of stakeholders and nature of concern. The employees. All of these were addressed and
numbers and details of these are outlined as follows: resolved satisfactorily within the year.
148
PRINCIPLE 2: SUSTAINABILITY IN THE LIFECYCLE OF THE of the total Crude Oil transported for the reporting
PRODUCT period. BPCL has achieved GHG emissions
1. List up to 3 of your products or services whose reduction to the tune of 1.55 Lakh MTCO2
design has incorporated social or environmental equivalent through pipeline transportation as
concerns, risks and/or opportunities. compared to rail in the year 2021-22. Moreover,
out of the total LPG import, 3.10 MMT i.e.,
BPCL has been constantly investing its efforts in
ensuring that the usage of products is done in a safe equivalent to 72.73 % was through Very Large Gas
and efficient manner. BPCL ensures that they do not Carrier (VLGC).
pose unintended harm to the environment and to As a proactive measure, Environmental cell has
persons involved during its production, transportation, been established at all locations for awareness
consumption, or disposal. The major three products building and to address & focus on environmental
are: issues. Refineries and Pipelines have been
1. BS VI Motor Spirit re-accredited with ISO 9001:2015, ISO 14001:
• 10% Ethanol blended Motor Spirit 2015 and ISO 45001:2018 standards for Quality,
Environment & Occupational Health, and Safety
2. BS VI HSD
Management Systems.
• 7 % Bio Diesel blended
BPCL has undertaken several energy and water
3. LPG conservation initiatives and ensured that its
2. For each such product, provide the following details operations do not pose any unintended harm to the
in respect of resource use (energy, water, raw environment during the production stage. The
material etc.) per unit of product (optional): initiatives are demonstrated through the following
a) Reduction during sourcing/production/ performance parameters:
distribution achieved since the previous year • By optimizing plant operation and
throughout the value chain? implementing energy conservation schemes,
Oil and Gas sector is vulnerable to threats like the specific energy consumption (MBN) could
continual depletion of natural resources and be brought down to 66.9 from the figure of
potential supply disruptions due to geopolitical 68.9 in the previous year by Kochi Refinery
uncertainties which makes resource efficiency a despite challenging conditions.
pain point for the industry. The Company meets its
crude oil requirement through annual term • BPCL refineries Energy management system
contracts and spot contracts. BPCL has diversified was recertified against ISO 50001:2018 and
its Global Crude Oil supply from various sources the scope was also extended to the new MS
and efforts are made for optimisation of Crude block and Petrochemicals in KR.
Basket, minimise inventories while ensuring • BPCL Mumbai Refinery has processed 14.44
uninterrupted supplies of Crude Oil to Refineries. MMT of Crude oil. This represents a capacity
As pipeline transportation is the safe and efficient utilization of 120 % and the MBN achieved was
way of transportation of Hydrocarbons, BPCL has 64.4 MBN in the year 2021-22. Kochi Refinery
been expanding its pipeline network which is processed 15.4 MMT crude oil with a capacity
approx. 2597 km in length as on 31.03.22. BPCL utilization of 100.45%.
has commissioned 355 km of cross-country Bina
Panki Pipeline which was dedicated to the National • “Water conservation” drive always remained
by Honourable PM of India on 28.12.2021. BPCL as high priority and Mumbai Refinery has used
has been increasingly adopting cleaner and more than 950 thousand kilolitres (TKL) of
efficient methods for raw material (crude oil) treated water in various cooling towers thereby
sourcing through a mix of pipelines and Very Large reducing fresh raw water consumption.
Crude Carriers (VLCC). BPCL has transported
BPCL also endeavours to deliver products to
approximately 8.40 MMT of Crude Oil through
customers in a resource efficient manner through
pipeline and VLCC which is equivalent to 27.94%
its distribution network. One key initiative in this

direction is the increased presence of BPCL in the and 1G Ethanol Plant. The plant shall also utilize
City Gas Distribution (CGD) market, that aims to around 120 kilo tons of Rice straw as fuel in the
establish the piped gas distribution infrastructure Boiler, where fossil fuel shall not be used in the
across Geographical Areas (GAs) to reduce the production process. The project is in progress,
dependency on energy intensive bottled gas with physical completion approximating to 45.94
supply. BPCL through its wholly owned subsidiary, % and financial progress to 30.59% respectively
Bharat Gas Resources Ltd. (BGRL), is active in as of March 31 2022. The Bio Refinery project was
23 GAs as of of March 31, 2022 and shall be approved by the Board at total capital outlay of
starting sales in 5 more GAs in 2022-23.
` 1607 crore.
b) Reduction during usage by consumers (energy,
BPCL has undertaken blending of 7% Biodiesel in
water) has been achieved since the previous
HSD at selected locations, as per national policy
year?
of Biofuel. Biodiesel is manufactured from
BPCL refineries have successfully adhered to non-edible/edible oils and has almost no sulphur,
National Auto Fuel norms by producing and no aromatics and approximately 10% built- in
supplying Bharat VI fuels to the markets from oxygen which helps in ensuring complete
April 1, 2020 pan India. BPCL Kochi Refinery has
combustion. BPCL blended 960 KL of biodiesel
undertaken the BS VI Motor Spirit Block Project
(B-7) and the blending ratio achieved was 0.005 %
(MSBP) to maximize BS-VI grade Motor Spirit
for FY 2021-22. BPCL has also undertook
production by minimization of Naphtha. BPCL MR
had already commissioned (GTU) Gasoline production of Bio Diesel from Used Cooking Oil
Treatment Unit earlier to produce BS-VI grade MS. and floated 9 EOIs with combined bio-diesel
production capacity of 138 TPD. Four LOIs have
As per the Ministry of Petroleum and Natural Gas been issued with production capacity of 85 TPD as
(MoP&NG) gazette Notification, for selling of
of March 2022.
Ethanol Blended Motor Spirit (EBMS) with Ethanol
up to 10%, BPCL has undertaken maximization of BPCL has further taken steps in the field of biofuels
blending of Ethanol in motor spirit which helped to by increasing the contribution of biogas in total
reduce harmful emissions such as carbon energy mix. BPCL has undertaken production of
monoxide. 9,72,000 KL of Ethanol is blended by Compressed Biogas (CBG) from Biomass waste/
BPCL in 97,20,000 KL of Ethanol Blended Motor Biomass sources like agricultural residue,
Spirit in the year 2021-22. The total Ethanol sugarcane press mud, municipal solid waste, etc.
blending ratio achieved was 9.7% as per Ethanol In this context BPCL has invited Expression of
Sugar Year (ESY) 21-22 contributing to total CO2 Interest from potential entrepreneurs to set-up
emission reduction of 2.07 MMT. While the CBG plants and offer CBG to BPCL. 299 LOIs have
Company blends and markets EBMS, it has also
been issued with production capacity of 1265 TPD
ventured into the production of bioethanol.
as of March 2022. 7 CBG plants have been
BPCL is proactively taking various initiatives in commissioned in 2021-22 while 3 CBG plants are
implementing low carbon product technologies to be commissioned by March 2023. Under SATAT
such as 1G & 2G Bioethanol, Compressed Biogas (Sustainable Alternative towards Affordable
(CBG), Bio-Diesel, etc. In line with PM-Jeevan Transportation) scheme, the sales of CBG has
Yojana, which aims at incentivizing the started at 4 Retail Outlets. BPCL is facilitating and
second-generation Bio Ethanol Projects, BPCL is
supporting prospective CBG plant owners to setup
setting up a 2G Bio-Ethanol Refinery Project of
CBG plants during the whole process including
capacity 100 KL/day at District Bargarh, Odisha.
guiding and helping in resolving issues faced by
The cumulative production capacity of refinery
would be 200 KL/day of Fuel grade Ethanol. The them at various stages.
plant shall utilize as feedstock around 150 kilo tons BPCL, added another initiative with announcement
of Rice straw per annum for 2G (Second of its entry into the Electric Vehicle space. BPCL
Generation) and 80 kilo tons of Rice grain per developed recommendations on EV charging
annum for 1G (First Generation) Ethanol Plant for enablement in OMC ROs and submitted to Energy
production of 100 KL/day of Ethanol each from 2G Transition Advisory Committee (ETAC). The
150
organization strategized upon 4 key aspects in FY network. Cross-country pipelines are also globally
2021-22, i.e., 4W EV fast charging, 2W EV fast recognized as the safest, cost-effective,
charging, Battery swapping for 2/3W and EV 2W energy-efficient, and environment-friendly mode for
retail sales. transportation of petroleum products. Currently, BPCL
BPCL entered following strategic alliances in FY is operating large Cross Country Pipelines network
2022 to capitalize on EV strategy: with total Pipelines lengths of approx. 2597 Km.
• Hero MotoCorp for 2Wheeler EV fast charging, Cumulative throughput of petroleum products in this
financial year was 16.54 MMT against target of 16.17
• Ola Electric for 2Wheeler EV fast charging,
MMT which is 102 % of the target.
• RACEnergy for 3Wheeler battery swapping
BPCL-KR is also enhancing products’ transfer through
• Ionage for development of unified application for pipelines which will assist in reduction of operational
BPCL EV charging stations. (scope-3) GHG emissions. Single Point Mooring
BPCL in collaboration with Pune-based Kinetic Green (SPM) facility helps BPCL-KR to port very large crude
Energy & Power Solutions and IIT-Madras will enable carriers (VLCC) for crude transportation. This facility
this EV mobility system based on battery-swapping also helped BPCL-KR to reduce operational risks.
model for electric three-wheelers. BPCL, with the
technology support for mobile app, battery BPCL has diversified its Global Crude Oil supply from
management system and other systems from various sources and efforts are made for optimization
IIT-Madras, will provide the lithium-ion batteries for the of the crude basket and minimization of inventories at
vehicles. the same time, ensuring uninterrupted supplies of
To keep pace with accelerated energy transition needs, transportation of crude oil to refineries. BPCL has
BPCL has launched a concept of Highway Fast sourced approx. 27.94% of the crude through
Charging Corridor. As a pilot, BPCL has adopted 900 sustainable methods.
KM Chennai – Trichy – Madurai – Chennai highway BPCL has also undertaken route optimization to
(NH-45) as a first of its kind Highway Fast Charging reduce emissions by following activities:
Corridor in the country with the installation of DC 25
KW fast chargers at 10 strategic ROs, at an • Real time fleet tracking through VTS System
approximate inter-distance of 100 KMs. BPCL targets based on GPS system so that the vehicles do
to replicate the same at around 100 prominent not deviate from the assigned shortest route.
highway corridors in the country by 2022-23.
• Defined threshold age of the vehicles
3. Does the Company have procedures in place for
sustainable sourcing (including transportation)? If Research & Development (R&D)
yes, what percentage of your inputs was sourced Research & Development play a vital role in business
sustainably? Also, provide details thereof, in about
growth and sustainability. Corporate R&D is actively
50 words or so.
pursuing research in the niche areas of
Yes. Product lifecycle sustainability is an approach to Petrochemicals, Biofuels, Alternate Energy, Green
manage the stages of product existence so that any Hydrogen and Carbon Dioxide mitigation along with
negative impact on the environment is minimized. the conventional oil refining and related processes.
BPCL strives for sustainable procurement across its R&D centers of BPCL continued the trend of
value chain, right from the sourcing of raw materials
developing energy efficient technologies, novel
i.e., Crude Oil to product transportation. BPCL is
products, cleaner fuels and providing valuable
extensively using its pipeline for the transportation and
distribution of its products, as it is the safest, technical support to Business Units.
cost-effective, energy-efficient, and environment- Recently, Government of India (GoI) has proposed an
friendly mode for transportation of crude oil and ambitious National Hydrogen Energy Mission targeting
petroleum products. replacement of fossil fuel-based hydrogen with green
BPCL is focused on increasing the share of hydrogen. Considering the stiff target to meet (GoI)
product/crude transportation through pipelines, mandate to refineries, i.e., to replace grey hydrogen
therefore, expanding its cross-country pipeline with green hydrogen up to 10% by 2025 and 50% by

2030 with limited global manufacturing capacity of • The Public Procurement Policy for MSEs Order
electrolysers. BPCL has acquired a license for Alkaline 2012 also states that in the event of failure of
Electrolyzer (AE) technology from Bhabha Atomic such MSEs, owned by SC/ST, to participate in
Research Centre (BARC) for scaling up and the tender process or meet tender requirements
commercialization of Electrolyzer for indigenous use. and match L1 price, 4% sub target shall be met
from other MSEs. This 4% of the total tender
BPCL R&D Sewree has also undertaken the quantity is reserved for SC/ST Entrepreneurs in
development of new products that are biodegradable, MSE category and 3% is reserved for
fuel efficient and help in reduction of waste. High Women Entrepreneurs in MSE category. The
performance Bio-degradable Hydraulic oil for Mining procurement for Goods and Services from
& Off-highway applications and Bio-degradable MSE-SC/ST Entrepreneurs stood at ` 133.16
Honing oil, have been developed for super finishing crore in FY21-22 as compared to ` 114.80
operation, thus contributing significantly towards crore last year.
conserving the environment. Under Circular economy • During 2021-22, the procurement value of BPCL
to conserve the precious petroleum reserves, R&D for Goods and Services, excluding Works
has developed Hydraulic oil & Pneumatic tool way oils Contracts, where MSEs could have participated
and Engine oil formulated with re-refined base was `13,878.28 crore and the actual
stock for light duty commercial vehicles. R&D has procurement value from MSEs was ` 4,006.52
crore, i.e., an achievement of 28.8% which
developed Fuel-efficient Synthetic engine oils for new
exceeds the target of 25%.
generation ultra-low emission BS VI petrol and diesel
passenger cars to extend drain interval and to reduce • BPCL conducted four online Vendor
Development Programs for MSE Vendors
the oil change frequency of vehicles. R&D has also
including 02 for MSE SC/ST & 01 for MSE
developed Semi-synthetic compressor oil for screw
Women, wherein over 500 vendors participated.
compressor lubrication, which helped in extending
BPCL also participated in MSME Expo 2022 at
drain intervals. Nagpur, organised by Director MSME,
4. Has the company taken any steps to procure goods Maharashtra. An online “Premier Vendor
and services from local and small producers, Workshop” was held during March 2022,
including communities surrounding their place of wherein Asst. Director, MSME-DI, Mumbai, and
work? If yes, what steps have been taken to improve Director-Buyer Management (CPSEs & Central
Ministries), Government e-Marketplace made
their capacity and capability of local and small
detailed presentations on the benefits of Public
vendors?
Procurement Policy for MSEs and GeM to the
Yes, BPCL has taken several measures for promoting vendors.
procurement of Goods and Services from small/local • Substantial efforts are being made to increase
producers. Some of these include: the procurement value through (Government
• As per existing Public Procurement Policy for e-Market Place) GeM Portal. BPCL’s
procurement through GeM i.e., online
MSEs Order 2012, in any tender, participating
procurement portal started by GOI stood at
MSEs who are within price band of L1+15%
` 1078.33 crore in FY21-22 as compared to
will get a portion of order, provided they match
` 113.9 crore in FY20-21 with a substantial
L1 price. This allocation to MSEs is minimum
growth.
25%. BPCL fully abides by the Public
Procurement Policy for MSEs Order 2012 and • BPCL offered Trades Receivable Discounting
Scheme (TReDS) to its MSE Vendors. This
its amendment of November 2018. General
facility was availed by MSE Vendors and over
Conditions of Contract (GCC) and General
3,722 invoices valued at ` 263.13 crore were
Purchase Conditions (GPC) of all tenders have
purchase preference clause for MSEs. discounted during FY 2021-22.
152
5. Does the company have a mechanism to recycle BMC freshwater supply by using 2118.2 TKL of
products and waste? If yes what is the percentage STP water received from RCF during
of recycling of products and waste (separately as FY 2021-22.
<5%, 5-10%, >10%). Also, provide details thereof, • BPCL is following the rule of 3R i.e., Reduce,
in about 50 words or so. Reuse, and Recycle of waste in all its
BPCL has been consistently exploring means to operations. BPCL refineries manage waste
through following three mechanisms.
reduce intake of virgin materials through recycling of
waste generated from its operations. As a responsible a) Waste to Product concept
corporate and having its obligation towards prevention i. KR explored a better option to dispose spent
of soil contamination, BPCL disposes off its waste in a charcoal through pet coke and disposed 140 MT
responsible manner as per Central Pollution Control of spent charcoal as product through pet coke
Board (CPCB) guideline and other statutory which would otherwise dispose of through
requirements. secured land filling.
• BPCL MR has taken initiative to use b) Waste to Recycle Concept
enzyme-based additive which can Bio- i. 2.49 MT of E-waste items accumulated inside
Remediate Water mixed oily sludge very fast. KR and 0.77 MT in MR premises were recycled
During the year 2021-22, 339 m3 of oily sludge through approved Recycler. Around 93 MT of
has been treated and oil content was reduced Spent clay and bio-remediated sludge were
below 0.5% wt in MR whereas 25 m3 of reused inside Refinery premises for landfilling
hazardous waste disposed through instead of disposing through TSDF.
bioremediation in KR.
ii. MR sold 26.62 MT of Chemical drums and
• In KR, net sludge processed was 4157.2 m and
3 10 MT of Transformer oil for reusing purposes
net oil recovered was 1572.9 m3, i.e., 37.84% c) Waste to Recovery concept
whereas in MR net sludge processed was
i. KR Spent catalyst generated from hydro treating
5008.90 m3 and net oil recovered was 2059.56
process units were sold to recycler for precious
m3, i.e., 39.60%, during FY 2021-22.
metal recovery items and the total quantity
• The Effluent Treatment Plant (ETP) at MR recycled was 1700 MT.
comprises PACT (Powdered Activated Carbon ii. MR used around 40.62 MT of LOBS & CCR
Treatment) and WAR (Wet Air Regeneration) Spent catalyst for metal Recovery.
technology which helps in nil generation of • New mechanical composting machines were
sludge. A total of 933.7 TKL treated water was added in Marketing locations for composting of
recycled back to process unit cooling tower organic waste. Approximately 325 MT of
thereby reducing equivalent amount of fresh compost generated through organic waste in
make up raw water, in marketing locations during FY 2021-22.
FY 2021-22 • About 5,469 m3 of biogas was generated during
the year 2021-22 in Mumbai Refinery which is
• Mumbai refinery had set up Sewage Treatment equivalent to about 2,500 kg of LPG and similar
Plant (STP) last year in collaboration with quantities in Kochi refinery also through organic
Rastriya Chemicals & Fertilizers (RCF) with a waste.
capacity of 22.5 MLD of municipal sewage that
• Flare Gas Recovery system (FGRS) at Mumbai
would produce 15 MLD of treated water (where
refinery for emission reduction and energy
BPCL share was 6 MLD & RCF share was 9
conservation is in operation. Flare Recovery
MLD). BPCL MR has reduced its dependency on facility recovers the Flare Gases and puts them

back into the Fuel Gas System, thus reducing PRINCIPLE 3: EMPLOYEE WELL BEING
precious hydrocarbon loss and minimizing fuel
consumption and emissions. In 2021-22 total 1. Please indicate the total number of employees.
flare gas recovered was 1066 MT which was
Total number of permanent employees as on
subsequently treated and again used as fuel gas
in process furnaces whereas Flare gas recovery March 31, 2022 are 8,594.
from KR was 3,910.6 MT.
2. Please indicate the total number of employees
• BPCL CRDC also contributed significantly by hired on temporary/contractual/casual basis.
implementing a technology developed to utilise
the plastic waste in road construction. Till date, The total number of contract labour engaged in BPCL
about 175 metric tons of plastic waste has been are 18,560# (approximately 90% Contract Labour in
utilized in waste plastic stretches prepared Non-Project and 10% in Project contracts)
across India.
#Contract labourers are engaged by contractors
• Certification of Zero Waste to Land fill (ZWL)
for non-core, sporadic and peripheral nature of
obtained for Mumbai refinery and all retail
marketing locations which are 82 in numbers. jobs as per “Contract for Services”. The number is
Target has been taken to get certification of dynamic and changes depending on projects/
other refinery and marketing locations in the works being undertaken. No casual labour is
year 2022-23. currently engaged in BPCL.
• In view of implementing scientific way of
3. Please indicate the Number of permanent
disposal, Mumbai refinery has started sale of
women employees.
UCO to FSSAI approved Used Cooking Oil
Aggregator (UCOA) for biodiesel production The total number of permanent women
since Dec-2021. Green certificates have been
employees as on March 31, 2022 are 656
issued by UCOA to BPCL MR towards reduction
in equivalent greenhouse gases. Approximately [Management - 482, Clerical - 167, Labour - 7]
1.2 MT of UCO has been sold in year 2021-22
4. Please indicate the Number of permanent
resulted in revenue generation of ` 0.31 lakh
employees with disabilities
• Lubricants Business unit has also taken steps
towards efficient waste management. They The number of permanent employees with
initiated process for obtaining license for disabilities as on March 31, 2022 are 181
Extended Producer’s Responsibility (EPR) under [Management - 109, Clerical - 28, Labour - 44]
brand owner category for lubricant packaging
plastic containers, which shall help in safe 5. Do you have an employee association that is
disposal of 5,000 Tons/annum of plastic waste. recognized by management?
• As part of control measures regarding air There are 19 registered Trade Unions (including
pollution, BPCL-KR adopted various methods Refineries) operating in BPCL.
like electro-static precipitators (ESP), scrubbers
and other pollution control equipment. 6. What percentage of your permanent employees
is members of this recognized employee
• Additionally, BPCL HSSE team has been
undertaking training sessions on capacity association?
building program on disposal of hazardous Approximately, 96% of our (non-Management)
waste / zero waste to land fill certifications/
employees are represented through these Trade
Water balance study/ sustainable development/
Unions during FY 2021-22.
GHG inventory/ carbon sequestration etc.
154
7. Please indicate the number of complaints relating PRINCIPLE 4: STAKEHOLDER ENGAGEMENT
to child labour, forced labour, involuntary labour, 1. Has the company mapped its internal and
sexual harassment in the last financial year and external stakeholders? Yes/No
pending, as on the end of the financial year.
Yes, BPCL has developed mechanisms to
Sr. Category No of No of map both its internal and external stakeholders as
No. complaints filed complaints part of the sustainability reporting process.
during the pending as at The internal stakeholders primarily include
employees, investors, and shareholders while the
financial year the end of the
external stakeholders are listed as follows:
financial year
• Government and regulatory authorities
1. Child labour/ NIL NIL
• Industry associations
forced labour/
involuntary labour • Customers
• Suppliers
2. Sexual harassment 2 0
• Community
3. Discriminatory
employment NIL NIL • Dealers and distributors
• Contractors
8. What percentage of your undermentioned
employees were given safety and skill up-gradation • Media and academic institutions
training in the last year? • Transporters
Permanent On an average, 17.76 training hours, 2. Out of the above, has the company identified
Employees functional as well as behavioural the disadvantaged, vulnerable & marginalized
stakeholders?
training, was provided per employee in
the reporting period which is inclusive Yes, as a responsible organisation, BPCL cares
of safety related training. about the community. Through CSR activities,
BPCL has identified disadvantaged, vulnerable,
Permanent On an average, 20.21 training hours, and marginalized stakeholders and taken a
Women functional as well as holistic approach to their socio-economic
Employees behavioural training, was provided per development. Our projects aim to benefit
woman employee in the reporting communities that are identified as
period which is inclusive of safety vulnerable/underprivileged and are located near
our major business units such as refineries,
related training.
depots, installations, and LPG bottling plants.
Casual/ Across various locations and especially Remote rural/ tribal communities also fall under
Temporary/ within the Refineries, 100 % contract the ambit of marginalized and vulnerable
Contractual labour mandatorily attends a stakeholder.
Employees comprehensive training programme 3. Are there any special initiatives taken by the
which includes sessions on ‘Safety company to engage with the disadvantaged,
within the workplace’ without which vulnerable and marginalized stakeholders? If
they are not provided access. so, provide details thereof.
Yes. BPCL's corporate values include contribution
Employees Not tracked separately towards the society and working for the welfare of
with Disabilities the underprivileged.
11,370.25 man-hours of Health Safety, Security, Environ- BPCL's CSR Vision is to " Be a Model Corporate
ment (HSSE) related capacity building programs were Entity with Social Responsibility committed to
conducted at locations across business units during FY Energizing Lives through Sustainable
2021-22. Development" and the corporation is dedicated to

the communities around its business and far beyond. medical equipment’s used for the detection and
BPCL CSR has continually contributed to the attainment treatment of various ailments.
of the Sustainable Development Goals, making
B. COVID RELIEF MEASURES
considerable progress in the core thrust areas of
Education, Skill Development, Water Conservation, Under the leadership of the MoPNG and in
Community Development, and Health & Hygiene. collaboration with OMCs (Oil Marketing
Companies), BPCL has provided Covid-19
The Corporation collaborates with several qualified and
combat infrastructure throughout the country. 11
reputed organizations to support program that serve the
PSA plants have been established at government
impoverished and oppressed. CSR initiatives are
hospitals in Uttar Pradesh (1), Maharashtra (2),
undertaken based on social, environmental and
Kerala (3), Madhya Pradesh (5), and 3,000
economic considerations. While the Company continues
oxygen cylinders, 1,000 oxygen concentrators,
to launch new initiatives, BPCL has exited and handed
and 100 ventilators have been purchased and
over initiatives to either local government or communities
stored at various locations across the country to
in terms of sustainability for those projects that have
be made available to the community in the event
been completed successfully.
of an emergency. BPCL collaborated with local
While the adverse effect of the covid pandemic was administration and police in various locations to
deeply felt in most of the thrust areas such as Education, provide PPE (Personal Protection Equipment)
Skill development and Water conservation, BPCL in an Kits, masks, and sanitizers to various front-line
overdrive took some exemplary measures to combat the workers, as well as to assist marginalized
pandemic and provide relief and rehabilitation to the most groups, including migrant workers, by
vulnerable sections of the society. distributing Ration kits. Considering the immense
Details on some of the programmes are provided below. relief provided to citizens of the country through
the Prime Minister's Citizens Assistance and
A. HEALTH AND HYGIENE Relief in Emergency Situations Fund (PM Cares
The Corporation has reached out to larger segments of Fund), BPCL generously contributed ` 40 crore
marginalized societies through innovative, value-driven, during the year.
and well-designed projects that have raised health C. EDUCATION
awareness. BPCL continued its unwavering support for
cancer care by funding holistic cancer programme in 10 There is no denying that education is a critical
cancer hospitals across the country that includes cancer enabler for realizing India's demographic
screening, surgical interventions for cancer patients, and advantage. Lack of access to high-quality
subsequent rehabilitation for cancer survivors. The education is a major impediment to the
programme expects to conduct 700 screening camps, at development of a just society and a sustainable
least 415 surgeries, and nearly 350 cancer survivors for economy.
survivorship and rehabilitation. Despite the intermittent Schools were the most impacted during the
lockdowns, a project to build an affordable cancer care pandemic as they were closed throughout the
facility and a community awareness programme in the year. However, BPCL initiated operations to
aspirational district of Darrang (Assam) has been renovate and build classrooms and other facilities
completed and is ready for operation. in various schools for the benefit of children
To underscore another flagship project of BPCL, the BPCL contributed towards school infrastructure
Lifeline Express 'Hospital on a Train,' which consists of 7 in Mizoram, Betul in Madhya Pradesh, and
coaches converted into a hospital and travels to remote Malshiras in Pune district of Maharashtra.
parts of the country to serve communities where access D. SKILL DEVELOPMENT
to hospitals is difficult. The initiative has helped to reduce
BPCL has persisted in its commitment towards
avoidable disability, early disease detection, screening,
enhancing the employability and
and the provision of medical and surgical interventions to
entrepreneurship for youth in the Oil & Gas as
approximately 8000 patients in the district of Balrampur,
well as in other sectors through the Skill
Uttar Pradesh.
Development Institute (SDI) at Kochi, Kerala.
In addition, as part of its efforts to promote health and Since inception, 978 students have been trained.
hygiene, BPCL has provided life-saving and diagnostic BPCL also assisted five other SDIs in
156
Ahmedabad, Vishakhapatnam, Guwahati, Raebareli, and kg bag of millet seed. In total, 4,000 bags of
Bhubaneswar in collaboration with other Oil & Gas seeds were distributed, and farmers were also
Companies. provided training and information about the
While the pandemic disrupted activities in skilling training appropriate methodology of efficient farming
institutes, the Company continued to support youth practices.
skilling efforts in Aspirational Districts of Madhya G. SWACHH BHARAT ABHIYAN
Pradesh. 15 batches of 375 individuals were trained in
The Corporation enthusiastically participated in
vocational skills and were linked to work and
‘Swachh Bharat Abhiyan’, the flagship movement
self-employment options using an online mode of
of Government of India. BPCL has been working
instruction.
tirelessly to make Bharat 'Swachh'. BPCL
E. WATER CONSERVATION engaged in the Government of India's "Swachh
Water is at the core of sustainable development and is Bharat Mission" with increased vigor, completing
critical for socio-economic development, energy and over 89,000 activities during the Swachhata
food production, healthy ecosystems and for human Pakhwada and reaching out to over 62 lakh
survival. Importance of water has risen from micro to people. The activities included increasing hygiene
macro issues, therefore, through its water conservation and sanitation awareness and distributing PPE
initiatives, collectively named “BOOND” – an integrated kits to frontline workers. The activities were
model of water conservation has been implemented in meticulously planned and carried out while
many villages in Maharashtra. BPCL has aimed at adhering to all social distancing precautions.
improving access to water for various needs including BPCL has also contributed to the creation of
drinking, agriculture, and livelihood with focus on 'Open Defecation Free' country by constructing
recharging ground water reserves. The key objective of and renovating toilets in schools and
this initiative is to transform villages from water scarce to communities. Further, as part of its attempts to
water positive. eliminate manual scavenging, BPCL has provided
BPCL is ensuring sustainable water security for rural 13 robotic manhole cleaning machines, 5 each to
communities through renovation of rainwater harvesting the municipal corporations of Indore and
structures, afforestation, farming livelihood and Coimbatore, 2 machines to the Mumbai
community awareness in 4 villages in Sangli Corporation of Greater Mumbai (MCGM), and 1
(Maharashtra) & 8 villages in Karauli (Rajasthan). machine to the Dhule Municipal Corporation
(DMC). The machines have been widely used,
F. COMMUNITY DEVELOPMENT and the efforts have been recognized for
The Company’s Community Development initiatives seek restoring sanitation workers' dignity.
to empower individuals, groups of people and families H. SWACHH ICONIC PLACES
with the amenities they need, to effect change within their
communities. The projects are based on extensive needs The company continues to support Swachh
assessment and focus on providing sustainable Iconic Places such as Madurai Meenakshi
solutions to the community which gets benefitted. Temple in Tamil Nadu and Sri Adi Shankaracharya
Janmabhoomi Tirth in Kalady, Kerala. The
“Transformation of Aspirational Districts Program”, initiatives include beautification of the
launched by NITI Aayog focusses mainly on Health & surrounding areas, access to sanitation facilities,
Nutrition, Education, Agriculture & Water Resources, and safe drinking water, all with the goal of
Financial Inclusion & Skill Development, and Basic promoting tourism and providing visitors with an
Infrastructure. In accordance with this programme, BPCL enriching experience.
is collaborating with rural communities to improve the
living standards of residents in these lowest-ranked I. INITIATIVES OUTSIDE THRUST AREAS
districts as well as Non-Aspirational Districts, thereby BPCL is also pursuing initiatives under Schedule
ensuring inclusive growth for all. VII of the Companies Act of 2013. One such
Further, BPCL launched a project to distribute free seeds project is collaboration with the National Crafts
that are government-certified and use less water to Museum and Hastkala Academy (New Delhi),
1,000 farmers, with each farmer receiving one 20 kg bag which involves in the reorganization, restoration,
of wheat seed, two 8 kg bags of maize seed, and one 3 and preservation of over 33,000 ancient objects.

Further, with a forward-thinking perspective, it is planned Sustainable Development and provide
to digitally archive all available collections of artefacts for necessary directions and guidelines for
easy access to people and artisans through proper further improved opportunities.
display in galleries. Organization’s efforts on Sustainability were
recognized during the year by various
PRINCIPLE 5: PROMOTION OF HUMAN RIGHTS
institutions and agencies through number of
BPCL believes in equal opportunity for its employees and Awards and Accolades such as FIPI, CII, ICC,
ensures that there is no discrimination based on caste, EEF etc.
tribe, religion, or region in providing various welfare
As part of its strategy for sustainable
facilities (including but not limited to) employees' health,
development, BPCL has been benchmarking
efficiency, financial well-being, social status,
its performance on global sustainability
satisfaction, employment, growth, remuneration, or
indices like Dow Jones Sustainability Index
development. All our vendor contracts include explicitly
(DJSI), CDP etc. BPCL has achieved No.1
stated terms and conditions (under General Conditions of
rank in Indian oil and gas sector and 8th best
Contract) for human rights engagements. As a primary
Company globally in Oil and Gas Sector for
employer, BPCL ensures that the provisions of the EPF
the year 2021-22 for its sustainability
and MP Act of 1952/ESI Act of 1948 covering social
performance in 2021 edition of the S&P
security aspects such as PF and ESI are followed, and
Dow Jones Sustainability Indices (DJSI)
the Contract Labour (Regulation and Abolition) Act of
Corporate Sustainability Assessment (CSA)
1970 govern all contractual labour.
rankings. This is the 2nd consecutive year
1. Does the policy of the company on human that BPCL is at the top of the DJSI Indices in
rights cover only the company or extend to India having achieved a score of 59
the Group/Joint Ventures/Suppliers/Contractors/ percentage points, against an industry
NGOs/Others? average score of 39%. BPCL also
benchmarked its performance on Carbon
The Human Rights Policy of BPCL applies to all the
Disclosure Project (CDP) Platform of
Company's operations. It does not extend to its
Sustainability and Climate Change
Group / Joint ventures etc.
representing Company’s transition towards
2. How many stakeholder complaints have been environmental stewardship and maintaining
received in the past financial year and what its rating at “Management Level”, which is
percent was satisfactorily resolved by the the best amongst the Indian Oil and Gas
management? sector and at par with international peer
No complaint with respect to Human Rights were group. These consistent performance
reported during the FY 2021-22 assessments and benchmarking are part of
BPCL’s strategy for continuous improvement
PRINCIPLE 6: ENVIRONMENTAL PROTECTION and staying ahead of the curve.
1. Does the policy related to Principle 6 cover only The other components of sustainable
the company or extends to the Group/Joint development strategy include leveraging
Ventures/Suppliers/ Contractors/ NGOs/others? clean energy and technology options,
BPCL has an Environment Protection policy emission reduction, energy efficiency, water
applicable to BPCL operations only. The Group conservation, waste management and green
companies and joint ventures have their own cover for carbon offsetting. The organization
environmental policies. continues to maintain its focus on the usage
of renewable energy across its operations in
2. Does the company have strategies/ initiatives to line with India’s NDCs as per Paris
address global environmental issues such as agreement. BPCL’s renewable energy status
climate change, global warming, etc.? Y/N. If yes, is 46.44 MW, which also includes wind
please give hyperlink for webpage etc. energy of 11.8 MW in FY 2021-22.
Yes, BPCL has a Sustainable Development The organisation has recognized the need to
Committee at the Board level that meets every 3-6 join hands and act against the consequences
months to discuss and review projects on of climate change. BPCL entered into
158
partnership with MoP&NG, MoEFCC, Industry volatile organic compounds (VOC). As per statutory
Members and has undertaken a study on climate requirements, installation of VRS Stage-IB and
change for Oil and Gas sector through TERI. The Stage-II both have been completed at 871 Ros as of
study has given suggestions on short-term and March 2022. BPCL has also installed Vapor
long-term action to be undertaken by the industry Recovery Units (VRU) in 8 locations namely,
members and provided a way forward to tackle the Bijwasan, Piyala, Panipat, Rewari, Mathura,
challenges. BPCL had taken actions on many of the Bharatpur, Jobner & Ennore which helped in
suggestions like water balance study in refineries recovering 34.1 KL of MS in FY 2021-22.
etc. Flood modelling study at Kochi refinery is under
To reduce vapor emission while handling Benzene
progress which is expected to get completed by
and Toluene, N2 blanketing facility with- fixed cum
September 2022. The recommendations of the
internal floating roof and double seal for storage of
same shall be implemented in both refineries after
Benzene and Toluene product tanks along with
review.
bottom loading facility for aromatics was
Climate change is an issue that requires cooperation commissioned at MR. Hexane lorry loading bay was
and coordinated solutions at all levels. To tackle this connected with vapor recovery system for reducing
climate change and its negative impacts, Enterprise emissions during loading operations.
wide GHG emissions accounting is being carried out
The latest report on Sustainability was published in
to measure GHG emissions intensity as a
the year 2020-21 following GRI Standards, other
performance metric. BPCL has declared a target of
global frameworks and mapped with United Nations
Net Zero Emission by 2040 in line with India’s
17 Sustainable Development Goals that highlights
commitment and actions are being taken
Environmental, Social and Governance (ESG)
accordingly. BPCL has formed a strategic business
performance of the Company. The Sustainable
unit named “Renewable Energy” to increase the
Development Report of BPCL is assured by an
implementation of energy transition initiatives
independent third-party as per Accounting Ability
through alternative sources to face the challenges of
(AA) 1000 Assurance Standard (AS) 2008 and
climate change. Significant emphasis was given on
International Standards of Assurance Engagement
increased use of Solar/Wind Power to replace
(ISAE) 3000 and can be accessed at the
traditional sources of fuel. The target is to ramp up
following link: https://www.bharatpetroleum.com/
from the current RE portfolio to reach a level of 1 GW sustainability/ sustainability-reports.aspx.
by 2026 and 10 GW by 2040. A roadmap is under
progress regarding emission reduction programs, 3. Does the company identify and assess potential
use of green hydrogen and emission offset projects environmental risks? Y/N
across business units to meet the Net Zero targets. Yes. BPCL has implemented a comprehensive
Mumbai refinery has nominated “Environment Health, Safety, and Environment Policy that
Champion” that promote an ‘Ownership’ approach emphasizes the use of appropriate technology to
among process team and ensures seamless reduce the environmental impact of our operations.
implementation of new strategies/ ideas / BPCL refineries have been certified for ISO 9001,
improvements for efficient monitoring and control of ISO 14001, and ISO 45001 i.e., Quality,
environment parameters to sustain the Environment, Occupational Health & Safety. As part
environmental performance. Environmental audit as of these ISO certifications, Risks & Opportunities are
per OISD 212 has been carried out in all process identified with mitigation strategy and a detailed
units and audit recommendations were complied in Hazard Identification and Risk Assessment (HIRA),
a scheduled manner. BPCL MR achieved the and aspect impact (AI) has been prepared and
distinction of being the first Indian refinery documented for all functions.
accredited with "SILVER" rating during GreenCo BPCL conducts Environmental Impact Assessments
assessment. (EIA) / Rapid Risk Assessments (RRA) / Quality Risk
The Retail SBU is engaged in the retailing of petrol, Assessments (QRA) at every grass-roots project or
diesel, kerosene and their branded versions, besides when installing a new facility to understand the
various Non-Fuel Products, and value-added impact created by the commissioning/operation of
services. An Efficient Vapor Recovery System (VRS) the facility and to prepare a suitable environmental
for Retail Outlet (RO) has been installed to reduce management plan.

Pipelines are positioning “Oil Spill Dispersant & treating Unit (DHT) which has brought down
Applicator” at nodal locations for use in case of oil sulphur in diesel to less than 10 ppm. BPCL
leakage in water bodies. CO2 fire extinguishers were intends to execute Kerosene Hydro-treatment
replaced with Clean Agent fire extinguishers in all Unit (KHT), which will produce low sulphur BS
control room for environment protection. A dedicated VI grade ATF. The product stream out of KHT
crew to operate the Emergency Rescue Vehicle (ERV), will also be blended in BS VI grade HSD,
is kept in ready condition all the time to suck the oil in thereby reducing the vehicular emissions.
case of leakage along the pipeline route to avoid any
MR has produced BS-VI grade MS through
damage to environment.
Gasoline Treatment Unit (GTU) whereas KR
An Incident Reporting and Information System (IRIS) used Motor Spirit Block Project (MSBP) to
is in place to capture details of all near misses and maximize MS by upgrading Naphtha to meet
incidents which are also thoroughly investigated, and the sulphur requirement of less than 10 ppm.
appropriate steps are taken to address the root The MSBP consists of three major units
causes. Furthermore, BPCL refineries have namely Naphtha Hydro Treater (NHT) of 1.5
implemented a Process Safety Management System MMTPA capacity, Catalytic Reforming Unit
to avoid the possibility of a significant Loss of Primary (CCR) of 0.8 MMTPA capacity and Light
Containment (LOPC). Naphtha Isomerization (Penex) Unit of 0.7
4. Does the company have any project related to Clean MMTPA capacity and associated facilities.
Development Mechanism? If yes, whether any The total reduction of sulphur released into the
environmental compliance report filled? environment by BPCL using BS VI fuel is to an
Presently, BPCL does not have any project under the extent of 1025 MT in FY 2021-22.
Clean Development Mechanism. In BPCL refineries, Methane Rich gas, i.e.,
5. Has the company undertaken any other initiatives Re-gasified Liquefied Natural Gas (RLNG) and
on – clean technology, energy efficiency, renewable Fuel Gas is used as fuel in the process heaters,
energy, etc.? Y/N. If yes, please give hyperlink for steam generators, feedstock for Hydrogen
web page etc. Generation Unit (HGU) and Gas Turbines for
power generation. To reduce the release of
Yes, BPCL has undertaken several projects pertaining
Methane into atmosphere following actions
to clean technology, energy efficiency and renewable
energy. The details are given below: have been taken:
Energy efficiency and Emission Management • Leak Detection and Repair (LDAR) is
being carried out on various lines to
Energy efficiency is one of the mainstays of industrial avoid leaks
performance. BPCL has implemented ISO 50001
• Unconverted methane rich gas is
based Energy Management System for continuous recycled back in HGU and used as
improvements through its energy conservation primary fuel in reformer furnace.
programmes across business units. In FY 2021-22 the
capacity of renewable energy at BPCL has increased • Excess oxygen concentration in the
from 45.12 MW to 46.44 MW, and Energy Efficient stacks is continuously monitored for
Lighting (EEL) capacity has increased from 53.24 MW complete combustion of methane in
process heaters and gas turbines.
to 59.66 MW. All the Retail operating locations have
transitioned to 100 % EEL besides MR, Pipelines and BPCL MR has an “Energy Analytics Dashboard”
approximately 50 % other marketing locations. These for on-line monitoring of Refinery process
initiatives have resulted in annual reduction of GHG Performance along with MBN / unit wise energy
emissions by approximately 271 TMTCO2e. model analytics for prediction / planning purpose,
including monitoring of “significant Energy
Additionally, other sustainable initiatives such as uses”.
PMUY, Transportation of product through Pipelines
and use of Biofuel in MS and HSD has helped in Mumbai Refinery unit implemented total 27
reduction of emissions by approximately 5461 Encon schemes having the potential savings of
TMTCO2e, totaling to 5732 TMTCO2e for the year 18,407 MTOE / year and reduced emission by
2021-22. 57,980 MTCO2e / Year. The following are
major energy efficiency (saving) initiatives
MR and KR both have commissioned facilities to
produce BS-VI grade HSD through Diesel Hydro implemented during FY 2021-22:
160
Sr. Description of Schemes Capital Energy Savings Savings
No. Investment in
(` crore) Fuel Power (` crore)
MT/Year MWH/Year
1. Installation of insulation jackets on valves/ flanges/ 0.7 752 2.48
strainers / moisture separators, steam distribution
manifolds & flow meters (RPIP): Job completed in CCU,
FCC, HCU, LOBS, NHGU & CDU-4.
2. Optimization of Steam to Lube Oil base Stock (LOBS) Feed - 238 0.79
Preparation Unit (FPU) ejector system.
3. Lowering in MAB air in regenerator and utilization of Vacuum - 2,136 -1,598 7.05
Pressure Swing Adsorption (VPSA) O2: Realized steam
saving of 100 TPD with power consumption of 200 kW.
4. 20P10 A/B put on load for pumping wild gasoline to Gas - - 240 0.12
concentration Unit (GCU). With both pump online reflux can
be put off and reflux need is catered by the wild gasoline
pump.
5. MACs removal by using plant air from B/H (savings in MAC - 5 0.02
fuel and maint. cost of Mobile Air Compressor (MAC).
6. Using G10B for delivering Light Diesel Oil to Trombay - - 400 0.20
Despatch Unit (TDU):
1. G10B (Power= 7.5kW) is used for LDO delivery instead
of G9B(Power=110kW).
2. G9B; Power consumption: 15840kW per month;
Electricity charge: ` 1,26,720 per month. G10B; Power
consumption: 1080kW per month; Electricity charge: `
8640 per month.
7. Methanol fractionator column 111-C-03 feed inlet line - 24 967 0.08
lagging/cladding done.
8. New APC strategies for steam reduction in Catalytic Nil 243 174.2 0.80
Cracking unit (CCU): Expected steam savings of 10 TPD.
9. Increment in steam temperature to VDU3 ejector leading - 357 1.18
to steam saving: Steam temperature increased from 194
deg C to 206 deg C. Realized steam saving of 15 TPD
10. Preheat exchanger cleaning in CDU4 leading to fuel 0.18 467 79.9 1.54
saving: 6 nos of fouled preheat exchangers in CDU4 were
cleaned using chemical treatment.
11. Two additional splitter off gas burners installed in - 500 1.65
Continuous Catalytic Reformer (CCR) furnace.
12. Preheat exchanger cleaning in CDU3 leading to fuel - 133 2,050.7 0.44
saving: 1 no of fouled preheat exchanger in CDU3 was
cleaned mechanically.
13. Application of Ceramic Coating in DHDS heater: This will 0.09 180 -1,494.5 0.59
lead to reduction in radiation losses and thereby estimated
fuel saving of around 0.54 TPD

No. Investment in
(` crore) Fuel Power (` crore)
MT/Year MWH/Year
14. Replacement of conventional cooling tower fan blades in 0.181 - 967 0.49
ARU/DHDS with new energy efficient EFRP: Expected
saving of around 41.94 kW
15. Corro-coating of cooling water pumps in DHDS CW pump 0.0677 - 174 0.09
P-11 B: Expected power saving of around 10 kW.
16. Replacement of DHDS heater APH as it was leaking for 1.19 133 159.8 0.44
fuel saving: Expected fuel saving of around 0.4 TPD.
17. Replacement of DHDS RGC motor in shutdown: Expected 1 - 80 0.04
power saving of around 10 kW.
18. FCC cracked gasoline routed directly to PH-5 bypassing - 2,000 6.60
Gasoline Treatment Unit (GTU), for saving of Research
Octane Number RON loss and Energy in GTU.
19. RFU revamp: Revamp of existing Reformer Feed Unit (RFU) 36 8,690 28.68
unit by converting splitter 2 column into Divided Wall
Column (DWC)
20. Air required for CCU Merox - 1/2 Caustic Regeneration taken - - 92 0.05
from B/H via plant air header and compressors 004K101A/B
stopped.
21. HCU Diesel Pump around steam generator 132-E-223 - 714 239.8 2.36
Passing RV overhauling /replacement with new RV.
22. CW turbine P502 was kept on idling at 1200 RPM as - 107 0.35
recommended by the rotary due to frequent bearing failure
in the past. Turbine was consuming 45 TPD steam. It was
stopped to conserve the steam, taking care of its reliability
issues.
23. Replacement of AC-12 in Boiler House: Expected power 1.58 2,051 1.04
saving of around 256.6 kW.
24. Electric heat tracing in Bitumen Blowing Unit (BBU) 4.03 390 -1,495 1.29
process line for steam saving: 55 T/D of MP steam will be
saved. Additional power consumption will be 374 KW.
25. Stopping of Boiler-1 on hot banking during non-monsoon - 333 1.10
seasons for fuel saving: Expected fuel saving of 1 TPD
which is required for hot banking.
26. Condensate recovery system in Boiler House, CPP & Pipe 2.37 365 1.21
Rack-12: Total condensate recovery potential of 127 T/D
along with LP steam recovery of 2.8 T/D.
27. Corro-coating of Cooling Water pumps for 2 Main Oil 0.1 160 0.08
Catcher pumps (Pumps P1 & P5): Expected power saving
of around 20 kW each.
Total 47.5 17,767 3,247.9 60.7
162
Kochi refinery implemented 14 nos. of Energy Conservation Schemes, having the potential savings of 42,129 MTOEs/Year
& reduced emission by 1,29,909 MTCO2e/Year. The following are major energy efficiency (saving) initiatives implemented
during FY 2021-22:

No. Investment in
(` crore) Fuel MT/ Power (` crore)
Year MWH/Year
1. Opportunity shutdown of KHDS unit: Stopping KHDS unit utilizing NIL 2,630 2,400 11
capacity of DHDT and ATF Merox to meet demand.
2. Enhancing flare gas recovery by debottlenecking FGRC NIL 6,000 22
loop: There are two flare gas compressors used for recovering flare
gas to Fuel Gas system. When both the compressors are on line the
suction line was found limiting. So the suction loop was modified to
overcome this limitation
3. Offsite Steam trap management: Steam trap maintenance is 1.7 5,700 21
awarded to M/s Uniklinker Ltd, whose contract involves the
assurance of 95% availability of steam traps with a penalty clause.
The health of trap is verified by third party, M/s Forbes Marshall Pvt
Ltd. who carries out trap surveys to check the healthiness of traps
4. Intermediate tank rationalization: Heavy oil intermediate tanks NIL 3,900 14.3
were taken out of service by maximizing direct feeding to secondary
processing units. This enabled the isolation of steam to heating
coils of heavy oil tanks
5. Stopping SCAPH operation in CDU3 crude furnace Sulphur NIL 3,424 13
content of FG being low, can accommodate lower stack
temperature than fuel oil. Stack temperatures are brought down
using glass APH and steam to air pre heaters are closed to take this
advantage.
6. Flare purge reduction in CEMP flare by replacing with nitrogen in NIL 2,600 10
phased manner.
7. CDU-1 PF system shutdown for by maximization of gaseous fuel NIL 900 3.3
firing.
8. CDU2 crude heaters APH cleaning and general burner overhauling 0.50 400 2
and refractory rectification to minimize heat loss
9. Back purge facility for Packinox in CCR : Packinox feed nozzle 0.02 330 1
plugging was frequent. Higher upstream pressure was essential to
overcome this shortcoming. The back purge facility removes the
plugging and reduces the steam usage
10. CBD slop internal processing in DCU instead of reprocessing in 0.02 175 0.6
CDU.
11. Loader valves adjustment in NHT-Recycle gas Compressor. The 0.02 160 0.6
unit was originally designed for cracked naphtha. Since heart cut
naphtha from GSU is not routed to the unit the recycle load could
reduce to 50%
12. FGH production and stopping of NHT ISOM: Food Grade Hexane 0.1 9,768 1,232 40
was produced from NHT ISOM. On commissioning MSBP and
simulating and modifying the column conditions FGH is being
produced as the side cut from MSBP
13. Feed Preheat improvement in CDU-3 and FCCU by operational NIL 2,075 7.6
improvements.
14. Power Saving by converting to 19000 nos. of conventional light 8.9 17,040 9.6
fittings by Energy efficient LED lamps.
Total 11.26 38,062 20,672 156

Digital Initiatives collectively (Retail and LPG SBUs) by 25.57%
Improvement in process technologies & automation during the year.
to improve quality while maximizing efficiency, • In Bina Panki Pipeline Project, 100 percent of
following digital initiatives have been implemented ROU Land and Crop compensation was
across BPCL units during the year: disbursed through NEFT mode. 100 percent of
• Fiber Optics based Pipeline Intrusion Detection Pipeline laying records are digitalized thereby
Systems (PIDS) for Mumbai Kota pipeline facilitating traceability of records on a click.
section has been successfully awarded and on Tree Plantation
commissioning entire MMBPL 1,389 KM would
BPCL holds mass tree plantations in all operating
be covered with PIDS. This would help in
locations to beat air pollution and increase carbon
preventing tapping by miscreants & damage to
sequestration. The Company has planted about
pipelines by third party activities. On completion
90,000 trees in FY 2021-22 making a total of
of PIDS in Mumbai Kota section total 2,227 KM
approximately 4.76 lakh trees as of March 2022.
of Pipeline out of 2,596 KM would be covered.
These tree planting initiatives have contributed to an
• Robotic cleaning of confined places, IIoT increase in CO2 sink by 12,000 MTCO2e.
(Industrial Internet of Things) based Wireless
Around 5 lakh seed bombs were planted through Seed
Asset Monitoring System, Cloud based HSSE
Bombing technique in Maharashtra region which
portal, Manpower monitoring system, Camera
includes Retail locations, LPG plants, MMBPL Pipeline
feed and drones used in turnaround safety
(ROU) and other areas by engaging services of
surveillance.
Environment Institute M/s SIES, various NGOs, NCC
• MR developed Model for predicting Coke cadets and Govt. bodies.
content in CCR Unit Spent Catalyst using
BPCL MR in collaboration with Central Railway had
Advanced Machine learning (ML) techniques
planted 1,000 tree saplings of native species using
and parametric regression. This enabled to get
MIYAWAKI method at Lokmanya Tilak Terminus (LTT)
the coke content result without the need of
Kurla on World Environment Day, June 5, 2021.
sample analysis in laboratory.
Similarly, Kochi Refinery in its initiatives to improve
• Contractor Work Management System greenery has planted 8,340 Saplings during the year
implemented at Kochi Refinery to facilitate 2021-22.
Contractor Safety trainings and entry clearance
Water Conservation
within 1 day from 10 days.
BPCL is continuously working towards increasing the
• Integrated Electronic Work Permit System
Rainwater Harvesting (RWH) capacity to reduce the
(e-WPS) with Integrated Risk Information
dependency on other sources of water. The total
System (IRIS) for monitoring all Ultra Critical
catchment area under rainwater harvesting has
Activities.
increased from 842800 Sqm to 907938 Sqm during
• Pipeline Entity implemented interlock Bypass the year 2021-22.
Online Authorization System to enhance
BPCL has implemented recommendations of Water
process safety with mapping of Geographical
Balance Study (WBS) in marketing locations
Information System (GIS) to enable
especially in LPG and Retail Business Units for
comprehensive data management of entire
conservation and optimization of fresh water.
pipelines on a single platform with concurrent
Recycling of wastewater is achieved through Effluent
access from anywhere at any-time.
Treatment Plants (ETP) in the refineries and treated
• The technology of Vehicle Tracking System water is used for various non-potable purposes.
(VTS) / Electromechanical (EM) Digital locks
The energy efficiency and sustainability efforts have
was integrated with IRIS at central command
been recognized across various platforms and BPCL
and control centre, taking cognisance of
business units have been conferred with several
Industrial Transport Discipline Guidelines
awards during the FY 2021-22.
(ITDG) for recording, monitoring, and corrective
actions against en-route violations, which had • FIPI award for Sustainably Growing Corporate of
an impact on reduction of In-transit accidents the Year
164
• GT- SABERA Award on Responsible Business of the respective permissible limits of the Central
the year Pollution Control Board/ State Pollution Control
Board. The emission and waste data are
• Energy and Environment Foundation Award -
tracked across BPCL’s business unit as per
Platinum Category on sustainability
applicability and is reported in Sustainable
• CII National Award for Environmental Best Development Report. Moreover, an online
Practices 2021. emission monitoring system is available at
• “Excellence in Sustainable EHS” from World BPCL refineries, with the help of which, real
Sustainability Congress time emission data is made available to
Pollution Control Board. Apart from online
• ICC award for water Stewardship monitoring, manual monitoring of ambient air
• 'Water Sustainability Award' 2021-22, quality as per National Ambient Air Quality
organised by TERI, in association with the Standards (NAAQS) is being carried out at the
International Water Association (IWA) and refineries.
United Nations Development Programme 7. Number of show cause/ legal notices
• Excellence in "Business Performance in received from CPCB/SPCB which are
Cargo/Ship handling at Cochin Port" for pending (i.e., not resolved to satisfaction) as
2021-22. on end of Financial Year.
• Skoch Award for Innovative Digital The pending show cause/ legal notices
Transformation in PSUs to foster digital change received from CPCB/SPCB for FY 2021-22 are
throughout marketing division through Project mentioned below:
Anubhav which provided a unified experience 1. Matter related to spillage of oil into
across different touchpoints. Marine water during Fuel oil cargo
• ‘Global CSR Excellence and Leadership Award’ discharge by MT Corals Stars at
by World CSR Congress in Mumbai for best Kamarajar Port Ltd., ETTPL (Ennore.):
practices in ‘Concern of Health’ category. Notice dated 22.11.2018 was issued by
Tamil Nadu Pollution Control Board for
• Mumbai Refinery was adjudged Winner and
“Assessment of damage caused to
awarded ‘Making Quality Happen Trophy’ in the
marine environment- Assessment
Manufacturing Category by IMC Ramkrishna
Liability imposed under Rule 23-1
Bajaj National Quality Award (RBNQA) under
of the Hazardous & Other Wastes
MQH Best Practices Competition.
(Management & Transboundary
• Received a Medal & Certificate for Construction Movement) Rules, 2016- Directions
Health, Safety & Environment in 13th issued under Sec 5 of the Environment
Vishwakarma Achievement Awards 2022 for (Protection) Act, 1986.”
KHT Project.
2. VP Krishnamoorthy vs BPCL, IOCL,
• “Achievement Award for Best Construction HPCL, TNPCB and others: The
Project” & “Achievement Award for Corona application has been filed due to health
Warriors” for the BS VI Motor Spirit Block and safety hazards posed by the leakage
Project. in the pipelines laid and being used by
• Kerala Management Association (KMA) Annual respondents 3 to 6 (IOCL, HPCL AND
CSR Awards 2020 for initiatives in three BPCL) to transport petroleum products.
categories namely Education, Health & Hygiene Tribunal directed CPCB and TNPCB to
and Child & Elderly Care undertaken in Kerala. expedite the health assessment study
and coordinate with ICMR to file status
6. Are the Emissions/Waste generated by the report. Besides, BPCL was directed to
company within the permissible limits given by file status report regarding remediation
CPCB/SPCB for the financial year being reported? activities.
The emission/waste generated during operation are 3. Shri Sant Dasganu Maharaj Shetkari
regularly monitored to ensure that they are well within Sangh, representing 24 families who are

residing and based at Akolner village, filed c) Application filed by Kuzhikkad
application before National Green Tribunal Residents Association against
alleging that ground water pollution caused by BPCL, Secretary, MoEF&CC, CPCB,
leakage of petroleum storage tank installed at PESO, Director of Factories &
village Akolner, District – Ahmednagar by oil Boilers, State of Kerala, KSPCB,
companies. Presently, Supreme Court directed VPGP etc., to develop and maintain
Maharashtra Pollution Control Board to conduct proper green belt and buffer zone
an inspection to find out status of Petroleum around the boundary of PDPP. BCPL
Product contamination at the Akolner Village has appealed against the above
and to submit its report. complaints and matter is pending in
4. NGT Chennai by its order directed OMCs to the court.
install VRS mechanism at all their ROs in cities 7. D.Sakthivel vs District Collector Erode &
having more than 10 lakh population and sales Ors. Petitioner has filed before NGT at
more than 300 KL/per month, for new ROs Chennai challenging the operation of RO
having 100KL/per month to 300 KL/per month, at Sathy Erode Main Road village
and for depots within time frame as fixed by periyasemur district Eorde, that
CPCB. CPCB/SPCB were also directed to issue establishment of RO is violation of
notice under Environment (Protection) Act, criteria prescribed by CPCB that RO is
1986, Water (Prevention and Control of within prohibited distance of 50m from a
Pollution) Act, 1974, and Air (Prevention and primary school and water body and
Control of Pollution) Act,1981 to obtain consent within 300 m from road junction in
to establish and operate for new ROs, ROs violation of IRC guidelines. The matter is
under construction within 3 months and for all pending with District Administration.
existing ROs within 6 months. The order has
8. D.Vijayaragavan vs BPCL & ORs.
been challenged by OMC in Supreme Court. The
Application has been filed by Mr.
court has stayed the NGT order presently.
Vijayaragavan before NGT Chennai for
5. Pursuant to order dated August 13, 2020 permanent injunction against BPCL from
passed by the Hon’ble NGT in the execution opening and operating the NRO at West
petition titled Mr. Charudatt Koli & others vs Tambaram on the grounds of violation of
Sealord Containers Pvt Ltd., MPCB directed the siting criteria prescribed by CPCB
BPCL to deposit a sum of ` 67.5 crore in a and the mandatory IRC norms. The
ring-fenced account. Being aggrieved by the matter is pending with District
said order dated 13.8.2020, all the Administration.
Respondents including BPCL had challenged
the said order before the Supreme Court. The PRINCIPLE 7: RESPONSIBLE PUBLIC POLICY
Court had stayed the order dated 13.8.2020 of ADVOCACY
the NGT till further notice. 1. Is your company a member of any trade and
6. a) NG Soman vs BPCL and others. Application chamber or association? If Yes, Name only
has been filed before National Green those major ones that your business deals
Tribunal (NGT) Chennai to direct BPCL and with:
M/s Prodair not to pollute the environment Yes, BPCL is a member of several industrial
by emitting solid liquid and gaseous and trade associations. Some of the major
wastes. ones are listed below:
b) Vipin Nath AV & Sinu C Jacob vs BPCL and • Confederation of Indian Industry (CII)
others. Application has been filed before
• Federation of Indian Chambers of
NGT, Chennai to direct BPCL to develop and
Commerce and Industry (FICCI)
maintain proper green belt and buffer zone
around the boundary of Propylene • Bombay Chamber of Commerce &
Derivative Petrochemical Project (PDPP) Industry
unit under the Integrated Refinery • ASSOCHAM
Expansion Project (IREP) of BPCL.
166
• Indian Merchant Chambers Development. Additionally, the organization
• World Energy Council-Indian Member has been actively involved in Covid-19 relief
Committee work since the beginning of the pandemic. All
the projects of BPCL under the focus areas are
• World LP Gas Association
rooted in the belief of inclusive growth and
• Petroleum Federation of India equitable development of the most
• Bio Diesel Association of India marginalised communities.
• The Advertising Standards Council of India 2. Are the programs/projects undertaken
• National Accreditation Board for Testing and through in-house team/own foundation/
Calibration Laboratories external NGO/ government structures/any
other organization?
• Oil Industry Safety Directorate (OISD)
BPCL collaborates with various NGOs
• Petroleum and Explosives Safety Organisation
registered as society/trust/section 8 company,
(PESO)
foundations, government departments, and
• Petroleum & Natural Gas Regulatory Board. other professional agencies for execution of
2. Have you advocated/lobbied through above the on-field projects. These alliances are
associations for the advancement or improvement formed to achieve the maximum on-ground
of public good? Yes/No, if yes specify the broad impact by engaging a credible and experienced
areas. team that has required expertise, resources,
BPCL has been a member of the associations and has and knowledge on community engagements.
expressed its industry viewpoint by participating in In addition, BPCL collaborated with other
relevant forums. BPCL also participates in industry members on programmes to develop
consultative committees that develop policies as communities in Aspirational districts and the
requested by the government or regulatory agencies. commissioning of Skill Development Institutes
Senior BPCL officers have served on several working etc.
committees, including Oil India Safety Directorate
(OISD), Petroleum and Natural Gas Regulatory Board 3. Have you done any impact assessment of
(PNGRB), Centre for High Technology (CHT), etc. and your initiative?
have contributed to their agendas. Yes, BPCL carries out periodic impact
PRINCIPLE 8: INCLUSIVE GROWTH assessment of its CSR projects as per the
1. Does the company have specified programs/ project monitoring & evaluation framework.
initiatives/projects in pursuit of the policy related to The assessment is conducted both by internal
Principle 8? If yes details thereof. mechanisms and through third-party for
ensuring greater transparency and impact of
BPCL has developed and implemented a philosophy
of social responsibility in our vision and value system. these programs.
As a leading public sector entity, our commitment to 4. What is your company’s direct contribution
“energising the grassroots” recognises its to community development projects-amount
responsibilities towards the society's marginalised in INR and the details of the projects
and underprivileged people. Multiple initiatives have undertaken?
been crafted, deployed, and supported to improve the
lives of the less fortunate. BPCL’s contribution to community development
projects for FY 2021-22 was ` 137.78 crore.
The CSR projects of BPCL aim to benefit the
The details of various CSR Projects undertaken
community from low socioeconomic strata who have
been identified as vulnerable, in and around business are provided in Principle 4 under section
units such as refineries, depots, installations, and LPG ‘Stakeholder Engagement’ as well as under the
bottling plants. As per the BPCL CSR policy, core section on CSR activities which is a part of the
focus areas are Education, Water Conservation, Skill Annual Report.
Development, Health & Hygiene and Community

5. Have you taken steps to ensure that this community BIS, API, DIN. etc. A new feature has also been
development initiative is successfully adopted by added on label i.e., QR Code to trace and track
the community? Please explain in 50 words, or so. the product movement.
Community involvement and participation is key to 3. Is there any case filed by any stakeholder
successful implementation of any CSR program. At against the company regarding unfair trade
BPCL, due importance is given to the involvement of practices, irresponsible advertising and/or
local communities at each step which starts right anti-competitive behaviour during the last
from planning, implementation, and evaluation of the five years and pending as of end of financial
CSR projects. From the planning stage to the end, year? If so, provide details thereof, in about
assessment efforts are being made to form 50 words or so.
community-based organisations such as farmer The Details are given below:
committees, village water committees, alumni Category No. of Cases No. of Cases
committees, and school management committees. filed in the pending as on end
Several capacity-building sessions, training last 5 years of financial
programmes, and meetings, among other things, are year 2021-22
held for these working groups and other project
Unfair trade NIL NIL
stakeholders. When there is a scope, community also
practices
contributes a small amount financially or through
"Shramdaan" in projects such as specific skill Irresponsible NIL NIL
development and water conservation programmes. advertising
This fosters community ownership and ensures Anti- 4 7
project sustainability after BPCL's exit. BPCL also competitive
uses transformed communities as resource groups to behaviour
empower other villages/ communities.
PRINCIPLE 9: CUSTOMER VALUE In FY 2021-22, no new cases were filed on
grounds of unfair trade practices or
1. What percentage of customer complaints/consumer anti-competitive behaviour. Details of pending
cases are pending as on the end of financial year? cases regarding Anti-competitive behaviour are
as follows:
During the FY 2021-22, a total of 12,77,974 Customer
interactions had taken place through various • Case year 2019: Bajaj Hindustan Sugar
channels. Out of which, 4,52,206 Customer Ltd filed a complaint before National
Company Law Appellate Tribunal (NCLAT)
Complaints were received and 4,49,706 were
alleging the contravention of provision by
resolved, which is 99.44% with an average closure bidders while inviting quotations from
time of one day. Balance complaints were addressed alcohol manufacturing for supply of
subsequently and closed satisfactorily. ethanol through joint tenders. After
several investigations, it concluded that
2. Does the company display product information on
the Appellant was guilty of violating the
the product label, over and above what is mandated provision of the Act. Hence this Appeal.
as per local laws? Yes/No/N.A. /Remarks
• Case year 2018: India Glycols Ltd. vs
(additional information) India Sugar Mills Associates & Ors.
Yes, BPCL displays product information prominently alleging that ISMA, on behalf of member
on the product label wherever feasible. The companies (including BPCL) have lobbied
with Govt. of India for increasing the price
information provided on the product labels are as per
of Ethanol from various suppliers – Sub
National/ International Standards as applicable e.g., Judice
168
• Case year 2018: India Glycols Ltd. vs India Sugar Customer Engagement Platform (CEP) is a
Mills Associates & Ors. alleging that ISMA, on unified platform that enables Business Units
behalf of member companies (including BPCL) and Entities to have a single view of the
have breached the principle of competitive customer across the business. The CEP's first
neutrality as procurement of ethanol by PSU product is a unified mobile application for our
OMC has been undertaken at fixed notified clients termed "Hello BPCL." It serves as a
process instead of market driven price. – Sub one-stop solution for all BPCL customers'
Judice sales and service needs, from one-click
• Case year 2016: Appeal filed against order dated ordering of LPG to B2B sales, payments,
11.02.2014 passed by CCI in suo-motu case no. customer service, loyalty, and rewards.
95/2013. Federation is alleging unfair terms in BPCL has shown undeterred customer focus
Dealership Agreements for (a) Not allowing to by channelizing the field force to deliver a
use petroleum products of other OMCs and, (b) positive customer experience. Sales Buddy – a
Reserving Dealer land just for selling oil and customer relationship management platform
impose condition to give land to OMC when powered by Salesforce has been deployed for
dealership is terminated – Sub Judice. internal employees. This platform intends to
• Case year 2013: A petition filed to start enquiry transcend customer centricity across the entire
against OMCs by observing that OMCs are customer journey. It allows BPCL field force to
behaving like a cartel by fixing petrol prices. develop customer connections, manage an
BPCL challenged the said order in Delhi High ever-growing customer base, and nurture
Court vide WP 7303/2013 and Delhi High Court prospects / leads through an organized /
vide order dated 22.11.2013 ordered stay in the guided process, thereby establishing
said proceedings - Sub Judice long-term, highly profitable customer
• Case year 2010: A complaint was filed by M/s relationships.
RIL before the Competition Commission alleging BPCL has also set up multiple customer
cartelization, collusive bidding, and abuse of service automated platforms to enhance and
dominant position by the PSU OMCs - Sub optimize its customer interactions. An
Judice Integrated Messaging Platform was launched
• Case year 2010: RIL had filed a complaint before to power omni-channel conversations with
the Petroleum & Natural Gas Regulatory Board customers across all Business Units.
(PNGRB) against PSU OMCs and upstream Accordingly, BPCL launched its first
companies alleging bid rigging/collusive bidding. conversational Artificial Intelligence (AI)
Main issue arose from the tender floated by chatbot, “Urja”. It enabled the customers to
NACIL for supply of ATF in which the OMCs were chat in 13 different languages and is available
alleged of indulging in bid rigging/collusive on WhatsApp and BPCL Website.
bidding – Sub Judice.
BPCL has developed IRIS, the Digital Nerve
4. Did your company carry out any consumer Centre, with the goal of improving operational
survey/consumer satisfaction trends? performance and efficiency, enhancing
BPCL-CCS has not undertaken any structured security and safety, and delivering brand
survey during the year 2021-22. As part of promises utilizing cutting-edge technology.
business-as-usual operations, BPCL's business units IRIS can accept over 3 million inputs per
collate customer feedback through various channels second from Local Automated Systems,
on a regular basis. BPCL has consistently strived to cameras, and Internet of Things (IoT) devices
set new benchmarks in customer service standards, installed at key locations such as Retail Outlets,
thereby meeting customer expectations by Fuel Terminals, LPG Plants, Consumer Pumps,
consistently providing convenience, services, and and Railway Installations, as well as the
resolving any grievances through a well-defined associated Tank Trucks for product delivery.
mechanism.

ANNEXURE-E
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA
COMMENTS OF THE COMPTROLLER The preparation of financial statements of Bharat Petroleum Corporation Limited for the
AND AUDITOR GENERAL OF INDIA year ended March 31, 2022 in accordance with the financial reporting framework
UNDER SECTION 143(6) (b) OF prescribed under the Companies Act, 2013 (Act) is the responsibility of the management
THE COMPANIES ACT, 2013 ON of the company. The statutory auditor appointed by the Comptroller and Auditor General of
THE FINANCIAL STATEMENTS OF India under section 139 (5) of the Act is responsible for expressing opinion on the financial
BHARAT PETROLEUM CORPORATION statements under section 143 of the Act based on independent audit in accordance with
LIMITED FOR THE YEAR ENDED the standards on auditing prescribed under section 143(10) of the Act. This is stated to
MARCH 31, 2022 have been done by them vide their Audit Report dated May 25, 2022.
I, on behalf of the Comptroller and Auditor General of India, have conducted a

supplementary audit of the financial statements of Bharat Petroleum Corporation Limited
for the year ended March 31, 2022 under section 143(6)(a) of the Act. This supplementary
audit has been carried out independently without access to the working papers of the
statutory auditors and is limited primarily to inquiries of the statutory auditors and
company personnel and a selective examination of some of the accounting records.
On the basis of my supplementary audit nothing significant has come to my knowledge

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 the behalf of the

Comptroller & Auditor General of India
Sd/-
C.M.Sane
Director General of Commercial Audit, Mumbai
Place: Mumbai
Date: 26th July, 2022
170
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA
COMMENTS OF THE The preparation of consolidated financial statements of Bharat Petroleum Corporation Limited for the
COMPTROLLER AND year ended March 31, 2022 in accordance with the financial reporting framework prescribed under the
AUDITOR GENERAL OF Companies Act, 2013 (Act) is the responsibility of the management of the company. The statutory
auditors appointed by the Comptroller and Auditor General of India under section 139 (5) read with
INDIA UNDER SECTION section 129 (4) of the Act are responsible for expressing opinion on the financial statements under
143(6) (b) READ WITH section 143 read with section 129 (4) of the Act based on independent audit in accordance with the
SECTION 129 (4) OF THE standards on auditing prescribed under section 143(10) of the Act. This is stated to have been done by
COMPANIES ACT, 2013 them vide their Audit Report dated May 25, 2022.
ON THE CONSOLIDATED I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit under
section 143(6)(a) read with section 129(4) of the Act of the consolidated financial statements of Bharat
FINANCIAL STATEMENTS
Petroleum Corporation Limited for the year ended March 31, 2022. We conducted a supplementary
OF BHARAT PETROLEUM audit of the financial statements of (Annexure-I) but did not conduct supplementary audit of the financial
CORPORATION LIMITED statements of (Annexure-II) for the year ended on that date. Further, section 139(5) and 143(6)(b) of the
FOR THE YEAR ENDED Act are not applicable to (Annexure-III) being private entities incorporated in foreign countries under the
MARCH 31, 2022 respective laws, for appointment of their Statutory Auditor and for conduct of supplementary audit.
Accordingly, Comptroller and Auditor General of India has neither appointed the Statutory Auditors nor
conducted the supplementary audit of these companies. This supplementary audit has been carried out
independently without access to the working papers of the statutory auditors and is limited primarily to
inquiries of the statutory auditors and company personnel and a selective examination of some of the
accounting records.
On the basis of my supplementary audit nothing significant has come to my knowledge 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 the behalf of the
Comptroller & Auditor General of India
Sd/-
C.M.Sane
Director General of Commercial Audit, Mumbai
Place: Mumbai
Date: 26th July, 2022
Annexure-I Annexure-II Annexure-III
Audit Conducted Audit not Conducted Audit not applicable
Accounts received and Accounts
NRC issued / being issued not received
(A) Subsidiaries: (A) Subsidiaries: (A) Subsidiaries:
Bharat PetroResources Limited Nil Nil Nil
Bharat Gas Resources Limited
Bharat Oman Refineries Limited
(B) Joint Ventures: (B) Joint Ventures: (B) Joint Ventures:
Murnbai Aviation Fuel Farm Haridwar Natural Gas Private Limited Matrix Bharat Pte. Ltd.
Facility Pvt. Ltd.
Kochi Salem Pipeline Private Limited Ratnagiri Refinery & Petrochemical Ltd. Bharat Stars Services Pvt. Ltd.
Maharashtra Natural Gas Limited Central UP Gas Limited
Sabarmati Gas Limited BPCL-KIAL Fuel Farm Facility Private Limited
IHB Pvt. Ltd. Goa Natural Gas Private Limited
Delhi Aviation Fuel Farm Facility Private
Limited
(C) Associates: (C) Associates: (C) Associates:
GSPL India Gasnet Ltd. Nil Nil Petronet LNG Limited
GSPL India Transco Ltd. Fino PayTech Ltd.
lndraprastha Gas Limited Kannur International Airport
Limited

Annexure F - Details of pending C&AG Audit paras
Sr. Audit Report
Particulars Management response
No. Para No.
1 Report No. Irregular payment of The one-time stagnation relief of ` 4.58 crore for the period Jan.
24 of 2009- stagnation relief 2002 to Dec. 2006 was allowed with the approval of Board of
10, Para No. Directors in the background of an exceptional & peculiar industrial
11.4.1 relations scenario and it is neither considered for any consequential
benefits nor for the purpose of 2007 pay revision.
2 Report No. 21 Irregular payment With respect to encashment of Half Pay Leave/Earned Leave/Sick
of 2015, Para towards encashment of Leave at the time of superannuation/separation, an amount of
No. 8.1 Half Pay Leave / Earned ` 17.64 crore over and above the ceiling of 300 days was paid by
Leave / Sick Leave as BPCL. DPE has empowered CPSEs to frame their leave rules vide
well as Employers share its OM dated 03.08.2017 w.e.f 01.01.2017. BPCL is, thus, in
of EPF Contribution on compliance of DPE guidelines w.e.f. 01.01.2017 and onwards.
Leave encashment Further, w.r.t recovery for the past period, DoPT O.M. dated
02.03.2016 stated that recoveries from separated employees are
impermissible in law in view of Supreme Court judgement.
Employers share of EPF Contribution on Leave encashment is not

applicable to BPCL.
3 Report No. 15 Extension of credit BPCL had entered into Fuel supply agreement (FSA) with Kasargod
of 2016, Para facility to a Power Corporation Private Limited (KPCPL) which, inter alia,
No. 1.1 defaulter company contained clauses on Liquidated damages for minimum offtake
without security led to quantity and interest on delayed payment. On payment defaults by
non- recovery of ` 23.50 KPCPL and disallowance of concessional sales tax, BPCL filed
crore arbitration petition to demand the outstanding amounts. While
arbitration panel awarded claim towards fuel related payments,
interest on delayed payment and tax liabilities in favour 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 appeal in Commercial Court, Ernakulam, Kerala.
The appeals are still pending for disposal.
4 Report No. 9 Undue benefit extended Oil & Gas Central Public Sector Enterprises fall under “Public Utility
of 2017, Para to the executives in the Service” under the Industrial Disputes Act, 1947. Further, Oil
No. 18.2 form of shift allowance refining operations/Petrochemical industries are identified as a
amounting to ` 22.17 hazardous process under the Factories Act, 1948. The expenses on
crore shift duty are thus in the nature of operational expenses being paid
for inconvenience caused due to odd hours of work which affects
the body’s “circadian clock”. 3rd PRC recommendation had also
viewed that compensation/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 recommended ceiling
on perks and allowances.
5 Report No. 11 Irregular payment in Mementos worth ` 20,000/- were distributed by BPCL to its
of 2018, Para contravention of DPE employees for celebration of various landmark milestones
9.2 guidelines achieved. The amount has since been 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.
172
Sr. Audit Report
Particulars Management response
No. Para No.
6 Report No. 13 Irregular expenditure on Long Service Award (LSA) was introduced based on DPE
of 2019, employee under long guidelines of 14.02.1983 in terms of which there is no objection in
Para 6.1 service award scheme honouring the employees on completion of meritorious service
in contravention of milestones. Though, there was a prohibition on CPSEs for giving
Ministry’s guidelines. away commemorative awards in cash or kind on company specific
milestones, DPE drew a clear distinction between awarding the long
service rendered by the employee and milestones achieved by the
Company. Hence, there is no contravention of any DPE guidelines.
7 Report No. 18 Implementation of As of May 1, 2022, 18,388 retail outlets (ROs) are automated with
of 2020, Para de-regulation of pricing robust and wireless automation systems. These automated ROs
9.4 of petroleum products are equipped with VSAT/Broadband/SIM. Further, Wireless FCC
• Lack of automation which has a GSM SIM card for back-up connectivity is available at
of ROs/ sustained automated ROs. Automation of remaining and new ROs is a
connectivity, continuous process which is being carried out in timely manner.
• Change of prices by BPCL has implemented Interlocks system in ROs preventing further
dealers, sales if retail selling price is not automatically changed. This
• Lower inspection of Interlock has been implemented at 16,835 ROs (as on
ROs by OMCs May 1, 2022). Necessary internal guidelines have been issued on
carrying out requisite no. of inspections and retail outlet inspection
report has been suitably modified to capture price change logs.

ANNEXURE TO THE DIRECTORS’ REPORT
Annexure G
FORM NO. AOC -2
(Pursuant to clause (h) of sub-section (3)of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)
Form for disclosure of particulars of contracts / arrangements entered into by the company with
related parties referred to in subsection (1) of section 188 of the Companies Act, 2013 including certain
arm's length transactions under third proviso thereto.
1. Details of contracts or arrangements or transactions not at arm’s length basis
Sr. Name of the Nature of Nature of Duration of Salient Terms of Transaction Date of Amount Paid
No. Related Party Relationship Contract/ the Contract/ the Contracts/ Values in Board as Advances
Arrangement/ Arrangement/ Arrangements/ FY 2021-22 Approval (` crore)
Transactions Transactions Transactions (` crore)
1 Petronet LNG Associate Partial Waiver of 2021-22 Waiver of penaly 84.62 22.03.2022 -
Limited Use or Pay (UoP) levied for low
Penalty usage of
regas facility
2 Petronet LNG Associate Partial Waiver of 2021-22 Retrospective 79.96 22.03.2022 -
Limited Regas Charges downward revision
at Kochi LNG of regasification
Terminal charges
2. Details of material contracts or arrangement or transactions at arm’s length basis*
Sr. Name of the Nature of Nature of Duration of Salient Terms of Transaction Date of Amount Paid
No. Related Party Relationship Contract/ the Contract/ the Contracts/ Values in Board as Advances
Arrangement/ Arrangement/ Arrangements/ FY 2021-22 Approval (` crore)
Transactions Transactions Transactions (` crore)
NIL
*Note: The threshold for determining the material transaction has been considered in line with rule no. 15 (3) of Companies
(Meetings of Boards and its powers) Rules, 2014.
All Transactions are in ordinary course of business and at arm's length.
For and on behalf of the Board of Directors
Sd/-
Place : Mumbai Arun Kumar Singh
Date : 26th May, 2022 Chairman & Managing Director
174
ANNEXURE H
Disclosure as required under Regulation 34, Schedule V of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015
(` in crore)
Particulars Balance as on Maximum amount
outstanding during
the period
31.03.2022 31.03.2021 2021-22 2020-21
(a) Loans and advances in the nature of Loans:
(i) To Subsidiary Company
a) Bharat PetroResources Limited 2,190.00 2,090.00 2,190.00 3,140.00
b) Bharat Oman Refineries Limited * 1,254.10 1,254.10 1,254.10 1,254.10
(ii) To Joint Ventures- Haridwar Natural Gas Limited 15.00 15.00 15.00 15.00
(iii) To Firms/Companies in which - - - -
directors are interested
(b) Investment by the loanee in the shares of - - - -
BPCL and its subsidiary company
* Corporation had acquired 88,86,13,336 shares of Joint Venture Company Bharat Oman Refineries Limited (36.62% of the
equity share capital) on June 30, 2021 from Joint Venture Partner OQ S.A.O.C. (formerly known as Oman Oil Company
S.A.O.C.) ("OQ") for a consideration of ₹ 2,399.26 crore. Bharat Oman Refineries Limited has become a wholly owned
subsidiary of the Corporation w.e.f. June 30, 2021.

Annexure I
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31st March, 2022
[Issued in pursuance to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To, (v) The following Regulations and Guidelines prescribed

The Members, under the Securities and Exchange Board of India Act,
Bharat Petroleum Corporation Limited 1992 (‘SEBI ACT’):
I have conducted the Secretarial Audit of the compliance of a) The Securities and Exchange Board of India
applicable statutory provisions and the adherence to good (Substantial Acquisition of Shares and Takeovers)
corporate governance practices by Bharat Petroleum Regulations, 2011;
Corporation Limited (hereinafter called ‘the Company’). (b) The Securities and Exchange Board of India
Secretarial Audit was conducted in a manner that provided me (Prohibition of Insider Trading) Regulations, 2015;
a reasonable basis for evaluating the corporate conducts/
statutory compliances and expressing my opinion thereon. (c) The Securities and Exchange Board of India (Issue
and Listing of Non-Convertible Securities)
Based on my verification of the Company’s books, papers, Regulations, 2021;
minute books, forms and returns filed and other records
maintained by the Company and also the information (d) The Securities and Exchange Board of India (Share
provided by the Company, its officers, agents and authorized Based Employee Benefits) Regulations, 2014 and
representatives during the conduct of secretarial audit, I Securities and Exchange Board of India (Share
hereby report that in my opinion, the Company, has during the Based Employee Benefits and Sweat Equity)
audit period covering the financial year ended on March 31, Regulations, 2021.
2022, complied with the statutory provisions listed hereunder I report that during the year under review, there was no
and also that the Company has proper Board process and action/event in pursuance of :
compliance mechanism in place to the extent, in the manner
(a) The Securities and Exchange Board of India (Issue
and subject to the reporting made hereinafter.
of Capital and Disclosure Requirements)
I have examined the books, papers, minute books, forms and Regulations, 2018;
returns filed and other records maintained by Bharat
(b) The Securities and Exchange Board of India
Petroleum Corporation Limited for the financial year ended on
(Delisting of Equity shares) Regulations, 2021;
March 31, 2022 according to the provisions of:
(c) The Securities and Exchange Board of India
(i) The Companies Act, 2013 (the Act) and the rules made
(Buy-back of Securities) Regulations, 2018; and
thereunder;
(d) The Securities and Exchange Board of India
(ii) The Securities Contracts (Regulation) Act, 1956
(‘SCRA’) and the rules made thereunder; (Registrar to an Issue and Share Transfer Agents)
Regulations, 1993 regarding the Companies Act
(iii) The Depositories Act, 1996 and the Regulations and
and dealing with the client.
Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules (vi) Based on the certificate given by the Company
and regulations made thereunder to the extent of Foreign Secretary of the Company, it appears that the following
Direct Investment, Overseas Direct Investment and Acts / Guidelines are specifically applicable to the
External Commercial borrowing; Company:
176
(a) Oil fields (Regulation and Development) Act, 1948; ii. Requisite number of Independent Directors on the
Board as required under Section 149(4) of the Act
(b) The Petroleum Act, 1934;
and Regulation 17(1)(b) of SEBI (Listing
(c) Mines and Minerals (Regulation and Development) Obligations and Disclosure Requirements)
Act, 1957; Regulations, 2015 during the period 01/04/2021
(d) Petroleum and Minerals Pipelines (Acquisition of till 11/11/2021.
Right of User Inland) Act, 1962; iii. Minimum 6 directors as required for top 1000
(e) Oil Mines Regulations, 1984; listed companies during the period 01/08/2021 till
06/09/2021 and during the period 23/09/2021 till
(f) Petroleum & Natural Gas Rules, 1959;
12/10/2021.
(g) Petroleum Rules, 2002;
iv. A woman Independent Director as required under
(h) The Oil Industry (Development) Act, 1974; Section 149 of the Act read with Companies
(Appointment and Qualification of Directors) Rules,
(i) The Energy Conversation Act, 2001;
2014 and Regulation 17(1)(a) of SEBI (Listing
(j) Petroleum & Natural Gas Regulatory Board Act, Obligations and Disclosure Requirements)
2006; Regulations, 2015 during the period 01/04/2021
(k) Petroleum & Mineral Pipelines (Acquisition of to 11/11/2021.
Rights of User in Land) Act, 1962 v. Proper composition of the Audit Committee as
I have also examined compliance with the applicable clauses required under Section 177(2) of the Act and
of the following:- Regulation 18(1)(a), (b) and (d) of SEBI (Listing
Obligations and Disclosure Requirements)
(i) Secretarial Standards with regard to the Meetings of the
Regulations, 2015 and Nomination and
Board of Directors (SS-1) and General Meetings (SS-2)
Remuneration Committee as required under
issued by ‘The Institute of Company Secretaries of
Section 178(1) of the Act and Regulation 19(1)(a)
India’;
of SEBI during the period 01/04/2021 to
(ii) SEBI (Listing Obligations and Disclosure Requirements) 11/11/2021.
Regulations, 2015 read with Listing Agreement entered 2) The Company has not held any meeting of Audit
into by the Company with the Stock Exchanges; and Committee as required under Regulation 18(2)(a) of
(iii) Guidelines on Corporate Governance for Central Public SEBI (Listing Obligations and Disclosure Requirements)
Sector Enterprises, 2010 as issued by the Department Regulations, 2015 during the period from 01/04/2021 to
of Public Enterprises, Government of India (‘DPE 10/01/2022.
Guidelines’). I further report that the compliance by the Company of
During the year under review, the Company has complied with applicable financial laws like direct and indirect tax laws has
the provisions of the Act, Rules, Regulations, Guidelines, not been reviewed in this audit since the same has been
Standards, etc. mentioned above, except : subject to review by statutory financial audit and other
designated professionals.
1) The Company did not have
I further report that :
i. Optimum combination of executive and
• The Board of Directors of the Company is constituted
non-executive directors as required under
with proper balance of Executive Directors, Non-
Regulation 17(1)(a) of SEBI (Listing Obligations
Executive Directors and Independent Directors subject
and Disclosure Requirements) Regulations, 2015
to observations made hereinabove.
during the period 01/04/2021 till 11/11/2021.

• The changes in the composition of the Board of Directors I further report that during the audit period, there was no
that took place during the year under review were carried event occurred having a major bearing on the Company’s
out in compliance with the provisions of the Act. affairs in pursuance to the laws, rules, regulations, guidelines,
standards, etc. referred to above except :
• Adequate notice is given to all directors to schedule
most of the Board Meetings, agenda and detailed notes (1) Redemption of 5,500 Non-convertible Debentures of
on agenda were sent at least seven days in advance and `10 lacs each (Series 1) for total amount of ` 550 crore
a system exist for seeking and obtaining further and delisting thereof from the BSE Ltd. and National
information and clarifications on the agenda items Stock Exchange of India Ltd.; and Redemption of
before the meeting and for meaningful participation at 4.375% US Dollar International Bond 2022 for the total
the meeting. amount of ` 3,675.24 crore.
• As per the minutes of the meeting duly recorded and (2) The Company is in process of
signed by the chairman, decisions of the Board were a. amalgamation of its wholly owned subsidiary i.e.
unanimous and no dissenting views have been Bharat Oman Refineries Ltd. with the Company
recorded.
b. amalgamation of its wholly owned subsidiary i.e.
I further report that there are adequate systems and Bharat Gas Resources Ltd with the Company
processes in the Company commensurate with the size and
operation of the Company to monitor and ensure compliance Sd/-
with applicable laws, rules, regulations and guidelines. U.C. SHUKLA
COMPANY SECRETARY
FCS: 2727/CP: 1654
Place: Mumbai
Date: July 22, 2022
UDIN: F002727D000672231
Peer Review Certificate No.- 1882/2022
178
ANNEXURE A
To, 4. Wherever required, I have obtained the management

representation about the compliance of the laws, rules
The Members,
and regulations and happening of events etc.
Bharat Petroleum Corporation Limited
5. The compliance of the provisions of corporate and other
My report of even date is to be read with this letter. applicable laws, rules, regulations and standards is the
1. Maintenance of secretarial record is the responsibility of responsibility of the management. My examination was
the management of the Company. My responsibility is limited to the verification of procedure on test basis.
to express an opinion on these secretarial records based 6. The secretarial audit report is neither an assurance as to
on my audit. future viability of the Company nor of the efficacy or
2. I have followed the audit practices and processes as effectiveness with which the management has
were appropriate to obtain reasonable assurance about conducted the affairs of the Company.
the correctness of the contents of the secretarial Sd/-
records. The verification was done on the test basis to
U.C. SHUKLA
ensure that correct facts are reflected in secretarial
COMPANY SECRETARY
records. I believe that the process and practices,
FCS: 2727/CP: 1654
I followed, provide reasonable basis for my opinion.
Place: Mumbai
3. I have not verified the correctness and appropriateness Date: July 22, 2022
of financial records and books of accounts of the
Company.

PERFORMANCE PROFILE
Particulars 2021-22 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13
1. Refinery Thruput (TMT)
Imported 26,511 22,746 27,447 26,139 23,795 20,421 18,028 17,661 16,761 17,155
Indigenous 3,559 3,658 4,464 4,867 4,746 4,970 6,087 5,694 6,590 6,050
TOTAL 30,070 26,404 31,911 31,006 28,541 25,391 24,115 23,355 23,351 23,205
2. Production Quantity (TMT) 28,261 25,123 30,240 29,340 26,946 24,206 22,965 22,149 22,052 21,843
Light Distillates % 35.16 35.05 30.99 28.85 29.50 30.05 28.90 27.93 29.19 28.52
Middle Distillates % 54.85 55.34 58.21 58.13 59.58 59.83 60.27 59.65 57.02 56.26
Heavy Ends % 9.99 9.61 10.80 13.02 10.93 10.12 10.83 12.42 13.78 15.22
3. Fuel and Loss as % of 5.7 4.9 5.2 5.4 5.6 4.7 4.8 5.2 5.6 5.9
Refinery Throughput *
4. Market Sales (MMT) 42.51 38.74 43.10 43.07 41.21 37.68 36.53 34.45 34.00 33.30
5. Petrochemicals 92,337 - - - - - - - - -
Production& (MT)
6. Lubricants Production (MT) 4,14,373 3,63,880 3,22,450 2,47,910 3,27,049 2,93,791 2,95,509 2,87,649 2,58,112 2,58,586
7. Market Participation % 24.7 24.4 24.5 24.5 23.8 22.8 22.9 23.3 23.5 23.1
8. Marketing Network
Installations 16 16 15 14 13 13 13 13 12 12
Depots 107 106 108 109 110 115 118 114 116 115
Aviation Service Stations 56 57 58 56 50 43 40 35 34 36
Total Tankages (Million KL) 4.02 3.86 3.95 4.02 3.95 3.70 3.60 3.52 3.49 3.44
Retail Outlets 20,063 18,637 16,234 14,802 14,447 13,983 13,439 12,809 12,123 11,637
LPG Bottling Plants 54 53 52 52 51 51 50 50 50 50
LPG Distributors 6,213 6,165 6,110 5,907 5,084 4,684 4,494 4,044 3,355 2,949
LPG Customers (No. Million) 89.39 85.53 83.42 78.33 66.63 60.60 50.6 45.8 41.2 37.4
9. Manpower (Nos.) 8,594 9,251 11,249 11,971 12,019 12,484 12,623 12,687 13,214 13,213
10. Sales and Earnings (` Crores)
i) Sales and Other Income 4,35,783 3,06,192 3,30,372 3,39,693 2,79,447 2,43,464 2,18,072 2,47,552 2,53,492 2,29,796
(excluding subsidy)
ii) Gross Profit before 18,605 21,475 9,721 14,948 14,772 13,430 12,801 10,515 9,555 7,787
Depreciation, Interest,
Exceptional Item and Tax
iii) Depreciation 4,754 3,978 3,787 3,189 2,653 1,891 1,845 2,516 2,247 1,926
iv) Interest 1,861 1,328 2,182 1,319 833 496 565 583 1,359 1,825
v) Exceptional items 77 (6,449) 1,081 - - - - - - -
(Income)/Expenses
vi) Profit before Tax 11,913 22,618 2,671 10,440 11,286 11,043 10,391 7,416 5,949 4,036
vii) Tax 3,124 3,576 (12) 3,308 3,310 3,004 3,335 2,331 1,888 1,393
viii) Profit after Tax 8,789 19,042 2,683 7,132 7,976 8,039 7,056 5,085 4,061 2,643
11. What the Company Owned
(` Crores)
i) Gross Property, Plant 94,008 87,960 79,290 62,858 53,594 46,761 37,700 49,475 41,229 36,095
and Equipment
(including Right of use,
Capital Work-in-Progress
and investment property)
180
PERFORMANCE PROFILE (CONTD.)
Particulars 2021-22 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13
ii) Net Property, Plant and 72,825 71,286 66,456 53,554 47,436 43,060 35,872 27,981 22,105 19,110
Equipment (including
Right of use, Capital
Work-in-Progress and
investment property)
iii) Net Current Assets (7,646) 5,064 3,604 4,866 878 151 (65) (991) 9,584 14,690
iv) Non-Current Assets 22,992 18,253 18,950 15,436 15,693 14,672 11,283 11,463 10,671 9,482
Total Net Assets (ii + iii+ iv) 88,171 94,603 89,010 73,856 64,007 57,883 47,090 38,453 42,360 43,282
12. What the Company Owed
(` Crores)
i) Share Capital @ 2,129 2,093 1,967 1,967 1,967 1,311 656 723 723 723
ii) Other Equity 47,541 52,452 31,248 34,771 32,164 28,357 26,667 21,744 18,736 15,911
iii) Total Equity ( i +ii ) 49,670 54,545 33,215 36,738 34,131 29,668 27,323 22,467 19,459 16,634
iv) Borrowings 24,123 26,315 41,875 29,099 23,351 23,159 15,857 13,098 20,322 23,839
v) Lease Liability 8,594 7,845 5,943 - - - - - - -
vi) Deferred Tax Liability (net) 4,883 4,472 5,967 6,169 4,956 3,502 2,622 1,708 1,361 1,656
vii) Non- Current Liabilites 901 1,426 2,010 1,850 1,569 1,554 1,288 1,180 1,218 1,153
Total Funds Employed 88,171 94,603 89,010 73,856 64,007 57,883 47,090 38,453 42,360 43,282
(iii + iv + v +vi+vii)
13. Internal Generation (` Crores) (546) 17,231 1,133 7,449 8,759 4,723 6,516 5,989 4,586 4,002
14. Value Added (` Crores) 36,700 47,465 25,703 30,888 28,318 25,903 24,885 20,569 20,855 17,638
15. Earnings in Foreign Exchange 14,831 6,616 15,168 13,220 10,371 10,152 7,138 12,364 19,122 18,456
(` Crores)
16. Ratios
i) Gross Profit before 4.3 7.0 2.9 4.4 5.3 5.5 5.9 4.1 3.5 3.1
Exceptional items &
Tax as % age of Sales
and Other Income
ii) Profit after Tax as % age of 16.9 43.4 7.7 20.1 25.0 28.2 28.3 24.3 22.5 16.8
average Total Equity
iii) Gross Profit before 24.4 28.8 14.3 24.4 28.8 34.7 41.3 31.5 24.7 19.7
Exceptional items &
Tax as % age of Average
Capital Employed**
iv) Profit before Tax as % age 15.6 30.3 3.9 17.0 22.0 28.5 33.5 22.2 15.4 10.2
of Average Capital
Employed**
v) Profit After Tax as % age of 11.5 25.5 3.9 11.6 15.6 20.7 22.8 15.2 10.5 6.7
Average Capital Employed **
vi) Debt Equity Ratio** 0.49 0.48 1.26 0.79 0.68 0.78 0.58 0.58 1.04 1.43
17. Basic Earning per Share (`) # 41.31 96.44 13.64 36.26 40.55 40.87 35.88 23.44 18.72 12.18
18. Diluted Earning per Share (`) # 41.31 96.12 13.64 36.26 40.55 40.87 35.88 23.44 18.72 12.18
19. Book Value per Share (`) # 233.25 260.62 168.87 186.78 173.53 150.84 138.92 103.57 89.70 76.68
20. Dividend^
i) Percentage 160 790 165 190 210 325 310 225 170 110
ii) Amount (` Crores) 3,471 17,137 3,579 4,122 4,555 4,700 2,242 1,627 1,229 795
Note: The figures from 2015-16 onwards are as per Indian Accounting Standards
&
Consists of Acrylic Acid, N Butanol, ISO Butanol, 2 Ethyl Hexanol, Butyl Acrylate and 2 Ethyl Hexyl Acrylate
* The Figures of Fuel & Loss reported do not include the external fuel used in Refineries
@ The share capital from 2015-16 onwards is after adjustment of shares held by "BPCL Trust for Investment in Shares" and "BPCL ESPS Trust".
# Adjusted for bonus shares issued
^ Dividend includes proposed dividend
** Excluding Lease liabilities as per IND AS 116.

182
SOURCES AND APPLICATION OF FUND
` in Crores
Particulars 2021-22 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13
SOURCES OF FUNDS
OWN
8,789 19,042 2,683 7,132 7,976 8,039 7,056 5,085 4,061 2,643
Foreign Exchange Gain credited to Foreign Currency Monetary Item Translation
- - 29 - - 286 - - 184 -
Difference Account (Net of amortisation)
Capital Grants received / (reversed) (Net of amortisation) - - - - - - - 3 5 -
Adjustment on account of Transitional Provisions - - - (40) (78) - - - - -
Depreciation 4,754 3,978 3,787 3,189 2,653 1,888 1,838 2,524 2,247 1,926
Investment (net) - - - - - - - - 262 -
Deferred Tax Provision 411 (1,496) (202) 1,213 1,454 880 588 347 (295) 255
Equity instruments through OCI 309 136 (313) (64) (15) 183 (182) - - -
Income from “BPCL Trust for Investment in Shares” & “BPCL ESPS Trust” 260 323 496 364 297 526 260 - - -
Proceeds from issue of equity shares by “BPCL Trust for Investment in Shares” - 5,512 - - - - - - - -
Proceeds from allotment of equity Shares to employees on account of “BPCL
462 - - - - - - - - -
ESPS SCHEME”
Employee Stock option Granted 77 941 - - - - - - - -
(21) (68) (185) (138) 24 (51) (93) - - -
BORROWINGS
Loans (net) - - 12,776 5,749 191 7,302 2,864 - - 845
Lease Liability 749 1,902 5,943 - - - - - - -
Deposits for container 803 626 911 1,881 1,405 1,695 1,124 1,183 904 653
Decrease in current / non current items 9,390 - - - - - - 9,533 3,109 -
187 157 254 139 147 52 38 (28) 19 236
Total 26,171 31,053 26,179 19,426 14,056 20,800 13,493 18,647 10,496 6,558
APPLICATION OF FUNDS
Capital Expenditure 5,337 6,532 9,810 9,633 7,123 9,128 9,946 8,494 5,553 3,544
Right of Use Asset 1,144 2,148 7,231 - - - - - - -
Addition in Net Block of assets due to PCCKL merger - - - - 54 - - - - -
Foreign Exchange loss debited to Foreign Currency Monetary Item Translation
- - - 96 140 - 106 157 - -
Difference Account (including amortisation)
Dividend (including interim dividend) 14,751 4,555 5,315 3,905 3,182 5,640 2,784 1,627 1,229 795
- - 919 648 420 998 497 294 197 127
Repayment of Loans (net) 2,192 15,560 - - - - - 7,224 3,517 -
Investment (net) 2,748 1,138 149 770 1,025 1,790 12 851 - 1,192
Increase in current / non current items - 1,119 2,755 4,374 2,113 3,244 148 - - 900
Total 26,171 31,053 26,179 19,426 14,056 20,800 13,493 18,647 10,496 6,558
Note:
Sales Volume (TMT)
2021-22 2020-21 2019-20 2018-19 2017-18
Sales Market Sales Market Sales Market Sales Market Sales Market
Share Share Share Share Share
(%) (%) (%) (%) (%)
Light Distillates :
Naphtha 865 29.1 947 31.2 885 27.0 428 20.0 348 6.7
LPG (Bulk & Packed) 7,644 26.5 7,299 26.2 6,870 25.9 6,491 26.0 5,986 26.3
Motor Spirit 8,139 29.2 7,199 28.6 7,808 28.7 7,428 28.6 6,980 28.7
Special Boiling Point Spirit/Hexane 54 50.0 52 50.5 41 46.9 41 49.5 36 54.4
Benzene 77 30.2 69 28.2 68 28.8 94 34.9 62 28.6
Toluene 26 100.0 26 100.0 28 100.0 31 100.0 17 100.0
Polypropylene Feedstock/ Propylene 260 75.9 211 66.4 194 63.8 148 58.3 97 39.6
Regasified - LNG 1,017 7.2 934 7.8 782 6.5 1,292 10.8 1,312 9.5
Others 607 28.2 410 29.8 504 30.9 482 33.0 417 33.4
Sub Total 18,689 17,147 17,180 16,435 15,255
Middle Distillates :
Aviation Turbine Fuel 1,049 22.3 796 22.5 2,005 26.4 1,990 25.9 1,790 25.6
Superior Kerosene Oil 280 15.8 309 14.8 398 15.1 602 16.1 664 16.2
High Speed Diesel 18,818 27.6 17,481 27.2 19,864 26.9 20,421 27.0 20,094 27.0
Light Diesel Oil 169 22.2 143 20.1 139 23.0 128 22.1 112 21.5
Mineral Turpentine Oil 162 48.5 159 45.3 86 45.3 94 50.0 93 54.1
Sub Total 20,478 18,888 22,492 23,235 22,753
Others :
Furnace Oil 620 13.1 554 12.9 626 13.6 690 13.7 695 12.7
Low Sulphur Heavy Stock 35 9.4 15 4.5 11 3.2 6 1.9 20 20.3
Bitumen 828 16.3 819 15.3 741 14.8 903 15.9 790 16.2
Petcoke 999 18.7 647 14.6 1,321 23.4 1,193 20.7 1,046 20.2
Lubricants 421 26.6 373 24.9 306 22.8 238 17.8 320 23.1
Others 353 14.9 295 14.4 427 15.7 367 14.4 331 13.8
Sub Total 3,256 2,703 3,432 3,397 3,202
Petrochemicals& 84 - - - -
Grand Total 42,507 24.65 38,738 24.35 43,104 24.52 43,067 24.50 41,210 23.75
&
Consists of Acrylic Acid, N Butanol, ISO Butanol, 2 Ethyl Hexanol, Butyl Acrylate and 2 Ethyl Hexyl Acrylate
Note : Market Share is based on Sales Volumes of Public Sector Oil Companies as per despatches.

PRODUCTION (TMT)
Particulars 2021-22 2020-21 2019-20 2018-19 2017-18

Light Distillates :
Naphtha 1,710 2,039 1,854 1,291 1,468
LPG 1,428 1,321 1,529 1,488 1,403
Motor Spirit 6,341 5,055 5,646 5,364 4,850
Special Boiling Point Sprit/Hexane 54 50 42 41 37
Benzene 78 67 68 92 73
Toluene 26 25 29 32 17
Polypropylene Feedstock/ Propylene 258 210 198 147 99
Ind. Reformate 45 39 - - -
Others - - 6 9 2
Sub Total 9,940 8,806 9,372 8,464 7,949
Middle Distillates:
Aviation Turbine Fuel 683 516 1,520 1,721 1,613
Superior Kerosene Oil 166 236 187 342 344
High Speed Diesel 13,973 12,507 15,403 14,529 13,597
Light Diesel Oil 177 174 135 212 106
Mineral Turpentine Oil 158 157 88 93 93
Lube Oil Base Stock 342 312 269 159 262
Others - - - - 38
Sub Total 15,499 13,902 17,602 17,056 16,053
Heavy Ends :
Petcoke 762 548 921 983 687
Furnace Oil 986 868 1,195 1,393 1,099
Low Sulphur Heavy Stock 28 13 7 8 25
Sulphur 235 184 283 273 215
Bitumen 808 776 761 914 807
Others 3 26 99 249 111
Sub Total 2,822 2,415 3,266 3,820 2,944
Grand Total 28,261 25,123 30,240 29,340 26,946
(MT)
Particulars 2021-22 2020-21 2019-20 2018-19 2017-18
Petrochemical Production* 92,337 - - - -
Lubricants Production 4,14,373 3,63,880 3,22,450 2,47,910 3,27,049
Quantity of LPG Filled in Cylinders 71,54,007 69,14,321 65,18,908 60,99,995 56,73,579
* Consists of Acrylic Acid, N Butanol, ISO Butanol, 2 Ethyl Hexanol, Butyl Acrylate and 2 Ethyl Hexyl Acrylate
184
HOW VALUE IS GENERATED
` in Crores
Value of Production (Refinery) 1,48,765 74,313

Less : Direct Materials Consumed (1,33,924) (68,564)
Added Value 14,841 5,749
Marketing Operations 19,447 27,958
Value added by Manufacturing & Trading Operations 34,288 33,707

Add : Other Income and prior period items 2,412 4,336
Add : Gain on sale of Investment in Subsidiary - 9,422
Total Value Generated 36,700 47,465
HOW VALUE IS DISTRIBUTED

` in Crores
Operations
Operating & Service Costs 14,766 12,091
Impairment of Investment 14 2,033
Employee Benefits
Salaries, Wages & Bonus 2,427 2,537
Employee Share Based Expense 77 941
Other Benefits 888 3,392 1,940 5,418
Providers of Capital
Interest on Borrowings 1,860 1,328
Dividend after netting off Trust shares 14,491 16,351 4,232 5,560
Income Tax & Dividend Tax 2,723 5,132
Re-Investment in Business
Depreciation 4,754 3,978
Deferred Tax 402 (1,556)
Retained Profit/(Loss) (including Debenture Redemption Reserves) (5,702) (546) 14,809 17,231
Total Value Distributed 36,700 47,465

STANDALONE
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF BHARAT PETROLEUM CORPORATION LIMITED
Report on the Audit of the Standalone Ind AS Financial Statements
Opinion
1. We have audited the accompanying Standalone Indian Accounting Standards (“Ind AS”) Financial Statements of
Bharat Petroleum Corporation Limited (“the Corporation”), which comprise the Balance Sheet as at March 31, 2022,
the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the
Statement of Changes in Equity for the year ended on that date, and a summary of the Significant Accounting Policies
and other explanatory information (hereinafter referred to as “the Standalone Ind AS Financial Statements”).
2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
Standalone Ind AS Financial Statements give the information required by the Companies Act, 2013 (“the Act”) in the
manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under
Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended (“Ind AS”),
and other accounting principles generally accepted in India, of the state of affairs of the Corporation as at March 31,
2022, the profit and total comprehensive income, its cash flows and changes in equity for the year ended on that
date.
Basis for Opinion
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
in the Auditor’s Responsibilities for the Audit of the Standalone Ind AS Financial Statements Section of our report. We
are independent of the Corporation in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone Ind
AS Financial Statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the
audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Standalone
Ind AS Financial Statements.
Key Audit Matters
4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
Standalone Ind AS Financial Statements of the current period. These matters were addressed in the context of our
audit of the Standalone Ind AS Financial Statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters. We have determined the matters described below to be the key audit
matters to be communicated in our report:

S.No. Key Audit Matter Auditors’ Response
1. Valuation of Investment in E&P Subsidiary (Refer
Note 7 and Note 56):
The Corporation has an investment of ` 7,401.37 The following procedures were carried out in this
Crores in 100% subsidiary Bharat PetroResources Ltd regard:
(BPRL). This subsidiary along with its stepdown
• We evaluated the design, implementation and
subsidiaries, JVs & Associates holds participating
operating effectiveness of key controls in relation to
interest in various oil / gas blocks for exploration &
the annual impairment testing activity carried out by
evaluation, development and production activities
the Corporation for its investments in Subsidiaries.
(E&P).
• We reviewed the audited consolidated Ind AS
The Corporation’s realisation from these E&P
Financial Statements of BPRL for FY 2021-22 and
investments is dependent on the continued successful
the independent auditor’s report thereon to
operations / development of reserves resulting in
ascertain if there is any further diminution in the
expected earnings and revenue growth of the
carrying value of the Corporation’s investments
respective companies. During FY 2021-22, BPRL has
therein.
relinquished or impaired certain oil and gas blocks on
account of changes in circumstances and prospects of • We evaluated the impairment analysis carried out
the blocks. during the year by the Corporation, which included
an independent comparison of externally / internally
The above factors have impacted the value in use of
assessed value in use of BPRL’s Net Assets with
BPRL’s assets and consequently the Corporation’s
carrying cost of investment in BPRL in the
impairment analysis in respect of its Investment in
Corporation’s Books of Accounts.
BPRL. Accordingly, we consider this as a Key Audit
Matter.
2. Computation of Expected Credit Loss (ECL):

Trade receivables and loans granted under the Pradhan Our audit approach consisted testing of the design,
Mantri Ujwala Yojana (PMUY) scheme constitute a implementation and operating effectiveness of the
significant component of the total current assets of the internal controls and substantive testing as follows:
Corporation. At each reporting date, the Corporation • In respect of loans granted under PMUY, the
recognizes Lifetime ECL on Trade Receivables using a Corporation along with other few industry peers
‘simplified approach’ and 12 month ECL on loans are have derived a common methodology for
granted under the PMUY scheme wherein we relied on calculating ECL, based on the broad category of
Management’s estimates regarding probability of active and inactive consumers and last refill date
default rates linked to age-wise bucketing of the with expected loan recovery period. We checked the
corresponding asset. Since, this is a technical matter working of the same and it is in line with the
based on probable outcome of default, we considered common methodology document shared with us.
this as a Key Audit Matter.
• We have evaluated the methodology for age-wise
bucketing of trade receivables and key assumptions
underlying the probability of default estimates on
the same, to ascertain that the same were broadly
in-line with the Corporation’s historical default rates
and have considered available information
regarding the current economic scenario.
• We selected a few sample outstanding receivable
cases having different overdue periods and checked
that the computation of ECL has been appropriately
carried out in line with the Corporation’s policy.
188
3. Evaluation of Contingent Liabilities:

Contingent liabilities disclosed are in respect of items The following audit procedures were carried out in this
which in each case are above the threshold limit. The regard:
Corporation has material uncertain positions including • We examined sample items above the threshold
matters under dispute which involves significant limit for determination of contingent liabilities and
judgment to determine the possible outcome of these obtained details of completed Excise, VAT / Sales
disputes. Contingent liabilities are not recognized in the Tax / Entry Tax assessments, demands as well as
Standalone Ind AS Financial Statements but are other disputed claims against the Corporation as on
disclosed unless the possibility of an outflow of March 31, 2022. The Corporation has obtained
economic resources is considered remote. In view of opinion from tax consultants in various disputed
significant management estimate and judgement matters. We have relied upon such opinions and
involved, we considered this as a Key Audit Matter. litigation history where the Corporation has
concluded that possibility of cash outflow is remote
while preparing its Standalone Ind AS Financial
Statements.
• We have assessed the Management’s underlying
assumptions in estimating the possible outcome
of such disputed claims / cases against the
Corporation, based on records and judicial
precedents made available.
4. Inventories:
Verification and valuation of Inventories and related Our audit approach involved the following combination
write down, if any, is a significant area requiring of test of control design, implementations, operating
Management’s judgment of estimates and application effectiveness and substantive testing in respect of
of accounting policies that have significant effect on the verification and valuation of inventories:
amounts recognized in the Standalone Ind AS Financial • We evaluated the system of inventory monitoring
Statements. Accordingly, we considered this as a Key and control. It was observed that inventory has been
Audit Matter. physically verified by the Management during the
year at reasonable intervals.
• Our audit teams have also physically verified on
sample basis the Inventories at various locations
and compliance with cut off procedures. However,
since physical verification at certain locations was
not possible for us, in such cases we have relied on
the physical verification of inventory carried out by
the Management.
• In respect of inventory lying with third parties, we
have ascertained that these have substantially been
confirmed by them. We also examined the system
of records maintenance for stocks lying at third
party locations.
• We have also tested the values considered in
respect of Net Realisable Value, cost of products
and verified these on sample basis with the
inventory valuation and accounting entries posted in
this regard.

5. Property, Plant and Equipment:

Estimates of useful lives and residual value of Property, Our audit approach involved the following combination
Plant and Equipment is a significant area requiring of test of control design, implementations and
Management judgment of estimates and application of operating effectiveness and substantive testing in
accounting policies that have significant effect on the respect of verification and recording of Property,
amounts recognized in the Standalone Ind AS Financial Plant and Equipment:
Statements. Accordingly, we considered this as a Key • We examined whether the Corporation has
Audit Matter. maintained proper records showing full particulars,
including quantitative details and situation of fixed
assets.
• The physical verification of Property, Plant and
Equipment (except LPG Cylinders and pressure
regulators with customers) has been carried out by
the Management in accordance with the phased
program of verification of all assets and necessary
accounting entries based on such physical
verification have been appropriately posted which
were verified by us.
• Changes in the useful life and residual value of class
of assets were adopted based on internal evaluation
and was also comparable with other entities in the
same industry.
• We have tested the computation of depreciation on
sample basis.
6. Information Technology
A significant part of the Company’s financial reporting Our procedures included:
process is heavily reliant on IT systems with automated We focused our audit on those IT systems and controls
processes and controls over the capture, storage and that are relevant to preparation of financial statements.
extraction of information. A fundamental component of As audit procedures over IT Systems and controls
these processes and controls is ensuring appropriate require specific expertise, we involved our IT specialist.
user access and change management protocols exist
Our review of the IT Controls covers the following areas:
and being adhered to.
• Physical and Logical Security;
These protocols are important because they ensure that
• Change Management;
access and changes to IT systems and related data are
made and authorized in an appropriate manner. As our • Backup, Business Continuity and
audit sought to place a high level of reliance on IT • IT Operations.
systems and application controls related to financial Our assessment of the IT Controls is performed
reporting, high proportion of the overall audit effort was according to the following approach:
in Information Technology (IT) Systems and Controls. • Understanding the IT environment;
We focused our audit on those IT systems and controls • Information gathering about the control framework
that are significant to the Company’s financial reporting surrounding the IT environment;
process. • Evidence gathering with respect to Control testing;
Accordingly, we considered this as a Key Audit Matter. • Review of Implementation of controls testing;
• Review of limited cases to identify whether there had
been unauthorized or inappropriate access or
changes made to critical IT systems and related
data.
190
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
comprises the information included in the Management Discussion and Analysis, Board’s Report including
Annexures to Board’s Report, Business Responsibility Report, Corporate Governance and Shareholder’s Information,
but does not include the Standalone Ind AS Financial Statements and our audit report thereon.
Our opinion on the Standalone Ind AS Financial Statements does not cover the other information and we do not
express any form of assurance thereon.
6. In connection with our audit of the Standalone Ind AS Financial Statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the Standalone
Ind AS Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be
materially misstated.
7. 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 and review the steps taken by the management
to communicate to those in receipt of the other information, if previously issued, to inform them of the revision.
The other information is expected to be made available to us after the date of this auditors’ report and if we conclude
that there is a material misstatement therein, we are required to communicate the matter to those charged with
governance.
Board of Directors / Management’s Responsibility for the Standalone Ind AS Financial Statements
8. The Corporation’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect
to the preparation of these Standalone Ind AS Financial Statements that give a true and fair view of the financial
position, financial performance including the other comprehensive income, cash flows and changes in equity of the
Corporation in accordance with the Ind AS and other accounting principles generally accepted in India. This
responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding the assets of the Corporation and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the Standalone Ind AS Financial Statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
9. In preparing the Standalone Ind AS Financial Statements, Management is responsible for assessing the Corporation’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless Management either intends to liquidate the Corporation or to cease operations,
or has no realistic alternative but to do so.
10. The Corporation’s Board of Directors / Management is responsible for overseeing the Corporation’s financial
reporting process.
Auditors’ Responsibilities for the Audit of the Standalone Ind AS Financial Statements
11. Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS Financial Statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these Standalone Ind AS Financial
Statements.

12. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Standalone Ind AS Financial Statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement 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.
• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for
expressing our opinion on whether the Corporation has adequate internal financial controls system in place and
the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the Management.
• Conclude on the appropriateness of the Management’s use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast 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 auditor’s report to the related disclosures in the
Standalone Ind AS Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future
events or conditions may cause the Corporation to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Standalone Ind AS Financial Statements, including
the disclosures, and whether the Standalone Ind AS Financial Statements represent the underlying transactions
and events in a manner that achieves fair presentation.
13. Materiality is the magnitude of misstatements in the Standalone Ind AS Financial Statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial
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 the Standalone Ind AS Financial Statements.
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 our audit.
15. We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
16. From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the Standalone Ind AS Financial Statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s 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
in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.
192
Report on Other Legal and Regulatory Requirements
17. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government in
terms of Section 143(11) of the Act, and on the basis of verification of the books and records of the Corporation, as
we considered appropriate and according to the information and explanations given to us, we give in “Annexure A”,
a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.
18. As required by Section 143(5) of the Act, we give in “Annexure B”, a statement on the matters specified by the
Comptroller and Auditor - General of India for the Corporation.
19. As required by Section 143(3) of the Act, based on our audit we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit.
b) In our opinion, proper books of accounts as required by law have been kept by the Corporation so far as it
appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of
Cash Flow and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books
of accounts.
d) In our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the Ind AS specified under
Section 133 of the Act.
e) In view of exemption given vide notification no. G.S.R. 463(E) dated June 5, 2015, issued by Ministry of
Corporate Affairs, provisions of Section 164(2) of the Act regarding disqualification of directors, are not
applicable to the Corporation.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Corporation and the
operating effectiveness of such controls, refer to our separate Report in “Annexure C”.
g) Being a Government Company, pursuant to the notification number G.S.R. 463(E) dated June 5, 2015 issued by
Ministry of Corporate Affairs, the provisions of Section 197 of the Act are not applicable to the Corporation.
h) With respect to the other matters to be included in the Auditors’ Report in accordance with Rule 11 of the
Companies (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:
i. The Corporation has disclosed the impact, if any, of pending litigations on its financial position in its
Standalone Ind AS Financial Statements. (Refer Note 63 of the Standalone Ind AS Financial
Statements)
ii. The Corporation has made provision, as required under the applicable law or accounting standards, for
material foreseeable losses, if any, on long-term contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education
and Protection Fund by the Corporation.

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which
are material either individually or in the aggregate) have been advanced or loaned or invested
(either from borrowed funds or share premium or any other sources or kind of funds) by the
Corporation to or in any other person or entity, including foreign entity (“Intermediaries”), with the
understanding, whether recorded in writing or 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 any guarantee, security or
the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented that, to the best of its knowledge and belief, no funds (which
are material either individually or in the aggregate) have been received by the Corporation from
any person or entity, 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 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;
(c) Based on the audit procedures that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above,
contain any material misstatement.
v. The dividend declared or paid during the year by the Corporation are in compliance with Section 123 of
the Act.
For Kalyaniwalla and Mistry LLP For K. S. Aiyar & Co.

Chartered Accountants Chartered Accountants
ICAI FRN: 104607W/W100166 ICAI FRN: 100186W
Sd/- Sd/-
Sai Venkata Ramana Damarla Rajesh S. Joshi
Partner Partner
Membership No. 107017 Membership No. 038526
UDIN: 22107017AJOYYP5771 UDIN: 22038526AJOZJL3489
Place: Mumbai Place: Mumbai

Date: 25th May, 2022 Date: 25th May, 2022
194
ANNEXURE A TO INDEPENDENT AUDITORS’ REPORT
[Referred to in paragraph 17 under ‘Report on Other Legal and Regulatory Requirements’ in the Independent Auditors’
Report of even date to the members of Bharat Petroleum Corporation Limited (“the Corporation”) on the Standalone Ind AS
Financial Statements as of and for the year ended March 31, 2022]
To the best of our information and according to the explanations provided to us by the Management of the Corporation and
the books of accounts and records examined by us in the normal course of audit we state that:
(i) (a) A. The Corporation is maintaining proper records showing full particulars, including quantitative details and
situation of Property, Plant and Equipment;
B. The Corporation is maintaining proper records showing full particulars of Intangible assets.
(b) As per information and explanations given to us, physical verification of Property, Plant and Equipment (except
LPG Cylinders and pressure regulators with customers) has been carried out by the Management during the
year in accordance with the phased programme of verification of all assets over three years. As informed, no
material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and on the basis of our examination of the records of
the Corporation, the title deeds of all the immovable properties (other than properties where the Corporation is
a lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the Standalone Ind AS
Financial statements are held in the name of the Corporation, except in cases given in Statement 1.
(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:

` in Crores
Advances
Particulars Guarantees Security Loans in nature
of loans
Aggregate amount granted / provided
during the year
- Subsidiary 1,046.36 - 100.00 -
- Joint Venture - - - -
- Associate - - - -
- Others - - 131.34 -
Balance outstanding as at balance sheet date
- Subsidiary 752.00 - 3,444.10 -
- Joint Venture - - 15.00 -
- Associate - - - -
- Others - - 1,322.53 -
(b) As per the information and explanations given to us, the investments made, guarantees provided, security given
and the terms and conditions of the grant of all loans and advances in the nature of loans and guarantees
provided are not prejudicial to the Corporation’s interest.
(c) In respect of loans and advances in the nature of loans, as per the terms of loans, the principal amount is not
due during the year. The Corporation has been regular in the receipt of interest towards the same.
(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.
(e) No loan or advance in the nature of loan granted which has fallen due during the year, has been renewed or
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 percentage of the aggregate to the total loans or advances in the nature of loans granted during the year
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, percentage thereof to the total loans granted, aggregate amount of loans granted to Promoters, related
parties as defined in clause (76) of Section 2 of the Companies Act, 2013 does not arise.
(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
and securities.
(v) In our opinion and according to the information obtained and explanations given to us, the Corporation has not
accepted any deposits from public and it does not have any amounts which are deemed to be deposits within the
provisions of Sections 73 to 76 of the Act read with the Companies (Acceptance of Deposits) Rules, 2014 and other
relevant provisions of the Act.
196
(vi) Maintenance of cost records has been specified by the Central Government under Section 148(1) of the Act and the
rules framed thereunder for the products manufactured by the Corporation. Such accounts and records as prescribed
have been so made and maintained. We have not, however, made a detailed examination of the same with a view to
determining whether they are accurate or complete.
(vii) (a) The Corporation is generally regular in depositing with appropriate authorities, undisputed statutory dues
including Goods and Service Tax, Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service
Tax, Duties of Customs, Duties of Excise, Value Added Tax, Cess and any other statutory dues applicable to it.
According to the information and explanations given to us, no undisputed amounts payable in respect of Goods
and Service Tax, Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, Duties of
customs, Duties of Excise, Value Added Tax, Cess and any other statutory dues applicable to it, were
outstanding, as on the last day of the financial year, for a period of more than six months from the date they
became payable;
(b) According to the information and explanation given to us, the statutory dues referred to in (vii)(a) above, which
have not been deposited on account of any dispute, are as per Statement 2.
(viii) No transactions have been surrendered or disclosed as income during the year in the tax assessment under Income
Tax Act, 1961 (43 of 1961), which were not recorded in the books of accounts. Therefore, question of recording of
the income during the year which was previously unrecorded in the books of accounts does not arise.
(ix) (a) According to the information and explanations given to us, the Corporation has not defaulted in repayment of
loans or other borrowings or in the payment of interest thereon to any lender. Therefore, the question of
reporting on the period and amount of default does not arise.
(b) The Corporation is not a declared wilful defaulter by any bank or financial institution or other lender.
(c) According to the information obtained and explanations given to us, the term loans were applied for the purpose
for which the loans were obtained.
(d) On an overall examination of the financial statements of the Corporation, funds raised on short term basis, prima
facie, have not been utilised 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.
(e) The Corporation has not taken any funds from any entity or person on account of or to meet the obligations of
its subsidiaries, associates or joint ventures. Therefore, the question of reporting on details thereof with nature
of such transactions and the amount does not arise.
(f) The Corporation has not raised loans during the year on the pledge of securities held in its subsidiaries, joint
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.
(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 rectification, if any, does not arise.
(b) According to the information and explanations given to us and based on our examination of the books and
records, the Corporation has not made any preferential allotment or private placement of shares or convertible
debentures (fully, partially or optionally convertible) during the year.

Therefore, the question of complying with Section 42 and Section 62 of the Companies Act, 2013 and reporting
on its utilisation does not arise.
(xi) (a) During the course of our examination of the books and records of the Corporation, carried out in accordance
with the generally accepted auditing practices in India and according to the information obtained and
explanations given to us, no instances of fraud by the Corporation or any fraud on the Corporation has been
noticed or reported during the year.
(b) We, have not filed any report under Sub-Section 12 of Section 143 of the Companies Act, 2013 in Form ADT-4
as prescribed under Rule 13 of the Companies (Audit and Auditors) Rules, 2014 with the Central Government.
(c) As per the information obtained and explanation given by the Corporation, a whistle blower complaint is received
by the Corporation during the year and the complaint is under investigation as per the due process set out under
the whistle blower policy of the Corporation.
(xii) In our opinion and according to the information obtained and explanations given to us, the Corporation is not a Nidhi
Company. Accordingly, paragraph 3(xii)(a, b and c) of the Order are not applicable to the Corporation.
(xiii) According to the information obtained and explanations given to us and based on our examination of the records of
the Corporation, all transactions entered into by the Corporation with the related parties are in compliance with
Sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the
Standalone Ind AS Financial Statements, as required by the applicable Indian Accounting Standards.
(xiv) (a) The Corporation has an internal audit system commensurate with the size and nature of its business.
(b) We have considered, the internal audit reports for the year under audit, issued to the Corporation during the year,
in determining the nature, timing and extent of our audit procedures.
(xv) According to the information obtained and explanations given to us and based on our examination of the records, the
Corporation has not entered during the year into non-cash transactions with Directors or persons connected with
them. Accordingly, paragraph 3(xv) of the Order is not applicable.
(xvi) The Corporation is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
Accordingly, paragraph 3(xvi) (a,b,c and d) of the Order are not applicable.
(xvii) The Corporation has not incurred cash losses in the current financial year and in the immediately preceding financial
year.
(xviii) There has not been any resignation of the statutory auditors during the year.
(xix) According to the information obtained and explanations given to us and on the basis of the financial ratios, ageing and
expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying
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 the Corporation is capable of meeting its liabilities
existing as at the date of balance sheet as and when they fall due within a period of one year from the balance sheet
date. We, however, state that this is not an assurance as to the future viability of the Corporation. We further state 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
the Corporation as and when they fall due.
198
(xx) (a) There are no unspent amounts towards Corporate Social Responsibility (CSR) on other than ongoing projects,
requiring a transfer of the unspent amount to a Fund specified in Schedule VII to the Act within a period of six
months of the expiry of the financial year in compliance with second Proviso to Sub-Section (5) of Section 135
of the said Act.
(b) In respect of ongoing projects, the Corporation has transferred amount remaining unspent as at the year end to
a special account within a period of thirty days from the end of the said financial year in compliance with the
provisions of Sub-Section (6) of Section 135 of the said Act.

Sd/- Sd/-
Partner Partner


Statement 1 (Refer Clause i (c) of Annexure A)
Whether
Gross Period held Reason for
Promoter,
carrying indicate range, not being
Description No of Director or
value Held in name of where held in name of
of Property Cases their
(` in appropriate company*
relative or
Crores)
employee
Land 34.59 16 Rajaswa Vibag , Jiladhikari, Udhamsingh No 1928-2021 Registration

Nagar, APIIC, Railways, Karnataka pending with
Industrial Areas Development Board Authorities (in
(KIADB), Indian Oil Corporation Limited one of the
(IOCL), Hindustan Petroleum Corporation case, Title
Limited (HPCL), Government of Kerala, Deed is in the
Government of Maharashtra, Deputy Salt name of Joint
Commissioner Bombay, Others Owner)
Right-of- 1.06 01 Industrial Infrastructure Development No 01-03-1998 Registration

Use Assets Corporation, Odisha pending with
Authorities
Building 0.67 01 Government of Kerala No 06-05-2021 Registration

pending with
Authorities
Land 0.35 03 Others – Information not Available Not Not Document of

Available Available Title Deed not
available for
verification
Land 3.43 05 British India Corporation Limited, District No 1994-2004 Legal Dispute
Magistrate Mathura, Railways, APIIC,
BPCL, Government of Gujarat, Private
parties
Land 0.10 02 Railways, APIIC No 1985-1994 Land

Allotment
Case
200
Statement 2 (Refer Clause vii (b) of Annexure A)
Period block
Name of the Forum where Amount
S.No. Nature of dues to which it
Statute dispute is pending (` in Crores)
relates ^
1. Central Excise Duty, Interest and Penalty for Supreme Court 3,009.61 2000-2010
Act, 1944 cases relating to determination 1995-2010
High Court 31.65
of assessable value, Cenvat
credit etc. Appellate Tribunal* 2,612.08 1990-2022
Appellate Authority** 58.66 1995-2022

Total 5,712.00
2. Customs Act, 1962 Duty, Interest and Penalty for Appellate Tribunal* 4.41 1995-2010
cases relating to 2015-2022
Appellate Authority** 0.08
determination of valuation
etc. Total 4.49
3. Income Tax Act, 1961 Tax, Interest and Penalty Appellate Authority** 323.58 2005-2022
demands towards various 2005-2022
Adjudicating Authority*** 1.65
income tax disputes
Total 325.23
4. Sales Tax / GST Tax, Interest and Penalty Supreme Court 2.92 1995-2005
demands towards various
VAT Legislations High Court 792.88 1980-2022
Sales Tax / VAT / GST disputes
Appellate Tribunal* 3,968.64 1985-2015
Appellate Authority** 1,521.19 1985-2022
Adjudicating Authority*** 2.24 2010-2015
Total 6,287.87
5. Finance Act, 1994 Duty, Interest and Penalty for Supreme Court 36.73 2005-2015
cases relating to Service Tax
(Service Tax) Appellate Tribunal* 27.89 2005-2022
disputes
Appellate Authority** 1.62 2015-2022
Total 66.24
6. The Environment Compensation for Supreme Court 67.50 2020-2022

Protection Act, 1986 environmental damage
caused by VOX pollutants

7. The Mumbai Property Tax High Court 23.41 2010-2020
Municipal
Corporation Act, 1888
8. Maharashtra Manmad Export Fees Case High Court 22.15 1995-2000

Municipal Council /
Nagarpanchayat
Industrial Township Act
9. National Green Compensation for Green Belt Supreme Court 2.00 2017-2022
Tribunal Act, 2010 Development
Grand Total 12,510.89
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.
202
ANNEXURE B TO INDEPENDENT AUDITORS’ REPORT
[Referred to in paragraph 18 under “Report on Other Legal and Regulatory Requirements” in the Independent Auditors’
Report of even date to the Members of Bharat Petroleum Corporation Limited (“the Corporation”) on the Standalone Ind AS
Financial Statements as of and for the year ended 31st March 2022]
CAG Directions for the year 2021-22
1. Whether the company has system in place to process all the accounting transactions through IT system? If yes,
the implications of processing of accounting transactions outside IT system on the integrity of the accounts
along with the financial implications, if any, may be stated.
The Corporation has a system in place to process all the accounting transactions through its implemented IT system,
SAP. As such, we have not come across any accounting transactions processed outside IT system which would have
an impact on the integrity of the accounts or any financial implications.
2. Whether there is any restructuring of an existing loan or cases of waiver / write off of debts / loans / interest etc.
made by a lender to the company due to the company’s inability to repay the loan? If yes, the financial impact
may be stated.
Based on our examination of relevant records of the Corporation and the information and findings / explanations
received from the Management, there were no cases of restructuring of an existing loan or cases of waiver / write off
of debts / loans / interest by any of the lenders of the Corporation due to inability to repay the loan.
3. Whether funds received / receivable for specific schemes from central / state agencies were properly accounted
for / utilized as per its term and conditions? List the cases of deviation.
Based on our examination of relevant records of the Corporation and the information, explanations and findings
received from the Management, funds received / receivable for specific schemes from central / state agencies were
properly accounted for / utilised as per terms and conditions and applicable Ind AS.

Sd/- Sd/-
Partner Partner


ANNEXURE C TO INDEPENDENT AUDITORS’ REPORT
[Referred to in paragraph 19(f) under ‘Report on Other Legal and Regulatory Requirements’ in the Independent Auditors’
Report of even date to the Members of Bharat Petroleum Corporation Limited on the Standalone Ind AS Financial Statements
for the year ended March 31, 2022]
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-Section 3 of Section 143 of
the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls over financial reporting of Bharat Petroleum Corporation Limited (“the
Corporation”) as of March 31, 2022 in conjunction with our audit of the Standalone Ind AS Financial Statements of the
Corporation for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Corporation’s Management is responsible for establishing and maintaining internal financial controls based on the
internal control over financial reporting criteria established by the Corporation considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the
Institute of Chartered Accountants of India (“ICAI”). These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business including adherence to Corporation’s policies, 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.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Corporation’s internal financial controls over financial reporting based on
our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting (the “Guidance Note”) issued by the ICAI and the Standards on Auditing specified under Section
143(10) of the Act, to the extent applicable to an audit of internal financial controls, both issued by the ICAI. 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 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 over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial
reporting included obtaining an understanding of internal financial controls over financial reporting, 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 auditor’s 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 over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company’s internal financial control over financial reporting 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 company’s internal financial control over financial reporting includes those
policies and procedures that:
204
1. Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company;
2. Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of management and directors of the company; and
3. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the company’s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion
or improper management override of controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to
the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Corporation has, in all
material respects, an adequate internal financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at March 31, 2022, based on the internal control over financial
reporting criteria established by the Corporation considering the essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the ICAI.

Sd/- Sd/-
Partner Partner


STANDALONE BALANCE SHEET AS AT 31ST MARCH 2022 ` in Crores
Particulars Note No. As at 31/03/2022 As at 31/03/2021

I ASSETS
(1) Non-Current Assets
(a) Property, Plant and Equipment 2 68,751.37 63,526.50
(b) Capital Work-In-Progress 3 3,312.69 6,986.54
(c) Investment Property 4 0.03 0.05
(d) Intangible Assets 5 743.25 409.70
(e) Intangible Assets Under Development 6 17.27 363.06
(f) Financial Assets
(i) Investments in Subsidiaries, Joint Ventures and Associates 7 15,036.41 10,466.00
(ii) Other Investment 8 758.14 423.82
(iii) Loans 9 4,555.86 4,798.90
(iv) Other Financial Assets 10 357.53 140.48
(g) Income Tax Assets (Net) 11 287.15 1,158.07
(h) Other Non-Current Assets 12 1,996.72 1,266.23
Total Non-Current Assets 95,816.42 89,539.35
(2) Current Assets
(a) Inventories 13 36,307.06 26,757.45
(b) Financial Assets
(i) Investments 14 4,442.27 6,794.27
(ii) Trade Receivables 15 9,738.32 7,827.47
(iii) Cash and Cash Equivalents 16 767.54 6,517.35
(iv) Bank Balances other than Cash and Cash Equivalents 17 66.95 536.14
(v) Loans 18 135.99 132.47
(vi) Other Financial Assets 19 618.76 603.73
(c) Current Tax Assets (Net) 20 894.66 534.76
(d) Other Current Assets 21 1,712.18 1,329.52
54,683.73 51,033.16
Assets Held-For-Sale 22 12.41 21.50
Total Current Assets 54,696.14 51,054.66
TOTAL ASSETS 1,50,512.56 1,40,594.01
II EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital 23 2,129.45 2,092.91
(b) Other Equity 24 47,540.33 52,451.64
Total Equity 49,669.78 54,544.55
Liabilities
(1) Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings 25 15,481.97 17,032.84
(ia) Lease Liabilities 25a 8,035.30 7,601.97
(ii) Other Financial Liabilities 26 56.44 58.00
(b) Provisions 27 186.59 819.11
(c) Deferred Tax Liabilities (Net) 28 4,882.71 4,471.55
(d) Other Non-Current Liabilities 29 657.70 549.95
Total Non-Current Liabilities 29,300.71 30,533.42
(2) Current Liabilities
(i) Borrowings 30 8,641.12 9,282.13
(ia) Lease Liabilities 30a 558.68 243.39
(ii) Trade Payables
a. Total Outstanding Dues Of Micro Enterprises and Small Enterprises 216.31 147.62
b. Total Outstanding Dues Of Creditors Other Than Micro Enterprises 31 30,618.37 16,108.38
and Small Enterprises
(iii) Other Financial Liabilities 32 20,319.01 19,496.82
(b) Other Current Liabilities 33 6,891.10 6,771.90
(c) Provisions 34 2,881.53 2,640.32
(d) Current Tax Liabilities (Net) 35 1,415.95 825.48
Total Current Liabilities 71,542.07 55,516.04
Total Liabilities 1,00,842.78 86,049.46
TOTAL EQUITY AND LIABILITIES 1,50,512.56 1,40,594.01
Significant Accounting Policies 1
Notes forming part of Financial Statements 44-72
For and on behalf of the Board of Directors As per our attached report of even date
For and on behalf of
Sd/-
Arun Kumar Singh Kalyaniwalla and Mistry LLP K.S. Aiyar & Co
Chairman and Managing Director Chartered Accountants Chartered Accountants
DIN: 06646894 ICAI FR No. 104607W/W100166 ICAI FR No. 100186W
Place: Delhi
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
Date: 25th May 2022
206
STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH 2022
` in Crores
Particulars Note No. 2021-22 2020-21

Income
I) Revenue from operations 36 4,33,406.48 3,01,873.16
II) Other income 37 2,412.42 4,336.27
III) Total Income (I + II) 4,35,818.90 3,06,209.43
IV) Expenses
Cost of materials consumed 38 1,38,708.46 71,153.56
Purchases of Stock-in-Trade 39 1,89,085.80 1,27,800.87
Changes in inventories of Finished goods, Stock-in-Trade and Work-in-progress 40 (4,288.73) (3,633.57)
Excise duty expense 71,129.71 69,319.86
Employee benefits expense 41 3,314.45 4,477.17
Finance cost 42 1,860.48 1,328.36
Depreciation and amortization expense 2,4,5 4,754.27 3,978.05
Other expenses 43 19,263.96 15,616.46
Total Expenses (IV) 4,23,828.40 2,90,040.76
V) Profit before Exceptional Item & Tax (III - IV) 11,990.50 16,168.67
VI) Exceptional Items - Expenses / (Income) 69 77.06 (6,448.91)
VII) Profit before Tax (V - VI) 11,913.44 22,617.58
VIII) Tax expense 28

1) Current tax 2,658.00 5,134.78
2) Deferred tax 323.19 (402.98)
3) Short / (Excess) provision of earlier years 143.52 (1,155.89)
Total Tax expense (VIII) 3,124.71 3,575.91
IX) Profit for the year (VII - VIII) 8,788.73 19,041.67
X) Other Comprehensive Income

(i) Items that will not be reclassified to profit or loss
(a) Remeasurements of the Defined Benefit Plans (27.98) (16.12)
(b) Equity instruments through Other Comprehensive Income-net change in fair value 334.32 135.96
(ii) Income tax relating to items that will not be reclassified to profit or loss (18.57) (51.45)
Other Comprehensive Income (X) 287.77 68.39
XI) Total Comprehensive Income for the year (IX+X) 9,076.50 19,110.06
XII) Basic Earnings per Equity share (Face value ` 10 each) 54 41.31 96.44
XIII) Diluted Earnings per Equity share (Face value ` 10 each) 54 41.31 96.12

Notes Forming part of Financial Statements 44-72
Sd/-
Place: Delhi
Sd/- Sd/- Sd/- Sd/-

Place: Mumbai
Date: 25th May 2022

STANDALONE STATEMENT OF CASH FLOWS
` in Crores
For the year ended 31/03/2022 31/03/2021

A Net Cash Flow from Operating Activities
Net Profit Before Tax (After Exceptional Items) 11,913.44 22,617.58
Adjustments for :
Depreciation 4,754.27 3,978.05
Finance Cost 1,860.48 1,328.36
Foreign Exchange Fluctuations 3.46 (129.46)
(Profit) / Loss on sale of Property, Plant and Equipment / Non-current assets held-for-sale (3.41) 21.29
(Profit) / Loss on Sale of Investment in Subsidiary - (9,422.41)
(Profit) / Loss on Sale of Current Investments (52.29) (3.58)
Interest Income (1,253.59) (1,211.30)
Dividend Income (318.51) (2,068.23)
Expenditure towards Corporate Social Responsibility 166.73 136.25
Impairment of Investments in Subsidiary / Associate 14.08 2,032.79
Share Options Outstanding Account 77.06 940.72
Other Non-Cash items 815.50 1,174.06
Operating Profit before Working Capital Changes 17,977.22 19,394.12
(Invested in) / Generated from :
Inventories (9,549.61) (6,325.74)
Trade Receivables (2,051.57) (2,604.05)
Other Receivables 126.43 6,053.11
Current Liabilities & Payables 15,315.19 6,376.32
Cash generated from Operations 21,817.66 22,893.76

Direct Taxes Paid (1,630.63) (2,719.10)
Paid for Corporate Social Responsibility (137.78) (144.90)
Net Cash from / (used in) Operating Activities 20,049.25 20,029.76
B Net Cash Flow from Investing Activities

Purchase of Property, Plant and Equipments / Intangible Assets (5,355.16) (6,063.48)
Sale of Property, Plant and Equipments 58.25 55.14
Capital Advance (795.10) 28.05
Investments, Loans and Advances - Subsidiaries, Joint Ventures and Associates

Bharat Oman Refineries Limited (Equity and Share Warrants) (2,471.91) -
GSPL India Gasnet Limited (Equity) (33.00) (71.50)
Numaligarh Refinery Limited (Equity) - 9,875.96
Tax paid for sale of investments in Subsidiary - (1,932.00)
Mumbai Aviation Fuel Farm Facility Private Limited (Equity) (4.63) -
Kochi Salem Pipeline Private Limited (Equity) (72.50) (50.00)
IHB Ltd. (Equity) (100.00) (388.25)
Bharat PetroResources Limited (Equity) (1,125.00) (1,150.00)
GSPL India Transco Ltd. (Equity) (2.75) (9.90)
Goa Natural Gas Private Limited (Equity) (3.62) (8.88)
Bharat PetroResources Limited (Loan - Net) (100.00) 860.00
208
STANDALONE STATEMENT OF CASH FLOWS (CONTD.)
` in Crores
For the year ended 31/03/2022 31/03/2021

Haridwar Natural Gas Private Limited (Loan) - (15.00)
Bharat Gas Resources Limited (Equity) (750.00) (600.00)
Fino PayTech Ltd (Equity) (21.08) -
Kochi Salem Pipeline Private Limited (Advance against Equity) (195.00) -
Sale of Oil Bonds 792.57 -
Purchase of Treasury Bills (12,269.63) (3,746.42)
Sale of Treasury Bills 12,799.00 3,250.00
Purchase of Investments - Mutual Funds (6,076.70) (4,581.77)
Sale of Investments - Mutual Funds 7,118.29 3,574.45
Interest Received 1,122.39 1,075.45
Dividend Received 318.51 2,068.23
Net Cash from / (used in) Investing Activities (7,167.07) 2,170.08
C Net Cash Flow from Financing Activities

Proceeds from Sale of Equity Shares held by "BPCL Trust for Investment in Shares" - 5,519.53
Proceeds from Allotment of Equity Shares to employees on account of 462.40 -
"BPCL ESPS SCHEME" (Net of Expenses)
Payment of Lease Rentals (Principal Component) (272.81) (124.24)
Payment of Lease Rentals (Interest Component) (626.89) (534.55)
Short Term Borrowings (Net) (195.90) (13,325.19)
Long Term Borrowings 3,000.50 1,995.20
Repayment of Long Term Borrowings (5,548.82) (3,661.13)
Interest Paid (1,032.78) (1,230.59)
Dividend Paid # (14,482.78) (4,261.30)
Net Cash from / (used in) Financing Activities (18,697.08) (15,622.27)
D Net Increase / (Decrease) in Cash and Cash equivalents (A+B+C) (5,814.90) 6,577.57
Cash and Cash equivalents as at 31/03/2021 31/03/2020

Cash on hand 16.98 6.08
Cheques and drafts on hand 6.68 6.10
Cash at Bank 203.76 86.09
Deposits with Banks with original maturity of less than three months 6,140.00 -
Investment in Triparty Repo Settlement System 149.93 -
Less : Bank Overdraft (38.41) (196.90)
6,478.94 (98.63)
Cash and Cash equivalents as at 31/03/2022 31/03/2021

Cash at Bank 373.53 203.76
Deposits with Banks with original maturity of less than three months 365.00 6,140.00
Investment in Triparty Repo Settlement System - 149.93
664.04 6,478.94
Net Increase / (Decrease) in Cash and Cash equivalents (5,814.90) 6,577.57
# Dividend paid for FY 2020-21 includes dividend of ` 510.03 Crores pertaining to Second Interim Dividend declared for FY 2020-21 on
16th March 2021, which has been earmarked in separate dividend account and paid on 9th April 2021.

STANDALONE STATEMENT OF CASH FLOWS (CONTD.)
Disclosure to changes in liabilities arising from Financing Activities
` in Crores
Particulars Total liabilities from
financing activities
(excluding bank overdraft)
As at 31st March, 2020 41,678.50
Cash flows (14,991.12)
Non-cash changes
a) Foreign exchange movement (440.78)
b) Recognition of deferred income and its amortisation 2.72
c) Fair value changes 27.24
As at 31st March, 2021 26,276.56
` in Crores
As at 31st March, 2021 26,276.56
Cash flows (2,744.22)
Non-cash changes
a) Foreign exchange movement 465.61
As at 31st March, 2022 24,019.59
Explanatory notes to Statement of Cash Flows

1 The Statement of Cash Flows is prepared in accordance with the format prescribed by Securities and Exchange
Board of India and as per Ind AS 7 as notified by Ministry of Corporate Affairs.
2 In Part-A of the Statement of Cash Flows, figures in brackets indicate deductions made from the Net Profit for deriving
the net cash flow from operating activities. In Part-B and Part-C, figures in brackets indicate cash outflows.
3 The net profit / loss arising due to conversion of current assets / current liabilities, receivable / payable in foreign
currency is furnished under the head "Foreign Exchange Fluctuations".
4 “Other Non-Cash items” includes provisions created (including provision for Capital Work-in-progress) / excess
provisions written back, Mark to Market change in value of investments, Impairment loss on Non-current assets
held-for-sale, amortisation of deferred expenditure and capital grant, bad debts and materials and miscellaneous
adjustments not affecting Cash Flow, Bad debts and materials written off, write down of inventories, remeasurement
of PMUY loans and other deposits and miscellaneous adjustments not affecting Cash Flow.
5 Figures of the previous year have been regrouped wherever necessary, to conform to current period presentation.
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Place: Delhi
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Place: Mumbai
Date: 25th May 2022
210
STANDALONE STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH 2022
` in Crores
As at As at
(a) Equity Share Capital
31/03/2022 31/03/2021
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
Add: Issue of Bonus Shares (Refer Note No. 23) - - - -
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"
(3,29,60,307) (32.96) (3,29,60,307) (32.96)
(Refer Note No. 45)
Less: Adjustment for Shares held by "BPCL ESPS Trust" (Refer Note No. 45) (68,36,948) (6.84) (4,33,79,025) (43.38)
Balance at the end of the reporting period after adjustment 2,12,94,55,489 2,129.45 2,09,29,13,412 2,092.91
` in Crores
Reserves & Surplus
Equity
Share Options Instruments
Debenture BPCL
Capital Outstanding General Securities Retained through
Redemption Trust for BPCL ESPS
Reserve Account Reserve Premium Earnings Other Investment Total
Reserve Trust
(b) Other Equity [Note 24] [Note 24] [Note 24] [Note 24]* Compre-
[Note 24] in Shares [Note 24]
[Note 24] hensive [Note 24]
Income
[Note 24]
Balance as at 01st April 2020 (20.76) 1,076.36 - 29,481.77 - 1,464.39 (297.52) (456.74) - 31,247.50
Profit for the year - - - - - 19,041.67 - - - 19,041.67
Other Comprehensive Income for the year - - - - - (67.57) 135.96 - - 68.39
Dividends - - - - - (4,555.43) - - - (4,555.43)
Income from "BPCL Trust for Investment in Shares"
(Refer Note No. 45) - - - - - 270.87 - - - 270.87
Income of "BPCL ESPS Trust" (Net of Tax) (Refer Note No. 45) - - - - - 52.16 - - - 52.16
Transfer to Debenture Redemption reserve - 188.48 - - - (188.48) - - - -
Employee Stock Option Granted (Refer Note No. 55) - - 940.72 - - - - - - 940.72
Issue of Equity Shares out of shares held in
"BPCL Trust for Investment in Shares" (Refer Note No. 45) - - - - 5,101.31 - - 284.45 - 5,385.76

Transfer on account of Stock Options not excercised - - (84.23) 84.23 - - - - - -
Transfer of Shares to "BPCL ESPS trust" (Refer Note No. 45) - - - - - - - 97.90 (97.90) -
Balance as at 31st March 2021 (20.76) 1,264.84 856.49 29,566.00 5,101.31 16,017.61 (161.56) (74.39) (97.90) 52,451.64
211
212
STANDALONE STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH 2022 (CONTD.) ` in Crores
Reserves & Surplus
Equity
Share Options Instruments
Debenture BPCL
Capital Outstanding General Securities Retained through
Redemption Trust for BPCL ESPS
Reserve Account [Note Reserve Premium Earnings Other
(b) Other Equity Reserve Investment Trust [Note Total
[Note 24] 24] [Note 24] [Note 24] [Note 24]* Compre-
[Note 24] in Shares 24]
hensive
[Note 24]
Income
[Note 24]
Balance as at 1st April 2021 (20.76) 1,264.84 856.49 29,566.00 5,101.31 16,017.61 (161.56) (74.39) (97.90) 52,451.64
Profit for the year - - - - - 8,788.73 - - - 8,788.73
Other Comprehensive Income for the year - - - - - (20.94) 308.71 - - 287.77
Dividends - - - - - (14,750.92) - - - (14,750.92)
Income from "BPCL Trust for Investment in Shares"
- - - - - 224.13 - - - 224.13
(Refer Note No. 45)
Income of "BPCL ESPS Trust" (Net of Tax) (Refer Note No. 45) - - - - - 36.06 - - - 36.06
Transfer to Debenture Redemption Reserve - 207.75 - - - (207.75) - - - -
Employee Stock Option Granted (Refer Note No. 55) - - 77.06 - - - - - - 77.06
Transfer to General Reserve from Retained Earnings - - - 3,000.00 - (3,000.00) - - - -
Transfer to General Reserve from Debenture
Redemption Reserve - (137.50) - 137.50 - - - - - -
Share issued on exercise of Employee Stock Options - - - - 343.39 - - - 82.47 425.86
Transfer on account of exercise of Stock Options - - (861.49) - 861.49 - - - - -
Transfer on account of Stock Options not excercised - - (72.06) 72.06 - - - - - -
Balance as at 31st March 2022 (20.76) 1,335.09 - 32,775.56 6,306.19 7,086.92 147.15 (74.39) (15.43) 47,540.33
*The balance includes accumulated Gain/(Loss) on account of remeasurements of Defined Benefit Plans (Net of tax) as on 31st March 2022 ` (531.13) Crores [Previous Year ` (510.19) Crores].
Sd/-
Place: Delhi
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Place: Mumbai
Date: 25th May 2022
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2022
CORPORATION OVERVIEW
Bharat Petroleum Corporation Limited referred to as “BPCL” or “the Corporation” was incorporated on 03rd November,
1952. BPCL is a Government of India Enterprise listed on Bombay Stock Exchange Limited and National Stock Exchange of
India Limited. The Corporation is engaged in the business of refining of crude oil and marketing of petroleum products. It
has refineries at Mumbai and Kochi, LPG bottling plants and Lube blending plants at various locations. The Corporation’s
marketing infrastructure includes vast network of Installations, Depots, Retail Outlets, Aviation Fuelling Stations and LPG
distributors.
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
Basis for preparation: The 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 Accounting
Standards) Rules, 2015; and the other relevant provisions of the Act and Rules thereunder.
The Financial Statements have been prepared under historical cost convention basis, except for certain assets and
liabilities measured at fair value.
The Corporation 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 Accepted Accounting Principles in India (Indian GAAP) as prescribed under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014, which was the “Previous GAAP”.
The Corporation’s presentation and functional currency is Indian Rupees (`). All figures appearing in the Financial
Statements are rounded to the nearest Crores (` Crores) except where otherwise indicated.
Authorisation of Financial Statements: The Financial Statements were authorized for issue in accordance with a
resolution of the Board of Directors in its meeting held on 25th May 2022.
1.1. Use of Judgement and Estimates
The preparation of the Corporation’s Financial Statements requires management to make judgements, estimates
and assumptions that affect the reported amounts of revenue, expenses, assets, liabilities and the accompanying
disclosures along with contingent liabilities. Uncertainty about these assumptions and estimates could result in
outcomes that require material adjustments to the carrying amount of assets or liabilities affected in future periods.
The Corporation continually evaluates these estimates and assumptions based on the most recently available
information.
In particular, information about significant areas of estimates and judgments in applying accounting policies that
have the most significant effect on the amounts recognized in the Financial Statements are as below:
• Assessment of functional currency;
• Financial instruments;
• Estimates of useful lives and residual value of Property, Plant and Equipment and Intangible assets;
• Valuation of Inventories;
• Measurement of recoverable amounts of Cash-Generating Units;
• Measurement of Defined Benefit Obligations and actuarial assumptions;
• Provisions including loss allowances
• Evaluation of recoverability of Deferred Tax Assets; and
• Contingencies.

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.
1.2. Property, Plant and Equipment
1.2.1. Property, Plant and Equipment are stated at cost net of accumulated depreciation and accumulated
impairment losses, if any.
1.2.2. The initial cost of an asset comprises its purchase price or construction cost (including import duties
and non-refundable taxes), any costs directly attributable to bringing the asset into the location and
condition necessary for it to be capable of operating in the manner intended by management, the initial
estimate of any decommissioning obligation, if any, and, borrowing cost for qualifying assets (i.e. assets
that necessarily take a substantial period of time to get ready for their intended use).
1.2.3. Direct expenses incurred during construction period on capital projects are capitalized. Other expenses
of the project group which are allocated to projects costing above a threshold limit are also capitalized.
Expenditure incurred on enabling assets are capitalized.
1.2.4. Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated
with the expenditure will flow to the Corporation.
1.2.5. Expenditure on assets, other than plant and machinery, LPG cylinders and pressure regulators, not
exceeding threshold limit are charged to revenue.
1.2.6. 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 is inventorized on procurement and charged to Statement of Profit and Loss on consumption.
1.2.7. An item of Property, Plant and Equipment and any significant part initially recognized separately as part
of Property, Plant and Equipment is derecognized upon disposal; or when no future economic benefits
are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset is included
in the Statement of Profit and Loss when the asset is derecognized.
1.2.8. The residual values and useful lives of Property, Plant and Equipment are reviewed at each financial year
end and changes, if any, are accounted in line with revisions to accounting estimates.
1.2.9. 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 portion is capitalized. Subsequently, this ratio is reviewed every month as per the GST
provisions and the differential GST amount arising due to changes in the ratio is capitalized beyond the
materiality threshold.
1.2.10. The Corporation 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 to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the
date of transition (1st April 2015).
1.3. Depreciation
Depreciation on Property, Plant and Equipment are provided on the straight line basis, over the estimated useful
lives of assets (after retaining the estimated residual value of upto 5%). These useful lives and residual value has
been determined as prescribed in the Schedule II of the Act, except in following cases:
1.3.1. 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.
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1.3.2. 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
management staff under furniture on hire scheme are depreciated over a period of 4 years as per internal
assessment. Other furniture items provided to management staff are depreciated over a period of 6 years
as per internal assessment.
1.3.3. Solar Panels are depreciated over a period of 25 years based on the technical assessment of useful life
and applicable warranty conditions.
1.3.4. Moulds, used for the manufacturing of the packaging material for Lubricants, are depreciated over a
period of 5 years based on technical assessment of useful life.
1.3.5. Items of Property, Plant and Equipment costing not more than the threshold limit are depreciated at 100
percent in the year of acquisition except LPG Cylinders and Pressure Regulators which are depreciated
1.3.6. Components of the main asset that are significant in value and have different useful lives as compared
to the main asset are depreciated over their estimated useful life. Useful life of such components has
been assessed based on historical experience and internal technical assessment.
1.3.7. 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 based on the technical assessment.
1.3.8. Depreciation is charged on additions / deletions on pro-rata monthly basis including the month of
addition / deletion.
1.3.9. The Residual value of LPG cylinders and Pressure Regulators have been estimated at 15% of the original
cost based on the historical experience and internal technical assessment.
1.3.10. The residual value of catalyst having precious / noble metals is estimated at the cost of the precious /
noble 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.
1.3.11. 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.
1.4. Intangible Assets
1.4.1. 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
capitalized and is reflected in Statement of Profit and Loss in the period in which such expenditure is
incurred. Development costs are capitalized if, and only if, technical and commercial feasibility of the
project is demonstrated, future economic benefits are probable, the Corporation has an intention and
ability to complete and use or sell the asset and the costs can be measured reliably.
1.4.2. 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 of
applicable Ind AS and are amortized (after retaining the residual value, if applicable) over their useful life
or the period of the agreement, whichever is lower.
1.4.3. In cases where, the Corporation has constructed assets on behalf of public infrastructure entities and
the Corporation has only a preferential right to use, these assets are classified as intangible assets and
are amortized (after retaining the residual value, if applicable) over their useful life or the period of the
agreement, whichever is lower.

1.4.4. Intangible assets with indefinite useful lives, such as right of way which is perpetual and absolute in
nature, are not amortized, but are tested for impairment annually. The useful lives are reviewed 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 made on a
prospective basis. The impairment losses on intangible assets with indefinite life is recognized in the
Statement of Profit and Loss.
1.4.5. Expenditure incurred for creating / acquiring other intangible assets above threshold limit from which
future economic benefits will flow over a period of time, is amortized over the estimated useful life of the
asset or five years, whichever is lower, on a straight line basis, from the time the intangible asset starts
providing the economic benefit. In other cases, the expenditure is reflected in 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 year end. The amortization expense
on intangible asset with finite useful lives and impairment losses in case there is an indication that the
intangible asset may be impaired, is recognized in the Statement of Profit and Loss.
1.4.6. The Corporation has elected to use the exemption available under Ind AS 101 to continue the carrying
value for all of its intangible assets as recognized in the Financial Statements as at the date of transition
to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of
transition (1st April 2015).
1.5. Investment Property
1.5.1. Investment property is property (land or a building or part of a building or both) held either to earn rental
income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in
production or supply of goods or services or for administrative purposes. Investment properties are
stated at cost net of accumulated depreciation and accumulated impairment losses, if any.
1.5.2. 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 Statement
of Profit and Loss.
1.5.3. On transition to Ind AS i.e. 1st April 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 under Ind AS 101 to continue the carrying value for such assets as recognized in the Financial
Statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its
deemed cost as at the date of transition (1st April 2015).
1.6. Borrowing costs
1.6.1. Borrowing costs consist of interest and other costs incurred in connection with the borrowing of funds.
Borrowing costs also include exchange differences to the extent regarded as an adjustment to the
borrowing costs.
1.6.2. Borrowing costs that are attributable to the acquisition or construction of qualifying assets (i.e. an asset
that 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.
1.6.3. Investment Income earned on the temporary investment of funds of specific borrowings pending their
expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.
216
1.7. Non-current assets/Disposal Group held for sale
1.7.1. Non-current assets are classified as held for sale if their carrying amounts will be recovered through a
sale transaction rather than through continuing use. This condition is regarded as met only when the sale
is highly probable and the asset is available for immediate sale in its present condition subject only to
terms that are usual and customary for sale of such assets.
1.7.2. Non-current assets classified as held for sale are measured at the lower of carrying amount and fair
value less costs of disposal (upto 5% of the acquisition value)
1.7.3. The disposal group classified as held for sale, are measured at the lower of carrying amount and fair
value less costs of disposal.
1.7.4. Property, Plant and Equipment and intangible assets classified as held for sale are not depreciated or
amortized.
1.8. Leases
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.
Corporation shall reassess whether a contract is, or contains, a lease if the terms and conditions of the contract
are changed.
1.8.1. As a Lessee
At the commencement date, Corporation recognizes 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. To assess whether a
contract conveys the right to control the use of an identified asset, the Corporation assesses whether:
- the contract involves the use of an identified asset;
- the Corporation has right to obtain substantially all of the economic benefits from use of the asset
through the period of the lease and;
- the Corporation has the right to direct the use of the asset.
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 plus any initial direct costs less any lease incentives (at present value) except for leases with
a term of twelve months or less (short-term leases) and low value leases. For these short-term and low
value leases, the Corporation recognizes the lease payments as an operating expense. Lease of items
such as IT Assets (tablets, personal computers, mobiles, POS machines etc.), small items of office
furniture etc. are treated as low value.
The lease liability is initially measured at amortized cost at the present value of the future lease
payments. The lease payments are discounted using the Corporation’s incremental borrowing rate
computed on periodic basis based on lease term. Lease liabilities are re-measured with a corresponding
adjustment to the related right of use asset if the Corporation changes its assessment, whether it will
exercise an extension or a termination option.
Right-of-use assets are depreciated over the lease term on systematic basis and Interest on lease
liability is charged to Statement of Profit and Loss as Finance cost.
The Corporation has elected not to apply Ind AS 116 “Leases” to Intangible assets.

1.8.2. As a Lessor
A lessor shall classify each of its leases as either an operating lease or a finance lease.
1.8.2.1. Finance leases
A lease is classified as a finance lease if it transfers substantially all the risks and rewards
incidental to ownership of an underlying asset.
Corporation shall recognize 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.
1.8.2.2. Operating leases
A lease is classified as an operating lease if it does not transfer substantially all the risks and
rewards incidental to ownership of an underlying asset.
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.
1.9. Impairment of Non-financial Assets
1.9.1. 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 any such indication exists, or when annual impairment testing for an asset is required, the
Corporation estimates the asset’s recoverable amount. The recoverable amount is the higher of the
asset’s or Cash-Generating Unit’s (CGU) fair value less costs of disposal and its value in use.
Recoverable amount is determined for an individual asset, unless the asset does not generate cash
inflows that are largely independent of those from other assets or groups of assets.
1.9.2. 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. Inventories
1.10.1. Inventories are stated at cost or net realizable value, whichever is lower. Cost of inventories comprises
of expenditure incurred in the normal course of business in bringing inventories to their present location
including appropriate overheads apportioned on a reasonable and consistent basis and are determined
on the following basis:
- Crude oil, traded goods and finished products other than lubricants are determined on First in
First out basis
- Other raw materials, packages, lubricants and stores and spares are determined on weighted
average basis.
- The cost of Stock-in-Process is determined at raw material cost plus cost of conversion.
1.10.2. 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.
1.10.3. 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.
1.10.4. The net realizable value of finished goods and stock in trade are based on the inter-company transfer
prices 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 and retail consumers are determined on all India basis and considered for stock valuation at
all locations.
218
1.10.5. 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 exceed their net realizable value.
1.10.6. 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.
1.11. Revenue Recognition
1.11.1. Sale of goods
Revenue from the sale of goods is recognized when the performance obligation is satisfied by
transferring the related goods to the customer. The performance obligation is considered to be satisfied
when the customer obtains control of the goods.
Revenue from the sale of goods includes excise duty and is measured at the fair value of the
consideration received or receivable (after including fair value allocations related to arrangements
involving more than one performance obligation), net of returns, taxes or duties collected on behalf of
the Government and applicable trade discounts or rebates.
Revenue is allocated between loyalty programmes and other components of the sale. The amount
allocated to the loyalty programme is deferred, and is recognized as revenue when the Corporation has
fulfilled its obligation to supply the products under the terms of the programme.
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.
Where the Corporation acts as an agent on behalf of a third party, the associated income is recognized
on a net basis.
Claims in respect of subsidy on LPG and SKO, from Government of India are booked on in-principle
acceptance thereof on the basis of available instructions / clarifications, subject to final adjustments as
stipulated.
1.11.2. Construction contracts
Revenue from Construction contracts arise from the service concession arrangements entered into by
the Corporation and certain arrangements involving construction of specific assets as part of
arrangements involving more than one performance obligation.
Contract revenue includes the amount agreed in the contract to the extent that it is probable that they will
result in revenue and can be measured reliably.
Based on an assessment of the terms of such contracts, the contract revenue is recognized in the
Statement of Profit and Loss based on the percentage of completion method.
The stage of completion is assessed with reference to the proportion of actual cost incurred as
compared to the total estimated cost of the related contract.
Contract expenses are recognized as incurred unless they create an asset relating to future contract
activity. An expected loss on a contract is recognized immediately in the Statement of Profit and Loss.
1.11.3. Interest income is recognized using Effective Interest Rate (EIR) method.
1.11.4. 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.

1.11.5. Income from sale of scrap is accounted for on realization.
1.11.6. Claims other than subsidy claims on LPG and SKO, from Government of India are booked when there is
a reasonable certainty of recovery.
1.12. Classification of Income / Expenses
1.12.1. Income / expenditure (net) in aggregate pertaining to prior year(s) above the threshold limit are
corrected retrospectively in the first set of Financial Statements approved for issue after their discovery
by restating the comparative amounts and / or restating the opening Balance Sheet for the earliest prior
period presented.
1.12.2. Prepaid expenses upto threshold limit in each case, are charged to revenue as and when incurred.
1.12.3. Deposits placed with Government agencies / local authorities which are perpetual in nature are charged
to revenue in the year of payment.
1.13. Employee Benefits
1.13.1. Short-term employee benefits
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.
1.13.2. Post-employment benefits
Defined Contribution Plans:
Obligations for contributions to defined contribution plans such as pension are recognized as an
expense in 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.
Defined Benefit Plans:
The Corporation’s net obligation in respect of defined benefit plans such as gratuity, other
post-employment benefits etc., is calculated separately for each plan by estimating the amount of future
benefit that the employees have earned in the current and prior periods, discounting that amount and
deducting the fair value of any plan assets.
The calculation of defined benefit obligation is performed at each reporting period end by a qualified
actuary 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 refunds from the plan or reductions in future contributions to the plan.
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 service in the current year, benefit changes, curtailments and settlements. Past service costs
are recognized immediately in the Statement of Profit and Loss. The net interest is calculated by
applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan
assets. This net interest is included 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 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 Other Comprehensive Income.
220
1.13.3. Other long-term employee benefits
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.
The current service cost of other long terms employee benefits, recognized in the Statement of Profit
and 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 immediately in the Statement of Profit and Loss. The interest cost is calculated by
applying the discount rate to the balance of the obligation. This cost is included in employee benefit
expense in the Statement of Profit and Loss. Re-measurements are recognized in the Statement of Profit
and Loss.
1.13.4. Termination benefits
Expenditure on account of Voluntary Retirement Scheme are charged to Statement of Profit and Loss as
and when incurred.
1.13.5. Employee Share Based Payments
The Corporation recognizes Equity-settled share-based payments to employees in Statement of Profit
and Loss based on estimated fair value of the options on the grant date. The fair value determined at the
grant date of the equity-settled share-based payments is expensed on a straight-line basis over the
vesting period, based on the Corporation’s estimate of equity instruments that will eventually vest, with
a corresponding increase in Other Equity. At the end of each reporting period, the Corporation revises
its estimate of the number of equity instruments expected to vest. The impact of the revision of the
original estimates, if any, is recognized in profit or loss such that the cumulative expense reflects the
revised estimate, with a corresponding adjustment to the equity-settled employee benefits reserve.
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of
diluted earnings per share.
1.14. Foreign Currency Transactions
1.14.1. Monetary items:
Transactions in foreign currencies are initially recorded at their respective exchange rates at the date the
transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at exchange rates
prevailing on the reporting date.
Exchange differences arising on settlement or translation of monetary items (except for long-term
foreign currency monetary items outstanding as of 31st March 2016) are recognized in Statement of
Profit and Loss either as profit or loss on foreign currency transaction and translation or as borrowing
costs to the extent regarded as an adjustment to borrowing costs.
The Corporation 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 31st March 2016 i.e. foreign exchange differences arising on
settlement or translation of 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, accumulated in “Foreign Currency Monetary Item Translation
Difference Account” and amortized over the balance period of the liability.

1.14.2. Non – Monetary items:
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.
1.15. Investment in Subsidiaries, Joint Ventures and Associates
Investments in equity shares of Subsidiaries, Joint Ventures and Associates are recorded at cost and reviewed for
impairment at each reporting date.
1.16. Government Grants
1.16.1. Government grants are recognized where there is reasonable assurance that the grant will be received
and all attached conditions will be complied with.
1.16.2. When the grant relates to an expense item, it is recognized in 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.
1.16.3. Government grants relating to Property, Plant and Equipment are presented as deferred income and are
credited to the Statement of Profit and Loss on a systematic and rational basis over the useful life of the
asset.
1.17. Provisions, Contingent Liabilities and Capital Commitments
1.17.1. Provisions are recognized when there is a present obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of the amount of the obligation.
1.17.2. The expenses relating to a provision is presented in the Statement of Profit and Loss net of
reimbursements, if any.
1.17.3. 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 provision due to the passage of time is recognized as a finance cost.
1.17.4. Contingent liabilities are possible obligations whose existence will only be confirmed by future events
not wholly within the control of the Corporation, or present obligations where it is not probable that an
outflow of resources will be required or the amount of the obligation cannot be measured with sufficient
reliability.
1.17.5. Contingent liabilities are not recognized in the Financial Statements but are disclosed unless the
possibility of an outflow of economic resources is considered remote.
1.17.6. Contingent liabilities and Capital Commitments disclosed are in respect of items which in each case are
above the threshold limit.
1.18. Fair Value measurement
1.18.1. The Corporation measures certain financial instruments at fair value at each reporting date.
1.18.2. Certain accounting policies and disclosures require the measurement of fair values, for both financial
and non- financial assets and liabilities.
1.18.3. 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 advantageous market to which the Corporation has access at that date. The fair value of a liability
also reflects its non-performance risk.
222
1.18.4. The best estimate of the fair value of a financial instrument on initial recognition is normally the
transaction price – i.e. the fair value of the consideration given or received. If the Corporation determines
that the fair value on initial recognition differs from the transaction price and the fair value is evidenced
neither by a quoted price in an active market for an identical asset or liability nor based on a valuation
technique that uses only 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 difference is recognized in Statement of Profit and Loss on an
appropriate basis over the life of the instrument but no later than when the valuation is wholly supported
by observable market data or the transaction is closed out.
1.18.5. While measuring the fair value of an asset or liability, the Corporation 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 the valuation technique as follows:
- Level 1 : quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2 : inputs other than quoted prices included in Level 1 that are observable for the assets or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
- Level 3 : inputs for the assets or liability that are not based on observable market data
(unobservable inputs)
1.18.6. When quoted price in active market for an instrument is available, the Corporation measures the fair
value of the instrument using that price. A market is regarded as active if transactions for the asset or
liability take place with sufficient frequency and volume to provide pricing information on an ongoing
basis.
1.18.7. 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 minimise the use of unobservable inputs. The
chosen valuation technique incorporates all of the factors that market participants would take into
account in pricing a transaction.
1.18.8. 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 assesses the 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.
1.19. Financial Assets
1.19.1. Initial recognition and measurement
Trade Receivables and debt securities issued are initially recognized when they are originated. All other
financial assets are initially recognized when the Corporation becomes a party to the contractual
provisions of the instrument. All financial assets other than those measured subsequently at fair value
through profit and loss, are recognized initially at fair value plus transaction costs that are attributable to
the acquisition of the financial asset.
1.19.2. Subsequent measurement
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 Corporation classifies financial assets as subsequently
measured at amortized cost, fair value through Other Comprehensive Income or fair value through profit
and loss.

Debt instruments at amortized cost
A 'debt instrument' is measured at the amortized cost if both the following conditions are met:
The asset is held within a business model whose objective is
- To hold assets for collecting contractual cash flows, and
- Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of
principal and interest (SPPI) on the principal amount outstanding.
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 premium and fees or costs that are an integral part of the EIR. The EIR amortization is included in
finance income in the Statement of Profit and Loss. The losses arising from impairment are recognized
in the Statement of Profit and Loss.
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 are discounted at the financial asset’s original effective interest rate due to revision in estimates of
receipts. Adjustment, if any, is recognised as income or expense in Statement of Profit and Loss.
Debt instruments at Fair value through Other Comprehensive Income (FVOCI)
A 'debt instrument' is measured at the fair value through Other Comprehensive Income if both the
following conditions are met:
The asset is held within a business model whose objective is achieved by both
- collecting contractual cash flows and selling financial assets and
- contractual terms of the asset give rise on specified dates to cash flows that are SPPI on the
principal amount outstanding.
After initial measurement, these assets are subsequently measured at fair value. Interest income under
Effective Interest method, foreign exchange gains and losses and impairment losses are recognized in
the Statement of Profit and Loss. Other net gains and losses are recognized in Other Comprehensive
Income.
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 not meet the criteria for categorization at amortized cost or as FVOCI, is classified as FVTPL.
After initial measurement, any fair value changes including any interest income, foreign exchange gain
and losses, impairment losses and other net gains and losses are recognized in the Statement of Profit
and Loss separately.
Equity investments
All equity investments within the scope of Ind AS 109 are measured at fair value. Such equity
instruments which are held for trading are classified as FVTPL. For all other such equity instruments, the
Corporation decides to classify the same either as FVOCI or FVTPL. The Corporation makes such
election on an instrument-by-instrument 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 recognized in Other Comprehensive Income (OCI). Dividends on such equity instruments
are recognized in the Statement of Profit and Loss.
224
Equity instruments included within the FVTPL category are measured at fair value with all changes
recognized in the Statement of Profit and Loss.
1.19.3. De-recognition
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 Corporation's Balance Sheet) when:
The rights to receive cash flows from the asset have expired, or
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; and either:
- The Corporation has transferred substantially all the risks and rewards of the asset, or
- The Corporation has neither transferred nor retained substantially all the risks and rewards of the
asset, but has transferred control of the asset.
On de-recognition, any gains or losses on all debt instruments (other than debt instruments measured
at FVOCI) and equity instruments (measured at FVTPL) are recognized in the Statement of Profit and
Loss. Gains and losses in respect of debt instruments measured at FVOCI and that are accumulated in
OCI are 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.
1.19.4. Impairment of financial assets
In accordance with Ind AS 109, the Corporation applies Expected Credit Loss (“ECL”) model for
measurement and recognition of impairment loss on the financial assets measured at amortized cost
and debt instruments measured at FVOCI.
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 LPG Consumers, debt securities and bank balances, the loss allowance is measured at 12 month ECL
only if there is no significant deterioration in the credit risk since initial recognition of the asset or asset
is determined to have a low credit risk at the reporting date.
1.20. Financial Liabilities
Financial liabilities are initially recognized when the Corporation becomes a party to the contractual
provisions of the instrument.
Financial liability is initially measured at fair value plus, for an item not at fair value through profit and
loss, transaction costs that are directly attributable to its acquisition or issue.
liabilities.
Financial Liabilities at Fair Value through Profit or Loss (FVTPL)
A financial liability is classified as at Fair Value through Profit or Loss (FVTPL) if it is classified as
held-for-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.

Financial Liabilities at amortized cost
After initial recognition, financial liabilities other than those which are classified as FVTPL are
subsequently measured at amortized cost using the Effective Interest Rate (“EIR”) method.
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 Statement of Profit and Loss.
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or
expires. 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 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 Statement of Profit and Loss.
1.21. Financial guarantees
Financial guarantee contracts issued by the Corporation are those contracts that require a payment to be made to
reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in
accordance with the terms of the debt 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 of the amount of loss allowance determined as per impairment
requirements of Ind AS 109 and the fair value initially recognized less cumulative amortization.
1.22. Derivative financial instruments
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 fair value on the date on which a derivative contract is entered into and are subsequently measured
at fair value with the changes being recognized in the 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.
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 case may be, since these derivatives constitute hedges from an economic perspective and may
not qualify for hedge accounting under Ind AS 109.
1.23. Embedded derivatives
If the hybrid contract contains a host that is a financial asset within the scope of Ind AS 109, the classification
requirements contained in Ind AS 109 are applied to the entire hybrid contract. Derivatives embedded in all other
host contracts, including financial liabilities are accounted for as separate derivatives and recorded at fair value if
their economic characteristics and risks are not closely related to those of the host contracts and the host
contracts are not held for trading or designated at fair value through profit and loss. These embedded derivatives
are measured at fair value with changes in fair value recognized in Statement of Profit and Loss, unless designated
as effective hedging instruments. Reassessment only occurs if there is a change in the terms of the contract that
significantly modifies the cash flows.
1.24. Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet, if there is
a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net
basis, or to realize the assets and settle the liabilities simultaneously.
226
1.25. Taxes on Income
1.25.1. Current Tax
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 substantively enacted, by the end of reporting period.
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.
1.25.2. Deferred tax
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.
Deferred tax liabilities are recognized for all taxable temporary differences.
Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused
tax 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 unused tax credits and unused tax losses can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent
that it is no longer probable that sufficient taxable profit will be available to allow all or part of the
deferred tax asset to be utilised. Unrecognized deferred tax assets are re-assessed at each reporting
date and are recognized to the extent that it has become probable that future taxable profits will allow the
deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year
when 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.
Deferred 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.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off
current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity
and the same taxation authority.
1.26. Earnings per share
1.26.1. Basic earnings per share are calculated by dividing the profit or loss for the period attributable to equity
shareholders (after deducting preference dividends, if any, and attributable taxes) by the weighted
average number of equity shares outstanding during the period.
1.26.2. For the purpose of calculating diluted earnings per share, the profit or loss for the period attributable to
equity shareholders and the weighted average number of shares outstanding during the period are
adjusted for the effect of all dilutive potential equity shares.
1.27. Classification of Assets and Liabilities as Current and Non-Current:
All assets and liabilities are classified as current or non-current as per the Corporation’s normal operating cycle
(considered as 12 months) and other criteria set out in Schedule III of the Act.

1.28. Cash and Cash equivalents
Cash and cash equivalents in the Balance Sheet include cash at bank, cash, cheque, draft on hand and demand
deposits with an original maturity of less than three months, which are subject to an insignificant risk of changes
in value.
For the purpose of Statement of Cash Flows, Cash and cash equivalents include cash at bank, cash, cheques and
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 of three months or less and that are readily convertible to known amounts of cash to be cash
equivalents.
1.29. Cash Flows
Cash flows are reported using the indirect method, whereby net profit before tax is adjusted for the effects of
transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments
and item of income or expenses associated with investing or financing cash flows. The cash flows from operating,
investing and financing activities are segregated.
1.30. The Corporation has adopted materiality threshold limits in the preparation and presentation of Financial
Statements as given below:
Threshold Item Accounting Unit Threshold

Policy Reference Limit Value
Allocation of other expenses to projects costing in each case 1.2.3 ` Crores 5
Expenditure on certain items of Property, 1.2.5 ` 1,000
Plant and Equipment charged to revenue in each case
Capitalization of spare parts meeting the definition of
1.2.6 ` Lakhs 10
Property, Plant and Equipment in each case
GST on common capital goods per item per month 1.2.9 ` Lakhs 5
Depreciation at 100 percent in the year of acquisition except 1.3.5 ` 5,000
LPG Cylinders and Pressure Regulators
Expenditure incurred for creating / acquiring other 1.4.5 ` Lakhs 50
intangible assets in each case
Income / expenditure (net) in aggregate pertaining to 1.12.1 ` Crores 150
prior year(s)
Prepaid expenses in each case 1.12.2 ` Lakhs 5
Disclosure of Contingent liabilities and Capital Commitments
1.17.6 ` Lakhs 5
in each case
228
NOTE 2 PROPERTY, PLANT AND EQUIPMENT
` in Crores
Gross Block Depreciation Net Carrying Amount
Reclassifications Reclassifications
Particulars As at / Deductions / Deductions
Other As at Up to For the Up to As at As at
Additions On Account Of On Account Of
01/04/2021 Adjustments Retirement / 31/03/2022 31/03/2021 Year 31/03/2022 31/03/2022 31/03/2021
Retirement /
Disposal Disposal
Freehold Land* 2,121.19 29.72 - 27.30 2,123.61 - - - - 2,123.61 2,121.19
Buildings including Roads* 9,692.16 1,062.46 - 1.86 10,752.76 2,185.07 503.53 4.71 2,683.89 8,068.87 7,507.09
Plant and Equipments* 30,010.76 3,201.19 229.70 170.49 33,271.16 7,338.93 1,851.89 111.48 9,079.34 24,191.82 22,671.83
Furniture and Fixtures* 1,021.31 203.22 - 13.22 1,211.31 398.86 106.44 9.73 495.57 715.74 622.45
Vehicles* 78.26 5.96 - 3.57 80.65 36.28 8.69 1.67 43.30 37.35 41.98
Office Equipments* 1,340.42 244.93 - 20.40 1,564.95 749.82 198.10 18.03 929.89 635.06 590.60
Railway Sidings* 308.30 19.11 - 1.19 326.22 84.75 20.33 0.20 104.88 221.34 223.55
Tanks and Pipelines* 13,344.19 2,334.03 - 20.87 15,657.35 1,918.92 575.01 4.39 2,489.54 13,167.81 11,425.27
Dispensing Pumps 3,376.25 443.40 - 35.74 3,783.91 978.10 206.16 28.83 1,155.43 2,628.48 2,398.15
LPG Cylinders and 9,377.54 1,111.73 - 0.65 10,488.62 2,021.46 554.07 0.26 2,575.27 7,913.35 7,356.08
Allied Equipments
Right-of-Use Assets*
9,359.31 1,143.88 - 137.75 10,365.44 791.00 598.17 71.67 1,317.50 9,047.94 8,568.31
(Refer Note No. 49)
Total 80,029.69 9,799.63 229.70 433.04 89,625.98 16,503.19 4,622.39 250.97 20,874.61 68,751.37 63,526.50
Previous Year 69,391.30 11,120.26 (187.44) 294.43 80,029.69 12,703.32 3,958.08 158.21 16,503.19 63,526.50 -
* These include assets which are given on Operating Leases, the details thereof are included in Note No. 49.

229
NOTE 3 CAPITAL WORK-IN-PROGRESS (CWIP)
` in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Capital work-in-progress
Property, plant and equipment under erection / construction 2,704.74 5,971.31
Capital stores including those lying with contractors 445.46 537.03
Capital goods-in-transit 22.48 0.33
Allocation of Construction period expenses 2021-22 2020-21

Opening balance 477.87 530.89
Add: Expenditure during the year

Establishment charges including Employee Benefit expenses 92.99 157.74
Borrowing costs 23.09 252.98
Others 15.37 5.28
609.32 946.89
Less: Allocated to assets capitalized / charged off
during the year (469.31) (469.02)
Closing balance pending allocation 140.01 477.87
Total 3,312.69 6,986.54
Note: The above details are net of Provision for CWIP ` 356.80 Crores (Previous year ` 14.99 Crores)
230
NOTE 4 INVESTMENT PROPERTY
` in Crores
As at Additions Reclassifications As at Up to For the Reclassifications Up to As at As at
Particulars 01/04/2021 / Deductions 31/03/2022 31/03/2021 year / Deductions 31/03/2022 31/03/2022 31/03/2021
On Account Of On Account Of
Retirement / Retirement /
Disposal Disposal
Buildings 0.17 - - 0.17 0.12 0.02 - 0.14 0.03 0.05
TOTAL 0.17 - - 0.17 0.12 0.02 - 0.14 0.03 0.05
Previous Year 0.33 - 0.16 0.17 0.12 0.02 0.02 0.12 0.05 -
The Corporation's Investment Property consists of office buildings rented out to third parties.
Information Regarding Income and Expenditure of Investment Property

` in Crores
Rental Income earned from Investment Property 1.18 0.97
Less - Depreciation (0.02) (0.02)
Profit arising from Investment Property before other direct operating expenses 1.16 0.95
The other direct operating expenses on the Investment Property are not separately identifiable and the same are not likely to be material.
As at 31st March 2022 and 31st March 2021, the fair value of the property is ` 0.65 Crores and ` 1.02 Crores respectively. These fair values of the Investment Property
are categorised as Level 2 in the fair valuation hierarchy and has been determined by external, independent property valuers, having recognised and relevant
professional qualifications and recent experience in the location and category of the property being valued. Further, fair value of Investment Property as at 31st March
2022 has been carried out by a valuer who is a registered valuer as per Companies Act, 2013.

231
232
NOTE 5 INTANGIBLE ASSETS
` in Crores
Particulars Gross Block Amortization Net Carrying Amount
Useful Life
(No. of As at Other Reclassifi- As at Up to For the Reclassifi- Up to/ As at As at
Years) 01/04/2021 Additions Adjustments cations/ 31/03/2021 year cations/ 31/03/2022 31/03/2022 31/03/2021
31/03/2022
Deletions Deletions
Right of Way Indefinite 105.62 38.43 - - 144.05 - - - - 144.05 105.62

Right of Way Upto 99 36.98 2.30 - - 39.28 12.10 2.69 - 14.79 24.49 24.88
Right to Use Upto 30 26.06 0.04 - - 26.10 5.30 2.35 - 7.65 18.45 20.76
Service Concession
Arrangements 20 63.18 - - - 63.18 19.83 3.70 - 23.53 39.65 43.35
(Refer Note No. 48)
Software/Licenses Upto 5 80.47 68.83 - 0.03 149.27 50.94 14.66 0.03 65.57 83.70 29.53
Process Licenses Upto 5 268.69 361.22 - - 629.91 83.13 113.87 - 197.00 432.91 185.56
Total 581.00 470.82 - 0.03 1,051.79 171.30 137.27 0.03 308.54 743.25 409.70
Previous Year 393.81 187.19 - - 581.00 130.88 40.42 - 171.30 409.70 -
NOTE 6 INTANGIBLE ASSETS UNDER DEVELOPMENT (IAUD)

` in Crores
Gross Amount
Capitalizations
Particulars As at as Intangible As at
Additions
01/04/2021 Asset/ 31/03/2022
Deletions
Process Licenses 326.80 - 321.34 5.46
Software / License 13.74 8.29 13.74 8.29
Right of Way 22.52 18.77 37.77 3.52
Total 363.06 27.06 372.85 17.27
Previous Year 402.08 36.26 75.28 363.06
There are no internally generated Intangible Assets.
Note: The above details are net of Provision for IAUD ` 53.66 Crores (Previous year: NIL)
ADDITIONAL INFORMATION IN RESPECT OF NOTE NOS. 2 TO 6:
a) Freehold land includes ` 2.20 Crores (Previous year ` 2.20 Crores), which is under dispute and not in the
Corporation’s possession, is in the process of being surrendered to the Competent Authority and has been provided
for in books of accounts.
b) Buildings include Ownership Flats having gross block of ` 44.79 Crores (Previous year ` 43.94 Crores) in proposed
/ existing co-operative societies and others.
c) The Corporation 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 31st
March 2016 i.e. foreign exchange differences arising on settlement or translation of 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. Accordingly, “Other adjustments” include capitalization of foreign
exchange differences (net) of ` 229.70 Crores (Previous year ` 187.44 Crores De-capitalization).
d) Additions include capitalization of borrowing costs of ` 264.83 Crores (Previous year ` 300.06 Crores).
e) Freehold Land, Plant and Equipment, Tanks and Pipelines, Railway Sidings, Buildings etc. jointly owned in varying
extent with other Oil Companies / Railways / Port Trust: Gross Block ` 925.59 Crores (Previous year ` 909.65
Crores), Cumulative Depreciation ` 126.59 Crores (Previous year ` 87.29 Crores), Net Block ` 799.00 Crores
(Previous year ` 822.36 Crores).
f) Certain assets forming part of Property, Plant and Equipment have been constructed by the Corporation at Railway
consumer depots, having net carrying amount of ` 30.39 Crores (Previous year ` 24.78 Crores), out of which few
Railway consumer depots are being used by other oil companies based on award of tender by Railways, net carrying
amount of such assets is ` 5.85 Crores (Previous year ` 1.82 Crores).
g) Charge was created over the Property, Plant & Equipment of the Corporation, mainly Plant and Machinery at Mumbai
Refinery and Kochi Refinery in regard to the borrowings. These charges have been satisfied during the year. (Refer
Note No. 25)
h) Compensation received 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 ` 3.49 Crores (Previous year ` 35.35 Crores).
i) Gross Block Reclassifications / Deductions on account of Retirement / Disposal includes:
i) On account of retirement / disposal during the year ` 364.75 Crores (Previous year ` 217.29 Crores)
ii) Assets classified as held for sale ` 36.15 Crores (Previous year ` 58.98 Crores)
iii) Decapitalization of ` 33.86 Crores (Previous year ` 52.13 Crores)
iv) Deduction on account of reclassifications during the year ` 1.69 Crores (Previous year ` 33.81 Crores)
j) Depreciation and amortization for the year is ` 4,759.68 Crores (Previous year ` 3,998.52 Crores) from which, after
reducing -
i) Depreciation on decapitalization of ` 4.62 Crores (Previous year ` 19.08 Crores)
ii) Depreciation on reclassification of assets of ` 0.79 Crores (Previous year ` 1.39 Crores) and Net Depreciation
and amortization for the year charged to Profit and Loss statement is ` 4,754.27 Crores (Previous year
` 3,978.05 Crores)
k) Deduction from accumulated depreciation on account of retirement / disposal / reclassifications during the year is
` 251.00 Crores (Previous year ` 158.23 Crores)
l) The Corporation has assessed the useful life of Right of Way as indefinite where the same is perpetual in nature.

ADDITIONAL INFORMATION IN RESPECT OF NOTE NOS. 2 TO 6: (CONTD.)
m) Ageing of CWIP is as follows:

As at 31st March 2022 ` in Crores
Amount in CWIP for a period of
CWIP Less than More than TOTAL
1 - 2 years 2 - 3 Years
1 year 3 years
Projects in progress 1,850.08 626.61 501.20 309.20 3,287.09
Projects temporarily suspended 0.53 12.34 4.63 8.10 25.60
Total 1,850.61 638.95 505.83 317.30 3,312.69

1 year 3 years
Projects in progress 2,582.51 3,241.88 886.13 243.41 6,953.93
Total 2,596.98 3,249.09 888.93 251.54 6,986.54
n) Ageing of IAUD is as follows:

Amount in IAUD for a period of
IAUD Less than More than TOTAL
1 year 3 years
Projects in progress 11.57 0.09 0.15 5.46 17.27
Total 11.57 0.09 0.15 5.46 17.27

1 year 3 years
Total 88.14 40.77 1.03 233.12 363.06
234
ADDITIONAL INFORMATION IN RESPECT OF NOTE NOS. 2 TO 6: (CONTD.)
o) For CWIP, whose completion is overdue or has exceeded its cost compared to its original plan, completion schedule is
as follows:
CWIP as at 31st March 2022 ` in Crores
To be completed in
Particulars Project Name Less than More than
1 - 2 years 2 - 3 years
1 year 3 years
Projects in progress Installation of New Kerosene Hydrotreater (KHT) 367.99 - - -
Projects in progress Krishnapatnam Coastal Terminal 277.30 - - -
Projects in progress Enhancing Production of Lube Base Stock (LOBS) 231.73 - - -
Projects in progress POL Depot at Bokaro 129.00 - - -
Projects in progress Others 471.52 33.92 0.69 1.00
Projects temporarily suspended Others 1.11 3.50 - 0.06

To be completed in
1 year 3 years
Projects in progress MSV Storage at LPG Plants 30.35 99.89 - -
Projects in progress Krishnapatnam Coastal Terminal - 99.79 - -
Projects temporarily suspended Others 2.36 1.89 0.05 0.15
p) For IAUD, whose completion is overdue or has exceeded its cost compared to its original plan, completion schedule
is as follows:
IAUD as at 31st March 2022 ` in Crores

To be completed in
1 year 3 years
Projects-in-progress Others 0.04 0.11 - -

To be completed in
1 year 3 years
Projects-in-progress Others 0.60 - - -

236
q) Details of Immovable properties not held in the name of the Corporation
As at 31st March 2022
Relevant line Description of Gross Title deeds held in the name of Whether title Property held Reason for not being held in the
item in the item of property carrying value deed holder since which date name of the Corporation
Balance sheet (` Crores) is a promoter,
director or
relative of
promoter/
director or
employee of
promoter/
director
PPE Land 0.21 Rajaswa Vibag, Jiladhikari, Udhamsingh Nagar No 30 June 2006 Registration pending
PPE Land 0.66 British India Corporation Limited No 19 March 2004 Legal Case
PPE Land 0.00 * District Magistrate Mathura No 31 March 2002 Legal Case
PPE Right-of-use assets 1.06 Industrial Infrastructure Development Corporation, Odisha No 01 March 1998 Registration Pending
PPE Land 0.72 Andhra Pradesh Industrial Infrastructure Corporation (APIIC) No 01 December 1997 Registration Pending
PPE Land 0.03 Railways No 01 October 1994 Land Allotment Case
PPE Land 0.01 Railways No 01 April 1984 Registration Pending
PPE Land 0.02 Railways No 01 December 1994 Legal Case
PPE Land 0.55 Andhra Pradesh Industrial Infrastructure Corporation (APIIC) No 01 September 1998 Legal Case
PPE Land 0.00 # Others No 01 April 1928 Registration Pending
PPE Land 3.43 Karnataka Industrial Areas Development Board (KIADB) No 01 March 1997 Registration Pending
PPE Land 0.08 Andhra Pradesh Industrial Infrastructure Corporation (APIIC) No 01 April 1985 Land Allotment Case
PPE Land 0.75 Karnataka Industrial Areas Development Board (KIADB) No 01 December 1990 Registration Pending
PPE Land 0.41 Karnataka Industrial Areas Development Board (KIADB) No 01 March 1992 Registration Pending
PPE Land 0.01 Indian Oil Corporation Limited (IOCL) No 01 October 1994 Registration Pending
PPE Land 0.00 @ Others No 01 April 1928 Registration Pending
PPE Land 0.22 Others No 01 December 1996 Registration pending
PPE Land 0.00 ! Others No 01 January 1995 Registration pending
PPE Land 0.12 Others No 30 September 2001 Registration pending
PPE Land 0.00 & Others No 01 April 1928 Registration pending
PPE Land 6.14 Hindustan Petroleum Corporation Limited (HPCL) No 15 November 2019 Registration pending
(Jointly owned)
PPE Buildings 0.67 Government of Kerala No 06 May 2021 Registration Pending
PPE Land 22.39 Government of Kerala No 06 May 2021 Registration Pending
PPE Land 0.06 Government of Kerala No 01 April 1971 Registration pending
PPE Land 0.05 Government of Maharashtra No 01 March 1998 Registration Pending
PPE Land 0.33 Deputy Salt Commissioner, Bombay No 01 March 1998 Registration Pending
PPE Land 2.20 BPCL, Govt of Gujarat, Private parties No 23 December 1994 Legal Case
PPE Land 0.08 Karnataka Industrial Areas Development Board (KIADB) No 01 March 1998 Registration pending
* ` 49,050 ; # ` 344 ; @ ` 2,289; & ` 50; ! ` 7600

q) Details of Immovable properties not held in the name of Corporation
Relevant line Description of Gross carrying Title deeds held in the name of Whether title Property held Reason for not being held in the
item in the item of property value deed holder since which date name of the Corporation
Balance sheet (` Crores) is a promoter,
director or
relative of
promoter/
director or
employee of
promoter/
director
PPE Land 0.21 Rajaswa Vibag , Jiladhikari, Udhamsingh Nagar No 30 June 2006 Registration pending
PPE Land 0.66 British India Corporation Limited No 19 March 2004 Legal Cases
PPE Land 0.00 * District Magistrate Mathura No 31 March 2002 Legal Cases
PPE Land 2.98 Ministry of defence, Kolkata No 31 March 2017 Land allotment case
PPE Right-of-use assets 1.06 Industrial Infrastructure Development Corporation, Odisha No 01 March 1998 Registration pending
PPE Land 0.72 Andhra Pradesh Industrial Infrastructure Corporation (APIIC) No 01 December 1997 Registration pending
PPE Land 0.03 Railways No 01 October 1994 Registration pending
PPE Land 0.01 Railways No 01 April 1984 Registration pending
PPE Land 0.02 Railways No 01 December 1994 Legal Cases
PPE Land 0.55 Andhra Pradesh Industrial Infrastructure Corporation (APIIC) No 01 September 1998 Registration pending
PPE Land 0.00 # Others No 04 January 1928 Registration pending
PPE Land 0.08 Andhra Pradesh Industrial Infrastructure Corporation (APIIC) No 04 January 1985 Registration pending
PPE Land 0.75 Karnataka Industrial Areas Development Board (KIADB) No 01 December 1990 Registration pending
PPE Land 0.01 Indian Oil Corporation Limited (IOCL) No 01 October 1994 Registration pending
PPE Land 0.00 @ Others No 04 January 1928 Registration pending
PPE Land 0.22 Others No 01 December 1996 Registration pending
PPE Land 0.00 ! Others No 01 January 1995 Registration pending
PPE Land 0.12 Others No 30 September 2001 Registration pending
PPE Land 6.14 Hindustan Petroleum Corporation Limited (HPCL) No 15 November 2019 Registration pending
(Jointly owned)
&
PPE Land 0.00 Others No 01 April 1928 Registration pending
PPE Land 0.06 Government of Kerala No 01 April 1971 Registration pending
PPE Land 0.05 Government of Maharashtra No 01 March 1998 Registration pending
PPE Land 0.33 Deputy Salt Commissioner, Bombay No 01 March 1998 Registration pending
PPE Land 2.20 BPCL, Govt of Gujarat, Private parties No 23 December 1994 Legal Cases

* ` 49,050 ; # ` 344 ; @ ` 2,289; & ` 50; ! ` 7600
237
NOTE 7 INVESTMENT IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES
No. of units ` in Crores
Particulars As at As at As at As at
31/03/2022 31/03/2021 31/03/2022 31/03/2021
Investment in Subsidiaries
Unquoted
Equity shares of [` 10 each (Fully Paid up)]
Bharat PetroResources Limited (BPRL)* 7,27,50,00,000 6,15,00,00,000 7,401.37 6,276.37
Bharat Gas Resources Limited 1,65,86,20,000 90,86,20,000 1,658.62 908.62
Bharat Oman Refineries Limited (BORL)** 2,42,68,29,450 1,53,82,16,114 3,937.87 1,538.61
Share warrants of BORL**
- of ` 10 each (Fully Paid up) 51,37,86,664 48,68,86,664 559.54 486.89
- of ` 15 each (Fully Paid up) 29,91,94,364 29,91,94,364 448.79 448.79
0% Compulsorily Convertible Debenture
of ` 10 each (Fully Paid up) of BORL** 1,00,00,00,000 1,00,00,00,000 1,000.00 1,000.00
Investment in Joint Ventures

Unquoted
Equity Shares of [` 10 each (Fully Paid up)]
Delhi Aviation Fuel Facility Private Limited 6,06,80,000 6,06,80,000 60.68 60.68
Maharashtra Natural Gas Limited 2,24,99,600 2,24,99,600 22.50 22.50
Sabarmati Gas Limited 99,87,400 99,87,400 122.40 122.40
Central UP Gas Limited 1,49,99,600 1,49,99,600 15.00 15.00
Bharat Stars Services Private Limited 1,00,00,000 1,00,00,000 10.00 10.00
Bharat Renewable Energy Limited 33,60,000 33,60,000 3.36 3.36
Mumbai Aviation Fuel Farm Facility Private Limited 5,29,18,750 4,82,88,750 52.92 48.29
Kochi Salem Pipeline Private Limited 27,50,00,000 20,25,00,000 275.00 202.50
BPCL-KIAL Fuel Farm Facility Private Limited 66,60,000 66,60,000 6.66 6.66
Haridwar Natural Gas Private Limited 2,22,00,000 2,22,00,000 22.20 22.20
Goa Natural Gas Private Limited 3,00,00,000 2,63,80,000 30.00 26.38
Ratnagiri Refinery and Petrochemical Limited 5,00,00,000 5,00,00,000 50.00 50.00
IHB Limited 51,45,00,000 41,45,00,000 514.50 414.50
Equity Shares of [USD 1 each (Fully Paid up)]
Matrix Bharat Pte. Ltd. 2,50,000 2,50,000 1.05 1.05
Investment in Associates
Quoted
Equity Shares
Petronet LNG Limited [ ` 10 each (Fully Paid up)] 18,75,00,000 18,75,00,000 98.75 98.75
Indraprastha Gas Limited [ ` 2 each (Fully Paid up)] 15,75,00,400 15,75,00,400 31.50 31.50
238
NOTE 7 INVESTMENT IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (CONTD.)
31/03/2022 31/03/2021 31/03/2022 31/03/2021
Unquoted
GSPL India Gasnet Limited 20,81,22,128 17,51,22,128 208.12 175.12
GSPL India Transco Limited 6,67,70,000 6,40,20,000 66.77 64.02
Petronet CI Limited 15,84,000 15,84,000 1.58 1.58
Fino PayTech Limited 2,92,71,759 2,84,35,423 272.08 251.00
Equity Shares of [` 0.10 each (Fully Paid up)]
Petronet India Limited 1,60,00,000 1,60,00,000 0.16 0.16
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) (2,032.79) (2,032.79)
GSPL India Transco Limited (Refer Note No. 56) (14.08) -
Bharat Renewable Energy Limited (3.36) (3.36)
Petronet CI Limited (1.58) (1.58)
Total 15,036.41 10,466.00
Aggregate amount of Unquoted Securities 14,906.16 10,335.75
Aggregate amount of Quoted Securities 130.25 130.25
Market value of Quoted Securities 9,501.76 12,262.00
Aggregate amount of Impairment in the 2,051.81 2,037.73
value of investments
*Includes Equity component of ` 126.37 Crores (Previous year ` 126.37 Crores) recognised on Fair Valuation of
concessional rate loan given to Subsidiary (BPRL).
** Corporation had acquired 88,86,13,336 shares of Joint Venture Company Bharat Oman Refineries Limited (36.62% of
the equity share capital) on 30th June 2021 from Joint Venture Partner OQ S.A.O.C. (formerly known as Oman Oil Company
S.A.O.C.) ("OQ") for a consideration of ` 2,399.26 Crores. Bharat Oman Refineries Limited has become a wholly owned
subsidiary of the Corporation w.e.f. 30th June 2021. Further, the Corporation has acquired the remaining share warrants of
Bharat Oman Refineries Limited held by Government of Madhya Pradesh for a consideration of ` 72.65 Crores.

NOTE 8 OTHER INVESTMENTS
31/03/2022 31/03/2021 31/03/2022 31/03/2021
Investment in Equity Instruments Designated at
Fair Value through Other Comprehensive Income

Quoted
Oil India Limited* 2,67,50,550 2,67,50,550 637.33 328.10
Unquoted
Cochin International Airport Limited* 1,31,25,000 1,31,25,000 120.80 95.71
Investment in Debentures at Amortised cost

Unquoted
5% Debentures (Fully Paid up) of East India 1 1 0.01 0.01
Clinic Limited

Fair Value through Profit or Loss
Unquoted
Equity Shares of Kochi Refineries Employees
Consumer Co-operative Society Limited 500 500 # #
(Fully Paid up) # Value ` 5,000/-
Ordinary Shares (Fully Paid up) of Sindhu 6 6 ## ##
Resettlement Corporation Limited
## Value ` 19,000/-
Total 758.14 423.82
Aggregate amount of Unquoted Securities 120.81 95.72

Market value of Quoted Securities 637.33 328.10
Aggregate amount of Impairment in the - -
value of investments
* The Corporation has designated these investments at Fair Value through Other Comprehensive Income because these
investments represent the investments that the Corporation intends 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 gains or losses on these
investments.
240
NOTE 9 NON CURRENT LOANS
(Unsecured, considered good unless otherwise stated)
` in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Loans to Subsidiaries
Bharat PetroResources Limited 2,190.00 2,090.00
Bharat Oman Refineries Limited ( Refer Note No. 68) 1,254.10 1,254.10
Loans to Joint Venture
Haridwar Natural Gas Private Limited 11.25 15.00
Loans to Employees (including accrued interest) (secured) 415.59 406.29
Loans to Others :
Considered Good* 714.82 1,067.00
Significant increase in credit risk* 48.13 35.37
Credit Impaired* 4.69 14.09
Less: Loss Allowance (82.72) (82.95)
Total 4,555.86 4,798.90
*Includes ` 585.42 Crores (Previous Year : ` 988.31 Crores) pertaining to Loans given to Consumers under Pradhan Mantri Ujjwala
Yojana scheme.

NOTE 10 OTHER FINANCIAL ASSETS
(Unsecured, considered good unless otherwise stated) ` in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Security Deposits
Considered Good 149.38 128.67
Considered Doubtful 1.67 1.92
Less : Allowance For Doubtful (1.67) (1.92)
Claims
Bank Deposits with more than twelve months maturity

Considered Good* 3.88 3.87
Less: Allowance For Doubtful (0.02) (0.02)
Advances against Equity to Joint Ventures #

Kochi Salem Pipeline Private Limited 195.00 -
Bharat Renewable Energy Limited 0.54 0.54
Total 357.53 140.48
* Includes Deposits of ` 3.88 Crores (Previous Year ` 3.87 Crores) that have been pledged / deposited with Local Authorities.
# Advance against Equity Shares (pending allotment).
NOTE 11 INCOME TAX ASSETS (NET)

` in Crores
Particulars As at As at
31/03/2022 31/03/2021
Advance Payment of Income Tax ( Net of provision ) 287.15 1,158.07
Total 287.15 1,158.07
242
NOTE 12 OTHER NON-CURRENT ASSETS
` in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Capital Advances
Advance to Associate
Petronet LNG Limited 88.30 106.65
Advance to Employee Benefit Trusts (Refer Note No. 50) 101.67 135.50
Prepaid Expenses 302.27 337.67
Claims and Deposits

Total 1,996.72 1,266.23
NOTE 13 INVENTORIES
` in Crores
(Refer Note No. 1.10)
As at As at
Particulars 31/03/2022 31/03/2021
Raw Materials 10,767.74 5,664.78
[Including In transit ` 6,119.06 Crores (Previous Year ` 2,470.69 Crores)]
Work-In-Progress 2,847.32 1,573.68
Finished Goods 12,682.48 11,624.90
Stock -In-Trade 8,889.52 6,932.01
[Including In Transit ` 1,449.89 Crores (Previous Year ` 1,124.16 Crores )]
Stores and Spares 1,094.15 935.53
[Including In Transit ` 5.19 Crores (Previous Year ` 9.28 Crores)]
Packaging Material 25.85 26.55
Total 36,307.06 26,757.45
The Write Down of Inventories to Net Realisable Value during the year amounted to ` 1,247.04 Crores (Previous Year :
` 87.51 Crores). The Reversal of Write Down during the year amounted to `2.69 Crores (Previous Year : `19.23 Crores)
due to Increase in Net Realisable Value of the Inventories. The Write Down or Reversal of Write Down have been included
under 'Cost of Materials Consumed' or 'Changes in Inventories of Finished Goods, Stock-In-Trade and Work-In-Progress' in
the Statement of Profit and Loss.
Inventories Pledged as Collateral - Refer Note No. 30

NOTE 14 INVESTMENTS
` in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Investments at Fair Value through Profit or Loss
Quoted
Investments in Government Securities of Face Value ` 100 each (fully paid up)
6.90% Oil Marketing Companies GOI Special Bonds 2026# 911.16 1,721.82
7.95% Oil Marketing Companies GOI Special Bonds 2025 11.42 11.59
6.35% Oil Marketing Companies GOI Special Bonds 2024 2,167.89 2,174.59
7.59% Government Stock 2026# 395.57 401.11
4,442.27 5,282.71
Investments in Mutual Funds
Mutual Funds - 1,011.87
Investments at Amortised Cost

Quoted
Investments in Treasury Bills
Treasury Bills# - 499.69
Total 4,442.27 6,794.27
# These Securities of Face Value ` 1,245.00 Crores (Previous year ` 870.00 Crores) have been kept as Collateral Security with
Clearing Corporation of India Limited for limits in Triparty Repo Settlement System. [Refer Note no. 30]
Aggregate amount of Quoted Securities 4,442.27 6,794.27

Aggregate amount of Impairment in the Value of Investments - -
NOTE 15 TRADE RECEIVABLES

(Unsecured unless otherwise stated)
` in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Considered good * 9,934.63 8,114.33
Total 9,738.32 7,827.47
* Includes Debts secured by Bank guarantee / Letter of Credit / Deposit ` 2,433.47 Crores (Previous Year ` 735.90 Crores).
Trade receivables pledged as collateral (Refer Note No. 30)
244
Ageing of Trade Receivables as at 31/03/2022:
` in Crores
Outstanding for following periods from the due date
Particulars Less than 6 months 1-2 2-3 More than
Unbilled Not due Total
6 months -1 year Years Years 3 years
Undisputed Trade Receivables - 34.42 7,044.55 2,662.68 32.75 23.25 19.24 50.49 9,867.38
Considered good
Disputed Trade Receivables - 18.84 0.43 0.01 0.01 1.85 4.67 41.44 67.25
Considered good
Total 53.26 7,044.98 2,662.69 32.76 25.10 23.91 91.93 9,934.63

` in Crores
Particulars Less than 6 months 1-2 2-3 More than
Unbilled Not due Total
6 months -1 year Years Years 3 years
Undisputed Trade Receivables - 32.27 4,599.92 2,714.45 306.90 331.39 12.30 27.27 8,024.50
Considered good
Disputed Trade Receivables - 18.84 1.48 0.84 1.69 9.02 7.80 50.16 89.83
Considered good
Total 51.11 4,601.40 2,715.29 308.59 340.41 20.10 77.43 8,114.33
NOTE 16 CASH AND CASH EQUIVALENTS

` in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Balances with Banks:
On Current Account 373.53 203.76
Deposits with Banks with original maturity of less than three months 365.00 6,140.00
Investment in Triparty Repo Settlement System (TREPS) - 149.93
Total 767.54 6,517.35

NOTE 17 BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS
` in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Deposits with Banks with original maturity of 3 - 12 months # 26.89 0.56
Earmarked Balances
Unspent CSR funds 6.56 -
Unclaimed/Unpaid Dividend *@ 33.50 535.58
Total 66.95 536.14
# Includes Deposit of ` 26.89 Crores (Previous Year ` 0.56 Crores) that has been pledged/deposited with Local Authorities/Court.
*Includes Unpaid Dividend of NIL (Previous Year ` 510.03 Crores pertaining to Second Interim Dividend declared for FY 2020-21
on 16th March 2021)
@ Includes Unclaimed Dividend of ` 33.50 Crores ( Previous Year ` 25.55 Crores )
NOTE 18 CURRENT LOANS

As at As at
Particulars
31/03/2022 31/03/2021
Loans to Joint Venture
Haridwar Natural Gas Private Limited 3.75 -
Loans to employees (including accrued interest) (Secured) 60.07 56.43
Loans to Others
Considered Good* 75.35 78.44
Significant Increase In Credit Risk* 3.62 1.90
Total 135.99 132.47
* Includes ` 57.13 Crores (Previous Year ` 67.48 Crores) pertaining to Loans given to consumers under Pradhan Mantri Ujjwala
Yojana scheme.
246
NOTE 19 OTHER FINANCIAL ASSETS
As at As at
Particulars
31/03/2022 31/03/2021
Security Deposits 13.31 5.43
Interest Accrued on Bank Deposits
Interest Accrued on Loans to Related Parties 25.38 26.10
Derivative Asset 12.23 5.30
Receivable From Central Government/State Government
Dues From Related Parties
Dues From Subsidiaries 26.46 9.10
Dues From Joint Ventures and Associates 20.25 21.58
Advances and Recoverables
Total 618.76 603.73
NOTE 20 CURRENT TAX ASSETS (NET) ` in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Advance Income Tax ( Net of provision for taxation) 894.66 534.76
Total 894.66 534.76

NOTE 21 OTHER CURRENT ASSETS
As at As at
Particulars
31/03/2022 31/03/2021
Advances Other than Capital Advances
Other Advances Including Prepaid Expenses
Claims 16.14 15.82
Project Surplus Material 245.75 102.14
Recoverables on account of GST, Customs, Excise, etc. 1,056.47 879.90
Total 1,712.18 1,329.52
NOTE 22 ASSETS HELD-FOR-SALE

` in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Assets Held-for-Sale 12.41 21.50
Total 12.41 21.50
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 Impairment loss of
` 16.22 Crores during the year ( Previous Year: ` 32.41 Crores) has been recognised in the Statement of Profit and Loss.
248
NOTE 23 EQUITY SHARE CAPITAL
` in Crores
As at As at
Particulars
31/03/2022 31/03/2021
i Authorised
2,63,50,00,000 Equity Shares 2,635.00 2,635.00
(Previous Year 2,63,50,00,000 Equity Shares)
ii Issued, Subscribed and Paid-up

2,16,92,52,744 (Previous Year 2,16,92,52,744 ) Equity Shares Fully Paid-Up 2,169.25 2,169.25
Less - "BPCL Trust For Investment in Shares"
[No. of Equity Shares 3,29,60,307 (Previous Year 3,29,60,307)].
(Refer Note No. 45) (32.96) (32.96)
Less - "BPCL ESPS Trust" [No. Of Equity Shares 68,36,948
(Previous Year 4,33,79,025)].(Refer Note No. 45) (6.84) (43.38)
Total 2,129.45 2,092.91
iii The Corporation has only one class of Shares namely Equity Shares having par value of ` 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 Equity
Shares will be entitled to receive the remaining assets of the Corporation in proportion to the number of Equity Shares held.
The Corporation declares and pays dividend in Indian Rupees. The final dividend, if any, proposed by the Board of Directors
is subject to the approval of the Shareholders in the ensuing Annual General Meeting.
iv During the Financial year 2017-18, the Corporation has issued Bonus Shares in the ratio of 1:2 by capitalisation of General
Reserves. The total number of shares issued is 72,30,84,248 having face value of ` 10 each.
v Reconciliation of No. of Equity Shares

As at As at
Particulars
31/03/2022 31/03/2021
A. Opening Balance 2,16,92,52,744 2,16,92,52,744
B. Shares Issued
- Bonus Shares - -
C. Shares Bought Back - -
D. Balance at the end of the reporting period 2,16,92,52,744 2,16,92,52,744
vi Details of Shareholders holding more than 5% shares

Particulars As at 31/03/2022 As at 31/03/2021
Name of Shareholder % Holding No. of shares % Holding No. of shares

The President of India 52.98 1,14,91,83,592 52.98 1,14,91,83,592
Life Insurance Corporation of India 7.47 16,19,08,591 5.66 12,27,25,718
vii Shareholding of Promoters

No. of % of total % Change No. of % of total % Change
Promoter Name during during
Shares shares Shares shares
the year the year
The President of India 1,14,91,83,592 52.98 - 1,14,91,83,592 52.98 -
Total 1,14,91,83,592 52.98 1,14,91,83,592 52.98

NOTE 24 OTHER EQUITY ` in Crores
As at As at
Particulars 31/03/2022 31/03/2021
Capital Reserve (20.76) (20.76)
Debenture Redemption Reserve 1,335.09 1,264.84
Share Options Outstanding Account (Refer Note No. 55) - 856.49
General Reserve 32,775.56 29,566.00
Equity Instruments through Other Comprehensive Income 147.15 (161.56)
Securities Premium (Refer Note No.45) 6,306.19 5,101.31
Retained Earnings 7,086.92 16,017.61
BPCL Trust for Investment in Shares (Refer Note No.45) (74.39) (74.39)
BPCL ESPS Trust (Refer Note No.45) (15.43) (97.90)
Total 47,540.33 52,451.64
As at As at
Particulars 31/03/2022 31/03/2021
Capital Reserve :
Opening balance (20.76) (20.76)
Additions /(Deletions) during the year - -
Closing balance (20.76) (20.76)
Debenture Redemption Reserve :

Opening balance 1,264.84 1,076.36
Add : Transfer from Retained Earnings 207.75 188.48
Less: Transfer to General Reserve (137.50) -
Closing balance 1,335.09 1,264.84
Share Options Outstanding Account : (Refer Note No. 55)

Opening balance 856.49 -
Additions during the year 77.06 940.72
Less : Transfer to Securities Premium (861.49) -
Less : Transfer to General Reserve (72.06) (84.23)
Closing balance - 856.49
General Reserve :
Add : Transfer from Debenture Redemption Reserve 137.50 -
Add : Transfer from Retained earnings 3,000.00 -
Add : Transfer from Share Options Outstanding Account 72.06 84.23
Equity Instruments through Other Comprehensive Income :

Additions / (Deletions) during the year 308.71 135.96
Closing balance 147.15 (161.56)
Securities Premium : (Refer Note No. 45)

Opening balance 5,101.31 -
Add : Sale of Equity Shares held by "BPCL Trust for Investment in Shares" - 5,101.31
Add : Transfer from Share Options Outstanding Account 861.49 -
Add : Allotment of equity Shares to employees on account of "BPCL ESPS Scheme" 343.39 -
Closing Balance 6,306.19 5,101.31
250
NOTE 24 OTHER EQUITY (CONTD.) ` in Crores
As at As at
Particulars
31/03/2022 31/03/2021
BPCL Trust for Investment in Shares : (Refer Note No. 45)
Add : Transfer of Shares to "BPCL ESPS Trust" - 97.90
Add : Sale of Equity Shares - 284.45
BPCL ESPS Trust : (Refer Note No. 45)
Opening balance (97.90) -
Add : Allotment of equity shares to employees on account of "BPCL ESPS Scheme" 82.47 -
Less : Transfer of Shares from "BPCL Trust for Investment in Shares" - (97.90)
Retained Earnings :
Add : Profit / (Loss) for the year as per Statement of Profit and Loss 8,788.73 19,041.67
Less : Remeasurements of Defined Benefit plans (net of tax) (20.94) (67.57)
Less : Transfer to Debenture Redemption Reserve (207.75) (188.48)
Less : Transfer to General Reserve (3,000.00) -
Less : Interim Dividends for the year: ` 10 per share (Previous year : ` 21 per share) (2,169.25) (4,555.43)
Less : Final Dividend for FY 2020-21: ` 58 per share (12,581.67) -
(Previous year: ` NIL per share for FY 2019-20)
Add : Income from "BPCL Trust for Investment in Shares" (Refer Note No. 45) 224.13 270.87
Add : Income of "BPCL ESPS Trust " (Net of Tax) (Refer Note No. 45) 36.06 52.16
Closing balance* 7,086.92 16,017.61
Total 47,540.33 52,451.64
* The balance includes accumulated Gain / (Loss) on account of remeasurements of Defined Benefit plans (Net of Tax) as on 31st March 2022
` (531.13) Crores [Previous Year ` (510.19) Crores].
Nature and purpose of reserves
Capital reserve
It represents Capital Reserve appearing in the Financial Statements of erstwhile Kochi Refineries Limited (KRL) transferred on amalgamation and
difference between the Investment made in Petronet CCK Limited (PCCKL) and the Share Capital received during the acquisition when the first
time control was obtained.
Debenture Redemption Reserve
Debenture Redemption Reserve represents reserve created out of the profits of the Corporation available for distribution to Shareholders which is
utilised for redemption of Debentures / Bonds.
Share Options Outsanding Account
The Share Options Outstanding account is used to record the fair value of Equity-settled Share-based Payment transactions with Employees. The
amounts recorded in Share Options Outstanding Account are transferred to Securities Premium upon excersice of Share options. In case of Share
options not excersiced by Employees the corresponding amounts are transferred to General Reserve.
General Reserve
General Reserve represents appropriation of Retained Earnings and are available for distribution to Shareholders.
Securities Premium
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 utilised for issuance of Bonus Shares, charging off Equity related expenses etc.
Retained Earnings
Retained Earnings (excluding accumulated balance of remeasurements of Defined Benefit Plans (Net of Tax)) represents surplus / accumulated
earnings of the Corporation and are available for distribution to Shareholders.
` in Crores
Proposed Dividends on Equity Shares not recognised 2021-22 2020-21
Final Dividend for the year [` 6 per share (Previous year : ` 58 per share)] 1,301.55 12,581.67
Total 1,301.55 12,581.67

NOTE 25 BORROWINGS ` in Crores
As at 31/03/2022 As at 31/03/2021
Particulars
Current# Non-Current Current# Non-Current
Secured
From Others
Debentures
7.35% Secured Non-Convertible Debentures 2022* - - 549.96 -
Term Loan
Loan from Oil Industry Development Board** - - 793.70 -
Unsecured
From Banks
Foreign Currency Loans - Syndicated - 5,671.72 - 5,491.21
Term Loan 0.03 3,000.47 33.35 433.30
From Others
Debentures
7.69% Unsecured Non-Convertible Debentures 2023 749.94 - - 749.87
8.02% Unsecured Non-Convertible Debentures 2024 - 999.87 - 999.81
6.11% Unsecured Non-Convertible Debentures 2025 - 1,995.03 - 1,994.98
Bonds
4% US Dollar International Bonds 2025 - 3,777.46 - 3,658.85
4.625% US Dollar International Bonds 2022 3,789.15 - - 3,670.34
4.375% US Dollar International Bond 2022 - - 3,672.31 -
Term Loan
Interest Free Loan from Govt. of Kerala - 37.42 - 34.48
Total 4,539.12 15,481.97 5,049.32 17,032.84
# Classified under Current Borrowings (Refer Note No. 30)

Terms of Repayment Schedule of Long-term borrowings (Gross Amount ) as at 31/03/2022:
Non- Current Coupon Rate of Interest ` in Crores Maturity
Interest Free Loan from Govt. of Kerala - 100.00 30-Mar-34
6.11% Unsecured Non-Convertible Debentures 2025 6.11% 1,995.20 06-Jul-25
4% US Dollar International Bonds 2025 4.00% 3,790.36 08-May-25
Term Loan: Canara Bank Repo Based 3,000.00 29-Dec-24
8.02% Unsecured Non-Convertible Debentures 2024 8.02% 1,000.00 11-Mar-24
Foreign Currency Loans - Syndicated ECB USD 450 Million Libor Based 3,411.32 11-Jan-24
Foreign Currency Loans - Syndicated ECB USD 300 Million Libor Based 2,274.21 05-Dec-23
Term Loan: HDFC Bank T-Bill Based 0.47 Payable quarterly
starting from
30-Jun-2023
upto 31-Mar-2027
Current Coupon Rate of Interest ` in Crores Maturity
Term Loan: HDFC Bank T-Bill Based 0.03 31-Mar-23
7.69% Unsecured Non-Convertible Debentures 2023 7.69% 750.00 16-Jan-23
4.625% US Dollar International Bonds 2022 4.625% 3,790.36 25-Oct-22
* The Corporation had allotted 7.35% Non-Convertible Debentures of face value of ` 550 Crores on 10th March 2017
redeemed on 10th March 2022. These were secured by first legal mortgage by way of a Registered Debenture Trust Deed
over the fixed assets of the Company, mainly Plant and Machinery at Mumbai Refinery. These charges were satisfied during
the year.
** These were secured by first legal mortgage over the Plant and Machinery of the Corporation, mainly Plant and Machinery
at Mumbai Refinery and Kochi Refinery. These charges were satisfied during the year.
The borrowings from banks and financial institutions have been used for the purposes for which such loans were taken.
252
NOTE 25a LEASE LIABILITIES
` in Crores
As at 31/03/2022 As at 31/03/2021
Particulars
Lease Liabilities 558.68 8,035.30 243.39 7,601.97

Total 558.68 8,035.30 243.39 7,601.97
# Classified under Current Lease Liabilities (Refer Note No. 30a)
NOTE 26 OTHER FINANCIAL LIABILITIES

` in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Security / Earnest Money Deposits 11.10 7.10
Retiral Dues 45.34 50.90
Total 56.44 58.00
NOTE 27 PROVISIONS
` in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Provision for employee benefits (Refer Note No. 50) 186.59 819.11
Total 186.59 819.11

254
NOTE 28 TAX EXPENSE AND DEFERRED TAX LIABILITIES (NET)
` in Crores
(a) Amounts recognised in profit and loss
2021-22 2020-21
Current tax expense (A)

Current year 2,658.00 5,134.78
Short / (Excess) provision of earlier years 64.85 (2.41)
Deferred tax expense (B)

Origination and reversal of temporary differences 323.19 (402.98)
Short / (Excess) provision of earlier years# 78.67 (1,153.48)
Tax expense recognised in the statement of profit and loss (A+B) 3,124.71 3,575.91
Total Short / (Excess) Provision of Earlier Years 143.52 (1,155.89)
(b) Amounts recognised in Other Comprehensive Income ` in Crores

2021-22 2020-21
Before tax Tax (expense)/ Net of tax Before tax Tax (expense)/ Net of tax
benefit^ benefit^
Items that will not be reclassified to profit or loss
Remeasurements of the defined benefit plans (27.98) 7.04 (20.94) (16.12) (51.45) (67.57)
Equity instruments through Other Comprehensive
Income - net change in fair value 334.32 (25.61) 308.71 135.96 - 135.96
TOTAL 306.34 (18.57) 287.77 119.84 (51.45) 68.39
^Deferred Tax (expense) / benefit
(c) Amounts recognised directly in equity ` in Crores

2021-22 2020-21
Before tax Tax (expense)/ Net of tax Before tax Tax (expense)/ Net of tax
benefit benefit
Dividend Income of "BPCL ESPS Trust" (Refer Note 45)
Current Tax 68.18 (19.70) 48.48 69.41 (29.67) 39.74
Deferred Tax (21.69) 9.27 (12.42) 21.69 (9.27) 12.42
TOTAL 46.49 (10.43) 36.06 91.10 (38.94) 52.16
NOTE 28 TAX EXPENSE AND DEFERRED TAX LIABILITIES (NET) (CONTD.)
(d) Reconciliation of effective tax rate

2021-22 2020-21
Particulars % ` in Crores % ` in Crores
Profit before tax 11,913.44 22,617.58
Tax using the Company’s domestic tax rate 25.168% 2,998.37 25.168% 5,692.40
Tax effect of:
Expenses not deductible for tax purposes 0.500% 59.63 0.272% 61.51
Income for which Deduction / Exemption available -0.673% (80.16) -2.302% (520.53)
Income taxable under Special Tax Rates - - -2.123% (480.25)
Adjustments recognised in current year in relation to
1.205% 143.52 -5.111% (1,155.89)
the current tax of prior years
Others 0.028% 3.35 -0.094% (21.33)
Income Tax Expense 26.228% 3,124.71 15.810% 3,575.91
(e) Movement in deferred tax balances

` in Crores
As at 31/03/2022
Net balance Recognised Recognised Recognised Recognised Net Balance Deferred Deferred
as at in profit and in OCI in Short/ directly in tax asset tax liability
01/04/2021 loss (Excess) equity
Deferred tax Asset / (Liabilities)
Property, plant and equipment (6,280.04) (353.12) - 0.05 - (6,633.11) - (6,633.11)
Intangible assets (15.81) (11.42) - - - (27.23) - (27.23)
Derivatives 3.45 64.51 - - - 67.96 67.96 -
Investments 464.93 19.35 (25.61) - - 458.67 458.67 -
Trade and other receivables 72.20 (22.79) - - - 49.41 49.41 -
Loans and borrowings 207.74 68.77 - - - 276.51 276.51 -
Employee benefits 583.47 (63.25) 7.04 (78.72) - 448.54 448.54 -
Deferred income 32.79 (2.56) - - - 30.23 30.23 -
Provisions 144.91 (0.02) - - - 144.89 144.89 -
Other Current liabilities 174.73 3.09 - - - 177.82 177.82 -
BPCL ESPS Trust (9.27) - - - 9.27 - - -
Other items 149.35 (25.75) - - - 123.60 123.60 -
Tax Assets / (Liabilities) (4,471.55) (323.19) (18.57) (78.67) 9.27 (4,882.71) 1,777.63 (6,660.34)

255
256
NOTE 28 TAX EXPENSE AND DEFERRED TAX LIABILITIES (NET) (CONTD.)
(f) Movement in deferred tax balances

` in Crores
As at 31/03/2021
Net balance Recognised Recognised Recognised Recognised Net Deferred Deferred

as at in profit and in OCI in Short/ directly in Balance tax asset tax liability
01/04/2020 loss (Excess)# equity
Property, plant and equipment (8,268.42) (324.81) - 2,313.19 - (6,280.04) - (6,280.04)
Intangible assets (15.08) (4.95) - 4.22 - (15.81) - (15.81)
Derivatives 2.53 1.63 - (0.71) - 3.45 3.45 -
Investments (38.63) 492.75 - 10.81 - 464.93 464.93 -
Trade and other receivables 67.41 23.65 - (18.86) - 72.20 72.20 -
Loans and borrowings 24.60 190.02 - (6.88) - 207.74 207.74 -
Employee benefits 582.77 159.68 (51.45) (107.53) - 583.47 583.47 -
Deferred income 49.78 (3.06) - (13.93) - 32.79 32.79 -
Provisions 139.51 44.43 - (39.03) - 144.91 144.91 -
Other Current liabilities 333.37 (65.38) - (93.26) - 174.73 174.73 -
MAT Credit Entitlement# 723.10 - - (723.10) - - - -
Unabsorbed Depreciation* 388.74 (223.02) - (165.72) - - - -
Brought forward Capital Loss**# - (6.32) - 6.32 - - - -
BPCL ESPS Trust - - - - (9.27) (9.27) - (9.27)
Other items 43.03 118.36 - (12.04) - 149.35 149.35 -
Tax assets / (Liabilities)# (5,967.29) 402.98 (51.45) 1,153.48 (9.27) (4,471.55) 1,833.57 (6,305.12)
The Corporation offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax
liabilities relate to income taxes levied by the same tax authority.
#During the previous year, the Management had adopted new tax regime under Section 115BAA of Income Tax Act, 1961. The new tax rate applicable for the Corporation including surcharge and
cess is 25.168% as compared to 34.944% applicable during earlier years under old tax regime. Necessary impact was given for tax expense of prior years amounting to ₹ 1,870.26 Crores. Further,
MAT credit entitlement of ₹ 723.10 Crores as at 31st March 2020 was not carried forward FY 2020-21 onwards as per the provisions of Section 115BAA of Income Tax Act, 1961.
* During FY 2020-21, Corporation had utilised unabsorbed depreciation on which Deferred Tax Asset of ₹ 388.74 Crores was recognised in previous year. The net utilisation of ₹ 223.02 Crores
was available as per current tax rate of 25.168%. Balance amount was transferred to short/ excess based on the provisions of new tax regime.
** Corporation had utilised Carry Forward Capital Loss under Income Tax Act, 1961 during FY 2020-21 on which deferred tax impact of ₹ 6.32 Crores has been recognised in short / (excess).
NOTE 29 OTHER NON-CURRENT LIABILITIES
` in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Deferred Income and Others * 657.70 549.95
Total 657.70 549.95
* Deferred Income includes unamortised portion of Government Grants amounting to ` 115.75 Crores (Previous year ` 123.92 Crores),
comprising mainly of works contract tax reimbursement, interest free loan received from Government of Kerala as part of the fiscal incentives
sanctioned for IREP and grants received for technology development.
NOTE 30 CURRENT BORROWINGS

` in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Loans Repayable on Demand
Secured
From Banks *
Working Capital Loans / Cash Credit 1,303.50 38.41
From Others
Loans through Triparty Repo Settlement System (TREPS) of
Clearing Corporation of India Limited** - 849.97
Current maturities of long-term borrowings (Refer Note No.25) - 1,343.66
Unsecured
From Banks
Working capital loans / Cash Credit 800.00 -
Current maturities of long-term borrowings (Refer Note No.25) 0.03 33.35
From Others
Commercial Paper 1,998.50 3,344.43
Current maturities of long-term borrowings (Refer Note No.25) 4,539.09 3,672.31
Total 8,641.12 9,282.13
* 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]
**The Corporation has Triparty Repo Settlement System limits from Clearing Corporation of India Limited, the borrowing against which was NIL as
at 31st March 2022 (Previous Year ` 850 Crores). These limits are secured by 7.59% Govt. Stock 2026 & 6.90% Oil Marketing Companies GOI
Special Bonds 2026 of face value aggregrating to ` 1,245 Crores (Previous Year secured by 7.59% Govt. Stock 2026 & T- Bills of face value
aggregrating to ` 870 Crores )[Refer Note no. 14]
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 2020-21 and FY 2021-22.

NOTE 30a CURRENT LEASE LIABILITIES ` in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Current Maturities of Lease Liabilities (Refer Note No. 25a) 558.68 243.39
Total 558.68 243.39
NOTE 31 TRADE PAYABLES

` in Crores
31/03/2022 31/03/2021
Total Outstanding Dues of Micro Enterprises and Small Enterprises 216.31 147.62
(Refer Note No. 62)
Total Outstanding Dues of Creditors Other than Micro Enterprises and Small
Enterprises
Dues to Subsidiaries ( Refer Note No. 68) 3,565.36 -
Dues to Others (Refer Note No. 46) 27,053.01 16,108.38
30,618.37 16,108.38
Total 30,834.68 16,256.00
Ageing of Trade Payables as at 31/03/2022: ` in Crores

Less than 1-2 2-3 More than
Particulars Unbilled Not due Total
1 year Years Years 3 years
Undisputed Trade Payables
Micro Enterprises and Small Enterprises - 215.92 - - - - 215.92
Others 714.09 28,965.75 267.39 59.28 9.75 29.91 30,046.17
Disputed Trade Payables
Others 308.07 1.16 76.58 25.99 31.51 128.89 572.20
Total 1,022.16 29,183.22 343.97 85.27 41.26 158.80 30,834.68
Ageing of Trade Payables as at 31/03/2021: ` in Crores

Less than 1-2 2-3 More than
Particulars Unbilled Not due Total
1 year Years Years 3 years
Others 916.96 12,952.71 1,484.55 17.26 21.49 69.02 15,461.99
Others 292.09 0.55 82.99 82.06 33.33 155.37 646.39
Total 1,209.05 13,100.88 1,567.54 99.32 54.82 224.39 16,256.00
258
NOTE 32 OTHER FINANCIAL LIABILITIES
` in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Interest Accrued but not due on Borrowings 271.01 301.72
Security/Earnest Money Deposits 892.64 834.28
Deposits For Containers *^ 16,098.84 15,295.64
Unclaimed Dividends ** 33.50 25.55
Unpaid Dividends - 439.89
Dues to Micro Enterprises and Small Enterprises (Refer Note No. 62) 112.75 249.18
Derivative Liability 284.15 19.03
Other Liabilities 2,626.12 2,331.53
Total 20,319.01 19,496.82
* Includes deposits received under Rajiv Gandhi Gramin LPG Vitrak Yojana and Pradhan Mantri Ujjwala Yojana (Central Scheme) ` 3,695.19
Crores (Previous year ` 3,281.45 Crores). The deposit against these schemes have been funded from CSR fund and Government of India.
^Based on past trends, it is expected that settlement towards the deposit for containers is insignificant in next 12 months.
** No amount is due at the end of the period for credit to Investor Education and Protection Fund.
NOTE 33 OTHER CURRENT LIABILITIES ` in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Advances From Customers 1,008.49 813.60
Statutory Liabilities 5,750.51 5,856.29
Others (Deferred income etc.)* 132.10 102.01
Total 6,891.10 6,771.90
*Deferred Income includes unamortised portion of Government Grants amounting to ` 8.11 Crores (Previous year ` 8.31 Crores), comprising
mainly of works contract tax reimbursement, interest free loan received from Government of Kerala as part of the fiscal incentives sanctioned for
IREP and grants received for technology development.
` in Crores
NOTE 34 PROVISIONS
As at As at
Particulars
31/03/2022 31/03/2021
Provision For Employee Benefits (Refer Note No. 50) 2,558.44 2,246.65
Provision For CSR Expenditure (Refer Note No. 58) 45.96 17.01
Others (Refer Note No. 57)* 277.13 376.66
Total 2,881.53 2,640.32
*Above includes deposits / claims made of ` 94.39 Crores (Previous year ` 107.60 Crores) netted of against provisions.
NOTE 35 CURRENT TAX LIABILITIES (NET) ` in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Current Tax Liabilities (Net of Taxes paid) 1,415.95 825.48
Total 1,415.95 825.48

NOTE 36 REVENUE FROM OPERATIONS ` in Crores
Particulars 2021-22 2020-2021

(A) (i) Sales
Petroleum products* 4,29,486.07 2,96,923.35
Crude oil 2,736.18 3,889.32
4,32,222.25 3,00,812.67
(ii) Subsidy from State Governments 35.82 17.05
4,32,258.07 3,00,829.72
(B) Other operating revenues 1,148.41 1,043.44
Total 4,33,406.48 3,01,873.16
*The MoPNG, vide letter dated 30.04.2020 had conveyed to Oil Marketing Companies (OMCs) that a) In case, the Market Determined
Price (MDP) is higher than the Effective Cost to Customer (ECC), the difference shall be transferred to consumers account via Direct
Benefit Transfer of LPG (DBTL) Scheme and b) In case, where MDP is less than the ECC, the OMCs will retain the difference in a separate
buffer account for future adjustment. However, as at 31st March 2022, the Corporation had a negative buffer of ₹ 2,672.33 Crores (after
adjustment of uncompensated cost of ₹ 1,324.80 Crores for FY 2021-22) as the retail selling price was less than MDP and accordingly
the revenue from sale of LPG was reduced by this amount.
NOTE 37 OTHER INCOME ` in Crores
Particulars 2021-22 2020-2021
Interest Income on
Instruments measured at FVTPL 331.20 352.62
Instruments measured at amortised cost 866.20 824.50
Income Tax Refund 56.19 34.18
Dividend Income
Dividend income - Subsidiaries, Joint Ventures and Associates 289.75 2,051.04
Dividend income from non-current equity instruments at FVOCI 28.76 17.19
Net gains on fair value changes of

Instruments measured at FVTPL^ - 78.68
Write back of liabilities no longer required 19.72 99.27

Reversal of allowance on doubtful debts and advances (net) 91.88 -
Gain on sale of Property Plant and Equipment / Non-current assets held for sale (net) 3.41 -
Net gains on foreign currency transactions and translations@

Exchange Gains / (Losses) on foreign currency forwards and Principal Only - (7.39)
Swap contracts
Exchange Gains/(Losses) on transactions and translations of other foreign currency
assets and liabilities - 207.14
Sub-Total - 199.75
Others# 725.31 679.04
Total 2,412.42 4,336.27
Încludes gain on sale of investments for previous year ` 3.58 Crores. Gains on sale of investments during the current year of ` 52.96 Crores
are grouped under Other Expenses along with Net losses on fair value changes of instruments measured at FVTPL.
@During current year net losses on foreign currency transactions and translations of ` 227.96 Crores has been grouped under Other Expenses.
#Includes amortisation of capital grants ` 8.37 Crores (Previous year : ` 10.41 Crores)
260
NOTE 38 COST OF MATERIALS CONSUMED ` in Crores
Particulars 2021-22 2020-2021
Opening stock 5,664.78 3,137.95
Add : Purchases 1,43,811.42 73,680.39
Less: Closing stock (10,767.74) (5,664.78)
Net Total 1,38,708.46 71,153.56
NOTE 39 PURCHASES OF STOCK-IN-TRADE ` in Crores

Particulars 2021-22 2020-2021
Petroleum products 1,86,020.40 1,23,660.66
Crude oil 2,736.18 3,889.32
Others 329.22 250.89
Total 1,89,085.80 1,27,800.87
NOTE 40 CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE AND WORK-IN-PROGRESS

` in Crores
Particulars 2021-22 2020-2021
Value of opening stock of
Finished goods 11,624.90 10,180.28
Stock-in-Trade 6,932.01 5,591.42
Work-in-progress 1,573.68 725.32
20,130.59 16,497.02
Less : Value of closing stock of
Finished goods 12,682.48 11,624.90
Stock-in-Trade 8,889.52 6,932.01
Work-in-progress 2,847.32 1,573.68
24,419.32 20,130.59
Net (increase) / decrease in inventories of Finished goods, Stock-in-Trade (4,288.73) (3,633.57)

and Work-in-progress
NOTE 41 EMPLOYEE BENEFITS EXPENSE ` in Crores

Particulars 2021-22 2020-2021
Salaries and Wages (Refer Note 47) 2,427.14 2,536.78
Contribution to Provident and Other funds (Refer Note 50) 547.06 498.84
Staff Welfare Expenses 337.35 662.72
Voluntary Retirement Scheme 2.90 778.83
Total Employee benefits expense 3,314.45 4,477.17
NOTE 42 FINANCE COSTS

` in Crores
Particulars 2021-22 2020-2021
Interest Expense* 1,597.92 1,552.30
Other Borrowing Costs 26.65 27.95
Exchange differences regarded as an adjustment to borrowing costs 235.91 (251.89)
Total 1,860.48 1,328.36
*Includes ` 619.62 Crores (Previous year : ` 534.55 Crores) recognized during the year as interest cost against Lease Liabilities as per IND AS 116.

NOTE 43 OTHER EXPENSES
` in Crores
Transportation 7,759.61 6,874.19
Irrecoverable Taxes and other levies 1,433.46 1,123.24
Repairs, maintenance, stores and spares consumption 1,460.95 1,179.33
Power and fuel 8,243.22 4,820.59
Less: Consumption of fuel out of own production (5,269.10) (2,489.01)
Power and fuel consumed (net) 2,974.12 2,331.58
Packages consumed 210.52 160.64
Net losses on fair value changes of
Instruments measured at FVTPL^ 10.04 -
Derivatives measured at FVTPL 490.61 31.49
Office Administration, Selling and Other expenses
Rent 422.61 128.61
Utilities 333.21 295.69
Terminalling and related expenses 214.97 210.50
Travelling and conveyance 185.38 141.97
Remuneration to auditors
Audit fees 0.70 0.58
Fees for other services - Certification 0.44 0.36
Reimbursement of expenses 0.04 0.01
Sub-Total 1.18 0.95
Bad debts and other write offs 5.91 8.85
Allowance for doubtful debts & advances (net) - 285.22
Loss on sale of Property Plant and Equipment /
non-current assets held for sale (net) - 21.29
Net losses on foreign currency transactions and translations^
Exchange Losses / (Gains) on foreign currency forwards and
Principal Only Swap contracts (2.54) -
Exchange Losses / (Gains) on transactions and translations of
ther foreign currency assets and liabilities 230.50 -
Sub-Total 227.96 -
CSR Expenditure (Refer Note 58) 166.73 136.25
Impairment loss@ 30.30 32.41
Others# $ 3,336.40 2,654.25
Sub-Total - Office Administration, Selling and Other expenses 4,924.65 3,915.99
Total 19,263.96 15,616.46
^ Includes gain on sale of investments for current year ` 52.96 Crores. Gains on sale of investments during the previous year of ` 3.58 Crores has been
grouped under Other Income along with Net Gains on fair value changes of instruments measured at FVTPL.
*During previous year, Net gains on foreign currency transactions and translations of ` 199.75 Crores has been grouped under Other Income.
@ Includes Impairment Loss on Non-current assets held for sale of ` 16.22 Crores (Previous Year : ` 32.41 Crores).
# Includes provision for Capital Work in Progress of ` 395.98 Crores (Previous Year : ` 3.47 Crores).
$ Includes ` 454.25 Crores (Previous Year: NIL) towards first refill and hot plate given under Pradhan Mantri Ujjwala Yojana 2.0
262
NOTE 44
Cabinet Committee of Economic Affairs (CCEA) Government of India, in its meeting held on 20th November 2019, has
accorded in-principle approval for strategic disinvestment of Government of India's Shareholding in the Corporation
excluding BPCL’s shareholding in Numaligarh Refinery Limited. The transaction of strategic disinvestment of Government of
India's Shareholding in the Corporation is in process.
NOTE 45
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
Corporation in the erstwhile KRL) to a Trust ("BPCL Trust for Investment in Shares") for the benefit of the Corporation in the
Financial Year 2006-07. The Corporation made 1:1 Bonus issues in July 2012 and July 2016 and 1:2 bonus issue in
July 2017. The Trust held 20,23,72,422 equity shares of the Corporation as at 1st April 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".
Further during FY 2020-21, Corporation has sold 12,60,33,090 Equity Shares from "BPCL Trust for Investment in Shares"
via Bulk Deal on Stock Exchange for Net Consideration of ₹ 5,511.79 Crores. Accordingly, Security Premium of ₹ 5,101.31
Crores was recognized after adjusting the corresponding cost of ₹ 410.48 Crores (including Face Value of Equity Shares of
₹ 126.03 Crores) under Total Equity. The "BPCL Trust for Investment in Shares" holds 3,29,60,307 equity shares of the
Corporation as at 31st March 2022.
During FY 2021-22, Corporation has allotted 3,65,42,077 shares to eligible employees on exercise of options by employees
under BPCL Employee Stock Purchase Scheme (ESPS) 2020. Accordingly, Security Premium of ₹ 1,204.88 Crores was
recognized after adjusting the corresponding cost of ₹ 119.01 Crores (including Face Value of Equity Shares of ₹ 36.54
Crores) under Total Equity. "BPCL ESPS Trust" holds 68,36,948 equity shares of the Corporation as at 31st March 2022.
The cost of the original investment together with the additional contribution to the corpus of above trusts has been reduced
from the Total Equity of the Corporation. To the extent of the face value of the shares, the same is reduced from the Paid up
Share capital of the Corporation and the balance is reduced from Other Equity under separate reserves.
The income received from "BPCL Trust for Investment in Shares" and the impact on consolidation of "BPCL ESPS Trust" has
been recognized directly under Other Equity of the Corporation.
The details of shares held by "BPCL Trust for Investment in Shares" and "BPCL ESPS Trust" and its corresponding cost
adjustment in Total Equity is as under:

As at 31st March 2022 As at 31st March 2021
Corresponding Corresponding
BPCL Trust for Cost adjusted under Cost adjusted under
Investment in Shares
No. of shares Paid-up Share No. of shares Paid-up Share
Other Equity Other Equity
Capital Capital
` in Crores ` in Crores ` in Crores ` in Crores
Opening Balance 3,29,60,307 32.96 74.39 20,23,72,422 202.37 456.74
Less: Sold to "BPCL ESPS Trust" - - - (4,33,79,025) (43.38) (97.90)

Less: Sold through Stock Exchange
via Bulk Deal - - - (12,60,33,090) (126.03) (284.45)
Closing Balance 3,29,60,307 32.96 74.39 3,29,60,307 32.96 74.39

BPCL ESPS Trust Cost adjusted under Cost adjusted under
No. of shares Paid-up Share No. of shares Paid-up Share
Other Equity Other Equity
Capital Capital
Opening Balance 4,33,79,025 43.38 97.90 - - -
Add: Purchased from "BPCL Trust
for Investment in Shares" - - - 4,33,79,025 43.38 97.90
Less: Shares issued on exercise of
Employee Stock Options (Refer Note 55) (3,65,42,077) (36.54) (82.47) - - -
Closing Balance 68,36,948 6.84 15.43 4,33,79,025 43.38 97.90
NOTE 46
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 to confirmation /
reconciliation. Adjustments, if any, arising therefrom are not likely to be material on settlement and are accounted as and when
ascertained.
NOTE 47
During FY 2021-22 the Corporation has provided for Pay Revision dues of non-management staff under Salaries and Wages
amounting to ₹ 86.47 Crores (Previous year: ₹ 151.10 Crores) based on the available information and judgement. Further during
previous FY 2020-21, Corporation had finalized Pay Revision with some of the Employees / Employee Unions. Pay Revision with
few of the Employee Unions is pending as at 31st March 2022.
NOTE 48 SERVICE CONCESSION ARRANGEMENTS

The Corporation has entered into service concession arrangements with entities supplying electricity ("The Regulator") to construct,
own, operate and maintain a wind energy based electric power generating station ("Plant").
Under the terms of agreement, the Corporation will operate and maintain the Plant and sell electricity generated to Regulator for a
period which covers the substantial useful life of the Plant which may be renewed for such further period as may be mutually agreed
upon between the parties. The Corporation will be responsible for any maintenance services during the concession period.
The Corporation in turn has the right to charge the Regulator agreed rate as stated in the service concession arrangement.
The fair value towards the construction of the Plant has been recognized as an Intangible Asset and is amortized over the useful life
of the asset or period of contract whichever is less.
264
NOTE 49 DISCLOSURES AS PER IND AS 116 LEASES
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 30th March 2019, Ind AS 116 "Leases" applicable w.e.f 1st April 2019 is adopted by the Corporation 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-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 Corporation
recognizes Right-of-use asset and corresponding Lease 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.
A. Leases as Lessee
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)
` in Crores
Reclassifications Reclassifications
Particulars As at / Deductions
Additions / Deductions As at Up to For the Up to As at As at
01/04/2021 On Account Of On Account Of
31/03/2022 31/03/2021 Year 31/03/2022 31/03/2022 31/03/2021
Conclusion Conclusion
Land 4,413.30 474.84 29.69 4,858.45 326.93 195.26 6.93 515.26 4,343.19 4,086.37
Buildings including Roads 162.13 7.74 107.38 62.49 49.28 30.84 64.29 15.83 46.66 112.85
Plant and Equipments 4,757.09 52.76 - 4,809.85 405.16 293.74 - 698.90 4,110.95 4,351.93
Tanks and Pipelines 26.61 5.00 0.50 31.11 9.47 9.19 0.27 18.39 12.72 17.14
Vehicles 0.18 - 0.18 - 0.16 0.02 0.18 - - 0.02
Cargo Ships - 603.54 - 603.54 - 69.12 - 69.12 534.42 -
Total 9,359.31 1,143.88 137.75 10,365.44 791.00 598.17 71.67 1,317.50 9,047.94 8,568.31
Previous Year 7,227.66 2,147.97 16.32 9,359.31 377.71 416.58 3.29 791.00 8,568.31 -
b) The following expenses have been charged to Statement of Profit and Loss during the year
` in Crores
2021-22 2020-21
Particulars
Interest on Lease Liabilities 619.62 534.55

Expenses relating to short term leases 1,367.17 1,323.00
Expenses relating to leases of low value items 6.30 3.52
Expenses relating to variable lease payments (not included in measurement of lease liabilities) 5,468.86 4,791.35

265
NOTE 49 DISCLOSURES AS PER IND AS 116 LEASES (CONTD.)
c) Total Cash outflow for leases during FY 2021-22 is ` 7,472.67 Crores (Previous year ` 6,713.02 Crores)
d) Income from Sub leasing of Right-of-use assets recognised in Statement of Profit and Loss during
FY 2021-22 is ` 3.51 Crores (Previous year ` 3.20 Crores)
e) Maturity Analysis of Lease Liabilities as per Ind AS 116 Leases ` in Crores
Contractual Cash Flows
As at 31 March 2022
st
Up to 1 year 1-3 years 3-5 years More than 5 years Total
Undiscounted Cash outflows 1,157.17 1,903.93 1,686.78 11,408.50 16,156.38
` in Crores
Undiscounted Cash outflows 808.11 1,630.10 1,596.33 11,325.47 15,360.01
B. Leases as Lessor
Operating Leases
a) The Corporation enters into operating lease arrangements in respect of lands, commercial spaces, storage and
distribution facilities etc. The details are as follows:
Particulars Freehold Plant and Tanks & Furnitures Office Railway ROU
Buildings Vehicles
Land Equipments Pipelines and Fixtures Equipment Sidings Assets
Gross Carrying Amount 26.26 157.26 116.20 359.82 7.70 14.04 71.98 - 0.89
Accumulated depreciation - 34.66 49.52 100.46 5.90 8.30 40.01 - 0.23
Depreciation for the year - 5.58 3.90 15.45 0.16 1.94 6.10 - 0.09
Buildings Vehicles
Gross Carrying Amount 27.11 178.50 114.66 341.94 7.42 14.03 71.98 0.03 0.91
Accumulated depreciation - 35.73 45.65 85.00 5.70 6.34 33.91 0.01 0.17
Depreciation for the year - 6.37 4.53 14.67 0.22 2.29 6.10 0.00 0.07
b) Income earned from Operating Leases recognised in Statement of Profit and Loss during FY 2021-22 is
` 52.61 Crores (Previous year ` 52.32 Crores) [Of which Variable lease payments that do not depend on index or rate is
` 7.50 Crores (Previous year ` 7.61 Crores)]
c) The maturity analysis of lease payments receivable under operating leases is as follows :-
Particulars Within 1 year 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years > 5 years Total
Undiscounted Lease
27.52 27.41 27.48 7.90 1.51 3.53 95.35
Payments receivable

Particulars Within 1 year 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years > 5 years Total
Undiscounted Lease
26.76 26.28 26.29 26.29 6.65 1.76 114.03
Payments receivable
266
NOTE 50 EMPLOYEE BENEFITS
[A] Post Employment Benefit Plans:
Defined Contribution Scheme
Defined Contribution Scheme (DCS) was introduced effective from 1st Jan 2007. Corporation contributes at a defined
percentage of the employee salary out of the total entitlements on account of superannuation benefits under this scheme.
Corporation has GOI managed PFRDA NPS for its employees and is contributing up to 10% of the salary from the above defined
percentage to the NPS for the staff who have enrolled under the scheme. The remaining contribution after the PFRDA NPS
contribution is made to a separate Trust managed by the Corporation. ` in Crores
Amount recognized in the Statement of Profit and Loss 2021-22 2020-21
Defined Contribution Scheme 285.57 270.89
Defined Benefit Plans

The Corporation has the following Defined Benefit Plans :-
Gratuity:
The Corporation has a Defined Benefit Gratuity plan managed by a Trust. Trustees administer the contributions made to the
Trust, investments thereof etc. Based on actuarial valuation, the contribution is paid to the trust which is invested in plan assets
as per the investment pattern prescribed by the Government. Gratuity is paid to a staff member who has put in a minimum
qualifying period of 5 years of continuous service, on superannuation, resignation, termination or to his nominee on death.
Other Defined Benefits include:

(a) Post Retirement Medical Scheme (managed by a Trust) for employees, 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 for life;
(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, Gratuity,
Leave Encashment etc., payable to them;
(d) Resettlement allowance paid to employees to permanently settle down at the time of retirement;
(e) Felicitation benefits to retired employees on reaching the age related milestones; and
(f) The Corporation makes contribution towards Provident Fund, which is administered by the trustees. The Corporation has
an obligation to fund any shortfall on the yield of the trust's investments over the interest rates declared by the Government
under EPF scheme.
These defined benefit plans expose the Corporation to actuarial risks, such as longevity risk, interest rate risk, and market
(investment) risk.

NOTE 50 EMPLOYEE BENEFITS (CONTD.)
Movement in net defined Benefit (asset)/ liability
` in Crores
Gratuity Post Retirement Medical- Ex-Gratia Scheme
Particulars
Funded Funded Funded Non-Funded
2021-22 2020-21 2021-22 2020-21 2021-22 2020-21
a) Reconciliation of balances of Defined Benefit Obligations.
Defined Obligations at the beginning
of the year 808.72 1,071.90 1,725.13 1,502.66 663.02 375.47
Interest Cost 55.15 73.64 119.21 102.33 45.81 25.57
Current Service Cost 13.19 15.35 46.92 52.92 7.49 5.95
Past Service Cost 90.82 23.64 (102.44) 56.89 - 272.08
Benefits paid (106.37) (361.20) (85.32) (57.24) (46.37) (28.67)
Actuarial (Gains)/ Losses on obligations
- Changes in Demographic Assumptions (1.12) - (4.58) 179.73 2.12 52.90
- Changes in financial Assumptions (27.15) 2.82 12.17 (26.26) (19.70) (5.48)
- Experience adjustments 8.76 (17.43) 100.98 (85.90) (9.97) (34.80)
Defined Obligations at the end of the year 842.00 808.72 1,812.07 1,725.13 642.40 663.02
b) Reconciliation of balances of Fair Value of Plan Assets

Fair Value at the beginning of the year 869.16 807.79 1,800.19 1,693.02 - -
Interest income (i) 59.28 55.50 124.39 115.29 - -
Return on Plan Assets, excluding
interest income(ii) 10.95 5.87 15.58 43.63 4.07 -
Actual Return on Plan assets (i+ii) 70.23 61.37 139.97 158.92 4.07 -
Contribution by employer - - 56.88 5.49 235.30 -
Contribution by employee - - 1.57 - - -
Benefits paid (96.94) - (85.32) (57.24) (43.11) -
Fair Value of Plan Assets
at the end of the year 842.45 869.16 1,913.29 1,800.19 196.26 -
c) Liability/(Asset) recognized in
Balance sheet (a-b) (0.45) (60.44) (101.22) (75.06) 446.14 663.02
d) Amount recognized in Statement of Profit and Loss

Current Service Cost 13.19 15.35 46.92 52.92 7.49 5.95
Past Service Cost 90.82 23.64 (102.44) 56.89 - 272.08
Interest Cost 55.15 73.64 119.21 102.33 45.81 25.57
Interest income (59.28) (55.50) (124.39) (115.29) - -
Contribution by employee - - (1.57) - - -
Expenses for the year 99.88 57.13 (62.27) 96.85 53.30 303.60
268
` in Crores
Gratuity Post Retirement Medical- Ex-Gratia Scheme
Particulars
Funded Funded Funded Non-Funded
2021-22 2020-21 2021-22 2020-21 2021-22 2020-21
e) Amount recognized in Other Comprehensive Income Remeasurements :
Actuarial (Gains)/ Losses

- Changes in Demographic Assumptions (1.12) - (4.58) 179.73 2.12 52.90
- Changes in financial assumptions (27.15) 2.82 12.17 (26.26) (19.70) (5.48)
- Experience adjustments 8.76 (17.43) 100.98 (85.90) (9.97) (34.80)
Return on plan assets excluding
net interest cost (10.95) (5.87) (15.58) (43.63) (4.07) -
Total (30.46) (20.48) 92.99 23.94 (31.62) 12.62
f) Major Actuarial Assumptions

Discount Rate (%) 7.25 6.82 7.40 6.91 7.29 6.91
Salary Escalation (%) 8.00 8.00 NA NA NA NA
Expected Return on Plan assets (%) 7.25 6.82 7.40 6.91 7.29 NA
g) Investment pattern for Fund

Category of Asset
Government of India Securities (%) 15.20 15.77 18.76 19.81 - -
Corporate Bonds (%) 1.78 2.49 42.57 49.56 - -
Insurer Managed funds (%) 82.43 81.14 - - - -
State Government Securities (%) - - 32.63 25.95 - -
Others (%) 0.59 0.60 6.04 4.68 100.00 -
Total (%) 100.00 100.00 100.00 100.00 100.00 -
The estimates for future salary increases, considered in actuarial valuation, take into account inflation, seniority, promotion and other
relevant factors.
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 related obligations.
For the funded plans, the trust maintains appropriate fund balance considering the analysis of maturities. Projected Unit Credit
method is adopted for Asset-Liability Matching.
Provision in respect of pay revision dues as mentioned in Note 47 is over and above the amounts recognized herein.
In respect of investments made by PRMB Trust, total Provision as at 31st March 2022 was ₹ 25.50 Crores (as at 31st March 2021:
₹ 35 Crores).
During FY 2021-22, Past Service cost is recognized in respect of Gratuity and Post Retirement Medical Benefits for the benefit
payable in future after DA reaching the specified limit and an amendment in the member eligibility criteria of the scheme, respectively.
Further for FY 2020-21, Past Service cost is recognized in respect of Gratuity and Post Retirement Medical Benefits as there was an
enhancement of Post employement benefits on account of Voluntary Retirement Scheme. Also, Past Service cost was recognized
in respect of Monthly Ex-Gratia Scheme as there was an upward revision in benefits under the scheme.

Movement in net defined benefit (assest) / liability
` in Crores
Death / Permanent Re-settlement Burmah Shell Felicitation
Particulars disablement- Allowance- Pension- Scheme-
Non Funded Non Funded Non Funded Non Funded
2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21
a) Reconciliation of balances of Defined Benefit Obligations.
of the year 12.75 12.34 9.28 12.75 64.32 72.14 78.58 79.70
Interest Cost 0.77 0.77 0.63 0.88 4.03 4.64 5.43 5.43
Current Service Cost - - 1.94 3.01 - - 1.53 1.88
Past Service Cost - - - (0.87) - - - -
Benefits paid (7.74) (7.05) (2.38) (4.99) (12.39) (13.55) (2.38) (2.19)
- Changes in Demographic Assumptions - - 0.19 - - (1.32) 0.03 6.80
- Changes in Financial Assumptions (0.10) 0.51 (0.54) 0.03 (0.69) 0.33 (3.51) (0.75)
- Experience adjustments 4.19 6.18 7.48 (1.53) (1.88) 2.08 (8.10) (12.29)
Defined Obligations at the end of the year 9.87 12.75 16.60 9.28 53.39 64.32 71.58 78.58
b) Liability/(Asset) recognized
in Balance sheet 9.87 12.75 16.60 9.28 53.39 64.32 71.58 78.58
c) Amount recognized in Statement of Profit and Loss

Past Service Cost - - - (0.87) - - - -
Interest Cost 0.77 0.77 0.63 0.88 4.03 4.64 5.43 5.43
Expenses for the year 0.77 0.77 2.57 3.02 4.03 4.64 6.96 7.31
d) Amount recognized in Other Comprehensive Income Remeasurements :

- Changes in Demographic Assumptions - - 0.19 - - (1.32) 0.03 6.80
- Changes in Financial assumptions (0.10) 0.51 (0.54) 0.03 (0.69) 0.33 (3.51) (0.75)
- Experience adjustments 4.19 6.18 7.48 (1.53) (1.88) 2.08 (8.10) (12.29)
Total 4.09 6.69 7.13 (1.50) (2.57) 1.09 (11.58) (6.24)
e) Major Actuarial Assumptions

Discount Rate (%) 6.09 6.06 7.25 6.82 6.70 6.26 7.40 6.91
For FY 2020-21, Past Service cost was recognised in respect of Resettlement Scheme as there was an enhancement of Post
employement benefits on account of Voluntary Retirement Scheme.
270
Sensitivity analysis
Sensitivity analysis for significant actuarial assumptions, showing how the defined benefit obligation would be affected, considering
increase/decrease of 1% as at 31st March 2022 is as below:
` in Crores
Post Death/ Burmah
Exgratia Resettlement Felicitation
Gratuity - Retirement Permanent shell
Particulars scheme- allowance- Scheme -
Funded Medical - Disablement- Pension-
Funded Non funded Non Funded
+ 1% change in rate (56.78) (209.19) (46.54) (3.05) (1.11) (1.50) (6.29)
of Discounting
- 1% change in rate 66.03 259.10 54.59 3.33 1.30 1.61 7.51
of Discounting
+ 1% change in rate 12.13 - - - - - -
of Salary increase
- 1% change in rate of (14.26) - - - - - -
Salary increase
` in Crores
Post Death / Burmah
Gratuity- Retirement Permanent shell
Particulars scheme- allowance- Scheme-
Funded Medical- Disablement- Pension-
+ 1% change in rate (52.43) (229.44) (50.16) (2.77) (0.63) (1.89) (6.81)
of Discounting
- 1% change in rate 61.16 296.36 59.16 2.98 0.73 2.03 8.20
of Discounting
+ 1% change in rate 9.54 - - - - - -
of Salary increase
- 1% change in rate (11.59) - - - - - -
of Salary increase
Sensitivity for significant actuarial assumptions is computed by varying one actuarial assumption used for the valuation keeping all
other actuarial assumptions constant.
The expected future cash flows as at 31st March 2022 are as follows: ` in Crores
Post Death/ Burmah
Gratuity - Retirement Permanent shell
Funded Medical - Disablement- Pension-
Projected benefits payable in future years from the date of reporting
1st following year 95.35 99.53 46.42 5.76 2.04 5.76 3.33
2nd following year 59.42 114.97 46.68 2.28 1.05 8.40 2.70
3rd following year 85.57 122.50 46.87 1.90 1.87 7.02 3.63
4th following year 78.92 130.92 46.82 1.68 1.74 5.80 3.77
5th following year 81.16 139.65 46.49 1.40 1.47 4.74 4.05
Years 6 to 10 380.31 849.05 226.02 3.57 7.40 12.66 28.36

Other details as at 31st March 2022
Post Death/ Burmah

Retirement scheme- Permanent shell
Particulars Gratuity - allowance- Scheme -
Medical - Disablement- Pension-
Funded Funded Non funded Non Funded Non Funded
Funded Non funded
Weighted average duration 9.00 13.92 8.87 6.00 9.00 4.00 10.64
of the Projected Benefit
Obligation(in years)
Prescribed contribution for - - 446.14 - - - -
next year (` in Crores)
Mortality Table
-During Employment Indian Assured Lives Mortality 2012-14 (Urban)
-After Employment Indian Individual AMT (2012-15) Ultimate
[B] Provident Fund:

The Corporation’s contribution to the Provident Fund is remitted to a separate trust established for this purpose based on a
fixed percentage of the eligible employees' salary and charged to Statement of Profit and Loss. Shortfall, if any, in the fund
revenues based on the EPFO specified rate of return, will need to be made good by the Corporation and is charged to
Statement of Profit and Loss. The actual return earned by the fund has mostly been higher than the EPFO specified
minimum rate of return in the past two years. During FY 2021-22, Corporation has paid an advance of ` 124 Crores
towards provision of default securities. The Fund balance is sufficient to meet the fund obligations as at 31st March 2022
and 31st March 2021.
The details of fund obligations are given below: ` in Crores
31/03/2022 31/03/2021
Present Value of benefit obligation 5,044.81 4,860.26
272
NOTE 51 RELATED PARTY TRANSACTIONS
a) Names of the Related parties

I Joint Venture & Associate Companies
1 Indraprastha Gas Limited
2 Bharat Oman Refineries Limited (became Wholly-Owned subsidiary w.e.f. 30th June 2021)
3 Petronet India Limited *
4 Petronet CI Limited *
5 Petronet LNG Limited (including Petronet Energy Limited)
6 Maharashtra Natural Gas Limited
7 Central UP Gas Limited
8 Sabarmati Gas Limited
9 Bharat Stars Services Private Limited (Including Bharat Stars Services (Delhi) Private Limited)
10 Bharat Renewable Energy Limited *
11 Matrix Bharat Pte. Ltd.
12 Delhi Aviation Fuel Facility Private Limited
13 Kannur International Airport Limited
14 GSPL India Gasnet Limited
15 GSPL India Transco Limited
16 Mumbai Aviation Fuel Farm Facility Private Limited
17 Kochi Salem Pipeline Private Limited
18 BPCL-KIAL Fuel Farm Private Limited
19 Haridwar Natural Gas Private Limited
20 Goa Natural Gas Private Limited
21 FINO Paytech Limited (including Fino Payments Bank)
22 Ratnagiri Refinery and Petrochemicals Limited
23 Ujjwala Plus Foundation (Section 8 Company)
24 IBV (Brasil) Petroleo Ltda.
25 Taas India Pte Ltd
26 Vankor India Pte Ltd
27 Falcon Oil & Gas B.V.
28 Mozambique LNG1 Company Pte Ltd
29 Mozambique LNG1 Holding Company Ltd
30 Mozambique LNG1 Financing Company Ltd.
31 Moz LNG1 Co. Financing Company, LDA
32 LLC TYNGD
33 JSC Vankorneft
34 Urja Bharat Pte. Ltd.
35 DNP Limited ^
36 Brahmaputra Cracker and Polymer Limited ^
37 Assam Bio Refinery (P) Ltd.^
38 Indradhanush Gas Grid Limited ^
39 IHB Limited
* Companies in the process of winding up
^These are Joint Venture and Associates of Numaligarh Refinery Limited which has ceased to be Subsidiary of the
Corporation w.e.f. 26th March 2021.
II Retirement Benefit Fund/ Trusts

1 Indian Provident Fund of BPCL
2 Pension Fund of BPCL
3 BPCL Employees Post Retirement Medical Benefits Trust
4 Gratuity Fund of BPCL
5 BPCL Monthly Ex-Gratia Trust

III Key Management Personnel
1 Shri Arun Kumar Singh, Chairman & Managing Director (w.e.f. 07.09.2021). He is holding additional charge of Director (Marketing)
2 Shri Vetsa Ramakrishna Gupta, Director (Finance) (w.e.f. 07.09.2021) He is holding additional charge of Director (Human Resources).
3 Shri Sanjay Khanna, Director (Refineries) (w.e.f. 22.02.2022)
4 Shri D. Rajkumar, Chairman & Managing Director (Up to 31.08.2020)
5 Shri R. Ramachandran, Director (Refineries) (Up to 31.08.2020)
6 Shri N. Vijayagopal, Director (Finance) (Up to 31.07.2021)
7 Shri K. Padmakar, Director (Human Resources) (Up to 31.12.2021)
8 Smt. V. Kala, Company Secretary
9 Shri Harshadkumar P. Shah, Independent Director
10 Shri Pradeep Vishambhar Agrawal, Independent Director (w.e.f. 12.11.2021)
11 Shri Ghanshyam Sher, Independent Director (w.e.f. 12.11.2021)
12 Dr. (Smt) Aiswarya Biswal, Independent Director (w.e.f. 12.11.2021)
13 Prof. (Dr.) Bhagwati Prasad Saraswat, Independent Director (w.e.f. 12.11.2021)
14 Shri Gopal Krishna Agarwal, Independent Director (w.e.f. 12.11.2021)
15 Shri Vinay Sheel Oberoi, Independent Director (Up to 09.04.2020)
16 Shri Gudey Srinivas, Govt. Nominee Director (w.e.f. 13.10.2021)
17 Shri Suman Billa, Govt. Nominee Director (w.e.f. 16.03.2022)
18 Shri Rajesh Aggarwal, Govt. Nominee Director (Up to 22.09.2021)
19 Dr. K. Ellangovan, Govt. Nominee Director (Up to 31.01.2022)
b) The nature wise transactions and outstanding at period end with the above Joint Ventures and Associates are as follows:
` in Crores
S.No. Nature of Transactions 2021-22 * 2020-21
1 Purchase of goods (i) 21,595.30 41,585.44
2 Sale of goods (ii) 691.00 3,283.53
3 Rendering of Services 75.52 134.24
4 Receiving of Services 247.90 347.08
5 Interest Income 29.64 114.39
6 Dividend Income 289.75 350.23
7 Investment in Equity 432.58 528.53
8 Loan Given - 15.00
9 Management Contracts (Employees on deputation / consultancy services) 18.79 35.69
10 Lease Rentals Income 8.57 31.49
11 Proceeds from reduction in Equity Investment - 12.71
12 Lease Rentals and other charges paid - 0.10
13 Refundable deposit given 4.02 0.01
14 Deposit refund received 0.02 0.01
15 Advance against Equity 195.54 0.54
16 Provision for Advance against Equity at year end 0.54 0.54
17 Reduction in Financial Guarantee - 633.24
18 Receivables as at year end 76.52 1,365.29
19 Advance given outstanding at year end 106.60 177.52
20 Payables as at year end 532.72 1,999.23
21 Advance received outstanding at year end 0.12 0.12
22 Commitments 250.00 3.62
23 Guarantee Outstanding 752.00 752.00
* W.e.f from 30th June 2021, Bharat Oman Refineries Limited (BORL) has become a Wholly Owned Subsidiary of the Corporation, accordingly
transactions with BORL have been included to the extent of April-June 2021.
(i) Major transactions entered with BORL: ` 11,782.27 Crores (Previous period ` 35,854.25 Crores), Petronet LNG Limited: ` 6,256.77
Crores (Previous period: ` 3,899.76 Crores), Falcon Oil And Gas B.V.: ` 2,298.37 Crores (Previous period: ` 891.05 Crores)
(ii) Major transactions entered with BORL: ` 2.49 Crores (Previous period ` 2,801.05 Crores), Indraprastha Gas Limited: ` 309.15 Crores
(Previous period: ` 287.53 Crores), Sabarmati Gas Ltd.: ` 379.32 Crores (Previous period: ` 191.82 Crores)
The outstanding balances are unsecured and are being settled in cash except advance against equities which are settled in equity.
274
c) In the ordinary course of its business, the Corporation enters into transactions with other Government controlled entities (not
included in the list above). The Corporation has transactions with other Government-controlled entities, including but not limited
to the following:
 Sales and purchases of goods and ancillary materials;
 Rendering and receiving of services;
 Receipt of dividends;
 Loans and advances;
 Depositing and borrowing money;
 Guarantees; and
 Uses of public utilities.
These transactions are conducted in the ordinary course of business on terms comparable to those with other entities that are
not government controlled entities.
Further, during FY 2020-21 entire Investment in Equity Shares of Numaligarh Refinery Limited have been sold to a consortium
of Oil India Limited and Engineers India Limited; and Government of Assam for a total consideration of ₹ 9,875.96 Crores.
d) Details relating to the personnel referred to in Item No. III above:

` in Crores
Short-term employee benefits 3.96 3.25

Post-employment benefits 0.67 0.73
Other long-term benefits 0.77 0.89
Share Based Payment 0.06 0.57
Others (including sitting fees to non-executive directors) 0.35 0.15
e) The transactions and outstanding at period end with Retirement Benefit Fund / Trust are as follows:
` in Crores
Contribution to Retirement Benefit Funds / Trusts 455.16 542.87

Advance given outstanding to Retirement Benefit Funds / Trusts 101.67 135.50
Contribution payable to Retirement Benefit Funds / Trusts 512.32 76.87
NOTE 52 DUES FROM DIRECTORS / OFFICERS

Dues from Directors is ₹ 0.04 Crores (Previous year: ₹ 0.10 Crores) and Dues from Officers is ₹ 4.31 Crores (Previous year:
₹ 6.00 Crores).

NOTE 53
In compliance with Ind AS – 27 ‘Separate Financial Statements’, the required information is as under:
Percentage of
Principal place ownership Interest
Particulars of Business /
Country As at As at
of Incorporation 31/03/2022 31/03/2021
Subsidiaries
Bharat Oman Refineries Limited * India 100.00% 63.38%
Bharat Gas Resources Limited India 100.00% 100.00%
Bharat PetroResources Limited India 100.00% 100.00%
Joint Ventures and associates

Indraprastha Gas Limited India 22.50% 22.50%
Petronet India Limited ^ India 16.00% 16.00%
Petronet CI Limited ^ India 11.00% 11.00%
Petronet LNG Limited India 12.50% 12.50%
Central UP Gas Limited India 25.00% 25.00%
Maharashtra Natural Gas Limited India 22.50% 22.50%
Sabarmati Gas Limited India 49.94% 49.94%
Bharat Stars Services Private Limited India 50.00% 50.00%
Bharat Renewable Energy Limited ^ India 33.33% 33.33%
Matrix Bharat Pte. Ltd. Singapore 50.00% 50.00%
Delhi Aviation Fuel Facility Private Limited India 37.00% 37.00%
Kannur International Airport Limited India 16.20% 16.20%
GSPL India Gasnet Limited India 11.00% 11.00%
GSPL India Transco Limited India 11.00% 11.00%
Mumbai Aviation Fuel Farm Facility Private Limited India 25.00% 25.00%
Kochi Salem Pipeline Private Limited India 50.00% 50.00%
BPCL-KIAL Fuel Farm Private Limited India 74.00% 74.00%
Haridwar Natural Gas Private Limited India 50.00% 50.00%
Goa Natural Gas Private Limited India 50.00% 50.00%
FINO Paytech Limited India 20.89% 20.73%
Ratnagiri Refinery and Petrochemicals Limited India 25.00% 25.00%
IHB Limited India 25.00% 25.00%
Notes:
* During FY 2021-22 the Corporation acquired 88,86,13,336 equity shares from Joint Venture Partner OQ S.A.O.C.
(formerly known as Oman Oil Company S.A.O.C.) ("OQ"), of Bharat Oman Refinery Limited(BORL), constituting 36.62% of
the equity share capital, for a consideration of ₹ 2,399.26 Crores. BORL has become a Wholly Owned Subsidiary of the
Corporation w.e.f. 30th June 2021 [Refer Note 68 (II)]
^ Companies in the process of winding up.
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 limited by guarantee company (without share capital) under Section 8 of
Companies Act, 2013.
276
NOTE 54 EARNINGS PER SHARE (EPS)
Sr. No Particulars 2021-22 2020-21
i. Profit attributable to equity holders of the Corporation for basic

and diluted earnings per equity share ( ₹ in Crores) 8,788.73 19,041.67
ii. Weighted average number of ordinary shares for Basic EPS

Issued ordinary shares as at 1st April (In Crores) 216.93 216.93
Less : Weighted average no. of shares held by “BPCL Trust for (3.30) (17.57)
Investment in Shares” (In Crores)
Less : Weighted average No. of Shares held by “BPCL ESPS Trust” (0.88) (1.91)
(In Crores)
Weighted average number of shares for calculating Basic EPS (In Crores) 212.75 197.45
iii. Weighted average number of ordinary shares for Diluted EPS

Weighted average number of shares for calculating Basic EPS (In Crores) 212.75 197.45
Total Weighted average Potential Equity Shares* (In Crores) - 0.65
Weighted average number of shares for calculating Diluted EPS (In Crores) 212.75 198.10
iv. Basic EPS (₹) 41.31 96.44
v. Diluted EPS (₹) 41.31 96.12

*Diluted Impact of Employee Share Based Payment Scheme.
NOTE 55 SHARE BASED PAYMENT

(a) Employee Option Plan
The Corporation had floated an Employee Stock Purchase Scheme (“Scheme”) on 28th September 2020 (Grant Date)
after taking Shareholders' approval in the Annual General Meeting held on 28th September 2020, giving the background
of proposed disinvestment by the Government of India (“GOI”). As a recognition of contribution of employees in growth
of the Corporation and increase in shareholders’ value, the Scheme as a primary objective seeks to reward eligible
employees for their loyalty/longevity with the Corporation. The Scheme was named as "BPCL Employee Stock
Purchase Scheme-2020" ("ESPS" / "Scheme"). The above scheme also covered the employees who had opted for
Voluntary Retirement Scheme (VRS) during the previous FY 2020-21.
As per Vesting Condition of the Scheme, the employee had to render services till the date of share transfer or retirement
(including VRS) or Death in Service whichever is earlier. In view of the above, the scheme was accounted as Employee
Stock Option Scheme, in line with the applicable Ind AS.
Each option converts into one equity share of the Corporation upon exercise. No amounts are paid or payable by the
recipient on receipt of the option. The options carry neither rights to dividends nor voting rights. These options were
vested and exercised on 20th April 2021. All options which remain unexercised during the year have lapsed.
The share-based payments (options) to employees being equity-settled instruments are measured at the fair value of
the equity instruments of the Corporation at the grant date. The fair value determined at the grant date of the
equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the
Corporation’s estimate of equity instruments that will eventually vest, with a corresponding increase in Total Equity.

NOTE 55 SHARE BASED PAYMENT (CONTD.)
(b) Movement during the period
The number and Weighted Average Exercise Prices (WAEP) of the options and movement during the period is as follows:

Number of options WAEP (in `) Number of options WAEP (in `)
Opening balance 3,96,36,732 126.54 - -
Granted during the period - - 4,33,79,025 126.54
Exercised during the period (3,65,42,077) 126.54 - -
Forfeited during the period (37,175) 126.54 (1,69,775) 126.54
Expired during the period (30,57,480) 126.54 (35,72,518) 126.54
Closing balance - - 3,96,36,732 126.54
Exercisable at period end - - - -
Weighted average remaining contractual life of options outstanding as at 31st March 2022 is NIL days (as at 31st March 2021:
20 days) and the exercise price is ` 126.54 per option.
(c) Fair value of options granted
The model inputs used in the measurement of grant date fair value are as follows:
Particulars BPCL ESPS Scheme 2020

Option pricing model used Black Scholes Merton formula
Fair Value of options on Grant Date ` 235.77
Share Price on Grant Date ` 385.15
Exercise price ` 126.54
Dividend Yield 6.13%
Expected Volatility* 45.00%
Risk free interest rate 3.63%
Expected life of share options 0.56 Years
* The expected volatility is based on the historic volatility of the share price.
(d) Expense arising from share based payment transactions

Total expense of ` 77.06 Crores (Previous year : ` 940.72 Crores) arising from share based payment transactions is
recognized in Statement of Profit and Loss as an exceptional item.
NOTE 56 IMPAIRMENT OF ASSETS

The Corporation assesses at each reporting date, whether there is an indication for impairment of assets. The Corporation takes
into consideration external and internal source 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 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.
Based on the assessment, there are no indications for impairment of assets as at 31st March 2022 except for investment in one
of the associate company GSPL India Transco Limited by ` 14.08 Crores. (Previous Year: Impairment loss of ` 2,032.79
Crores for investment in one of the Subsidiary Company BPRL). Further, in respect of impairment loss on investment in BPRL,
the estimated recoverable amount does not necessitate a reversal or further impairment in the current FY 2021-22.
278
NOTE 57 PROVISIONS
In compliance of Ind AS 37 on "Provisions, Contingent Liabilities and Contingent Assets", the required information is as under:
` in Crores
Nature Opening Additions during Utilisation during Reversals during Closing
balance the year the year the year balance
Excise 0.60 0.02 - - 0.62
Customs 3.24 - - - 3.24
Income Tax (TDS) 4.61 0.03 4.21 0.43 -
VAT/ Sales Tax/ Entry Tax/ GST 411.35 20.20 75.44 62.05 294.06
Property Tax 64.46 22.44 12.19 1.11 73.60
Total 484.26 42.69 91.84 63.59 371.52
Previous year 387.09 105.88 5.86 2.85 484.26
The above provisions are made based on estimates and the expected timing of outflows is not ascertainable at this stage.
Above includes provision of ` 94.39 Crores (Previous year: ` 107.60 Crores) for which deposits have been made.
NOTE 58 DISCLOSURE IN RESPECT OF EXPENDITURE ON CORPORATE SOCIAL RESPONSIBILITY

ACTIVITIES
` in Crores
2021-22 2020-21
Particulars
a) Unspent CSR Expenditure carried forward from previous year (Opening Provision) 17.01 25.66
b) Amount required to be spent by the Corporation during the year 166.73 136.25
c) Amount spent during the year * # (on purposes other than construction /
acquisition of assets controlled by the Corporation) 137.78 144.90
d) Shortfall at the end of the year (Closing Provision) (a + b - c) ^ 45.96 17.01
* The above expenditure includes contribution to funds, expenses through registered trusts / registered society, company
established under Section 8 of the Companies Act and direct expenses towards implementation of CSR activities by the
Corporation.
# Includes payables of ` 8.15 Crores (Previous year: ` 30.18 Crores)
^The opening balance of ` 17.01 Crores for FY 2021-22 has been transferred to a separate bank account on
30th April 2021
^The closing balance of ` 45.96 Crores for FY-2021-22 consists of ` 6.56 Crores pertaining to amount
transferred on 30th April 2021 for FY 2020-21 and ` 39.40 Crores transferred to a separate Unspent CSR bank account on
29th April 2022
Reason for shortfall
The shortfall of ` 45.96 Crores from the stipulated and prescribed spend is on account of delay in certain projects due to
certain limitations faced by Implementing Agencies. However, the shortfall has been allocated against the specific projects
and would be spent as per the provisions of Companies Act, 2013.
Nature of CSR Activity undertaken by the company

The Corporation undertakes impactful social projects which are in alignment with the areas specified under Schedule VII of
the Companies Act, 2013 of which the Company takes up CSR projects largely in the five core thrust areas of Education,
Water Conservation, Skill Development, Health & Sanitation and Community Development.

280
NOTE 59 FINANCIAL INSTRUMENTS
A. Accounting classification and fair values
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair
value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
` in Crores
Carrying amount Fair value
Note Mandatorily FVOCI -
As at 31st March 2022 designated Amortised Total Level 1 Level 2 Level 3 Total
Reference at FVTPL as such Cost
Financial assets
Investment in equity instruments 8 - 758.13 - 758.13 637.33 - 120.80 758.13
Investment in debt instruments 8 & 14 4,442.27 - 0.01 4,442.28 4,442.27 - - 4,442.27
Derivative instruments - Commodity related 19 8.13 - - 8.13 - 8.13 - 8.13
Derivative instruments - Interest Rate Swaps 19 3.47 - - 3.47 - 3.47 - 3.47
Derivative instruments- Forward Contracts 19 0.63 - - 0.63 - 0.63 - 0.63
Advance against equity to Joint Venture 10 - - 195.00 195.00 - - - -
Deposits 10 & 19 - - 67.47 67.47 - 92.20 - 92.20
Loan to subsidiary- fixed rate 9 - - 1,254.10 1,254.10 - 1,707.07 - 1,707.07
Loan to subsidiary- variable rate 9 - - 2,190.00 2,190.00 - - - -
Loan to Joint Venture - variable rate 9 & 18 - - 15.00 15.00 - - - -
Loans
- Loans to employee 9 & 18 - - 475.66 475.66 - 475.66 - 475.66
- PMUY Loans to consumers 9 & 18 - - 554.40 554.40 - - 581.43 581.43
- Others 9 & 18 - - 202.69 202.69 - - - -
Other Deposits 10 & 19 - - 95.22 95.22 - - - -
Cash and cash equivalents 16 - - 767.54 767.54 - - - -
Bank Balances other than Cash and cash equivalents 17 - - 66.95 66.95 - - - -
Trade receivables 15 - - 9,738.32 9,738.32 - - - -
Others 10 & 19 - - 606.37 606.37 - - - -
Total 4,454.50 758.13 16,228.72 21,441.36 - - - -
Financial liabilities
Derivative Liability on commodity derivatives 32 284.15 - - 284.15 - 284.15 - 284.15
Bonds (Foreign Currency) 25 & 30 - - 7,566.61 7,566.61 7,610.09 - - 7,610.09
Debentures 25 & 30 - - 3,744.84 3,744.84 3,766.33 - - 3,766.33
Term loans 25 & 30 - - 3,000.50 3,000.50 - - - -
Interest Free Loan from Govt. of Kerala 25 - - 37.42 37.42 - 37.42 - 37.42
Foreign Currency Loans - Syndicated 25 - - 5,671.72 5,671.72 - - - -
Lease Obligation 25a & 30a - - 8,593.98 8,593.98 - - - -
Other Non-Current financial liabilities 26 - - 56.44 56.44 - - - -
Short term borrowings 30 - - 4,102.00 4,102.00 - - - -
Trade and Other Payables 31 - - 30,834.68 30,834.68 - - - -
Other Financial liabilities 32 - - 20,034.86 20,034.86 - - - -
Total 284.15 - 83,643.06 83,927.21 - - - -
Note: There are no other categories of financial instruments other than those mentioned above.
NOTE 59 FINANCIAL INSTRUMENTS (CONTD.)
` in Crores
As at 31st March 2021 Note Mandatorily FVOCI -
Reference designated Amortised Total Level 1 Level 2 Level 3 Total
at FVTPL as such Cost
Financial assets
Deposits 10 & 19 - - 64.10 64.10 - 81.61 - 81.61
Loan to subsidiary- variable rate 9 - - 2,090.00 2,090.00 - - - -
Loan to Joint Venture - fixed rate 9 - - 1,254.10 1,254.10 - 1,707.07 - 1,707.07
Loan to Joint Venture - variable rate 9 - - 15.00 15.00 - - - -
Investment in Mutual Funds 14 1,011.87 - - 1,011.87 1,011.87 - - 1,011.87
Investment in T Bills 14 - - 499.69 499.69 499.66 - - 499.66
Loans
- Loans to employee 9 & 18 - - 462.72 462.72 - 462.72 - 462.72
- PMUY Loans to consumers 9 & 18 - - 969.41 969.41 - - 1,020.60 1,020.60
- Others 9 & 18 - - 140.14 140.14 - - - -
Other Deposits 10 & 19 - - 70.00 70.00 - - - -
Cash and cash equivalents 16 - - 6,517.35 6,517.35 - - - -
Others 10 & 19 - - 604.81 604.81 - - - -
Total 6,299.88 423.81 21,050.94 27,774.63 - - - -
Derivative Liability on Interest Rate Swaps 32 17.12 - - 17.12 - 17.12 - 17.12
Derivative Liability on Currency Swaps 32 1.91 - - 1.91 - 1.91 - 1.91
Bonds 25 & 30 - - 11,001.50 11,001.50 11,464.09 - - 11,464.09
OIDB Loans 25 & 30 - - 793.70 793.70 - 793.89 - 793.89
Debentures 25 - - 4,294.62 4,294.62 4,343.25 - - 4,343.25
Term loans 25 & 30 - - 466.65 466.65 - - - -
Lease Obligation 25a & 30a - - 7,845.36 7,845.36 - - - -

Other Financial liabilities 32 - - 19,477.79 19,477.79 - - - -
Total 19.03 - 69,952.12 69,971.15
281
B. Measurement of fair values
Valuation techniques and significant unobservable inputs
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 instruments measured at fair value
Type Valuation technique Significant Inter-relationship between

unobservable inputs significant unobservable
inputs and fair value
measurement
Unquoted equity shares (Cochin The Valuation is based on market multiples derived from Adjusted market multiple The estimated fair value
International Airport Limited) quoted prices of international companies comparable to (P/E) would increase / (decrease)
investee and the expected revenue and PAT of the investee. if Adjusted market multiple
were higher/(lower)
Derivative instruments - forward Forward pricing: The fair value is determined using quoted Not applicable Not applicable
exchange contracts forward exchange rates at the reporting date.
Derivative instruments - interest rate Discounted cash flows: The valuation model considers the Not applicable Not applicable
swap and currency swa present value of expected receipt/payment discounted using
appropriate discounting rates. This technique also involves
using the interest rate curve for projecting the future cash
flows.
Non current financial assets and Discounted cash flows: The valuation model considers the Not applicable Not applicable
liabilities measured at amortised present value of expected receipt/ payment discounted using
cost appropriate discounting rates.
PMUY Loans to consumers Discounted cash flows: The valuation model considers the Subsidy rate The estimated fair value
present value of expected receipt/ payment discounted using would increase / (decrease)
appropriate discounting rates. if subsidy rate were higher/
(lower)
Derivative instruments - commodity Fair valuation of Commodity Derivative instruments are Not applicable Not applicable
contracts based on Platts pricing - Settlement is based on monthly
Platts average prices for the respective product for the
relevant settlement month. Mark to Market calculation is
based on Platts forward assessment. Platts is an
independent agency which assesses benchmark global
crude oil and product prices. Globally counterparties also
use Platts assessment for settlement of transactions.
282
Level 3 fair values
Reconciliation of Level 3 fair values
The following table shows a reconciliation of the opening and closing balances for Level 3 fair values.
` in Crores
Particulars Equity securities
Opening Balance(1st April 2020) 66.62
Net change in fair value (unrealised) 29.09
Closing Balance (31st March 2021) 95.71
Opening Balance(1st April 2021) 95.71
Net change in fair value (unrealised) 25.09
Closing Balance (31st March 2022) 120.80
For the fair values of unquoted equity shares, reasonably possible changes at the reporting date to one of the significant
unobservable inputs, holding other inputs constant, would have the following effects:
` in Crores
Significant unobservable inputs As at 31 March 2022

st
As at 31 March 2022
st
Profit or loss Profit or loss

Increase Decrease Increase Decrease
P/E (5% movement) 6.04 (6.04) 4.79 (4.79)
C. Financial risk management

C.i. Risk management framework
The Corporation’s Board of Directors has overall responsibility for the establishment and oversight of the Corporation’s risk
management framework. The Risk Management Committee of the Board has defined roles and responsibilities, which includes
reviewing and recommending the risk management plan and the risk management report for approval of the Board with the
recommendation of the Audit Committee. The Corporation has adopted a Risk Management Charter and Policy for self-regulatory
processes and procedures for ensuring the conduct of the business in a risk conscious manner.
The Corporation has exposure to the following risks arising from financial instruments :
• Credit risk;
• Liquidity risk; and
• Market risk
C.ii. Credit risk
Credit risk is the risk of financial loss to the Corporation if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from the Corporation’s trade and other receivables, cash and cash equivalents and
other bank balances, derivatives and debt securities. The maximum exposure to credit risk in case of all the financial instruments
covered below is restricted to their respective carrying amount.
(a) Trade and other receivables from customers
Credit risk in respect of trade and other receivables is managed through credit approvals, establishing credit limits and monitoring
the creditworthiness of customers to which the Corporation grants credit terms in the normal course of business.
As at 31st March 2022 and 31st March 2021, the Corporation’s retail dealers, industrial and aviation customers accounted for the
majority of the trade receivables.
Expected credit loss assessment for Trade and other receivables from customers as at 31st March 2022 and 31st March 2021
The Corporation 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 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 product purchases, type of customers.

The following table provides information about the exposure to credit risk and Expected Credit Loss Allowance for trade and other
receivables: ₹ in Crores
Gross carrying Weighted average Loss
amount loss rate - range allowance
Debts not due 6,126.49 0.20% 12.25
Debts over due 2,990.31 11.15% 333.47
TOTAL 9,116.80 3.79% 345.72
₹ in Crores
Gross carrying Weighted average Loss
As at 31st March 2021 amount loss rate - range allowance
Debts not due 5,122.56 0.28% 14.10
Debts over due 2,007.29 21.40% 429.54
TOTAL 7,129.85 6.22% 443.64
The Corporation does not provide for any loss allowance on trade receivables where risk of default is negligible such as receivables
from other oil marketing companies, if any, hence the same is excluded from above.
Loss rates are based on actual credit loss experience over the past three years.
The movement in the loss allowance in respect of trade and other receivables during the year was as follows.
₹ in Crores
Particulars Amount
Balance as at 1st April, 2020 193.65
Movement during the year 249.99
Balance as at 31st March, 2021 443.64
Movement during the year (97.92)
(b) PMUY and Other Loans

As per the Government of India’s scheme - Pradhan Mantri Ujjwala Yojana (PMUY), the Corporation has given interest
free loans to PMUY customers towards cost of hot plate and 1st refill, which is to be recovered from the subsidy amount
payable to customer when such customers book refill. During the year, the Corporation has recalculated gross carrying
amount of the loans at period end at the present value of the estimated future contractual cash flows discounted at the
original effective interest rate due to revision in estimates of receipts based on projections of subsidy amount per refill.
Accordingly, the gross carrying amount of the loans has been reduced by ₹ 367.29 Crores (Previous year: ₹ 650.84
Crores) with a corresponding recognition of expense in the Statement of Profit and Loss.
The Corporation assess the credit risks / significant increases in credit risk on an ongoing basis throughout each
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
₹ 88.15 Crores (Previous year: ₹ 86.38 Crores) has been recognized on carrying amount of ₹ 642.56 Crores (Previous
year: ₹ 1,055.79 Crores) (Refer Note No. 9 and 18)
284
The movement in the loss allowance in respect of PMUY and other loans during the year was as follows.
₹ in Crores
Particulars Amount
Balance as at 1 April, 2020
st
98.90
(c) Cash and cash equivalents and Other Bank Balances

The Corporation held cash and cash equivalents and other bank balances of ₹ 834.49 Crores at 31st March 2022 (Previous
year: ₹ 7,053.49 Crores). The cash and cash equivalents are held with banks with good credit ratings and financial institution
counterparties with good market standing. Also, Corporation invests its short term surplus funds in bank fixed deposits, Tri
Party Repo and liquid schemes of mutual funds etc., which carry no / low mark to market risks for short duration and therefore
does not expose the Corporation to credit risk.
(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.
(e) Investment in debt securities
Investment in debt securities are mainly as loans to subsidiaries, joint venture companies and investment in government
securities which do not carry any significant credit risk.
C.iii. Liquidity risk
Liquidity risk is the risk that the Corporation will encounter difficulty in meeting the obligations associated with its financial liabilities
that are settled by delivering cash or another financial asset.
Liquidity risk is managed by Corporation through effective fund management. The Corporation has obtained fund and non-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 following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and
undiscounted, and include estimated interest payments;

Maturity Analysis of Significant Financial Liabilities ₹ in Crores
Contractual cash flows

Total Up to 1 year 1-3 years 3-5 years More than 5 years
Non-derivative financial liabilities
Bonds 8,286.66 4,117.27 303.23 3,866.16 -
Term loans 3,461.31 127.09 3,233.97 0.25 100.00
Non Convertible Debentures 4,451.24 1,009.78 1,324.35 2,117.11 -
Foreign Currency Loans - Syndicated 5,850.25 82.36 5,767.89 - -
Lease Liabilities 16,156.37 1,157.17 1,903.93 1,686.78 11,408.50
Short term borrowings 4,105.51 4,105.51 - - -
Trade and other payables 30,834.68 30,834.68 - - -
Other financial liabilities 20,034.86 20,034.86 - - -
Financial guarantee contracts * 7,437.25 741.77 - 6,434.13 261.35
₹ in Crores
Total Up to 1 year 1-3 years 3-5 years More than 5 years
Bonds 12,188.00 4,153.02 4,139.23 3,895.75 -
OIDB Loans 794.32 794.32 - - -
Term loans 652.56 63.97 488.59 - 100.00
Non Convertible Debentures 5,301.44 850.20 2,211.89 2,239.35 -
Lease Liabilities 15,360.01 808.11 1,630.10 1,596.33 11,325.47
Other financial liabilities 19,477.79 19,477.79 - - -
Financial guarantee contracts * 6,603.78 - 1,135.65 - 5,468.13
286
* These Guarantees issued by the Corporation on behalf of subsidiaries are with respect to borrowings raised by the respective
entities. The above also includes guarantee amount of ₹ 261.35 Crores (equivalent USD 34.48 Million) [ Previous Year ₹ 175.79
Crores (equivalent USD 23.92 Million)] towards BPRL Venture Mozambique BV’s pro rata share of drawdown of USD 28.73 Million
(as on 31st March 2022) [USD 19.93 Million (as on 31st March 2021)] under the project finance arrangement entered into for 2-train
12.88 MMTPA LNG Project in Mozambique Offshore Area 1, Rovuma basin. This project is being partly funded through USD 16
Billion project finance. BPCL has provided a Debt 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 arrangement, capped at a maximum of USD 1.92 Billion (out of which the draw down was USD
28.73 Million as on 31st March 2022) [(out of which the draw down was USD 19.93 Million as on 31st March 2021).
These guarantee amounts will be payable on default by the concerned entity. As of the reporting date, none of the subsidiaries have
defaulted and hence, the Corporation does not have any present obligation to third parties in relation to such guarantees. The
bifurcation of contractual cash flows in different years is based on expiry of said guarantees.
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 market
prices. Market risk comprises four types of risk: currency risk, interest rate risk, commodity risk and other price risk.
C.iv.a Currency risk
The Corporation is exposed to currency risk on account of its operating and financing activities. The functional currency of 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.
The Corporation has put in place a Financial Risk Management Policy to identify the most effective and efficient ways of managing
the currency risks. The Corporation uses derivative instruments, (mainly foreign exchange forward contracts) to mitigate the risk of
changes in foreign currency exchange rates in line with our policy.
The Corporation does not use derivative financial instruments for trading or speculative purposes.
Exposure to currency risk
The currency profile in INR of foreign currency denominated financial assets and financial liabilities as at 31st March 2022 and
31st March 2021 are as below:

₹ in Crores
As at 31st March 2022 USD EURO JPY CHF Others
Financial assets
Cash and cash equivalents 23.85 - - - -
Trade receivables and Other assets 3,093.00 - - - 0.02
Net exposure for assets 3,116.85 - - - 0.02
Bonds 7,566.61 - - - -
Foreign Currency Loans - Syndicated 5,671.72 - - - -
Trade Payables and other liabilities 19,705.76 36.63 16.58 0.16 0.73
Add/(Less): Foreign currency forward exchange contracts (1,856.17) - - - -
Net exposure for liabilities 31,087.92 36.63 16.58 0.16 0.73
Net exposure (Assets - Liabilities) (27,971.07) (36.63) (16.58) (0.16) (0.71)
₹ in Crores
As at 31 March 2021
st
USD EURO JPY CHF Others
Financial assets
Cash and cash equivalents 24.81 - - - -
Trade receivables and other assets 1,757.75 - - - 0.02
Net exposure for assets 1,782.56 - - - 0.02
Bonds 11,001.50 - - - -
Add/(Less): Foreign curency forward exchange contracts (521.00) - - - -
A reasonably possible strengthening/ (weakening) of the USD against INR at 31st March would have affected the
measurement of financial instruments denominated in US dollars and affected profit or loss by the amounts shown below.
This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of
forecast sales and purchases. In cases where the related foreign exchange fluctuation is capitalised to Property, Plant and
Equipment or recognised directly in reserves, the impact indicated below may affect the Corporation's income statement
over the remaining life of the related Property, Plant and Equipment or the remaining tenure of the borrowing respectively.
288
₹ in Crores
Effect in INR (before tax) Profit or loss
For the year ended 31st March, 2022 Strengthening Weakening

3% movement
USD (839.13) 839.13
(839.13) 839.13
₹ in Crores
3% movement
USD (699.95) 699.95
(699.95) 699.95
C.iv.b Interest rate 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 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 flows of
floating interest bearing investments will fluctuate because of fluctuations in the interest rates.
The Corporation’s approach to managing interest rate risk is to have a judicious mix of borrowed funds with fixed and floating interest
rate obligation.

Exposure to interest rate risk
Corporation’s interest rate risk arises primarily from borrowings. The interest rate profile of the Corporation’s interest-bearing
financial instruments is as follows:
₹ in Crores
Particulars Note Reference As at As at

31st March 2022 31st March 2021
Fixed-rate instruments
Financial Assets - measured at amortised cost
Investment in debt instruments 8 0.01 0.01
Loan to Subsidiary 9 1,254.10 -
Loan to Joint Venture 9 - 1,254.10
Investments in FD & TREPS 16 365.00 6,289.93
Investment in T-Bills 14 - 499.69
Financial Assets - measured at Fair Value through Profit or Loss
Investment in debt instruments 14 4,442.27 5,282.71
Total of Fixed Rate Financial Assets 6,061.38 13,326.44
Financial liabilities - measured at amortised cost
Bonds 25 & 30 7,566.61 11,001.50
OIDB Loans 25 & 30 - 793.70
Non- Convertible Debentures 25 & 30 3,744.84 4,294.62
Short term borrowings 30 4,102.00 4,232.81
Term Loan 25 37.42 34.48
Total of Fixed Rate Financial Liabilities 15,450.87 20,357.11
Variable-rate instruments
Loan to Subsidiary 9 2,190.00 2,090.00
Loan to Joint Venture 9 & 18 15.00 15.00
Financial Assets - measured at Fair Value through Profit or Loss
Investment in Mutual Funds 14 - 1,011.87
Total of Variable Rate Financial Assets 2,205.00 3,116.87
Foreign Currency Loans - Syndicated * 25 & 30 5,671.72 5,491.21
Term loans 25 & 30 3,000.50 466.65
Total of Variable Rate Financial Liabilities 8,672.22 5,957.86
* In respect of Foreign Currency Loans, the Corporation has entered into Interest Rate Swaps of USD 65 Million (Previous year: USD
65 Million)
290
Interbank offered rate (IBOR) additional information

The Corporation has following exposure to LIBOR as at 31st March 2022:
Nature of Transaction Principal Amount Rate of Interest Repayment Date / Last
in Million USD Settlement Date
External Commercial Borrowing 300.00 6 Months LIBOR + 0.80% 5-Dec-23
External Commercial Borrowing 450.00 6 Months LIBOR + 1.30% 11-Jan-24
Interest Rate Swap ( 6 monthly) 65.00 Pay- Fix Rate 5-Dec-23
Receive -6 Month LIBOR
In March 2021, the Financial Conduct Authority (FCA), UK had confirmed that all LIBOR settings will either cease to be provided by
any administrator or no longer be representative:
- immediately after 31 December 2021, in the case of all sterling, euro, Swiss franc and Japanese yen settings, and the 1-week
and 2-month US dollar settings; and
- immediately after 30 June 2023, in the case of the remaining US dollar settings.
The aforementioned exposures shall be migrated from LIBOR to an Alternative Reference Rate in line with the announcement. The
impact of such migration is not ascertainable at present.
Fair value sensitivity analysis for fixed-rate instruments
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 point in interest rates is likely to increase the profit
or loss (before tax) for the year ending 31st March 2022 by ₹ 29.43 Crores (Previous year: ₹ 46.61 Crores) and an increase in 25
basis point in interest rates is likely to decrease the profit or loss (before tax) for the year ending 31st March 2022 by ₹ 29.18 Crores
(Previous year: ₹ 46.10 Crores).
Cash flow sensitivity analysis for variable-rate instruments
A reasonably possible change of 25 basis points in interest rates at the reporting date would have increased (decreased) 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 capitalised to Property, Plant and Equipment, the impact indicated
below may affect the Corporation's income statement over the remaining life of the related Property, Plant and Equipment.
₹ in Crores
Cash flow sensitivity (net) Profit or (loss)
0.25 % increase 0.25% decrease
As at 31 March 2022
st
Variable-rate loan instruments (15.28) 15.28

Interest on loan given to Subsidiary / Joint Venture 5.39 (5.39)
Cash flow sensitivity (net) (9.90) 9.90

Interest on loan given to Subsidiary / Joint Venture 5.23 (5.23)

C.iv.c Commodity rate risk
Corporation’s profitability gets affected by the price differential (also known as Margin or Crack spread) between prices of products
(output) and the price of the crude oil and other feed-stocks used in production (input). Prices of both are set by 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 hedged through Freight Forwards and
bunker purchases. Settlement of all derivative transactions take place on the basis of monthly average of the daily prices of the
settlement month quoted by Platts.
Corporation measures market risk exposure arising from its trading positions using value-at-risk techniques. These techniques make
a statistical assessment of the market risk arising from possible future changes in market prices over a one-day holding period.
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 level. The calculation
of the range of potential changes in fair value takes into account positions and the history of price movements for last two years.
VaR calculation for open position as on 31st March 2022 is as given below:
Product Gasoline - Jet - Dubai Gasoil -
Dubai (USD/bbl) Dubai (USD/bbl)
Unit USD/Bbl USD/Bbl USD/Bbl
Mean 16.54 22.56 30.81
Standard Deviation 2.17 8.28 8.88
Max dev: 95% confidence 3.57 13.62 14.61
Mean +Max Dev: 95% 20.11 36.18 45.42
Avg.Trade Price 17.63 26.08 17.42
Lots as on 31 March 2022
st
4.00 2.00 112.00
Standard Lot size 50000 BBL 50000 BBL 50000 BBL
VAR USD million 0.50 1.01 156.82
Total Portfolio VaR in USD million (without considering inter-commodity 158.33
VaR correlation)
C.iv.d Price risk

The Corporation’s exposure to equity investments price risk arises from investments held by the Corporation and classified in the
financial statements at fair value through OCI. The Corporation intends to hold these investments for long-term for better returns and
price risk will not be significant from a long term perspective.
Exposure to price risk
₹ in Crores
Profit or Loss Other components of Equity
Effect in INR (before tax)
Strengthening Weakening Strengthening Weakening
1% movement
Investment in Oil India Limited- FVOCI - - 6.37 (6.37)
Investment in Cochin International Airport - - 1.21 (1.21)
Limited - FVOCI
Total - - 7.58 (7.58)
292
₹ in Crores
Profit or Loss Other components of Equity
Effect in INR (before tax)
As at 31 March 2021
st
1% movement
Limited - FVOCI
Total - - 4.24 (4.24)
D. Offsetting
The following table presents the recognised financial instruments that are offset and other similar agreements that are not offset,
as at 31st March 2022 and 31st March 2021.
The column 'net amount' shows the impact on the Corporation's Balance Sheet if all set-off rights are exercised.
` in Crores
Particulars Note Effect of offsetting on the Related amounts not offset
reference balance sheet
Gross Gross Net Financial Amounts Net

amounts amounts amounts Instrument which can Amount
set off in presented be offset
the balance in the
sheet balance
sheet

Trade and other payables B&C 9,289.38 4,677.22 4,612.16 - - -
Financial assets
Investment in GOI Bonds, T-Bills A - - - 5,932.33 849.96 5,082.37

& CBLO
Trade and other receivables B&C 4,253.36 3,311.66 941.70 - - -
Short term borrowings A - - - 4,232.81 849.96 3,382.85
Trade and other payables B&C 4,141.44 87.04 4,054.40 - - -

NOTES
A. The Corporation has Triparty Repo Settlement System limits with Clearing Corporation of India Limited, the
borrowings against which was NIL as at 31st March 2022 (Previous year : ` 850 Crores). The limits are secured by
7.59% Government Stock 2026 & 6.90% Oil Marketing Companies GOI Special Bonds 2026 of ` 1,245 Crores
(Previous year : ` 870 Crores Secured by 7.59% Government Stock 2026 & T-Bills).
B. The Corporation purchases and sells petroleum products from different Oil and Gas Companies. Under the terms of
the agreement, the amounts payable by the Corporation are offset against receivables and only the net amounts are
settled. The relevant amounts have therefore been presented net in the balance sheet.
C. The Corporation enters into derivative transactions under the International Swaps and Derivatives Association (ISDA)
master netting agreements. In general, under such agreements the amounts owed by each counterparty on a single
day in respect of all transactions outstanding in the same currency are aggregated into a single net amount that is
payable by one party to the other.
NOTE 60 CAPITAL MANAGEMENT

The Corporation’s objective is to maximize the shareholders' value by maintaining an optimum capital structure.
Management monitors the return on capital as well as the debt equity ratio and makes necessary adjustments in the capital
structure for the development of the business.
The Corporation’s debt to equity ratio as at 31st March, 2022 was 0.49 (Previous year: 0.48).
Note: For the purpose of computing debt to equity ratio, equity includes Equity Share Capital and Other Equity and Debt
includes Current and Non Current borrowings.
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.
294
NOTE 62 MICRO AND SMALL ENTERPRISES
The details regarding Micro and Small Enterprises are provided to the extent, the Corporation has received intimation from the
“suppliers” regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 are as under:
₹ in Crores
As at As at
Particulars 31/03/2022 31/03/2021
Principal amount overdue (remaining unpaid) - -
Interest due thereon remaining unpaid - -
Payment made during the year after the due date
Principal - 14.38
Interest - -
Interest accrued and remaining unpaid 0.07 0.07
NOTE 63 CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS

₹ in Crores
As at As at
Particulars
31/03/2022 31/03/2021
(a) Contingent Liabilities :
In respect of Income Tax matters 153.93 791.88
Other Matters :
i) Claims against the Corporation not acknowledged as debts *
Excise and customs matters 277.71 234.82
Service Tax matters 10.93 10.40
Sales Tax/ GST/ VAT/ Entry Tax matters 3,397.89 3,480.27
Land Acquisition cases for higher compensation 243.96 244.44
Others 768.05 329.25
* These include ` 1,336.05 Crores (Previous year: ₹ 1,180.78 Crores) against which the Corporation has a recourse for recovery
and ` 88.38 Crores (Previous year: ₹ 97.57 Crores) which are on capital account.
ii) Claims on account of wages, bonus / ex-gratia payments in respect 63.36 55.03
of pending court cases
iii) Guarantees (Refer Note Below) 752.00 1,156.99
(b) Capital Commitments :
i) Estimated amount of contracts remaining to be executed 2,562.23 3,545.63
on capital account and not provided for
ii) Other Commitments # 350.00 3.62
Note: Apart from the above;

1. Corporation’s subsidiary, Bharat Gas Resources Limited (BGRL) has been authorized by Petroleum and Natural Gas
Regulatory Board (PNGRB) for development of 11 Geographical Areas (GAs) in Bid Round 9 and 2 GAs in Bid Round 10.
As a promoter, BPCL has issued Parent Company Guarantees (PCGs) to PNGRB guaranteeing all performance obligations
of BGRL under these 13 GAs. The outflow that may arise under these PCGs is not quantifiable.
2. Corporation has issued a Parent Company Guarantee (PCG) in favour of Mozambique LNG1 Company Pte. Limited in
respect of obligations of BGRL under LNG Sales Purchase Agreement (SPA) with Mozambique LNG1 Company Pte.
Limited. Transaction under the SPA is expected to be initiated in FY 2023-24. The outflow that may arise under this PCGs
is not quantifiable.

3. Corporation’s subsidiary, Bharat PetroResources Limited (BPRL), is engaged in the business of Exploration and 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 favour of Government/ Government Agencies/
Operators/ other partners towards performance obligations of BPRL (including its group companies) under the Concession
Agreement/Joint Operating Agreements/ Production Sharing Contracts/ Licenses/ Farmout Agreements relating to various
such E&P oil & gas blocks acquired by them. The outflow that may arise under these performance guarantees/
counter-indemnities/ letter of undertakings is not quantifiable.
4. The Corporation has issued Performance Guarantee for necessary infrastructure of terminal and pipelines at Kochi and
obligations of Associate Company Petronet LNG Ltd under the LNG SPA, the outflow that may arise under the same is not
quantifiable.
# Calls received for issue of shares during the year from Subsidiary and Joint Venture Company for which subscription of shares is
pending.
NOTE 64 RESEARCH AND DEVELOPMENT EXPENDITURE ` in Crores
a) Revenue Expenditure 51.21 48.88

b) Capital Expenditure 26.55 37.76
NOTE 65 REVENUE FROM CONTRACTS WITH CUSTOMERS
Contract balances ₹ in Crores

As at As at
Particulars
31/03/2022 31/03/2021
Contract liabilities 659.11 499.36

The contract liabilities primarily relates to the liability towards customer loyalty program for unutilized points and the upfront bidding
fees/fixed fees pertaining to tendering for Retail Outlets.
Movement in contract liabilities is as follows ₹ in Crores

At beginning of the year 499.36 302.45

Increases due to cash received, excluding amounts recognised as revenue during
the year 231.19 250.52
Revenue recognised during the year that was included in the contract liability balance
at the beginning of the year 71.44 53.61
At end of the year 659.11 499.36
296
NOTE 66 ADDITIONAL DISCLOSURE AS PER SCHEDULE III- RATIOS
Variation
Particulars Unit Numerator Denominator 2021-22 2020-21 Reason for Variation @
(in %)
Current ratio times Current Assets Current Liability 0.76 0.92 (16.87)
Debt Equity ratio times Total Debt excluding Total Equity 0.49 0.48 2.08
Lease Liabilities
Debt service coverage ratio times Profit after tax + Finance Finance cost^ + Long term 2.08 4.96 (58.06) Due to gain on disposal of
cost^+ Depreciation debt payment ^ + Finance Investment in one of the subsidiary
Cost Capitalised Numaligarh Refinery Limited in
previous FY 2020-21, coupled with
increase in debt repayment during
current FY 2021-22.
Return on equity ratio % Profit after tax Average Total Equity 16.87 43.40 (61.12) Due to gain on disposal of
Investment in one of the subsidiary
Numaligarh Refinery Limited in
previous FY 2020-21.
Inventory turnover ratio times Sale of Product Average Inventory 13.71 12.75 7.49
Trade receivables turnover ratio times Sale of Product Average Trade Receivable 49.22 46.31 6.27
Trade payables turnover ratio times Purchase of Stock in trade+ Average Trade Payable 14.96 15.09 (0.91)
Raw Material +other expenses
Net capital turnover ratio times Sale of Product Average Working Capital * * - Mainly on account of higher Profit
in previous year.
Net profit ratio % Profit after tax Revenue from Operations 2.03 6.33 (67.92)
Return on capital employed % Profit before exceptional Average Capital Employed 18.19 23.45 (22.41)
item, interest and tax
Return on investment
Instruments measured % Dividend income + Average Investment 61.44 13.01 372.25 Mainly on account of increase in
share prices of the investments in
at FVOCI Interest InCapital Gaincome + listed securities.
Instruments measured at FVTPL % 5.77 6.57 (12.18)
Investments in Subsidiaries, % 2.06 82.89 (97.51) Due to gain on disposal of
Investment in one of the subsidiary
Joint Ventures and Associates
Numaligarh Refinery Limited in
previous FY 2020-21.
@ variation reason has been proided 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
* Negative Ratio
297
NOTE 67 DISCLOSURE UNDER SCHEDULE III
(A) Relationship with Struck off Companies
Balances with struck-off companies are as under:

Nature of Balance outstanding
transactions (₹ in Crores) Relationship
with with the
Name of struck-off companies CIN As at As at
struck-off Struck-off
31st March 31st March
Company company
2022 2021
Duncan Agro Industries Ltd U15494WB1900PLC001041 Payable 0.17 0.17 N.A.
Murthy Electronics Private Limited U31909KA2003PTC032405 Payable 0.15 0.26 N.A.
Patel And Lalka Cement Pvt Ltd U26941GJ1982PTC005235 Payable 0.05 - N.A.
Rus Food Products Private Limited U15412MH1995PTC084233 Payable 0.04 0.04 N.A.
Siddheshwar Logistic Private Limited U04520MP2005PTC017943 Payable 0.04 0.04 N.A.
Devesh Hotel And Resort Private Limited U55101RJ1998PTC014897 Payable 0.03 - N.A.
Verny Engineers Private Limited U74140TG1980PTC002827 Payable 0.03 0.03 N.A.
Advantech Services (India) Private Limited U29120MH2000PTC127174 Payable 0.02 0.02 N.A.
Drs Computer Distribution Private Limited U72200TZ2001PTC009624 Payable 0.02 0.01 N.A.
Aasthaa Airtech Private Limited U29309RJ2010PTC031181 Payable 0.01 0.06 N.A.
Shree Properties Pvt Ltd 1 U70109WB1947PTC015086 Payable 0.00 0.00 N.A.
Maitreya Hotels And Resorts Private Limited 2 U55100MH2000PTC123608 Payable 0.00 0.00 N.A.
Chandy Engineering Private Limited 3 U74900TN2015PTC101481 Payable 0.00 0.02 N.A.
Sabne Transport Private Limited 4 U60231PN1988PTC050204 Payable 0.00 0.00 N.A.
HBN Homes Colonisers Private Limited 5 U70109DL2006PTC149581 Payable 0.01 0.00 N.A.
Uniquetrade Broadband System Private Limited U74900WB2015PTC205378 Transaction - - N.A.

entered and
settled during
the year
hence Nil
outstanding
K S P Carriers Private Limited 6 U74899DL1998PTC093100 Receivable 0.00 0.00 N.A.
Laxmi Nirmal Petrochemicals Private Limited U11100MH2007PTC174636 Receivable 0.03 0.03 N.A.
Guru Kripa Trans-Connect Private Limited U60220DL2008PTC178895 Receivable 0.03 0.03 N.A.
Om Ingot Industries Limited U27100MH1998PLC117493 Receivable 0.04 0.04 N.A.
Pawan Proteins (India) Limited L15494MH1992PTC070066 Receivable 0.04 0.04 N.A.
Verny Engineers Private Limited U74140TG1980PTC002827 Receivable 0.04 0.04 N.A.
Golden Agro Tech Industries Limited U15143AP1991PLC012190 Receivable 0.08 0.08 N.A.
Jagdev Transport Company Private Limited U60100MH1981PTC025201 Receivable 0.09 0.09 N.A.
298
1
Balance Outstanding of ` 45,900 (` 29,700 as at 31st March 2021)
2
Balance Outstanding of ` 16,722 (` 16,722 at 31st March 2021)
3
Balance Outstanding of ` 9,800 (` 1,65,781 as at 31st March 2021)
4
5
6
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.
(B) Utilisation of Borrowed Funds and share premium
During FY 2021-22, other than the transactions undertaken in the normal course of business and in accordance with
extant regulatory guidelines and internal policies, as applicable,
1. The Corporation has not granted any advance / loans or investments or provided guarantee or security or the like
to any other person(s) or entities with an understanding, whether recorded in writing or otherwise, to further
lend/invest/provide guarantee or security or the like to any other person on behalf of the Corporation.
2. The Corporation has not received any funds from any person(s) or entity with an understanding, whether recorded
in writing or otherwise, that the Corporation shall further lend or invest or provide guarantee or security or the like
in any other person on behalf of and identified by such person(s)/entity.
(C) Registration of charges or satisafaction with Registrar of Companies

The details of pending satisfaction of charges with Registrar of Companies is as follows:
Brief description of the charge to be satisfied Location of the Registrar Date of repayment Reason for delay
of facility in satisfaction
Mortgage created by Deposit of Title Deed over certain Mumbai, Maharashtra 31.12.2019 NOC from Rupee
immovable properties situated in the State of Gujarat, Lenders for release
in favor of Rupee Lenders to secure certain borrowing of charge is awaited.
facilities. Amount secured by the charge is ` 10 Crores.
As per MCA website, a charge of ` 246.80 Crores is appearing unsatisfied vide charge ID 90165239. As per
information available with the company, the charge was satisfied vide document number 424 on 20th April 2000 by
Registrar of Companies, Mumbai. Hence the same has not been disclosed in Schedule III.

NOTE 68
(I) Bharat Gas Resource Limited (BGRL)
During FY 2020-21, the Board had decided to merge the wholly owned subsidiary BGRL with the Corporation and not
pursue transfer of Assets and Liabilities of Gas business to BGRL.
The proposed merger of BGRL with the Corporation is in process as on 31st March 2022 and will be completed after
obtaining approval from respective authorities.
(II) Bharat Oman Refineries Limited (BORL)
The Corporation held 63.38% stake in BORL (i.e. 1,53,82,16,114 Equity Shares) and has additionally acquired balance
36.62% of Equity Shares (i.e. 88,86,13,336 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") on 30th June 2021, for a
consideration of ` 2,399.26 Crores. By way of this transaction, BORL has become a wholly owned subsidiary of the
Corporation.
Further, the Corporation has acquired the remaining share warrants of BORL held by Government of Madhya Pradesh
for a consideration of ` 72.65 Crores (including Stamp Duty).
Further during FY 2021-22, the Board has decided to merge the wholly owned subsidiary BORL with the Corporation.
The proposed merger of BORL with the Corporation is in process as on 31st March 2022 and will be completed after
obtaining necessary approval from respective authorities.
(III) Numaligarh Refinery Limited (NRL)
During previous FY 2020-21 the Corporation had sold its entire shareholding in NRL constituting 61.65% of the total
equity capital of NRL (i.e. 45,35,45,998 equity shares of `10/- each) under the terms of Share Purchase Agreement
executed on 25th March 2021 after obtaining approvals from the shareholders in Extra-ordinary General Meeting held
on 25th March 2021. The Equity Shares of NRL had been sold to a consortium of Oil India Limited and Engineers India
Limited; and to Government of Assam for a total consideration of ` 9,875.96 Crores.
After the above sale of equity shares, NRL has ceased to be the subsidiary of the Corporation with effect from 26th
March 2021. The Gain arising from the sale of Equity shares of NRL is ` 9,422.42 Crores has been shown as an
Exceptional Item in the Statement of Profit and Loss for FY 2020-21.
300
NOTE 69 EXCEPTIONAL ITEMS - EXPENSES / (INCOME) ₹ in Crores
2021-22 2020-21
Particulars
Employee Share Based Expenses (Refer Note 55) 77.06 940.72
Impairment of Investment in Subsidiary (Refer Note 56) - 2,032.79
Gain on sale of Investment in Subsidiary (Refer Note 68) - (9,422.42)
Exceptional Items Expenses / (Income) 77.06 (6,448.91)
NOTE 70
Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. On March 23, 2022, MCA amended the Companies
(Indian Accounting Standards) Amendment Rules, 2022, applicable from 1st April , 2022. The Corporation does not expect
the amendment to have any significant impact in its financial statements.
NOTE 71 ENERGY SAVING CERTIFICATES (ESCerts)

During FY 2021-22, Mumbai and Kochi Refineries were awarded with 83,996 Nos and 1,06,764 Nos of ESCerts
respectively from Bureau of Energy Efficiency (BEE) 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 be redeemed to meet refineries own shortfall (if any) or can be used as tradable certificates which can be sold
through power exchanges. According to the Indian Energy Exchange’s market fluctuations, current values of ESCerts are
volatile. Considering unascertainability of cost of ESCerts since such cost cannot be derived directly, the same has not been
carried in inventory.
NOTE 72
Figures of the previous year have been regrouped wherever necessary, to conform to current period presentation
Signature to Notes '1' to '72'
Sd/-
Place: Delhi
Sd/- Sd/- Sd/- Sd/-

Place: Mumbai
Date: 25th May 2022

CONSOLIDATED
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF BHARAT PETROLEUM CORPORATION LIMITED
Report on the Audit of the Consolidated Ind AS Financial Statements
Opinion
1. We have audited the accompanying Consolidated Ind AS Financial Statements of Bharat Petroleum Corporation
Limited (“hereinafter referred to as the Holding Company/Corporation”) and its subsidiaries (the Holding
Company/Corporation 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, 2022, the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the
Consolidated Statement of Cash Flows and the Consolidated Statement of Changes in Equity for the year ended on
that date, and a summary of the significant accounting policies and other explanatory information (hereinafter
referred to as “the Consolidated Ind AS Financial Statements”).
2 In our opinion and to the best of our information and according to the explanations given to us and based on the
consideration of reports of the auditors on financial statements and on the other financial information of the
subsidiaries, joint ventures and associates, the aforesaid Consolidated Ind AS Financial Statements give the
information required by the Companies Act, 2013 (the “Act”) in the manner so required and give a true and fair view
in conformity with Indian Accounting Standards prescribed under section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended (“Ind AS”) and other accounting principles generally
accepted in India, of the consolidated state of affairs of the Group as at March 31, 2022, the consolidated Profit,
consolidated total comprehensive income, consolidated cash flows and consolidated changes in equity for the year
ended on that date.
Basis for Opinion
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 the Auditor’s Responsibilities for the Audit of the Consolidated Ind AS Financial Statements section of
our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of
the Consolidated Ind AS Financial Statements under the provisions of the Act and the Rules made thereunder, and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the Consolidated Ind AS Financial Statements.
Emphasis of Matter
4. We draw attention to the following matters in relation to the Consolidated Ind AS Financial Statements:
I. Note No. 64 to the consolidated financial statements with regard to the Exceptional Items recognized in the
Statement of Profit and Loss by the Company as gain on re-measurement of previously held equity interest as
on June 30, 2021 in ‘Bharat Oman Refinery Limited (BORL)’, which is based on provisional estimates made by
management, amounting to ` 1,720.13 Crores and resultant Goodwill amounting to ` 1,203.98 Crores on
account of change in control from joint venture company to wholly owned subsidiary company due to
acquisition of the remaining shares of joint venture company with effect from June 30, 2021.
II. The auditors of Bharat Petro Resources Limited (BPRL) (Subsidiary Company) have stated following under
Emphasis of Matter in their Report on the consolidated financial statements:
1. We draw attention to Note No. 58 of consolidated financial statements on “Interest in Joint Operations”
regarding incorporation of details about the Holding Company’s share in assets, liabilities, income and
expense in the unincorporated joint operations based on the audited/unaudited statements received from the
respective Operators.

“In these regard, it has been observed that:
a. As on March 31, 2022, the holding company is having a participating interest in nine Indian Blocks, out
of which three Indian blocks are operated by the holding company. For the remaining six Indian blocks,
audited statements have not been received by the Company; hence, certified figures as provided by the
management of the operator have been considered. The total Assets & Liabilities as on March 31, 2022
and Income & Expenses for FY 2021-22 in respect of the said six blocks amounts to ` 157.07 Crores,
` 15.96 Crores, `125.21 Crores and ` 27.62 Crores respectively.
b. The holding company was having participating interest in two foreign blocks, out of which EP 413 block
has been farmed out during the year and Block 32 has been relinquished in the previous financial year.
The operators of foreign blocks are not required to submit annual audited statements; hence, unaudited
statements as received by the company have been considered. The value of total assets, liabilities,
income and expenses in which has been incorporated in the books of the Company amounts to ` 0.08
Crores, ` 0.09 Crores, ` NIL Crores and ` 0.03 Crores respectively.
c. The Holding Company’s proportionate share in jointly controlled assets, liabilities for which the Holding
Company is jointly responsible, Holding Company’s proportionate share of income and 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 based on such audit reports and
statements from the Operators to the extent available with the Holding Company.
d. Some of the Operators use accounting policies other than those adopted by the Holding Company for
like transactions. The Holding Company has made appropriate adjustments while incorporating relevant
data;” and
2. We draw attention to Note No.66 of consolidated financial statements regarding reversal of Provision for Cost
of Minimum Work Program amounting to ` 51.77 Crores by BPRL based on the letter from competent
authority received during the year ended March 31, 2022 and the same has been disclosed under
exceptional item.
3. We draw attention to the 58 (III) (3) of the consolidated financial statements regarding recognition of amount
of `18.02 Crores being Other Operating Revenue towards services provided to group companies pertaining
to period October 2016 to March 2021.
4. We draw attention to Note 58 of the consolidated financial statements regarding:
a. Arbitration filed before International Chamber of Commerce, London and appeal filed in the Brazilian
courts by IBV (Brasil) Petroleo Ltd against the notice for exclusive operations served by the Operator of
BMC 30 concession i.e participating asset. Pending such decision, the management of Holding
company continues to recognize its assets at its carrying value.
b. The commencement of military operation in Ukraine by the Russian Federation in February 22 and
severe sanctions imposed by United States of America, the European Union and numerous other
countries on the Russian Government may have on the impact of operations of the Entities in Russia.
Our opinion is not modified in respect of the above matters
III. Attention is drawn to Note 59 (II) of the financial statements regarding the adoption of New Income Tax Regime
under section 115BAA of the Income Tax Act, 1961 with effect from financial year 2021-22 by one its subsidiary
company ‘BORL’.
Key Audit Matters
5. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
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
provide a separate opinion on these matters. We have determined the matters described below to be the key audit
matters to be communicated in our report.
304
Sr.No. Key Audit Matter Auditors’ Response
1 Valuation of Investment in E&P Assets:

The Group along with its step down The following procedures were carried out in
Subsidiaries, Joint Ventures & Associates this regard:
holds participating interest in various oil/ gas • We evaluated the design, implementation
blocks for exploration & evaluation, development and operating effetiveness of key controls in
and production activities (E&P). relation to the annual impairment testing
The Group’s realisation from these E&P activity carried out by the Group for its
investments is dependent on the continued investments in E&P Assets.
successful operations/development of reserves • We reviewed the audited Consolidated
resulting in expected earnings and revenue Ind AS Financial Statements of BPRL for FY
growth of the respective companies. 2021-22 and the Independent Auditor’s Report
thereon to ascertain if there are any signs of
permanent diminution in the Corporation’s
investments therein.
2 Computation of Expected Credit Loss (ECL):

Trade receivables and loans granted under the Our audit approach consisted testing of the design
Pradhan Mantri Ujwala Yojana (PMUY) scheme and operating effectiveness of the internal controls
constitute a significant component of the total and substantive testing as follows:
current assets of the Corporation. • In respect of loans granted under PMUY,
At each reporting date, the Corporation the Corporation along with other few industry
recognizes Lifetime ECL on Trade Receivables peers have derived a common methodology
using a ‘simplified approach’ and 12 month ECL for calculating ECL, based on the broad
on loans granted under the PMUY scheme, which category of active and inactive consumers and
rely on Management’s estimates regarding last refill date with expected loan recovery
probability of default rates linked to age- wise period. We checked the working of the same
bucketing of the corresponding asset. and it was in line with the common
methodology document shared with us.
• We have evaluated the methodology for
age-wise bucketing of trade receivables and
key assumptions underlying the probability of
default estimates on the same, to ascertain
that the same were broadly in-line with the
Corporation’s historical default rates and have
considered available information regarding the
current economic scenario.
• We selected a few sample outstanding
receivable cases having different overdue
periods and checked that the computation of
ECL has been appropriately carried out in line
with the Group’s policy.

3 Evaluation of Contingent Liabilities:
The Group has material uncertain positions The following audit procedures were carried out in
including matters under dispute which involves this regard:
significant judgment to determine the possible • We examined sample items above the
outcome of these disputes. Contingent liabilities threshold limit for determination of contingent
are not recognized in the Consolidated Ind AS liabilities and obtained details of completed
Financial Statements but are disclosed unless the Excise, VAT/ Sales Tax/ Entry Tax assessments,
demands as well as other disputed claims
possibility of an outflow of economic resources is
against the Corporation as on March 31, 2022.
considered remote. Contingent liabilities The Corporation has obtained opinion from tax
disclosed are in respect of items which in each consultants in various disputed matters. We
case are above the threshold limit. have relied upon such opinions and litigation
history based on which Corporation has
concluded that possibility of cash outflow is
remote while preparing its Consolidated Ind AS
Financial Statements.
• We have assessed the Management’s
underlying assumptions in estimating the
possible outcome of such disputed claims/
cases against the Corporation, based on
records and judicial precedents made available.
4 Inventories:
Verification and valuation of Inventories is a Our audit approach involved the following
significant area requiring Management’s combination of test of control design and
judgment of estimates and application of substantive testing in respect of verification and
accounting policies that have significant effect on valuation of inventories:
the amounts recognized in the Consolidated Ind • We evaluated the Corporation’s system of
AS Financial Statements. inventory monitoring and control. It was
observed that inventory has been physically
verified by the Management during the year at
reasonable intervals.
• Our audit teams have also physically verified
on sample basis the Inventories of the
Corporation at various locations and
compliance with cut off procedures. However,
since physical verification at certain locations
was not possible for us, in such cases we have
relied on the physical verification of inventory
carried out by the Management.
• In respect of the Corporation’s inventory lying
with third parties, we have ascertained that
these have substantially been confirmed by
them. We also examined the system of records
maintenance for stocks lying at third party
locations.
• We have also tested the values considered by
the Corporation in respect of Net realisable
value, cost of products and verified these on
sample basis with the inventory valuation and
accounting entries posted in this regard.
306
5 Property, Plant & Equipment:

Estimates of useful lives and residual value of Our audit approach involved the following
Property, Plant and Equipment is a significant combination of test of control design and
substantive testing in respect of verification and
area requiring Management judgment of recording of Property, Plant & Equipment:
estimates and application of accounting policies
• We examined whether the Corporation
that have significant effect on the amounts has maintained proper records showing full
recognized in the Consolidated Ind AS Financial particulars, including quantitative details and
Statements. situation of fixed assets.
• The physical verification of the Corporation’s
Property, Plant and Equipment (except LPG
Cylinders and pressure regulators with customers)
has been carried out by the Management in
accordance with the phased program of verification
of all assets and necessary accounting entries
based on such physical verification have been
appropriately posted which were verified by us.
• Changes in the useful life and residual value of
class of assets was adopted based on internal
evaluation and was also comparable with other
entities in the same industry. We have verified the
computation of depreciation on sample basis.
Information Technology: Our procedures included:

A significant part of the Company’s financial We focused our audit on those IT systems and
6 reporting process is heavily reliant on IT systems controls that are relevant to preparation of financial
statements.
with automated processes and controls over the
capture, storage and extraction of information. A As audit procedures over IT Systems and controls
fundamental component of these processes and require specific expertise, we involved our IT
specialist.
controls is ensuring appropriate user access and
change management protocols exist and being Our review of the IT Controls covers the following
areas:
adhered to.
• Physical and Logical Security;
These protocols are important because they
ensure that access and changes to IT systems • Change Management;
and related data are made and authorized in an • Backup, Business Continuity and
appropriate manner. As our audit sought to place
a high level of reliance on IT systems and • IT Operations.
application controls related to financial reporting, • Our assessment of the IT Controls is
high proportion of the overall audit effort was in performed according to the following
Information Technology (IT) Systems and approach:
Controls. • Understanding the IT environment.
We focused our audit on those IT systems and • Information gathering about the control
controls that are significant to the Company’s framework surrounding the IT environment.
financial reporting process • Evidence gathering with respect to Control
testing.
• Review of Implementation of controls testing.
• Review of limited cases to identify whether
there had been unauthorized or inappropriate
access or changes made to critical IT systems
and related data.

Information Other than the Consolidated Ind AS Financial Statements and Auditors’ Report Thereon
6. The Corporation’s Board of Directors is responsible for the preparation of the other information. The other information
which is included in the Holding Company’s Report comprises the information included in the Management
Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business Responsibility Report,
Corporate Governance and Shareholder’s Information, but does not include the Standalone Ind AS Financial
Statements and our audit report thereon. The Other information is expected to be made available to us after the date
of this auditor’s report.
7. Our opinion on the Consolidated Ind AS Financial Statements does not cover the other information and we do not
express any form of assurance thereon.
8. In connection with our audit of the Consolidated Ind AS Financial Statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the Consolidated
Ind AS Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be
materially misstated.
9. 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. We have nothing to report in this regard.
Management’s Responsibility for the Consolidated Ind AS Financial Statements
10. The Holding Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with
respect to preparation of these Consolidated Ind AS Financial Statements that give a true and fair view of the
consolidated financial position, consolidated financial performance, consolidated total comprehensive income,
consolidated cash flows and consolidated changes in equity of the Group in accordance with the Ind AS and other
accounting principles 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 the assets of the Group and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent;
and design, implementation and maintenance of adequate internal financial controls, that were operating effectively
for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation
of the Consolidated Ind AS Financial Statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
11. In preparing the Consolidated Ind AS Financial Statements, the respective Board of Directors of the companies
included in the Group, joint ventures and its associates are responsible for assessing the ability of the Group and of
its joint ventures and associates to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless management either intends to liquidate the Group
or to cease operations, or has no realistic alternative but to do so.
12. The respective Board of Directors of the companies included in the Group, joint ventures and its associates are also
responsible for overseeing the financial reporting process of the said companies.
Other Matters
13. We did not audit the financial statements of three subsidiaries, whose financial statements /financial information
reflect total assets of ` 49,487.52 Crores, total revenues of ` 45,323.27 Crores, Net profit of ` 658.56 Crores and
net cash inflows amounting to ` 337.26 Crores for the year ended on that date, as considered in the Consolidated Ind
AS Financial Statements. The Consolidated Ind AS Financial Statements also include the Group’s share of net profit
of ` 710.95 Crores for the year ended March 31, 2022, as considered in the Consolidated Ind AS Financial
Statements, in respect of nine joint ventures and five Associate whose financial statements/financial
information have not been audited by us. These financial statements/financial information have been audited by other
auditors whose reports have been furnished to us by the Management and our opinion on the Consolidated Ind AS
308
Financial Statements in so far as it relates to the amounts and disclosures included in respect of these subsidiaries,
joint ventures 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.
14. The Consolidated Ind AS Financial Statements include the Group share of net profit of ` 237.21 Crores for the year
ended March 31, 2022 in respect of five joint ventures and two 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 Consolidated Ind AS Financial Statements, in so far
as it relates to the amounts and disclosures included in respect of these joint ventures and associates, 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 joint ventures and
associates, is based solely on such unaudited financial statements/financial information. In our opinion and
according to the information and explanations given by the Management, the variation, if any, in these financial
statements is not expected to be material.
15. The auditor of BPRL has stated in their report in respect of one of its subsidiary as follows:
‘The liabilities have exceeded its total assets by ` 56.52 Crores and the financial statements have been prepared on
the basis other than of going concern.’
16. Further, BPRL in their audit report have stated that they have placed reliance on technical/ commercial evaluation
done by the management of the holding company in respect of categorization of wells as exploratory, development,
producing & dry wells, allocation of costs incurred on them, proved (developed and undeveloped)/ probable
hydrocarbon reserves & depletion thereof on Oil and Gas Assets, impairment and liability for decommissioning costs,
liability for NELP and nominated blocks under performance against agreed Minimum Work Program.
Our opinion above on the Consolidated Ind AS Financial Statements, and our report on Other Legal and Regulatory
Requirements and Internal Financial Controls as per Annexure- A below, is not modified in respect of the above
matters with respect to our reliance on the work done and the reports of the other auditors and the financial
statements/financial information certified by the Management.
Auditors’ Responsibilities for the Audit of the Consolidated Ind AS Financial Statements
17. Our objectives are to obtain reasonable assurance about whether the Consolidated Ind AS Financial Statements as a
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 accordance with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of the Consolidated Ind AS Financial
Statements.
18. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Consolidated Ind AS Financial Statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement 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.
• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for
expressing our opinion on whether the Company and its subsidiary companies which are companies
incorporated in India, have adequate internal financial controls system in place and the operating effectiveness
of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
Consolidated Ind AS Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the 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.
• 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 and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities 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 Consolidated Ind AS Financial Statements of which we are the independent auditors. For
the other entities included in the consolidated financial statements, which have been audited by other auditors,
such other auditors remain responsible for the direction, supervision and performance of the audits carried out
by them. We remain solely responsible for our audit opinion.
19. Materiality is the magnitude of misstatements in the Consolidated Ind AS Financial Statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Consolidated
Ind AS Financial 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 the Consolidated Ind AS Financial Statements.
20. 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 our audit.
21. We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
22. From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the Consolidated Ind AS Financial Statements of the current period and are therefore the
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 in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
23. As required by Section 143(3) of the Act, based on our audit we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit of the aforesaid Consolidated Ind AS Financial Statements.
b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid Consolidated
Ind AS Financial Statements have been kept so far as it appears from our examination of those books.
310
c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including (including Other
Comprehensive Income), Consolidated Statement of Cash Flows and Consolidated Statement of Changes in
Equity dealt with by this Report are in agreement with the relevant books of account maintained for the purpose
of preparation of the Consolidated Ind AS Financial Statements.
d) In our opinion, the aforesaid Consolidated Ind AS Financial Statements comply with the Ind AS specified under
Section 133 of the Act.
e) In view of exemption given vide notification no. G.S.R. 463(E) dated June 5, 2015, issued by Ministry of
Corporate 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 Companies of the Group, joint ventures and its associates incorporated in India, none
of the directors is disqualified as on March 31, 2022 from being appointed as a director in terms of Section
164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting and the operating
effectiveness of such controls, refer to our separate Report in “Annexure A” which is based on the report of the
statutory auditors of the respective Companies of the Group, joint ventures and its associates incorporated in
India. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the internal
financial control over financial reporting of those companies, for reasons stated therein.
g) In view of exemption given vide notification no. G.S.R. 463(E) dated June 5 2015, issued by Ministry of
Corporate Affairs, provisions of Section 197 read with Schedule V of the Act regarding managerial remuneration
are not applicable to the holding company.
h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (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:
i. The Consolidated Ind AS Financial Statements disclose the impact of pending litigations as at March 31,
2022 on consolidated financial position of the Group, Joint Ventures and Associates- (Refer Note 57 of
the Consolidated Ind AS Financial Statements.)
ii. Provision has been made in the Consolidated Ind AS Financial Statements, as required under the
applicable law or accounting standards, for material foreseeable losses, if any, on long term contracts
including derivative contracts as at March 31, 2022.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education
and Protection Fund by the Holding Company, and its subsidiaries, joint ventures and associates
incorporated in India.
iv.
(a) The respective Managements of the C ompany and its subsidiaries which are companies
incorporated 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) have been advanced or loaned or invested (either from borrowed
funds or share premium or any other sources or kind of funds) by the Company or any of such
subsidiaries to or in any other 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 or entities identified in any manner whatsoever by or on
behalf of the Company or any of such subsidiaries (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The respective Managements of the Company and its subsidiaries which are companies
incorporated 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) have been received by the Company or any of such subsidiaries
from any person or entity, including foreign entity (“Funding Parties”), with the understanding,
whether recorded in writing or otherwise, that the Company or any of such subsidiaries shall,
directly or indirectly, lend or invest in other 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.
(c) Based on the audit procedures that have been considered reasonable and appropriate in the
circumstances performed by us on the Company and its subsidiaries which are companies
incorporated in India whose financial statements have been audited under the Act, nothing has
come to our notice that has caused us to believe that the representations under sub-clause (i) and
(ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement except
for the following entities (Management Certified entities):-
(i) Fino Paytech Limited
(ii) Kannur International Airport Limited
(iii) Central U.P. Gas Limited
(iv) Sabarmati Gas Limited
(v) Delhi Aviation Fuel Facility Private Limited
(vi) Maharashtra Natural Gas Limited
(vii) Bharat Stars Services Limited
v. The dividend declared or paid during the year by the Holding Company are in compliance with section
123 of the Act.
24. With respect to the matters specified in paragraphs 3(xxi) and 4 of the Companies (Auditor’s Report) Order, 2020 (the
“Order”/ “CARO”) issued by the Central Government in terms of Section 143(11) of the Act, to be included in the
Auditor’s report, according to the information and explanations given to us, and based on the CARO reports issued
by us for the Company and its subsidiaries included in the consolidated financial statements of the Company, to
which reporting under CARO is applicable, we report there are no qualifications or adverse remarks in these CARO
reports.
For Kalyaniwalla and Mistry LLP For K. S. Aiyar & Co

Sd/- Sd/-
Partner Partner
M. No. 107017 M. No. 038526
UDIN: 22107017AJOZFO9213 UDIN: 22038526AJOZQM3956

312
ANNEXURE “A” TO THE INDEPENDENT AUDITORS’ REPORT
[Referred to in paragraph 24(f) under ‘Report on Other Legal and Regulatory Requirements’ in the Independent Auditors’
Report of even date to the members of Bharat Petroleum Corporation Limited on the Consolidated Ind AS Financial
Statements for the year ended March 31, 2022]
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of
the Companies Act, 2013 (“the Act”)
In conjunction with our audit of the Consolidated Ind AS Financial Statements of the Group, its joint ventures and associates
as of and for the year ended March 31, 2022, we have audited the internal financial controls over financial reporting of
Bharat Petroleum Corporation Limited (“the Holding Company/Corporation”) and its subsidiaries, joint ventures and
associates, which are companies incorporated in India, as of that date.
Management’s Responsibility for Internal Financial Controls
The Board of Directors of the Holding Company, its subsidiaries, joint ventures and associates, which are companies
incorporated in India, are responsible for establishing and maintaining internal financial controls based on the internal
control over financial reporting criteria established by the respective Companies considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting 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 operating effectively for ensuring the orderly and efficient
conduct of the respective company’s business, including adherence to the respective company’s 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.
Auditors’ Responsibility
Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Holding Company,
its subsidiaries, joint ventures and associates, which are companies incorporated in India, based on our audit. We
conducted our audit in accordance with the Guidance Note on Audit of Internal Financial 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 of internal financial controls. 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 over financial reporting was 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 over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial
reporting included obtaining an understanding of internal financial controls over financial reporting, 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 auditor’s judgement, 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 internal financial controls system over financial reporting of the Holding Company, its subsidiaries, joint ventures and
associates, which are companies incorporated in India.
Meaning of Internal Financial Controls Over Financial Reporting
A company’s internal financial control over financial reporting 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 company’s internal financial control over financial
reporting 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 company;
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 expenditures of the company are being made only in accordance with authorisations of
management and directors of the company; and
3. Provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or
disposition of the company’s assets that could have a material effect on the Consolidated Ind AS Financial
Statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion
or improper management override of controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to
the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the Holding Company,
its subsidiaries, joint ventures and associates, which are companies incorporated in India, have, in all material
respects, an adequate internal financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at March 31, 2022, based on the internal control over financial
reporting criteria established by the respective companies considering the essential components of internal control
stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India.
Other Matters
Our aforesaid reports under section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial
controls over financial reporting in so far as it relates to three subsidiaries and eight joint ventures which are companies
incorporated in India, is based on the corresponding reports issued by auditors of such companies, which do not disclose
any material inadequacy in the internal financial controls over financial reporting.
Our opinion is not modified in respect of this matter.
For Kalyaniwalla and Mistry LLP For K. S. Aiyar & Co

Sd/- Sd/-
Partner Partner
M. No. 107017 M. No. 038526
UDIN: 22107017AJOZFO9213 UDIN: 22038526AJOZQM3956

314
CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH 2022
₹ in Crores
Particulars
I. ASSETS
Note no. As at 31/03/2022 As at 31/03/2021
(1) Non-current assets
(a) Property, Plant and Equipment 2 81,507.26 63,588.84
(b) Capital Work-in-Progress 3 4,979.89 7,537.18
(c) Goodwill on Consolidation 64 1,203.98 -
(d) Investment Property 4 0.03 0.05
(e) Intangible Assets 5 1,190.19 509.42
(f) Intangible Assets Under Development 6 10,453.06 9,500.11
(g) Investments accounted for using the Equity Method 7 18,415.49 19,549.64
(h) Financial Assets
(i) Investments 8 758.14 423.82
(ii) Loans 9 3,956.62 5,175.31
(iii) Other Financial Assets 10 706.98 184.60
(i) Income Tax Assets (Net) 11 349.80 1,158.07
(j) Deferred Tax Assets (Net) 28 - 3.53
(k) Other Non-Current Assets 12 2,007.83 1,276.13
Total Non-Current Assets 1,25,529.27 1,08,906.70
(2) Current Assets
(a) Inventories 13 42,178.74 26,706.72
(b) Financial Assets
(i) Investments 14 4,442.27 6,794.27
(ii) Trade Receivables 15 9,707.47 7,834.77
(iii) Cash and Cash Equivalents 16 2,159.04 7,567.57
(iv) Bank Balances other than Cash and Cash Equivalents 17 77.65 542.54
(v) Loans 18 136.00 132.50
(vi) Other Financial Assets 19 559.66 599.95
(c) Current Tax Assets (Net) 20 894.89 535.21
(d) Other Current Assets 21 1,830.98 1,339.82
61,986.70 52,053.35
Assets held for sale 22 12.66 21.50
Total Current Assets 61,999.36 52,074.85
TOTAL ASSETS 1,87,528.63 1,60,981.55
II EQUITY AND LIABILITIES

Equity
(a) Equity Share Capital 23 2,129.45 2,092.91
(b) Other Equity 24 49,776.17 51,462.17
Total Equity 51,905.62 53,555.08
Liabilities
(1) Non-Current Liabilities
(i) Borrowings 25 36,358.93 35,740.22
(ia) Lease Liabilities 25a 8,040.73 7,612.07
(ii) Other Financial Liabilities 26 56.63 58.08
(b) Provisions 27 234.29 827.49
(c) Deferred Tax Liabilities (Net) 28 6,375.72 4,934.48
(d) Other Non-Current Liabilities 29 1,488.24 549.95
Total Non-Current Liabilities 52,554.54 49,722.29
(2) Current Liabilities
(i) Borrowings 30 19,573.75 10,935.99
(ia) Lease Liabilities 30a 560.79 243.58
(ii) Trade Payables 31
a. Total Outstanding dues of Micro Enterprises and Small Enterprises 245.26 147.79
b. Total Outstanding dues of Creditors other than Micro enterprises and Small Enterprises 30,102.46 16,122.14
(iii) Other Financial Liabilities 32 20,983.28 19,916.42
(b) Other Current Liabilities 33 7,259.56 6,780.92
(c) Provisions 34 2,925.39 2,731.68
(d) Current Tax Liabilities (Net) 35 1,417.98 825.66
Total Current Liabilities 83,068.47 57,704.18
Total Liabilities 1,35,623.01 1,07,426.47
TOTAL EQUITY AND LIABILITIES 1,87,528.63 1,60,981.55
Notes forming part of Financial Statements 44 to 68
Sd/- For and on behalf of
Place: Delhi
Sd/- Sd/- Sd/- Sd/-
Place: Mumbai
Date: 25th May 2022

CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH 2022
₹ in Crores
Particulars
Note no. 2021-22 2020-21
Income
I) Revenue from Operations 36 4,32,569.62 3,04,274.46
II) Other Income 37 2,268.54 2,244.86
III) Total Income ( I + II ) 4,34,838.16 3,06,519.32
IV) Expenses
Cost of Materials Consumed 38 1,63,541.19 78,778.19
Purchases of Stock-in-Trade 39 1,43,901.70 1,12,364.13
Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress 40 (4,041.62) (3,743.56)
Excise Duty Expense 85,778.54 74,103.65
Employee Benefits Expense 41 3,408.00 4,856.35
Finance Costs 42 2,605.64 1,723.41
Depreciation and Amortization Expense 2,4,5 5,434.35 4,334.21
Other Expenses 43 20,844.51 16,611.15
Total Expenses (IV) 4,21,472.31 2,89,027.53
V) Profit from Continuing Operations before Share of Profit of Equity Accounted Investees,
Exceptional Items and Income Tax (III - IV) 13,365.85 17,491.79
VI) Share of Profit of Equity Accounted Investees (Net of Income Tax) 1,535.73 (325.53)
VII) Exceptional Items (Expense/(Income)) 66 (1,135.15) (5,265.76)
VIII) Profit from Continuing Operations before Income Tax (V + VI-VII) 16,036.73 22,432.02
IX) Tax Expense 28
1) Current Tax 2,706.42 6,165.29
2) Deferred Tax 690.75 82.17
3) Short / (Excess) provision of earlier years 958.06 (1,135.27)
Total Tax Expense 4,355.23 5,112.19
X) Profit for the Year ( VIII-IX) 11,681.50 17,319.83
XI) Other Comprehensive Income (OCI) 402.12 (1,274.60)
(i) Items that will not be reclassified to Profit or Loss
(a) Remeasurements of the Defined Benefit Plans (28.39) 0.52
(b) Equity Instruments through Other Comprehensive Income- net change in fair value 334.32 135.96
(c) Equity Accounted Investees - share of OCI 0.46 0.69
(ii) Income Tax relating to items that will not be reclassified to Profit or Loss (18.09) (55.68)
(iii) Items that will be reclassified to Profit or Loss
(a) Exchange differences in translating Financial Statements of foreign operations 167.15 0.59
(b) Equity accounted Investees - share of OCI (53.33) (1,356.68)
XII) Total Comprehensive Income for the Year (X+XI) 12,083.62 16,045.23
Profit attributable to:
Owners of the Company 11,681.50 16,164.98
Non-Controlling Interests - 1,154.85
Profit for the Year 11,681.50 17,319.83
Other Comprehensive Income attributable to :
Owners of the Company 402.12 (1,279.36)
Non-Controlling Interests - 4.76
Other Comprehensive Income for the Year 402.12 (1,274.60)
Total Comprehensive Income attributable to :
Owners of the Company 12,083.62 14,885.62
Non-Controling Interests - 1,159.61
Total Comprehensive Income for the Year 12,083.62 16,045.23
XIII) Basic Earnings Per Equity Share (Face value `10) 51 54.91 81.87
XIV) Diluted Earnings Per Equity share (Face value `10) 51 54.91 81.60
Notes forming part of Financial Statements 44 to 68
Sd/-
Place: Delhi
Sd/- Sd/- Sd/- Sd/-
Place: Mumbai
Date: 25th May 2022
316
CONSOLIDATED STATEMENT OF CASH FLOWS
₹ in Crores
For the Year ended 31/03/2022 31/03/2021
A Net Cash Flow from Operating Activities

Net Profit Before Tax (After Exceptional Items) 16,036.73 22,432.02
Adjustments for :
Share of (Profit) / Loss from Equity Accounted Investees (1,535.73) 325.53
Depreciation 5,434.35 4,334.21
Finance Costs 2,605.64 1723.41
Foreign Exchange Fluctuations (26.85) (131.74)
Fair valuation gain on previously held investment in Bharat Oman Refineries (1,720.13) -
Limited
(Profit) / Loss on sale of Property plant and equipment / Non-current assets (1.64) 22.03
held for sale
(Profit) / Loss on Sale of Stake in Numaligarh Refinery Limited (Equity) - (6,473.35)
(Profit) / Loss on Sale of Investments (52.29) (11.34)
Interest Income (1,088.72) (1,085.19)
Dividend Income (28.76) (17.19)
Expenditure towards Corporate Social Responsibility 176.44 163.23
Share Options Outstanding Account 77.06 940.72
Other Non-Cash items 994.58 1,360.14
Operating Profit before Working Capital Changes 20,870.68 23,582.48
(Invested in)/Generated from :
Inventories (9,672.18) (6,367.01)
Trade Receivables (2,317.48) (2,588.98)
Other Receivables 268.12 5,956.78
Current Liabilities & Payables 13,044.16 6,706.47
Cash generated from Operations 22,193.30 27,289.74
Direct Taxes Paid (1,710.00) (3,662.72)
Paid for Corporate Social Responsibility (147.67) (171.88)
Net Cash from / (used in) Operating Activities 20,335.63 23,455.14
B Net Cash Flow from Investing Activities

Purchase of Property, Plant and Equipment / Intangible Assets (7,750.63) (9,107.31)
Sale of Property, Plant and Equipment 58.27 55.37
Capital Advance (795.10) 28.05
Investment in Equity Accounted Investee (920.58) (1,478.69)
Purchase of Stake in Bharat Oman Refineries Limited (Equity and Share
Warrants) (Note 3) (2,467.88) -
Sale of Stake in Numaligarh Refinery Limited (Equity) - 9,652.98
Tax on sale of Investment in Numaligarh Refinery Limited (Equity) - (1,932.00)
Loan to Equity Accounted Investee - (15.00)
Purchase of Investments (18,839.41) (9,102.01)
Sale of Investments 20,722.00 6,899.45
Interest Received 982.90 969.78
Dividend Received 872.86 1,555.34
Net Cash from / (used in) Investing Activities (8,137.57) (2,474.04)

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTD.)
₹ in Crores
For the Year ended 31/03/2022 31/03/2021
C Net Cash Flow from Financing Activities
Proceeds from sale of equity shares held by "BPCL Trust for Investment in Shares" - 5,519.53
Proceeds from Allotment of Equity Shares to employees on account of "BPCL
ESPS SCHEME (Net of Expenses) 462.40 -
Repayment of Lease Liability (892.39) (663.88)
Short Term Borrowings (Net) 554.10 (13,325.19)
Long Term Borrowings 7,244.23 4,996.06
Repayment of Long Term Borrowings (8,781.97) (3,661.13)
Interest Paid (1,775.27) (1,922.02)
Dividend Paid# (14,482.78) (4,924.27)
Net Cash from / (used in) Financing Activities (17,671.68) (13,980.90)
D Net Increase / (Decrease) in Cash and Cash Equivalents (A+B+C) (5,473.62) 7,000.20
Cash and Cash Equivalents as at 31/03/2021 31/03/2020

Cash at Bank 346.20 323.07
Deposits with Banks with original maturity of less than three months 7,047.78 464.34
Investment in Triparty Repo Settlement System 149.93 -
7,529.16 528.96
Cash and Cash Equivalents as at 31/03/2022 31/03/2021

Cash at Bank 734.17 346.20
Deposits with Banks with original maturity of less than three months 1,395.85 7,047.78
Investment in Triparty Repo Settlement System - 149.93
2,055.54 7,529.16
Net Increase / (Decrease) in Cash and Cash Equivalents (5,473.62) 7,000.20
# Dividend paid includes dividend of ₹ 510.03 Crores pertaining to Second Interim Dividend declared for FY 2020-21 on
16th March 2021, which has been earmarked in separate dividend account and paid on 9th April 2021.
318
₹ in Crores
As at 31st March, 2020 59,240.56
Cash flows (11,990.26)
Non cash changes
a) Foreign exchange movement (642.46)
As at 31st March, 2021 46,637.80
₹ in Crores
As at 31st March, 2021 46,637.80
Adustment on account of acquisition of BORL 9,331.88
Cash flows (983.64)
Non cash changes
a) Foreign exchange movement 1,036.00
d) Others adjustments (224.25)
As at 31st March, 2022 55,829.18
Explanatory notes to Statement of Cash Flows
1 The Statement of Cash Flows is prepared in accordance with the format prescribed by Securities and Exchange Board
of India and as per Ind AS 7 as notified by Ministry of Corporate Affairs.
2 In Part-A of the Statement of Cash Flows, figures in brackets indicate deductions made from the Net Profit for deriving
the net cash flow from operating activities. In Part-B and Part-C, figures in brackets indicate cash outflows.
3 In June 2021, BPCL acquired 888,613,336 equity shares (36.62%) of Bharat Oman Refineries Limited (BORL) from
OQ S.A.O.C for a value of ` 2,399.26 Crore. Further, in September 2021, BPCL purchased 2.69 crore warrant held by
Government of Madhya Pradesh in BORL for a value of ` 72.65 crores (including stamp duty). As on 30.06.2021,
BORL has become wholly owned subsidiary of BPCL. The consideration paid by BPCL for the purchase of stake in
BORL (Equity and Share Warrants) is net of cash & cash equivalents of BORL as on the date of change in control.
4 The net profit / loss arising due to conversion of current assets / current liabilities, receivable / payable in foreign
currency is furnished under the head "Foreign Exchange Fluctuations".
5 “Other Non-Cash items” includes provisions created (including provision for Capital Work in progress)/excess
provisions written back, Mark to Market change in value of investments, Impairment loss on Non-current assets held
for sale, amortisation of deferred expenditure and capital grant, bad debts and materials and miscellaneous
adjustments not affecting Cash Flow.
6 Figures of the previous year have been regrouped wherever necessary, to conform to current period presentation.
Sd/-
Place: Delhi
Sd/- Sd/- Sd/- Sd/-
Place: Mumbai
Date: 25th May 2022

320
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH 2022
` in Crores
Equity Share Capital As at 31/03/2022 As at 31/03/2021
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
Add: Issue of Bonus Shares (Refer Note No. 23) - - - -
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) (4,33,79,025) (43.38)
Balance at the end of the reporting period after Adjustment 2,12,94,55,489 2,129.45 2,09,29,13,412 2,092.91
` in Crores
Reserves & Surplus Equity BPCL BPCL Total Attribu- Total
nstru- ESPS Trust for attributable other
Capital Capital Secur- Share Deben- General Retained Foreign ments Trust Invest- table to NCI equity
Reserve Reserve ties Options ture Reserve Earnings Currency through [Note ment to
[Note on Premium Outstan- Redem- [Note [Note Transl- Other 24] in Owners
24] Acquis- [Note ding ption 24] 24]* ation Compre- Shares of the
ition 24] Account Reserve Reserve hensive [Note Corpor-
(b) Other Equity of [Note [Note [Note Income 24] ation
subsidi- 24] 24] 24] [Note
aries, 24]
JVCs
and
associ-
ates
[Note
24]
Balance as at 01st April 2020 73.05 (31.00) 249.79 - 1,095.12 32,797.15 (352.84) 1,488.44 (297.52) (456.74) 34,565.45 2,056.33 36,621.78
Opening Balance adjustment (0.01) 0.22 (18.76) 6.18 (12.37) - (12.37)
Balance after the above effect 73.04 (31.00) 250.01 - 1,076.36 32,797.15 (346.66) 1,488.44 (297.52) (456.74) 34,553.08 2,056.33 36,609.41
Profit for the year - - - - - - 16,164.98 - - - - 16,164.98 1,154.85 17,319.83
Other Comprehensive Income for the year - - - - - - (59.23) (1,356.06) 135.96 - - (1,279.33) 4.76 (1,274.57)
Transfer of Shares to "BPCL ESPS trust" (Refer Note No. 45) - - - - - - - - - (97.90) 97.90 - - -
Issue of Equity Shares out of shares held in "BPCL Trust for Investment in
Shares" (Refer Note No. 45) - - 5,101.31 - - - - - - - 284.45 5,385.76 - 5,385.76
Dividends - - - - - - (4,555.43) - - - - (4,555.43) (1,057.93) (5,613.36)
Income from "BPCL Trust for Investment in Shares" (Refer Note No. 45) - - - - - - 270.87 - - - - 270.87 - 270.87
Transfer to Debenture Redemption reserve - - - - 188.48 (188.48) - - - - - - -
Foreign Currency Translation Reserve - Reclassification to Statement of
profit and loss - - - - - - - (4.19) - - - (4.19) - (4.19)
Transfers on account of sale of stake in Subsidiary (Refer note 63) - - - - - (3,128.00) 3,128.00 - - - - - - -
Transfer to Statement of Profit and Loss on sale of stake in subsidiary - (66.45) - - - - - - - - - (66.45) - (66.45)
(Refer note no. 63)
Income of "BPCL ESPS Trust" (Net of Tax) (Refer Note No. 45) - - - - - - 52.16 - - - - 52.16 - 52.16
De-Recognition of NCI due to sale of stake in Subsidiary (Refer note 63) - - - - - - - - - - - - (2,158.01) (2,158.01)
Employee Stock Option Granted (Refer Note 52) - - - 940.72 - - - - - - - 940.72 - 940.72
Transfer on account of Stock Options not excercised - - - (84.23) - 84.23 - - - - - - - -
Balance as at 31st March 2021 73.04 (97.45) 5,351.32 856.49 1,264.84 29,753.38 14,466.21 128.19 (161.56) (97.90) (74.39) 51,462.17 - 51,462.17

321
322
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH 2022 ` in Crores
Reserves & Surplus Equity BPCL BPCL Total Attribu- Total
nstru- ESPS Trust for attributable other
Capital Capital Secur- Share Deben- General Retained Foreign ments Trust Invest- table to NCI equity
Reserve Reserve ties Options ture Reserve Earnings Currency through [Note ment to
[Note on Premium Outstan- Redem- [Note [Note Transl- Other 24] in Owners
24] Acquis- [Note ding ption 24] 24]* ation Compre- Shares of the
ition 24] Account Reserve Reserve hensive [Note Corpor-
(b) Other Equity of [Note [Note [Note Income 24] ation
subsidi- 24] 24] 24] [Note
aries, 24]
JVCs
and
associ-
ates
[Note
24]
Balance as at 1st April 2021 73.04 (97.45) 5,351.32 856.49 1,264.84 29,753.38 14,466.21 128.19 (161.56) (97.90) (74.39) 51,462.17 - 51,462.17
Opening Balance adjustment - - - - - - 4.67 - - - - 4.67 - 4.67
Balance after the above effect 73.04 (97.45) 5,351.32 856.49 1,264.84 29,753.38 14,470.88 128.19 (161.56) (97.90) (74.39) 51,466.84 - 51,466.84
Profit for the year - - - - - - 11,681.50 - - - - 11,681.50 - 11,681.50
Other Comprehensive Income for the year - - - - - - (20.41) 113.82 308.71 - - 402.12 - 402.12
Dividends - - - - - - (14,750.92) - - - - (14,750.92) - (14,750.92)
Income from "BPCL Trust for Investment in Shares" (Refer Note No. 45) - - - - - - 224.13 - - - - 224.13 - 224.13
Transfer to General Reserve from Retained Earnings - - - - - 3,000.00 (3,000.00) - - - - - - -
Transfer to Debenture Redemption reserve - - - - 207.75 - (207.75) - - - - - - -
Share issued on exercise of Employee Stock Options - - 343.39 - - - - - - 82.47 - 425.86 - 425.86
Transfer to retained earnings on change in control in BORL - - (199.98) - - - 199.98 - - - - - - -
Impact on stake sale by an Associate in its Subsidiary - - - - - - 213.52 - - - - 213.52 - 213.52
Transfer to General Reserve from Debenture Redemption Reserve - - - - (137.50) 137.50 - - - - - - - -
Income of "BPCL ESPS Trust" (Net of tax) (Refer Note No. 45) - - - - - - 36.06 - - - - 36.06 - 36.06
Transfer on account of exercise of Stock Options - - 861.49 (861.49) - - - - - - - - - -
Employee Stock option Granted (Refer Note No. 52) - - - 77.06 - - - - - - - 77.06 - 77.06
Transfer on account of Stock Options not excercised - - - (72.06) - 72.06 - - - - - - - -
Balance as at 31st March 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
*The balance includes accumulated Gain/(Loss) on account of remeasurements of Defined Benefit Plans (Net of tax) as on 31st March 2022 ` (531.13) Crores [Previous Year ` (510.19) Crores].
Sd/-
Place: Delhi
Sd/- Sd/- Sd/- Sd/-
Place: Mumbai
Date: 25th May 2022
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2022
1. Statement of Significant Accounting Policies:
The Consolidated Financial Statements relate to Bharat Petroleum Corporation Limited (BPCL or Parent Company
or Corporation), its Subsidiary Companies and interest in Joint Venture and Associates. The Corporation and its
Subsidiaries are together referred to as “Group”.
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
Accounting Standards) Rules, 2015; and other relevant provisions of the Act and Rules thereunder.
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 upto the same reporting date as that of BPCL
i.e. 31st March 2022, except for Matrix Bharat Pte. Ltd. whose accounts are drawn for the year ended
31st December 2021, where there are no significant transactions or other events that have occurred between
1st January 2022 and 31st March 2022.
The Consolidated Financial Statements have been prepared under historical cost convention basis, except for
certain assets and liabilities measured at fair value.
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 Accepted Accounting Principles in India (Indian GAAP) as prescribed under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014, which was the “Previous GAAP”.
The functional currency of the Corporation and its Indian Subsidiaries is Indian Rupees (`), whereas the functional
currency of foreign subsidiaries is USD ($). The presentation currency of the group is Indian Rupees (`). All figures
appearing in the consolidated Financial Statements are rounded to the nearest Crores (` Crores), except where
otherwise indicated.
In case of some Joint Venture Companies and Associates, certain accounting policies are different from that of the
parent company, the impact of which is not expected to be material. The thresholds limit for the group has been
applied as per their respective Financial Statements and the same has been specified in Note no. 1.34.
Authorization of Consolidated Financial Statements: The Consolidated Financial Statements were authorized for
issue in accordance with a resolution of the Board of Directors in its meeting held on 25th May 2022.
The percentage of ownership interest of the Corporation in the Subsidiary Companies, JVCs and Associates as on
31st March 2022 are as under:

Percentage (%) of actual
ownership interest as on
S.No. Particulars Country of 31/03/2022 31/03/2021
Incorporation
A Subsidiaries
1 Bharat Oman Refineries Limited (BORL) (Note i) India 100.00 63.38
2 Bharat Gas Resources Limited (BGRL) India 100.00 100.00
3 Bharat PetroResources Limited (BPRL) India 100.00 100.00
4 Bharat PetroResources JPDA Limited (Note ii) India 100.00 100.00
5 BPRL International BV (Note ii) Netherlands 100.00 100.00
6 BPRL International Singapore Pte Ltd. (Note ii) Singapore 100.00 100.00
7 BPRL Ventures BV (Note iii) Netherlands 100.00 100.00
8 BPRL Ventures Mozambique BV (Note iii) Netherlands 100.00 100.00
9 BPRL Ventures Indonesia BV (Note iii) Netherlands 100.00 100.00
10 BPRL International Ventures BV (Note iii) Netherlands 100.00 100.00
11 Numaligarh Refinery Limited (NRL) (Note iv) India - -
B Joint Venture Companies
1 Central UP Gas Limited India 25.00 25.00
2 Maharashtra Natural Gas Limited India 22.50 22.50
3 Sabarmati Gas Limited India 49.94 49.94
4 Bharat Stars Services Private Limited India 50.00 50.00
5 Bharat Renewable Energy Limited (Note v) India 33.33 33.33
6 Matrix Bharat Pte. Ltd. Singapore 50.00 50.00
7 Delhi Aviation Fuel Facility Private Limited India 37.00 37.00
8 IBV (Brasil) Petroleo Ltda. (Note vi) Brazil 60.88 50.00
9 Mumbai Aviation Fuel Farm Facility Private Limited India 25.00 25.00
10 Kochi Salem Pipeline Private Limited India 50.00 50.00
11 BPCL-KIAL Fuel Farm Private Limited India 74.00 74.00
12 Haridwar Natural Gas Private Limited India 50.00 50.00
13 Goa Natural Gas Private Limited India 50.00 50.00
14 DNP Limited (Note vii) India - -
15 Taas India Pte Ltd. (Note viii) Singapore 33.00 33.00
16 Vankor India Pte Ltd. (Note viii) Singapore 33.00 33.00
17 Falcon Oil & Gas BV (Note ix) Netherlands 30.00 30.00
18 Ratnagiri Refinery and Petrochemicals Limited India 25.00 25.00
19 LLC TYNGD (Note x) Russia 9.87 9.87
20 Urja Bharat Pte. Ltd. (Note xi) Singapore 50.00 50.00
21 Assam Bio Refinery (P) Ltd. (Note vii) India - -
22 Indradhanush Gas Grid Limited (Note vii) India - -
23 IHB Limited India 25.00 25.00
324
Percentage (%) of actual
ownership interest as on
S.No. Particulars Country of 31/03/2022 31/03/2021
Incorporation
C Associates
1 Indraprastha Gas Limited India 22.50 22.50
2 Petronet LNG Limited India 12.50 12.50
3 GSPL India Gasnet Limited India 11.00 11.00
4 GSPL India Transco Limited India 11.00 11.00
5 Kannur International Airport Limited India 16.20 16.20
6 Petronet India Limited (Note xii) India 16.00 16.00
7 Petronet CI Limited (Note v) India 11.00 11.00
8 FINO Paytech Limited India 20.89 20.73
9 Brahmaputra Cracker and Polymer Limited (Note vii) India - -
10 Mozambique LNG1 Holding Company Ltd (Note xiii) UAE 10.00 10.00
11 Mozambique LNG 1 Company Pte Ltd (Note xiv) Singapore 10.00 10.00
12 Mozambique LNG1 Financing Company Ltd. (Note xiv) UAE 10.00 10.00
13 Mozambique LNG 1 Co. Financing, LDA (Note xiv) Mozambique 10.00 10.00
14 JSC Vankorneft (Note xv) Russia 7.89 7.89
 Ujjwala Plus Foundation is a joint venture of IOCL, BPCL and HPCL with fund contribution in the ratio of 50:25:25
which was incorporated as a limited by guarantee company (without share capital) under section 8 of Companies
Act, 2013.
Notes:
i. Corporation had acquired 88,86,13,336 shares of Joint Venture Company Bharat Oman Refineries
Limited (36.62% of the equity share capital) on 30th June 2021 from Joint Venture Partner OQ S.A.O.C.
(formerly known as Oman Oil Company S.A.O.C.) ("OQ") for a consideration of ` 2,399.26 Crores.
Bharat Oman Refineries Limited has become a wholly owned subsidiary of the Corporation w.e.f.
30th June 2021.
The Corporation has also made investment in Compulsorily Convertible Debentures and Warrants in
BORL. Further, the Corporation has acquired the remaining share warrants of Bharat Oman Refineries
Limited held by Government of Madhya Pradesh for a consideration of ` 72.65 Crores.
ii. Bharat PetroResources JPDA Limited, BPRL International BV and BPRL International Singapore Pte. Ltd.
are 100% subsidiaries of BPRL.
iii. 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.
iv. Numaligarh Refinery Limited ceased to be the part of the Group w.e.f. 26th March 2021. Accordingly,
Financial Statements of NRL have been consolidated till 25th March 2021, post which derecognition of
Assets and Liabilities of NRL has been carried out in line with applicable Ind AS.
v. Consolidation in respect of Investment in Petronet CI Limited and Bharat Renewable Energy Limited have
not 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 Financial Statements of the Corporation.

vi. BPRL Ventures BV holds 60.88% equity in Joint Venture Company IBV (Brasil) Petroleo Ltda.,
incorporated in Brazil. During FY 2021-22, Quotaholders resolution for Capital Reduction of IBV has been
approved and the amendment to Articles of Association has been approved by JUCERJA reflecting the
capital reduction. Consequently, BPRL Ventures BV’s share in paid up and subscribed equity in IBV has
increased from 50% to 60.88% during the year. Considering BPRL Ventures BV's joint control with the
Joint Venture partner over IBV (Brasil) Petroleo Ltda., it has been consolidated as Joint Venture as on
31st March 2022.
vii. Brahmaputra Cracker and Polymer Limited is an Associate of NRL and DNP Limited, Assam Bio Refinery
(P) Ltd. and Indradhanush Gas Grid Ltd. are Joint Ventures of NRL. These Companies ceased to be a
part of Group on account of loss of control on sale of NRL.
viii. Taas India Pte Ltd. and Vankor India Pte Ltd., are joint venture companies of BPRL International
Singapore Pte Ltd.
ix. Falcon Oil & Gas BV is a joint venture of BPRL International Ventures BV.
x. LLC TYNGD is a Joint Venture of Taas India Pte Ltd.
xi. Urja Bharat Pte Ltd. is a joint venture of BPRL International Singapore Pte. Ltd.
xii. Petronet India Limited has gone under winding up. Consolidation has been done based on the
declaration of solvency by the management of company.
xiii. Mozambique LNG1 Holding Company Ltd is an associate of BPRL Ventures Mozambique BV.
xiv. Mozambique LNG1 Company Pte. Ltd., Mozambique LNG1 Financing Company Ltd. and Mozambique
LNG 1 Co. Financing, LDA are the wholly owned Subsidiary Company of Mozambique LNG1 Holding
Company Ltd.
xv. JSC Vankorneft is an associate of Vankor India Pte Ltd.
The Financial Statements of Maharashtra Natural Gas Limited, Sabarmati Gas Limited, Bharat Stars
Services Private Limited, Kannur International Airport Limited, FINO Paytech Limited, Central UP Gas
Limited and Delhi Aviation Fuel Facility Private Limited are yet to be audited and hence provisional
Financial Statements provided by management of the respective companies have been considered for
the purpose of preparation of Consolidated Financial Statements.
1.2. Basis of consolidation
1.2.1. Subsidiaries
Subsidiaries are entities controlled by the Corporation. Control exists when the parent has power over the
entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability
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 Statements of the subsidiaries are included in the consolidated Financial Statements from the
date on which control commences until the date on which the control ceases.
Subsidiaries are consolidated by combining like items of assets, liabilities, equity, income, expenses and
cash flows of the parent with those of its subsidiaries. The intra-company balances and transactions
including unrealized gain / loss from such transactions are eliminated upon consolidation. These
consolidated Financial Statements are prepared by applying uniform accounting policies in use at the
Corporation. Non-controlling interests (“NCI”) which represent part of the net profit or loss and net assets
of subsidiaries that are not, directly or indirectly, owned or controlled by the company, are excluded.
Changes in the Corporation’s equity interest in a subsidiary that do not result in a loss of control are
accounted for as equity transactions.
326
1.2.2. Joint Venture and Associates
A joint venture is an arrangement in which the Corporation has joint control and has rights to the net
assets of the arrangement, rather than the rights to its assets and obligation for its liabilities. An associate
is an entity in which the Corporation has significant influence, but no control or joint control over the
financial and operating policies.
Interest in joint ventures and associates are accounted for using the equity method. They are initially
recognized at cost which includes transaction cost. Subsequent to initial recognition the consolidated
Financial Statements include the JVCs and associates share of profit or loss and Other Comprehensive
Income (“OCI”) of such entities until the date on which significant influence or joint control ceases.
Unrealised gains / losses arising from transactions with such entities are eliminated against the
investment to the extent of the Corporation’s interest in the investee.
1.2.3. Business Combinations
In accordance with Ind AS 101 First time adoption of Indian Accounting Standards, the Group has elected
to apply the requirements of Ind AS 103, "Business Combinations" prospectively to business
combinations on or after the date of transition (1st April 2015). Pursuant to this exemption, goodwill /
capital reserve arising from business combination has been stated at the carrying amount under Previous
GAAP. In accordance with Ind AS 103, the Group accounts for these business combinations using the
acquisition method when the control is transferred to the Group. The consideration transferred for the
business combinations is generally measured at fair value as at the date the control is acquired
(acquisition date), of the net identifiable assets acquired. Any goodwill that arises is tested annually for
impairment.
If a business combination is achieved in stages, any previously held equity interest in the acquiree is
re-measured at its acquisition date fair value and any resulting gain or loss is recognized in Profit or Loss
or OCI as appropriate.
Common Control
Business combinations involving entities that are ultimately controlled by the same party(ies) before and
after the business combination are considered as Common control entities and are accounted using the
pooling of interest method as follows:
- The assets and liabilities of the combining entities are reflected at their carrying amounts.
- No adjustments are made to reflect the fair values, or recognise new assets or liabilities. Adjustments
are made to harmonise accounting policies.
- The financial information in the Financial Statements in respect of prior periods is restated as if the
business combination has occurred from the beginning of the preceding period in the Financial
Statements, irrespective of the actual date of the combination.
The balance of the retained earnings appearing in the Financial Statements of the transferor is aggregated
with the corresponding balance appearing in the Financial Statements of the transferee or is adjusted
against general reserve.
The identity of the reserves are preserved and the reserves of the transferor become the reserves of the
transferee.
The difference if any, between the amounts recorded as share capital plus any additional consideration in
the form of cash or other assets and the amount of share capital of the transferor is transferred to capital
reserve and is presented separately from other capital reserves.
1.3. Use of Judgements and Estimates
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

disclosures along with contingent liabilities. Uncertainty about these assumptions and estimates could result in
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.
In particular, information about significant areas of estimates and judgments in applying accounting policies that
have the most significant effect on the amounts recognized in the consolidated Financial Statements are as below:
• Assessment of functional currency;
• Financial instruments;
• Estimates of useful lives and residual value of Property, Plant and Equipment and intangible assets;
• Valuation of inventories;
• Measurement of recoverable amounts of cash-generating units;
• Measurement of Defined Benefit Obligations and actuarial assumptions;
• Provisions including loss allowances;
• Evaluation of recoverability of deferred tax assets;
• Contingencies;
• Interest in Joint arrangements; and
• In case of BPRL, impairment of exploration and evaluation assets; key assumptions for underlying recoverable
amounts, and
• Estimation of Oil and Natural Gas reserves:
- The determination of the Group's estimated oil and natural gas reserves requires significant judgements and
estimates to be applied and these are regularly reviewed and updated. Factors such as the availability of
geological and engineering data, reservoir performance data, acquisition and divestment activity, drilling of
new wells, and commodity prices all impact the determination of the Group's estimates of its oil and natural
gas reserves. The Group estimates its proved reserves with a reasonable certainty on the basis of rigorous
technical and commercial assessments based on conventional industry practice and regulatory requirements.
- Estimates of oil and natural gas reserves are used to calculate depreciation, depletion and amortization
charges for the Group's oil and gas properties. The impact of changes in estimated proved reserves is dealt
with prospectively by amortizing the remaining carrying value of the asset over the expected future production.
Oil and natural gas 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 be affected by changes in depreciation expense or an immediate
write-down of the property's carrying value.
Revisions to accounting estimates are recognized prospectively in the Consolidated Statement of Profit and Loss
in the period in which the estimates are revised and in any future periods affected.
1.4. Property, plant and equipment
1.4.1. Property, plant and equipment are stated at cost net of accumulated depreciation and accumulated
1.4.2. The initial cost of an asset comprises its purchase price or construction cost (including import duties and
non-refundable taxes), any costs directly attributable to bringing the asset into the location and condition
necessary for it to be capable of operating in the manner intended by management, the initial estimate of
any decommissioning obligation, if any, and, borrowing cost for qualifying assets (i.e. assets that
necessarily take a substantial period of time to get ready for their intended use).
1.4.3. Direct expenses incurred during construction period on capital projects are capitalized. Other expenses
of the project group which are allocated to projects costing above a threshold limits are also capitalized.
Expenditure incurred on enabling assets are capitalised.
328
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.
1.4.5. Expenditure on assets, other than plant and machinery, LPG cylinders and pressure regulators, not
exceeding threshold limits are charged to revenue.
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
is inventorized on procurement and charged to Consolidated Statement of Profit and Loss on consumption.
1.4.7. An item of Property, Plant and Equipment and any significant part initially recognized separately as part
of Property, Plant and Equipment is derecognized upon disposal; or when no future economic benefits
are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset is included
in the Consolidated Statement of Profit and Loss when the asset is derecognized.
1.4.8. The residual values and useful lives of Property, Plant and Equipment are reviewed at each financial year
end and changes, if any, are accounted in the line with revisions to accounting estimates.
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 portion is capitalised. Subsequently, this ratio is reviewed every month as per the GST
provisions and the differential GST amount arising due to changes in the ratio is capitalised beyond the
materiality threshold.
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 to Ind ASs, measured as per the previous GAAP and use that as its deemed cost as at the date
of transition (1st April 2015).
1.5. Depreciation
Depreciation on Property, Plant and Equipment are provided on the straight line basis, over the estimated useful
lives of assets (after retaining the estimated residual value of upto 5%). These useful lives determined are in line
with the useful lives as prescribed in the Schedule II of the Act, except in following cases:
1.5.1. Plant & Machinery at Retail Outlets (other than Storage tanks and related equipments) are depreciated
1.5.2. 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
management staff under furniture on hire scheme are depreciated over a period of 4 years as per internal
assessment. Other furniture items provided to management staff are depreciated over a period of 6 years
as per internal assessment.
1.5.3. Solar Panels are depreciated over a period of 25 years based on the technical assessment of useful life
and applicable warranty conditions.
1.5.4. Moulds, used for the manufacturing of the packaging material for Lubricants, are depreciated over a
period of 5 years based on technical assessment of useful life.
1.5.5. Items of Property, Plant and Equipment costing not more than the threshold limits are depreciated at 100
percent in the year of acquisition except LPG Cylinders and Pressure Regulators which are depreciated
1.5.6. In case of BPRL, workstations are depreciated over a period of 5 years. The useful lives are estimated
based on the internal assessment.
1.5.7. Components of the main asset that are significant in value and have different useful lives as compared to
the main asset are depreciated over their estimated useful life. Useful life of such components has been
assessed based on historical experience and internal technical assessment.

1.5.8. 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 based on the technical assessment.
1.5.9. Depreciation is charged on additions / deletions on pro-rata monthly basis including the month of addition
/ deletion.
1.5.10. The Residual value of LPG cylinders and Pressure Regulators have been estimated at 15% of the original
cost based on the historical experience and internal technical assessment.
1.5.11. The residual value of catalyst having precious/noble metals is estimated at the cost of the precious/noble
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.
1.5.12. 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.
1.6. Intangible Assets
1.6.1. Goodwill: Goodwill that arises on a business combination is subsequently measured at cost less any
accumulated impairment losses.
In respect of business combinations that occurred prior to 1st April 2015, goodwill is included on the
basis of its deemed cost, which represents the amount recorded under Previous GAAP, adjusted for the
reclassification of certain intangibles.
Goodwill is not amortized but is tested for impairment annually.
1.6.2. 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
capitalized and is reflected in Consolidated Statement of Profit and Loss in the period in which such
expenditure is incurred. Development costs are capitalized if, and only if, technical and commercial
feasibility of the project is demonstrated, future economic benefits are probable, the Group has an
intention and ability to complete and use or sell the asset and the costs can be measured reliably.
1.6.3. 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 of
Applicable Ind AS and are amortized (after retaining the residual value, if applicable) over their useful life
or the period of the agreement, whichever is lower.
1.6.4. In cases where, the Corporation or its Subsidiaries has constructed assets on behalf of public
infrastructure entities and it has only a preferential right to use, these assets are classified as intangible
assets and are amortized (after retaining the residual value, if applicable) over their useful life or the
period of the agreement, whichever is lower.
1.6.5. Intangible assets with indefinite useful lives, such as right of way which is perpetual and absolute in
nature, are not amortized, but are tested for impairment annually. The useful lives are reviewed 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 made on a prospective
basis. The impairment losses on intangible assets with indefinite life are recognized in the Consolidated
1.6.6. Expenditure incurred for creating / acquiring other intangible assets above threshold limits from
which future economic benefits will flow over a period of time, is amortized over the estimated
useful life of the asset or five years, whichever is lower, on a straight line basis, from the time the
intangible asset starts providing the economic benefit. In other cases, the expenditure is reflected in
the Consolidated Statement of Profit and Loss in the year in which the expenditure is incurred. The
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amortization period and the amortization method for an intangible asset with a finite life are
reviewed at each year end. The amortization expense on intangible asset with finite useful lives and
impairment losses in case there is an indication that the intangible asset may be impaired, are
recognized in the Consolidated Statement of Profit and Loss.
1.6.7. The Group has elected to use the exemption available under Ind AS 101 to continue the carrying
value for all of its intangible assets as recognized in the Financial Statements as at the 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 (1st April 2015).
1.7. Investment Property
1.7.1. Investment property is property (land or a building or part of a building or both) held either to earn
rental income or for capital appreciation or for both, but not for sale in the ordinary course of
business, use in production or supply of goods or services or for administrative purposes.
Investment properties are stated at cost net of accumulated depreciation and accumulated
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 of Profit and Loss.
1.7.3. On transition to Ind AS i.e. 1st April 2015, the Group has re-classified certain items from Property,
Plant and Equipment to investment property. For the same, Group has elected to use the exemption
available under Ind AS 101 to continue the carrying value for such assets as recognized in the
Financial Statements as at the 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 (1st April 2015).
1.8. Borrowing costs
1.8.1. Borrowing costs consist of interest and other costs incurred in connection with the borrowing of
funds. Borrowing costs also include exchange differences to the extent regarded as an adjustment
to the borrowing costs.
1.8.2. Borrowing costs that are attributable to the acquisition or construction of qualifying assets (i.e. an
asset that 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
1.8.3. Investment Income earned on the temporary investment of funds of specific borrowings pending
their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.
1.9. Non-currents assets/Disposal Group held for sale
1.9.1. Non-current assets are classified as held for sale if their carrying amounts will be recovered through
a sale transaction rather than through continuing use. This condition is regarded as met only when
the sale is highly probable and the asset is available for immediate sale in its present condition
subject only to terms that are usual and customary for sale of such assets.
1.9.2. Non-current assets classified as held for sale are measured at the lower of carrying amount and fair
value less costs of disposal (upto 5% of the acquisition value).
1.9.3. The disposal group classified as held for sale, are measured at the lower of carrying amount and
fair value less costs of disposal.
1.9.4. Property, plant and equipment and intangible assets classified as held for sale are not depreciated or
amortized.

1.10. Leases
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.
Corporation and its subsidiary shall reassess whether a contract is, or contains, a lease if the terms and conditions
of the contract are changed.
1.10.1. As a Lessee
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. To assess whether a
contract conveys the right to control the use of an identified asset, the Group assesses whether:
(i) the contract involves the use of an identified asset (ii) the Group has right to obtain substantially
all of the economic benefits from use of the asset through the period of the lease and (iii) the Group
has the right to direct the use of the asset.
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 plus any initial direct costs less any lease incentives (at present
value) except for leases with a term of twelve months or less (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, POS
machines etc.), small items of office furniture etc. are treated as low value.
The lease liability is initially measured at amortized cost at the present value of the future lease
payments. The lease payments are discounted using the Corporation and its subsidiaries respective
incremental borrowing rate computed on periodic basis based on lease term. Lease liabilities are
re-measured with a corresponding adjustment to the related right of use asset if the Group changes
its assessment, whether it will exercise an extension or a termination option.
Right-of-use assets are depreciated over the lease term on systematic basis and Interest on lease
liability is charged to statement of profit and loss as Finance cost.
The Group has elected not to apply Ind AS 116 “Leases” to Intangible assets.
1.10.2. As a Lessor
A lessor shall classify each of its leases as either an operating lease or a finance lease.
1.10.2.1. Finance leases
A lease is classified as a finance lease if it transfers substantially all the risks and rewards
incidental to ownership of an underlying asset.
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.
1.10.2.2. Operating leases
A lease is classified as an operating lease if it does not transfer substantially all the risks and
rewards incidental to ownership of an underlying asset.
Group shall recognise 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.
1.11. Impairment of Non-financial Assets
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 any such indication exists, or when annual impairment testing for an asset is required, the
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Group estimates the asset’s recoverable amount. The recoverable amount is the higher of the asset’s or
Cash-Generating Units’ (CGU) fair value less costs of disposal and its value in use. Recoverable amount
is determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from 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
benefit from the synergies of the combination.
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.
1.12. Inventories
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
including appropriate overheads apportioned on a reasonable and consistent basis and are determined
on the following basis:
- Crude oil, traded goods and finished products other than lubricants are determined on First in First out
basis.
- Other raw materials, packages, lubricants and stores and spares are determined on weighted average basis.
- The cost of Work in Progress is determined at raw material cost plus cost of conversion.
1.12.2. 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.
1.12.3. 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.
1.12.4. The net realisable value of finished goods and stock in trade are based on the inter-company transfer
prices 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 and retail consumers are determined on all India basis and considered for stock valuation at
all locations.
1.12.5. 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
exceed their net realisable value.
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.
1.12.7. In case of BPRL, finished goods of Crude Oil are valued at Cost or Net realisable value, whichever is
lower. 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 inventories other than finished goods, includes expenditure incurred in the normal
course of business in bringing inventories to their present location.
1.13. Revenue Recognition
1.13.1. Sale of goods
Revenue from the sale of goods is recognised when the performance obligation is satisfied by
transferring the related goods to the customer. The performance obligation is considered to be satisfied
when the customer obtains control of the goods.
Revenue from the sale of goods includes excise duty and is measured at the fair value of the
consideration received or receivable (after including fair value allocations related to arrangements

involving more than one performance obligation), net of returns, taxes or duties collected on behalf of the
Government and applicable trade discounts or rebates.
Revenue is allocated between loyalty programmes and other components of the sale. The amount
allocated to the loyalty programme is deferred, and is recognised as revenue when the Corporation has
fulfilled its obligation to supply the products under the terms of the programme.
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.
Where the Corporation acts as an agent on behalf of a third party, the associated income is recognised
on a net basis.
Claims in respect of subsidy on LPG and SKO, from Government of India are booked on in principle
acceptance 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
commercial production is adjusted against the cost of such block.
In case of BPRL, any retrospective revision in prices of crude oil and gas is accounted for in the year of
such revision.
1.13.2. Construction contracts
Revenue from Construction contracts arise from the service concession arrangements entered into by
the Group and certain arrangements involving construction of specific assets as part of arrangements
involving more than one performance obligation.
Contract revenue includes the amount agreed in the contract to the extent that it is probable that they will
result in revenue and can be measured reliably.
Based on an assessment of the terms of such contracts, the contract revenue is recognised in the
Consolidated Statement of Profit and Loss based on the percentage of completion method.
The stage of completion is assessed with reference to the proportion of actual cost incurred as
compared to the total estimated cost of the related contract.
Contract expenses are recognised as incurred unless they create an asset relating to future contract
activity. An expected loss on a contract is recognised immediately in the Consolidated Statement of Profit
and Loss.
1.13.3. Interest income is recognized using effective interest rate (EIR) method.
1.13.4. 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.
1.13.5. Income from sale of scrap is accounted for on realization.
1.13.6. 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.
1.14. Classification of Income / Expenses
1.14.1. Income / expenditure (net) in aggregate pertaining to prior year(s) above the threshold limits are
corrected retrospectively in the first set of Financial Statements approved for issue after their discovery
by restating the comparative amounts and / or restating the opening Balance Sheet for the earliest prior
period presented.
1.14.2. Prepaid expenses upto threshold limits in each case, are charged to revenue as and when incurred.
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1.14.3. Deposits placed with Government agencies / local authorities which are perpetual in nature are charged
to revenue in the year of payment.
1.15. Employee Benefits
1.15.1. Short-term employee benefits
Short-term employee benefits are recognized as an expense at an undiscounted amount in the
Consolidated Statement of Profit and Loss of the year in which the related services are rendered.
1.15.2. Post-employment benefits
Defined Contribution Plans:
Obligations for contributions to defined contribution plans such as pension are recognized as an expense
in 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.
Defined Benefit Plans:
The net obligation in respect of defined benefit plans such as gratuity, other post-employment benefits
etc., is calculated separately for each plan by estimating the amount of future benefit that the employees
have earned in the current and prior periods, discounting that amount and deducting the fair value of any
plan assets.
The calculation of defined benefit obligation is performed at each reporting period end by a qualified
actuary using the projected unit credit method. When the calculation results in a potential asset for the
entity, the recognized asset is limited to the present value of the economic benefits available in the form
of any future refunds from the plan or reductions in future contributions to the plan.
The current service cost of the defined benefit plan, recognized in the Consolidated Statement of Profit
and Loss as part of employee benefit expense, reflects the increase in the defined benefit obligation
resulting from employee service in the current year, benefit changes, curtailments and settlements. Past
service costs are recognized immediately in the Consolidated Statement of Profit and Loss. The net
interest is calculated by applying the discount rate to the net balance of the defined benefit obligation and
the fair value of plan assets. This net interest is included in employee benefit expense in the Consolidated
Re-measurements which comprise of actuarial gains and losses, the return on plan assets (excluding
amounts 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 other comprehensive income.
1.15.3. Other long-term employee benefits
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.
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 employee service in the current year, benefit changes, curtailments and settlements. Past
service costs are recognized immediately in the Consolidated Statement of Profit and Loss. The interest
cost is calculated by 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 Statement of Profit and Loss.
1.15.4. Termination benefits
Expenditure on account of Voluntary Retirement Scheme are charged to Consolidated Statement of Profit
and Loss as and when incurred.

1.15.5. Employee Share Based Payments
The Corporation recognizes Equity-settled share-based payments to employees in Statement of Profit
and Loss based on estimated fair value of the options on the grant date. The fair value determined at the
grant date of the equity-settled share-based payments is expensed on a straight-line basis over the
vesting period, based on the Corporation’s estimate of equity instruments that will eventually vest, with a
corresponding increase in Other Equity. At the end of each reporting period, the Corporation revises its
estimate of the number of equity instruments expected to vest. The impact of the revision of the original
estimates, if any, is recognized in profit or loss such that the cumulative expense reflects the revised
estimate, with a corresponding adjustment to the equity-settled employee benefits reserve.
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of
diluted earnings per share.
1.16. Foreign Currency Transactions
1.16.1. Monetary items:
Transactions in foreign currencies are initially recorded at their respective exchange rates at the date the
transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at exchange rates
prevailing on the reporting date.
Exchange differences arising on settlement or translation of monetary items (except for long term foreign
currency monetary items outstanding as of 31st March 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 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
exchange differences arising on settlement or translation of long-term foreign currency monetary items
outstanding as of 31st March 2016 i.e. foreign exchange differences arising on settlement or translation
of 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, accumulated in “Foreign Currency Monetary Item Translation Difference Account” and amortized
over the balance period of the liability.
1.16.2. Non – Monetary items:
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.
1.16.3. In case of group companies of BPRL, the results and financial position of foreign operations (none of
which has the currency of a hyperinflationary economy) that have a functional currency different from the
presentation currency are translated into the presentation currency as follows:
Assets and liabilities are translated at the closing rate at the date of that balance sheet.
Income and expenses are translated at average exchange rates (unless this is not a reasonable
approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case
income and expenses are translated at the dates of the transactions), and
All resulting exchange differences are recognised in other comprehensive income. On consolidation,
exchange differences arising from the translation of any net investment in foreign entities, and of
borrowings and other financial instruments designated as hedges of such investments, are recognised in
other comprehensive 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.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets
and liabilities of the foreign operation and translated at the closing rate.
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1.17. Government Grants
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.
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.
1.17.3. Government grants relating to Property, Plant and Equipment are presented as deferred income and are
credited to the Consolidated Statement of Profit and Loss on a systematic and rational basis over the
useful life of the asset.
1.18. Provisions, Contingent Liabilities and Capital Commitments
1.18.1. Provisions are recognized when there is a present obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of the amount of the obligation.
1.18.2. The expenses relating to a provision is presented in the Consolidated Statement of Profit and Loss net of
reimbursements, if any.
1.18.3. 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 provision due to the passage of time is recognized as a finance cost.
1.18.4. Contingent liabilities are possible obligations whose existence will only be confirmed by future events not
wholly within the control of the Group, or present obligations where it is not probable that an outflow of
resources will be required or the amount of the obligation cannot be measured with sufficient reliability.
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.
1.18.6. Contingent liabilities and Capital Commitments disclosed are in respect of items which in each case are
above the threshold limits.
1.19. Fair Value measurement
1.19.1. The Group measures certain financial instruments at fair value at each reporting date.
1.19.2. Certain accounting policies and disclosures require the measurement of fair values, for both financial and
non- financial assets and liabilities.
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 advantageous market to which the Group has access at that date. The fair value of a liability also
reflects its non-performance risk.
1.19.4. The best estimate of the fair value of a financial instrument on initial recognition is normally the
transaction price i.e. the fair value of the consideration given or received. If the Group determine that the
fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by
a quoted price in an active market for an identical asset or liability nor based on a valuation technique that
uses only 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 difference is recognized in Consolidated Statement of Profit and Loss on an
appropriate basis over the life of the instrument but no later than when the valuation is wholly supported
by observable market data or the transaction is closed out.
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 categorised into different levels in a fair value hierarchy based on the inputs used
in the valuation technique as follows:

- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2: inputs other than quoted prices included in Level 1 that are observable for the assets or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
- Level 3: inputs for the assets or liability that are not based on observable market data (unobservable
inputs)
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 with sufficient frequency and volume to provide pricing information on an ongoing basis.
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 minimise the use of unobservable inputs. The chosen valuation
technique incorporates all of the factors that market participants would take into account in pricing a
transaction.
1.19.8. The Group 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
they assess the 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.
1.20. Financial Assets
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 instrument. All financial assets other than those measured subsequently at fair
value through profit and loss, are recognized initially at fair value plus transaction costs that are
attributable to the acquisition of the financial asset.
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.
Debt instruments at amortized cost
A 'debt instrument' is measured at the amortized cost if both the following conditions are met:
The asset is held within a business model whose objective is
- To hold assets for collecting contractual cash flows, and
- Contractual terms of the asset give rise on specified dates to cash flows that are solely
payments of principal and interest (SPPI) on the principal amount outstanding.
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 premium and fees or costs that are an integral part of the EIR. The EIR amortization is
included in finance income in the Consolidated Statement of Profit and Loss. The losses arising from
impairment are recognized in the Consolidated Statement of Profit and Loss.
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 are discounted at the financial asset’s original effective interest rate due
to revision in estimates of receipts. Adjustment, if any, is recognised as income or expense in
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Debt instruments at Fair value through Other Comprehensive Income (FVOCI)
A 'debt instrument' is measured at the fair value through Other Comprehensive Income if both the
following conditions are met:
The asset is held within a business model whose objective is achieved by both
- collecting contractual cash flows and selling financial assets and
- contractual terms of the asset give rise on specified dates to cash flows that are SPPI on the
principal amount outstanding.
After initial measurement, these assets are subsequently measured at fair value. Interest income
under 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 comprehensive Income.
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 not meet the criteria for categorisation at amortized cost or as FVOCI, is classified as
FVTPL.
After initial measurement, any fair value changes including any interest income, foreign exchange
gain and losses, impairment losses and other net gains and losses are recognized in the
Consolidated Statement of Profit and Loss separately.
Equity investments
All equity investments within the scope of Ind-AS 109 are measured at fair value. Such equity
instruments which are held for trading are classified as FVTPL. For all other such equity
instruments, the Group decides to classify the same either as FVOCI or FVTPL. They make such
election on an instrument-by-instrument 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 recognized in Other Comprehensive Income (OCI). Dividends on such equity
instruments are recognized in the Consolidated Statement of Profit and Loss.
Equity instruments included within the FVTPL category are measured at fair value with all changes
recognized in the Consolidated Statement of Profit and Loss.
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 rights to receive cash flows from the asset have expired, or
The rights to receive cash flows from the asset is transferred 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; and either:
- The risks and rewards of the asset has been transferred substantially, or
- The risk and rewards of the asset are neither transferred nor retained, but the control of the
asset is transferred.
On de-recognition, any gains or losses on all debt instruments (other than debt instruments
measured at FVOCI) and equity instruments (measured at FVTPL) are recognized in the
Consolidated Statement of Profit and Loss. Gains and losses in respect of debt instruments
measured at FVOCI and that are accumulated in OCI are 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.

1.20.4. Impairment of financial assets
In accordance with Ind AS 109, the Group applies Expected Credit Loss (“ECL”) model for
measurement and recognition of impairment loss on the financial assets measured at amortized
cost and debt instruments measured at FVOCI.
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 LPG Consumers, debt securities and bank balances, the loss allowance is measured at 12
month ECL only if there is no significant deterioration in the credit risk since initial recognition of the asset
or asset is determined to have a low credit risk at the reporting date.
1.21. Financial Liabilities
Financial liabilities are initially recognized when the Group becomes a party to the contractual provisions
of the instrument.
Financial liability is initially measured at fair value plus, for an item not at fair value through profit and loss,
transaction costs that are directly attributable to its acquisition or issue.
liabilities.
Financial Liabilities at Fair Value through Profit or Loss (FVTPL)
A financial liability is classified as at Fair Value through Profit or Loss (FVTPL) if it is classified as
held-for-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 Consolidated
Financial Liabilities at amortized cost
After initial recognition, financial liabilities other than those which are classified as FVTPL are
subsequently measured at amortized cost using the effective interest rate (“EIR”) method.
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 Consolidated Statement of Profit and Loss.
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or
expires. 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 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.
1.22. Financial guarantees
Financial guarantee contracts are those contracts that require a payment to be made to reimburse the holder for a
loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of the
debt 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 of the amount of loss allowance determined as per impairment requirements of Ind AS 109
and the fair value initially recognized less cumulative amortization.
340
1.23. Derivative financial instruments
The Group 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 fair value on the date on which a derivative contract is entered into and are subsequently measured at fair value
with the 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.
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 case may be, since these derivatives constitute hedges from an economic perspective and may
not qualify for hedge accounting under Ind AS 109.
1.24. Embedded derivatives
If the hybrid contract contains a host that is a financial asset within the scope of Ind-AS 109, the classification
requirements contained in Ind AS 109 are applied to the entire hybrid contract. Derivatives embedded in all other
host contracts, including financial liabilities are accounted for as separate derivatives and recorded at fair value if
their economic characteristics and risks are not closely related to those of the host contracts and the host
contracts are not held for trading or designated at fair value through profit and loss. These embedded derivatives
are measured at fair value with changes in fair value recognized in Consolidated Statement of Profit and Loss,
unless designated as effective hedging instruments. Reassessment only occurs if there is a change in the terms
of the contract that significantly modifies the cash flows.
1.25. Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet, if there is a
currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis,
or to realise the assets and settle the liabilities simultaneously.
1.26. Taxes on Income
1.26.1. Current Tax
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 substantively enacted, by the end of reporting period.
Current Tax items are recognized in correlation to the underlying transaction either in the Consolidated
Statement of Profit and Loss, other comprehensive income or directly in equity.
1.26.2. Deferred tax
Deferred tax liabilities are recognized for all taxable temporary differences.
Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused
tax 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 unused tax credits and unused tax losses can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent
that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred
tax asset to be utilised. Unrecognized deferred tax assets are re-assessed at each reporting date and are
recognized to the extent that it has become probable that future taxable profits will allow the deferred tax
asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when
the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or
substantively enacted at the reporting date.
Deferred Tax items are recognized in correlation to the underlying transaction either in the Consolidated
Statement of Profit and Loss, other comprehensive income or directly in equity.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off
current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and
the same taxation authority.
Deferred tax is not recognized for
• Temporary differences related to investments in subsidiaries and joint ventures to the extent that the
Group is able to control the timing of the reversal of the temporary differences and it is probable that
they will not reverse in the foreseeable future.
• Taxable temporary differences arising on the initial recognition of goodwill.
1.27. Earnings per share
1.27.1. Basic earnings per share are calculated by dividing the profit or loss for the period attributable to equity
shareholders (after deducting preference dividends, if any, and attributable taxes) by the weighted
average number of equity shares outstanding during the period.
1.27.2. For the purpose of calculating diluted earnings per share, the profit or loss for the period attributable to
equity shareholders and the weighted average number of shares outstanding during the period are
adjusted for the effect of all dilutive potential equity shares.
1.28. Classification of Assets and Liabilities as Current and Non-Current:
All assets and liabilities are classified as current or non-current as per the normal operating cycle (considered as
12 months) and other criteria set out in Schedule III of the Act.
1.29. Cash and Cash equivalents
Cash and cash equivalents in the Balance Sheet include cash at bank, cash, cheque, draft on hand and demand
deposits with an original maturity of less than three months, which are subject to an insignificant risk of changes
in value.
For the purpose of Consolidated Statement of Cash Flows, Cash and cash equivalents include cash at bank, cash,
cheques and drafts on hand, net of outstanding bank overdrafts as they are considered an integral part of the
Corporation’s cash management. The Group considers all highly liquid investments with a remaining maturity at
the date of purchase of three months or less and that are readily convertible to known amounts of cash to be cash
equivalents.
1.30. Cash Flows
Cash flows are reported using the indirect method, where by net profit before tax is adjusted for the effects of
transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments
and item of income or expenses associated with investing or financing cash flows. The cash flows from operating,
investing and financing activities are segregated.
1.31. Joint Operations in case of BPRL
BPRL has Joint arrangement in the nature of Production Sharing Contracts (PSC) with the Government of
respective countries and/or various bodies corporate for exploration, development and production activities.
The income, expenditure, assets and liabilities of the Joint operations are merged on line by line basis according
to the participating interest with the similar items in the Financial Statements of BPRL.
1.32. Depletion
In case of BPRL, Depletion charge is calculated on the capitalised cost according to the Unit of Production Method.
The Depletion Charge or The Unit of Production (UOP) charge for all costs within a cost centre is calculated by
multiplying 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 for all other capitalised costs, by dividing the depreciation base of the cost centre by the Proved
Developed Oil and Gas Reserves. The depreciation base of a cost centre includes the gross block of the cost
centre and estimated site restoration expenditure and is reduced by the accumulated depreciation and
accumulated impairment charge of the cost centre. The estimates of proved reserves used are based on the latest
technical assessment available with the Group.
342
1.33.
z
Oil and natural gas producing activities in case of BPRL
1.33.1. BPRL follows the accounting policy as explained below for its oil and natural gas exploration and
production activities.
i. Acquisition costs such as costs incurred to purchase, lease or otherwise acquire a property or
mineral right proved or unproved are capitalised. Any pre-acquisition costs are expensed as and
when incurred.
ii. All costs which are directly attributable to the exploration and evaluation activities of oil and gas are
capitalised 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.
iii. BPRL classifies the acquisition costs, exploration and evaluation assets as tangible asset or
intangible asset according to the nature of assets acquired.
iv. Once the technical feasibility and commercial viability of extracting oil and gas are determinable,
exploration and evaluation assets are classified as Development Wells-in-Progress under “intangible
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 incurred for production facilities are capitalised as and when incurred as intangible
assets under development or intangible assets as the case may be.
v. When a well within a block or cost centre is ready to commence commercial production, the
capitalised costs referred above are reclassified as intangible assets. The cost centre is not normally
smaller than a country, except, where warranted by a major difference in economic, fiscal or other
factors in the country.
vi. When a block or cost centre is relinquished, the accumulated cost is charged off as an expense in
the said year.
vii. BPRL capitalises the obligations for removal and restoration that are incurred during a particular
period 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 Equipment or Intangible Assets, as the case may be. The provision for
estimated abandonment costs 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.

1.34. The Group has adopted materiality threshold limits in the preparation and presentation of Financial
Statements as given below:
Threshold Item Accounting Unit Threshold

Policy Reference Limit Value
Allocation of other expenses to projects costing in each case 1.4.3 ` Crores 5
Expenditure on certain items of Property, 1.4.5 ` 1,000

Plant and Equipment charged to revenue in each case
Capitalisation of spare parts meeting the definition of Property, 1.4.6 ` Lakhs 10

Plant and Equipment in each case (Note 1)
GST on common capital goods per item per month 1.4.9 ` Lakhs 5
Depreciation at 100 percent in the year of acquisition except 1.5.5 ` 5,000

LPG Cylinders and Pressure Regulators
Expenditure incurred for creating / acquiring other 1.6.6 ` Lakhs 50

intangible assets in each case
Income/expenditure (net) in aggregate pertaining to

prior year(s)(Note 2) 1.14.1 ` Crores 150
Prepaid expenses in each case (Note 1) 1.14.2 ` Lakhs 5
Disclosure of Contingent liabilities and Capital Commitments 1.18.6 ` Lakhs 5

in each case
Note:
1. BGRL: ` 1 Lakhs
2. BGRL: ` 50 Crores
344
NOTE 2 PROPERTY, PLANT AND EQUIPMENT (CONSOLIDATED)
` in Crores
Additions on Reclassifications Reclassifications
account of / Deductions
Particulars As at Other As at Up to For the / Deductions Up to As at As at
Business On Account Of
01/04/2021 Additions On Account Of
combination Adjustments
Retirement / 31/03/2022 31/03/2021 Year 31/03/2022 31/03/2022 31/03/2021
(Refer note no. Retirement /
64) Disposal Disposal
Freehold Land * 2,126.63 31.44 395.20 - 27.30 2,525.97 - - - - 2,525.97 2,126.63
Buildings including Roads* 9,692.16 1,070.58 830.50 - 1.86 11,591.38 2,185.07 531.35 4.71 2,711.71 8,879.67 7,507.09
Plant and Equipments* 30,054.86 3,359.41 10,126.06 236.41 175.71 43,601.03 7,340.76 2,381.02 112.76 9,609.02 33,992.01 22,714.10
Furniture and Fixtures* 1,022.87 205.03 15.15 - 13.97 1,229.08 399.28 110.22 9.97 499.53 729.55 623.59
Vehicles* 78.27 5.96 2.26 - 3.57 82.92 36.28 9.05 1.67 43.66 39.26 41.99
Office Equipments* 1,342.13 248.25 18.77 - 20.48 1,588.67 750.36 203.09 18.06 935.39 653.28 591.77
Railway Sidings* 308.30 19.11 35.87 - 1.19 362.09 84.75 24.95 0.20 109.50 252.59 223.55
Tanks and Pipelines* 13,344.87 2,353.03 1,714.28 - 20.87 17,391.31 1,918.93 640.67 4.39 2,555.21 14,836.10 11,425.94
Dispensing Pumps 3,376.25 443.40 - - 35.74 3,783.91 978.10 206.16 28.83 1,155.43 2,628.48 2,398.15
LPG Cylinders and allied

Equipments 9,377.54 1,111.73 - - 0.65 10,488.62 2,021.46 554.07 0.26 2,575.27 7,913.35 7,356.08
Right of Use Assets*

(Refer Note 47) 9,376.16 1,148.90 224.96 - 371.60 10,378.42 796.21 601.91 76.70 1,321.42 9,057.00 8,579.95
Total 80,100.04 9,996.84 13,363.05 236.41 672.94 1,03,023.40 16,511.20 5,262.49 257.55 21,516.14 81,507.26 63,588.84
Previous year 73,389.12 11,568.02 (187.44) 4,669.66 80,100.04 13,628.02 4,300.96 1,417.78 16,511.20 63,588.84
* These include assets which are given on Operating Leases, the details thereof are included in Note no. 47

345
NOTE 3 CAPITAL WORK-IN-PROGRESS (CWIP) CONSOLIDATED ` in Crores
31/03/2022 31/03/2021
Capital work-in-progress
Property, plant and equipment under erection / construction 4,364.23 6,521.95
Capital stores including lying with contractors 453.17 537.03
Capital goods in transit 22.48 0.33
Allocation of Construction period expenses 2021-22 2020-21

Add: Expenditure during the year
Establishment charges including Employee Benefit expenses 92.99 178.76
Borrowing costs 23.09 253.07
Others 15.37 8.15
609.32 991.30
Less: Allocated to assets capitalised/ charged off during the year (469.31) (479.23)
Less: Stake Sale in Numaligarh Refinery Limited (Refer note no. 63) - (34.20)
Closing balance pending allocation 140.01 477.87
Total 4,979.89 7,537.18
Note: The above details are net of Provision for CWIP ` 356.80 Crores (Previous year ` 14.99 Crores)
346
NOTE 4 INVESTMENT PROPERTY (CONSOLIDATED)
` in Crores
As at Additions As at Up to For the Up to As at As at
Particulars 01/04/2021 / Deductions 31/03/2022 31/03/2021 year / Deductions 31/03/2022 31/03/2022 31/03/2021
On Account Of On Account Of
Retirement / Retirement /
Disposal Disposal
Buildings 0.17 - - 0.17 0.12 0.02 - 0.14 0.03 0.05
Total 0.17 - - 0.17 0.12 0.02 - 0.14 0.03 0.05
Previous year 32.99 1.75 34.57 0.17 0.12 0.02 0.02 0.12 0.05
The Group's investment properties consist of office buildings rented out to third parties.
Information Regarding Income and Expenditure of Investment Property

` in Crores
Rental Income earned from Investment Property 1.18 3.36
Less - Depreciation (0.02) (0.02)
Profit arising from Investment Property before other direct operating expenses 1.16 3.34
The other direct operating expenses on the Investment Property are not separately identifiable and the same are not likely to be material.
As at 31st March 2022 and 31st March 2021, the fair value of the property is ` 0.65 Crores and ` 1.02 Crores respectively. These fair values of the Investment
Property are categorised as Level 2 in the fair valuation hierarchy and has been determined by external, independent property valuers, having recognised and
relevant professional qualifications and recent experience in the location and category of the property being valued. Further, fair value of Investment Property as at
31st March 2022 has been carried out by a valuer who is a registered valuer as per Companies Act, 2013.

347
348
NOTE 5 INTANGIBLE ASSETS (CONSOLIDATED)
` in Crores
Particulars Useful Life Gross Block Amortization Net Carrying Amount
(No. of As at Additions Additions on Other As at Up to For the Up to As at As at
Years) 01/04/2021 account of Adjustments 31/03/2022 31/03/2021 year Deletions 31/03/2022 31/03/2022 31/03/2021
Business Deletions
combination
Right of Way Indefinite 105.62 38.43 - - - 144.05 - - - - 144.05 105.62
Right of Way Upto 99 36.98 2.30 66.12 - - 105.40 12.10 3.25 - 15.35 90.05 24.88
Right to use Upto 30 26.06 0.04 - - - 26.10 5.30 2.35 - 7.65 18.45 20.76
Service Concession
Arrangement 20 63.18 - - - - 63.18 19.83 3.70 - 23.53 39.65 43.35
Software / Licenses Upto 5 81.81 70.25 16.52 - 0.03 168.55 51.35 23.62 0.03 74.94 93.61 30.46
Single Point Mooring
and Sub Sea Pipeline 25 - - 299.88 - 0.35 299.53 - 17.52 - 17.52 282.01 -
Oil and Gas Assets 280.92 5.63 - - - 286.55 182.14 14.96 - 197.10 89.45 98.78
Process Licenses Upto 5 268.69 361.22 - - - 629.91 83.12 113.87 - 196.99 432.92 185.57
Total 863.26 477.87 382.52 - 0.38 1,723.27 353.84 179.27 0.03 533.08 1,190.19 509.42
Previous year 688.96 281.90 - - 107.60 863.26 308.36 56.66 11.18 353.84 509.42
NOTE 6 INTANGIBLE ASSETS UNDER DEVELOPMENT (IAUD) (CONSOLIDATED)

` in Crores
Gross Amount
Additions Capitalisation as As at
As at Intangible Asset
Particulars 31/03/2022
01/04/2021 / Deletions/
Reclassification
Process Licenses* 326.80 - 321.34 5.46
Software / License 13.74 8.29 13.74 8.29
Right of Way 22.52 18.77 37.77 3.52
Wells in Progress** 9,137.05 1,260.65 (38.09) 10,435.79
Total 9,500.11 1,287.71 334.76 10,453.06
Previous year 7,813.69 2,032.35 345.93 9,500.11
*The above details are net of Provision for IAUD ` 53.66 Crores (Previous year: NIL)
**Net of provision for impairment loss of ` 952.05 Crores (as at 31st March 2021 `1,024.08 Crores)
There are no internally generated Intangible Assets.
ADDITIONAL INFORMATION IN RESPECT OF NOTE NOS. 2 TO 6:
a) Freehold land includes `2.20 Crores (Previous year `2.20 Crores), which is under dispute and not in the
Corporation’s possession, is in the process of being surrendered to the Competent Authority and has been provided
for in books of accounts.
b) Buildings include Ownership Flats having gross block of `44.79 Crores (Previous year `43.94 Crores) 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
31st March 2016 i.e. foreign exchange differences arising on settlement or translation of 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. Accordingly, “Other adjustments” include capitalization of foreign
exchange differences (net) of `236.41 Crores (Previous year `187.44 Crores De-capitalization).
d) Additions include capitalization of borrowing costs of `264.83 Crores (Previous year `300.06 Crores).
e) Freehold Land, Plant and Equipment, Tanks and Pipelines, Railway Sidings, Buildings etc. jointly owned in varying
extent with other Oil Companies / Railways / Port Trust: Gross Block `925.59 Crores (Previous year `909.65
Crores), Cumulative Depreciation `126.59 Crores (Previous year `87.29 Crores), Net Block `799.00 Crores
(Previous year `822.36 Crores).
f) Certain assets forming part of Property, Plant and Equipment have been constructed by the Corporation at Railway
consumer depots, having net carrying amount of `30.39 Crores (Previous year `24.78 Crores), out of which few
Railway consumer depots are being used by other oil companies based on award of tender by Railways, net carrying
amount of such assets is `5.85 Crores (Previous year `1.82 Crores).
g) Charge was created over the Property, Plant & Equipment of the Corporation, mainly Plant and Machinery at Mumbai
Refinery and Kochi Refinery in regard to the borrowings. These charges have been satisfied during the year. In respect
of BORL, Long-term borrowings are secured by first charge ranking pari passu on all Property, Plant and Equipment
(immovable and movable), both present and future of BORL. (Refer Note No. 25).
h) Compensation received 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 `3.49 Crores (Previous year `35.35 Crores).
i) Gross Block Reclassifications / Deductions on account of Retirement / Disposal includes:
i) On account of retirement / disposal/ adjustments during the year `601.66 Crores (Previous year `4,701.41
Crores)
ii) Assets classified as held for sale `39.49 Crores (Previous year `58.98 Crores)
iii) Decapitalization of `33.86 Crores (Previous year `52.13 Crores)
iv) Deduction on account of reclassifications during the year `1.69 Crores (Previous year `33.81 Crores)
j) Depreciation and amortization for the year is `5,441.78 Crores (Previous year `4,357.64 Crores) from which, after
reducing -

i) Depreciation on decapitalization of `4.62 Crores (Previous year `19.08 Crores)
ii) Depreciation on reclassification of assets of `0.79 Crores (Previous year `1.39 Crores)
iii) Charged to Project `2.02 Crores (Previous year `2.96 Crores) and Net Depreciation and amortization for the
year charged to Consolidated Profit and Loss statement is `5,434.35 Crores (Previous year `4,334.21
Crores)
k) Deduction from accumulated depreciation on account of retirement / disposal / reclassifications of the group during
the year is `257.58 Crores (Previous year `1,428.98 Crores)
l) The Corporation has assessed the useful life of Right of Way as indefinite where the same is perpetual in nature.
m) 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
withdrawn all Mozambique LNG project personnel from the Afungi site and the Operator has declared Force Majeure
on 22nd April 2021. Currently, the Project remains in preservation mode/temporarily suspended with no Project
personnel on site until such time the Government of Mozambique has restored and maintained in a sustainable and
verifiable manner the peace, security and stability in the Cabo Delgado Province. There are certain incremental cost
related to the suspension and Force Majeure pertaining to the above project which are abnormal costs and not an
integral part of bringing the asset into the working condition. Accordingly, these costs amounting to `345.10 Crores
(March 31, 2021: NIL) incurred during the year have been charged off to Consolidated Statement of Profit and Loss.
n) Numaligarh Refinery Limited (NRL) ceased to be the part of the Group w.e.f. 26th March 2021. Accordingly, Financial
Statements of NRL have been consolidated till 25th March 2021, post which de-recognition of Assets of NRL has
been carried out in “Reclassifications/ Deductions on account of Retirement / Disposal”[Refer Note No 63] during
previous year.
350
o) Ageing of Capital work in Progress (CWIP) is as follows:
1 year 3 years
Total 2,956.32 1,038.97 663.92 320.68 4,979.89

1 year 3 years
Total 2,986.18 3,407.15 892.31 251.54 7,537.18
p) Ageing of Intangible assets under development (IAUD) is as follows:

1 year 3 years
Projects temporarily suspended 1,196.20 1,845.05 2,003.23 5,354.45 10,398.93
Total 1,219.20 1,852.48 2,009.88 5,371.49 10,453.06

1 year 3 years
Projects in progress 1,929.25 2,037.96 872.59 4,660.31 9,500.11
Total 1,929.25 2,037.96 872.59 4,660.31 9,500.11

q) For Capital work in Progress (CWIP), whose completion is overdue or has exceeded its cost
compared to its original plan, following CWIP completion schedule is as follows:

To be completed in
1 year 3 years
Projects in progress Installation of New Kerosene Hydrotreater (KHT) 367.99
Projects in progress Krishnapatnam Coastal Terminal 277.30
Projects in progress Enhancing Production of Lube Base Stock (LOBS) 231.73
Projects in progress POL Depot at Bokaro 129.00
Projects temporarily suspended Others 1.11 3.50 - 0.06

To be completed in
1 year 3 years
Projects in progress MSV Storage at LPG Plants 30.35 99.89
Projects in progress Krishnapatnam Coastal Terminal 99.79
Projects temporarily suspended Others 2.36 1.89 0.05 0.15
r) For Intangible assets under development (IAUD), whose completion is overdue or has
exceeded its cost compared to its original plan, following CWIP completion schedule is as
follows:

To be completed in
1 year 3 years
Projects in progress Others 0.04 0.11 - -

To be completed in
1 year 3 years
Projects in progress Others 0.60 - - -
352
BHARAT PETROLEUM CORPORATION LIMITED
NOTE 7 INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD (CONSOLIDATED)
Information of interest of the Corporation in its Equity Accounted Investees:

₹ in Crores
Note reference 31/03/2022 31/03/2021
Interest in Associates See Note (A) below 4,352.15 3,448.72
Interest in Joint Ventures See Note (B) below 14,063.34 16,100.92
Investment accounted for using equity method 18,415.49 19,549.64
[A] Interest in Associates

(I) List of material Associates of the Corporation Proportion of Ownership Interest
Sr No Name Country of 31/03/2022 31/03/2021
Incorporation
1 Indraprastha Gas Limited (Refer Note (i)) India 22.50% 22.50%
2 Petronet LNG Limited (Refer Note (ii) India 12.50% 12.50%
Note (i) Indraprastha Gas Limited (IGL) was set up in December, 1998 for implementing the project for supply of
Compressed Natural Gas (CNG) to the household and automobile sectors in Delhi. The paid up share capital of the
Company is `140 Crores (previous year `140 Crores). The Corporation invested `31.50 Crores in IGL for 22.5% stake in
its equity. IGL is a listed Company with the public holding 55% of the paid up Share Capital of the Company.
Note (ii) Petronet LNG Limited (PLL) was formed in April, 1998 for importing LNG and setting up LNG terminals with
facilities like jetty, storage, regasification etc. to supply Natural Gas to various industries in the country. The paid up capital
of the company is `1,500 Crores (previous year `1,500 Crores). PLL was promoted by four public sector companies viz.
BPCL, 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 currently stands at `98.75 Crores.
Fair Value of material listed Associates ₹ in Crores

Sr No Name 31/03/2022 31/03/2021
1 Indraprastha Gas Limited 5,870.83 8,045.12
2 Petronet LNG Limited 3,630.93 4,216.88
In respect of Petronet LNG Limited, the same has been classified as an associate, as the Corporation has the right to
nominate a director on the Board of Directors of the company and this right allows the Corporation to participate in financial
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.

NOTE 7 INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD (CONSOLIDATED) [CONTD.]
₹ in Crores
31/03/2022 Indraprastha Gas Petronet LNG

Limited Limited
Summarised financial information
Non Current Assets 7,339.52 12,646.45
Current Assets (excluding Cash and Cash Equivalent) 3,687.69 7,661.40
Cash and Cash Equivalent 75.00 1,053.92
Less:
Non Current liabilities (excluding trade and other Payables and Provisions) 368.34 4,898.93
Trade and other payables and provisions (Non-Current) 26.75 58.01
Current liabilities (excluding trade and other payables and provisions) 251.57 1,147.62
Trade and other payables and provisions (Current) 2,869.51 1,589.12
Net Assets 7,586.04 13,668.09
Group's share of net assets 1,706.86 1,708.51
Carrying amount of Interest in Associates 1,706.86 1,708.51
Revenue (including Interest Income) 8,661.37 43,466.30

Less:
Depreciation and Amortisation 317.06 768.46
Other Expense 6,603.62 37,919.88
Finance Cost 13.21 317.33
Add: Share of Profit of Equity Accounted Investees (JV), net of tax 225.72 98.65
Profit before tax 1,953.20 4,559.28
Tax Expense 450.93 1,121.17
Profit after tax 1,502.27 3,438.11
Other Comprehensive Income 1.34 (1.92)
Total Comprehensive Income 1,503.61 3,436.19
Group's share of profit 338.01 429.76
Group's share of OCI 0.30 (0.24)
Group's share of total comprehensive Income 338.31 429.52
Add/(Less): Intra Group Eliminations - -
Group's share of total comprehensive Income (after elimination) 338.31 429.52
Dividend received from the Associates 56.70 196.88
354
₹ in Crores
31/03/2021 Indraprastha Gas Petronet LNG
Limited Limited
Non Current Assets 5,965.50 10,976.14
Current Assets (excluding cash and cash equivalent) 3,016.86 7,147.99
Cash and cash equivalent 90.32 849.33
Less:
Non Current liabilities (excluding trade and other payables and provisions) 337.80 4,323.70
Trade and other payables and provisions (Non-Current) 24.70 30.95
Current liabilities (excluding trade and other payables and provisions) 1,609.99 1,765.75
Trade and other payables and provisions (Current) 785.57 1,102.80
Net Assets 6,314.62 11,750.26
Group's share of net assets 1,420.79 1,468.78
Carrying amount of interest in Associates 1,420.79 1,468.78
Revenue (including Interest Income) 5,553.11 26,411.04

Less:
Depreciation and Amortisation 289.78 772.64
Other Expense 3,983.68 21,431.85
Finance Cost 10.57 335.89
Add: Share of Profit of Equity accounted investees (JV), net of tax 125.11 -
Profit before tax 1,394.19 3,870.66
Tax Expense 241.38 991.32
Profit after tax 1,152.81 2,879.34
Other Comprehensive Income (0.16) -
Total Comprehensive Income 1,152.65 2,879.34
Group's share of profit 259.38 359.92

Group's share of OCI (0.04) -
Group's share of total comprehensive Income 259.34 359.92
Add/(Less): Intra Group Eliminations - -
Group's share of total comprehensive Income (after elimination) 259.34 359.92
Dividend received from the Associates 44.10 281.25
(II) Details of others Associates ₹ in Crores
Particulars 31/03/2022 31/03/2021

Aggregate carrying amount of its interest in Associates 936.78 559.15
Share of Total Comprehensive Income from Associates during the year (52.28) 26.93

[B] Interest in Joint Ventures
(I) List of material Joint Ventures of the Group Proportion of Ownership Interest
Sr No Name Country of Incorporation 31/03/2022 31/03/2021

1 Bharat Oman Refineries
Limited (Refer Note (i)) India 100% 63.38%
Note (i) Bharat Oman Refineries Limited (BORL) is incorporated with joint control of BPCL & OQ S.A.O.C. (formerly known
as Oman Oil Company S.A.O.C.) ("OQ"). During the year the Corporation had acquired remaining 88,86,13,336 shares on
30th June 2021 from Joint Venture Partner OQ for a consideration of `2,399.26 Crores. The Corporation has an equity stake
of 100% (previous year 63.38%) in BORL’s paid up share capital of `2,426.83 Crores as on 31st March, 2022 (Previous Year
`2,426.83 Crores). Bharat Oman Refineries Limited has become a wholly owned subsidiary of the Corporation w.e.f.
30th June 2021.
Further, the Corporation has acquired the remaining share warrants of Bharat Oman Refineries Limited held by Government
of Madhya Pradesh for a consideration of `72.65 Crores. With this acquisition Corporation has Share Warrants of
`1,008.33 Crores as on 31st March, 2022 (previous year `935.68 Crores) and Compulsory Convertible Debentures of
`1,000 Crores (previous year `1,000 Crores). With the change in control from Joint Venture to Subsidiary, BORL is no
longer considered as material Joint Venture for the year 2021-22
The following table comprises the financial information of the Corporation's material Joint Venture
(in which corporation is having significant value of investments) and their respective carrying amount.
356
` in Crores
Bharat Oman Refineries Limited 31/03/2022 31/03/2021

Non Current Assets - 11,764.03
Current Assets (excluding cash and cash equivalent) - 6,720.93
Cash and cash equivalent - 41.53
Less:
Non Current liabilities (excluding trade and other payables and provisions) - 8,877.85
Trade and other payables and provisions (Non-Current) - 19.76
Current liabilities (excluding trade and other payables and provisions) - 3,613.10
Trade and other payables and provisions (Current) - 2,472.71
Net Assets - 3,543.07
Group's share of net Assets - 2,245.60
Adjustments
Impact on conversion of share warrants to equity shares - 103.26
Investment in Share Warrants - 325.60
Investment in Compulsorily Convertible Debentures - 366.20
Inter-company profit eliminations - (118.08)
Carrying amount of interest in Joint Ventures - 2,922.58
Revenue (excluding interest income) - 35,480.90

Interest Income - 6.78
Less:
Depreciation and Amortisation - 754.49
Finance Cost - 558.54
Other Expense - 34,283.82
Profit before tax - (109.17)
Tax Expense - (32.82)
Profit after Tax - (76.35)
Other Comprehensive Income - 1.79
Total Comprehensive Income - (74.56)
Group's share of profit - (48.39)
Group's share of OCI - 1.13
Group's share of total comprehensive Income - (47.26)
Add/(Less): Intra Group Eliminations - 21.28
Group's share of total comprehensive Income (after elimination) - (25.98)
Dividend received from the Joint Venture - -
(II) Details of Other Joint Ventures ` in Crores

Particulars 31/03/2022 31/03/2021
Aggregate carrying amount of its interest in Joint Ventures 14,063.34 13,178.34
Share of Total Comprehensive Income from Joint Ventures during the year 767.30 (2,301.72)

NOTE 8 INVESTMENTS (CONSOLIDATED)
₹ in Crores
Particulars No. of Units No. of units As at As at

31/03/2022 31/03/2021 31/03/2022 31/03/2021
Fair value through Other Comprehensive Income
Equity Shares of (` 10 each (fully paid up))
Quoted
Oil India Limited * 2,67,50,550 2,67,50,550 637.33 328.10
Unquoted
Cochin International Airport Limited * 1,31,25,000 1,31,25,000 120.80 95.71
Investment in Debentures at Amortised cost
Unquoted
5% Debentures (Fully Paid up) of East India Clinic Limited 1 1 0.01 0.01
Investment in Equity Instruments at
Fair Value Through Profit or Loss Unquoted
Equity Shares of Kochi Refineries Employees
Consumer Co-operative Society Limited
(Fully paid up)# Value ` 5,000/- 500 500 # #
Ordinary Shares (Fully paid up) of Sindhu
Resettlement Corporation Limited ## Value `19,000/- 6 6 ## ##
Total 758.14 423.82

Aggregate amount of Unquoted Securities 120.81 95.72
Market value of Quoted Securities 637.33 328.10
* The Corporation has designated these investments at Fair Value through Other Comprehensive Income because these
investments represent the investments that the Corporation intends 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 gains or losses on these
investments.
358
NOTE 9 NON-CURRENT LOANS (CONSOLIDATED)
₹ in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Loans to Joint Ventures
IBV (Brasil) Petroleo Ltda. 1,897.20 1,939.51
Bharat Oman Refineries Limited (Refer Note No.64) - 1,254.10
Haridwar Natural Gas Private Limited 11.25 15.00
Loan to Empresa Nacional de Hidrocarbonetos (Mozambique) 947.63 526.71

Loans to Employees (including accrued interest) (secured) 415.62 406.48
Loans to Others
Considered good* 714.82 1,067.00
Significant increase in credit risk* 48.13 35.37
Less: Loss allowance (82.72) (82.95)
Total 3,956.62 5,175.31
*Includes ` 585.42 Crores ( Previous Year : ` 988.31 Crores) pertaining to Loans given to Consumers under Pradhan
Mantri Ujjwala Yojana scheme.
NOTE 10 OTHER FINANCIAL ASSETS (CONSOLIDATED) ₹ in Crores

As at As at
Particulars
31/03/2022 31/03/2021
Security Deposits
Less : Allowance for Doubtful (1.67) (1.92)
Claims
Considered good 9.27 7.94
Considered doubtful 19.22 19.14
Less : Allowance for doubtful (19.22) (19.14)
Bank deposits with more than twelve months maturity
Considered Good * 23.56 39.97
Advances against Equity Shares #
Kochi Salem Pipeline Private Limited 195.00 -
Mozambique MOF Company S.A. 98.98 -
Mozambique LNG Marine Terminal Company S.A. 156.11 -
Bharat Renewable Energy Limited 0.54 0.54
Total 706.98 184.60
*Includes Deposits of ` 23.56 Crores (Previous Year `39.97 Crores) that have been pledged / deposited with Local Authorities.
# Advance against equity shares (pending allotment).

NOTE 11 INCOME TAX ASSETS (NET) (CONSOLIDATED)
₹ in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Advance payment of Income Tax (Net of provision) 349.80 1,158.07
Total 349.80 1,158.07
NOTE 12 OTHER NON-CURRENT ASSETS (CONSOLIDATED) ₹ in Crores

(Unsecured,considered good unless otherwise stated)
As at As at
Particulars
31/03/2022 31/03/2021
Capital advances
Advance to Employee Benefit Trusts 101.67 135.50
Prepaid expenses 302.27 337.67
Claims and Deposits:
Total 2,007.83 1,276.13
NOTE 13 INVENTORIES (CONSOLIDATED) ₹ in Crores

(Refer Note No. 1.12)
As at As at
Particulars
31/03/2022 31/03/2021
Raw Materials
[Including In transit ` 6,119.06 Crores (Previous Year ` 2,470.69 Crores)] 15,119.95 5,664.78
Work-in-progress 3,399.99 1,573.68
Finished goods 13,628.48 11,625.39
Stock-in-Trade
[Including In Transit ` 1,449.89 Crores (Previous Year `1,124.16 Crores )] 8,616.27 6,879.64
Stores and Spares
[Including In Transit ` 5.94 Crores (Previous Year ` 9.28 Crores)] 1,388.20 936.68
Packaging material 25.85 26.55
Total 42,178.74 26,706.72
The Write Down of Inventories to Net Realisable Value during the year amounted to ` 1,247.04 Crores (Previous Year : ` 87.51
Crores). The Reversal of Write Down during the year amounted to ` 2.69 Crores (Previous Year : ` 19.23 Crores) due to Increase
in Net Realisable Value of the Inventories. The Write Down or Reversal of Write Down have been included under 'Cost of Materials
Consumed' or 'Changes in Inventories of Finished Goods, Stock-In-Trade and Work-In-Progress' in the Consolidated Statement of
Profit and Loss.
Inventories pledged as collateral - Refer Note No. 30
360
NOTE 14 INVESTMENTS (CONSOLIDATED)
(` in Crores)
As at As at
Particulars
31/03/2022 31/03/2021
Investments at Fair value through Profit or Loss
Quoted
Investment In Government Securities of
Face Value Of ` 100 each (Fully Paid up)
6.90% Oil Marketing Companies GOI Special Bonds 2026 # 911.16 1,721.82
6.35% Oil Marketing Companies GOI Special Bonds 2024 2,167.89 2,174.59
7.59% Government Stock 2026 # 395.57 401.11
4,442.27 5,282.71
Investments in Mutual Funds
Mutual Funds - 1,011.87
Quoted
Treasury Bills# - 499.69
Total 4,442.27 6,794.27
(` in Crores)
Aggregate amount of Quoted Securities 4,442.27 6,794.27
Aggregate amount of Impairment in the value of investments - -
#These Securities of Face Value ` 1,245.00 Crores (Previous year ` 870 Crores) have been kept as Collateral Security with
Clearing Corporation of India Limited for limits in Triparty Repo Settlement System. [Refer Note no. 30]
NOTE 15 TRADE RECEIVABLES (CONSOLIDATED) (` in Crores)

(Unsecured unless otherwise stated)
As at As at
Particulars
31/03/2022 31/03/2021
Considered good* 9,903.78 8,121.63
Less : Loss allowance (196.31) (286.86)
Total 9,707.47 7,834.77
* Includes Debts secured by Bank guarantee/Letter of Credit/Deposit ` 2,433.47 Crores (previous year ` 735.90 Crores).
Trade receivables pledged as collateral (Refer Note No. 30)

NOTE 15 TRADE RECEIVABLES (CONSOLIDATED) (CONTD.)

₹ in Crores
Particulars TOTAL
Less than 6 months More than
Unbilled Not due 6 months -1 year 1-2 Years 2-3 Years 3 years
Undisputed Trade Receivables- Considered good 34.42 7,089.88 2,585.59 33.11 23.26 19.78 50.49 9,836.53
Disputed Trade Receivables - Considered good 18.84 0.43 0.01 0.01 1.85 4.67 41.44 67.25
Total 53.26 7,090.31 2,585.60 33.12 25.11 24.45 91.93 9,903.78

₹ in Crores
Particulars TOTAL
Less than 6 months More than
Unbilled Not due 6 months -1 year 1-2 Years 2-3 Years 3 years
Undisputed Trade Receivables- Considered good 32.27 4,607.22 2,714.45 306.90 331.39 12.30 27.27 8,031.80
Disputed Trade Receivables - Considered good 18.84 1.48 0.84 1.69 9.02 7.80 50.16 89.83
Total 51.11 4,608.70 2,715.29 308.59 340.41 20.10 77.43 8,121.63
NOTE 16 CASH AND CASH EQUIVALENTS (CONSOLIDATED) ₹ in Crores

As at As at
Particulars
31/03/2022 31/03/2021
Balance with Banks :
On Current Account 620.46 346.20
Deposits with banks with original maturity of less than three months 1,395.85 7,047.78
Investment in Triparty Repo Settlement System (TREPS) - 149.93
Total 2,159.04 7,567.57
NOTE 17 BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS (CONSOLIDATED)
₹ in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Fixed deposits with banks with original maturity of 3 - 12 months# 37.59 6.96
Earmarked Balances
Unclaimed/ Unpaid Dividend*@ 33.50 535.58
Unspent CSR Funds 6.56 -
Total 77.65 542.54
# Includes Deposit of ` 37.59 Crores (Previous Year ` 6.96 Crores) that has been pledged/deposited with Local
Authorities/Court.
*Includes Unpaid Dividend of NIL (Previous Year ` 510.03 Crores pertaining to Second Interim Dividend declared for FY
2020-21 on 16th March 2021)
@ Includes Unclaimed Dividend of ` 33.50 Crores (Previous Year `25.55 Crores)
362
NOTE 18 CURRENT LOANS (CONSOLIDATED)
(unsecured,considered good unless otherwise stated)
₹ in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Loans to employees (including accrued interest) (secured) 60.08 56.46
Loan to Joint Venture Company
Haridwar Natural Gas Private Limited 3.75 -
Loans to Others
Considered good* 75.35 78.44
Significant increase in credit risk* 3.62 1.90
Credit impaired* 0.26 0.68
Less : Loss Allowance (7.06) (4.98)
Total 136.00 132.50
* Includes ` 57.13 Crores (Previous Year ` 67.48 Crores) pertaining to Loans given to consumers under Pradhan Mantri
Ujjwala Yojana scheme.
NOTE 19 OTHER FINANCIAL ASSETS (CONSOLIDATED)

(unsecured,considered good unless otherwise stated) ₹ in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Security Deposit 13.44 5.56
Interest accrued on bank deposits etc.

Less: Allowance for doubtful (0.02) (0.02)
Interest accrued on Loans to Related Parties (Refer Note no. 64) - 26.10
Derivative Asset 11.80 5.30

Receivable from Central Government / State Government
Less: Allowance for doubtful (57.94) (57.76)
Dues from Related Parties
Dues from Joint Venture Companies & Associates 20.25 21.58
Advances and Recoverables :
Total 559.66 599.95

NOTE 20 CURRENT TAX ASSETS (NET) (CONSOLIDATED)
(unsecured,considered good unless otherwise stated) ₹ in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Advance Income Tax (Net of provision for taxation) 894.89 535.21
Total 894.89 535.21
NOTE 21 OTHER CURRENT ASSETS (CONSOLIDATED)

(Unsecured, considered good unless otherwise stated) ₹ in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Advances other than Capital advances
Other Advances including Prepaid expenses
Claims 16.14 15.82
Project Surplus Material 245.75 102.14
Recoverables on account of GST,Customs, Excise etc. 1,070.04 882.29
Total 1,830.98 1,339.82
NOTE 22 ASSETS HELD-FOR-SALE (CONSOLIDATED)

₹ in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Assets Held-for-Sale 12.66 21.50
12.66 21.50
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 Impairment loss of ` 19.17 Crores during the year ( Previous Year: ` 32.41
Crores) has been recognised in the Consolidated Statement of Profit and Loss.
364
NOTE 23 EQUITY SHARE CAPITAL (CONSOLIDATED) ₹ in Crores
31/03/2022 31/03/2021
i Authorised
2,63,50,00,000 Equity Shares 2,635.00 2,635.00
(Previous Year 2,63,50,00,000 Equity Shares)
ii Issued, Subscribed and Paid-up
2,16,92,52,744 (Previous Year 2,16,92,52,744 ) Equity Shares Fully Paid-Up 2,169.25 2,169.25
Less - "BPCL Trust For Investment in Shares"
[No. of Equity Shares 3,29,60,307 (Previous Year 3,29,60,307)].
(Refer Note No. 45) (32.96) (32.96)
Less - "BPCL ESPS Trust" [No. Of Equity Shares 68,36,948
(Previous Year 4,33,79,025)].(Refer Note No. 45) (6.84) (43.38)
Total 2,129.45 2,092.91
iii The Corporation has only one class of Shares namely Equity Shares having par value of ` 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 Equity
Shares will be entitled to receive the remaining assets of the Corporation in proportion to the number of Equity Shares held.
The Corporation declares and pays dividend in Indian Rupees. The final dividend, if any, proposed by the Board of Directors
is subject to the approval of the Shareholders in the ensuing Annual General Meeting.
iv During the Financial year 2017-18, the Corporation has issued Bonus Shares in the ratio of 1:2 by capitalisation of General
Reserves. The total number of shares issued is 72,30,84,248 having face value of ` 10 each.
v Reconciliation of No. of Equity Shares ₹ in Crores
31/03/2022 31/03/2021
A. Opening Balance 2,16,92,52,744 2,16,92,52,744
B. Shares Issued
- Bonus Shares - -
C. Shares Bought Back - -
D. Balance at the end of the reporting period 2,16,92,52,744 2,16,92,52,744
vi Details of Shareholders holding more than 5% shares ₹ in Crores
31/03/2022 31/03/2021
Name of Shareholder % Holding No. of shares % Holding No. of shares
The President of India 52.98 1,14,91,83,592 52.98 1,14,91,83,592
Life Insurance Corporation of India 7.47 16,19,08,591 5.66 12,27,25,718
vii Shareholding of Promoters

Shares held by the Promoters at the end of the year ₹ in Crores
31/03/2022 31/03/2021
Promoter Name No. of % of total % Change No. of % of total % Change
Shares shares during Shares shares during
the year the year
The President of India 1,14,91,83,592 52.98 - 1,14,91,83,592 52.98 -
Total 1,14,91,83,592 52.98 1,14,91,83,592 52.98

NOTE 24 OTHER EQUITY (CONSOLIDATED)
Attributable to owners of the Group
₹ in Crores
31/03/2022 31/03/2021
Capital Reserve 73.04 73.04
Capital Reserve on Acquisition of Subsidiaries,
Joint Venture Companies and Associates (97.45) (97.45)
Debenture Redemption Reserve 1,335.09 1,264.84
Share Options Outstanding Account (Refer Note 52) - 856.49
General Reserve 32,962.94 29,753.38
Equity Instruments through Other Comprehensive Income 147.15 (161.56)
Securities Premium (Refer Note 45) 6,356.22 5,351.32
Retained Earnings 8,846.99 14,466.21
BPCL Trust for Investment in Shares (Refer Note 45) (74.39) (74.39)
BPCL ESPS Trust (Refer Note 45) (15.43) (97.90)
Foreign Currency Translation Reserve 242.01 128.19
Total 49,776.17 51,462.17
Capital Reserve
Opening balance adjustment - (0.01)
Closing balance 73.04 73.04
Capital Reserve on Acquisition of Subsidiaries, JVCs and associates

Less: Transfer to Statement of Profit and Loss on sale of stake in subsidiary
(Refer note 63) - (66.45)
Debenture Redemption Reserve:

Less: Opening balance adjustment - (18.76)
Add : Transfer from Retained Earnings 207.75 188.48
Less: Transfer to General Reserve (137.50) -
Share Options Outstanding Account (Refer Note 52)

Opening balance 856.49 -
Additions during the year 77.06 940.72
Less : Transfer to Securities Premium (861.49) -
Less : Transfer to General Reserve (72.06) (84.23)
Closing balance - 856.49
General Reserve
Add : Transfer from Retained Earnings 3,000.00 -
366
NOTE 24 OTHER EQUITY (CONSOLIDATED) (CONTD.)
₹ in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Add : Transfer from Share Options Outstanding Account 72.06 84.23
Add : Transfer from Debenture Redemption Reserve 137.50 -
Less : Sale of stake in Subsidiary (Refer Note 63) - (3,128.00)
Equity instruments through Other Comprehensive Income

Opening Balance (161.56) (297.52)
Add/(Less): during the year 308.71 135.96
Closing balance 147.15 (161.56)
Securities Premium (Refer Note 45)

Opening balance 5,351.32 249.79
Add/(Less): Opening balance adjustment - 0.22
Add: Sale of Equity Shares held by “BPCL Trust for Investment in Shares” - 5,101.31
Add : Transfer from Share Options Outstanding Account 343.39 -
Add: Allotment of equity Shares to employees on account of
"BPCL ESPS SCHEME" 861.49 -
Less: Impact on account of change in control in BORL (199.98) -
BPCL Trust for Investment in Shares : (Refer Note No. 45)

Opening Balance (74.39) (456.74)
Add: Transfer of Shares to "BPCL ESPS Trust" - 97.90
Add: Sale of Equity Shares - 284.45
Closing Balance (74.39) (74.39)
BPCL ESPS Trust (Refer Note No. 45)

Opening balance (97.90) -
Add: Allotment of equity Shares to employees on account of
"BPCL ESPS SCHEME" 82.47 -
Less: Transfer of Shares from "BPCL Trust for Investment in Shares" - (97.90)
Foreign Currency Translation Reserve

Opening Balance 128.19 1,488.44
Add / (Less) during the year 113.82 (1,356.06)
Less: Reclassification to statement of profit and loss - (4.19)
Closing balance 242.01 128.19
Retained Earnings :
Opening balance 14,466.21 (352.84)
Opening balance adjustment 4.67 6.18
Opening balance after the above effect 14,470.88 (346.66)

NOTE 24 OTHER EQUITY (CONSOLIDATED) (CONT.)
₹ in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Add : Profit/(Loss) for the year as per Statement of Profit and Loss 11,681.50 16,164.98
Less : Remeasurements of defined benefit plans (net of tax) (20.41) (59.23)
Less : Transfer to Debenture Redemption Reserve (207.75) (188.48)
Less : Transfer to General Reserve (3,000.00) -
Less : Interim Dividends for the year: ` 10 per share
(Previous year : `21 per share) (2,169.25) (4,555.43)
Less : Final Dividend for FY 2020-21 ` 58 per share
(Previous year: Nil per share) (12,581.67) -
Add : Income from "BPCL Trust for Investment in Shares" (Refer Note No. 45) 224.13 270.87
Add : Income of "BPCL ESPS Trust" (Net of Tax) (Refer Note No. 45) 36.06 52.16
Add: Impact on sale of stake by one associate in its subsidiary 213.52 -
Add: Sale of stake in Subsidiary (Refer Note no. 63) - 3,128.00
Add: Impact on account of change in control in BORL 199.98 -
Closing Balance* 8,846.99 14,466.21
Total Other Equity attributable to owners 49,776.17 51,462.17
*The balance includes accumulated Gain/(Loss) on account of remeasurements of Defined Benefit plans (Net of Tax) as on
31st March 2022 `(531.13) Crores [Previous Year ` (510.19) Crores] for the Corporation.
368
NOTE 24 OTHER EQUITY ATTRIBUTABLE TO OWNERS (CONSOLIDATED) (CONTD.)
Nature and purpose of reserves
Capital Reserve
It represents capital reserve appearing in the financial statements of erstwhile Kochi Refineries Limited (KRL) transferred on
amalgamation and difference between the investment made in Petronet CCK Limited (PCCKL) and the share capital
received during the acquisition when the first time control is obtained.
Debenture Redemption Reserve

Debenture redemption reserve represents reserve created out of the profits of the Corporation available for distribution to
shareholders which is utilised for redemption of debentures/bonds.
Share Options Outstanding Account

The Share Options Outstanding account is used to record the fair value of Equity-settled Share-based Payment transactions
with Employees. The amounts recorded in Share Options Outstanding Account are transferred to Securities Premium upon
excersice of Share options.In case of Share options not excercised by Employees the corresponding amounts are
transferred to General Reserve.
General reserve
General reserve represents appropriation of retained earnings and are available for distribution to shareholders.
Retained Earnings
Retained Earnings (excluding accumulated balance of remeasurements of Defined Benefit Plans (net of tax)) represents
surplus/accumulated earnings of the Group and are available for distribution to shareholders.
Capital Reserve on Acquisition of Subsidiaries, Joint Venture Companies and Associates

Capital Reserve on Acquisition of subsidiaries, JVCs and associates represents capital reserve recognised on account on
first time acquisition of a subsidiary and obtaining control of a Joint Venture Company.
Security Premium
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 utilised for issuance of Bonus Shares, Charging off Equity related expenses ,etc.
Foreign Currency Translation Reserve

Foreign Currency Translation Reserve represents Exchange differences arising on translation of foreign operations which are
recognized in other comprehensive income as described in accounting policies and accumulated in separate reserves within
equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed.
Proposed Dividends on Equity Shares not recognised by the Coporation: ₹ in Crores

2021-22 2020-21
Final Dividend for the year [`6 per share (Previous year: `58 per share per share)] 1,301.55 12,581.67
Total 1,301.55 12,581.67

NOTE 25 BORROWINGS (CONSOLIDATED)
₹ in Crores

Secured
From Banks
Term Loan* 481.50 2,834.98 - -
Foreign Currency Loan* 64.46 276.93 - -
From Others
Debentures
7.35% Secured Non-Convertible Debentures 2022 ** - - 549.96 -
Term Loan
Loan from Oil Industry Development Board*** - - 793.70 -
Unsecured
From Banks
Foreign Currency Loan Syndicated - 5,671.72 - 5,491.21
Term Loan 6,991.70 13,874.98 1,687.21 14,764.74
From Others
Debentures
7.69% Unsecured Non-Convertible Debentures 2023 749.94 - - 749.87
8.02% Unsecured Non-Convertible Debentures 2024 - 999.87 - 999.81
6.11% Unsecured Non-Convertible Debentures 2025 - 1,995.03 - 1,994.98
5.75% Unsecured Non-Convertible Debentures 2023 - 839.34 - -
Bonds
4% US Dollar International bonds 2025 - 3,777.46 - 3,658.85
4.625% US Dollar International bonds 2022 3,789.15 - - 3,670.34
4.375% US Dollar International Bond 2022 - - 3,672.31 -
4.375% US Dollar Internation Bonds 2027 - 4,451.97 - 4,375.94
Term Loan
Interest Free Loan from Govt. of Kerala - 37.42 - 34.48
Total 12,076.75 36,358.93 6,703.18 35,740.22
# Classified under Current Borrowings (Refer Note No. 30)
370
NOTE 25 BORROWINGS (CONSOLIDATED) (CONTD.)
Terms of Repayment Schedule of Long-term borrowings as at 31/03/2022:

Non-Current Interest Rate ` in Crores Maturity
Interest Free loan from Govt. of Kerala 0% 100.00 30-Mar-34
6.27% Unsecured Non-Convertible Debentures 6.27% 1,000.00 26-Oct-26
Bonds 4.375% 4,548.43 2026-27
Term Loan from Banks LIBOR based 947.59 2026-27
Term Loan from Banks LIBOR based 758.07 2025-26
6.11% Unsecured Non-Convertible Debentures 2025 6.11% 1,995.20 06-Jul-25
4% US Dollar International Bonds 2025 4.00% 3,790.36 08-May-25
Term Loan from Banks LIBOR based 6,822.64 2024-25
Term Loan: Canara Bank Repo based 3,000.00 29-Dec-24
Term Loan from Banks LIBOR based 2,463.73 2023-24
8.02% Unsecured Non-Convertible Debentures 2024 8.02% 1,000.00 11-Mar-24
Foreign Currency Loans - Syndicated ECB USD 450 Million LIBOR based 3,411.32 11-Jan-24
5.75% Unsecured Non-Convertible Debentures 5.75% 840.00 15-Dec-23
Foreign Currency Loans - Syndicated ECB USD 300 Million LIBOR based 2,274.21 05-Dec-23
5.85% Unsecured Non-Convertible Debentures 5.85% 600.00 13-Jul-23
Term Loan: HDFC Bank T-Bill Based 0.47 Payable quarterly
Term Loan from Banks T-Bill Based 2,835.96 Payable quarterly
Foreign Currency Loan LIBOR based 276.93 Payable quarterly
Current Interest Rate ` in Crores Maturity

Term Loan: HDFC Bank T-Bill Based 0.03 31-Mar-23
7.69% Unsecured Non-Convertible Debentures 2023 7.69% 750.00 16-Jan-23
4.625% US Dollar International Bonds 2022 4.625% 3,790.36 25-Oct-22
Term Loan from Banks LIBOR based 6,991.67 June 2022
to March 2023
Term Loan from Banks T-Bill Based 481.50 Payable quarterly
Foreign Currency Loan LIBOR based 64.46 Payable quarterly
* Nature of Security for Secured Term Loans

(a) First charge ranking pari passu on entire Property, Plant and Equipment (immovable and movable), both present and
future.
(b) Second charge ranking pari passu on entire Current Assets, both present and future.
** The Group had allotted 7.35% Non-Convertible Debentures of face value of ` 550 Crores on 10th March 2017 redeemed
on 10th March 2022. These were secured by first legal mortgage by way of a Registered Debenture Trust Deed over the
fixed assets of the Company, mainly Plant and Machinery at Mumbai Refinery. These charges were satisfied during the year.
*** These were secured by first legal mortgage over the Plant and Machinery of the Group, mainly Plant and Machinery at
Mumbai Refinery and Kochi Refinery. These charges were satisfied during the year.

NOTE 25a LEASE LIABILITIES (CONSOLIDATED)
₹ in Crores

Lease Liabilities 560.79 8,040.73 243.58 7,612.07
Total 560.79 8,040.73 243.58 7,612.07
# Classified under Current Lease Liabilities (Refer Note No. 30(a))
NOTE 26 OTHER FINANCIAL LIABILITIES (CONSOLIDATED)

₹ in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Retiral Dues 45.34 50.90
Total 56.63 58.08
NOTE 27 PROVISIONS (CONSOLIDATED)

₹ in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Provision for employee benefits [Refer Note No. 48] 207.30 819.73
Provision for abandonment for Oil and Gas Blocks [Refer Note No. 54] 26.99 7.76
Total 234.29 827.49
372
NOTE 28 TAX EXPENSE AND DEFERRED TAX LIABILITIES (NET) (CONSOLIDATED)
(a) Amounts recognised in profit or loss
₹ in Crores
Current tax expense (A)
Current year 2,706.42 6,165.29
Short/(Excess) provision of earlier years 64.85 (2.47)
Deferred tax expense (B)
Origination and reversal of temporary differences 690.74 82.17
Short/(Excess) provision of earlier years# 893.21 (1,132.80)
Tax expense recognised in Statement of Profit and Loss (A+B) 4,355.22 5,112.19
Total of Short/(Excess) provision of earlier years 958.06 (1,135.27)
(b) Amounts recognised in other comprehensive income

₹ in Crores
2021-22 2020-21
Particulars Before tax Tax Net of tax Before tax Tax Net of tax
(expense)/ (expense)/
benefit* benefit*
Items that will not be
reclassified to profit or loss
Remeasurements of the defined (28.39) 7.52 (20.87) 0.52 (55.68) (55.16)
benefit plans
Equity instruments through Other 334.32 (25.61) 308.71 135.96 - 135.96
Comprehensive income- net
change in fair value
Equity accounted investees - 0.46 - 0.46 0.69 - 0.69
share of OCI
Items that will be reclassified
to profit or loss -
Exchange differences in 167.15 - 167.15 0.59 - 0.59
translating financial statements
of foreign operations
Equity accounted investees - (53.33) - (53.33) (1,356.68) - (1,356.68)
share of OCI
TOTAL 420.21 (18.09) 402.12 (1,218.92) (55.68) (1,274.60)
*Deferred Tax (Expense)/ Benefit

NOTE 28 TAX EXPENSE AND DEFERRED TAX LIABILITIES (NET) CONSOLIDATED (CONTD.)
(c) Amounts recognised directly in equity
₹ in Crores
2021-22 2020-21
Particulars Before tax Tax Net of tax Before tax Tax Net of tax
(expense)/ (expense)/
benefit benefit
Dividend Income of "BPCL ESPS
Trust" (Refer Note No. 45)
Current Tax 68.18 (19.70) 48.48 69.41 (29.67) 39.74
Deferred Tax (21.69) 9.27 (12.42) 21.69 (9.27) 12.42
TOTAL 46.49 (10.43) 36.06 91.10 (38.94) 52.16
(d) Reconciliation of effective tax rate- Consolidated

₹ in Crores
Profit before tax 16,036.73 22,432.02
Tax using the Company’s domestic tax rate 25.168% 4,036.13 25.168% 5,645.70
Tax effect of:
Expenses not deductible for tax purposes 0.321% 51.47 0.330% 73.93
Tax losses for which no deferred income tax was recognised 1.070% 171.54 2.153% 482.95
Income for which Deduction/ Exemption available (0.046%) (7.32) (1.851%) (415.16)
Income taxable under Special Rates 0.000% - (2.141%) (480.25)
Gain on Sale of Subsidiary 0.000% - 3.309% 742.22
Interest expense not deductible for tax purposes 0.000% - 0.103% 23.05
Change in control of subsidiary (Refer Note 64) (3.083%) (494.48) 0.000% -
Share of profit of equity accounted investees reported net of tax (2.202%) (353.20) 0.183% 40.99
Difference in tax rates** (0.082%) (13.11) 0.653% 146.38
Adjustments recognised in current year in relation to prior years# 5.974% 958.06 (5.061%) (1,135.27)
Others 0.038% 6.14 (0.056%) (12.35)
Effective Income Tax Rate 27.158% 4,355.23 22.790% 5,112.19
**Includes impact for BPRL International BV, Netherlands and BPRL International Singapore Pte Ltd. Subsidiaries which operate
in a tax jurisdiction with different tax rates.
374
(e) Movement in deferred tax balances
₹ in Crores
As at 31/03/2022
Particulars Net Recognised Recognised Recognised Recognised Change in Net Balance Deferred Deferred Deferred
balance in profit in OCI in Short/ directly Control of tax asset tax liability tax asset
As at or loss (Excess)# in equity Subsidiary (Netted off (Net)
01/04/2021 (Refer against
Note 64) Deferred
tax liability)
Property, plant and equipment (6,280.59) (239.72) - 614.87 - (2,962.72) (8,868.16) - (8,868.16) -
Intangible assets (16.04) (5.35) - 19.19 - (98.21) (100.41) - (100.41) -
Derivatives 3.45 64.51 - - - - 67.96 67.96 - -
Inventories 13.19 65.80 - - - (10.20) 68.79 68.79 - -
Investments (46.68) 15.81 (25.61) - - - (56.48) - (56.48) -
Trade and other receivables 72.20 (22.79) - - - - 49.41 49.41 - -
Loans and borrowings 207.75 68.77 - - - - 276.52 276.52 - -
Employee benefits 583.47 (63.71) 7.52 (80.16) - 7.31 454.43 454.43 - -
Deferred income 32.79 (2.56) - - - - 30.23 30.23 - -
Provisions 144.91 (0.02) - - - - 144.89 144.89 - -
Other Current liabilities 174.72 3.09 - - - - 177.81 177.81 - -
MAT Credit Entitlement - - - (380.99) - 380.99 - - - -
Unabsorbed Depreciation - (369.71) - (1,004.19) - 2,576.75 1,202.85 1,202.85 - -
BPCL ESPS Trust (9.27) - - - 9.27 - - - - -
Business Loss 3.82 (179.31) - (55.11) - 230.60 - - - -
Deferred Tax on Inter-company transaction 35.87 (1.10) - - - - 34.77 34.77 - -
Other items 149.46 (24.46) - (6.82) - 23.49 141.67 141.67 - -

Tax assets (Liabilities) (4,930.95) (690.75) (18.09) (893.21) 9.27 148.01 (6,375.72) 2,649.33 (9,025.05) -
375
376
(f) Movement in deferred tax balances
₹ in Crores
As at 31/03/2021
Particulars Net Recognised Recognised Recognised Recognised Others Net Balance Deferred Deferred Deferred
balance in profit in OCI in Short/ directly (Refer tax asset tax liability tax asset
As at or loss (Excess) in equity Note 63) (Netted off
01/04/2020 against
Deferred
tax liability)
Property, plant and equipment (8,573.56) (322.53) - 2,313.19 - 302.31 (6,280.59) - (6,279.97) (0.62)
Intangible assets (17.82) (2.44) - 4.22 - - (16.04) - (16.04) -
Derivatives 2.53 1.63 - (0.71) - - 3.45 3.45 - -
Inventories 16.17 24.04 - (4.52) - (22.50) 13.19 13.19 - -
Investments (38.63) (18.86) - 10.81 - - (46.68) - (46.68) -
Trade and other receivables 67.41 23.65 - (18.86) - - 72.20 72.20 - -
Loans and borrowings 24.61 190.02 - (6.88) - - 207.75 207.75 - -
Employee benefits 596.84 152.75 (55.68) (107.53) - (2.91) 583.47 583.47 - -
Deferred income 49.78 (3.06) - (13.93) - - 32.79 32.79 - -
Provisions 139.51 44.43 - (39.03) - - 144.91 144.91 - -
Other Current liabilities 356.25 (55.55) - (93.26) - (32.72) 174.72 174.72 - -
MAT Credit Entitlement 723.10 - - (723.10) - - - - - -
Unabsorbed Depreciation 388.74 (223.02) - (165.72 ) - - - - - -
Brought Forward Capital Loss - (6.32) - 6.32 - - - - - -
BPCL ESPS Trust - - - - (9.27) - (9.27) - (9.27) -
Business Loss 3.09 0.73 - - - - 3.82 - - 3.82
Deferred Tax on Inter-company transaction 57.76 (5.73) - (16.16) - - 35.87 35.87 - -
Other items 43.88 118.09 - (12.04 ) - (0.47) 149.46 149.13 - 0.33
Tax assets (Liabilities) (6,160.34) (82.17) (55.68) 1,132.80 (9.27) 243.71 (4,930.95) 1,417.48 (6,351.96) 3.53
(g) As at 31st March 2022, undistributed earning of subsidiaries and equity accounted investees - share of joint ventures amounted
to ₹ 925.83 Crores (Previous year : ₹ 687.04 Crores) on which corresponding deferred tax liability was not recognised
because the Company controls the dividend policy of its subsidiaries and is able to veto the payment of dividends of its joint
ventures - i.e. the Company controls the timing of reversal of the related taxable temporary differences and management is
satisfied that they will not reverse in the foreseeable future.
(h) As at 31st March 2022, “Undistributed Reserves- Associates” amounted to ₹ 3,280.28 Crores (Previous year : ₹ 2,670.58
Crores) on which the Corporation has estimated the Deferred Tax Liability (Net) amounted to NIL (Previous Year: NIL)
(i) Tax losses carried forward
Deferred tax assets have not been recognised 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:
₹ in Crores
Particulars As at 31/03/2022 As at 31/03/2022 As at 31/03/2021 As at 31/03/2021

Gross amount Expiry date Gross amount^ Expiry date
Business loss - - 68.76 2021-22
Business loss 29.79 2022-23 29.79 2022-23
Business loss 38.53 2023-24 37.51 2023-24
Business loss 132.92 2024-25 132.10 2024-25
Business loss 166.80 2025-26 166.22 2025-26
Business loss 35.54 2026-27 35.24 2026-27
Business loss 216.11 2027-28 213.73 2027-28
Business loss 183.22 2028-29 183.22 2028-29
Business loss 20.52 2029-30 - 2029-30
Unabsorbed Depreciation 9.84 No expiry date 8.49 No expiry date

^The figures of previous year have been adjusted for change in Foreign Exchange rate wherever applicable for reporting as on
31st March, 2022. 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 and current
tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.
# It includes necessary impact for deferred tax of prior years amounting to ₹ 814.54 Crores as BORL Management has decided to
opt for new tax regime under Section 115BAA of Income Tax Act, 1961 from FY 2021-22. The new tax rate applicable for BORL
including surcharge and cess is 25.168% as compared to 34.944% applicable during previous year under old tax regime.

NOTE 29 OTHER NON CURRENT LIABILITIES (CONSOLIDATED)
₹ in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Deferred Income and Others* 1,488.24 549.95
Total 1,488.24 549.95
*Deferred Income includes unamortised portion of Government Grants amounting to ` 115.75 Crores (Previous year
` 123.92 Crores), comprising mainly of works contract tax reimbursement, interest free loan received from Government of
Kerala as part of the fiscal incentives sanctioned for IREP and grants received for technology development.
It also includes interest free loan received by BORL from Govt. of Madhya Pradesh for `830.54 Crores which is being
amortized over the remaining life of the asset
NOTE 30 CURRENT BORROWINGS (CONSOLIDATED) ₹ in Crores

As at As at
Particulars
31/03/2022 31/03/2021
Loans Repayable on Demand
Secured
From banks
Working capital loans / Cash Credit* 2,445.50 38.41
Current maturities of long-term borrowings (Refer Note 25) 545.96 -
From Others
Loans through Triparty Repo Settlement System (TREPS) of
Clearing Corporation of India Limited** - 849.97
Current Maturity of long term borrowings (Refer Note 25) - 1,343.66
Unsecured
From banks
Working Capital Loan/ Cash Credit 1,953.00 -
Current maturities of long-term borrowings (Refer Note 25) 6,991.70 1,687.21
From Others
Commercial Paper 3,098.50 3,344.43
Current Maturities of Long-Term Borrowings (Refer Note 25) 4,539.09 3,672.31
Total 19,573.75 10,935.99
* Secured in favour of the participating banks ranking pari passu inter-alia by hypothecation of raw materials, finished
goods, Work-in-Progress, book debts, stores, components and spares and all movables both present and future. [Refer
Note no. 13 and 15]
**The Corporation has Triparty Repo Settlement System limits from Clearing Corporation of India Limited, the borrowing
against which was NIL as at 31st March 2022 (Previous Year ` 850 Crores). These limits are secured by 7.59% Govt. Stock
2026 & 6.90% Oil Marketing Companies GOI Special Bonds 2026 of face value aggregrating to ` 1,245 Crores (Previous
Year secured by 7.59% Govt. Stock 2026 & T- Bills of face value aggregrating to ` 870 Crores)[Refer Note no. 14]
The quarterly returns or statements of current assets filed by the Corporation and its subsidiaries with banks or financial
institutions are in agreement with the books of accounts for FY 2020-21 and FY 2021-22.
NOTE 30a CURRENT LEASE LIABILITIES (CONSOLIDATED) ₹ in Crores

As at As at
Particulars
31/03/2022 31/03/2021
Current Maturities of Lease Liabilities (Refer Note 25(a)) 560.79 243.58
Total 560.79 243.58
378
NOTE 31 TRADE PAYABLES (CONSOLIDATED)
₹ in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Total Outstanding dues of Micro Enterprises and Small Enterprises 245.26 147.79
Total Outstanding dues of creditors other than Micro Enterprises and
Small Enterprises (Refer Note No. 46) 30,102.46 16,122.14
Total 30,347.72 16,269.93
Ageing of Trade Payables as at 31/03/2022:

₹ in Crores
Particulars TOTAL
Less than 1-2 Years 2-3 Years More than
Unbilled Not due 1 year 3 years
Micro Enterprises and Small Enterprises 13.51 231.36 - - - - 244.87
Others 833.67 27,916.36 678.28 59.72 11.19 31.04 29,530.26
Others 308.07 1.16 76.58 25.99 31.51 128.89 572.20
Total 1,155.25 28,149.27 754.86 85.71 42.70 159.93 30,347.72
Ageing of Trade Payables as at 31/03/2021:

₹ in Crores
Particulars TOTAL
Less than 1-2 Years 2-3 Years More than
Unbilled Not due 1 year 3 years
Micro Enterprises and Small Enterprises - 147.14 0.17 - - - 147.31
Others 927.35 12,952.94 1,487.46 17.34 21.49 69.17 15,475.75
Others 292.09 0.55 82.99 82.06 33.33 155.37 646.39
Total 1,219.44 13,101.11 1,570.62 99.40 54.82 224.54 16,269.93

NOTE 32 OTHER FINANCIAL LIABILITIES (CONSOLIDATED)
₹ in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Interest accrued but not due on borrowings 478.29 431.13
Deposits for Containers*^ 16,098.84 15,295.64
Unclaimed Dividend** 33.50 25.55
Unpaid Dividend - 439.89
Dues to Micro Enterprises and Small Enterprises 120.68 257.00
Derivative Liabilities 280.09 19.03
Other Liabilities 3,032.30 2,605.62
Total 20,983.28 19,916.42
* Includes deposits received under Rajiv Gandhi Gramin LPG Vitrak Yojana and Pradhan Mantri Ujjwala Yojana (Central
Scheme) `3,695.19 Crores (Previous year `3,281.45 Crores). The deposit against these schemes have been funded from
CSR fund and Government of India.
^ Based on past trends, it is expected that settlement towards the deposit for containers is insignificant in next 12 months
** No amount is due at the end of the period for credit to Investors Education and Protection Fund.
NOTE 33 OTHER CURRENT LIABILITIES (CONSOLIDATED)

₹ in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Advances from Customers 1,008.49 813.60
Statutory Liabilities 6,118.97 5,865.31
Other (Deferred Income etc.)* 132.10 102.01
Total 7,259.56 6,780.92
*Deferred Income includes unamortised portion of Government Grants amounting to ` 8.11 Crores (Previous year ` 8.31
Crores), comprising mainly of works contract tax reimbursement, interest free loan received from Government of Kerala as
part of the fiscal incentives sanctioned for IREP and grants received for technology development.
380
NOTE 34 PROVISIONS (CONSOLIDATED)
₹ in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Provision for employee benefits (Refer Note No. 48) 2,560.84 2,247.04
Provision for CSR Expenditure 45.96 17.01
Others (Refer Note No. 54)* 318.59 467.63
Total 2,925.39 2,731.68
*Above includes deposits/ claims made of ` 94.39 Crores (Previous year ` 107.60 Crores) netted of against
provisions.
NOTE 35 CURRENT TAX LIABILITIES (NET) (CONSOLIDATED)

₹ in Crores
As at As at
Particulars
31/03/2022 31/03/2021
Current tax liabilities ( Net of taxes paid) 1,417.98 825.66
Total 1,417.98 825.66
NOTE 36 REVENUE FROM OPERATIONS (CONSOLIDATED)

₹ in Crores
2021-22 2020-21
Particulars
(A) (i) Sales
Petroleum Products* 4,30,588.29 2,99,421.19
Crude Oil 786.28 3,791.45
4,31,374.57 3,03,212.64
(ii) Subsidy from State Government 35.82 17.05
4,31,410.39 3,03,229.69
(B) Other operating revenues 1,159.23 1,044.77
Total 4,32,569.62 3,04,274.46
*The MoPNG, vide letter dated 30.04.2020 had conveyed to Oil Marketing Companies (OMCs) that a) In case, the Market
Determined Price (MDP) is higher than the Effective Cost to Customer (ECC), the difference shall be transferred to
consumers account via Direct Benefit Transfer of LPG (DBTL) Scheme and b) In case, where MDP is less than the ECC, the
OMCs will retain the difference in a separate buffer account for future adjustment. However, as at 31st March 2022, the
Corporation had a negative buffer of ₹ 2,672.33 Crores (after adjustment of uncompensated cost of ₹ 1,324.80 Crores for
FY 2021-22) as the retail selling price was less than MDP and accordingly the revenue from sale of LPG was reduced by
this amount.

NOTE 37 OTHER INCOME (CONSOLIDATED)
₹ in Crores
2021-22 2020-21
Particulars
Interest Income on
Instrument measured at FVTPL 331.20 352.62
Instrument measured at amortised Cost 701.33 698.38
Income Tax Refund 56.19 34.19
Dividend Income
Dividend Income from non - current equity instruments at FVOCI 28.76 17.19
Net gains on fair value changes of
Instruments measured at FVTPL^ - 160.88
Write back of liabilities no longer required 19.72 114.50
Reversal of allowance on doubtful debts and advances (net) 107.29 -
Gain on Prepayment of Interest Free VAT Loan (Refer Note 59(I)) 224.48 -
Reversal of impairment* 43.34 -
Gain on sale of Property plant and equipment /
Non-current assets held for sale (net) 2.60 -
Net gains on foreign currency transactions and translations@
Exchange losses on foreign currency forwards and principal
only swap contracts - (7.39)
Exchange Gains on foreign currency transactions and
translations of other assets and liabilities - 208.76
Sub-Total - 201.37
Others# 753.63 665.73
Total 2,268.54 2,244.86
^ Includes gain on sale of investments for previous year ` 3.58 Crores. Gains on sale of investments during the current
year of `52.96 Crores are grouped under Other Expenses along with Net losses on fair value changes of instruments
measured at FVTPL.
@During current year net losses on foreign currency transactions and translations of `283.35 Crores has been grouped
under Other Expenses.
# Includes amortisation of capital grants ` 95.81 Crores (Previous year : `10.41 Crores)
* Includes Impairment Loss on Non-current assets held for sale of `19.17 Crores grouped under other income (Previous
Year:`32.41 Crores grouped in other expenses)
382
NOTE 38 COST OF RAW MATERIALS CONSUMED (CONSOLIDATED)
₹ in Crores
2021-22 2020-21
Particulars
Opening Stock 5,664.78 3,408.50
Add : Impact on change of control in BORL (Refer Note 64) 3,967.61 -
Add : Purchases 1,69,028.75 81,247.81
Less: Closing Stock (15,119.95) (5,664.78)
Less: Impact on sale of stake in Subsidiary (Refer Note 63) - (213.34)
Total 1,63,541.19 78,778.19
NOTE 39 PURCHASE OF STOCK-IN-TRADE (CONSOLIDATED)

₹ in Crores
Petroleum Products 1,42,902.59 1,08,390.63

Crude Oil 669.89 3,722.61
Others 329.22 250.89
Total 1,43,901.70 1,12,364.13
NOTE 40 CHANGES IN INVENTORIES OF FINISHED GOODS,

STOCK-IN-TRADE AND WORK-IN-PROGRESS (CONSOLIDATED)
₹ in Crores
Value of opening stock of

Finished goods 11,625.39 11,264.79
Stock-in-Trade 6,879.64 5,545.15
Work in progress 1,573.68 1,011.52
20,078.71 17,821.46
Add: Impact on change in control in BORL (Refer note 64) 1,524.41 -
Less : Value of closing stock of
Finished goods 13,628.48 11,625.39
Stock-in-Trade 8,616.27 6,879.64
Work in progress 3,399.99 1,573.68
25,644.74 20,078.71
Net (increase) / decrease in inventories (4,041.62) (2,257.25)
Less: Impact on sale of stake in Subsidiary (Refer Note 63) - 1,486.31
Net (increase) / decrease in inventories of Finished goods,
Stock-in-Trade and Work-in-progress (4,041.62) (3,743.56)

NOTE 41 EMPLOYEE BENEFITS EXPENSES (CONSOLIDATED)
₹ in Crores
2021-22 2020-21
Particulars
Salaries and wages 2,510.87 2,819.62
Contribution to Provident and Other Funds 551.55 532.38
Staff welfare expenses 342.68 725.52
Voluntary Retirement Scheme 2.90 778.83
Total 3,408.00 4,856.35
NOTE 42 FINANCE COSTS (CONSOLIDATED)

₹ in Crores
2021-22 2020-21
Particulars
Interest Expense* 2,331.32 1,946.63
Other borrowing costs 38.41 28.67
Exchange difference regarded as an adjustment to borrowing costs 235.91 (251.89)
Total 2,605.64 1,723.41
*Includes ` 619.95 Crores (Previous year : ` 535.69 Crores) recognized during the year as interest cost against Lease
Liabilities as per IND AS 116.
384
NOTE 43 OTHER EXPENSES (CONSOLIDATED)
₹ in Crores
Transportation 7,780.99 7,068.36

Irrecoverable Taxes and other levies 2,133.24 1,306.37
Repairs, maintenance, stores and spares consumption 1,719.56 1,357.17
Power and Fuel 8,745.07 4,996.76
Less: Consumption of fuel out of own production (5,531.46) (2,494.46)
Power and Fuel consumed (net) 3,213.61 2,502.30
Packages consumed 210.52 160.64
Net losses on fair value changes of
Instruments measured at FVTPL^ 111.77 -
Derivatives measured at FVTPL 567.06 31.49
Office Administration, Selling and Other expenses
Rent 423.10 129.46
Utilities 336.64 318.01
Terminalling and related charges 214.97 210.50
Travelling and conveyance 195.31 160.83
Remuneration to auditors
Audit fees 3.56 2.79
Fees for other services - Certification 0.45 0.46
Reimbursement of Expenses 0.04 0.01
Sub-Total 4.05 3.26
Bad debts and other write offs 5.91 8.88
Allowance for doubtful debts & advances (net) - 326.09
Loss on sale of Property plant and Equipment/
Non Current asset held for sale (net) - 22.03
Net losses on foreign currency transactions and translations*
Exchange gains/ losses on foreign currency forwards and
principal only swap contracts (2.54) -
Exchange losses on transactions and translations of
other foreign currency assets and liabilities 285.89 -
Sub-total 283.35 -
CSR Expenditure 176.44 163.23
Impairment loss@ - 32.41
Others# $ 3,467.99 2,810.12
Sub-Total-Office Administration, Selling and Other expenses 5,107.76 4,184.82
Total 20,844.51 16,611.15
^ Includes gain on sale of investments for current year ` 52.96 Crores. Gains on sale of investments during the previous
year of ` 3.58 Crores has been grouped under Other Income along with Net Gains on fair value changes of instruments
measured at FVTPL.
*During previous year, Net gains on foreign currency transactions and translations of `201.37 Crores has been grouped
under Other Income.
@ Includes Impairment Loss on Non-current assets held for sale of `19.17 Crores grouped under other income (Previous
Year : ` 32.41 Crores grouped in other expenses)
# Includes provision for Capital Work in Progress of ` 395.98 Crores (Previous Year : `3.47 Crores) for the Corporation.
$ Includes ` 454.25 Crores (Previous Year: NIL) towards first refill and hot plate given under Pradhan Mantri Ujjwala Yojana 2.0

NOTE 44 (CONSOLIDATED)
In line with the General Circular No. 39/2014, dated 14th October 2014, issued by the Ministry of Corporate Affairs, the
disclosures relevant to Consolidated Financial Statements only have been provided.
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
Corporation in the erstwhile KRL) to a Trust ("BPCL Trust for Investment in Shares") for the benefit of the Corporation in the
Financial Year 2006-07. The Corporation made 1:1 Bonus issues in July 2012 and July 2016 and 1:2 bonus issue in July
2017. The Trust held 20,23,72,422 equity shares of the Corporation as at 1st April 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".
Further during FY 2020-21, Corporation has sold 12,60,33,090 Equity Shares from "BPCL Trust for Investment in Shares"
via Bulk Deal on Stock Exchange for Net Consideration of ₹ 5,511.79 Crores. Accordingly, Security Premium of ₹ 5,101.31
Crores was recognized after adjusting the corresponding cost of ₹410.48 Crores (including Face Value of Equity Shares of
₹ 126.03 Crores) under Total Equity. The "BPCL Trust for Investment in Shares" holds 3,29,60,307 equity shares of the
Corporation as at 31st March 2022.
During FY 2021-22, Corporation has allotted 3,65,42,077 shares to eligible employees on exercise of options by employees
under BPCL Employee Stock Purchase Scheme (ESPS) 2020. Accordingly, Security Premium of ₹1,204.88 Crores was
recognized after adjusting the corresponding cost of ₹ 119.01 Crores (including Face Value of Equity Shares of ₹ 36.54
Crores) under Total Equity. "BPCL ESPS Trust" holds 68,36,948 equity shares of the Corporation as at 31st March 2022.
The cost of the original investment together with the additional contribution to the corpus of above trusts has been reduced
from the Total Equity of the Corporation. To the extent of the face value of the shares, the same is reduced from the Paid up
Share capital of the Corporation and the balance is reduced from Other Equity under separate reserves.
The income received from "BPCL Trust for Investment in Shares" and the impact on consolidation of "BPCL ESPS Trust" has
been recognized directly under Other Equity of the Corporation.
386
The details of shares held by "BPCL Trust for Investment in shares" and "BPCL ESPS Trust" and its corresponding cost
adjustment in Total Equity is as under:

BPCL Trust for Cost adjusted under Cost adjusted under
Investment in Shares
No. of shares Paid-up Other No. of shares Paid-up Other
Share Capital Equity Share Capital Equity
Opening Balance 3,29,60,307 32.96 74.39 20,23,72,422 202.37 456.74
Less: Sold to "BPCL ESPS Trust" - - - (4,33,79,025) (43.38) (97.90)
Less: Sold through Stock
Exchange via Bulk Deal - - - (12,60,33,090) (126.03) (284.45)
Closing Balance 3,29,60,307 32.96 74.39 3,29,60,307 32.96 74.39

BPCL ESPS Trust Cost adjusted under Cost adjusted under
No. of shares Paid-up Other No. of shares Paid-up Other
Share Capital Equity Share Capital Equity
Opening Balance 4,33,79,025 43.38 97.90 - - -
Add: Purchased from "BPCL Trust
for Investment in Shares" - - - 4,33,79,025 43.38 97.90
Less: Shares issued on exercise
of Employee Stock Options
(Refer Note 52) (3,65,42,077) (36.54) (82.47) - - -
Closing Balance 68,36,948 6.84 15.43 4,33,79,025 43.38 97.90
The Group has numerous transactions with other oil companies. The outstanding balances (included under Trade Payables
/ 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.

388
NOTE 47 DISCLOSURES AS PER IND AS 116 LEASES (CONSOLIDATED)
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 1st April 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-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 liability. Right-of-use asset is depreciated over lease term on systematic
basis and Interest on Lease liability is charged to Consolidated Statement of Profit and Loss as Finance cost.
A. Leases as Lessee
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 No. 2)
₹ in Crores
Additions on
account of Reclassifications Reclassifications
Particulars As at / Deductions As at / Deductions
Business Additions As at For the Up to As at As at
01/04/2021 combination On Account Of 31/03/2022 On Account Of
31/03/2021 Year 31/03/2022 31/03/2022 31/03/2021
(Refer note no. 64) Conclusion Conclusion
Land 4,415.22 224.96 474.98 254.65 4,860.51 326.93 195.26 6.93 515.26 4,345.25 4,088.29
Buildings including Roads 177.06 12.62 116.27 73.41 54.49 34.58 69.32 19.75 53.66 122.57
Plant and Equipments 4,757.09 52.76 - 4,809.85 405.16 293.74 - 698.90 4,110.95 4,351.93
Tanks and Pipelines 26.61 5.00 0.50 31.11 9.47 9.19 0.27 18.39 12.72 17.14
Vehicles 0.18 - 0.18 - 0.16 0.02 0.18 - - 0.02
Cargo Ships - 603.54 - 603.54 - 69.12 - 69.12 534.42 -
Total 9,376.16 224.96 1,148.90 371.60 10,378.42 796.21 601.91 76.70 1,321.42 9,057.00 8,579.95
Previous Year 7,252.45 - 2,231.83 108.12 9,376.16 381.86 424.93 10.58 796.21 8,579.95
b) The following expenses have been charged to Consolidated Statement of Profit and Loss during the year
Particulars
₹ in Crores
2021-22 2020-21
Interest on Lease liabilities 619.95 535.69

Expenses relating to Short term leases 1,367.33 1,324.44
Expenses relating to leases of Low value items 6.30 3.52
Expenses relating to Variable lease payments
(not included in measurement of Lease liabilities) 5,468.86 4,791.35
Note 47 Disclosures as per Ind AS 116 Leases (CONSOLIDATED) (CONTD.)
c) Total Cash outflow for leases during FY 2021-22 is ` 7,475.74 Crores (Previous year ` 6,721.71 Crores)
d) Income from Sub leasing of Right-of-use assets recognised in Consolidated Statement of Profit and Loss during FY 2021-22
is ` 3.51 Crores (Previous year ` 3.20 Crores)
e) Maturity Analysis of Lease Liabilities as per Ind AS 116 Leases ₹ in Crores
As at 31/03/2022
Undiscounted Cash outflows 1,160.23 1,907.10 1,687.65 11,413.86 16,168.84
₹ in Crores
As at 31/03/2021
Undiscounted Cash outflows 811.60 1,631.50 1,596.45 11,325.68 15,365.23
B. Leases as Lessor
Operating Leases
a) The Group enters into operating lease arrangements in respect of lands, commercial spaces, storage and distribution facilities
etc. The details are as follows:
As at 31st March 2022 ₹ in Crores
Buildings Vehicles
Gross Carrying Amount 25.43 82.99 3.50 0.86 6.57 2.61 - - 0.89
Accumulated depreciation - 12.43 2.43 0.00 4.90 1.99 - - 0.23
Depreciation for the year - 2.56 0.23 0.00 0.15 0.08 - - 0.09
As at 31st March 2021 ₹ in Crores

Buildings Vehicles
Gross Carrying Amount 27.11 149.90 114.66 341.94 7.36 14.03 71.98 0.03 0.91
Accumulated depreciation - 28.73 45.65 85.00 5.65 6.34 33.91 0.01 0.17
Depreciation for the year - 5.20 4.53 14.67 0.22 2.29 6.10 0.00 0.07
b) Income earned from Operating Leases recognised in Consolidated Statement of Profit and Loss during FY 2021-22 is ` 30.93
Crores (Previous year ` 51.50 Crores) [Of which Variable lease payments that do not depend on index or rate is ` 7.50 Crores
(Previous year ` 7.61 Crores)]
c) The maturity analysis of lease payments receivable under operating leases is as follows:
₹ in Crores
As at 31/03/2022 Within 1 year 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years > 5 years Total
Undiscounted Lease 1.47 1.36 1.47 1.54 1.51 3.53 10.88

Payments receivable
₹ in Crores
As at 31/03/2021 Within 1 year 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years > 5 years Total
Undiscounted Lease 26.72 26.28 26.29 26.29 6.65 1.76 113.99

Payments receivable

NOTE 48 EMPLOYEE BENEFITS (CONSOLIDATED)
[A] Post Employment Benefit Plans:
Defined Contribution Scheme
Defined Contribution Scheme (DCS) was introduced effective from 1st Jan 2007. Group contributes at a defined percentage
of the employee salary out of the total entitlements on account of superannuation benefits under this scheme.
Group has GOI managed PFRDA NPS for its employees and is contributing upto 10% of the salary from the above defined
percentage to the NPS for the staff who have enrolled under the scheme. The remaining contribution after the PFRDA NPS
contribution is made to a separate Trust managed by the Corporation and its erstwhile subsidiary NRL.
₹ in Crores
Amount recogized in the Statement of Profit and Loss 2021-22 2020-21
Defined Contribution Scheme 286.34 288.06
Defined Benefit Plans

The Group has the following Defined Benefit Plans :-
Gratuity:
The Corporation and its erstwhile subsidiary NRL has a defined benefit gratuity plan managed by a trust. The Trustees
administer contributions made to the trust, investments thereof etc. Based on actuarial valuation, the contribution is paid to
the trust which is invested in plan assets as per the investment pattern prescribed by the Government. Gratuity is paid to a
staff member who has put in a minimum qualifying period of 5 years of continuous service, on superannuation, resignation,
termination or to his nominee on death.
Other Defined Benefits include:
(a) Post Retirement Medical Scheme (managed by a trust) to employees, 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 for life;
(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, Gratuity,
Leave Encashment etc., payable to them; and
(d) Resettlement allowance paid to employees to permanently settle down at the time of retirement;
(e) Felicitation benefits to retired employees on reaching the age related milestones; and
(f) The Corporation makes contribution towards Provident Fund, which is administered by the trustees. The Corporation
has an obligation to fund any shortfall on the yield of the trust's investments over the interest rates declared by the
Government under EPF scheme.
These defined benefit plans expose the Group to actuarial risks, such as longetivity risk, interest rate risk, and market
(investment) risk.
390
NOTE 48 EMPLOYEE BENEFITS (CONSOLIDATED) (CONTD.)
Movement in net defined benefit (asset)/ liability
₹ in Crores
Gratuity Gratuity Ex-Gratia Scheme
Particulars Funded Funded Non Funded Funded Non Funded
2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21
a) Reconciliation of balances
of Defined Benefit Obligations.
Defined Obligations at the
beginning of the year 808.72 1,142.66 1,725.13 1,587.24 0.31 0.26 663.02 375.47
Addition due to change in control@ - - - - 10.34 - - -
Interest Cost 55.15 78.50 119.21 108.14 0.55 0.02 45.81 25.57
Current Service Cost 13.19 16.42 46.92 56.62 0.57 0.02 7.49 5.95
Past Service Cost 90.82 23.64 (102.44) 56.89 - - - 272.08
Benefits paid (106.37) (363.33) (85.32) (57.74) (0.47) - (46.37) (28.67)
Actuarial (Gains)/ Losses on obligations - - - - - - - -
-Changes in Demographic Assumptions (1.12) - (4.58) 179.73 (0.04) - 2.12 52.90
-Changes in financial Assumptions (27.15) 3.13 12.17 (25.39) 0.47 - (19.70) (5.48)
-Experience adjustments 8.76 (18.36) 100.98 (103.32) (0.02) 0.01 (9.97) (34.80)
Impact due to sale of stake in Subsidiary* - (73.94) - (77.04) - - - -
Defined Obligations at the end of the year 842.00 808.72 1,812.07 1,725.13 11.71 0.31 642.40 663.02
b) Reconciliation of balances of Fair Value

of Plan Assets in respect of Gratuity /
Post Retirement Medical Fund
Fair Value at the beginning of the year 869.16 871.46 1,800.19 1,738.97 - - - -
Interest income (i) 59.28 59.87 124.39 118.45 - - - -
Return on Plan Assets,
excluding interest income(ii) 10.95 5.76 15.58 44.79 - - 4.07 -
Actual Return on Plan assets (i+ii) 70.23 65.63 139.97 163.24 - - 4.07 -
Contribution by employer - 7.52 56.88 43.37 - - 235.30 -
Contribution by employee - - 1.57 - - - - -
Benefits paid (96.94) (2.13) (85.32) (57.74) - - (43.11) -
Impact due to sale of stake in Subsidiary* - (73.32) - (87.65) - - - -
Fair Value of Plan Assets at the end of the year 842.45 869.16 1,913.29 1,800.19 - - 196.26 -
c) Liabilities/(Assets) recognized in
Balance sheet (a-b) (0.45) (60.44) (101.22) (75.06) 11.71 0.31 446.14 663.02
d) Amount recognized in
Statement of Profit and Loss
Current Service Cost 13.19 16.42 46.92 56.62 0.57 0.02 7.49 5.95
Past Service Cost 90.82 23.64 (102.44) 56.89 - - - 272.08
Interest Cost 55.15 78.50 119.21 108.14 0.55 0.02 45.81 25.57
Interest income (59.28) (59.87) (124.39) (118.45) - - - -
Contribution by employee - - (1.57) - - - - -
Expenses for the year 99.88 58.69 (62.27) 103.20 1.12 0.04 53.30 303.60

₹ in Crores
Gratuity Post Retirement Medical Gratuity Ex-Gratia Scheme
Particulars Funded Funded Non Funded Funded Non Funded
2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21

e) Amount recognized in Other
Comprehensive Income Remeasurements :
- Changes in Demographic Assumptions (1.12) - (4.58) 179.73 (0.04) - 2.12 52.90
- Changes in financial assumptions (27.15) 3.13 12.17 (25.39) 0.47 - (19.70) (5.48)
- Experience adjustments 8.76 (18.36) 100.98 (103.32) (0.02) 0.01 (9.97) (34.80)
Return on plan assets excluding net interest cost (10.95) (5.76) (15.58) (44.79) - - (4.07) -
Total (30.46) (20.99) 92.99 6.23 0.41 0.01 (31.62) 12.62
f) Major Actuarial Assumptions

Discount Rate (%) 7.25 6.82 7.40 6.82 - 6.91 6.98 - 7.27 6.90 7.29 6.91
Salary Escalation/ Inflation (%) 8.00 8.00 NA NA 5.00 - 8.00 8.00 NA NA
Expected Return on Plan assets (%) 7.25 6.82 7.40 6.82 - 6.91 NA NA 7.29 NA
g) Investment pattern for Fund

Category of Asset
Government of India Securities (%) 15.20 15.77 18.76 19.81
Corporate Bonds (%) 1.78 2.49 42.57 49.56
Insurer Managed funds (%) 82.43 81.14 - -
State Government Securities (%) - - 32.63 25.95
Others (%) 0.59 0.60 6.04 4.68 100.00
Total (%) 100.00 100.00 100.00 100.00 100.00
The estimates for future salary increases, considered in actuarial valuation, take into account inflation, seniority, promotion
and other relevant factors.
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 related obligation.
For the funded plans, the trust maintains appropriate fund balance considering the analysis of maturities. Projected Unit
credit method is adopted for Asset-Liability Matching.
In respect of investments made by PRMB Trust, total Provision as on 31st March 2022 was ₹ 25.50 Crores (Previous year:
₹ 35 Crores).
During FY 2021-22, Past Service cost is recognized in respect of Gratuity and Post Retirement Medical Benefits for the
benefit payable in future after DA reaching the specified limit and an amendment in the member eligibility criteria of the
scheme, respectively.
Further for FY 2020-21, Past Service cost is recognized in respect of Gratuity and Post Retirement Medical Benefits as there
was an enhancement of Post employment benefits on account of Voluntary Retirement Scheme. Also, Past Service cost
was recognized in respect of Monthly Ex-Gratia Scheme as there was an upwards revision in benefits under the scheme.
*Numaligarh Refinery Limited (NRL) ceased to be the part of the Group w.e.f. 26th March 2021. Accordingly, Financial
Statements of NRL have been consolidated till 25th March 2021, post which derecognition of Assets and Liabilities of NRL
has been carried out in line with applicable Ind AS.
@
Bharat Oman Refineries Limited has become the subsidiary of the Corporation w.e.f. 30th June 2021. Accordingly,
Financial Statements of BORL has been consolidated from that date.
392
₹ in Crores
Death / Permanent disablement Re-settlement Allowance Burmah Shell Pension Felicitation Scheme
Particulars
Non Funded Non Funded Non Funded Non Funded
2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21
a) Reconciliation of balances of
Defined Benefit Obligations.
of the year 12.75 12.34 9.28 17.48 64.32 72.14 78.58 79.70
Interest Cost 0.77 0.77 0.63 1.21 4.03 4.64 5.43 5.58
Past Service Cost - - - (0.87) - - - 2.22
Benefits paid (7.74) (7.05) (2.38) (5.03) (12.39) (13.55) (2.38) (2.23)
-Changes in Demographic Assumptions - - 0.19 - - (1.32) 0.03 6.80
-Changes in financial Assumptions (0.10) 0.51 (0.54) 0.05 (0.69) 0.33 (3.51) (0.73)
-Experience adjustments 4.19 6.18 7.48 (2.15) (1.88) 2.08 (8.10) (12.41)
Impact due to sale of stake in Subsidiary* - - - (5.05) - - - (2.40)
Defined Obligations at the end of the year 9.87 12.75 16.60 9.28 53.39 64.32 71.58 78.58
b) Amount recognized in
Balance sheet 9.87 12.75 16.60 9.28 53.39 64.32 71.58 78.58
c) Amount recognized in Statement

of Profit and Loss
Past Service Cost - - - (0.87) - - - 2.22
Interest Cost 0.77 0.77 0.63 1.21 4.03 4.64 5.43 5.58
Expenses for the year 0.77 0.77 2.57 3.98 4.03 4.64 6.96 9.85
d) Amount recognized in Other

Comprehensive Income Remeasurements :
-Changes in Demographic Assumptions - - 0.19 - - (1.32) 0.03 6.80
-Changes in financial assumptions (0.10) 0.51 (0.54) 0.05 (0.69) 0.33 (3.51) (0.73)
-Experience adjustments 4.19 6.18 7.48 (2.15) (1.88) 2.08 (8.10) (12.41)
Total 4.09 6.69 7.13 (2.10) (2.57) 1.09 (11.58) (6.34)
e) Major Actuarial Assumptions

Discount Rate (%) 6.09 6.06 7.25 6.82 - 6.87 6.70 6.26 7.40 6.91
For FY 2020-21, Past Service cost was recognised in respect of Resettlement Scheme as there was an enhancement of
Post employment benefits on account of Voluntary Retirement Scheme.
*Numaligarh Refinery Limited (NRL) ceased to be the part of the Group w.e.f. 26th March 2021. Accordingly, Financial
Sensitivity analysis for significant actuarial assumptions, showing how the defined benefit obligation would be affected,
considering increase/decrease of 1% as at 31st March 2022 is as below:

₹ in Crores
Post Burmah Death/
Gratuity - Retirement Gratuity - shell Permanent
Funded Medical - Non-Funded Pension- Disablement-
Funded Funded Non Funded Non funded Non funded Non Funded
+ 1% change in rate (56.78) (209.19) (46.54) (0.83) (1.50) (3.05) (1.11) (6.29)
of Discounting
- 1% change in rate 66.03 259.10 54.59 0.86 1.61 3.33 1.30 7.51
of Discounting
+ 1% change in rate of 12.13 - - - - - - -
Salary increase
- 1% change in rate of (14.26) - - - - - - -
Salary increase
₹ in Crores
Post Burmah Death/
+ 1% change in rate (52.43) (229.44) (50.16) (0.01) (1.89) (2.77) (0.63) (6.81)
of Discounting
- 1% change in rate 61.16 296.36 59.16 0.01 2.03 2.98 0.73 8.20
of Discounting
+ 1% change in rate of 9.54 - - - - - - -
Salary increase
- 1% change in rate of (11.59) - - - - - - -
Salary increase
Sensitivity for significant actuarial assumptions is computed by varying one actuarial assumption used for the valuation keeping all other
actuarial assumptions constant.
The expected future cash flows as at 31st March 2022 are as follows:
₹ in Crores
Post Burmah Death/
Funded Funded Non funded Non Funded
Non Funded Non funded
Projected benefits payable
in future years from the
date of reporting
1st following year 95.35 99.53 46.42 1.22 5.76 5.76 2.04 3.33
2nd following year 59.42 114.97 46.68 1.13 8.40 2.28 1.05 2.70
3rd following year 85.57 122.50 46.87 1.14 7.02 1.90 1.87 3.63
4th following year 78.92 130.92 46.82 1.28 5.80 1.68 1.74 3.77
5th following year 81.16 139.65 46.49 1.00 4.74 1.40 1.47 4.05
Years 6 to 10 380.31 849.05 226.02 4.38 12.66 3.57 7.40 28.36
394
Other details as at 31st March 2022
₹ in Crores
Post Burmah Death/
Particulars Gratuity - Retirement Gratuity - shell Permanent
scheme- allowance- Scheme -
Weighted average
duration of the Projected
Benefit Obligation(in years) 9.00 13.92 8.87 9.00 4.00 6.00 9.00 10.64
Prescribed contribution
for next year
(₹ in Crores) - - 446.14 - - - - -
Mortality Table
-During Employment Indian Assured Lives Mortality 2012-14 (Urban)
-After Employment Indian Individual AMT (2012-15) Ultimate
[B] Provident Fund:

The Corporation’s contribution to the Provident Fund is remitted to a separate trust established for this purpose based on a
fixed percentage of the eligible employees' salary and charged to Statement of Profit and Loss. Shortfall, if any, in the fund
revenues based on the EPFO specified rate of return, will need to be made good by the Corporation and is charged to
Statement of Profit and Loss. The actual return earned by the fund has mostly been higher than the EPFO specified
minimum rate of return in the past two years. During FY 2021-22, Corporation has paid an advance of ` 124 Crores towards
provision of default securities. The Fund balance is sufficient to meet the fund obligations as at 31st March 2022 and 31st
March 2021.
The details of fund obligations of the Corporation are given below:
₹ in Crores
Particulars
Present Value of benefit obligation at period end 5,044.81 4,860.26
In case of BORL, NRL & BPRL, the contribution to Provident Fund is remitted to Employees Provident Fund Organisation on
a fixed percentage of the eligible employee's salary and charged to Statement of Profit and Loss.

NOTE 49 RELATED PARTY TRANSACTIONS (CONSOLIDATED)
a) Names of the Related parties
I Joint Venture & Associate Companies
1 Indraprastha Gas Limited
2 Bharat Oman Refineries Limited (became Wholly-Owned subsidiary w.e.f. 30th June 2021)
3 Petronet India Limited *
4 Petronet CI Limited *
5 Petronet LNG Limited (including Petronet Energy Limited)
6 Maharashtra Natural Gas Limited
7 Central UP Gas Limited
8 Sabarmati Gas Limited
9 Bharat Stars Services Private Limited (Including Bharat Stars Services (Delhi) Private Limited)
10 Bharat Renewable Energy Limited *
11 Matrix Bharat Pte. Ltd.
12 Delhi Aviation Fuel Facility Private Limited
13 Kannur International Airport Limited
14 GSPL India Gasnet Limited
15 GSPL India Transco Limited
16 Mumbai Aviation Fuel Farm Facility Private Limited
17 Kochi Salem Pipeline Private Limited
18 BPCL-KIAL Fuel Farm Private Limited
19 Haridwar Natural Gas Private Limited
20 Goa Natural Gas Private Limited
21 FINO Paytech Limited (including Fino Payments Bank)
22 Ratnagiri Refinery and Petrochemicals Limited
23 Ujjwala Plus Foundation (Section 8 Company)
24 IBV (Brasil) Petroleo Ltda.
25 Taas India Pte Ltd
26 Vankor India Pte Ltd
27 Falcon Oil & Gas B.V.
28 Mozambique LNG1 Company Pte Ltd
29 Mozambique LNG1 Holding Company Ltd
30 Mozambique LNG1 Financing Company Ltd.
31 Moz LNG1 Co. Financing Company, LDA
32 LLC TYNGD
33 JSC Vankorneft
34 Urja Bharat Pte. Ltd.
35 DNP Limited ^
36 Brahmaputra Cracker and Polymer Limited ^
37 Assam Bio Refinery (P) Ltd.^
38 Indradhanush Gas Grid Limited ^
39 IHB Limited
*Companies in the process of winding up
^These are Joint Venture and Associates of Numaligarh Refienery Limited which has ceased to be Subsidiary of
the Corporaation w.e.f. 26th March 2021.
II Key Management Personnel :

1. Shri Arun Kumar Singh, Chairman & Managing Director (w.e.f. 07.09.2021). He is holding additional charge of
Director (Marketing)
2. Shri Vetsa Ramakrishna Gupta, Director (Finance) (w.e.f. 07.09.2021) He is holding additional charge of Director
(Human Resources).
3. Shri Sanjay Khanna, Director (Refineries) (w.e.f. 22.02.2022)
4. Shri D. Rajkumar, Chairman & Managing Director (Up to 31.08.2020)
5. Shri R. Ramachandran, Director (Refineries) (Up to 31.08.2020)
6. Shri N. Vijayagopal, Director (Finance) (Up to 31.07.2021)
396
NOTE 49 RELATED PARTY TRANSACTIONS (CONSOLIDATED) (CONTD.)
7. Shri K. Padmakar, Director (Human Resources) (Up to 31.12.2021)
8. Smt. V. Kala, Company Secretary
9. Shri Harshadkumar P. Shah, Independent Director
10. Shri Pradeep Vishambhar Agrawal, Independent Director (w.e.f. 12.11.2021)
11. Shri Ghanshyam Sher, Independent Director (w.e.f. 12.11.2021)
12. Dr. (Smt) Aiswarya Biswal, Independent Director (w.e.f. 12.11.2021)
13. Prof. (Dr.) Bhagwati Prasad Saraswat, Independent Director (w.e.f. 12.11.2021)
14. Shri Gopal Krishna Agarwal, Independent Director (w.e.f. 12.11.2021)
15. Shri Vinay Sheel Oberoi, Independent Director (Up to 09.04.2020)
16. Shri Rajesh Aggarwal, Govt. Nominee Director (Up to 22.09.2021)
17. Dr. K. Ellangovan, Govt. Nominee Director (Up to 31.01.2022)
18. Shri Gudey Srinivas, Govt. Nominee Director (w.e.f. 13.10.2021)
19. Shri Suman Billa, Govt. Nominee Director (w.e.f. 16.03.2022)
II Retirement Benefit Fund/ Trusts
1 Indian Provident Fund of BPCL
2 Pension Fund of BPCL
3 BPCL Employees Post Retirement Medical Benefits Trust
4 Gratuity Fund of BPCL
5 BPCL Monthly Ex-Gratia Trust
b) The nature wise transactions and outstanding at period end of the Group with the above Related Party are as follows:
S.No. Nature of Transactions 2021-22* 2020-21
1. Purchase of goods (i) 21,595.30 41,681.23
2. Sale of goods (ii) 691.00 3,283.59
3. Rendering of Services 97.45 142.86
4. Receiving of Services 247.90 347.08
5. Interest Income 29.64 114.39
6. Dividend Income 961.38 1,086.46
7. Investment in Equity 857.59 1,372.13
8. Loan Given - 15.00
9. Management Contracts (Employees on deputation/ consultancy services) 19.22 35.82
10. Lease Rentals Income 8.57 33.92
11. Proceeds from reduction in Equity Investment - 12.71
12. Lease Rentals and other charges paid - 0.10
13. Refundable deposit given 4.02 0.01
14. Deposit refund received 0.02 0.01
15. Advance against Equity 195.54 0.54
16. Provision for Advance against Equity at year end 0.54 0.54
17. Reduction in Financial Guarantee - 633.24
18. Receivables as at year end 1,982.05 3,304.93
19. Advance given outstanding at year end 106.60 177.52
20. Payables as at year end 532.72 1,999.23
21. Advance received outstanding at year end 0.12 0.12
22. Commitments 250.00 3.62
23. Guarantee Outstanding 752.00 752.00
* W.e.f from 30th June 2021, Bharat Oman Refineries Limited (BORL) has become a Wholly Owned Subsidiary of the
Corporation, accordingly transactions with BORL have been included to the extent of April-June 2021.
(i) Major Transactions entered with Bharat Oman Refineries Limited: ` 11,782.27 Crores (Previous period
` 35,854.25 Crores), Petronet LNG Limited: ` 6,256.77 Crores (Previous period: ` 3,899.76 Crores), Falcon Oil And
Gas B.V.: ` 2,298.37 Crores (Previous period: ` 891.05 Crores)

NOTE 49 RELATED PARTY TRANSACTIONS (CONSOLIDATED) (CONTD.)
(ii) Major Transactions entered with Bharat Oman Refineries Limited: ` 2.49 Crores (Previous period ` 2,801.05 Crores),
Indraprastha Gas Limited: ` 309.15 Crores (Previous period: ` 287.53 Crores), Sabarmati Gas Ltd.: ` 379.32 Crores
(Previous period: `191.82 Crores)
The outstanding balances are unsecured and are being settled in cash except advance against equities which are settled
in equity.
c) In the ordinary course of its business, the Group enters into transactions with other Government controlled entities (not
included in the list above). The Group has transactions with other government-controlled entities, including but not
limited to the following:
• Sales and purchases of goods and ancillary materials;
• Rendering and receiving of services;
• Receipt of dividends;
• Loans and advances;
• Depositing and borrowing money;
• Guarantees; and
• Uses of public utilities.
These transactions are conducted in the ordinary course of business on terms comparable to those with other entities that
are not government controlled entities.
Further, during FY 2020-21 entire Investment in Equity Shares of Numaligarh Refinery Limited have been sold to a
consortium of Oil India Limited and Engineers India Limited; and Government of Assam for a total consideration of
₹ 9,875.96 Crores.
d) Details relating to the personnel referred to in Item No. II above:

₹ in Crores
Short-term employee benefits 3.96 3.25

Post-employment benefits 0.67 0.73
Other long-term benefits 0.77 0.89
Others (including sitting fees to non-executive directors) 0.35 0.15
Share Based Payment 0.06 0.57
e) The transactions and outstanding at period end with Retirement Benefit Fund/ Trust are as follows:
₹ in Crores
Contribution to Retirement Benefit Funds/ Trusts 455.16 542.87

Advance given outstanding to Retirement Benefit Funds/ Trusts 101.67 135.50
Contribution payable to Retirement Benefit Funds/ Trusts 512.32 76.87
NOTE 50 DUES FROM DIRECTORS / OFFICERS (CONSOLIDATED)

Dues from Directors of the Corporation is ₹ 0.04 Crores (Previous year: ₹ 0.10 Crores) and Dues from Officers is ₹ 4.31
Crores ( Previous year: ₹ 6.00 Crores).
398
NOTE 51 EARNINGS PER SHARE (EPS) CONSOLIDATED
Sr. No Particulars 2021-22 2020-21
i. Profit attributable to equity holders of the Corporation for basic and diluted
earnings per equity share (₹ in Crores) 11,681.50 16,164.98
ii. Weighted average number of ordinary shares for Basic EPS

Issued ordinary shares as at 1st April (In Crores) 216.93 216.93
Less : Weighted average No. of shares held by “BPCL Trust for
Investment in Shares” (In Crores) (3.30) (17.57)
Less : Weighted average No. of Shares held by “BPCL ESPS Trust” (In Crores) (0.88) (1.91)
Weighted average number of shares for calculating basic EPS (In Crores) 212.75 197.45
iii. Weighted average number of ordinary shares for Diluted EPS

Weighted average number of shares for calculating basic EPS (In Crores) 212.75 197.45
Total Weighted average Potential Equity Shares (in Crores)* - 0.65
Weighted average number of shares for calculating diluted EPS (In Crores) 212.75 198.10
iv. Basic EPS (₹) 54.91 81.87
v. Diluted EPS (₹) 54.91 81.60
*Diluted Impact of Employee Share Based Payment Scheme.
NOTE 52 SHARE BASED PAYMENT (CONSOLIDATED)

(a) Employee Option Plan
The Corporation had floated an Employee Stock Purchase Scheme (“Scheme”) on 28th September 2020 (Grant Date)
after taking Shareholders' approval in the Annual General Meeting held on 28th September 2020, giving the background
of proposed disinvestment by the Government of India (“GOI”). As a recognition of contribution of employees in growth
of the Corporation and increase in shareholders’ value, the Scheme as a primary objective seeks to reward eligible
employees for their loyalty/longevity with the Corporation. The Scheme was named as "BPCL Employee Stock
Purchase Scheme-2020" ("ESPS" / "Scheme"). The above scheme also covered the employees who had opted for
Voluntary Retirement Scheme (VRS) during the previous FY 2020-21.
As per Vesting Condition of the Scheme, the employee had to render services till the date of share transfer or retirement
(including VRS) or Death in Service whichever is earlier. In view of the above, the scheme was accounted as Employee
Stock Option Scheme, in line with the applicable Ind AS.
Each option converts into one equity share of the Corporation upon exercise. No amounts are paid or payable by the
recipient on receipt of the option. The options carry neither rights to dividends nor voting rights. These options were
vested and exercised on 20th April 2021. All options which remain unexercised during the year have lapsed.
The share-based payments (options) to employees being equity-settled instruments are measured at the fair value of
the equity instruments of the Corporation at the grant date. The fair value determined at the grant date of the
equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the
Corporation’s estimate of equity instruments that will eventually vest, with a corresponding increase in Total Equity.

NOTE 52 SHARE BASED PAYMENT (CONSOLIDATED) (CONTD.)
(b) Movement during the period
The number and Weighted Average Exercise Prices (WAEP) of the options and movement during the period is as
follows:

Number of WAEP (in `) Number of WAEP (in `)
options options
Opening balance 3,96,36,732 126.54 - -

Granted during the period - - 4,33,79,025 126.54
Exercised during the period (3,65,42,077) 126.54 - -
Forfeited during the period (37,175) 126.54 (1,69,775) 126.54
Expired during the period (30,57,480) 126.54 (35,72,518) 126.54
Closing balance - 126.54 3,96,36,732 126.54
Exercisable at period end - - - -
Weighted average remaining contractual life of options outstanding as at 31st March 2022 is NIL (as at 31st March
2021: 20 days) and the exercise price is ` 126.54 per option.
(c) Fair value of options granted
The model inputs used in the measurement of grant date fair value are as follows:
Particulars BPCL ESPS Scheme 2020

Option pricing model used Black Scholes Merton formula
Fair Value of options on Grant Date ₹ 235.77
Share Price on Grant Date ₹ 385.15
Exercise price ₹ 126.54
Dividend Yield 6.13%
Expected Volatility* 45.00%
Risk free interest rate 3.63%
Expected life of share options 0.56 Years
* The expected volatility is based on the historic volatility of the share price.
(d) Expense arising from share based payment transactions
Total expense of ` 77.06 Crores (Previous year : ` 940.72 Crores) arising from share based payment transactions is
recognized in Consolidated Statement of Profit and Loss as an exceptional item.
NOTE 53 IMPAIRMENT OF ASSETS (CONSOLIDATED)

The Group assesses at each reporting date, whether there is an indication for impairment of assets. The Group takes into
consideration external and internal source 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 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.
400
NOTE 53 IMPAIRMENT OF ASSETS (CONSOLIDATED) (CONTD.)
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, 2022 in respect of its Cash Generating Units (CGUs) and has recorded an impairment
to the extent the carrying amount exceeds the value in use and has disclosed the same as an expense under "Other
Expenses" in Statement of Profit and Loss amounting to ₹ 36.24 Crores (Previous year: ₹ 293.88 Crores disclosed as an
"Exceptional Item" in Statement of Profit and Loss).
₹ in Crores
Impairment Loss 2021-22 2020-21
Impairment charge/(reversal) relating to Oil and Gas Assets* 36.24 293.88

Reversal of excess provision ** - (14.24)
36.24 279.64
Less: Intra Group adjustment 98.75 12.78
Expenses/ (Income) of the Group (62.51) 266.86
* The recoverable value of blocks on which impairment provision has been made during the year is Nil (Previous year:
₹ 2.10 Crores for CB-ONN-2010/11 block).
** Bharat PetroResources JPDA Limited had a Non-Operator participating interest of 20% in JPDA 06-103 block. The
exploration activity was suspended because of the uncertainty arising out of arbitration proceedings by Timor Leste
Government against Government of Australia with regard to the ‘Certain Maritime Arrangements in Timor Sea’, (CMATS)
Treaty, the consortium submitted formal request to Autoridade Nacional do Petroleo e Minerais (ANPM) of Timor Leste, the
Regulator towards termination of Production Sharing Contract (PSC) for consent, without claim or penalty, citing
expenditure in excess of commitment. ANPM rejected the consotium's offer to terminate without claim and penalty. The
regulator terminated the PSC on 15th July 2015 and demanded the payment of the “liability upon termination”. Based on the
notice, a provision towards Company’s share of contractor’s liability for termination was created in the financial statements
of FY 2014-15. The arbitration proceedings initiated in October 2018 concluded in 2020-21 with execution of "deed of
settlement and release" being the full and final settlement of the disputes and proceedings. Accordingly, ₹11.99 Crores has
been paid as settlement sum and excess provision of ₹14.24 Crores has been reversed during previous FY 2020-21.
NOTE 54 PROVISION (CONSOLIDATED)

In compliance of Ind AS 37 on "Provisions, Contingent Liabilities and Contingent Assets", the required
information is as under:
₹ in Crores
Nature Opening Additions during Utilisation during Reversals during Reduction due Closing
to sale of stake
balance the year the year the year in subsidiary* balance
Excise 0.60 0.02 - - - 0.62
Customs 3.24 - - - - 3.24
Income Tax (TDS) 4.61 0.03 4.21 0.43 - -
VAT/ Sales Tax/ Entry Tax/GST 411.35 20.20 75.44 62.05 - 294.06
Property Tax 64.46 22.44 12.19 1.11 - 73.60
Total 484.26 42.69 91.84 63.59 - 371.52
Previous year 413.87 164.28 5.86 23.06 64.97 484.26

NOTE 54 PROVISION (CONSOLIDATED) (CONTD.)
The above provisions are made based on estimates and the expected timing of outflows is not ascertainable at this stage.
Above includes provision of ₹ 94.39 Crores (Previous year ₹ 107.60 Crores) for which deposits have been made.
Apart from the above in case of BPRL, the non current and current provisions for Liquidated Damages and Abandonment is
₹ 68.45 Crores (Previous year: ₹ 98.73 Crores).
Liquidated Damages: In respect of blocks held in India, as per the Production Sharing Contracts (PSC) signed by BPRL
with the Government of India (GoI), BPRL is required to complete Minimum Work Programme (MWP) within stipulated time.
In case of delay, Liquidated Damages (LD) is payable for extension of time to complete MWP. Further, in case BPRL does
not complete MWP or surrender the block without completing the MWP, an amount as agreed in PSC is required to be paid
to the GoI for incomplete portion of the MWP. Accordingly, BPRL has provided ₹ 39.21 Crores towards liquidated damages
as on 31st March, 2022 (Previous year: ₹ 89.45 Crores) in respect to various blocks.
Abandonment: BPRL has Participating Interest in various oil and gas blocks along with other consortium partners. BPRL
provides for its obligation for removal and restoration that arise as a consequence of having undertaken the exploration for
and evaluation of mineral resources. BPRL has made a provision of ₹ 29.24 Crores as on 31st March, 2022 (Previous year:
₹ 9.28 Crores) in respect of BPRL's share of the abandonment obligation.
*Numaligarh Refinery Limited (NRL) ceased to be the part of the Group w.e.f. 26th March 2021. Accordingly, Financial
NOTE 55 FINANCIAL INSTRUMENTS (CONSOLIDATED)
A. Accounting classification and fair values

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their
levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not
measured at fair value if the carrying amount is a reasonable approximation of fair value.
402
NOTE 55 FINANCIAL INSTRUMENTS (CONSOLIDATED) (CONTD.)
₹ in Crores
Financial assets
Derivative instruments - Interest rate swap 19 3.47 - - 3.47 - 3.47 - 3.47
Derivative instruments- Forward Contracts 19 0.67 - - 0.67 - 0.67 - 0.67
Advance against equity 10 - - 450.09 450.09 - - - -
Deposits 10 & 19 - - 67.47 67.47 - 92.20 - 92.20
Loan to Joint Venture - IBV (Brazil) Petroleo Ltda. 9 1,897.20 - - 1,897.20 - - 1,897.20 1,897.20
Loan to Joint Venture - Haridwar Natural Gas Private Limited 9 &18 - - 15.00 15.00 - - - -
Loans
Loans to employee 9 & 18 - - 475.70 475.70 - 475.70 - 475.70
PMUY Loans to consumers 9 & 18 554.40 554.40 581.43 581.43
Others 9 - - 1,150.32 1,150.32 - - - -
Other Deposits 10 & 19 - - 170.03 170.03 - - - -
Others 10 & 19 - - 567.25 567.25 - - - -
Total 6,351.27 758.13 15,394.42 22,503.83
Derivative Liability on commodity derivatives 32 280.09 - - 280.09 - 284.62 - 284.62
Bonds 25 & 30 - - 12,018.58 12,018.58 12,131.08 - - 12,131.08
Debentures 25 & 30 - - 6,183.41 6,183.41 - - - -
Term loans 25 & 30 - - 24,524.55 24,524.55 - - - -
Lease Obligations 25a & 30a - - 8,601.52 8,601.52 - - - -
Other Current financial liabilities 32 - - 20,703.19 20,703.19 - - - -

Total 280.09 - 1,15,641.74 1,15,921.83
403
404
₹ in Crores
Financial assets
Deposits 10 & 19 - - 64.10 64.10 - 81.61 - 81.61
Loan to Joint Venture - fixed rate 9 - - 1,254.10 1,254.10 - 1,707.07 - 1,707.07
Investment in Mutual Fund 8 1,011.87 - - 1,011.87 1,011.87 - - 1,011.87
Investment in T bills 8 - - 499.69 499.69 499.66 - - 499.66
Loan to Joint Venture - IBV (Brazil) Petroleo Ltda. 9 1,939.51 - - 1,939.51 - - 1,939.51 1,939.51
Loan to Joint Venture - Haridwar Natural Gas Private Limited 9 - - 15.00 15.00 - - - -
Loans
Loans to employee 9 & 18 - - 462.94 462.94 - 462.94 - 462.94
PMUY Loans to consumers 9 & 18 - - 969.41 969.41 - - 1,020.60 1,020.60
Other Loans 9 & 18 - - 666.85 666.85 - - - -
Other Deposits 10 & 19 - - 78.15 78.15 - - - -
Others 10 & 19 - - 637.00 637.00 - - - -
Total 8,239.39 423.81 20,592.13 29,255.33
Derivative Liability on Interest Rate Swaps 32 17.12 - - 17.12 - 17.12 - 17.12
Derivative Liability on Currency Swaps 32 1.91 - - 1.91 - 1.91 - 1.91
Bonds 25 - - 15,377.44 15,377.44 16,105.78 - - 16,105.78
OIDB Loans 25 & 30 - - 793.70 793.70 - 793.89 - 793.89
Debentures 25 - - 4,294.62 4,294.62 4,343.25 - - 4,343.25
Term loans 25 - - 16,451.95 16,451.95 - - - -
Foreign Currency Loans - Syndicated 25 & 30 - - 5,491.21 5,491.21 - - - -
Lease Liabilities 25a & 30a - - 7,855.65 7,855.65 - - - -
Other Current financial liabilities 32 - - 19,897.39 19,897.39 - - - -
Total 19.03 - 90,757.26 90,776.29
B. Measurement of fair values
Valuation techniques and significant unobservable inputs
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 instruments measures at fair value
Type Valuation technique Significant unobservable inputs Inter-relationship between

significant unobservable inputs
and fair value measurement
Unquoted equity shares (Cochin The Valuation is based on market Adjusted market multiple (P/E) The estimated fair value would
International Airport Limited) multiples derived from quoted increase/(decrease) if Adjusted
prices of international companies market multiple were higher/
comparable to investee and the (lower)
expected revenue and PAT of the
investee.
Derivative instruments - forward Forward pricing: The fair value is Not applicable Not applicable
exchange contracts determined using quoted forward
exchange rates at the reporting
date.
Derivative instruments - interest Discounted cash flows: The Not applicable Not applicable
rate swap and currency swap valuation model considers the
present value of expected
receipt/payment discounted
using appropriate discounting
rates. This technique also
involves using the interest rate
curve for projecting the future
cash flows.
Derivative instruments - commod- Fair valuation of Commodity Not applicable

Not applicable
ity contracts Derivative instruments are based
on forward assessment done by
Platts which is an independent
agency which assesses
benchmark global crude oil and
product prices. Globally
counterparties also use Platts
assessment for settlement of
transactions.
Non current financial assets and Discounted cash flows: The Not applicable Not applicable
liabilities measured at amortised valuation model considers the
cost present value of expected
receipt/payment discounted
using appropriate discounting
rates.
PMUY Loans to consumers Discounted cash flows: The Subsidy rate The estimated fair value would
valuation model considers the increase/(decrease) if subsidy
present value of expected receipt/ rate were higher/(lower)
payment discounted using
appropriate discounting rates.
Loan to Joint Venture (in case of Binomial model: The share price Share price (31st March 2022: 1 Not applicable
BPRL) is simulated using a Binomial BRL)
model from the valuation date to Credit spread (31st March 2022:
the maturity of the loan. 2.58%)
As the number of shares is
dependent on USDBRL exchange
rate, the same was simulated
using a GARCH model.

Level 3 fair values
Reconciliation of Level 3 fair values
The following table shows a reconciliation of the opening and closing balances for Level 3 fair values.
₹ in Crores
Particulars Equity securities Loan to joint venture
in case of BPRL
Opening Balance(1st April 2020) 66.62 1,900.92
Net change in fair value (unrealised) 29.09 (82.19)
FCTR - 172.49
Effect of foreign exchange fluctuations - (51.71)
Closing Balance (31st March 2021) 95.71 1,939.51
Opening Balance(1st April 2021) 95.71 1,939.51

Net change in fair value (unrealised) 25.09 (101.73)
FCTR - (3.87)
Effect of foreign exchange fluctuations - 63.29
Closing Balance (31st March 2022) 120.80 1,897.20
For the fair values of unquoted equity shares, reasonably possible changes at the reporting date to one of the significant
unobservable inputs, holding other inputs constant, would have the following effects:
₹ in Crores
Significant unobservable inputs Profit or loss Profit or loss
Increase Decrease Increase Decrease
P/E (5% movement) 6.04 (6.04) 4.79 (4.79)
Credit spread (10% movement) (40.79) 40.79 (32.66) 32.66
Share price (10% movement) 297.29 (290.65) 273.67 (319.28)
C. Financial risk management
C.i. Risk management framework
The Group has exposure to the following risks arising from financial instruments :
• Credit risk ;
• Liquidity risk ; and
• Market risk
C.ii. Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from the Group trade and other receivables, cash and cash equivalents and
other bank balances, derivatives and debt securities. The maximum exposure to credit risk in case of all the financial
instruments covered below is restricted to their respective carrying amount.
406
(a) Trade and other receivables from customers
Credit risk in respect of trade and other receivables is managed through credit approvals, establishing credit limits and
monitoring the creditworthiness of customers to which the Group grants credit terms in the normal course of business.
As at 31st March 2022 and 31st March 2021, the Group retail dealers, industrial and aviation customers accounted for the
majority of the trade receivables.
Expected credit loss assessment for Trade and other receivables from customers as at 31st March 2022 and
31st March 2021
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 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 and
other receivables:
₹ in Crores
As at 31 March 2022
st
Gross carrying Weighted average Loss allowance
amount loss rate - range
Debts not due 6,141.69 0.20% 12.25
Debts over due 3,085.79 13.90% 428.95
TOTAL 9,227.48 4.78% 441.20
₹ in Crores
As at 31 March 2021
st
Gross carrying Weighted average Loss allowance
amount loss rate - range
Debts not due 5,129.84 0.27% 14.10
Debts over due 2,098.76 24.82% 521.01
TOTAL 7,228.60 7.40% 535.11
The Group does not provide for any loss allowance on trade receivables where risk of default is negligible such as
receivables from other oil marketing companies, if any, hence the same is excluded from above.
Loss rates are based on actual credit loss experience over the past three years.
The movement in the loss allowance in respect of trade and other receivables during the year was as follows.
₹ in Crores
Particulars Amount

(b) PMUY and Other Loans
As per the Government of India’s scheme - Pradhan Mantri Ujjwala Yojana (PMUY), the Corporation has given interest free
loans to PMUY customers towards cost of hot plate and 1st refill, which is to be recovered from the subsidy amount payable
to customer when such customers book refill. During the year, the Corporation has recalculated gross carrying amount of
the loans at period end at the present value of the estimated future contractual cash flows discounted at the original effective
interest rate due to revision in estimates of receipts based on projections of subsidy amount per refill. Accordingly, the gross
carrying amount of the loans has been reduced by ₹ 367.29 Crores (Previous year: ₹ 650.84 Crores) with a corresponding
recognition of expense in the Statement of Profit and Loss.
The Corporation assess the credit risks / significant increases in credit risk on an ongoing basis throughout each 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 ₹ 88.15 Crores
(Previous year: ₹ 86.38 Crores) has been recognized on carrying amount of ₹ 642.56 Crores (Previous year: ₹ 1,055.79
Crores) (Refer Note No. 9 and 18)
The movement in the loss allowance in respect of PMUY and other loans during the year was as follows.
₹ in Crores
Particulars Amount
(c) Cash and cash equivalents and Other Bank Balances
The Group held cash and cash equivalents and other bank balances of ₹ 2,236.69 Crores at 31st March 2022 (Previous
Year: ₹ 8,110.11 Crores). The cash and cash equivalents are held with banks with good credit ratings and financial
institution counterparties with good market standing. Also, Group invests its short term surplus funds in bank fixed
deposits, Tri Party Repo and liquid schemes of mutual funds, which carry no / low mark to market risks for short duration
and therefore does not expose the Group to credit risk.
(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.
408
(e) Investment in debt securities
Investment in debt securities are mainly as loans to subsidiaries, joint venture companies and investment in government
securities which do not carry any significant credit risk.
C.iii. Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset.
Liquidity risk is managed by Corporation through effective fund management. The Corporation has obtained fund and
non-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 following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross
and undiscounted, and include estimated interest payments;
Maturity Analysis of Significant Financial Liabilities
₹ in Crores
As at 31st March 2022 Total Up to 1 year 1-3 years 3-5 years More than
5 year
Bonds 13,790.25 4,316.26 701.22 8,772.77 -
Term loans 26,648.33 8,301.49 14,796.65 3,168.29 381.89
Non Convertible Debentures 7,019.68 1,093.18 2,809.39 3,117.11 -
Lease Liabilities 16,168.84 1,160.23 1,907.10 1,687.65 11,413.86
Other current financial liabilities 20,703.19 20,703.19 - - -

Maturity Analysis of Significant Financial Liabilities
₹ in Crores
As at 31st March 2021 Total Up to 1 year 1-3 years 3-5 years More than
5 year
Bonds 17,717.39 4,345.97 4,525.13 4,281.65 4,564.64
OIDB Loans 794.32 794.32 - - -
Term loans 17,516.62 1,998.23 9,630.94 5,787.45 100.00
Non Convertible Debentures 5,301.44 850.20 2,211.89 2,239.35 -
Lease Liabilities 15,365.23 811.60 1,631.50 1,596.45 11,325.68
Other current financial liabilities 19,897.39 19,897.39 - - -
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
market prices. Market risk comprises four types of risk: currency risk, interest rate risk, commodity risk and
other price risk.
C.iv.a Currency risk
The Group is exposed to currency risk on account of its operating and financing activities. The functional currency of the
Corporation is Indian Rupee and its Indian Subsidiaries 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.
The Group has put in place a Financial Risk Management Policy to Identify the most effective and efficient ways of
managing the currency risks. The Group uses derivative instruments, (mainly foreign exchange forward contracts) to
mitigate the 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.
410
Exposure to currency risk
The currency profile in INR of foreign currency denominated financial assets and financial liabilities as at 31st March 2022
and 31st March 2021 are as below:
₹ in Crores
Financial assets
Cash and cash equivalents 238.95 0.09 - - 0.31
Net exposure for assets 3,374.95 0.09 - - 0.35
Bonds 7,566.61 - - - -
Add/(Less): Foreign currency forward exchange contracts (1,856.17) - - - -
₹ in Crores
Financial assets
Cash and cash equivalents 25.12 0.16 - - 0.37
Net exposure for assets 1,783.85 0.16 - - 0.41
Bonds 11,001.51 - - - -
Add/(Less): Foreign currency forward exchange contracts (521.00) - - - -

A reasonably possible strengthening/ (weakening) of the USD against INR at 31st March would have affected the
measurement of financial instruments denominated in US dollars and affected profit or loss by the amounts shown below.
This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of
forecast sales and purchases. In cases where the related foreign exchange fluctuation is capitalised to Property, Plant and
Equipment or recognised directly in reserves, the impact indicated below may affect the Group’s income statement over
the remaining life of the related Property, Plant and Equipment or the remaining tenure of the borrowing respectively.
₹ in Crores
3% movement
USD (917.63) 917.63
(917.63) 917.63
₹ in Crores
3% movement
USD (700.02) 700.02
(700.02) 700.02
C.iv.b Interest rate 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
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
flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates.
The Group’s approach to managing interest rate risk is to have a judicious mix of borrowed funds with fixed and floating
interest rate obligation.
Exposure to interest rate risk
Group’s interest rate risk arises primarily from borrowings. The interest rate profile of the Group’s interest-bearing financial
instruments is as follows:
412
₹ in Crores
Particulars Note As at As at
Reference 31st March 2022 31st March 2021
Fixed-rate instruments
Investment in debt instruments 8 0.01 0.01
Loan to Joint Venture 9 - 1,254.10
Investments in FD & TREP 16 395.37 6,289.93
Investment in T-Bills 14 - 499.69
Financial Assets - measured at Fair Value through Profit & Loss
Investment in debt instruments 14 4,442.27 5,282.71
Total of Fixed Rate Financial Assets 4,837.65 13,326.44
Bonds 25 & 30 12,018.58 15,377.44
OIDB Loans 25 & 30 - 793.70
Non- Convertible Debentures 25 & 30 6,183.41 4,294.62
Short term borrowings 30 7,497.00 4,232.81
Interest Free Loan from Govt. of Kerala 25 & 30 37.42 34.48
Total of Fixed Rate Financial Liabilities 25,736.41 24,733.05
Variable-rate instruments
Loan to Joint Venture 9 & 18 15.00 15.00
Financial Assets - measured at Fair Value through Profit & Loss
Loan to Joint Venture 9 1,897.20 1,939.51
Investment in Mutual Funds 14 - 1,011.87
Total of Variable Rate Financial Assets 1,912.20 2,966.38
Foreign Currency Loans - Syndicated* 25 & 30 5,671.72 5,491.21
Term loans 25 & 30 24,524.55 16,451.95
Total of Variable Rate Financial Liabilities 30,196.27 21,943.16
* In respect of Foreign Currency Loans, the Corporation has entered into Interest Rate Swaps of USD 65 Million (Previous
year: USD 65 Million)

Interbank offered rate (IBOR) additional information
The Corporation has following exposure to Libor as at 31st March 2022:
Nature of Transaction Principal Amount Rate of Interest Repayment Date / Last

in Million USD Settlement Date
Term loan from Bank 895.00 LIBOR + Margin 2022-23

External Commercial Borrowing 750.00 LIBOR + Margin 2023-24
Term loan from Bank 45.03 LIBOR + Margin last installment in
2027-28
Interest Rate Swap ( 6 monthly) 65.00 Pay- Fix Rate 2023-24
- Receive -LIBOR
In March 2021, the Financial Conduct Authority (FCA), UK had confirmed that all LIBOR settings will either cease to be
provided by any administrator or no longer be representative:
- immediately after 31st December 2021, in the case of all sterling, euro, Swiss franc and Japanese yen settings, and the
1-week and 2-month US dollar settings; and
- immediately after 30th June 2023, in the case of the remaining US dollar settings.
The aforementioned exposures shall be migrated from LIBOR to an Alternative Reference Rate in line with the
announcement. The impact of such migration is not ascertainable at present.
Fair value sensitivity analysis for fixed-rate instruments
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 point in interest rates is likely
to increase the profit or loss (before tax) for the year ending 31st March 2022 by ₹ 29.43 Crores (Previous year: ₹ 46.61
Crores) and an increase in 25 basis point in interest rates is likely to decrease the profit or loss (before tax) for the year
ending 31st March 2022 by ₹ 29.18 Crores (Previous year: ₹ 46.10 Crores).
Cash flow sensitivity analysis for variable-rate instruments
A reasonably possible change of 25 basis points in interest rates at the reporting date would have increased (decreased)
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 capitalised to Property, Plant and Equipment,
the impact indicated below may affect the Corporation's income statement over the remaining life of the related Property,
Plant and Equipment.
414
₹ in Crores
Profit or (loss)
Cash flow sensitivity (net) 0.25 % increase 0.25% decrease

As at 31 March 2021
st

C.iv.c Commodity rate risk
Group’s profitability gets affected by the price differential (also known as Margin or Crack spread) between prices of
products (output) and the price of the crude oil and other feed-stocks used in production (input). Prices of both are set by
markets. Hence, Group 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
hedged through Freight Forwards and bunker purchases. Settlement of all derivative transactions take place on the basis of
monthly average of the daily prices of the settlement month quoted by Platts.
Group measures market risk exposure arising from its trading positions using value-at-risk techniques. These techniques
make a statistical assessment of the market risk arising from possible future changes in market prices over a one-day
holding period.
Group 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 level.
The calculation of the range of potential changes in fair value takes into account positions and the history of price
movements for last two years. VAR calculation for open position as on 31st March 2022 is as given below:
Product Gasoline - Jet - Dubai Gasoil -

Dubai (USD/bbl) Dubai (USD/bbl)
Unit USD/Bbl USD/Bbl USD/Bbl
Mean 16.54 22.56 30.81
Standard Deviation 2.17 8.28 8.88
Max dev: 95% confidence 3.57 13.62 14.61
Mean +Max Dev: 95% 20.11 36.18 45.42
Avg.Trade Price 17.63 26.08 17.42
Lots as on 31 March 2022
st
6.00 3.00 116.00
Standard Lot size 50000 BBL 50000 BBL 50000 BBL
VAR USD million 0.74 1.52 162.42
Total Portfolio VaR in USD million (without considering 164.68
inter-commodity VaR correlation)

C.iv.d Price risk
The Group’s exposure to equity investments price risk arises from investments held by the Corporation and classified in the
financial statements at fair value through OCI. The Corporation intends to hold these investments for long-term for better
returns and price risk will not be significant from a long term perspective.
Exposure to price risk

₹ in Crores
Effect in INR (before tax) Profit or Loss Other components of Equity

1% movement

Limited - FVOCI
Total - - 7.58 (7.58)

₹ in Crores
Effect in INR (before tax) Profit or Loss Other components of Equity
1% movement

Limited - FVOCI
Total - - 4.24 (4.24)
416
D. Offsetting
The following table presents the recognised financial instruments that are offset and other similar agreements that are not
offset, as at 31st March 2022 and 31st March 2021.
The column 'net amount' shows the impact on the Corporation's Balance Sheet if all set-off rights are exercised.
₹ in Crores
Particular Effect of offsetting on the Related amounts not offset
balance sheet
Note Gross Gross Net Financial Amounts Net
reference amounts amounts amounts Instrument which can Amount
set off in presented be offset
the balance in the
sheet balance
sheet
Trade and other payables B&C 9,289.38 4,677.22 4,612.16 - - -
Financial assets
Investment in GOI Bonds A - - - 5,932.33 849.96 5,082.37
Trade and other receivables B&C 4,253.36 3,311.66 941.70 - - -
Short term borrowings A - - - 4,232.81 849.96 3,382.85
Trade and other payables B&C 4,141.44 87.04 4,054.40 - - -
Notes
A. The Corporation has Triparty Repo Settlement System limits with Clearing Corporation of India Limited, the
borrowings against which was NIL as at 31st March 2022 (Previous year : ₹ 850 Crores). The limits are secured by
7.59% Government Stock 2026 & 6.90% Oil Marketing Companies GOI Special Bonds 2026 of ₹ 1,245 Crores
(Previous year : ₹ 870 Crores Secured by 7.59% Government Stock 2026 & T-Bills).
B. The Corporation purchases and sells petroleum products from different Oil and Gas Companies. Under the terms of
the agreement, the amounts payable by the Corporation are offset against receivables and only the net amounts are
settled. The relevant amounts have therefore been presented net in the balance sheet.
C. The Corporation enters into derivative transactions under the International Swaps and Derivatives Association (ISDA)
master netting agreements. In general, under such agreements the amounts owed by each counterparty on a single
day in respect of all transactions outstanding in the same currency are aggregated into a single net amount that is
payable by one party to the other.
NOTE 56 CAPITAL MANAGEMENT (CONSOLIDATED)

The Group’s objective is to maximize the shareholders' value by maintaining an optimum capital structure. Management
monitors the return on capital as well as the debt equity ratio and makes necessary adjustments in the capital structure for
the development of the business.
The Group’s debt to equity ratio as at 31st March, 2022 was 1.08 (Previous year: 0.87).
Note: For the purpose of computing debt to equity ratio, equity includes Equity Share Capital and Other Equity and Debt
includes Current and Non current Borrowings.

NOTE 57 CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS (CONSOLIDATED)
₹ in Crores
As at As at
Particulars
(a) Contingent Liabilities :
In respect of Income Tax matters 153.93 791.88
Other Matters :
i) Claims against the Group not acknowledged as debts *
Excise and customs matters 283.34 234.82
Service Tax matters 10.93 10.40
Sales Tax/ GST/ VAT/ Entry Tax matters 3,408.97 3,488.75
Land Acquisition cases for higher compensation 288.57 244.44
Others 816.02 329.25
* These include ` 1,336.05 Crores (Previous year: ₹ 1,180.78 Crores) against which the Group has a recourse for
recovery and ` 88.38 Crores (Previous year: ₹ 97.57 Crores) which are on capital account.
ii) Claims on account of wages, bonus / ex-gratia payments in respect
of pending court cases 63.36 55.03
iii) Guarantees 937.72 914.67
iv) Share of Interest in Joint Ventures & Associates 1,041.93 1,052.25
(b) Capital Commitments :
i) Estimated amount of contracts remaining to be executed
on capital account and not provided for 4,399.02 5,160.23
ii) Share of Interest in Joint Ventures & Associates 2,346.01 2,267.94
NOTE 58. ADDITIONAL INFORMATION AS APPEARING IN THE FINANCIAL STATEMENTS OF

BHARAT PETRORESOURCES LIMITED(BPRL) (CONSOLIDATED)
I. Joint Operations
The Group has participating interest in the nature of Production Sharing Contracts (PSC)/Revenue Sharing Contracts (RSC)
with the Government of India and/or various bodies corporate in the oil and gas blocks for exploration, development and
production activities. The arrangements require consent from consortium partners for all relevant activities and hence it is
classified as joint operations. The partners to the agreement have direct right to the assets 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 and expenses relating to joint
operations based on the financial statements received from the respective operators. As per the PSC/RSC, the operator has
to submit audited financial statements within 60 days from the end of the year. The income, expenditure, assets and
liabilities of the joint operations are merged on line by line basis according to the participating interest with the similar items
in the Financial Statements of the Group as given below:
(i) The Company's share of the assets, liabilities, income and expenditure have been recorded under respective heads
based on the audited financial statements for blocks CB/ONN/2010/8 and CB/ONHP/2017/9 (previous year:
CB/ONN/2010/8 and CB/ONHP/2017/9).
(ii) There is no expenditure incurred in CY/ONDSF/KARAIKAL/2016 (previous year: Nil expenditure).
(iii) Block RJ/ONN/2005/1 has been proposed for relinquishment for which approval is pending from Director General of
Hydrocarbons (DGH).
418
BHARAT PETRORESOURCES LIMITED(BPRL) (CONSOLIDATED) (CONTD.)
(iv) Out of the remaining six Indian Blocks (Previous Year: six), the Company has received NIL (previous year: NIL) audited
financial statements as at March 31, 2022. Unaudited financial statements for three (Previous Year: three) blocks and
billing statements (Statement of Expenses) for remaining three blocks have been received from the operator for the
period upto 31st March 2022. The assets, liabilities, income & expenses are accounted on the basis of of such
statements received.
(v) In respect of blocks outside India (EP413 - farmed out during 2021-22 and Block 32 - relinquished during 2020-21);
the assets, liabilities, income and expenditure have been incorporated on the basis of unaudited financial statements
as at 31st March 2022 (previous year: assets, liabilities, income and expenditure have been incorporated on the basis
of unaudited financial statements as at 31st March 2021).
vi) In respect of blocks in Mozambique and Indonesia the Group has accounted the income and expenses based on the
billing statements (Statement of Expenses) received from the operator for the period upto 31st March 2022.
Details of the Group's Participating Interest (PI) in blocks are as under:
Participating Interest (PI)
Name Country 31st March, 2022 31st March, 2021
Operatorship:
NELP – IX CB/ONN/2010/8 @ India 25%# 25%#
OALP CB-ONHP-2017/9 India 60% 60%
DSF CY/ONDSF/KARAIKAL/2016 India 100% 100%
Non-Operatorship:
NELP – IV CY/ONN/2002/2 India 40% 40%
NELP – VI CY/ONN/2004/2 India 20% 20%
NELP – VII RJ/ONN/2005/1 @ India 33.33% 33.33%
NELP – IX CB/ONN/2010/11 India 25%* 25%*
NELP – IX AA/ONN/2010/3 India 20% 20%
OALP AA-ONHP2017/12 India 10% 10%
OALP CY-ONHP-2017/1 India 40% 40%
Blocks outside India EP-413 ^ Australia 0% 28%
Blocks outside India JPDA 06-103 Australia / Timor 20% 20%
Blocks outside India Offshore Area, Rovuma Basin Mozambique 10% 10%
Blocks outside India Nunukan PSC, Tarakan Basin Indonesia 12.5%## 12.5%##
NELP - New Exploration Licensing Policy

OALP - Open Acreage Licensing Policy
DSF - Discovered Small Fields
@ under relinquishment
^ Farmed out
* BPRL Share 29.41% in development phase.
#
BPRL Share 50% in development phase.
##
Pursuant to the cash call payment default of Videocon Indonesia Nunukan Inc. (VINI), the Operator in accordance to the
Joint Operating Agreement has submitted the documents for assignment of 23.0% PI from VINI to the other partners in the
block for regulatory approval.

BHARAT PETRORESOURCES LIMITED(BPRL) (CONSOLIDATED) (CONTD.)
The table below provides summarised financial information of the Group's share of assets, liabilities, income and expenses
in the joint operations:
₹ in Crores

Particulars
Property, plant and equipment 0.72 0.77
Other Intangible assets 90.15 99.60
Intangible asset under development* 11,395.85 10,258.98
Other Non-Current Assets 2.61 2.61
Current Assets including financial assets** 103.89 28.62
Cash and Bank Balances 1.63 1.63
Current & Non Current Liabilities/Provisions including financial liabilities 84.96 290.52
Expenses 375.90 19.32
Income 190.11 68.84
* Includes ₹ 952.05 Crores (previous year ₹ 1,024.07 Crores) which has been provided for by the Group.
** Includes ₹ 91.45 Crores (previous year ₹ 10.70 Crores) which has been provided for by the Group.
II. Details of Reserves
Group’s share of Estimated Ultimate Recovery (EUR) as approved by Operator's Reserves Estimation Committee(REC) for
the block CY-ONN-2002/2 as at 31st March 2021 is given below:
Project Details Crude Oil (Mmm3) Gas (Mmm3)

CY-ONN-2002/2 Opening 0.31 132.28
Addition/(Reduction) - -
Production 0.04 11.66
Closing 0.27 120.62
III. Others
1. IBV (Brazil) Petroleo Ltda (IBV) has 35.714 % PI in the BM-C-30 Concession. PetroRio Jaugar Limitada became 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 Exclusive
Operations notice to IBV on 21st October 2021 in relation to its proposal for the development of the Wahoo Project as
a commercial discovery and the resulting purported declaration of commerciality. Following this notice, IBV has
initiated proceedings for interim relief in the courts of Brazil and an Arbitration procedure against the Operator at
International Chamber of Commerce, London, which is currently pending.
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. 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 31st March 2022, the operations of the joint ventures’
investments in Russia, namely JSC Vankorneft and TYNGD LLC, were not immediately affected by the sanctions.
3. During FY 2021-22, an amount of ₹ 21.93 Crores has been recognized as "Other Operating Revenue" towards
services provided to group companies. Out of the total income recognised as other operating revenue, an amount of
₹ 18.02 Crores pertain to services provided by BPRL during the period October 2016 to March 2021.
420
NOTE 59. ADDITIONAL INFORMATION AS APPEARING IN THE FINANCIAL STATEMENTS OF BHARAT
OMAN REFINERIES LIMITED (BORL) (CONSOLIDATED)
I. Repayment of VAT Loa

BORL by virtue of Memorandum of Understanding (MoU) with the Government of Madhya Pradesh (GoMP) continues to get
the fiscal assistance as 'Interest free VAT loan (VAT Loan)' up to ₹ 250 Crores per annum for fifteen years, beginning from
the year of commercial production . The VAT Loan is repayable in 16th year from each year in which such VAT Loan was
received. This Interest free VAT loan is accounted at fair value and the difference between the gross receipts and fair value
of VAT Loan is recognized as Deferred Government Grant.
Pursuant to GoMP Order No. F/16-25/2021/A-11 dated 23rd July 2021 and as approved by the Board of Directors of BORL
for prepayment of VAT Loan, ₹ 1,185.67 Crores paid to GoMP for settlement of outstanding VAT Loan having Gross Value
of ₹ 2,227.50 Crores. Its carrying value was ₹ 1,410.15 Crores as at 20th Sep. 2021 i.e. the date of prepayment/settlement
of outstanding VAT Loan. During the FY 2021-22, the company didn't receive any fiscal assistance of Interest free VAT Loan
from GoMP. Therefore, total outstanding gross value of VAT loan as at 31st March 2022 is NIL.
II. Adoption of New Income Tax Regime

In pursuance to Section 115BAA of the Income Tax Act, 1961, BORL had an irrevocable option of shifting to a lower
corporate income tax rate (22% plus applicable surcharge and cess) as against the earlier tax rate of 30% plus applicable
surcharge and cess, subject to certain conditions. Considering all the applicable provisions of the Income Tax Act, 1961,
BORL has decided to exercise the option of lower corporate income tax rate from FY 2021-22.
Accordingly, BORL has recognized Provision for Income Tax for the year ended 31st March 2022 and re-measured it’s
Deferred Tax Assets/Liabilities on the basis of the rate prescribed in the Income Tax Act.
The net impact on reversal of Deferred Tax due to this change is ₹ 814.21 Crores which includes creation of deferred tax
assets of ₹ 0.33 Crores has been accounted in Other Comprehensive Income. The MAT credit balance as on 1st April 2021
amounting to ₹ 380.99 Crores has not been carried forward upon movement to new tax regime as per provision of Section
115BAA of the Income Tax Act, 1961. However, the above MAT credit would be available for utilization against any tax
liabilities pertaining to past periods.
The Company has unabsorbed additional depreciation of ₹ 1,130.91 Crores. This benefit will not be available on adoption
of new tax regime. The deferred tax asset on unabsorbed additional depreciation amounted to ₹ 395.18 Crores have been
reversed in the FY 2021-22.
NOTE 60 SEGMENT REPORTING (CONSOLIDATED)

A. Basis for segmentation
The Group has following two reportable segments. Details of the segments are as follows:
a) Downstream Petroleum i.e. refining and marketing of petroleum products.
b) Exploration and Production of hydrocarbons (E & P)
Segments have been identified taking into account the nature of activities and its risks and returns.
Committee of Functional Directors (CFD), periodically reviews the internal management reports and evaluates performance/
allocates resources based on the analysis of various performance indicators relating to the segments referred to above.
B. Information about reportable segments

Information related to each reportable segment is set out below. Segment profit (loss) after tax is used to measure
performance because management believes that this information is the most relevant in evaluating the results of the
respective segments relative to other entities that operate in the same industry.

NOTE 60 SEGMENT REPORTING (CONSOLIDATED) (CONTD.)
₹ in Crores
Particulars For the year ended 31 March 2022
st
For the year ended 31 March 2021
st
Downstream Total Downstream Total

Petroleum E&P Petroleum E&P
Revenue
External Customers 4,32,422.48 147.14 4,32,569.62 3,04,205.62 68.84 3,04,274.46
Inter-segment - - - - - -
Total Revenue 4,32,569.62 3,04,274.46
Results
Segment Results 13,708.10 (478.36) 13,229.74 22,569.61 (333.51) 22,236.10
Unallocated Corporate Expenses
Operating Profit 13,229.74 22,236.10
Add:
a) Interest Income 1,088.72 1,085.19
b) Other Income (excluding Interest Income) 1,179.82 998.79
c) Share of profit of Equity Accounted Investees 947.91 587.82 1,535.73 785.59 (1,111.12) (325.53)
d) Gain on re-measurement of previously
held investment in BORL 1,720.13
d) Fair valuation gain on instruments measured
at FVTPL - 160.88
Less:
a) Finance Cost 2,605.64 1,723.41
b) Fair valuation loss on investments
measured at FVTPL 111.77 -
c) Income tax (including deferred tax) 4,355.23 5,112.19
Profit / (loss) after tax 11,681.50 17,319.83
Other Information
Segment assets 1,53,518.22 24,039.68 1,77,557.90 1,25,399.59 21,753.97 1,47,153.56
Unallocated Corporate Assets 9,970.73 13,827.99
Total Assets 1,87,528.63 1,60,981.55
Segment liabilities 68,172.75 52.41 68,225.16 50,305.21 229.17 50,534.38
Unallocated Corporate Liabilities 67,397.85 56,892.09
Total Liabilities 1,35,623.01 1,07,426.47
Depreciation and amortization 5,416.12 18.23 5,434.35 4,318.49 15.72 4,334.21
Gain from sale of stake in Subsidiary
(Refer note No. 63) - - 6,473.35 6,473.35
Employee Share based expenses 77.06 77.06 940.72 940.72
Net (gains)/loss on foreign currency
transactions and translations 283.35 (201.37)
Material Non-cash expenses other than
depreciation and amortisation 1,559.95 1,342.50
Segments assets include:
Investment in equity accounted investees 6,065.43 12,350.06 18,415.49 7,836.10 11,713.54 19,549.64
Capital expenditure 7,836.99 1,269.79 9,106.78 10,109.58 2,042.29 12,151.87
* For the purposes of review by the Committee of Functional Directors (CFD), information referred to above is measured
consistent with the accounting policies applied for preparation of these financial statements
422
NOTE 60 SEGMENT REPORTING (CONSOLIDATED) (CONTD.)
C. Geographic information
The geographic information analyses the Group's revenue and non-current assets by the country of domicile and other
countries. In presenting the geographical information, segment revenue has been based on the geographic selling location
and segments assets were based on the geographic location of the respective non-current assets.
₹ in Crores
For the year ended For the year ended

Geography
31st March, 2022 31st March, 2021
I) Revenue
India 4,32,569.62 3,04,274.46
Other Countries - -
Mozambique - -
Singapore - -
Other Countries - -
Total Revenue 4,32,569.62 3,04,274.46

II) Non-current Assets *
India 97,988.91 82,196.30
Other Countries
Mozambique 10,398.93 9,203.54
Singapore 7,992.65 7,991.98
Other Countries# 3,727.04 3,727.62
Total Non-current Assets 1,20,107.53 1,03,119.44
*non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets and rights
arising from insurance contracts.
#
Non current assets of PPE related to retail outlets lying in Bhutan are grouped under this head.

424
NOTE 61. DISCLOSURES AS REQUIRED UNDER SCHEDULE III TO THE COMPANIES ACT 2013 WITH RESPECT TO CONSOLIDATED
Net Assets, i.e., total assets Share in profit or loss Share in Other Share in Total
minus total liabilities comprehensive income comprehensive income
Sr.
As % of As % of As % of As % of Total
No. Name of the entity Amount Amount consolidated Other Amount Amount
consolidated consolidated comprehensive comprehensive
` Crores ` Crores ` Crores income ` Crores
net assets profit or loss income
1 Parent
Bharat Petroleum Corporation Limited 95.70% 49,669.78 75.20% 8,788.73 71.60% 287.77 75.10% 9,076.50
Subsidiaries
Indian
1 Bharat PetroResources Limited 4.10% 2,145.41 -3.80% (447.86) 28.60% 115.08 -2.80% (332.78)
2 Bharat Oman Refineries Limited (Refer Note 64) 8.50% 4,435.73 8.20% 956.58 - 0.05 7.90% 956.63
3 Bharat Gas Resources limited 3.50% 1,799.94 1.30% 149.84 - - 1.20% 149.84
Joint Ventures
Indian
1 Bharat Oman Refineries Limited (Refer Note 64) - - -0.30% (40.82) 0.10% 0.28 -0.30% (40.54)
2 Bharat Renewable Energy Limited * - - - - - - - -
3 Bharat Stars Services Private Limited - 21.24 - (1.37) - - - (1.37)
4 Central U.P. Gas Limited 0.30% 131.41 0.30% 29.71 - (0.01) 0.20% 29.70
5 Delhi Aviation Fuel Facility Private Limited 0.20% 90.00 - (1.97) - - - (1.97)
6 Maharashtra Natural Gas Limited 0.50% 247.76 0.60% 75.52 - 0.01 0.60% 75.53
7 Sabarmati Gas Limited 1.10% 559.29 1.50% 173.03 - 0.01 1.40% 173.04
8 Mumbai Aviation Fuel Farm Facility Private Limited 0.20% 94.26 - 2.39 - - - 2.39
9 Kochi Salem Pipeline Private Limited 0.90% 455.38 - (5.06) - - - (5.06)
10 BPCL- KIAL Fuel Farm Facility Private Limited - (3.44) - (2.85) - - - (2.85)
11 Haridwar Natural Gas Private Limited - 21.57 - 1.55 - - - 1.55
12 Goa Natural Gas Private Limited 0.10% 27.77 - 0.10 - - - 0.10
13 Ratnagiri Refinery & Petrochemicals Limited 0.10% 29.71 - (2.21) - - - (2.21)
14 IHB Limited 1.20% 638.96 - (0.79) - - - (0.79)
Foreign
1 Matrix Bharat Pte Ltd - 3.17 - (0.10) -0.30% (1.24) - (1.34)
Associates
1 GSPL India Gasnet Limited 0.40% 211.69 0.10% 8.07 - 0.01 0.10% 8.08
2 GSPL India Transco Limited 0.10% 38.61 -0.10% (17.11) - 0.01 -0.10% (17.10)
3 Fino PayTech Limited 0.50% 253.49 -0.10% (12.83) - 0.10 -0.10% (12.73)
4 Petronet LNG Limited 3.30% 1,708.51 3.70% 429.76 -0.10% (0.24) 3.60% 429.52
5 Petronet CI Limited * - - 0.00% - - - - -
6 Indraprastha Gas Limited 3.30% 1,706.86 2.90% 338.01 0.10% 0.29 2.80% 338.30
7 Kannur International Airport Limited 0.30% 139.36 -0.20% (24.88) - - -0.20% (24.88)
8 Petronet India Limited - 0.44 - 0.01 - - - 0.01
Intra Group Elimination -24.10% (12,521.28) 11.00% 1,286.05 - - 10.60% 1,286.05
Total 100% 51,905.62 100% 11,681.50 100% 402.12 100% 12,083.62
* Associates / Joint Ventures have not been considered for consolidation

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
Parent Company and its proportionate share of Capex by its Subsidiaries (Group) , Joint Ventures and Associates during the
Financial year 2021-22 shall be as follows.
₹ in Crores
Particulars Amount
Capital expenditure of Group as per Consolidated Financial statements 9,901.94

Proportionate share of Capital expenditure of Joint Ventures & Associates 1,382.31
TOTAL 11,284.25
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 Development (IAUD) & Capital Advances
The above details exclude additions on account of business combination ₹ 13,745.57 Crores.
During previous FY 2020-21 the Corporation had sold its entire shareholding in NRL constituting 61.65% of the total equity
capital of NRL (i.e. 45,35,45,998 equity shares of Rs 10/-each) under the terms of Share Purchase Agreement executed on
25th March 2021 after obtaining approvals from the shareholders in Extra-ordinary General Meeting held on 25th March
2021. The Equity Shares of NRL had been sold to a consortium of Oil India Limited and Engineers India Limited; and to
Government of Assam for a total consideration of ₹ 9,875.96 Crores in FY 2020-21.
The details of Gain on sale of equity shares of NRL is ₹ 6,473.34 Crores during FY 2020-21, which has been shown as an
Exceptional item in the Consolidated Statement of Profit and Loss, is as under:
₹ in Crores
Particulars 2020-21
Consideration received from sale of stake in subsidiary (A) 9,875.96

Less: Adjustment of intra group balance (B) 321.98
Adjusted Consideration (C=A-B) 9,553.98
Net assets of subsidiary company as on date of loss of control 5,305.06
Corporation’s share of net assets (D) 3,147.09
Add: Capital reserve created at the time of acquisition of subsidiary (E) 66.45
Gain on sale of stake in subsidiary (F=C-D+E) 6,473.34

On 30th June 2021, the Corporation had purchased 36.62% stake in Bharat Oman Refineries Limited (BORL) for a
consideration of ₹ 2,399.26 Crores Consequent to the acquisition, BORL has become a wholly owned subsidiary of BPCL.
In accordance with Ind AS 103 ‘Business Combination’, the previously held interest has been re-measured at fair value. The
Group has recognized a fair valuation gain of ₹ 1,720.13 Crores, on re-measurement of previously held interest on
provisional basis, as an exceptional items in the Consolidated Statement of Profit or Loss.
Consequent of gaining control, the results of Bharat Oman Refineries Limited have been consolidated by the Group from
30th June 2021 on a line-by-line basis. From the date of acquisition, BORL has reported Revenue from Operation of
₹ 44,126.07 Crores and Profit of ₹ 956.58 Crores. If the acquisition had happened at the beginning of the year, the reported
revenue from operation for the year ended 31st March 2022 would have been ₹ 55,561.42 Crores and profit would have
been ₹ 892.17 Crores. These figures are before adjusting for intra-group transactions.
Fair Value of identifiable assets acquired and liabilities assumed of BORL as on date of acquisition were
₹ in Crores
Particulars Amount
Non-current Assets
Property, Plant and Equipment, CWIP and Intangible Assets 13,775.10
Other Financial Assets 52.15
Other Non-current Assets 177.23
Current Assets
Inventories 5,799.84
Financial Assets
Trade Receivables 3,196.35
Cash and Cash Equivalents 4.03
Other Financial Assets 7.53
Other Current Assets 46.85
TOTAL (A) 23,059.08
Non-Current Liabilities
Borrowings 7,608.22
Lease Liabilities 215.51
Provisions 19.69
Other Non-current Liabilities 917.98
Current Liabilities
Borrowings 2,977.75
Lease Liabilities 9.45
Trade Payables 2,792.57
Other Financial Liabilities 342.46
Other Current Liabilities 1,912.84
Provisions 390.71
TOTAL (B) 17,187.18
Net Assets (A)-(B) 5,871.90
Consideration Paid to OQ S.A.O.C 2,399.26
Consideration paid to Government of Madhya Pradesh 72.65
Fair Value of previously held interest 4,603.97
Fair value of net asset and liabilities acquired (5,871.90)
Goodwill on acquisition 1,203.98
Goodwill is attributable to the future growth of the business out of synergies from this acquisition.
426
The merger of wholly owned subsidiary companies, Bharat Oman Refineries Limited and Bharat Gas Resources Limited
with the Corporation is under process and will be completed after obtaining necessary approval from competent authorities.
NOTE 66 EXCEPTIONAL ITEMS - EXPENSES / (INCOME) (CONSOLIDATED)

₹ in Crores
Employee Share Based Expenses (Refer Note No. 52) 77.06 940.72
Impairment of Investment in Oil and Gas Blocks (Refer Note No. 53) - 266.86
Gain on sale of stake in Subsidiary (Refer Note No. 63) - (6,473.34)
Gain on re-measurement of previously held interest in Bharat Oman Refinery Limited
(Refer Note No. 64) (1,720.13) -
Project Cost expensed off * 345.10 -
Interest expensed off #
214.59 -
Reversal of Liquidated damages @
(51.77) -
Exceptional Items Expenses / (Income) (1,135.15) (5,265.76)
* 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, the Operator (i.e. Total E & P Mozambique Area 1 Limitada) has declared Force Majeure on
22nd April 2021. There are certain incremental cost 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 intended by the management of BPRL.
Accordingly, such costs incurred till 31st March 2022 have been expensed off by BPRL Group.
# On account of suspension of capitalisation of borrowings costs incurred by one of the subsidiary BPRL, relating to
Mozambique project due to declaration of Force Majeure
@ Reversal of excess provision towards Cost of Minimum Work Program of ` 51.77 Crores in respect of Block
NELP-VII-RJ-ONN-2005/1 by BPRL.
During FY 2021-22, Group were awarded 3,02,983 Nos. of Energy Saving Certificates (ESCerts) respectively from Bureau
of Energy Efficiency (BEE) 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 be redeemed
to meet refineries own shortfall (if any) or can be used as tradable certificates which can be sold through power exchanges.
Current values are volatile, according to the energy exchange’s market fluctuations. This is the first tranche of certificates
received so far.
Figures of the previous year have been regrouped wherever necessary, to conform to current period presentation.
Signature to Notes '1' to '68'
Sd/-
Place: Delhi
Sd/- Sd/- Sd/- Sd/-
Place: Mumbai
Date: 25th May 2022

FORM AOC-I
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies
(Accounts) Rules, 2014)
Statement containing salient features of the Financial Statement of Subsidiaries / Associate
Companies / Joint Ventures for the Financial year ended 31st March 2022
Part “A”: Subsidiaries
Sr. No. Particulars Amount in ` Crores

1 Name of the subsidiary Bharat Bharat Oman Bharat Gas
Petro Resources Refineries Limited Resources
Limited* (Refer Note 64) Limited
2 The date of incorporation/ since when subsidiary 17-10-2006 23-12-1993 07-06-2018
was acquired
3 Reporting period for the subsidiary concerned, NA NA NA
if different from the holding company's reporting
period
4 Reporting Currency and Exchange rates as on the NA NA NA
last date of the relevant Financial Year in case of
foreign subsidiaries
5 Share Capital 7,275.00 2,426.83 1,658.62
6 Reserves & Surplus (5,129.60) 2,008.90 141.32
7 Total Assets 26,915.16 20,155.43 2,416.93
8 Total Liabilities 24,769.76 15,719.70 616.99
9 Investments 12,350.06 - -
10 Turnover 147.14 44,126.07 1,050.06
11 Profit/(loss) before Taxation (A) (447.87) 2,290.71 205.25
12 Provision for taxation (B) (0.01) 1,334.13 55.42
13 Profit after Taxation (A) - (B) (447.86) 956.58 149.84
14 Extent of shareholding (in percentage) 100.00% 100.00% 100.00%
* figures based on consolidated financial statements of the Company.
428
PART “B”: ASSOCIATES AND JOINT VENTURES
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures
(Amounts in ` Crores)
Refer 1 2 3 4 5 6 7
Note Latest audited Date on which Shares of Associate or Joint Ventures Description Reason why Networth Profit / Loss for the year
Balance the Associate held by the company on the year end of how there the associate attributable to
Sr..
Sheet Date or Joint No. Amount of Extend of is significant / joint venture Shareholding as Considered in Not
No. Name of Associates or Joint Ventures Venture was per latest audited Consolidation Considered in
Investment in Holding (in influence is not
associated or Associates or percentage) Balance Sheet Consolidation
consolidated (Refer note 4)
acquired Joint Venture
1. Indraprastha Gas Limited 1 31-Mar-22 27-04-2000 15,75,00,400 31.50 22.50% 1,706.86 338.01
2. Petronet LNG Limited 1 31-Mar-22 24-05-2001 18,75,00,000 98.75 12.50% 1,708.51 429.76
3. Central UP Gas Limited 3 31-Mar-21 26-07-2004 1,49,99,600 15.00 25.00% 105.91 29.71
4. Maharashtra Natural Gas Limited 3 31-Mar-21 26-07-2004 2,24,99,600 22.50 22.50% 185.73 75.52
5. Sabarmati Gas Limited 3 31-Mar-21 04-04-2006 99,87,400 122.40 49.94% 406.22 173.03
6. Bharat Stars Services Private Limited 1&3 31-Mar-21 25-04-2007 1,00,00,000 10.00 50.00% 22.61 (1.37)
7. Matrix Bharat Pte Limited 31-Dec-21 03-03-2008 2,50,000 1.05 50.00% 3.17 (0.10)
8. Delhi Aviation Fuel Facility Private Limited 3 31-Mar-21 22-09-2009 6,06,80,000 60.68 37.00% 91.97 (0.41)
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 Note 2 - - Note 2
11. Petronet India Limited 4 31-Mar-22 17-12-1998 1,60,00,000 0.16 16.00% of 0.44 0.01
12. GSPL India Gasnet Limited 31-Mar-22 30-04-2012 20,81,22,128 208.12 11.00% Shareholding 211.69 8.07
13. GSPL India Transco Limited 31-Mar-22 30-04-2012 6,67,70,000 66.77 11.00% / Joint 38.61 (17.11)
14. Kannur International Airport Limited 3 31-Mar-21 31-03-2014 2,16,80,000 216.80 16.20% venture 164.20 (24.88)
15. Fino PayTech Limited 1&3 31-Mar-21 29-07-2016 2,92,71,759 272.08 20.89% agreement 35.53 (16.48)
16. Kochi Salem Pipeline Private Limited 31-Mar-22 30-12-2014 27,50,00,000 275.00 50.00% 455.38 (5.06)
17. Mumbai Aviation Fuel Farm Facility 3 31-Mar-22 06-03-2014 5,29,18,750 52.92 25.00% 94.26 2.39
Private Limited
18. BPCL-KIAL Fuel Farm Private Limited 3 31-Mar-22 29-12-2014 66,60,000 6.66 74.00% (3.44) (2.85)
19. Haridwar Natural Gas Private Limited 31-Mar-22 24-12-2015 2,22,00,000 22.20 50.00% 21.57 1.55
20. Ratnagiri Refinery & Petrochemical Limited 31-Mar-22 14-06-2017 5,00,00,000 50.00 25.00% 29.71 (2.21)
21. IHB Limited 31-Mar-22 09-07-2019 51,45,00,000 514.50 25.00% 638.96 (0.79)
22. Goa Natural Gas Private Limited 31-Mar-22 21-11-2016 3,00,00,000 30.00 50.00% 27.77 0.10
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.
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.
Note 3 : 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
Sd/-
Place: Delhi
Sd/- Sd/- Sd/- Sd/-

Place: Mumbai
Date: 25th May 2022
429
NOTES
430
NOTES

NOTES
432
TOUCHING
LIVES
Education Skill Development
Community Development Health
Water Conservation
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UNLOCKING POSSIBILITIES

Unperturbed by these mega-scale upheavals, we are navigating through

Steadfastly anchored to the energy needs of the nation and aligned

Stepping into the realm of green energy, we are changing

Bharat Petroleum has been among the first corporates in

We are at the cusp of a transformation that defines our future

With customer-centricity at the fulcrum, our teams are creating

Inspired by a pragmatic vision, our alacrity to excel and tenacity to rise

Bankers, Auditors, Share Transfer Agent and Registered Office 6

Vision, Values, Culture and Mission 8

Our Journey of Growth 13

Management Discussion & Analysis Report 55

Report on Corporate Governance 107

Business Responsibility Report 142

Comments of C & AG 170

Performance Profile 180

Standalone Financial Statements 187

Auditors' Report 195

Balance Sheet and Statement of Profit & Loss 206

Cash Flow Statement 208

Consolidated Financial Statements 303

Greetings for the day!

It is my pleasure and privilege to present to you the Annual

On the physical front, your Company performed better than

Recent times have brought tumult and uncertainty on a

02 Bharat Petroleum Corporation Limited

Annual Report 2021-22 03

04 Bharat Petroleum Corporation Limited

ARUN KUMAR SINGH K. PADMAKAR VETSA RAMAKRISHNA GUPTA N. VIJAYAGOPAL

SANJAY KHANNA GUDEY SRINIVAS RAJESH AGGARWAL SUMAN BILLA

DR. K. ELLANGOVAN HARSHADKUMAR P. SHAH PRADEEP GHANSHYAM SHER

Annual Report 2021-22 05

BANKERS AUDITORS SHARE TRANSFER AGENT

• State Bank of India Kalyaniwalla and Mistry LLP

06 Bharat Petroleum Corporation Limited

G. Krishnakumar Executive Director (Lubes) Radhakrishnan S CFO, BORL

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08 Bharat Petroleum Corporation Limited

Annual Report 2021-22 09

6,00,000 25,000 18,000

Standalone Capital Expenditure

Profit after tax

Reﬁnery Throughput (Million Metric Tonnes) Production (Million Metric Tonnes)*

Light Distillates Middle Distillates Heavy Ends

10 Bharat Petroleum Corporation Limited

21.00 19.00 16.50 16.00

Financial Year 2020-21 Financial Year 2021-22

Distribution of Each 7.29

*Others include Raw Materials, Purchase of *Others include

Other Operating Expenses : 3.01% Other Operating Expenses : 2.26%

Dividend : 1.34% Dividend : 3.32%

Retained Earnings : 4.69% Retained Earnings : -1.31%

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All Units are (mg/ltr. except pH)

STANDARD ACTUAL STANDARD ACTUAL

STANDARD ACTUAL STANDARD ACTUAL

12 Bharat Petroleum Corporation Limited

Mumbai Refinery Inauguration - 1955 LPG Introduced in India - 1955

India's First Lube Blending Plant commissioned in

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Others include Raw Materials, Purchase of Others include